MIRA INFORM REPORT

Report No. :	357355
Report Date :	30.12.2015

IDENTIFICATION DETAILS

Name :	DEWAN HOUSING FINANCE CORPORATION LIMITED
Registered Office :	Warden House 2^nd Floor Sir P M Road, Fort, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-66006999
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	11.04.1984
Com. Reg. No.:	11-032639
Capital Investment / Paid-up Capital :	Rs.1456.800 Million
CIN No.: [Company Identification No.]	L65910MH1984PLC032639
IEC No.:	Not Applicable [As claimed by Company management the company does not Export and Import]
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The business of providing loans to retail customers for construction or purchase of residential property and loans against property. (Registered Activity)
No. of Employees :	2375 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
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. Rating further takes into consideration sound net worth base, improved healthy revenue base and good profit margin. The rating also takes into consideration, acceptable share price of Rs. 230.40 recorded by the company as against a face value of Rs. 10 as on December, 28, 2015. However, rating is constrained on account of high debt levels of 8.74 times of its net worth. 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 condition.

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	CARE
Rating	Long term Bank facilities = “AAA”
Rating Explanation	Hightest degree of safety and carry lowest credit risk.
Date	21.12.2015

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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON- COOPERATIVE

(TEL NO.: 91-22-66006999)

LOCATIONS

Registered Office :	Warden House 2^nd Floor Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-61066800
Fax No.:	91-22-22871985
E-Mail :	info@dhfl.com pkkumar@dhfl.com
Website :	http://www.dhfl.com
Corporate Office :	10th Floor, TCG Financial Centre, Bandra Kurla Complex, BKC Road, Bandra East, Mumbai – 400098, Maharashtra, India
Tel. No.:	91-22-66006999
Fax No.:	91-22-66006998

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Kapil Wadhawan
Designation :	Chairman & Managing Director
Name :	Mr. Dheeraj Wadhawan
Designation :	Non-Executive Director
Qualification :	He has graduated in Construction Management from the University of London.
Experience :	14 Years
Name :	Mr. Guru Prasad Kohli
Designation :	Independent Director
Qualification :	He holds a Masters’ Degree in English Literature - MA. (Hons) and has acquired a Diploma in Labour Laws, Labour Welfare and Personnel Management - LLD
Name :	Mr. Vijay Kumar Chopra
Designation :	Independent Director
Qualification :	Mr. V. K. Chopra is a Fellow Member of the Institute of Chartered Accountants of India (FCA) by profession
Name :	Mr. Mannil Venugopalan
Designation :	Independent Director
Qualification :	Mr. M. Venugopalan holds a degree in Bachelor of Commerce from Kerala University
Name :	Ms. Vijaya Sampath
Designation :	Additional (Independent) Director
Qualification :	Ms. Sampath holds degrees in Literature and Law
Committees of Board of Directors
Audit Committee	· Mr. Mannil Venugopalan - Chairman · Mr. G. P. Kohli - Member · Mr. V. K. Chopra - Member
Stakeholders’ Relationship Committee	· Mr. G. P. Kohli - Chairman · Mr. Kapil Wadhawan - Member
Finance Committee	· Mr. Kapil Wadhawan - Chairman · Mr. Dheeraj Wadhawan - Member · Mr. G. P. Kohli - Member
Nomination and Remuneration Committee	· Ms. V. K. Chopra - Chairman · Mr. G. P. Kohli - Member · Ms. Vijaya Sampath - Member
Corporate Social Responsibility Committee	· Mr. G. P. Kohli - Chairman · Mr. V. K. Chopra - Member · Mr. Kapil Wadhawan - Member
Risk Management Committee	· Mr. Kapil Wadhawan - Chairman · Mr. V. K. Chopra - Member · Mr. Mannil Venugopalan - Member

KEY EXECUTIVES

Name :	Mr. Harshil Mehta
Designation :	Chief Executive Officer
Name :	Mr. Santosh R. Sharma
Designation :	Chief Financial Officer
Name :	Ms. Niti Arya
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	6000000	2.06
Bodies Corporate	95819644	32.85
Sub Total	101819644	34.90
(2) Foreign
Total Shareholding of Promoter and Promoter Group (A)	101819644	34.90
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4553249	1.56
Financial Institutions / Banks	608315	0.21
Central Government / State Government(s)	2000	0.00
Foreign Institutional Investors	75511504	25.89
Sub Total	80675068	27.66
(2) Non-Institutions
Bodies Corporate	40467018	13.87
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	15916168	5.46
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	20257142	6.94
Any Others (Specify)	32578020	11.17
Clearing Members	1932862	0.66
Non Resident Indians	1124754	0.39
Trusts	635	0.00
Foreign Portfolio Investors	27779425	9.52
Directors & their Relatives & Friends	11800	0.00
Hindu Undivided Families	1728544	0.59
Sub Total	109218348	37.44
Total Public Shareholding (B)	189893416	65.10
Total (A)+(B)	291713060	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	291713060	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Name of the Shareholder	No. of Shares	As a %
Kapil Wadhawan	18,00,000	0.62
Dheeraj Wadhawan	18,00,000	0.62
Aruna Wadhawan	24,00,000	0.82
Wadhman Global Capital Private Limited	9,58,19,644	32.85
Total	10,18,19,644	34.90

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

Name of the Shareholder	No. of Shares	As a %
Hemisphere Infrastructure India Private Limited	10717778	3.67
Galaxy Infraprojects & Developers Private Limited	10435404	3.58
Silicon First Realtors Private Limited	10095562	3.46
Jhunjhunwala Rakesh Radheshyam	10000000	3.43
Government of Singapore	5315038	1.82
Morgan Stanley Asia (Singapore) Pte	3789373	1.30
Lazard Emerging Markets Small Cap Equity Trust	3628294	1.24
HSBC Global Investment Funds A/c HSBC GIF Mauritius Limited	3116556	1.07
GMO Foreign Small Companies Fund	3299154	1.13
Treasurer of the State of North Carolina Equity Investment Fund Pooled Trust Managed By Grantham Mayo Van Otterloo	3966752	1.36
Acacia Partners LP	3264000	1.12
National Westminster Bank PLC As Trustee of the Jupiter India Fund	2946192	1.01
Lord Abbett Securities Trust-Lord Abbett International Opportunities Fund	3092718	1.06
Total	73666821	25.25

BUSINESS DETAILS

Line of Business :	The business of providing loans to retail customers for construction or purchase of residential property and loans against property. (Registered Activity)
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

(Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Allahabad Bank

· Andhra Bank

· Axis Bank Limited

· Bank of Baroda

· Bank of India

· Bank of Maharashtra

· Canara Bank

· Central Bank of India

· Corporation Bank

· DCB Bank Limited

· Dena Bank

· Federal Bank Limited

· HDFC Bank Limited

· ING Vysya Bank Limited

· ICICI Bank Limited

· IDBI Limited

· Indian Bank

· Indian Overseas Bank

· Karnataka Bank Limited

· Karur Vysya Bank Limited

· Kotak Mahindra Bank Limited

· Oriental Bank of Commerce

· Punjab & Sind Bank

· Punjab National Bank

· 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

· Tamilnad Mercantile Bank Limited

· UCO Bank

· Union Bank of India

· United Bank of India

· Vijaya Bank

· Yes Bank Limited

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Non-Convertible Debentures	71928.400	44365.600
Term Loan from Banks	240807.500	230714.300
Loan from Others
From National Housing Bank	10973.300	16000.900
From Financial Institutions	15138.400	4195.900
SHORT TERM BORROWINGS
Other short term loans and advances	765.100	540.200
Total	339612.700	295816.900

Banking Relations :	--
Joint Statutory Auditors 1:
Name :	T. R. Chadha and Company Chartered Accountants
Address :	502, Marathon Icon, Off. Ganpat Rao Kadam Marg, Opposite Peninsula Corporate Park, Lower Parel, Mumbai – 400013, Maharashtra, India
Joint Statutory Auditors 2:
Name :	Rajendra Neeti and Associates Chartered Accountants
Address :	144, Jolly Maker Chamber II, Nariman Point, Mumbai - 400 021, Maharashtra, India
Memberships :	--
Collaborators :	--
Joint Ventures:	DHFL Pramerica Life Insurance Company Limited
Associate / Related entities :	· Avanse Financial Services Limited · Aadhar Housing Finance Limited · DHFL Vysya Housing Finance Limited · DHFL Venture Trustee Company Private Limited · Shri Rajesh Kumar Wadhawan Education Trust · Wadhawan Global Capital Private Limited · Arthveda Fund Management Private Limited · DHFL Property Services Limited (upto 16.03.2015) · Wadhawan Retail Private Limited (Upto 14.11.2014) · DHFL Sales and Services Limited (upto 16.03.2015) · Wadhawan Holdings Private Limited(upto 16.03.2015) · Dish Hospitality Private Limited (upto 14.11.2014) · Wadhawan Consolidated Holdings Private Limited (upto 14.11.2014)

CAPITAL STRUCTURE

AFTER 23.07.2015

Authorised Capital : Rs. 8280.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 2917.671 Million

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
748,000,000	Equity Shares	Rs. 10/- each	Rs. 7480.000 Million
75,000,000	Redeemable, non-convertible preference shares	Rs. 10/- each	Rs. 750.000 Million
500,000	Redeemable, non-convertible preference shares	Rs. 100/- each	Rs. 50.000 Million
	Total		Rs. 8280.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
145,676,742	Equity Shares	Rs. 10/- each	Rs. 1456.800 Million

The Company has, at present, one class of issued, subscribed and paid up share referred to as equity shares having a par value of ` 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	31.03.2015
	No. of shares	Amount (In Million)
Equity shares at the beginning	128,420,240	1284.200
Add: Shares issued to Qualified Institutional Investors during the year	16,931,102	169.300
Add: Shares issued under ESOS	325,400	3.300
Equity shares at the end	145,676,742	1456.800

Details of shareholders holding more than five percent equity shares in the Company are as under:

Particulars	31.03.2015
	No. of shares	% holding
Wadhawan Global Capital Private Limited	47,909,822	32.89

During the year the Company has offered and allotted 1,69,31,102 no of Equity Shares of face value of Rs.nvestors by way of Qualified Institutional Placement (QIP). The proceeds of the QIP have been utilised as per the QIP document.

Company has allotted 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:

a. Employee Stock Option Scheme 2008 (ESOS-2008) was implemented by the Company. 14,22,590 equity share options were granted under ‘ESOS-2008’ in 2008-09 to the employees as approved by the remuneration and compensation committee of directors of the Company at ` 53.65 per share, the reconsidered price approved in the EOGM dated March 31, 2009. During the year, the Company has allotted, from time to time, 49,612 (81,458) number of equity shares of ` 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. 5.000 Million (` 8 lakh) as approved in the AGM dated July 23, 2007 and allotted at the reconsidered price approved in the EOGM dated March 31, 2009.

b. 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, 275,788 (120,073) number of equity shares of ` 10/- each to various eligible employees under ‘ESOS 2009’ at the price of Rs.141/- per equity share (including a premium of ` 131/- per equity share) aggregating to Rs. 2.800 Million (Rs. 1.200 Million) as approved in the AGM dated July 23, 2007. Movement in options under (ESOS-2008) and (ESOS-2009).

Particulars	ESOS 2008	ESOS 2009SOS	ESOS 2009
		Plan II	Plan III
Options granted under the schemes	1,422,590	1,275,000	1,234,670
Options exercised upto March 31, 2015	1,121,696	1,073,395
Options lapsed/cancelled upto March 31, 2015	256,310	90,305	1,086,560
Options outstanding at the end of the year	44,584	111,300	148,110
Options unvested at the end of the year	--	--	--
Options exercisable at the end of the year	44,584	111,300	148,110

During the year, the Company has approved the grant of 15,50,100 (Fifteen lakh, Fifty Thousand And One Hundred) Employee Stock Appreciation Rights (SARs) to the eligible employees of the Company, in terms of Dewan Housing Finance Corporation Limited-Employee Stock Appreciation Rights Plan 2015 (“DHFL ESAR 2015”). The said SARs shall vested over a period of five years and to be exercised within three years from the date of vesting of SARs and carry the right to apply for number of equity shares of the Company of face value of Rs.10/- each, equivalent to appreciation in those rights, over the grant price i.e. SAR price of ` 380/- per SAR.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1456.800	1284.200	1282.200
(b) Reserves & Surplus	44901.000	34465.400	31088.700
(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)	46357.800	35749.600	32370.900
(3) Non-Current Liabilities
(a) Long-term borrowings	368886.500	322954.800	265647.100
(b) Deferred tax liabilities On	888.800	0.000	0.000
(c) Deferred tax liabilities (Net)	0.000	11.500	0.000
(d) Other long term liabilities	14.400	15.100	27.700
(e) long-term provisions	4301.500	3313.500	2636.000
Total Non-current Liabilities (3)	374091.200	326294.900	268310.800
(4) Current Liabilities
(a) Short term borrowings	36369.400	15947.200	8759.800
(b) Trade payables	3.100	2.600	5.800
(c) Other current liabilities	89199.800	59879.700	48119.900
(d) Short-term provisions	357.700	751.300	462.300
Total Current Liabilities (4)	125930.000	76580.800	57347.800
TOTAL	546379.000	438625.300	358029.500
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1838.800	1846.500	1718.000
(ii) Intangible Assets	45.700	69.300	74.200
(iii) Capital work-in-progress	7961.500	7961.500	2587.100
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6105.300	4461.000	1905.200
(c) Deferred tax assets (net)	230.900	0.000	20.100
(d) Long term Housing and Property Loans	486946.800	386013.100	323694.900
(e) Long-term Loan and Advances	946.000	498.400	330.100
(f) Other Non-current assets	2016.300	1945.100	2719.200
Total Non-Current Assets	506091.300	402794.900	333048.800
(2) Current assets
(a) Current investments	3956.900	2753.900	845.000
(b) Inventories	1919.200	774.500	589.600
(c) Trade receivables	6764.400	9831.800	5125.600
(d) Cash and cash equivalents	23449.700	18497.300	15322.300
(e) Short-term loans and advances	3766.500	3723.500	2871.700
(f) Other current assets	431.000	249.400	226.500
Total Current Assets	40287.700	35830.400	24980.700
TOTAL	546379.000	438625.300	358029.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	59789.600	49655.800	40612.200
		Other Income	26.800	21.000	177.200
		TOTAL (A)	59816.400	49676.800	40789.400
Less	EXPENSES
		Employees Remuneration and benefits	1963.300	1764.200	1406.900
		Administrative and Other expenses	2521.600	1926.600	1547.500
		Provision for Contingencies	1050.000	700.000	450.000
		TOTAL (B)	5534.900	4390.800	3404.400
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		54281.500	45286.000	37385.000
Less	FINANCIAL EXPENSES (D)		44595.900	37825.800	31193.600
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9685.600	7460.200	6191.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		255.200	109.100	84.600
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		9430.400	7351.100	6106.800
Less	TAX (H)		3217.500	2061.100	1588.300
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		6212.900	5290.000	4518.500
	IMPORTS
		Raw Materials	6.600	38.700	0.000
	Earnings Per Share (Rs.)
	Basic		47.82	41.23	38.47
	Diluted		47.19	41.11	38.30

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	83551.700	55670.400	45996.000
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operating Activities	(124569.0000)	(88791.800)	5663.100

QUARTERLY RESULTS

PARTICULARS	30.06.2015	30.09.2015
Type	1^st Quarter	2^nd Quarter
Net Sales	16516.840	18085.270
Total Expenditure	1518.600	1701.030
PBIDT (Excl OI)	14998.240	16384.240
Other Income	15.050	31.060
Operating Profit	15013.290	16415.300
Interest	12342.760	13574.810
Exceptional Items	0.000	0.000
PBDT	2670.530	2840.480
Depreciation	56.990	67.170
Profit Before Tax	2613.540	2773.310
Tax	880.710	969.720
Provisions and contingencies	0.000	0.000
Profit After Tax	1732.830	1803.580
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	1732.830	1803.580

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	10.39	10.65	11.13
Operating Profit Margin (PBDIT/Sales)	(%)	90.79	91.20	92.05
Return on Total Assets (PBT/Total Assets}	(%)	20.89	18.29	20.48
Return on Investment (ROI) (PBT/Networth)		0.20	0.21	0.19
Debt Equity Ratio (Total Debt/Networth)		10.54	11.04	9.90
Current Ratio (Current Asset/Current Liability)		0.32	0.47	0.44

STOCK PRICES

Face Value	Rs.10/-
Market Value	Rs.230.40/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1282.200	1284.200	1456.800
Reserves & Surplus	31088.700	34465.400	44901.000
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	32370.900	35749.600	46357.800
Long-term borrowings	265647.100	322954.800	368886.500
Short term borrowings	8759.800	15947.200	36369.400
Current Maturities of Long-Term Debts	45996.000	55670.400	83551.700
Total borrowings	320402.900	394572.400	488807.600
Debt/Equity ratio	9.898	11.037	10.544

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	40612.200	49655.800	59789.600
		22.268	20.408

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	40612.200	49655.800	59789.600
Profit	4518.500	5290.000	6212.900
	11.13%	10.65%	10.39%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATIONS DETAILS

CASE DETAILS
Bench:- Bombay
Presentation Date:- 22.04.2015
Lodging No:-	WPST/11807/2015	Failing Date:-	22.04.2015	Reg. No.:-	WP/6624/2015	Reg. Date:-	13.07.2015
Petitioner:-	PRASHANT VISHNU KAMBLE		Respondent:-	DEWAN HOUSING FINANCE CORPORATION LIMITED
Petn.Adv:-	J. H. KURIL (I13590)		Resp. Adv.:	CAURI GODSE (206)
District:-	THANE
Bench:-	DIVISION
Status:-	Pre-Admission		Category:	--
Next Date :	12.04.2016		Stage:-	FOR ADMISSION - FRESH
Coram:-	ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST
Last Date :	01.12.2015		Stage:-	FOR ADMISSION - FRESH
Coram :-	HON’BLE SHRI JUSTICE A. S. OKA HON’BLE SHRI JUSTICE G. S. PATEL
Act:-	Mah. Regional Town Planning Act

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10590476	09/09/2015	5,000,000,000.00	NATIONAL HOUSING BANK	CORE 5 A INDIA HABITANT CENTRE, LODHI ROAD, NEW  DELHI - 110003, INDIA	C63952626
2	10571592	26/05/2015	50,000,000,000.00	GDA TRUSTEESHIP LIMITED	GDA HOUSE, FIRST FLOOR, PLOT NO. 85, S. NO. 94 & 95, BHUSARI COLONY (RIGHT), KOTHRUD, PUNE - 411038, MAHARAS  HTRA, INDIA	C54214028
3	10560971	30/03/2015	750,000,000.00	KARUR VYSYA BANK LIMITED	PLOT NO. 1 & 2, PLOT NO. 34 EVEREST GRANDE, MAHA  KALI CAVES ROAD, ANDHERI EAST, MUMBAI - 400093, MAHARASHTRA, INDIA	C49891625
4	10558408	20/03/2015	1,500,000,000.00	BANK OF BARODA	4TH FLOOR, 10/12, MUMBAI SAMACHAR MARG, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	C48565121
5	10555445	17/03/2015	3,115,000,000.00	DEG- DEUTSCHE INVESTITIONS- UND ENTWICKLUNGSGESELL  SCHAFT MBH	KAMMERGASSE 22, FEDERAL REPUBLIC OF GERMANY - 50676, KOLN, , GERMANY	C46880621
6	10570758	13/03/2015	500,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA	C54308754
7	10553638	10/03/2015	7,875,000,000.00	ASIAN DEVELOPMENT BANK	6 ADB AVENUE, MANDALUYONG CITY 1550, METRO MANILA, MANILA, - 1550, PHILIPPINES	C45895794
8	10549977	03/02/2015	1,500,000,000.00	ORIENTAL BANK OF COMMERCE	LARGE CORPORATE BRANCH, MAKER TOWER F, 14TH FLOOR, CUFFE PARADE, MUMBAI, MUMBAI - 400005, MAHARASHTRA, INDIA	C44017614
9	10552301	03/02/2015	13,696,500,000.00	STATE BANK OF INDIA	THE ARCADE, OVERSEAS BRANCH, WORLD TRADE CENTRE,  POST BOX NO. 16094, CUFFE PARADE, MUMBAI, MUMBAI - 400005,  MAHARASHTRA, INDIA	C45177748
10	10553518	03/02/2015	1,000,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, GROUND FLOOR,, MAKER TOWER "E", CUFFE PARADE, MUMBAI, MUMBAI -  400005, MAHARASHTRA, INDIA	C45833589
11	10543184	30/12/2014	3,000,000,000.00	INDIAN BANK	210, MITTAL TOWER, B WING, NARIMAN POINT, MUMBAI  - 400021, MAHARASHTRA, INDIA	C40524761
12	10541494	29/12/2014	2,000,000,000.00	PUNJAB AND SINDH BANK	LARGE CORPORATE BRANCH, J.K. SOMANI BUILDING, BRI  TISH HOTEL LANE, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	C39687454
13	10543183	29/12/2014	2,000,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, UNION BANK BHAVAN, 1ST FLOOR, 239, VIDHAN BHAVAN MARG, MUMBAI - 400021, MAHARASH TRA, INDIA	C40523466
14	10539934	19/12/2014	30,000,000,000.00	GDA TRUSTEESHIP LIMITED	GDA HOUSE, FIRST FLOOR, PLOT NO. 85, S. NO. 94 &  95, BHUSARI COLONY (RIGHT), KOTHRUD, PUNE - 411038, MAHARASHTRA, INDIA	C38353058
15	10540285	12/12/2014	1,500,000,000.00	STATE BANK OF PATIALA	ATLANTA, 1ST FLOOR, JAMNALAL BAJAJ MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	C39034616
16	10540657	12/12/2014	1,000,000,000.00	STATE BANK OF MYSORE	CORPORATE ACCOUNTS BRANCH, 224, C - WING, MITTAL  COURT, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	C39245758
17	10539068	03/11/2014	3,000,000,000.00	IDBI BANK LIMITED	IDBI TOWER WORLD TRADE CENTRE COMPLEX, CUFF PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	C38319208
18	10525610	26/09/2014	1,000,000,000.00	TAMILNAD MERCANTILE BANK LIMITED	HEMPRAKASH BUILDING, GROUND FLOOR # 92, KAZI SYED STREET, MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA	C29489697
19	10529310	26/09/2014	500,000,000.00	UNITED BANK OF INDIA	CORPORATE FINANCE BRANCH, 25, SIR P.M. ROAD, 2ND  FLOOR, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	C32386070
20	10533446	26/09/2014	3,000,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, UNION BANK BHAVAN,, FI  RST FLOOR, 239,VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	C35090935
21	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 - 400023, MAHARASHTRA, INDIA	C23548456
22	10518793	25/08/2014	2,000,000,000.00	PUNJAB AND SIND BANK	LARGE CORPORATE BRANCH, J.K. SOMANI BUILDING, BR  ITISH HOTEL LANE, FORT, MUMBAI - 400  023, MAHARASHTRA, INDIA	C19753250
23	10521332	25/08/2014	500,000,000.00	KARNATAKA BANK LIMITED	294 - A, HAROON HOUSE, PERIN NARIMAN STREET, BEHIND RBI,FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	C21866868
24	10513714	30/06/2014	750,000,000.00	DCB BANK LIMITED	601 & 602, PENINSULA BUSINESS PARK, 6TH FLOOR, T  OWER A, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI - 400013,  MAHARASHTRA, INDIA	C15570336
25	10515088	30/06/2014	2,000,000,000.00	VIJAYA BANK	CORP. BKG, BRANCH,MUMBAI, MAKER CHAMBER, IV (REAR PORTION), MUMBAI - 400021, MAHARASHTRA, INDIA	C16514523
26	10516932	30/06/2014	3,000,000,000.00	INDIAN BANK	210, MITTAL TOWER - B WING, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	C18532622
27	10535167	29/04/2014	20,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA  LLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	C35319045
28	10491282	25/04/2014	4,182,500,000.00	INTERNATIONAL FINANCE CORPORATION	OFFICE NO. 2121, PENNSYLVANIA AVENUE, NW WASHIGT  ON DC 20433, WASHIGTON DC, - 20433, UNITED STATE  S OF AMERICA	C04053880
29	10494761	26/03/2014	2,000,000,000.00	BANK OF BARODA	4TH FLOOR, 10/12, MUMBAI SAMACHAR MARG, FORT,, MUMBAI - 400001, MAHARASHTRA, INDIA	C04553145
30	10495305	26/03/2014	3,000,000,000.00	ORIENTAL BANK OF COMMERCE	181-A, MAKER TOWER 'E', 18TH FLOOR,, CUFFE PARADE  ,, MUMBAI - 400005, MAHARASHTRA, INDIA	C04674289

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Non-Convertible Debentures (Perpetual)	1857.000	1857.000
Non-Convertible Debentures (Subordinated issue)	11915.000	11915.000
Deposit
Fixed Deposit (including Cumulative)	16182.100	13822.500
Other Deposits	84.800	83.600
SHORT TERM BORROWINGS
Deposits
Fixed Deposits	398.800	624.900
Other Deposits	55.500	82.100
Other short term loans and advances
Commercial Papers	35150.000	14700.000
Total	65643.200	43085.100

CORPORATE INFORMATION

Dewan Housing Finance Corporation Limited (‘DHFL’), ‘the Company’ 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 188 branches, 150 service centres, 19 Circle / Cluster, 2 Disbursement Hub and 1 Collection centers in India and 2 representative offices in UAE and UK.

PERFORMANCE

The Company has continued to live the vision of providing access to easy home and is proud to be one of the leading players in affordable home loan segment in the housing finance industry in the country. Through the Company’s focus on lower and middle income (LMI) segment, the Company has evolved its loan sourcing expertise, over a period of past 30 years to better identify the needs of customers in the LMI segment and estimate their income and repayment capabilities. The Company has developed a suite of products that caters to different segments in various geographical territories of India. During the year, the Company created separate business verticals for housing and non-housing loans, in order to allow each vertical to focus on its core business and use its expertise in underwriting loans. The Company also identified Small and Medium Enterprises (SME) financing as an additional keyline of business for its growth and launched it by offering products such as medical equipment loans, plant & machinery loans and property term loans for the SME clients. The SME business has created a loan book of Rs. 3655.200 Million as at the end of the financial year 2015.

Backed by robust processes and consistent performance over the years, the Company was also able to secure

“CARE AAA” credit rating from Credit Analysis and Research Ltd. (“CARE”) and a credit rating of “BWR AAA” (Stable) from Brickwork Ratings India Private Limited (“Brickwork”), for its long term debts. These ratings indicate the highest or very strong degree of safety regarding timely servicing of financial obligations. This will help the Company to access funding at competitive rate of interest, which will bring down overall funding cost, gradually. The Company’s focused marketing efforts; improved service quality and expanded distribution network have enabled its brand to expand its reach to a much larger customer base.

During the year, the Company maintained its good performance, in all major businesses and on all operational parameters. The Company earned Profit Before Tax of Rs. 9430.400 Million for the financial year ended March 31, 2015 as against Rs. 7351.100 Million in the previous financial year and the Profit After Tax of Rs. 6212.900 Million as against Rs 5290.0000 Million in the previous financial year. The total Income for the year under consideration was Rs. 59816.400 Million and total expenditure was Rs. 50386.000 Million. The Asset under Management (AUM) of the Company stood at Rs. 568844.100 Million as at March 31, 2015 as against ` 446764.800 Million in the previous financial year.

There are no material changes and commitments, affecting the financial position of the Company, which have occurred between the end of the financial year of the Company, i.e. March 31, 2015 and the date of the Directors’ report i.e. April 29, 2015.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

Global growth was a modest 3.4% in 2014 as per the estimates of the International Monetary Fund (IMF, WEO

2015), reflecting a pick-up in growth in the advanced economies relative to the previous year and a slowdown in the emerging markets and developing economies.

What stood out in 2014 was the appreciation of the US dollar versus all other currencies and a sharp decline in global commodity prices. This was supported by a stronger than expected economic activity in the US and subsequent expectations of normalisation of monetary policy by the US Federal Reserve. The benchmark CRB Commodities Index fell 17.9% in 2014, led by crude oil which declined approximately 50% to below $60 a barrel. The decline in oil prices was mainly due to slower growth, especially in China, and the decision of the OECD to maintain its production levels despite increased supply from new producers, such as the US.

Overall, global growth is expected to be 3.5% in 2015 (IMF, WEO April 2015). Relative to last year, the outlook for advanced economies is improving, while growth in the emerging markets and developing economies is projected to be lower. This primarily reflects weaker prospects for some large emerging market economies and oil-exporting countries.

India started the year on a positive note with a significant improvement in market and business sentiment, following the general elections. Thereafter, the economy was supported by a fall in crude prices. According to the new series, the Indian economy grew by 7.5% in FY2015, compared to 6.9% in FY2014. The growth was fairly broad based, barring agriculture, mining, trade and transport Inflation, as measured by Consumer Price Index (CPI), showed a substantial decline and was below 6% for the better part of the year. The disinflationary momentum was also evident in the WPI which averaged 2.1% in FY2014 and has remained in negative territory since November 2014. (Source: RBI’s Annual Report 2013-14)

With a high growth potential, India is seen as a bright spot in the global economic landscape. This growth is expected from an improvement in investment climate with better governance, transparent, effective and efficient regulatory and legal regimes, improvement in technical efficiency, institutional improvements, improved labour mobility, and other such reforms. Lower policy rates and stable commodity prices will further strengthen India’s position as an attractive destination, among its peers. (Source: CIA Factbook)

HOUSING INDUSTRY OUTLOOK

The housing sector in India remains on course with doubledigit growth, attributed mainly to a large population base, rising income levels and rapid urbanisation. It is the second-largest employment generating sector after agriculture, contributing about 5% to 6% to India’s GDP share and capital formation. It is perceived as the third-most impactful industry in India in terms of its effects on other industries. It directly impacts over 250 ancillary industries such as cement, steel, transport, construction, paint, brick, building materials, and consumer durables. It is expected to soon overtake other industrial sectors in terms of its GDP contribution. Even then the housing finance market remains relatively under-developed by global standards. (Source: NHB Report on Trend and Progress of Housing in India, 2013)

BUSINESS AND OPERATIONAL OVERVIEW

COMPETITIVE STRENGTHS

The Company – under the brand name of DHFL – has established a strong foundation and is poised for future growth. The Company is a deposit-taking housing finance company registered with the National Housing Bank and focussed on providing financing products to the lower and middle income (LMI) segments in India, primarily in Tier II and Tier III cities and towns. It has been active in the housing finance sector in India since 1984 and is a leading financial services provider. The Company is admired for high level of customer service, and respected for ethics, values and corporate governance.

The Company has a record of consistent growth and profitability, supported by a comprehensive product suite to meet the multiple financial needs of its customers, including SME lending. Maintaining high standards of corporate governance, transparency, robust processes and controls continue to be an integral part of its values. The Company continues to finance the growing consumption needs of the Indian consumers, which is driven by increased affluence, growing aspirations and favourable demographics.

During financial year ending March 31, 2015, the Company witnessed a steady increase in profits every sequential quarter. The year gone by has been one characterised by tight control, prudent resource management and growth in its overall performance.

During FY2015, the Company grew its Loan Assets under Management steadily, while continuing to focus on its asset quality.

A snapshot of its performance during FY2015 is given below:

· Assets Under Management increased by 27.33% to Rs. 5688.441 million

· Total Revenue grew by 20.41% to Rs. 598.164 million

· Profit Before Tax (before exceptional items) increased by 28.29% to Rs. 94.304 million

· Gross NPA stood at 0.95% and Net NPA stood at 0.68%, substantially lower than industry benchmarks

· Networth increased by 29.67% to Rs. 463.578 million

· Capital Adequacy Ratio (CAR) as on March 31, 2015 was at 16.56%

STATEMENT OF UNAUDITED FINANCIAL RESULT FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2015

	Particulars
			Quarter Ended		Half Year Ended
			30.09.2015	30.06.2015	30.09.2015
			(Unaudited)	(Unaudited)	(Unaudited)
1.	(a) Revenue From Operation		18107.265	14479.259	34629.704
	(b) Other income		9.055	3.929	18.500
	Total Income		18116.320	14483.188	34648.204
2.	EXPENDITURE
	(a) Interest & Finance Cost		15343.015	12203.454	29261.355
	(b) Employees Remuneration & Benefits		13574.812	10800.515	25917.576
	(c) Other Expenses		548.899	472.449	1099.002
	(d) Depreciation		1152.138	839.672	2120.620
3.	Profit before tax		67.166	90.818	124.157
4.	Provision for Taxation		730.377	641.567	5386.849
5.	Prior period tax expenses		--	--	1534.641
6.	Deferred tax liability on special I T Reserve		239.344	116.220	--
7.	Net Profit After Tax		1803.584	1521.947	315.797
8.	Paid up Equity Share Capital (Face Value Rs. 10/ each)		2917.131	1286.506	3536.411
9.	Reserve excluding Revaluation Reserve		--	--	2917.131
10.	Earning per Shares (of Rs. 10/- each)
	Basic		6.18	5.55	12.13
	Diluted		6.12	5.53	12.01
11.	Debt Equity Ratio		--	--	11.32
12.	Debt Service Coverage Ratio		--	--	0.21
13.	Interest Services Coverage Ratio				1.21
14.	Paid up Debt Capital		--	--	564825.145
A	PARTICULARS OF SHAREHOLDING
1	Public shareholding
	a.	Number of shares	189893416	189893416	189893416
	b.	Percentage of shareholding	65.10%	65.10%	65.10%
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		101819644	101819644	101819644
		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)	34.90%	34.90%	34.90%

Particulars	Quarter ended 30.09.2015
B INVESTOR COMPLAINTS (Nos.)
Pending at the beginning of the quarter	--
Received during the quarter	19
Disposed of during the quarter	19
Remaining unresolved at the end of the quarter	--

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

Particular	30.09.2015
EQUITY AND LIABILITIES
Shareholders’ funds
(a) Share capital	2917.100
(b) Reserves and surplus	45963.200
Sub-total - Shareholders' funds	48880.300
Non-current liabilities
(a) Long-term Liabilities	425583.800
(b) Deferred Tax Liabilities On 36(1) (VIII) Reserves as per NHB Direction	1412.600
(c) other long term liability	13.500
(d)long term provision	5057.000
Sub-total - Non-current liabilities	432066.900
Current liabilities
(a)short term Borrowings	48127.700
(b) Trade payables	4.600
(c) Other current liabilities	99338.100
(d)Short-term provision	261.400
Sub-total - Current liabilities	147731.800
TOTAL - EQUITY AND LIABILITIES	628679.000
ASSETS
Non-current assets
(a) Fixed assets
(i) Tangible assets	1776.700
(ii) Intangible Assets	41.900
(iii) Capital work-in-progress	7961.500
(b) Non-current Investments	5460.000
(c) Deferred tax assets (net)	470.300
(d) Long Term Housing and Property Loans	533766.800
(e) Other Long Term Loans and Advances	390.900
(f) Other Non-current assets	3030.700
Sub-total - Non-current assets Current assets	552898.800
Current assets
(a) Current Investment	3208.600
(b) Trade receivables	2682.000
(c) Cash and cash equivalents	35297.700
(d) Short-term portion of housing and property loans	30321.400
(e) Other short term loans and advance	3976.700
(f) Other current assets	293.800
Sub-total - Current assets	75780.200
TOTAL - ASSETS	628679.000

NOTE:

1. The above financial results have been reviewed by the Audit Committee of the Board of Directors and subsequently approved by the Board of Directors at their 179th Meeting held on October 20, 2015.
   
   2. The results for the quarter/half year ended September 30, 2015 have been subjected to "Limited Review" by the Jt. Statutory Auditors of the Company in compliance with the requirement of the Listing Agreement with Stock Exchanges.

3. 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.

4. Housing Loans sanctioned during the Quarter ended September 30, 2015 amounted to Rs. 76678.700 million as against Rs. 61254.900 million during the previous corresponding period, showing an increase of 25%. Disbursements during the Quarter ended September 30, 2015 amounted to Rs. 50138.200 million as against Rs. 42579.000 million during the previous corresponding period showing an increase of 18%.

5. Pursuant to approvals received from Securities and Exchange Board of India (“SEBI”) and Competition Commission of India (“CCI”) and in terms of Definitive Agreements entered between the Company and ‘PGLH of Delaware Inc.’ (“Prudential”), on August 11, 2015, DHFL and Prudential group became JV Partners i.e. 50:50 shareholders of DHFL Pramerica Asset Managers Private Limited (DPAMPL) (formerly Pramerica Asset Managers Pvt. Ltd.) and DHFL Pramerica Trustees Pvt. Ltd.(DPTPL) (formerly Pramerica Trustees Pvt. Ltd) and DHFL became the co-sponsor of DHFL Pramerica Mutual Fund(DPMF) (formerly Pramerica Mutual Fund). As on September 30, 2015, the Investment of the Company in DPAMPL is Rs. 37398.500 million, while that in DPTPL is Rs. 50.300 million.

6. National Housing Bank vide circular dated August 22, 2014 has clarified that deferred tax liability (contingent upon Company's withdrawal of 36(1 )(viii) Reserves leading to tax liability) in respect of opening balance under special reserve as at April 01, 2014 may be adjusted from free opening reserves of the Company over a period of 3 years in the ratio of 25:25:50 respectively. Accordingly, the Company has proportionately adjusted its opening reserves with an amount of Rs. 208.100 million as contingent deferred tax liability and unamortised amount against the same as of September 30, 2015 is Rs. 1040.400 million. Deferred Tax Liability on Special Reserve for current period has been appropriated to Statement of Profit and Loss amounting to Rs. 315.797 million.

7. During the half year ended September 30, 2015, the Company has securitised/assigned pool of housing and property loans aggregating to Rs. 15270.100 million. 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 agreement, the Company pays to buyer/investor on monthly basis the collection amount, subject to retention of agreed interest margin for the Company.

8. During the half year ended September 30, 2015, the Company has debited Rs. 1130.500 million to Statement of Profit and Loss out of total Rs. 1940.500 million towards prorate premium required on redemption of Zero Coupon Secured Redeemable Non- Convertible Debenture, balance net of taxes adjusted towards Security Premium.

9. During the quarter ended September 30, 2015, pursuant to the Shareholders' approval under Section 63 and other applicable provisions of the Companies Act, 2013, the Company has issued Bonus Shares in the ratio of 1:1 (i.e. one bonus equity share of Rs. 10/- for every one fully paid up Equity Share of Rs. 10/- each), to the shareholders with record date of September 10, 2015, by capitalizing existing permissible reserves by a sum of Rs. 14,585.65 lacs.

10. The Earnings Per Share (EPS) have been calculated on enhanced capital post bonus issue and accordingly EPS is adjusted for previous periods also, based on enlarged capital and applicable Accounting Standard.

11. During the quarter ended September 30, 2015, the Company had issued and allotted 61,678 no of Equity Shares of Rs. 10/- each, pursuant to exercise of stock options by eligible employees.

12. The Board of Directors have declared an interim dividend for the financial year 2015 - 16 of Rs. 3/- per share i.e. 30% on equity shares of Rs. 10/- each fully paid-up on the enlarge post Bonus Issue Capital and the record date for the payment of interim dividend is fixed.

13. Revenue from Operations for the quarter includes Operational treasury income which consists of Income from mutual fund operation Rs. 389.800 million (Rs. 181.700 million), Profit on sale of investments Rs. 14.800 million (Rs. 11.800 million), Dividend on investment Rs. 7.200 million (Rs. 2.600 million).

14. Figures have been regrouped, rearranged and reclassified wherever necessary. Figures in brackets are of corresponding previous period.

CONTINGENT LIABILITIES:

Particulars	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
Guarantees provided by the Company	1000.300	1000.300
Claims against the Company not acknowledged as debts	54.600	10.500
Income Tax Demand (Net of amount deposited under protest ` 50 lakh)	48.000	43.000

FIXED ASSETS:

Tangible:

· Building

· Leasehold Premises

· Furniture and 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, India Prisons Service, Interpol, etc.

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.66.37
UK Pound	1	Rs.98.91
Euro	1	Rs.72.85

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	AMR
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		63

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.