MIRA
INFORM REPORT
|
Report Date : |
19.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Ramon House, 169, Backbay Reclamation, H.T. Parekh Marg, Mumbai – 400
020, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
17.10.1977 |
|
|
|
|
Com. Reg. No.: |
11-019916 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3092.700
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L70100MH1977PLC019916 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH00305E |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
To provide loans for the purchase or construction of residential
houses, commercial real estate and loans for certain other purposes in |
|
|
|
|
No. of Employees
: |
1833 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 1000000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company in the field of
housing finance in The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating: AAA |
|
Rating Explanation |
Having highest degree of safety regarding timely servicing of
financial obligation it carry lowest credit risk. |
|
Date |
April, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-22-66316000)
LOCATIONS
|
Registered/ Head Office : |
Ramon House, 169, Backbay Reclamation, H.T. Parekh Marg, Mumbai – 400
020, |
|
Tel. No.: |
91-22-22836255/ 22820282 For Housing Loans in Mumbai – 91-22-66636000 For Deposits –
91-22-66316060 For Others -91-22-66316000 |
|
Fax No.: |
91-22-22046758/ 22046834/ 22048834 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Investor
Services Department : |
Tel Rasayan Bhavan, Ground Floor, Tilak Road Extension, Opposite BEST
Workshop, Gate No.4, Dadar T.T. Mumbai – 400 014, Maharashtra, India |
|
Tel. No.: |
91-22-24146267/ 68/ 61413900 |
|
Fax No.: |
91-22-24147301 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Located at: ·
Andhra Pradesh ·
Assam ·
Bihar ·
Chandigarh ·
Chattisgarh ·
Delhi ·
Goa ·
Gujarat ·
Haryana ·
Himachal Pradesh ·
Jammu and Kashmir ·
Jharkhand ·
Karnataka ·
Kerala ·
Madhya Pradesh ·
Maharashtra ·
Orissa ·
Puducherry ·
Punjab ·
Rajasthan ·
Tamilnadu ·
Uttar Pradesh ·
Uttarakhand ·
West Bengal |
|
|
|
|
Overseas Branch Office : |
Located at: ·
Kuwait ·
Qatar ·
Saudi Arabia ·
Singapore ·
Sultanate of Oman ·
U.A.E. ·
United Kingdom |
|
|
|
|
Training Centre : |
Located at: Lonavla |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Deepak S.
Parekh |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Keshub
Mahindra |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Shirish B.
Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B.S. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D.M.
Sukthankar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D.N. Ghosh |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Ram S. Tarneja |
|
Designation : |
Director |
|
|
|
|
Name : |
|
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Bimal Jalan |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. J.J. Irani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. Srinivasa
Rangan |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Ms. Renu Sud
Karnad |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Keki M. Mistry |
|
Designation : |
Vice Chairman and Chief Executive officer |
KEY EXECUTIVES
|
SENIOR EXECUTIVES : |
|
|
|
|
|
Members of Executive Management : |
Mr. Conrad D'Souza Ms. Madhumita Ganguli Mr. Mathew Joseph Mr. Suresh Menon Mr. M. Ramabhadran |
|
|
|
|
Senior General Managers : |
Mr. R. Arivazhagan Mr. Gautam Bhagat Mr. Irfan A. Koreishi Mr. S.N. Nagendra Mr. Rajeev Sardana |
|
|
|
|
Additional Senior General Managers : |
Mr. Praveen Kumar Bhalla Mr. N. B. Dwivedi Mr. Dipta Bhanu Gupta Mr. C. V. Ignatius Mr. Sudhir Kumar Jha Mr. K. Suresh Kumar Ms. Sonal Modi Mr. Subodh Salunke Mr. R. Sankaranarayan Mr. Dilip Shetty Mr. S.K. Vasant |
|
|
|
|
General Managers : |
Mr. Dilip Apte Mr. P S Barman Ms. Mala I Bhojwani Mr. Thomas Cherian Mr. Prosenjit Gupta Mr. S.V. Shaligram Mr. H.S. Shamasundara |
|
|
|
|
Name : |
Mr. Girish V.
Koliyote |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
45140627 |
2.90 |
|
|
29686417 |
1.91 |
|
|
292990 |
0.02 |
|
|
122348977 |
7.87 |
|
|
1144532600 |
73.64 |
|
|
5018563 |
0.32 |
|
|
5018563 |
0.32 |
|
|
1347020174 |
86.67 |
|
|
|
|
|
|
44076737 |
2.84 |
|
|
|
|
|
|
117522633 |
7.56 |
|
|
26432335 |
1.70 |
|
|
19079546 |
1.23 |
|
|
8972770 |
0.58 |
|
|
1195374 |
0.08 |
|
|
2744704 |
0.18 |
|
|
4466761 |
0.29 |
|
|
1699937 |
0.11 |
|
|
207111251 |
13.33 |
|
Total Public shareholding (B) |
1554131425 |
100.00 |
|
Total (A)+(B) |
1554131425 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
1554131425 |
0.00 |
(1) Indian
Mutual Funds / UTI
FDI - Foreign InstitutionsShareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Europacific Growth Fund |
65022570 |
4.18 |
4.18 |
|
|
2 |
Oppenheimer Developing Markets Fund |
43577079 |
2.80 |
2.80 |
|
|
3 |
Life Insurance Corporation of India |
32479221 |
2.09 |
2.09 |
|
|
4 |
ICICI Prudential Life Insurance Company Limited |
29206831 |
1.88 |
1.88 |
|
|
5 |
Aberdeen Global Indian Equity Fund Mauritius Limited |
30350000 |
1.95 |
1.95 |
|
|
6 |
Vanguard Emerging Markets Stock Index Fund Aseries Of Vanguard
International Equity Index Fund |
24297788 |
1.56 |
1.56 |
|
|
7 |
Government of Singapore |
23673678 |
1.52 |
1.52 |
|
|
8 |
Carmignac Gestion A/c Carmignac Patrimonie |
23989660 |
1.54 |
1.54 |
|
|
9 |
Aberdeen Emerging Markets Fund |
18999000 |
1.22 |
1.22 |
|
|
10 |
ABU Dhabi Investment Authority Gulab |
18754783 |
1.21 |
1.21 |
|
|
11 |
Virtus Emerging Markets Opportunities Fund |
25829164 |
1.66 |
1.66 |
|
|
12 |
Aberdeen Global-Emerging Markets Equity Fund |
21000785 |
1.35 |
1.35 |
|
|
|
Total |
357180559 |
22.98 |
22.98 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Aberdeen Aaset Management Asia Limited, on behalf of Funds Advised |
120467319 |
7.75 |
7.75 |
|
|
|
Total |
120467319 |
7.75 |
7.75 |
BUSINESS DETAILS
|
Line of Business : |
To provide loans for the purchase or construction of residential
houses, commercial real estate and loans for certain other purposes in |
|
|
|
|
Services : |
Housing Finance |
GENERAL INFORMATION
|
No. of Employees : |
1833 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Reserve Bank of India ·
Asian Development Bank ·
National Housing Bank ·
HSBC Bank Plc, London ·
DBS Bank Limited, Singapore ·
Central Bank of India ·
HDFC Bank Limited ·
State Bank of India ·
Bank of India ·
Canara Bank ·
Bank of Baroda ·
Axis Bank Limited ·
Indian Overseas Bank ·
Union Bank of India ·
Punjab National Bank ·
Corporation Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
All
secured Long term borrowings are secured by negative lien on the assets of
the Corporation and mortgage of property. Non-Convertible
Debentures includes Rs.6250.000
millions (Previous Year Rs.5800.000 millions) and
Deposits includes Rs.30.100
millions (Previous Year Rs.13.400 millions) from
related parties. The
Corporation has availed a loan of USD 100 million from the Asian Development
Bank (Loan II). In respect of tranches 1 and 2 aggregating to USD 60 million,
as per the agreements with a scheduled bank, the Corporation has handed over
the dollar funds to the bank overseas and has obtained rupee funds in India
amounting to Rs.2000.000 millions by way of a term loan and
Rs.1000.000 millions through the issue of bonds which
have been subscribed by the bank. In respect of
tranche 3 of USD 40 million, as per the agreement with a financial
institution, the Corporation has handed over the dollars to a financial
institution overseas and under a back-to-back arrangement obtained rupee
funds in India. All payments in foreign currency are the responsibility of
the financial institution. In terms of the agreements, the Corporation's
foreign exchange liability is protected. The Corporation had availed USD 175
million under the Foreign Currency Borrowing scheme of the Reserve Bank of
India (RBI) under the "approval route" in terms of the RBI Press
Release No. 2008-2009/700 dated November 17, 2008, with a maturity of three
years. In terms of the RBI guidelines, these borrowings have been swapped
into rupees for the entire maturity by way of principal only swaps. The said
loans have been fully repaid in the current year. As on March 31, 2013, the Corporation has foreign currency
borrowings of USD 632.96 million equivalent (Previous Year USD 875.78 million). The Corporation has
undertaken currency swaps, principal only swaps, currency options and forward
contracts on a notional amount of USD 286.75 million equivalent (Previous Year
USD 406.76 million) to hedge the foreign currency risk. Further, interest
rate swaps on a notional amount of USD 130 million equivalent (Previous Year
USD 123 million) are outstanding, which have been undertaken to hedge the
interest rate risk on the foreign currency borrowings. As on March 31, 2013,
the Corporation's net foreign currency exposure on borrowings net of risk
management arrangements is USD Nil (Previous Year USD Nil). As a part of asset liability management
on account of the Corporation's Adjustable Rate Home Loan product as well as
to reduce the overall cost of borrowings, the Corporation has entered into
interest rate swaps wherein it has converted its fixed rate rupee liabilities
of a notional amount of Rs.211850.000 millions (Previous Year
Rs.252100.000 millions) as on March 31, 2013 for varying
maturities into floating rate liabilities linked to various benchmarks. In
addition, the Corporation has entered into cross currency swaps of a notional
amount of USD 476.45 million equivalent (Previous Year USD 588.07 million) wherein it
has converted its rupee liabilities into foreign currency liabilities and the
interest rate is linked to the benchmarks of respective currencies. Monetary assets and liabilities denominated in foreign
currencies net of risk management arrangement are revalued at the rate of
exchange prevailing at the year end. Cross Currency Interest Rate Swaps are
recorded by marking the foreign currency component to spot rates. For Forward contracts or instruments that are in substance,
forward exchange contracts, the premiums on such contracts are being
amortised over the life of contracts. The amount of exchange difference in
respect of such contracts to be recognised as expense in the Statement of
Profit and Loss over subsequent accounting periods is Rs.299.000
millions (Previous Year
Rs. Nil). Pursuant to the
notification dated December 29, 2011 issued by the Ministry of Corporate
Affairs amending the Accounting Standard 11, the Corporation has exercised
the option as per Para 46A inserted in the Standard for all long term
monetary assets and liabilities. Consequently, an amount of Rs.1697.900
millions (without
considering future tax benefit of Rs.577.100 millions) [Previous Year Rs.2062.400 millions (without considering the future tax benefit of Rs.669.000 millions)] representing translation difference is carried forward
in the Foreign Currency Monetary Item Translation Difference Account as on
March 31, 2013. This amount is to be amortised over the period of the
monetary assets/liabilities. 4.11 Terms of
redemption of bonds and debentures and for repayment terms of term loans a) Bonds and
Debentures Previous Year figures are in
(brackets) (Rs. in millions)
b) Term Loans from
Banks Previous Year figures are in
(brackets) (Rs. in millions)
c) Term loans from
other Parties Previous Year figures are in
(brackets) (Rs. in millions)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Debenture Trustees : |
·
IDBI Trusteeship Services Limited, Asian Building,
Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400 001,
Maharashtra, India ·
Central Bank of India, Merchant Banking Division
and Debenture Trustee Section, Central Office, Chanderamukhi, 9th Floor,
Nariman Point, Mumbai - 400 021, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Branch Auditors - |
PKF Chartered Accountants |
|
|
|
|
Solicitors and Advocates : |
·
Wadia Ghandy and Company, Mumbai ·
AZB and Partners, Mumbai ·
Amarchand and Mangaldas and Suresh A. Shroff and
Company, Mumbai |
|
|
|
|
Subsidiaries : |
·
HDFC Developers Limited ·
HDFC Investments Limited ·
HDFC Holdings Limited ·
HDFC Asset Management Company Limited ·
HDFC Trustee Company Limited ·
HDFC Realty Limited ·
HDFC Standard Life Insurance Company Limited ·
HDFC ERGO General Insurance Company Limited ·
HDFC Venture Capital Limited ·
HDFC Sales Private Limited ·
HDFC Property Ventures Limited ·
HDFC Ventures Trustee Company Limited ·
GRUH Finance Limited ·
Griha Investments (Subsidiary of HDFC Holdings
Limited) ·
Credila Financial Services Private Limited
(w.e.f. July 9, 2010) ·
HDFC Asset Management Company (Singapore) Pte.
Limited (Subsidiary of HDFC Asset Management Company Limited) ·
H. T. Parekh Foundation (w.e.f. 19th October, 2012) ·
Griha Pte. Limited (Subsidiary of
HDFC Investments Limited) (w.e.f. 28th December 2012) · HDFC Life Pension Fund Management Company Limited (Subsidiary of HDFC Standard Life Insurance Company Limited) |
|
|
|
|
Associate Companies : |
·
HDFC Bank Limited ·
India Value Fund Advisors Private Limited ·
RuralShores Business Services Private Limited ·
IPF. Online Limited |
|
|
|
|
Entities over which control is exercised : |
·
HDFC Property Fund – Scheme – HDFC IT Corridor
Fund ·
HDFC Investment Trust |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1625000000 |
Equity Shares |
Rs.2/- each |
Rs.3250.000 millions |
|
|
|
|
|
Issued, Subscribed & Fully Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1546347255 |
Equity Shares |
Rs.2/- each |
Rs.3092.700
millions |
|
|
|
|
|
Reconciliation of number of shares
outstanding at the beginning and at the end of the reporting period:
|
Particulars
|
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Equity
shares outstanding as at the beginning of the year |
1476970010 |
2953.900 |
|
Shares
allotted pursuant to exercise of stock options |
14693995 |
29.400 |
|
Shares
allotted pursuant to exchange of warrants |
54683250 |
109.400 |
|
Equity
shares outstanding as at the end of the year |
1546347255 |
3092.700 |
The details of each shareholder holding
more than 5 percent shares in the Corporation:
|
Particulars |
Outstanding as on 31st
March, 2013 |
|
|
No. of Shares |
% of shares held
to total shares |
|
|
Aberdeen
Asset Management Asia Limited (on behalf of funds advised/managed) |
127490319 |
8.24 |
|
Life
Insurance Corporation of India |
-- |
-- |
47713935 shares of Rs.2 each were reserved for
issuance as follows:
a) 47713935 shares of Rs.2 each towards outstanding
Employees Stock Options granted/available for grant, including lapsed options.
b) Nil
shares of Rs.2 each towards outstanding share warrants.
The
Corporation has only one class of shares referred to as equity shares having
Face Value of Rs.2 each. Each holder of equity share is entitled to one vote
per share.
The
holders of equity shares are entitled to dividends, if any, proposed by the
Board of Directors and approved by Shareholders at the Annual General Meeting.
During the
year, Nomination and Compensation Committee of Directors (NCCD) at its meeting
held on May 23, 2012 granted the 5867546 new stock options along with 234929
options lapsed under previous Schemes i.e. ESOS-05 : 32030 options, ESOS-07 :
132087 options, ESOS-08 : 70812 options in all aggregating to 6102475 stock
options representing 30512375 equity shares of Rs.2 each at an exercise price
of Rs.3117.50 per option to Employees and Directors of the Corporation under
Employees Stock Option Scheme - 2011 (ESOS-11). The said price was determined
in accordance with the pricing formula approved by the shareholders i.e. at the
latest available closing price of the equity shares of the Corporation on the
stock exchange on which the shares are listed and having higher trading volume,
prior to the meeting of the NCCD at which the options are granted.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3092.700 |
2953.900 |
2933.700 |
|
(b) Reserves & Surplus |
246907.300 |
187221.900 |
170231.400 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
250000.000 |
190175.800 |
173165.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
900050.100 |
748377.400 |
614858.600 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
14952.300 |
10383.700 |
6059.400 |
|
(d) Long-term
provisions |
16145.600 |
15024.400 |
11201.800 |
|
Total Non-current
Liabilities (3) |
931148.000 |
773785.500 |
632119.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
187866.900 |
211462.400 |
212080.100 |
|
(b) Trade
payables |
608.000 |
1787.200 |
757.600 |
|
(c)
Other current liabilities |
|
|
|
|
-
Borrowings |
500364.100 |
431435.200 |
324184.300 |
|
- Others
|
57294.600 |
40848.000 |
29273.300 |
|
(d) Short-term
provisions |
28025.900 |
25705.300 |
20843.400 |
|
Total Current
Liabilities (4) |
774159.500 |
711238.100 |
587138.700 |
|
|
|
|
|
|
TOTAL |
1955307.500 |
1675199.400 |
1392423.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2329.600 |
2324.800 |
2318.500 |
|
(ii)
Intangible Assets |
49.800 |
14.700 |
21.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
125318.600 |
120115.600 |
113034.200 |
|
(c) Deferred tax assets (net) |
6313.800 |
6282.000 |
4481.300 |
|
(d) Long-term Loan and Advances |
|
|
|
|
-
Loans |
1516308.700 |
1255326.500 |
1011674.800 |
|
-
Others |
18175.600 |
19672.600 |
6068.500 |
|
(e) Other
Non-current assets |
7797.500 |
10545.600 |
3496.300 |
|
Total Non-Current
Assets |
1676293.600 |
1414281.800 |
1141094.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
10816.000 |
1954.400 |
5290.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
13.200 |
602.100 |
12.700 |
|
(d) Cash
and cash equivalents |
57511.400 |
54728.500 |
61300.300 |
|
(e) Short-term
loans and advances |
|
|
|
|
- Loans |
179399.700 |
148890.400 |
156387.100 |
|
- Others
|
24598.900 |
49981.500 |
23323.900 |
|
(f)
Other current assets |
6674.700 |
4760.700 |
5015.000 |
|
Total
Current Assets |
279013.900 |
260917.600 |
251329.000 |
|
|
|
|
|
|
TOTAL |
1955307.500 |
1675199.400 |
1392423.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
207969.500 |
170625.800 |
124931.900 |
|
|
|
Profit on |
3155.500 |
2701.900 |
3597.400 |
|
|
|
Other Income |
351.200 |
215.100 |
251.400 |
|
|
|
TOTAL (A) |
211476.200 |
173542.800 |
128780.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Staff Expenses |
2461.900 |
2057.900 |
1755.300 |
|
|
|
Establishment Expenses |
756.800 |
525.700 |
446.600 |
|
|
|
Other Expenses |
1934.300 |
1729.800 |
1417.800 |
|
|
|
Provision for Contingencies |
1450.000 |
800.000 |
700.000 |
|
|
|
TOTAL (B) |
6603.000 |
5113.400 |
4319.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
204873.200 |
168429.400 |
124461.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
138908.900 |
111567.800 |
75599.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
65964.300 |
56861.600 |
48861.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
235.900 |
205.400 |
192.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
65728.400 |
56656.200 |
48669.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17245.000 |
15430.000 |
13320.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
48483.400 |
41226.200 |
35349.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Special Reserve No. II |
7750.000 |
7300.000 |
6250.000 |
|
|
|
General Reserve |
9566.200 |
8708.700 |
8164.000 |
|
|
|
Additional
Reserve (u/s 29C of the National Housing Bank Act, 1987) |
8250.000 |
6200.000 |
5300.000 |
|
|
|
Shelter Assistance Reserve |
400.000 |
150.000 |
120.000 |
|
|
|
Proposed Dividend (at Rs.12.50 per equity share of face value of
Rs.2/- each) |
19329.300 |
16246.700 |
13202.000 |
|
|
|
Additional Tax
on Proposed Dividend |
3285.000 |
2635.600 |
2141.700 |
|
|
|
Additional Tax on Dividend |
(246.200) |
(46.600) |
10.700 |
|
|
|
Dividend
pertaining to Previous Year paid during the year |
149.100 |
31.800 |
161.200 |
|
|
|
48483.400 |
41226.200 |
35349.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Interest on Bank Deposits |
35.900 |
29.500 |
29.900 |
|
|
|
Consultancy and other fees |
125.200 |
82.400 |
88.000 |
|
|
TOTAL EARNINGS |
161.100 |
111.900 |
117.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
31.84 |
27.97 |
24.18 |
|
|
|
- Diluted |
31.45 |
27.54 |
23.66 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
22.93 |
23.76 |
27.45
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
31.60 |
33.20 |
38.96
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.60 |
3.66 |
3.82
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.30 |
0.29
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.35 |
5.05 |
4.78
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.36 |
0.37 |
0.43
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG-TERM BORROWINGS:
|
Sr. No. |
Particulars |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
|
Current maturities of
long-term borrowings - Secured |
|
|
|
|
(i) |
Bonds and Debentures |
|
|
|
|
|
- Bonds |
50.000 |
47.000 |
44.500 |
|
|
- Non Convertible Debentures |
200133.000 |
137920.000 |
101700.000 |
|
(ii) |
Term Loans from Banks |
|
|
|
|
|
- Scheduled Banks |
48852.400 |
118519.500 |
97279.200 |
|
|
Short Term Foreign
Currency Borrowing |
-- |
8310.000 |
-- |
|
(iii) |
Term Loans from other
parties |
|
|
|
|
|
- Asian Development Bank |
240.500 |
223.000 |
204.400 |
|
|
- Kreditanstalt fur Wiederaufbau |
106.500 |
103.500 |
97.600 |
|
|
- National Housing Bank |
3691.400 |
4385.000 |
4080.400 |
|
|
- DEG - Deutsche
Investitions-Und Entwicklungsgesellschaft MbH |
-- |
-- |
223.600 |
|
|
Total Secured : |
253073.800 |
269508.000 |
208102.200 |
|
|
Current maturities of
long-term borrowings - Unsecured |
|
|
|
|
(i) |
Scheduled Banks |
21008.100 |
14806.300 |
17129.300 |
|
(ii) |
Term Loans from other
parties |
-- |
-- |
-- |
|
|
- Under a line from Kreditanstalt fur
Wiederaufbau |
50.000 |
20.300 |
-- |
|
(iii) |
Deposits |
226232.200 |
147100.600 |
94952.800 |
|
(iv) |
Bonds and
Debentures |
|
|
|
|
|
-
Non-convertible Subordinated Debentures |
-- |
-- |
4000.000 |
|
|
Total Unsecured: |
247290.300 |
161927.200 |
116082.100 |
|
|
Total |
500364.100 |
431435.200 |
324184.300 |
Notes:
Current
maturities of long term borrowings are secured by negative lien on all assets
of the Corporation and mortgage of property.
Current maturities of Non-Convertible Debentures includes Rs.950.000 millions (Previous Year Rs.250.000 millions) and Deposits includes Rs.26.900 millions (Previous Year Rs.29.800 millions) from related parties
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Bonds and Debentures |
|
|
|
- Non Convertible Subordinated Debentures (Note 2) |
34750.000 |
34750.000 |
|
Term Loans from Banks |
|
|
|
- Scheduled Banks |
5993.000 |
13330.000 |
|
Term Loans from other parties |
|
|
|
- Under a line from
Kreditanstalt fur Wiederaufbau |
341.400 |
391.400 |
|
Deposits (note 1) |
236540.300 |
195512.100 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans repayable
on demand: |
|
|
|
From Banks |
2592.700 |
49.400 |
|
Deposits |
56555.700 |
20315.300 |
|
Other Loans and
Advances: |
|
|
|
Commercial Papers |
95500.000 |
46500.000 |
|
Total
|
432273.100 |
310848.200 |
Notes:
1. Public deposits as defined in Paragraph
2(1)(y) of the Housing Finance Companies (NHB) Directions, 2010, are secured by
floating charge on the Statutory Liquid Assets maintained in terms of sub-sections
(1) and (2) of Section 29B of the National Housing Bank Act, 1987.
2. During the year, the Corporation raised
Rs. Nil (Previous Year Rs.10000.000 millions)
through issue of Long Term Unsecured Redeemable Non-Convertible Debentures (subordinated
debt). As at March 31, 2013, the Corporation's outstanding subordinated debt is
Rs.34750.000 millions (Previous
Year Rs.34750.000 millions). These debentures
are subordinated to present and future senior indebtedness of the Corporation
and qualifies as Tier II capital under National Housing Bank (NHB) guidelines
for assessing capital adequacy. Based on the balance term to maturity as at
March 31, 2013, 85.90% (Previous Year
91.51%) of the book value of the subordinated debt is considered as Tier II
capital for the purpose of capital adequacy computation.
LENDING
OPERATIONS
Loan
approvals during the year were Rs.1032600.000 Millions as compared to
Rs.901540.000 Millions in the previous year and loan disbursements during the
year were Rs.824520.000 Millions as against Rs.711130.000 Millions in the
previous year.
Individual
loan approvals and disbursements grew by 29% and 33% respectively during the
year. The average size of individual loans stood at Rs.2.160 Millions as
against Rs.1.950 Millions in the previous year.
Cumulative
loan approvals and disbursements as at March 31, 2013 were Rs.5666600.000
Millions and Rs.4560980.000 Millions respectively. This is in respect of 4.4
million housing units.
Despite an
increase in residential property prices during the year, the demand for
individual home loans remained buoyant, with strong growth coming from Tier 2
and Tier 3 cities. Other enabling factors that kept the demand strong for
individual home loans include rising disposable incomes and fiscal incentives
on housing loans.
In an
effort to continue to widen the bouquet of products offered, an innovative
product called 'TRUFIXED Home Loans' was introduced during the year. This
product is aimed at customers who wish to be insulated from interest rate
volatility. Under this product, a customer has the option to choose a fixed
interest rate period ranging between 3 to 10 years and post the fixed rate
period, the loan automatically converts to a variable rate product. The product
has been well received by customers.
With
younger customers opting for a home loan and to help improve affordability, the
Corporation offers the Telescopic Repayment Option under which customers have
the option of a loan tenor of up to 30 years.
As at
March 31, 2013, the loan book stood at Rs. 1700460.000 Millions as against
Rs.1408750.000 Millions in the previous year. Loans sold during the preceding
twelve months amounted to Rs.51750.000 Millions. The growth in the individual
loan book, after adding back loans sold was 31% (25% net of loans sold).
Non-individual loans grew by 13%. The growth in the total loan book after
adding back loans sold was 24% (21% net of loans sold).
Of the
total loan book, individual loans comprise 68%. Further, 81% of the incremental
growth in the loan book during the year came from individual loans.
MARKETING
AND DISTRIBUTION
During the
year, efforts were concentrated on further strengthening the distribution
network. The Corporation's distribution network now spans 331 outlets, which
includes 81 offices of HDFC's wholly owned distribution company, HDFC Sales
Private Limited (HSPL). To further augment the network, HDFC covers over 90
additional locations through its outreach programmes. HDFC has overseas offices
in London, Singapore and Dubai. The Dubai office reaches out to its customers
across Middle East through its service associates based in Kuwait, Qatar, Oman,
Sharjah, Abu Dhabi and Saudi Arabia.
HDFC's
reach and presence is also enhanced by its distribution channels, which include
HSPL, HDFC Bank and a few third party direct selling associates (DSAs). Besides
local and regional DSAs, tie-ups with some banks and distribution houses have
enhanced incremental business. Prominent banks with whom the Corporation has
distribution tie-ups include IndusInd Bank and Ratnakar Bank. These channels
only source loans, while the control over the credit, legal and technical
appraisal continues to rest with HDFC, thereby ensuring that the quality of
loans disbursed is not compromised in any way and is consistent across all
distribution channels.
Various
online facilities such as e-approval for prospective customers, accounting
facilities for existing customers and HDFC's mobile site has helped improve
customer service. The Corporation also uses various online platforms to source
home loan leads.
The
Corporation organized property fairs across major cities in the country as well
as organized events for developers to showcase their properties to the Indian
diaspora in overseas locations like London, Singapore and the Middle East.
AWARDS AND
RECOGNITIONS
During the
year, the Corporation was awarded the 'Leading Housing Finance Company' by CNBC
TV18 at the India Best Bank and Financial Institution Awards, 2012. The
Corporation was also adjudged the 'Best Home Loan Provider' by Outlook Money
Awards, 2012. This is the second consecutive year that the Corporation has won
this award. The Corporation was ranked amongst India's best companies to work
for by Great Place to Work Institute®, 2012.
REVIEW OF
KEY SUBSIDIARY AND ASSOCIATE COMPANIES
HDFC BANK
LIMITED (HDFC BANK)
HDFC and
HDFC Bank continue to maintain an arm's length relationship in accordance with
the regulatory framework. Both organizations, however, capitalize on the strong
synergies through a system of referrals, special arrangements and cross selling
in order to effectively provide a wide range of products and services under the
HDFC brand name.
As at
March 31, 2013, net advances of HDFC Bank stood at Rs.2397210.000 Millions - an
increase of 23% over the previous year. Total deposits stood at Rs.2962470.000
Millions - an increase of 20%. As at March 31, 2013, HDFC Bank's distribution
network includes 3,062 branches and 10,743 ATMs in 1,845 cities as against
2,544 branches and 8,913 ATMs in 1,399 cities as of March 31, 2012.
For the
year ended March 31, 2013, HDFC Bank reported a profit after tax of
Rs.67260.000 Millions as against Rs. 51670.000 Millions in the previous year,
representing an increase of 30%. For the year ended March 31, 2013, HDFC Bank
recommended a dividend of Rs.5.5 per share of face value of Rs.2 each as
against Rs.4.30 per share for the previous year. During the year the
Corporation received a dividend of Rs.1690.000 Millions from HDFC Bank.
HDFC
together with its wholly owned subsidiaries, HDFC Investments Limited and HDFC
Holdings Limited holds 22.8% of the equity share capital of HDFC Bank.
HDFC
STANDARD LIFE INSURANCE COMPANY LIMITED (HDFC LIFE)
Gross
premium income of HDFC Life for the year ended March 31, 2013 stood at
Rs.113230.000 Millions as compared to Rs. 102020.000 Millions in the previous
year. The sum assured in force at the end of FY 2013 was Rs.2018580.000
Millions as compared to Rs. 1387180.000 Millions in the previous year,
representing a growth of 46%.
The
company has a portfolio of 32 retail products and 10 group products covering
saving, investment, protection and retirement needs of the customers, along
with 10 optional rider benefits.
HDFC Life's
distribution network includes 450 branches, covering 961 cities. In addition,
the company has 95,000 financial consultants, 3 large banc assurance partners
and 10 pan-India brokers and corporate agency tie-ups. In FY 2013, HDFC Life
ranked number 2, for the second consecutive year, among private sector life
insurers in terms of market share based on the weighted received premium of
individual business.
HDFC Life
has reported a profit of Rs.4514.800 Millions for the year ended March 31, 2013
as against Rs.2710.200 Millions in the previous year. The back book is
generating sufficient profits to offset the new business strain incurred in
writing of new policies. The solvency ratio of the company was 217% as at March
31, 2013 as against the minimum regulatory requirement of 150%. HDFC holds
72.4% of the equity share capital in HDFC Life.
HDFC ASSET
MANAGEMENT COMPANY LIMITED (HDFC-AMC)
HDFC and
Standard Life Investment Limited
are the co-sponsors of HDFC Mutual Fund. As at March 31, 2013, HDFC-AMC managed
42 debt, equity, exchange traded fund and fund of fund schemes of HDFC Mutual
Fund. The average assets under management during the month of March 2013 stood
at Rs. 1021420.000 Millions (which is inclusive of average assets under
discretionary portfolio management/ advisory services). HDFC Mutual Fund has
been ranked first in the industry on the basis of Average Assets under
Management. The number of investor accounts stood at 49 lacs as at March 31,
2013. HDFC-AMC has over 130 investor service centres across the country.
For the
year ended March 31, 2013, HDFC-AMC reported a profit after tax of Rs.3187.500
Millions as against Rs.2691.400 Millions in the previous year. HDFC holds 59.8%
of the equity share capital of HDFC-AMC.
HDFC ERGO
GENERAL INSURANCE COMPANY LIMITED (HDFC ERGO)
During the
year, HDFC ERGO continued to retain its market ranking as the fourth largest
private sector player in the general insurance industry. Further, the company
continued to be the largest player in the personal accident line of business.
The
company offers a complete range of insurance products like motor, health,
travel, home and personal accident in the retail segment and customized
products like property, marine, aviation and liability insurance in the
corporate segment. The company continues to leverage on the HDFC group's
distribution capability to drive its growth and on the technical capability of
ERGO in the field of general insurance. The company has a balanced portfolio
mix with the retail segment accounting for 58% of the business.
The gross
direct premium of the company increased by 33% to Rs.24910.000 Millions as
against Rs.18740.000 Millions in the previous year. During the year, the
company achieved a profit before tax of Rs.2483.000 Millions as against Rs.1419.000
Millions in the previous year before considering the losses from the Indian
Motor Third Party Insurance Pool (IMTPIP) and the Indian Motor Third Party
Declined Risk Insurance Pool (IMTDRIP). The losses from IMTPIP and IMTDRIP were
Rs.664.000 Millions (previous year Rs.1816.000 Millions). Thus the profit
before tax including the pool losses amounted to Rs.1819.000 Millions (previous
year loss of Rs.397.000 Millions). The overall profit after tax for the year
stood at Rs.1545.000 Millions as against a loss of Rs.397.000 Millions in the
previous year.
The
combined ratio stood at 91.6% and the solvency ratio of the company was 161% as
at March 31, 2013 as against the minimum regulatory requirement of 140%.
HDFC holds
73.9% of the equity share capital of HDFC ERGO.
HDFC
PROPERTY FUNDS
HDFC
Venture Capital Limited (HVCL) is the investment manager to HDFC Property Fund,
a registered venture capital fund with the Securities and Exchange Board of
India (SEBI).
HDFC Property
Fund currently has two schemes. The first scheme is HDFC India Real Estate Fund
(HI-REF), with a corpus of Rs. 10000.000 Millions, which has been fully
invested and has made several profitable exits. The term of the scheme was to
have ended on June 17, 2012; however, the scheme has been extended by a period
of one year. As at March 31, 2013, the balance corpus stood at Rs.3790.000
Millions and exits are being made for the balance investments of the scheme.
The second
scheme, HDFC IT Corridor Fund has a corpus of Rs.4644.000 Millions. This scheme
has invested the entire corpus in rental income yielding commercial properties
spread across four major cities in India. The term of this scheme was to have
ended on June 28, 2012; however, it has been extended by a period of one year.
As at March 31, 2013, the balance corpus stood at Rs.4092.600 Millions and
exits are being explored for investments of the scheme.
HDFC holds
80.5% of the equity share capital of HVCL. HDFC Property Ventures Limited (HPVL)
provides investment advisory services to Indian and overseas asset management
companies (AMCs). Such AMCs in turn manage and advise Indian and offshore
private equity funds. During the year, HPVL made a profit after tax of Rs.
30.500 Millions. HDFC holds 100% of the equity share capital of HPVL.
GRUH
FINANCE LIMITED (GRUH)
GRUH is a
housing finance company with a retail network of 134 offices spread across 7
states. During the year, GRUH disbursed loans amounting to Rs.21740.000
Millions as compared to Rs.14870.000 Millions in the previous year - an
increase of 46%. As at March 31, 2013, the loan portfolio stood at Rs.
54380.000 Millions, recording a growth of 34% over the previous year. The
average size of loans stood at Rs.0.736 Million. For the year ended March 31,
2013, GRUH reported a profit after tax of Rs.1458.800 Millions as compared to
Rs.1203.400 Millions in the previous year - an increase of 21%. HDFC's holding
in GRUH currently stands at 59.7%.
HDFC SALES
PRIVATE LIMITED (HSPL)
HDFC Sales
Private Limited (HSPL) continues to strengthen the Corporation's marketing and
sales efforts by providing a dedicated sales force to sell home loans and other
financial products.
HSPL has a
presence in 81 locations. During the year, HSPL sourced loans accounting for
46% of individual loans disbursed by HDFC. HSPL is a wholly owned subsidiary of
HDFC.
CREDILA
FINANCIAL SERVICES PRIVATE LIMITED (CREDILA)
Credila is
India's first dedicated education loan company, providing loans to students
pursuing higher education in India and abroad. As on March 31, 2013, Credila
had cumulatively disbursed Rs. 8920.000 Millions to 10,700 customers. The
average loan amount disbursed is Rs. 0.083 Millions. In addition to having its
own offices and sourcing applications through the web, Credila capitalizes on
HDFC's distribution network to source and market education loans.
The
Reserve Bank of India has categorized education loans as 'priority sector'
lending. Credila's borrowers are entitled to income tax exemption under Section
80E of the Income Tax Act, 1961.
HDFC holds
89.1% of the share holding in Credila on a fully diluted basis.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
MACROECONOMIC
OVERVIEW
During the
year, India's GDP growth marked a slowdown owing to a persistently weak
investment climate. Inflation, however, began to show signs of moderation.
After averaging 9.6% in FY 2011 and 8.9% in FY 2012, the headline wholesale
price index in FY 2013 averaged 7.4%. The Reserve Bank of India (RBI) reduced
the repo rate by 100 basis points, the cash reserve ratio by 75 basis points
and the Statutory Liquidity Ratio by 100 basis points during the year in a bid
to support growth and improve liquidity conditions.
There was
a substantial increase in investments from foreign institutional investors
(FIIs). The net FII equity inflows into India were USD 26 billion in FY 2013
compared to a net inflow of USD 9 billion in the previous year.
The
government reined in the fiscal deficit at 5.2% of GDP in FY 2013 compared to 5.7%
in the previous year. However, the current account deficit (CAD) reached a
record high of 6.7% of the GDP in the third quarter of FY 2013. With the recent
decline in commodity prices, especially oil and gold, the CAD is expected to
moderate.
MARKET SCENARIO
The demand
for home loans remained robust predominantly on account of rising disposable
incomes and continued fiscal incentives on housing loans. Given the acute
shortage of housing in the country, rapid urbanization and low mortgage
penetration, the demand for home loans is likely to remain strong.
Measures
on the housing sector in the Union Budget 2013-14 predominantly focused on
affordable housing. The
Union
Budget increased the existing interest rate deduction of Rs.150,000 per annum
on a housing loan by an additional one-time deduction of Rs.0.100 million for
first time home buyers, provided the loan amount and property cost does not
exceed Rs.2.500 Millions and Rs.4.000 Millions respectively. The other measures
to boost housing include the increase in the Rural Housing Fund from
Rs.40000.000 Millions to Rs.60000.000 Millions and the introduction of the
Urban Housing Fund with an initial allocation of Rs.20000.000 Millions.
INTEREST
RATE SCENARIO
Owing to inflationary pressures, liquidity conditions remained tight for most part of the year, with the yield curve remaining flat or inverted. Though the RBI reduced the repo rates by 100 basis points during the year, monetary transmission was very slow. Keeping in mind the Corporation's cost of funds and the need to maintain spreads, the Corporation reviewed its Corporate Prime Lending Rate (CPLR) for non-individual loans and its Retail Prime Lending Rate (RPLR) during the year.
CONTINGENT
LIABILITIES AND COMMITMENTS (AS ON 31.03.2013):
·
Contingent Liability in respect of guarantees provided by the
Corporation aggregated to Rs.2030.000
millions (Previous Year 7839.500 millions).
·
Contingent liability in respect of income-tax. demands, net
of amounts provided for and disputed by the Corporation, amounts to Rs.8187.300 millions (Previous Year Rs.6061.700 millions). The
matters in dispute are under appeal. The said amount has been paid/adjusted and
will be received as refund if the matters are decided in favour of the
Corporation.
·
Contingent Liability in respect of corporate undertakings
provided by the Corporation for securitisation of receivables aggregated to Rs.19393.100 millions (Previous Year Rs.19401.300 millions). The
outflows would arise in the event of a shortfall, if any, in the cash flows of the
pool of the securitised receivables.
·
Contingent Liability in respect of disputed dues towards
sales tax, wealth tax, interest on lease tax and payment towards employers'
contribution to ESIC not provided for by the Corporation amounts to Rs.1.500 millions (Previous Year Rs.1.500 millions).
· Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) is Rs.10.234 millions (Previous Year Rs.2067.000 millions).
FIXED ASSETS:
TANGIBLE
v
Land:
Freehold
Leasehold
v
Buildings:
Own Use
Leasehold Improvements
Computer Hardware
Furniture and Fittings
v
Office Equipment
etc.:
Own Use
Under Operating Lease
v
Vehicles:
Owned
Leased Assets:
Plant and Machinery *
Vehicles *
INTANGIBLE
v
Computer Software
* Assets held for disposal
WEBSITE DETAILS:
NEWS:
SPOTLIGHT NOW
ON COMPANIES WHERE FIIS RAISED STAKE RECENTLY
June 21, 2013
Stocks have been beaten down to a
point where it may not make much sense for the long term players among FIIs
to sell at these levels. However, short term players
like hedge funds and exchange traded funds are another class of investor
altogether.
The sell-off by foreign institutional investors in government securities
has finally caught up with the equity market. With the rupee close to its
record low and the pressure on the currency expected to persist near term,
fears are that FIIs will start pulling money out of Indian shares as well.
Stocks have been beaten down to a point where it may not make much sense
for the long term players among FIIs to sell at these levels. However, short term
players like hedge funds and exchange traded funds are another class of
investor altogether.
These funds chase quick gains, and absolute price moves and currency
swings matter more than fundamental factors. Beyond a certain threshold of
tolerance, they will dump shares irrespective of the price.
The spotlight is now on the companies where FIIs increased their
stake in the
recent past (data is available only till the March quarter)
An analysis of the shareholding pattern of BSE-100 companies
shows that foreign funds have hiked stake in nearly 50 companies by 1-9 percent
between September 2012 and March 2103. So far this calendar, till May, foreign funds net
bought around Rs.610000.000 millions of shares. There is no way of knowing how
much of the money has come from long term players like pension funds, insurers
and India-dedicated funds, and how much from short term funds.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.71 |
|
|
1 |
Rs.90.59 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.