MIRA
INFORM REPORT
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Report Date : |
01.12.2014 |
IDENTIFICATION DETAILS
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Name : |
DEWAN HOUSING FINANCE CORPORATION LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.04.1984 |
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Com. Reg. No.: |
11-032639 |
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Capital Investment
/ Paid-up Capital : |
Rs.1284.200 Millions |
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CIN No.: [Company Identification
No.] |
L65910MH1984PLC032639 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The business of providing loans to retail customers for construction or
purchase of residential property and loans against property. |
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No. of Employees
: |
1891 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (70) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is one of the largest housing finance companies in India. It
is old and well-established company having fine track record. The rating reflects consistent track record spanning three decades
across business cycles and expertise of Dewan Housing Finance Corporation
Limited (DHFL) in leading to the niche borrower segment supported by its
healthy profitability margins and sound financial base of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of well-established brand name back by experience management
team, 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of Investigation
books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Short term debt programme: A1+ |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
08.10.2014 |
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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-22029900)
LOCATIONS
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Registered Office : |
Warden House 2nd Floor Sir P M Road, Fort, Mumbai – 400001,
Maharashtra, India |
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Tel. No. : |
91-22-2287 1985 |
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Fax No. : |
91-22 -2287 1985 |
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E-Mail : |
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Website : |
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Corporate Office : |
10th Floor, TCG Financial Centre, BKC Road, Bandra Kurla
Complex, Bandra East, Mumbai - 400 051, Maharashtra, India |
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Tel. No. : |
91-22- 66006699 |
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Fax No. : |
91-22- 66006998 |
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National Office: |
HDIL Towers, 6th
Floor, Anant Kanekar Marg, Station Road, Bandra (East), Mumbai - 400 051,
Maharashtra, India |
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Tel. No. : |
91-22-2658 3333 (30 Lines) |
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Fax No. : |
91-22-2658 33 44 |
DIRECTORS
As on 31.03.2014
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Name : |
Mr. Kapilkumar Rajeshkumar Wadhawan Wadhawan |
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Designation : |
Chairman and Managing Director |
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Address : |
Wadhawan House, Plot No. 32/A, Union Park, Bandra West, Mumbai - 400050, Maharashtra, India |
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Date of Birth/Age : |
18.10.1973 |
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Date of Appointment : |
24.09.1996 |
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DIN No.: |
00028528 |
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Name : |
Mr. Dheeraj Rajeshkumar Wadhawan |
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Designation : |
Director |
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Address : |
2223, Sea View Palace, Bandra West, Mumbai – 400050, Maharashtra,
India |
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Date of Birth/Age : |
10.11.1978 |
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Date of Appointment : |
12.05.2008 |
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DIN No.: |
00096026 |
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Name : |
Mr. Guru Prasad Kohli |
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Designation : |
Director |
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Address : |
1403 04, Dheeraj Enclave Off Ewstern Express Highway, Borivali East,
Mumbai - 400066, Maharashtra, India |
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Date of Birth/Age : |
15.06.1940 |
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Date of Appointment : |
23.05.2011 |
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DIN No.: |
00230388 |
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Name : |
Mr. Ajay Vazirani |
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Designation : |
Director |
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Address : |
Geeta Villa, 19 Perry Cross Raod, Bandra West, Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
26.05.1971 |
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Date of Appointment : |
04.01.2008 |
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DIN No.: |
02006622 |
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Name : |
Mr. Vijay Kumar Chopra |
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Designation : |
Director |
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Address : |
Flat No. 4 A, 4th Floor, Harmoni Tower, Dr E Moses Road,
Worli Naka Worli, Mumbai – 400018, Maharashtra, India |
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Date of Birth/Age : |
06.03.1943 |
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Date of Appointment : |
12.05.2008 |
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DIN No.: |
02103940 |
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Name : |
Mr. Mannil Venugopalan |
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Designation : |
Director |
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Address : |
Heritage City, Block 34, Flat No. 201, DLF City, M G Road, Gurgoan –
122002, Haryana, India |
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Date of Birth/Age : |
23.04.1945 |
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Date of Appointment : |
25.02.2013 |
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DIN No.: |
00255575 |
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Name : |
Mr. Kaikhushru Vicaji Taraporevala |
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Designation : |
Nominee director |
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Address : |
B3, Amelfi 15 LD Ruparel Road, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
10.03.1965 |
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Date of Appointment : |
21.10.2013 |
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DIN No.: |
00691210 |
KEY EXECUTIVES
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Name : |
Mr. Niti Arya |
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Designation : |
Secretary |
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Address : |
403 Ushus Cooperative Housing Society, Shastrri Nagar, Santracruz West,
Mumbai – 400054, Maharashtra, India |
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Date of Birth/Age : |
09.07.1979 |
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Date of Appointment : |
01.08.2013 |
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PAN No.: |
AGTPA6598C |
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Name : |
Mr. Santosh R. Sharma |
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Designation : |
Chief Financial Officer |
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Audit Committee |
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Name : |
Mr. G. P. Kohli |
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Designation : |
Chairman |
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Name : |
Mr. V. K. Chopra |
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Designation : |
Member |
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Name : |
Mr. M. Venugopalan |
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Designation : |
Member |
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Shareholders’ / Investors’ Grievance Committee |
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Name : |
Mr. Ajay Vazirani |
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Designation : |
Chairman |
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Name : |
Mr. Kapil Wadhawan |
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Designation : |
Member |
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Finance Committee |
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Name : |
Mr. Kapil Wadhawan |
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Designation : |
Chairman |
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Name : |
Mr. Dheeraj Wadhawan |
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Designation : |
Member |
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Name : |
Mr. G. P. Kohli |
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Designation : |
Member |
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Name : |
Mr. Ajay Vazirani |
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Designation : |
Member |
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Corporate Social Responsibility Committee |
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Name : |
Mr. G. P. Kohli |
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Designation : |
Chairman |
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Name : |
Mr. V. K. Chopra |
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Designation : |
Member |
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Name : |
Mr. Kapil Wadhawan |
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Designation : |
Member |
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Nomination and Remuneration Committee |
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Name : |
Mr. R. P. Khosla |
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Designation : |
Chairman |
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Name : |
Mr. G. P. Kohli |
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Designation : |
Member |
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Name : |
Mr. V. K. Chopra |
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Designation : |
Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
Total
No. of Shares |
%
of Total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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3000000 |
2.33 |
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|
47409822 |
36.85 |
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50409822 |
39.18 |
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Total shareholding of Promoter and Promoter Group (A) |
50409822 |
39.18 |
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(B) Public Shareholding |
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|
175378 |
0.14 |
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|
382685 |
0.30 |
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|
1000 |
0.00 |
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|
30895408 |
24.01 |
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|
7184554 |
5.58 |
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|
164394 |
0.13 |
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|
1309475 |
1.02 |
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|
5710685 |
4.44 |
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|
38639025 |
30.03 |
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|
21128181 |
16.42 |
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|
5916543 |
4.60 |
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|
11807913 |
9.18 |
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|
749110 |
0.58 |
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|
298396 |
0.23 |
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|
449649 |
0.35 |
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|
1065 |
0.00 |
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|
39601747 |
30.78 |
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Total Public shareholding (B) |
78240772 |
60.82 |
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Total (A)+(B) |
128650594 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
128650594 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
||
|
1 |
Kapil Wadhawan |
9,00,000 |
0.70 |
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2 |
Dheeraj Wadhawan |
9,00,000 |
0.70 |
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3 |
Aruna Wadhawan |
12,00,000 |
0.93 |
|
4 |
Wadhawan Housing Private Limited |
4,74,09,822 |
36.85 |
|
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Total |
5,04,09,822 |
39.18 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding 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 |
|
|
1 |
Caledonia Investments PLC (FDI) |
5710685 |
4.44 |
|
|
2 |
Hemisphere Infrastructure India Private Limited |
5358889 |
4.17 |
|
|
3 |
Galaxy Infraprojects & Developers Private Limited |
5217702 |
4.06 |
|
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4 |
Ironwood Investment Holdings |
5196581 |
4.04 |
|
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5 |
Jhunjhunwala Rakesh Radheshyam |
5000000 |
3.89 |
|
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6 |
Silicon First Realtors Private Limited |
5047781 |
3.92 |
|
|
7 |
Morgan Stanley Asia (Singapore) Pte |
2148377 |
1.67 |
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8 |
Asia Bridge Fund I LLC |
3571352 |
2.78 |
|
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9 |
Goverment Pension Fund Global |
1738870 |
1.35 |
|
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10 |
Government of Singapore |
2192824 |
1.70 |
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11 |
MV Scif Mauritius |
1440489 |
1.12 |
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12 |
Caledonia Investments PLC |
1398467 |
1.09 |
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13 |
Amber 2010 Ltd (FDI) |
1309475 |
1.02 |
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14 |
Lazard Emerging Markets Small Cap Equity Trust |
1673018 |
1.30 |
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|
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Total |
47004510 |
36.54 |
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 |
|
|
1 |
Caledonia Investments PLC (FDI) |
7109152 |
5.53 |
|
|
2 |
Amber 2010 Limited (FDI) |
1309475 |
1.02 |
|
|
|
Total |
8418627 |
6.54 |
BUSINESS DETAILS
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Line of Business : |
The business of providing loans to retail customers for construction or
purchase of residential property and loans against property. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1891 (Approximately) |
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Bankers : |
· Allahabad Bank · Andhra Bank · Axis Bank Limited · Bank of Baroda · Bank of India · Bank of Maharashtra · Canara Bank · Central Bank of India · Corporation Bank · Dena Bank · The Federal Bank Limited, Corporate Banking Branch, Ground Floor, Express Towers, Nariman Point - 400021, Maharashtra, India · HDFC Bank Limited. · ING Vysya Bank Limited · ICICI Bank Limited · IDBI Limited. · Indian Bank · Indian Overseas Bank · Karnataka Bank Limited · Karur Vysya Bank Limited. · Oriental Bank of Commerce, LCB, Maker Tower-E, 18th floor, Cuffe Parade,, Mumbai - 400005, Maharashtra, India · Punjab and Sind Bank · Punjab National Bank, Large Corporate Branch, Maker Towers 'E' , Ground Floor, Cuffe Parade,, Mumbai - 400005, Maharashtra, India · South Indian Bank Limited · State Bank of Bikaner and Jaipur · State Bank of Hyderabad · State Bank of India · State Bank of Mysore · State Bank of Patiala · State Bank of Travancore · Syndicate Bank · UCO Bank · Union Bank of India · United Bank of India, Corporate Finance Branch, 2nd Floor, 25, Sir, P.M. Road,, Mumbai - 400001, Maharashtra, India · Vijaya Bank · Yes Bank Limited · National Housing Bank, Core 5 A India habitant Centre, Lodhi Road,, New Delhi - 110003, Delhi, India |
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Facilities : |
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Banking
Relations : |
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Financial
Institutions / Multilateral Agencies / Other Lenders: |
· Asian Development Bank · General Insurance Corporation of India · International Finance Corporation · National Insurance Company Limited · National Housing Bank (NHB) · GDA Trusteeship Limited, GDA House, First Floor, Plot No. 85, S. No. 94 & 95, Bhusari Colony (Right), Kothrud, Pune - 411038, Maharashtra, India |
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Auditors : |
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Name : |
T. R. Chadha and Company Chartered Accountants |
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Address : |
1 Smruti, Ground Floor, M. V. Panlosakar Marg, Hanuman Cross Road No. 2, Vile Parle (East), Mumbai - 400 057, Maharashtra, India |
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Auditors : |
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Name : |
Rajendra Neeti and Associates Chartered Accountants |
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Address : |
144 Jolly Maker Chamber II, Nariman Point, Mumbai - 400 021, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associate
Companies: |
· DHFL Vysya Housing Finance Limited · DHFL Property Services Limited · Aadhar Housing Finance Limited (Formerly known as “Aadhar Housing Finance ivate Limited”) · First Blue Business Advisors Limited. (Formerly known as “DHFL Insurance Services Limited”) · Arthveda Fund Management Private Limited · Dish Hospitality Private Limited · Wadhawan Holdings Private Limited · Wadhawan Retail Private Limited · Avanse Financial Services Limited · DHFL Sales and Services Limited · DHFL Venture Trustee Company Private Limited |
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Joint Venture
Company: |
· DHFL Pramerica Life Insurance Company Limited |
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Others: |
· Shri Rajesh Kumar Wadhawan Education Trust |
CAPITAL STRUCTURE
As on 24.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
748000000 |
Equity Shares |
Rs.10/- each |
Rs.7480.000 Millions |
|
75000000 |
Redeemable, non convertible preference shares |
Rs.10/- each |
Rs.750.000 Millions |
|
500000 |
Redeemable, non convertible preference shares of |
Rs.100/- each |
Rs.50.000 Millions |
|
|
|
|
|
|
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Total |
|
Rs.8280.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
128650594 |
Equity Shares |
Rs.10/- each |
Rs.1286.506 Millions |
|
|
|
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As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
748000000 |
Equity Shares |
Rs.10/- each |
Rs.7480.000 Millions |
|
75000000 |
Redeemable, non convertible preference shares |
Rs.10/- each |
Rs.750.000 Millions |
|
500000 |
Redeemable, non convertible preference shares of |
Rs.100/- each |
Rs.50.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.8280.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
128420240 |
Equity Shares |
Rs.10/- each |
Rs.1284.200 Millions |
|
|
|
|
|
NOTE:
The Company has, at present, one class of issued, subscribed and paid up share referred to as equity shares having a par value of Rs.10/- each. Each holder of equity share is entitled to one vote per share.The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
The reconciliation of
the number of shares outstanding and the amount of share capital as at the
beginning and at the end of the reporting period:
|
Particulars |
31.03.2014 |
|
|
|
No. of shares |
Rs. In Millions |
|
Equity shares at the beginning |
128218709 |
1282.200 |
|
Add: Shares issued on Amalgamation |
-- |
-- |
|
Add: Shares issued under ESOS |
201531 |
2.00 |
|
Equity shares at the end |
128420240 |
1284.200 |
Details of
shareholders holding more than five percent equity shares in the Company are as
under:
|
Particulars |
31.03.2014 |
|
|
|
No.of shares |
% holding |
|
Kapil Wadhawan |
900000 |
0.70 |
|
Dheeraj Wadhawan |
900000 |
0.70 |
|
Aruna Wadhawan |
1200000 |
0.93 |
|
Wadhawan Housing Private Limited |
47409822 |
36.92 |
|
Wadhawan Holdings Private Limited |
-- |
-- |
|
Caledonia Investments PLC |
11421570 |
8.89 |
Details of aggregate number of shares issued for consideration other than cash during the period of five years:
Company has alloted 1,08,86,375 No of Equity Shares as fully paid up for consideration other than cash as per the Scheme of Amalgamation during the financial year 2012 - 13.
Employee Stock Option Plans:
Employee Stock Option Scheme 2008 (ESOS-2008) was implemented by the Company. 14,22,590 equity share options were granted under ‘ES S-2008’ in 2008-09 to the employees as approved by the remuneration and compensation committee of directors of the Company at H53.65 per share, the reconsidered price approved in the EOGM dated March 31, 2009.
During the year, the Company has allotted, from time to time, 81,458 (256,094) number of equity shares of Rs.10/- each to various eligible employees under ‘ESOS 2008’ at the price of Rs.53.65 per equity share (including a premium of Rs.43.65 per equity share) aggregating to Rs.0.800 Million (Rs.13.700 Millions) as approved in the AGM dated July 23, 2007 and allotted at the reconsidered price approved in the EOGM dated March 31, 2009.
Employee Stock Option Scheme 2009 (ESOS-2009) was implemented by the Company. 12,75,000 equity share options were granted under ‘ESOS-2009, Plan I’ in 2009-10 and additional 12,34,670 equity share options were approved to be granted under ‘ESOS-2009, Plan II’ in 2010-11 to the employees by the remuneration and compensation committee of directors of the Company at Rs.141/- per share, the price approved in the remuneration and compensation committee meeting held on November 25, 2009.
During the year, the Company has allotted, from time to time, 120,073 (236,259) number of equity shares of Rs.10/- each to various eligible employees under ‘ESOS 2009’ at the price of rs.141/- per equity share (including a premium of Rs.131/- per equity share) aggregating to Rs. 1.200 Millions (Rs.33.000 Millions) as approved in the AGM dated July 23, 2007.
Movement in options under (ESOS-2008) and (ESOS-2009).
|
Particulars |
ESOS-2008 |
ESOS-2009 |
ESOS-2009 |
|
|
|
Plan I |
Plan II |
|
Options granted under the schemes |
1422590 |
1275000 |
1234670 |
|
Options exercised upto March 31, 2014 |
1072084 |
797607 |
-- |
|
Options lapsed upto March 31, 2014 |
251130 |
237723 |
277520 |
|
Options outstanding at the end of the year |
99376 |
239670 |
957150 |
|
Options unvested at the end of the year |
-- |
-- |
493868 |
|
Options exercisable at the end of the year |
99376 |
239670 |
463282 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1284.200 |
1282.200 |
1168.400 |
|
(b) Reserves & Surplus |
34465.400 |
31088.700 |
19158.800 |
|
(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) |
35749.600 |
32370.900 |
20327.200 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
322954.800 |
265647.100 |
160186.000 |
|
(b) Deferred tax liabilities
(Net) |
11.500 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
15.100 |
27.700 |
0.000 |
|
(d) long-term provisions |
3313.500 |
2636.000 |
1594.000 |
|
Total
Non-current Liabilities (3) |
326294.900 |
268310.800 |
161780.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
15947.200 |
8759.800 |
9341.700 |
|
(b) Trade payables |
2.600 |
5.800 |
486.000 |
|
(c) Other current liabilities |
59846.700 |
48119.900 |
22845.800 |
|
(d) Short-term provisions |
751.300 |
462.300 |
390.300 |
|
Total
Current Liabilities (4) |
76547.800 |
57347.800 |
33063.800 |
|
|
|
|
|
|
TOTAL |
438592.300 |
358029.500 |
215171.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1846.500 |
1718.000 |
602.000 |
|
(ii) Intangible Assets |
69.300 |
74.200 |
40.200 |
|
(iii) Capital work-in-progress |
7961.500 |
2587.100 |
1822.600 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3067.000 |
1905.200 |
3874.600 |
|
(c) Deferred tax assets (net) |
0.000 |
20.100 |
-213.300 |
|
(d) Long-term Loan and Advances |
160.800 |
330.100 |
182429.800 |
|
(e) Other Non-current assets |
1945.100 |
2719.200 |
133.400 |
|
Long Term Housing and Property
Loans |
387469.000 |
323694.900 |
2819.100 |
|
Total
Non-Current Assets |
402519.200 |
333048.800 |
191508.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2692.000 |
845.000 |
752.900 |
|
(b) Inventories |
774.500 |
589.600 |
543.400 |
|
(c) Trade receivables |
9831.800 |
5125.600 |
7016.400 |
|
(d) Cash and cash equivalents |
18497.300 |
15322.300 |
11124.000 |
|
(e) Short-term loans and
advances |
4028.100 |
2871.700 |
4086.500 |
|
(f) Other current assets |
249.400 |
226.500 |
139.400 |
|
Total
Current Assets |
36073.100 |
24980.700 |
23662.600 |
|
|
|
|
|
|
TOTAL |
438592.300 |
358029.500 |
215171.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
49675.900 |
40612.200 |
24677.600 |
|
|
Other Income |
21.000 |
177.200 |
19.200 |
|
|
TOTAL
(A) |
49696.900 |
40789.400 |
24696.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees Remuneration &
Benefits |
1761.000 |
1406.900 |
877.600 |
|
|
Administrative & Other
Expenses |
1949.900 |
1547.500 |
1559.100 |
|
|
Provision for Contingencies |
700.000 |
450.000 |
237.000 |
|
|
TOTAL
(B) |
4410.900 |
3404.400 |
2673.700 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
45286.000 |
37385.000 |
22023.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
37825.800 |
31193.600 |
17992.300 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7460.200 |
6191.400 |
4030.800 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
109.100 |
84.600 |
47.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
7351.100 |
6106.800 |
3983.600 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
2061.100 |
1588.300 |
920.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
5290.000 |
4518.500 |
3063.600 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
3622.800 |
1288.500 |
699.700 |
|
|
|
|
|
|
|
Add |
Addition
on Amalgamation |
0.000 |
1536.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transferred to Statutory Reserve
under |
1600.000 |
1000.000 |
1000.000 |
|
|
Transfer to General Reserve |
2000.000 |
2000.000 |
1000.000 |
|
|
Dividend for Earlier Year |
0.300 |
0.800 |
0.800 |
|
|
Interim Dividend |
385.000 |
234.200 |
0.000 |
|
|
Proposed Equity Dividend |
256.900 |
384.700 |
408.900 |
|
|
Proposed 30th Anniversary
Special Equity Dividend |
385.300 |
0.000 |
0.000 |
|
|
Tax on Dividend |
174.500 |
100.500 |
65.100 |
|
|
Balance
Carried to the B/S |
4110.800 |
3622.800 |
1288.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
38.700 |
0.000 |
0.000 |
|
|
TOTAL
IMPORTS |
38.700 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
41.23 |
38.47 |
28.97 |
|
|
Diluted |
41.11 |
38.30 |
28.67 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
10.65 |
11.13 |
12.41 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
91.16 |
92.05 |
89.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.33 |
20.48 |
1.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.19 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
9.48 |
8.48 |
8.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.47 |
0.44 |
0.72 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1168.400 |
1282.200 |
1284.200 |
|
Reserves & Surplus |
19158.800 |
31088.700 |
34465.400 |
|
Net
worth |
20327.200 |
32370.900 |
35749.600 |
|
|
|
|
|
|
long-term borrowings |
160186.000 |
265647.100 |
322954.800 |
|
Short term borrowings |
9341.700 |
8759.800 |
15947.200 |
|
Total
borrowings |
169527.700 |
274406.900 |
338902.000 |
|
Debt/Equity
ratio |
8.340 |
8.477 |
9.480 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
24677.600 |
40612.200 |
49675.900 |
|
|
|
64.571 |
22.318 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
24677.600 |
40612.200 |
49675.900 |
|
Profit |
3063.600 |
4518.500 |
5290.000 |
|
|
12.41% |
11.13% |
10.65% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
55670.400 |
45996.000 |
21956.900 |
|
|
|
|
|
|
Total |
55670.400 |
45996.000 |
21956.900 |
|
Sr. No. |
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 |
Yes |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
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 |
PERFORMANCE
The Company was founded in 1984 with a vision to create a financial institution that believes in Inclusive Growth and which will transform the life of every Indian by enabling access to easy housing finance to fulfill his / her aspiration of homeownership. Even after 30 years, the Company continues to remain committed to its original vision and thrive by serving the Lower and Middle Income (LMI) Group. Its systems and policies are dedicated to serving this socio-economic group. In spite of wavering economic conditions during the year, the Company, in its 30th year of operations, maintained good performance across all major business and operational parameters. The interest rate levels remained elevated due to the tight monetary policy, which was mainly guided by the high inflationary scenario in the economy and volatile foreign exchange. This, coupled with an uncertain political scenario had an impact on the real estate market, which remained sluggish and saw price corrections at most locations. The new launches declined in the backdrop of subdued sales. Despite this, the Company earned Profit Before Tax of Rs.7351.100 Millions for the financial year ended March 31, 2014 as against Rs.6106.800 Millions in the previous financial year and the Profit After Tax of Rs.5290.000 Millions as against Rs.4518.500 Millions in the previous financial year. The Total Income for the year under consideration was Rs.49696.900 Millions as against Total Income of Rs.40789.400 Millions in the previous year. The Assets under Management (AUM) of the Company stood at Rs.448220.700 Millions as at March 31, 2014 as against Rs.361164.500 Millions in the previous financial year.
MANAGEMENT DISCUSSION
AND ANALYSIS
For the mortgage loans, the credit department evaluates proposals focusing on both the borrower and the security on various legal and technical parameters like title reports from empanelled lawyers. They believe their procedures have ensured that the eventual write-off due to non-recovery have remained less than 0.1% of the loan book during the last three financial years.
During the year under review, the Company introduced a systematised control mechanism to monitor project price
movements and project launches, thereby enhancing sectoral intelligence. As an extension, the Company was awarded a Lifetime Corporate Membership by the Indian Institute of Valuers (India). The Company accumulated considerable amount of data from niche real estate markets and was one of the key contributors in providing data for NHB residex. The team expects to provide relevant services to syndicated partners for their individual corporate lending portfolios where land parcels and buildings are taken as collateral. Creating visibility: Over the years, this ability has been derived from a progressive widening and deepening of DHFL’s geographic footprint, translating into a growing throughput across income segments, regions and market segments.
The Company accessed customers through direct sales agents, direct selling partners, direct sourcing, channel partners, builder tie-ups and advertisements. The objective of the Company was to build its brand, increase sales, create relevance at points of purchase and emerge as the point-of-first-recall. The Company engaged in below-the-line activations to enhance consumer awareness. Activities like spot sanctions, FD on wheels, transit media branding, sponsorship events, mall activations, society activations, hoardings and billboards, business meets for channel partner and business associates and retail channel tie-ups, were initiated. On the digital media front, the Company also enhanced its presence on Facebook, Twitter, LinkedIn and YouTube, creating an all-pervasive presence.
OUTLOOK
Residential real estate remains the focal point of Indian real estate, regardless of the market conditions. Considering the massive demand for homes in the country, this is hardly surprising. However, the demand does not ensure equal absorption in a price-sensitive country like India, where the greatest requirement for residential properties stems from the Economically Weaker Sections (EWS) and middle income groups. The high dependence on home loans by the salaried class underscores the price sensitivity factor even further.
In general, 2013-14 was not a good year for India’s residential real estate market. The sluggishness was most pronounced in the metros. Thanks to resurgence in employment-driven market sentiments and the arrival of a number of right-priced residential projects, the year ended on a comparatively positive note. The reasons for the slowdown in most Indian cities are not hard to guess – inflation led to decreased purchasing power and financial confidence, while the RBI went through the ceiling with its spate of hikes in interest rates. This obviously led to a steep rise in the EMIs that home loan borrowers had to bear. Property prices remained high in most cities, largely because developers were hit hard by the vastly increased cost of construction and debt.
At the same time, the potential for most salaried people in the country to switch to more lucrative jobs took a nosedive because of the fallout of the economic crisis in the developed countries. All this combined to bring about a sort of stalemate between developers and property buyers in cities where inventory as well as property rates remained high. The housing industry is bound to receive the attention of the Union Government because it is a major sector of the Indian economy. Housing is the largest component of the construction sector and is pivotal to economic growth, with a related and strong impact on employment and poverty reduction. It has implications on the healthy growth of households, their optimism and investment opportunities and it creates an environment conducive to a positive outlook in society. Housing provides a stable platform for the development of a democratic society. Globally, there is a strong correlation between economic development, housing and housing quality. It is said that alleviating the urban housing shortage could potentially raise the rate of growth of GDP and have a decisive effect on improving the basic quality of life. In order to maintain growth, the Company plans to create a programme mediated towards long-term wealth creation through process orientation which will enhance productivity. The Company’s robust IT infrastructure will further enhance turnaround time in responding to loan requests, resulting in better customer service. DHFL will continue to enhance its visibility through marketing and branding activities based on a strategic and planned approach.
The Company plans to implement a 360 degree reward-andrecognition framework across all quarters and functions, wherein for every small contribution to business the employee is rewarded. The Company intends to strengthen its manpower allocation, following its decision to commission over 100 new branches in FY 2014-15. The Company intends to sustain investment in employee leadership programmes.
CORPORATE INFORMATION
Subject was incorporated in India on April 11, 1984 and has been carrying on, as its main business of providing loans to Retail customers for construction or purchase of residential property and loans against property. The Company is registered with National Housing Bank (NHB) under Section 29A of the National Housing Bank Act, 1987. DHFL has its registered office in Mumbai and has 162 branches, 92 service centers, 19 camp locations, 20 Zonal / Regional office, 2 Disbursement Hub and 2 Collection centres in India and 2 representative offices in UAE and UK.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Non-Convertible Debentures (Perpetual) |
1857.000 |
1502.000 |
|
Non-Convertible Debentures (Subordinated issue) |
11915.000 |
11065.000 |
|
Deposit |
|
|
|
Fixed Deposit (including Cummulative) |
13822.500 |
9988.600 |
|
Other Deposits |
83.600 |
43.200 |
|
Short-term
borrowings |
|
|
|
Deposits |
|
|
|
Fixed Deposits |
624.900 |
1956.700 |
|
Other Deposits |
82.100 |
48.900 |
|
Other short term loans and advances |
|
|
|
From Banks |
0.000 |
26.000 |
|
Commercial Papers |
14700.000 |
5250.000 |
|
Others |
0.000 |
290.000 |
|
Total |
43085.100 |
30170.400 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10525610 |
26/09/2014 |
1,000,000,000.00 |
TAMILNAD MERCANTILE BANK LIMITED |
HEMPRAKASH BUILDING, GROUND FLOOR # 92,, KAZI SYED STREET, MANDVI, MUMBAI, MAHARASHTRA - 400003, INDIA |
C29489697 |
|
2 |
10525611 |
26/09/2014 |
1,000,000,000.00 |
SYNDICATE BANK |
LARGE CORPORATE BRANCH,
2ND FLOOR, MAKER TOWER,, |
C29488392 |
|
3 |
10529310 |
26/09/2014 |
500,000,000.00 |
UNITED BANK OF INDIA |
CORPORATE FINANCE BRANCH, 25, SIR P.M. ROAD, 2ND FLOOR, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C32386070 |
|
4 |
10522816 |
08/09/2014 |
2,000,000,000.00 |
BANK OF MAHARASHTRA |
ADVANCES DEPT. FORT BR. , 1ST FLR. , JANMANGAL, 4 5/47 MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
C23548456 |
|
5 |
10518793 |
25/08/2014 |
2,000,000,000.00 |
PUNJAB AND SIND BANK |
LARGE CORPORATE
BRANCH, J.K. SOMANI BUILDING,, BR |
C19753250 |
|
6 |
10521332 |
25/08/2014 |
500,000,000.00 |
KARNATAKA BANK LTD. |
294 - A, HAROON HOUSE, PERIN NARIMAN STREET,, BEHIND RBI,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C21866868 |
|
7 |
10513714 |
30/06/2014 |
750,000,000.00 |
DCB BANK LIMITED |
601 & 602,
PENINSULA BUSINESS PARK, 6TH FLOOR, TOWER A, SENAPATI BAPAT MARG, LOWER
PAREL,, MUMBAI, |
C15570336 |
|
8 |
10515088 |
30/06/2014 |
2,000,000,000.00 |
VIJAYA BANK |
CORP. BKG,
BRANCH,MUMBAI, MAKER CHAMBER, IV (REAR |
C16514523 |
|
9 |
10516932 |
30/06/2014 |
3,000,000,000.00 |
INDIAN BANK |
210, MITTAL TOWER - B WING,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
C18532622 |
|
10 |
10491282 |
25/04/2014 |
4,182,500,000.00 |
INTERNATIONAL FINANCE CORPORATION |
OFFICE NO. 2121,
PENNSYLVANIA AVENUE, NW WASHIGT |
C04053880 |
* Date of charge modification
STATEMENT OF UNAUDITED
FINANCIAL RESULT FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014
|
|
Particulars |
|
|||
|
|
Quarter Ended |
Half Year Ended |
|||
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1. |
(a) Revenue From
Operation |
14501.950 |
11434.764 |
28765.029 |
|
|
|
(b) Other income |
3.929 |
3.846 |
7.385 |
|
|
|
Total Income |
14505.879 |
11438.610 |
28772.414 |
|
|
|
|
|
|
|
|
|
2. |
EXPENDITURE |
12226.145 |
9713.543 |
24268.041 |
|
|
|
(a)
Interest & Finance Cost |
10800.516 |
8786.690 |
21506.372 |
|
|
|
(b)
Employees Remuneration & Benefits |
471.840 |
403.495 |
920.709 |
|
|
|
(c)
Other Expenses |
862.971 |
499.058 |
1716.228 |
|
|
|
(d)
Depreciation |
90.818 |
24.300 |
124.732 |
|
|
3. |
Profit before tax |
2279.734 |
1725.067 |
4504.373 |
|
|
4. |
Provision for
Taxation Deferred tax
liability on special I T Reserve |
641.567 116.220 |
433.700 |
1277.767 233.120 |
|
|
5. |
Profit After Tax
|
1521.947 |
1291.367 |
2993.486 |
|
|
6. |
Paid up Equity Share Capital (Face Value Rs. 10/ each) |
1286.506 |
1283.263 |
1286.506 |
|
|
7. |
Reserve excluding Revaluation Reserve |
|
|
|
|
|
8. |
Earning per
Shares (of Rs. 10/- each) |
|
|
|
|
|
|
Basic |
11.84 |
10.07 |
23.28 |
|
|
|
Diluted |
11.77 |
10.06 |
23.15 |
|
|
9. |
Debt Equity
Ratio |
|
|
10.88 |
|
|
10. |
Debt Service Coverage Ratio |
|
|
0.36 |
|
|
11. |
Interest
Services Coverage Ratio |
|
|
1.21 |
|
|
12. |
Paid up Debt Capital |
|
|
437967946 |
|
|
|
|
|
|
|
|
|
|
|||||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
|
a. |
Number of shares |
78240772 |
77927445 |
78240772 |
|
|
b. |
Percentage of shareholding |
6082 |
60.73 |
6082 |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
-- |
-- |
-- |
|
|
|
Percentage of shares (as a % of the total share capital of the
Company) |
-- |
-- |
-- |
|
|
b. |
Non-encumbered |
|
|
|
|
|
Number of shares |
50409822 |
50398822 |
50409822 |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
Percentage of shares (as a % of the total share capital of the
Company) |
39.18 |
39.27 |
39.18 |
|
Particulars |
Quarter ended 30.09.2014 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
26 |
|
Disposed of during the quarter |
26 |
|
Remaining unresolved at the end of the quarter |
-- |
Note:
1. STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
(Rs. In Millions)
|
Particular |
30.09.2014 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
1286.500 |
|
(b) Reserves and surplus |
36607.200 |
|
Sub-total
- Shareholders' funds |
37893.700 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term Liabilities |
339680.400 |
|
(b) Deferred Tax Liabilities (Net) |
441.200 |
|
(c) other long term liability |
15.800 |
|
(d)long term provision |
3731.300 |
|
Sub-total
- Non-current liabilities |
343868.700 |
|
|
|
|
Current
liabilities |
|
|
(a)short term Borrowings |
30885.200 |
|
(b) Trade payables |
6.600 |
|
(c) Other current liabilities |
72525.800 |
|
(d)Short-term provision |
0.000 |
|
Sub-total - Current
liabilities |
103417.600 |
|
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
485180.000 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
|
|
(i) Tangible assets |
1850.700 |
|
(ii) Intangible Assets |
51.600 |
|
(iii) Capital
work-in-progress |
7961.500 |
|
(b) Non-current Investments |
3510.000 |
|
(c) Deferred tax assets (net) |
105.600 |
|
(d) Long-term Loan
and Advances |
172.900 |
|
(e) Other Non-current assets |
1682.800 |
|
(e) Long Term Housing and Property Loans |
426929.500 |
|
Sub-total
- Non-current assets Current assets |
442264.600 |
|
Current assets |
|
|
(a) Current Investment |
2332.500 |
|
(b) Trade receivables |
2836.900 |
|
(c) Cash and cash equivalents |
13069.400 |
|
(d) Short-term portion of housing and property loans |
20491.500 |
|
(e) Other current assets |
71.300 |
|
(f)Other short term loans and
advance |
3913.800 |
|
Sub-total
- Current assets |
42715.400 |
|
|
|
|
TOTAL
- ASSETS |
485180.000 |
Note:
The above financial results have been reviewed by the Audit Committee of Directors and subsequently approved by the Board of Directors at their meeting held on October 21, 2014.
The results for the quarter / half year ended September 30, 2014 have been
subjected to "Limited Review" by the joint Statutory Auditors of the
Company in compliance with the requirement of the Listing Agreement with Stock
Exchanges.
The main business of the Company is to provide loans for purchase or
construction of residential houses and all other activities of the Company
revolve around the main business and as such there are no separate reportable
segments as specified in Accounting Standard (AS-17) on "Segment
Reporting", which needs to be reported.
Housing Loans sanctioned during the Quarter ended September 30, 2014 amounted
to Rs. 61254.900 Millions as against Rs. 44143.000 Millions during the previous
corresponding period, showing an increase of 39%. Disbursements during the
Quarter ended September 30, 2014 amounted to Rs. 425,790 lacs as against Rs.
32589.100 Millions during the previous corresponding period showing an increase
of 31%. Housing Loans sanctioned during the half year ended September 30, 2014
amounted to Rs. 120384.600 Millions as against Rs. 91957.000 Millions during
the previous corresponding period, showing an increase of 31%. Disbursements
during the half year ended September 30, 2014 amounted to Rs. 86069.800
Millions as against Rs. 68740.800 Millions during the previous corresponding
period showing an increase of 25%.
During the quarter ended and half year ended September 30, 2014, the Company
has securitised / assigned pool of housing and property loans aggregating to
Rs. 6317.400 Millions and Rs. 7797.500 Millions respectively. These assets have
been de-recognised in the books of the Company. The Company is responsible for
collection and getting servicing of the securitized / assigned portfolio on
behalf of the buyer / investor. In terms of the securitization / assignment
agreements, the Company pays to buyer / investor on monthly basis the
collection amount, subject to retention of agreed interest margin for the
Company.
The National Housing Bank (NHB) has directed Housing Finance Companies to
provide for deferred tax liability in respect of the balance in the “Special
Reserve" created under section 36(1)(viii) of the Income-tax Act, 1961
with a view to create deferred liability for Tax contingent upon Company's
withdrawal from such Special Income-tax reserve in future.
NHB vide its policy circular dated August 22, 2014, has clarified that such
contingent Deferred Tax Liability (DTL) in respect of the opening balance in
the special Reserve as at April 01, 2014 may be adjusted against the opening
reserves of the Company over a period of three years. Accordingly, the company
has prorate adjusted its opening General Reserves as at April 01, 2014 with an
amount of Rs. 2,081 lacs as contingent deferred tax liability and the
unamortized amount against the same is Rs. 1456.600 Millions.
The contingent deferred tax liability of Rs. 116.200 Millions and Rs. 233.100
Millions in respect of the amount appropriated to Special reserve during the
quarter and half year ended September 30, 2014 respectively has been charged to
the Statement of Profit and Loss for said period and Deferred Tax Liability on
IT Reserves has been created as per NHB direction and has been separately
disclosed.
The Board of Directors have declared an interim dividend for the financial year
2014-2015 of Rs. 5/- per share i.e. 50% on equity shares of Rs. 10/- each fully
paid-up, for which the record date for the payment of interim dividend is fixed
as Tuesday, October 28, 2014.
As per provisions of the Companies Act, 2013 (Act), the Board of Directors of
the company has approved the useful lives of the fixed assets to workout new
rates for depreciation as required under part 'C' of Schedule II of the Act.
Due to change stated above, the depreciation provided during the half year
ended on September 30, 2014 is higher by Rs. 71.200 Millions as compared to
provisions if made under earlier Companies Act.
During the half year ended September 30, 2014. the Company had issued and
allotted 230,354 no of Equity Shares of Rs. 10/- each, pursuant to exercise of
stock options by eligible employees and said shares rank pari-passu in all
respects including dividend entitlement.
Figures have been regrouped, rearranged and reclassified wherever necessary.
Figures in brackets are of corresponding previous period.
FIXED ASSETS
Tangible:
· Building
· Leasehold Premises
· Furniture & Fixture
· Office Equipments
· Vehicles
· Computer (Hardware)
Intangible:
Computer (Software)
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.61.97 |
|
|
1 |
Rs.97.37 |
|
Euro |
1 |
Rs.77.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
70 |
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.