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You Are Here : Markets  |  Equity   |   Company Profile  |   Reports
Housing Development Finance Corporation Ltd(Industry :   Finance - Housing)
 
BSE Code:500010NSE Symbol: HDFCP/E  (TTM): 28.26
ISIN Demat:INE001A01036Div Yield %:1.25EPS   (TTM) :48.04
Book Value (Rs):215.2991322Market Cap (RsCr):214836.4Face Value (Rs) :2
  Change Company 

1. SIGNIFICANT ACCOUNTING POLICIES

1.1 ACCOUNTING CONVENTION

These financial statements have been prepared in accordance with historical cost convention, applicable Accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014, the relevant provisions of the Companies Act, 2013 and the guidelines issued by the National Housing Bank to the extent applicable.

Accounting policies applied have been consistent with previous year except where different treatment is required as per new pronouncements made by the regulatory authorities. The management evaluates, all recently issued or revised accounting pronouncements, on an ongoing basis.

The preparation of financial statements requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) as of the date of the financial statements and the reported income and expenses during the reporting period. Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known/materialise.

1.2 SYSTEM OF ACCOUNTING

The Corporation adopts the accrual concept in the preparation of the financial statements.

The Balance Sheet and the Statement of Profit and Loss of the Corporation are prepared in accordance with the provisions contained in Section 129 of the Companies Act, 2013, read with Schedule III.

1.3 INFLATION

Assets and liabilities are recorded at historical cost to the Corporation. These costs are not adjusted to reflect the changing value in the purchasing power of money.

1.4 OPERATING CYCLE

Based on the nature of its activities, the Corporation has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.

1.5 CASH FLOW STATEMENT

Cash flow are reported using the indirect method, whereby profit/(loss) before extraordinary is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Corporation are segregated based on the available information.

1.6 CASH AND CASH EQUIVALENTS (FOR PURPOSES OF CASH FLOW STATEMENT)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term deposits with banks (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to in significant risk of changes in value.

1.7 LOANS AND RECEIVABLES AND CREDIT LOSS ALLOWANCES

Loans are initially recorded at the disbursed principal amounts and are subsequently adjusted for recoveries and any unearned income. Loans are carried net of the allowances for credit losses.

A loan is recognised as non-performing ("NPA") or as a "doubtful" or as a "loss" asset based on the period for which the repayment instalment or interest has remained in arrears as prescribed under the Housing Finance Companies (NHB) Directions, 2010, (the "NHB Directions"). Allowances for credit losses are made on an individual basis at rates prescribed under the NHB Directions unless, the management estimates that a higher individual allowance is required to reduce the carrying value of loan asset, including accrued interest, to its estimated realisable amount. The fair value of the underlying security is taken into consideration to estimate the realisable amount of the loan. When a loan is identified as a "Loss Asset" that is adversely affected by a potential threat of non-recoverability, the outstanding balance is fully written off or fully provided for.

1.8 INTEREST INCOME ON LOANS

Repayment of housing loans is generally by way of Equated Monthly Instalments (EMIs) comprising principal and interest. EMIs commence generally once the entire loan is disbursed. Certain customers request for commencement of regular principal repayments even before the entire loan is disbursed, especially when the projects are of long gestation. A recalculated EMI based on Principal Outstanding is offered in such cases. Pending commencement of EMIs, pre-EMI interest is payable every month. Interest on loans is computed either on an annual rest or on a monthly rest basis on the principal outstanding at the beginning of the relevant period.

Interest income is allocated over the contractual term of the loan by applying the committed interest rate to the outstanding amount of the loan. Interest income is accrued as earned with the passage of time.

Interest on loan assets classified as "non-performing" is recognised only on actual receipt.

1.9 DIVIDEND

Dividend income is recognised when the right to receive has been established.

1.10 FEES AND OTHER REVENUE

Fees, charges and other revenue is recognised after the service is rendered to the extent that it is probable that the economic benefits will flow to the Corporation and that the revenue can be reliably measured, regardless of when the payment is being made.

1.11 INCOME FROM LEASES

Leases of assets under which substantially all of the risks and rewards of ownership are effectively retained by the lessor are classified as operating leases. The Corporation has let out portions of its buildings to its subsidiaries/associates under operating lease arrangements. Income is recognised over the period over which the property is used by the lessee based on the lease terms as the arrangements are cancellable and do not contain any minimum lease payment or contingent rent payments.

1.12 INCOME FROM INVESTMENTS

The gain/loss on account of Investments in Preference Shares, Debentures/Bonds and Government Securities held as long-term investments and acquired at a discount/premium, is recognised over the life of the security on a pro-rata basis. Interest Income is accounted on accrual basis.

1.13 BORROWING AND BORROWING COSTS

The Corporation borrows funds, primarily in Indian Rupees, and carry a fixed rate or floating rate of interest. a part of its risk management strategy, the Corporation converts such borrowings into floating rate or foreign currency borrowings by entering into interest rate swaps or cross currency interest rate swaps having the same notional amount and maturity as the underlying borrowings and holds these instruments till maturity. At each reporting date these liabilities are restated at the closing rate.

Borrowing costs include interest, amortised brokerage on deposits and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost. Ancillary costs in connection with long-term external commercial borrowings are amortised to the Statement of Profit and Loss over the tenure of the loan. Issue expenses of certain securities are charged to the securities premium account.

1.14 TRANSLATION OF FOREIGN CURRENCY

Initial recognition

Transactions in foreign currencies entered into by the Corporation are accounted at the exchange rates prevailing on the date of the transaction.

Measurement at the Balance Sheet date

Assets and liabilities in foreign currencies are converted at the rates of exchange prevailing at the year-end, where not covered by forward contracts. Wherever the Corporation has entered into a forward contract or an instrument that is, in substance, a forward exchange contract, the difference between the forward rate and the exchange rate on the date of the transaction is recognised as income or expense over the life of the contract. Monetary items represented by currency swap contracts are recorded at closing rate.

The net loss/gain on translation of long-term monetary assets and liabilities in foreign currencies is amortised over the maturity period of such monetary assets and liabilities and charged to the Statement of Profit and Loss. The unamortised exchange difference is carried in the Balance Sheet as "Foreign Currency Monetary Item Translation Difference Account". The net loss/gain on translation of short-term monetary assets and liabilities in foreign currencies is recorded in the Statement of Profit and Loss.

1.15 BROKERAGE AND INCENTIVE ON DEPOSITS

Brokerage and incentive brokerage on deposits is amortised over the period of the deposit.

1.16 OPERATING LEASES

Payments under a non cancellable operating lease arrangement, where the risks and rewards incidental to ownership of an asset substantially vest with the lessor, are charged to the Statement of Profit and Loss on a straight-line basis over the lease term, unless another systematic basis is more appropriate.

1.17 INVESTMENTS

Investments are capitalised at cost inclusive of brokerage and stamp charges and are classified into two categories, viz. Current or Long-Term. Long-term investments (excluding investment in properties), are carried individually at cost less provision for diminution, other than temporary, in the value of such investments. Current investments are carried individually, at the lower of cost and fair value. Provision for diminution in the value of investments is made in accordance with the guidelines issued by the National Housing Bank and the Accounting Standard on ‘Accounting for Investments’ (AS 13) and is recognised through the Provision for Contingencies Account. Investment in properties are carried individually at cost less accumulated depreciation and impairment, if any.

1.18 TANGIBLE FIXED ASSETS

Fixed Assets (including such assets which have been leased out by the Corporation) are capitalised at cost inclusive of legal and/or installation expenses.

1.19 INTANGIBLE ASSETS

Intangible Assets comprising of system software are stated at cost of acquisition, including any cost attributable for bringing the same to its working condition, less accumulated amortisation. Any expenses on such software for support and maintenance payable annually are charged to the Statement of Profit and Loss.

1.20 DEPRECIATION AND AMORTISATION

Tangible Fixed Assets

Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value.

Depreciation on tangible fixed assets has been provided on the straight-line method as per the useful life prescribed in Schedule II to the Companies Act, 2013 except in respect of the following categories of assets, in whose case the life of the assets has been assessed as under based on technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes, manufacturers warranties and maintenance support, etc.:

Computers and data processing equipment - 4 years

Vehicles - 5 years

Leasehold land is amortised over the duration of the lease.

Intangible Assets

Intangible assets are amortised over their estimated useful life on straight line method as follows:

Computer Software - 4 years

Investment in Properties

Depreciation on investment in properties is provided on a pro-rata basis from the date of acquisition. The estimated useful life of the intangible assets and the amortisation period are reviewed at the end of each financial year and the amortisation period is revised to reflect the changed pattern, if any.

1.21 PROVISIONS AND CONTINGENCIES

A provision is recognised when the Corporation has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding employee benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes. Contingent assets are neither recognised nor disclosed in the financial statements.

1.22 PROVISION FOR CONTINGENCIES AND NON-PERFORMING ASSETS

The Corporation’s policy is to carry adequate amounts in the Provision for Non-Performing Assets Account and the Provision for Contingencies Account to cover the amount outstanding in respect of all non-performing assets and standard assets respectively as also all other contingencies. All loans and other credit exposures where the instalments, interest are overdue for ninety days and more are classified as non-performing assets in accordance with the prudential norms prescribed by the National Housing Bank (NHB). The provision for non-performing assets is deducted from loans and advances. The provisioning policy of the Corporation covers the minimum provisioning required as per the NHB Guidelines.

1.23 STANDARD ASSET PROVISIONING (COLLECTIVE ALLOWANCES)

Provisions are established on a collective basis against loan assets classified as "Standard" to absorb credit losses on the aggregate exposures in each of the Corporation’s loan portfolios based on the NHB Directions. A higher standard asset provision may be made based upon statistical analysis of past performance, level of allowance already in place and Management’s judgement. This estimate includes consideration of economic and business conditions. The amount of the collective allowance for credit losses is the amount that is required to establish a balance in the Provision for Standard Assets Account that the Corporation’s management considers adequate, after consideration of the prescribed minimum under the NHB Directions, to absorb credit related losses in its portfolio of loan items after individual allowances or write offs.

1.24 EMPLOYEE BENEFITS

Employee Stock Option Scheme (‘ESOS’)

The Employee Stock Option Scheme (‘the Scheme’) provides for the grant of options to acquire equity shares of the Corporation to its employees. The options granted to employees vest in a graded manner and these may be exercised by the employees within a specified period.

The Corporation follows the intrinsic value method to account for its stock-based employee compensation plans. Compensation cost is measured by the excess, if any, of the market price of the underlying stock over the exercise price as determined under the option plan. The market price is the closing price on the stock exchange where there is highest trading volume on the working day immediately preceding the date of grant. Compensation cost, if any, is amortised over the vesting period.

Defined contribution plans

The Corporation’s contribution to provident fund and superannuation fund are considered as defined contribution plans and are charged as an expense based on the amount of contribution required to be made. These funds and the schemes thereunder are recognised by the Income-tax authorities and administered by various trustees.

The Rules of the Corporation’s Provident Fund administered by a Trust require that if the Board of Trustees are unable to pay interest at the rate declared for Employees’ Provident Fund by the Government under para 60 of the Employees’ Provident Fund Scheme, 1952 for the reason that the return on investment is less or for any other reason, then the deficiency shall be made good by the Corporation.

Defined benefit plans

For defined benefit plans in the form of gratuity fund and post retirement pension scheme for whole-time Directors, the cost of providing benefits is determined using the Projected Unit Credit method, with actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses are recognised in the Statement of Profit and Loss in the period in which they occur. Past service cost is recognised immediately to the extent that the benefits are already vested and otherwise is amortised on a straight-line basis over the average period until the benefits become vested. The retirement benefitobligation recognised in the Balance Sheet represents the present value of the definedbenefitobligation as adjusted for unrecognised past service cost, as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to past service cost, plus the present value of available refunds and reductions in future contributions to the schemes.

Except in case of Dubai branch of the Corporation, the provision for gratuity is made in accordance with the prevalent local laws.

Short-term employee benefits

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognised during the year when the employees render the service. These benefits include performance incentive and compensated absences which are expected to occur within twelve months after the end of the period in which the employee renders the related service.

The cost of short-term compensated absences is accounted as under:

(a) in case of accumulated compensated absences, when employees render the services that increase their entitlement of future compensated absences; and

(b) in case of non-accumulating compensated absences, when the absences occur.

Long-term employee benefits

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related service are recognised as a liability at the present value of the defined benefit obligation as at the Balance Sheet date.

1.25 EARNINGS PER SHARE

Basic earnings per share is computed by dividing the profit/(loss) after tax (including the extraordinary items, if any) by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.

Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. The dilutive potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the outstanding shares). Dilutive potential equity shares are determined independently for each period presented. The number of equity shares and potentially dilutive equity shares are adjusted for share splits/reverse share splits and bonus shares, as appropriate.

1.26 TAXES ON INCOME

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961 (the "Income Tax Act").

Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted as at the reporting date. Deferred tax assets are recognised for timing differences of items other than unabsorbed depreciation and carry forward losses only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. However, if there are unabsorbed depreciation and carry forward of losses, deferred tax assets are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realise the assets.

Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each balance sheet date for their realisability.

Current and deferred tax relating to items directly recognised in reserves are recognised in reserves and not in the Statement of Profit and Loss.

1.27 SERVICE TAX INPUT CREDIT

Service tax input credit is accounted for in the books in the period in which the underlying service received is accounted and when there is no uncertainty in availing/utilising the credits.

1.28 SECURITISED LOANS AND SECURITISATION LIABILITIES

The Corporation periodically transfers pools of mortgages. Such assets are de-recognised, if and only if, the Corporation loses control of the contractual rights that comprise the corresponding pools or mortgages transferred.

Transfers of pools of mortgages under the current programs involve transfer of proportionate shares in the pools of mortgages. Such transfers result in de-recognition only of that proportion of the mortgages as meet the de-recognition criteria. The portion retained by the Corporation continue to be accounted for as loans as described above.

On de-recognition, the difference between the book value of the securitised asset and consideration received is recognised as gain arising on securitisation in the Statement of Profit and Loss over the balance maturity period of the pool transferred. Losses, if any, arising from such transactions, are recognised immediately in the Statement of Profit and Lo ss.

2. SHARE CAPITAL
As at March 31, 2015 As at March 31, 2014
Rs. in Crore Rs. in Crore
AUTHORISED
162,50,00,000 Equity Shares of Rs. 2 each (Previous Year 162,50,00,000 Equity Shares of Rs. 2 each) 325.00 325.00
325.00 325.00
ISSUED, SUBSCRIBED AND FULLY PAID UP
157,46,97,670 Equity Shares of Rs. 2 each (Previous Year 156,05,32,605 Equity Shares of Rs. 2 each) 314.94 312.10
314.94 312.10

2.1 Reconciliation of number of shares outstanding at the beginning and at the end of the reporting period:

Particulars As at March 31, 2015 As at March 31, 2014
Number Rs. in Crore Number Rs. in Crore
Equity shares outstanding as at the beginning of the year 156,05,32,605 312.10 154,63,47,255 309.27
Shares allotted pursuant to exercise of stock options 1,41,65,065 2.84 1,41,85,350 2.83
Equity shares outstanding as at the end of the year 157,46,97,670 314.94 156,05,32,605 312.10

2.2 The details of each shareholder holding more than 5 percent shares in the Corporation:

Particulars Outstanding as on March 31, 2015 Outstanding as on March 31, 2014
Number Percentage of shares held to total Shares (%) Number Percentage of shares held to total Shares (%)
Aberdeen Asset Management Asia Ltd. 8,00,17,312 5.08 11,10,21,121 7.11

(on behalf of funds advised/ managed)

2.3 5,05,74,170 shares of Rs. 2 each (Previous Year 3,35,28,585 shares of Rs. 2 each) were reserved for issuance towards outstanding Employees Stock Options granted / available for grant, including lapsed options [Refer Note 2.4].

The Corporation has only one class of shares referred to as equity shares having Face Value of Rs. 2 each. Each holder of equity share is entitled to one vote per share.

The holders of equity shares are entitled to dividends, if any, proposed by the Board of Directors and approved by Shareholders at the Annual General Meeting.

At the 37th Annual General Meeting (AGM) held on July 21, 2014, the shareholders had approved the issue of 62,42,130 stock options representing 3,12,10,650 equity shares of Rs. 2 each to the eligible employees and Directors of the Corporation. The Nomination and Remuneration Committee of Directors (NRC) at its meeting held on October 8, 2014, approved the grant of 62,73,064 new stock options, representing 3,13,65,320 equity shares of Rs. 2 each under ESOS-14, to the eligible employees and Directors. The same represents the Options approved for grant by the shareholders at the AGM held on July 21, 2014 together with 41,810 options lapsed under previous schemes (ESOS-05 : 12,285 options, ESOS-07 : 29,267 options and ESOS-08 : 258 options), net of 10,876 options reserved. The options were granted at an exercise price of Rs. 5,073.25 per option (i.e. Rs. 1,014.65 per equity share of Rs. 2 each) being the latest available closing price of the equity shares of the Corporation on the stock exchange on which the shares are listed and having higher trading volume, prior to the meeting of the NRC at which the options were granted.

In terms of ESOS-14, the options would vest over a period of 1-3 years from the date of grant, but not later than October 7, 2017, depending upon option grantee completing continuous service of three years with the Corporation. Accordingly, no options have vested during the current year. The options can be exercised over a period of five years from the date of respective vesting.

2.4 Under Employees Stock Option Scheme-2011 (ESOS-11), the Corporation had on May 23, 2012, granted 61,02,475 options at an exercise price of Rs. 3,177.50 per option representing 3,05,12,375 equity shares of Rs. 2 each to the employees and Directors of the Corporation. The said price was determined in accordance with the pricing formula approved by the shareholders i.e. at the latest available closing price on the stock exchange having higher trading volume, prior to grant of options.

In terms of ESOS-11, the options would vest over a period of 1-3 years from the date of grant, but not later than May 22, 2015, depending upon option grantee completing continuous service of three years with the Corporation. Accordingly, during the year 1,80,438 options (Previous Year 58,26,953 options) were vested. In the current year, 13,263 options (Previous Year 28,787 options) were lapsed. The options can be exercised over a period of five years from the date of respective vesting.

Under Employees Stock Option Scheme 2008 (ESOS 08), the Corporation had on November 25, 2008, granted 57,90,000 options at an exercise price of Rs. 1,350.60 per option representing 57,90,000 equity shares of Rs. 10 each to the employees and Directors of the Corporation. The said price was determined in accordance with the pricing formula approved by the shareholders i.e. at the latest available closing price on the stock exchange having higher trading volume, prior to grant of options.

In terms of ESOS-08, the options would vest over a period of 1-3 years from the date of grant, but not later than November 24, 2011, depending upon option grantee completing continuous service of three years with the Corporation. Accordingly, all the options have been vested in the earlier years. In the current year, 97 options (Previous Year 146 options) were lapsed after vesting. The options can be exercised over a period of five years from the date of respective vesting.

Under Employees Stock Option Scheme–2007 (ESOS–07), the Corporation had on September 12, 2007, granted 54,56,835 options at an exercise price of Rs. 2,149 per option representing 54,56,835 equity shares of Rs. 10 each to the employees and Directors of the Corporation. The said price was determined in accordance with the pricing formula approved by the shareholders i.e. at the latest available closing price on the stock exchange having higher trading volume, prior to grant of options.

In terms of ESOS-07, the options would vest over a period of 1-3 years from the date of grant, but not later than September 11, 2010, depending upon option grantee completing continuous service of three years with the Corporation. All the options have been vested in the earlier years. In the current year, 882 options (Previous Year 28,742 options) were lapsed after vesting. The options can be exercised over a period of five years from the date of respective vesting.

Method used for accounting for share based payment plan:

The Corporation has used intrinsic value method to account for the compensation cost of stock options to employees of the Corporation. Intrinsic value is the amount by which the quoted market price of the underlying share exceeds the exercise price of the option. Since the options under ESOS-14, ESOS-11, ESOS-08 and ESOS-07 were granted at the market price, the intrinsic value of the option is Nil. Consequently the accounting value of the option (compensation cost) is also Nil.

Movement in the options under ESOS-14, ESOS-11, ESOS-08 and ESOS-07:

Particulars ESOS-14
Options Current Year Options Previous Year
Outstanding at the beginning of the year - -
Granted during the year 62,73,064 -
Vested during the year - -
Exercised during the year - -
Lapsed during the year 49,045 -
Outstanding at the end of the year 62,24,019 -
Unvested at the end of the year 62,24,019 -
Exercisable at the end of the year - -
Weighted average price per option Rs. 5,073.25

 

Particulars ESOS-11
Options Current Year Options Previous Year
Outstanding at the beginning of the year 54,06,415 60,71,275
Granted during the year - -
Vested during the year 1,80,438 58,26,953
Exercised during the year 16,47,566 6,36,073
Lapsed during the year 13,263 28,787
Outstanding at the end of the year 37,45,586 54,06,415
Unvested at the end of the year 36,043 2,25,182
Exercisable at the end of the year 37,09,543 51,81,233
Weighted average price per option Rs. 3,177.50

 

Particulars ESOS-08
Options Current Year Options Previous Year
Outstanding at the beginning of the year 11,82,357 17,56,739
Granted during the year - -
Vested during the year - -
Exercised during the year 11,77,158 5,74,236
Lapsed during the year 97 146
Outstanding at the end of the year 5,102 11,82,357
Unvested at the end of the year - -
Exercisable at the end of the year 5,102 11,82,357
Weighted average price per option Rs. 1,350.60

 

Particulars ESOS-07
Options Current Year Options Previous Year
Outstanding at the beginning of the year 15,148 16,70,651
Granted during the year - -
Vested during the year - -
Exercised during the year 8,289 16,26,761
Lapsed during the year 882 28,742
Outstanding at the end of the year 5,977 15,148
Unvested at the end of the year - -
Exercisable at the end of the year 5,977 15,148
Weighted average price per option Rs. 2,149.00

With effect from August 21, 2010, the nominal face value of equity shares of the Corporation was sub-divided from Rs. 10 per share to Rs. 2 per share. Accordingly, each option exercised after August 21, 2010 is entitled to 5 equity shares of Rs. 2 each.

Fair Value Methodology:

The fair value of options have been estimated on the date of grant using Black-Scholes model as under: The key assumptions used in Black-Scholes model for calculating fair value under ESOS-14, ESOS-11, ESOS-08 and ESOS-07 as on the date of grant viz. October 8, 2014, May 23, 2012, November 25, 2008 and September 12, 2007, are as follows :

Particulars ESOS-14 ESOS-11 ESOS-08 ESOS-07
Risk-free interest rate (p.a.) 8.28% 8.06% 6.94% 7.70%
Expected life Upto 3 years Upto 2 years Upto 2 years Upto 2 years
Expected volatility of share price 15% 15% 29% 19%
Expected growth in dividend (p.a.) 20% 20% 20% 20%
The weighted average fair value, as on the date of grant (per Stock Option) Rs. 1,035.91 Rs. 474.56 Rs. 238.79 Rs. 307.28

Since all the stock options granted under ESOS-08 and ESOS-07 have been vested, the stock based compensation expense determined under fair value based method is Rs. Nil (Previous Year Rs. Nil). Accordingly, there is no change in the reported and pro-forma net profit and Basic and Diluted EPS.

However, had the compensation cost for the stock options granted under ESOS-14 and ESOS-11 been determined based on the fair value approach, the Corporation’s net profit and earnings per share would have been as per the pro-forma amounts indicated below:

Rs. in Crore
Particulars Current Year Previous Year
Net Profit (as reported) 5,990.14 5,440.24
Less: Stock-based compensation expenses determined under fair value based method, net of tax: [Gross Rs. 300.92 crore (Previous Year Rs. 52.98 crore)] (pro-forma) 198.64 34.97
Net Profit (pro-forma) 5,791.50 5,405.27
Less: Amounts utilised out of Shelter Assistance Reserve 10.83 13.02
Net Profit considered for computing EPS (pro-forma) 5,780.67 5,392.25

 

Amount in Rs.
Particulars Current Year Previous Year
Basic earnings per share (as reported) 38.13 34.89
Basic earnings per share (pro-forma) 36.86 34.67
Diluted earnings per share (as reported) 37.78 34.62
Diluted earnings per share (pro-forma) 36.52 34.40

2.5 The Corporation has not allotted any share pursuant to contracts without payment being received in cash or as bonus shares nor has it bought back any shares during the preceding period of 5 financial years.

3. RESERVES AND SURPLUS
As at March 31, 2015 As at March 31, 2014
Rs. in Crore Rs. in Crore
SPECIAL RESERVE No. I [Refer Notes 3.1 & 3.2] 51.23 51.23
SPECIAL RESERVE No. II [Refer Notes 3.1 & 3.2]
Opening Balance 6,415.95 5,525.95
Add : Transfer from Statement of Profit and Loss [Refer Note 3.3] 1,054.00 890.00
7,469.95 6,415.95
GENERAL RESERVE
Opening Balance 8,097.76 7,059.78
Less : Utilised towards Deferred Tax Liability for Special
Reserve [Refer Note 3.2] (559.54) -
Add : Transfer from Statement of Profit and Loss 2,003.33 1,037.98
9,541.55 8,097.76
STATUTORY RESERVE (As per Section 29C of the National Housing Bank Act, 1987)
Opening Balance 3,129.42 2,278.93
Add : Transfer from Statement of Profit and Loss [Refer Note 3.3] 150.00 900.00
3,279.42 3,178.93
Less : Utilised during the Year [Refer Note 3.4] [(Net of Deferred Tax of Rs. Nil) (Previous Year Rs. 25.49 crore)] - 49.51
3,279.42 3,129.42
SECURITIES PREMIUM
Opening Balance 9,990.42 9,721.17
Add : Received during the year 681.45 626.42
10,671.87 10,347.59
Less : Utilised during the year (Net) [Refer Note 3.5] [(Net of tax effect of Rs. 213.72 crore) (Previous Year Rs. 183.91 crore)] 415.06 357.17
10,256.81 9,990.42
SHELTER ASSISTANCE RESERVE
Opening Balance 100.61 53.63
Add : Transfer from Statement of Profit and Loss - 60.00
100.61 113.63
Less : Utilised during the year
[Refer Notes 3.6 & 29.1] 10.83 13.02
89.78 100.61

 

As at March 31, 2015 As at March 31, 2014
Rs. in Crore Rs. in Crore
CAPITAL RESERVE 0.04 0.04
FOREIGN CURRENCY MONETARY ITEMS TRANSLATION
DIFFERENCE ACCOUNT (Debit Balance) [Refer Note 3.7]
Opening Balance (Debit) (142.34) (169.79)
Add / (Less) : Effect of foreign exchange rate variations during the year 35.33 80.48
Add / (Less) : Amortisation for the year [Refer Note 3.8] 73.26 (53.03)
Closing balance - (Debit) (33.75) (142.34)
SURPLUS IN THE STATEMENT OF PROFIT AND LOSS:
Profit for the year 5,990.14 5,440.24
Amount available for appropriations 5,990.14 5,440.24
Appropriations:
Special Reserve No. II [Refer Note 3.3] 1,054.00 890.00
General Reserve 2,003.33 1,037.98
Statutory Reserve (As per Section 29C of The National Housing Bank Act, 1987) [Refer Note 3.3] 150.00 900.00
Shelter Assistance Reserve - 60.00
Interim Dividend Paid [Refer Note 3.9] 314.94 -
Tax on Interim Dividend 12.10 -
Proposed Dividend 2,047.11 2,184.75
[Dividend Rs. 13.00 per equity share of Rs. 2 each (Previous Year Rs. 14.00 per equity share of Rs. 2 each)]
Additional Tax on Proposed Dividend 416.74 371.30
Additional Tax on Dividend [Refer Note 3.10] (18.59) (15.18)
Dividend including tax of Rs. 1.53 crore (Previous Year Rs. 1.66 crore) pertaining to Previous Year paid during the year [Refer Note 3.11] 10.51 11.39
- -
30,655.03 27,643.09

3.1 Special Reserve has been created over the years in terms of Section 36(1)(viii) of the Income-tax Act, out of the distributable profits of the Corporation. Special Reserve No. I relates to the amounts transferred upto the Financial Year 1996-97, whereas Special Reserve No. II relates to the amounts transferred thereafter.

3.2 Vide circular NHB(ND)/DRS/Pol. 62/2014 dated May 27, 2014, the National Housing Bank (NHB) had directed Housing Finance Companies (HFCs) 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. Vide circular NHB(ND)/DRS/Pol. 65/2014 dated August 22, 2014, NHB has permitted HFCs to create the Deferred Tax Liability over a period of 3 years, in a phased manner in the ratio of 25:25:50. Accordingly, the Corporation has created 25 percent of deferred tax liability of Rs. 559.54 crore (Previous Year Rs. Nil) on opening balance of accumulated Special Reserve. [Refer Note 14].

3.3 As per Section 29C of the The National Housing Bank Act, 1987 (the "NHB Act"), the Corporation is required to transfer at least 20% of its net profits every year to a reserve before any dividend is declared. For this purpose any Special Reserve created by the Corporation under Section 36(1)(viii) of the Income- tax Act, is considered to be an eligible transfer. The Corporation has transferred an amount of Rs. 1,054 crore (Previous Year Rs. 890 crore) to Special Reserve No. II in terms of Section 36(1)(viii) of the Income-tax Act, 1961 and an amount of Rs. 150 crore (Previous Year Rs. 900 crore) to "Statutory Reserve (As per Section 29C of The NHB Act)".

In terms of requirement of NHB’s Circular No. NHB(ND)/DRS/Pol.Circular.61/2013-14 dated April 7, 2014 following information on Reserve Fund under Section 29C of the NHB Act is provided:

Rs. in Crore
Particulars Current Year Previous Year
Balance at the beginning of the year
a) Statutory Reserve under Section 29C of The NHB Act 3,129.42 2,278.93
b) Amount of Special Reserve under Section 36 (1)(viii) of the Income Tax Act taken into account for the purposes of Statutory Reserve under section 29C of the NHB Act
Special Reserve No. II 6,113.95 5,223.95
c) Total 9,243.37 7,502.88
Addition/Appropriation/Withdrawal during the year
Add:
a) Amount transferred under Section 29C of the NHB Act 150.00 900.00
b) Amount of Special Reserve under Section 36 (1)(viii) of the Income Tax Act taken into account for the purpose of Statutory Reserve under Section 29C of the NHB Act 1,054.00 890.00
Less:
a) Amount appropriated from Statutory Reserve under Section 29C of the NHB Act
[Net of Deferred Tax of Rs. Nil (Previous Year Rs. 25.49 crore)] - 49.51
b) Amount withdrawn from Special Reserve under Section 36 (1)(viii) of the Income Tax Act which has been taken into account for the purpose of provision under Section 29C of the NHB Act - -
10,447.37 9,243.37
Balance at the end of the year
a) Statutory Reserve under Section 29C of the NHB Act 3,279.42 3,129.42
b) Amount of Special Reserve under section 36 (1)(viii) of the Income Tax Act taken into account for the purposes of Statutory Reserve under Section 29C of the NHB Act
Special Reserve No. II 7,167.95 6,113.95
c) Total 10,447.37 9,243.37

3.4 During the year, in addition to the charge of Rs. 165 crore (Previous Year Rs. 100 crore) to the Statement of Profit and Loss, an amount of Rs. Nil (net of Deferred Tax Rs. Nil) [Previous Year Rs. 49.51 crore (net of Deferred Tax Rs. 25.49 crore)], has been transferred from Statutory Reserve (as per Section 29C of the NHB Act) pursuant to circular NHB(ND)/DRS/Pol-No.03/2004-05 dated August 26, 2004 as under:

Rs. in Crore
Particulars As at March 31, 2015 As at March 31, 2014
To Provision for Contingencies Account (Net) [Refer Note 6.2] 202.44 58.20
To Provision for Sub-Standard & Doubtful Loans [Refer Note 15.6] (37.44) 116.80
165.00 175.00

3.5 During the year, the Corporation utilised Rs. 415.06 crore (net of tax effect of Rs. 213.72 crore) [Previous Year Rs. 357.17 crore (net of tax effect of Rs. 183.91 crore)] in accordance with Section 52 of the Companies Act, 2013, towards the proportionate premium payable on redemption of Zero Coupon Secured Redeemable Non- Convertible Debentures.

3.6 Miscellaneous Expenses under Note 29.1 exclude Rs. 10.83 crore (Previous Year Rs. 13.02 crore) in respect of amounts utilised out of Shelter Assistance Reserve during the year.

3.7 Pursuant to the notification dated December 29, 2011 issued by the Ministry of Corporate Affairs amending the Accounting Standard 11, the Corporation has exercised the option as per Para 46A inserted in the Standard for all long term monetary assets and liabilities. Consequently, an amount of Rs. 33.75 crore (without considering future tax benefit of Rs. 11.47 crore) [Previous Year Rs. 142.34 crore (without considering future tax benefits Rs. 48.38 crore)] is carried forward in the Foreign Currency Monetary Items Translation Difference Account as on March 31, 2015. This amount is to be amortised over the period of the monetary assets/liabilities ranging upto 4 years.

3.8 During the year, there was a net reduction of Rs. 108.59 crore (Previous Year Rs. 27.45 crore) in the Foreign Currency Monetary Items Translation Difference Account as under :

Rs. in Crore
Particulars Current Year Previous Year
Net Revaluation of monetary assets & liabilities 128.54 (117.20)
Net Debit/(Credit) to the Statement of Profit & Loss on account of repayments during the year (93.21) 197.68
Net amortisation Debit/(Credit) during the year 73.26 (53.03)
Net reduction during the year 108.59 27.45

3.9 The Board of Directors of the Corporation at its meeting held on March 19, 2015, inter alia, has approved the payment of an interim dividend of Rs. 2 per equity share of face value of Rs. 2 each of the Corporation, for the financial year 2014-15.

3.10 Additional Tax on dividend FY 2013-14 credit taken, Rs. 18.59 crore (Previous Year Rs. 15.18 crore for FY 2012-13), pertains to the dividend tax paid by the subsidiary companies of the Corporation on the dividend paid to the Corporation as per Section 115(O)(1A) of the Income Tax Act, 1961.

3.11 In respect of equity shares issued pursuant to Employee Stock Option Schemes, the Corporation paid dividend of Rs. 8.98 crore for the year 2013-14 (Rs. 9.73 crore for the year 2012-13) and tax on dividend of Rs. 1.53 crore (Previous Year Rs. 1.66 crore) as approved by the shareholders at the Annual General Meeting held on July 21, 2014.

4. LONG-TERM BORROWINGS

Rs. in Crore
Particulars As at March 31, 2015 As at March 31, 2014
Bonds and Debentures [Refer Notes 4.3 & 4.10] 60,192.20 58,192.85
Term Loans :
- Banks [Refer Note 4.10] 6,378.01 5,605.21
- External Commercial Borrowing - Low Cost Affordable
Housing [Refer Notes 4.5 & 4.10] 1,884.00 1,805.10
- Others [Refer Note 4.10] 1,300.15 1,492.06
69,754.36 67,095.22
Deposits [Refer Note 4.3] 27,847.98 19,785.82
Total 97,602.34 86,881.04

4.1 Long-term borrowings are further sub-classified as follows :

Rs. in Crore
Sr. No. Particulars As at March 31, 2015 As at March 31, 2014
Secured : [Refer Note 4.2]
a) Bonds and Debentures
- Bonds 46.50 52.25
- Non Convertible Debentures 54,170.70 54,665.60
Sub-Total 54,217.20 54,717.85
b) Term Loans from Banks
- Scheduled Banks 4,899.81 4,823.00
Sub-Total 4,899.81 4,823.00
c) Term Loans from other parties
- Asian Development Bank [Refer Note 4.4] 232.09 257.52
- National Housing Bank 1,065.06 1,217.10
1,297.15 1,474.62
Total Secured 60,414.16 61,015.47
Unsecured:
a) Bonds and Debentures
- Non-Convertible Subordinated Debentures 5,975.00 3,475.00
[Refer Note 4.9]
b) Term Loans from Banks
- Scheduled Banks 1,478.20 782.21
c) External Commercial Borrowing - Low Cost Affordable 1,884.00 1,805.10
Housing
d) Term Loans from other parties
- Under a line from Kreditanstalt fur Wiederaufbau 3.00 17.44
e) Deposits [Refer Note 4.8] 27,847.98 19,785.82
Total Unsecured: 37,188.18 25,865.57
Total 97,602.34 86,881.04

4.2 All secured long-term borrowing are secured by negative lien on the assets of the Corporation and/or mortgage of property as the case may be, subject to the charge created in favour of its depositors pursuant to the regulatory requirement under Section 29B of the National Housing Bank Act, 1987.

4.3 Non-Convertible Debentures includes Rs. 785.00 crore (Previous Year Rs. 735.00 crore) and Deposits includes Rs. 2.38 crore (Previous Year Rs. 0.88 crore) from related parties [Refer Note 35].

4.4 The Corporation has availed a loan of USD 100 million from the Asian Development Bank (Loan II). In respect of tranches 1 and 2 aggregating to USD 60 million, as per the agreements with a scheduled bank, the Corporation has handed over the dollar funds to the bank overseas and has obtained rupee funds in India amounting to Rs. 200 crore by way of a term loan and Rs. 100 crore through the issue of bonds which have been subscribed by the bank.

In respect of tranche 3 of USD 40 million, as per the agreement with financial institution, the Corporation financioverseas and under a back-to-back arrangement obtained has handed over the dollars to rupee funds in India. All payments in foreign currency are the responsibility of the financial institution. In terms of the agreements, the Corporation’s foreign exchange liability is protected.

4.5 The Corporation has availed an External Commercial Borrowing of USD 300 million for financing prospective owners of low cost affordable housing units under "approval route" in terms of Reserve Bank of India ("RBI") guidelines dated December 17, 2012. The borrowing has a maturity of five years. In terms of the RBI guidelines, these borrowings have been swapped into rupees for the entire maturity by way of principal only swaps.

4.6 As on March 31, 2015, the Corporation has foreign currency borrowings of USD 1,013.01 million equivalent (Previous Year USD 740.63 million equivalent). The Corporation has undertaken currency swaps, options and forward contracts on a notional amount of USD 495.81 million equivalent (Previous Year USD 513 million equivalent) to hedge the foreign currency risk. As on March 31, 2015, the Corporation’s net foreign currency exposure on borrowings net of risk management arrangements is USD Nil (Previous Year USD Nil).

Further, interest rate swaps on a notional amount of USD 330 million equivalent (Previous Year USD 83 million equivalent) are outstanding, which have been undertaken to hedge the interest rate risk on the foreign currency borrowings.

As a part of asset liability management on account of the Corporation’s Adjustable Rate Home Loan product as well as to reduce the overall cost of borrowings, the Corporation has entered into interest rate swaps wherein it has converted its fixed rate rupee liabilities of a notional amount ofRs. 15,240 crore (Previous Year Rs. 19,040 crore) as on March 31, 2015 for varying maturities into floating rate liabilities linked to various benchmarks. In addition, the Corporation has entered into currency swaps of a notional amount of USD 408.69 million equivalent (Previous Year USD 409.49 million equivalent) through which it has converted its rupee liabilities into foreign currency liabilities and the interest rate is linked to the benchmarks of respective currencies.

4.7 Monetary assets and liabilities (including those in respect of currency swap contracts) denominated in foreign currencies are revalued at the rate of exchange prevailing at the year end. Monetary items represented by currency swap contracts are restated at closing rate.

For forward contracts or instruments that are in substance, forward exchange contracts, the exchange differences on such contracts are being amortised over the life of contracts. The amount of exchange difference in respect of such contracts to be recognised as expense in the Statement of Profit and Loss over subsequent accounting periods is Rs. Nil (Previous Year Rs. 6.77 crore).

4.8 Public deposits as defined in paragraph 2(1)(y) of the Housing Finance Companies (NHB) Directions, 2010, are secured by floating charge on the Statutory Liquid Assets maintained in terms of sub-sections (1) & Section 29B of the National Housing Bank Act, 1987.

4.9 As at March 31, 2015, the Corporation’s outstanding subordinated debt is Rs. 6,475 crore (Previous Year Rs. 3,475 crore). These debentures are subordinated to present and future senior indebtedness of the Corporation and qualify as Tier II capital under National Housing Bank (NHB) guidelines for assessing capital adequacy. Based on the balance term to maturity as at March 31, 2015, 84.86% (Previous Year 80.29%) of the book value of the subordinated debt is considered as Tier II capital for the purpose of capital adequacy computation.

4.10 Terms of redemption of bonds and debentures and for repayment terms of term loans:

A) BONDS & DEBENTURES

Previous Year figuresare in (brackets)

Rs. in Crore
Bonds & Debentures - Secured
Maturities - 1-3 years 3-5 years > 5 years TOTAL
Rates of Interest
6.03% - 8% 800.00 - - 800.00

(1,380.60)

(500.00)

-

(1,880.60)

8.01% - 10% 24,206.00 8,174.70 10,795.00 43,175.70

(24,474.00)

(10,666.00)

(8,145.00)

(43,285.00)

10.01% - 11.95% 2,205.00 4,200.00 - 6,405.00

(1,085.00)

(5,320.00)

-

(6,405.00)

Zero Coupon 2,990.00 800.00 - 3,790.00

(2,630.00)

(360.00)

-

(2,990.00)

Variable Rate
- Linked to G Sec 12.30 14.10 20.10 46.50

(116.75)

(13.15)

(27.35)

(157.25)

TOTAL SECURED A 30,213.30 13,188.80 10,815.10 54,217.20
A

(29,686.35)

(16,859.15)

(8,172.35)

(54,717.85)

Bonds & Debentures - Unsecured
Maturities - 1-3 years 3-5 years > 5 years TOTAL
Rates of Interest
7.62% - 9.6% 475.00 500.00 5,000.00 5,975.00

(975.00)

-

(2,500.00)

(3,475.00)

TOTAL UNSECURED B 475.00 500.00 5,000.00 5,975.00
B

(975.00)

-

(2,500.00)

(3,475.00)

TOTAL (SECURED & UNSECURED) A+B 30,688.30 13,688.80 15,815.10 60,192.20
A+B

(30,661.35)

(16,859.15)

(10,672.35)

(58,192.85)

B) TERM LOANS FROM BANKS

Previous Year figures are in (brackets)

Rs. in Crore
Term Loans from Banks - Secured
Maturities - 1-3 years 3-5 years > 5 years TOTAL
Rates of Interest
Term Loans from Scheduled Banks - Rupee
7.01% - 9% - - - -

(323.00)

(-)

(-)

(323.00)

9.01% - 10.75% 3,400.00 100.00 1,000.00 4,500.00

(1,000.00)

(2,400.00)

(1,100.00)

(4,500.00)

Term Loans from Scheduled Banks-Foreign Currency
USD LIBOR +150- 200 bps 399.81 - - 399.81

(-)

(-)

(-)

(-)

TOTAL SECURED A 3,799.81 100.00 1,000.00 4,899.81
A

(1,323.00)

(2,400.00)

(1,100.00)

(4,823.00)

Term Loans from Banks - Unsecured
Maturities - 1-3 years 3-5 years > 5 years TOTAL
Rates of Interest
Term Loans from Scheduled Banks - Rupee
9.01% -10.25% 285.00 - - 285.00

(-)

(-)

(-)

(-)

Term Loans from Scheduled Banks - Foreign Currency
USD LIBOR + 325 bps 1,193.20 - - 1,193.20

(782.21)

(-)

(-)

(782.21)

TOTAL UNSECURED B 1,478.20 - - 1,478.20
B

(782.21)

(-)

(-)

(782.21)

TOTAL (SECURED & UNSECURED) A+B 5,278.01 100.00 1,000.00 6,378.01
A+B

(2,105.21)

(2,400.00)

(1,100.00)

(5,605.21)

C) EXTERNAL COMMERCIAL BORROWING - LOW COST AFFORDABLE HOUSING - UNSECURED

Previous Year figures are in (brackets)

Rs. in Crore
Maturities - 1-3 years 3-5 years > 5 years TOTAL
Rates of Interest
USD LIBOR + 175 bps - 1,884.00 - 1,884.00

(-)

(1,805.10)

(-)

(1,805.10)

TOTAL UNSECURED - 1,884.00 - 1,884.00

(-)

(1,805.10)

(-)

(1,805.10)

D) TERM LOANS FROM OTHER PARTIES

Previous Year figures

Rs. in Crore
Term Loans from Other parties - Secured
Maturities - 1-3 years 3-5 years > 5 years TOTAL
Rates of Interest
Asian Development Bank
USD LIBOR + 40 bps 15.57 17.61 25.28 58.46

(14.03)

(15.87)

(32.92)

(62.82)

Variable linked to Bank PLR 24.80 28.04 40.26 93.10

(23.32)

(26.37)

(54.71)

(104.40)

Variable linked to G Sec 21.45 24.25 34.83 80.53

(20.17)

(22.80)

(47.33)

(90.30)

National Housing Bank
6% - 8% 225.80 112.81 127.45 466.06

(195.70)

(121.39)

(18.69)

(335.78)

8.01% - 10% 422.87 153.32 22.81 599.00

(510.10)

(169.82)

(91.22)

(771.14)

10.01% - 10.20% - - - -

(110.18)

(-)

(-)

(110.18)

TOTAL SECURED A 710.49 336.03 250.63 1,297.15
A

(873.50)

(356.25)

(244.87)

(1,474.62)

Term Loans from Other parties - Unsecured
Maturities - 1-3 years 3-5 years > 5 years TOTAL
Rates of Interest
Kreditanstalt fur Wiederaufbau
6% 3.00 - - 3.00

(17.44)

(-)

(-)

(17.44)

TOTAL UNSECURED B 3.00 - - 3.00
B

(17.44)

(-)

(-)

(17.44)

TOTAL (SECURED & UNSECURED) A + B 713.49 336.03 250.63 1,300.15
A + B

(890.94)

(356.25)

(244.87)

(1,492.06)

5. OTHER LONG-TERM LIABILITIES

Rs. in Crore
Particulars March 31, 2015 March 31, 2014
Amounts payable on swaps [Refer Note 4.7] 397.09 718.60
Interest accrued but not due on borrowings 772.20 741.83
Premium payable on redemption of Debentures 1,160.26 693.65
Security and other deposits received 9.50 12.55
Income received in advance 81.78 45.59
Accrued Redemption Loss on Investments 15.98 18.89
Total 2,436.81 2,231.11

6. LONG-TERM PROVISIONS

Rs. in Crore
Particulars March 31, 2015 March 31, 2014
Provision for Employee Benefits[Refer Note 27.3] 49.44 37.96
Provision for Contingencies [Refer Notes 6.1 & 6.2] 1,501.44 1,309.04
Total 1,550.88 1,347.00

6.1 Provision for Contingencies includes provisions for standard assets and all other contingencies. As per National Housing Bank Circular No. NHB/HFC/DIR.4/CMD/2012 dated January 19, 2012 and NHB.HFC.DIR.9/ CMD/2013 dated September 6, 2013, in addition to provision for non performing assets, all housing finance companies are required to carry a general provision. (i) at the rate of 1% of Standard Assets in respect of Commercial Real Estate ("CRE") other than Residential Housing, (ii) at the rate of 0.75% Commercial Real Estate - Residential Housing and (iii) at the rate of 0.40% of the total outstanding amount of loans which are Standard Assets other than (i) & (ii) above. Loans to Individuals for 3rd dwelling units onwards are treated as CRE exposure.

Accordingly, the Corporation is required to carry a minimum provision of Rs. 1,170.92 crore (Previous Year Rs. 1,012.03 crore) towards standard assets [Refer Note 30.1].

6.2 Movement in Provision for Contingencies Account during the year is as under: [Refer Note 32.1]

Rs. in Crore
Particulars Current Year Previous Year
Opening Balance 1,309.04 1,265.24
Additions during the year (Net) [Refer Note 3.4] 202.44 58.20
Utilised during the year towards Diminution in Value of Investments [Refer Note 30.2] (10.04) (14.40)
Closing Balance 1,501.44 1,309.04

7. SHORT-TERM BORROWINGS

Rs. in Crore
Particulars March 31, 2015 March 31, 2014
Loans repayable on demand:
From Banks - Unsecured 116.46 6.12
Deposits - Unsecured [Refer Notes 7.2 & 4.8] 2,822.05 5,761.63
Other loans and advances:
Scheduled Banks - Secured [Refer Note 7.1] 4,660.00 9,800.00
National Housing Bank - Secured [Refer Note 7.1] - -
Scheduled Banks - Unsecured - 500.00
Commercial Papers - Unsecured [Refer Note 7.3] 25,659.20 9,250.10
30,319.20 19,550.10
Total 33,257.71 25,317.85

7.1 All secured short-term borrowings are secured by negative lien on the assets of the Corporation and/or mortgage of property as the case may be, subject to the charge created in favour of its depositors pursuant to the regulatory requirement under Section 29B of the National Housing Bank Act, 1987.

7.2 Deposits includes Rs. 16.84 crore (Previous Year Rs. 24.80 crore) from related parties [Refer Note 35].

7.3 Commercial papers of the Corporation have a maturity value of Rs. 26,665.00 crore (Previous Year Rs. 9,575.00 crore).

8. TRADE PAYABLES

Rs. in Crore
Particulars March 31, 2015 March 31, 2014
Trade Payables 87.80 81.82
Total 87.80 81.82

8.1 Trade Payables include Rs. 0.07 crore (Previous Year Rs. 0.10 crore) payable to "Suppliers" registered under the Micro, Small and Medium Enterprises Development Act, 2006. No interest has been paid/payable by the Corporation during the year to the "Suppliers" covered under the Micro, Small and Medium Enterprises Development Act, 2006. The above information takes into account only those suppliers who have responded to inquiries made by the Corporation for this purpose.

8.2 As required under Section 205C of the Companies Act, 1956, the Corporation has transferred Rs. 2.18 crore (Previous Year Rs. 1.65 crore) to the Investor Education and Protection Fund (IEPF) during the year except to the extent Rs. 0.87 crore in the previous year in respect of claims that are disputed. As of March 31, 2015, no amount was due for transfer to the IEPF.

8.3 Trade Payables includes Rs. 23.08 crore (Previous Year Rs. 19.57 crore) due to related parties [Refer Note 35].

9. OTHER CURRENT LIABILITIES

Rs. in Crore
Particulars March 31, 2015 March 31, 2014
Current maturities of long-term borrowings [Refer Note 9.3] 77,738.98 71,774.30
Interest accrued but due on borrowings 5,409.65 5,385.82
Premium payable on redemption of Debentures 136.54 167.17
Interest accrued and due on matured deposits 78.70 55.19
Income and other amounts received in advance 271.60 184.21
Unclaimed dividend 16.94 14.36
Interim Dividend Payable 3.53 -
Unclaimed matured deposits 617.92 442.56
Other payables
- Statutory Remittances 147.37 152.75
- Financial Assistance received from Kreditanstalt fur Wiederaufbau 7.78 20.93
- Amounts payable - Securitised Loans 567.73 514.84
- Amounts payable on swaps [Refer Note 4.7] 172.57 167.24
- Accrued redemption loss on Investments - 2.32
- Others 37.27 29.81
7,467.60 7,137.20
Total 85,206.58 78,911.50

9.1 Current maturities of Long term borrowings are further sub-classified as under:

Rs. in Crore
Sr. No. Particulars March 31, 2015 March 31, 2014
Secured [Refer Note 9.2]
(i) Bonds and Debentures
- Bonds 5.75 5.25
- Non-Convertible Debentures 29,959.60 26,995.00
(ii) Term Loans from Banks
- Scheduled Banks 9,230.40 11,837.51
(iii) Term Loans from other parties
- Asian Development Bank 28.18 26.22
- Kreditanstalt fur Wiederaufbau - 12.74
- National Housing Bank 391.61 494.18
Total Secured 39,615.54 39,370.90
Unsecured
(i) Bonds and Debentures [Refer Notes 4.9 & 9.3] 500.00 -
(ii) Term Loans from Banks
- Scheduled Banks 2,191.00 1,355.92
(iii) Term Loans from other parties
- Under a line from Kreditanstalt fur Wiederaufbau 14.44 16.70
(iv) Deposits [Refer Note 4.8] 35,418.00 31,030.78
Total Unsecured 38,123.44 32,403.40
Total 77,738.98 71,774.30

9.2 Secured Current maturities of long-term borrowings are secured by negative lien on the assets of the Corporation and/or mortgage of property as the case may be, subject to the charge created in favour of its depositors pursuant to the regulatory requirement under Section 29B of the National Housing Bank Act, 1987.

9.3 Current maturities of Non-Convertible Debentures includes Rs. 116.00 crore (Previous Year Rs. 40.00 crore) and Deposits includes Rs. 0.98 crore (Previous Year Rs. 3.87 crore) from related parties [Refer Note 35].

10. SHORT-TERM PROVISIONS

Rs. in Crore
Particulars March 31, 2015 March 31, 2014
Provision for Employee benefits [Refer Note 27.3] 110.52 88.50
Provision for Tax (Net of Advance Tax) 64.53 62.43
Proposed Dividend 2,047.11 2,184.75
Additional Tax on Dividend 416.74 371.30
2,638.90 2,706.98

11. TANGIBLE ASSETS

Previous Year figures are in (brackets)

Rs. in Crore

GROSS BLOCK DEPRECIATION AND AMORTISATION NET BLOCK
As at March 31, 2014 Additions Deductions As at March 31, 2015 As at March 31, 2014 For the Year Deductions As at March 31, 2015 As at March 31, 2015 As at March 31, 2014
Land:
Freehold 15.70 - - 15.70 - - - - 15.70 15.70

(15.70)

-

-

(15.70)

-

-

-

-

(15.70)

(15.70)

Leasehold 3.45 366.80 - 370.25 0.65 2.29 - 2.94 367.31 2.80

(3.45)

-

-

(3.45)

(0.61)

(0.04)

-

(0.65)

(2.80)

(2.84)

Buildings:
Own Use 205.78 59.40 37.02 228.16 44.41 3.08 8.14 39.35 188.81 161.37

(211.08)

(2.11)

(7.41)

(205.78)

(42.44)

(3.35)

(1.38)

(44.41)

(161.37)

(168.64)

Leasehold Improvements 55.07 2.17 1.28 55.96 16.22 12.81 1.27 27.76 28.20 38.85

(16.03)

(39.35)

(0.31)

(55.07)

(10.68)

(5.84)

(0.30)

(16.22)

(38.85)

(5.35)

Computer Hardware 66.91 12.99 2.01 77.89 56.43 4.21 2.01 58.63 19.26 10.48

(61.23)

(7.83)

(2.15)

(66.91)

(51.79)

(6.79)

(2.15)

(56.43)

(10.48)

(9.44)

Furniture and Fittings:
Own Use 61.11 2.49 4.33 59.27 42.81 (1.39) 4.17 37.25 22.02 18.30

(52.62)

(13.05)

(4.56)

(61.11)

(42.15)

(4.61)

(3.95)

(42.81)

(18.30)

(10.47)

Under Operating Lease 0.71 - 0.71 - 0.63 0.06 0.69 - - 0.08

(0.71)

-

-

(0.71)

(0.62)

(0.01)

-

(0.63)

(0.08)

(0.09)

Office Equipment etc. :
Own Use 57.11 3.22 3.65 56.68 33.57 2.54 3.30 32.81 23.87 23.54

(46.36)

(13.15)

(2.40)

(57.11)

(30.42)

(4.85)

(1.70)

(33.57)

(23.54)

(15.94)

Under Operating Lease 0.79 - 0.79 - 0.67 0.12 0.79 - - 0.12

(0.79)

-

-

(0.79)

(0.65)

(0.02)

-

(0.67)

(0.12)

(0.14)

Vehicles 11.73 2.88 1.43 13.18 7.21 0.66 1.36 6.51 6.67 4.52

(11.12)

(2.02)

(1.41)

(11.73)

(6.77)

(1.58)

(1.14)

(7.21)

(4.52)

(4.35)

Leased Assets:
Plant & Machinery* 129.18 - - 129.18 129.18 - - 129.18 - -

(129.18)

-

-

(129.18)

(129.18)

-

-

(129.18)

-

-

Vehicles* 16.37 - - 16.37 16.37 - - 16.37 - -

(16.37)

-

-

(16.37)

(16.37)

-

-

(16.37)

-

-

Total 623.91 449.95 51.22 1,022.64 348.15 24.38 21.73 350.80 671.84 275.76
Previous Year

(564.64)

(77.51)

(18.24)

(623.91)

(331.68)

(27.09)

(10.62)

(348.15)

(275.76)

(232.96)

* Assets held for disposal

11.1 The Corporation has reviewed its policy of providing for depreciation on its tangible fixed assets and has also reassessed their useful lives. On and from April 1, 2014, the straight line method is being used to depreciate all classes of tangible fixed assets. Previously, the straight line method was used for depreciating Buildings, Computers, Leased Assets and Leasehold Improvements while other tangible fixed assets were being depreciated using the reducing balance method. The revised useful lives, as assessed by Management, match those specified in Part C of Schedule II to the Companies Act, 2013, for all classes of assets Computer Hardware and Vehicles. Management believes that the revised useful lives of the assets reflect the periods over which these assets are expected to be used.

As a result of the change, the charge on account of Depreciation for year, is lower by Rs. 12.94 crore compared to the method used and useful lives estimated in earlier periods.

11.2 Depreciation charge for the financial year above, excludes Rs. 3.98 crore (Previous Year Rs. 2.27 crore) being depreciation charge on investment in Properties.

12. INTANGIBLE ASSETS

Previous Year figures are in (brackets)

Rs. in Crore

GROSS BLOCK DEPRECIATION AND AMORTISATION NET BLOCK
As at March 31, 2014 Additions Deductions As at March 31, 2015 As at March 31, 2014 For the Year Deductions As at March 31, 2015 As at March 31, 2015 As at March 31, 2014
Computer Software Licences 14.02 1.82 - 15.84 9.30 1.42 - 10.72 5.12 4.72
(Acquired)

(11.77)

(2.25)

-

(14.02)

(6.79)

(2.51)

-

(9.30)

(4.72)

(4.98)

Total 14.02 1.82 - 15.84 9.30 1.42 - 10.72 5.12 4.72
Previous Year

(11.77)

(2.25)

-

(14.02)

(6.79)

(2.51)

-

(9.30)

(4.72)

(4.98)

13. NON-CURRENT INVESTMENTS (AT COST)

As at March 31, 2015 As at March 31, 2014
Rs. in Crore Rs. in Crore
Trade Investments :
Equity Shares - Subsidiaries and Associate Companies 8,250.18 8,242.05
Preference Shares - Convertible - Subsidiary Company 67.00 67.00
Debentures - Redeemable - Subsidiary Company 79.00 74.00
Venture Funds 223.49 182.80
Non-Trade Investments :
Equity Shares 552.70 745.59
Preference Shares - Convertible 0.50 0.50
Preference Shares - Cumulative Redeemable 5.99 5.99
Debentures and Bonds - Redeemable - for Financing Real Estate Projects 63.33 163.33
Debentures and Bonds - Redeemable - Others - 20.00
Pass Through Certificates and Security Receipts - for Financing 37.10 41.91
Real Estate Projects
Security Receipts - Others 8.11 21.97
Government Securities 4,087.64 3,719.77
Mutual Funds 10.00 10.00
Venture Funds 110.08 54.22
Properties [Net of Depreciation of Rs. 15.11 crore 270.93 102.88
(Previous Year Rs. 13.13 crore)]
13,766.05 13,452.01
Less: Provision for other than temporary Diminution in 74.35 81.72
Value of Investments
13,691.70 13,370.29

 

Book Value Market Value
Rs. in Crore Rs. in Crore
Aggregate of Quoted Investments 5,806.92 45,661.78
Previous Year

5,966.95

32,982.31

Aggregate of Investments listed but not quoted 4,150.97
Previous Year

3,883.10

Aggregate of Investments in Unquoted Mutual Funds (Refer Note 2 below) 10.00 10.20
Previous Year

10.00

10.06

Aggregate of Unquoted Investments (Others) 3,452.88
Previous Year

3,407.36

Properties 270.93
Previous Year

102.88

13,691.70
Previous Year

13,370.29

Trade Investments :

Number of Shares Face Value per Share As at March 31, 2015 Number of Shares Face Value per Share As at March 31, 2014
Rs. Rs. in Crore Rs. Rs. in Crore
Equity Shares - Subsidiaries and Associate Companies (fully paid)
Subsidiaries
Credila Financial Services Pvt. Ltd. 4,22,72,003 10 47.97 422,72,003 10 47.97
GRUH Finance Ltd.* 21,30,77,850 2 60.74 10,65,38,925 2 60.74
HDFC Asset Management Co. Ltd. 1,50,96,600 10 235.88 1,50,96,600 10 235.88
HDFC Developers Ltd. 30,50,000 10 3.05 50,000 10 0.05
HDFC Education and Development 1,51,00,000 10 15.10 1,01,00,000 10 10.10
Services Pvt. Ltd.
HDFC ERGO General Insurance Co. Ltd. 39,66,08,250 10 644.96 39,07,32,250 10 597.96
HDFC Holdings Ltd. 18,00,070 10 102.40 18,00,070 10 102.40
HDFC Investments Ltd. 2,66,70,500 10 66.15 2,66,70,500 10 66.15
HDFC Property Ventures Ltd. 10,00,000 10 1.00 10,00,000 10 1.00
HDFC Realty Ltd. 77,50,070 10 7.31 77,50,070 10 7.31
HDFC Sales Pvt. Ltd. 40,10,000 10 4.02 40,10,000 10 4.02
HDFC Standard Life Insurance Co. Ltd. 140,92,99,334 10 1,508.78 144,37,33,842 10 1,545.64
HDFC Trustee Co. Ltd. 1,00,000 10 0.10 1,00,000 10 0.10
HDFC Venture Capital Ltd. 4,02,500 10 0.40 4,02,500 10 0.40
HDFC Ventures Trustee Co. Ltd. 50,000 10 0.05 50,000 10 0.05
H T Parekh Foundation - - - 1,00,09,990 10 10.01
2,697.91 2,689.78
Associate Companies
HDFC Bank Ltd.* 39,32,11,100 2 5,549.74 39,32,11,100 2 5,549.74
India Value Fund Advisors Pvt. Ltd. 9,75,002 4 0.03 9,75,002 4 0.03
RuralShores Business Services Pvt. Ltd. 4,76,351 10 2.50 4,76,351 10 2.50
5,552.27 5,552.27
8,250.18 8,242.05

* listed shares

Number of Shares Face Value per Share As at March 31, 2015 Number of Shares Face Value per Share As at March 31, 2014
Rs. Rs. in Crore Rs. Rs. in Crore
Preference Shares - Convertible
- Subsidiary Company (fully paid)
0.01% Credila Financial Services Pvt. Ltd. (Compulsorily Fully Convertible) 6,69,99,956 10 67.00 6,69,99,956 10 67.00
67.00 67.00

 

Number of Debentures/ Face Value per Debenture/ Bond As at March 31, 2015 Number of Debentures/ Face Value per Debenture/ Bond As at March 31, 2014
Bonds Rs. Rs. in Crore Bonds Rs. Rs. in Crore
Debentures - Redeemable
- Subsidiary Company (fully paid)
12.75% Credila Financial Services Pvt. Ltd. 100 10,00,000 10.00 100 10,00,000 10.00
12.75% Credila Financial Services Pvt. Ltd. 100 10,00,000 10.00 100 10,00,000 10.00
12.75% Credila Financial Services Pvt. Ltd. 100 10,00,000 10.00 100 10,00,000 10.00
12.75% Credila Financial Services Pvt. Ltd. 100 10,00,000 10.00 100 10,00,000 10.00
12.75% Credila Financial Services Pvt. Ltd. 100 10,00,000 10.00 100 10,00,000 10.00
12.75% Credila Financial Services Pvt. Ltd. 90 10,00,000 9.00 90 10,00,000 9.00
12.75% Credila Financial Services Pvt. Ltd. 100 10,00,000 10.00 100 10,00,000 10.00
12.75% Credila Financial Services Pvt. Ltd. 50 10,00,000 5.00 50 10,00,000 5.00
12.75% Credila Financial Services Pvt. Ltd. 50 10,00,000 5.00 - - -
79.00 74.00
Venture Funds
HDFC Investment Trust 172.35 182.80
HDFC Investment Trust II 51.14 -
223.49 182.80

 

Non - Trade Investments:
Number of Shares Face Value per Share As at March 31, 2015 Number of Shares Face Value per Share As at March 31, 2014
Rs. Rs. in Crore Rs. Rs. in Crore
Equity Shares (fully paid)
Unlisted :
AEC Cements and Constructions Ltd. 2,80,000 10 0.28 2,80,000 10 0.28
Avantha Power & Infrastructure Ltd. - 145,35,188 10 45.00
Asset Reconstruction Co. (India) Ltd. 75,41,137 10 46.37 75,41,137 10 46.37
Career Launcher Education - 9,38,028 10 21.18
Infrastructure & Services Ltd.
Computer Age Management Services 54,06,680 10 1.51 54,06,680 10 1.51
Pvt. Ltd.
Citrus Processing India Pvt. Ltd. 11,51,234 10 34.09 9,28,414 10 27.49
CL Educate Ltd. 5,94,233 10 35.08 - - -
Feedback Ventures Pvt. Ltd. 18,10,515 10 8.97 18,10,515 10 8.97
GVFL Ltd. 1,50,000 10 0.27 1,50,000 10 0.27
Goods & Services Tax Network 10,00,000 10 1.00 97,143 10 0.10
Idhasoft Ltd. 4,71,06,525 1 8.21 4,71,06,525 1 8.21
INCAB Industries Ltd. 76,188 10 0.23 76,188 10 0.23
Infrastructure Development Corporation (Karnataka) Ltd. 1,50,000 10 0.15 1,50,000 10 0.15

 

Number of Shares Face Value per Share As at March 31, 2015 Number of Shares Face Value per Share As at March 31, 2014 Rs. in Crore
Rs. Rs. in Crore Rs.
Infrastructure Leasing & Financial Services Ltd. 1,15,87,194 10 78.11 1,15,87,194 10 78.11
IVF Advisors Pvt. Ltd. 2,000 10 0.01 2,000 10 0.01
Kesoram Textile Mills Ltd. (received on demerger in 1999-2000) 22,258 2 - 22,258 2 -
Mahindra First Choice Wheels Ltd. 31,82,000 10 4.84 31,82,000 10 4.84
MIEL e-Security Pvt. Ltd. 1,11,112 10 4.11 1,11,112 10 4.11
National Stock Exchange of India Ltd. 73,750 10 21.45 73,750 10 21.45
Next Gen Publishing Ltd. 19,35,911 10 1.70 19,35,911 10 1.70
Novacel Life Sciences Ltd. 7,50,000 10 0.75 7,50,000 10 0.75
OCM India Ltd. 22,56,295 10 3.41 22,56,295 10 3.41
Tamil Nadu Urban Infrastructure Financial Services Ltd. 1,50,000 10 0.15 1,50,000 10 0.15
Tamil Nadu Urban Infrastructure Trustee Co. Ltd. 15,000 10 0.02 15,000 10 0.02
The Greater Bombay Co-operative Bank Ltd.* - - - 40 25 -
The Ratnakar Bank Ltd. 88,04,680 10 58.99 88,04,680 10 58.99
TVS Credit Services Ltd. 50,00,000 10 10.00 50,00,000 10 10.00
VBHC Value Homes Private Limited [Erstwhile Value & Budget Housing Corporation (India) Pvt. Ltd.] 1,89,394 10 6.08 2,63,626 10 8.46
Vayana Enterprises Pvt. Ltd. 10,44,776 10 3.47 10,44,776 10 3.47
329.25 355.23
Listed :
Axis Bank Ltd. - - - 1,31,377 10 16.52
Andhra Cements Ltd. 2,59,57,055 10 49.82 2,59,57,055 10 49.82
BASF India Ltd. - - - 1,89,635 10 12.74
Bharat Bijlee Ltd. 1,22,480 10 2.65 1,22,480 10 2.65
Credit Analysis and Research Ltd. - - - 2,422 10 0.18
Castrol India Ltd. - - - 1,87,483 10 3.14
Coromandel International Ltd. (received under Scheme of Arrangement in 2003-04) 2,69,330 2 - 2,69,330 2 -
Crompton Greaves Ltd. - - - 1,68,750 2 4.27
DCB Bank Ltd. (Erstwhile Development Credit Bank Ltd.) 40,47,926 10 16.89 40,47,926 10 16.89
Engineers India Ltd. - - - 3,11,992 5 10.86
Grasim Industries Ltd. - - - 37,300 10 11.50
Hindustan Oil Exploration Co. Ltd. 1,48,26,303 10 105.50 1,48,26,303 10 105.50
Indian Oil Corporation Ltd. - - - 1,51,000 10 4.94
ICICI Bank Ltd. - - - 48,000 10 4.98
Indraprastha Medical Corporation Ltd. 90,00,000 10 38.65 90,00,000 10 38.65
Infosys Technologies Ltd. - - - 33,000 5 9.69
IDFC Ltd. 27,94,319 10 2.79 27,94,319 10 2.79
ITC Ltd. - - - 2,51,000 1 4.07
Larsen & Toubro Ltd. - - - 52,500 2 4.88
Mahindra & Mahindra Ltd. - - - 3,15,000 5 5.87

 

Number of Shares Face Value per Share As at March 31, 2015 Number of Face Value per Share As at March 31, 2014
Rs. Rs. in Crore Shares Rs. Rs. in Crore
Nestle India Ltd. - - - 8,200 10 3.49
Nirlon Ltd. - - - 9,09,000 10 5.00
NMDC Ltd. - - - 1,66,660 1 5.00
Oil & Natural Gas Corporation Ltd. - - - 2,10,000 5 6.97
Reliance Industries Ltd. - - - 1,41,169 10 14.36
Shipping Corporation of India Ltd. - - - 1,28,439 10 1.80
Siemens Ltd. 2,02,707 2 7.15 7,87,707 2 27.81
State Bank of India - - - 40,000 10 8.09
Tata Steel Ltd. - - - 1,36,448 10 7.90
223.45 390.36
* Amount less than Rs. 50,000 552.70 745.59

 

Number of Shares Face Value per Share As at March 31, 2015 Number of Shares Face Value per Share As at March 31, 2014
Rs. Rs. in Crore Rs. Rs. in Crore
Preference Shares - Convertible (fully paid)
0.02% Ziqitza Healthcare Ltd. (Compulsorily Fully Convertible Preference Shares) 2,350 10 0.50 2,350 10 0.50
0.50 0.50
Preference Shares - Cumulative Redeemable (fully paid)
0.001% BPL Ltd. 5,99,014 100 5.99 5,99,014 100 5.99
5.99 5.99

 

Number of Debentures/ Bonds Face Value per Debenture/ Bond March 31, 2015 As at Number of Debentures/ Bonds Face Value per Debenture/ Bond As at March 31, 2014
Rs. Rs. in Crore Rs. Rs. in Crore
Debentures and Bonds - Redeemable
- for financing Real Estate Projects (fully paid)
- Zero Coupon Bonds
- Listed Unquoted
NHB Sumeru Zero Coupon Bonds (Refer Note 3 below) (yield to maturity - 9%) 1,50,000 10,000 63.33 1,50,000 10,000 63.33
Trent Ltd. (yield to maturity - 10%) - - - 1,000 10,00,000 100.00
63.33 163.33
Debentures and Bonds - Redeemable - Others (fully paid)
- Unlisted
3% Feedback Infra Private Ltd. (yield to maturity -13%) - - - 2,00,000 1,000 20.00
- 20.00

 

As at March 31, 2015 As at March 31, 2014
Rs. in Crore Rs. in Crore
Pass Through Certificates & Security Receipts
- for financing Real Estate Projects
Pass Through Certificates 17.13 21.94
Security Receipts 19.97 19.97
37.10 41.91
- Others
Security Receipts 8.11 21.97
8.11 21.97
Government Securities
Government of India Loans 4,087.64 3,719.77
Schemes of Mutual Funds
HDFC Mutual Fund 10.00 10.00
10.00 10.00
Venture Funds
Faering Capital India Evolving Fund 27.11 17.06
Gaja Capital India Fund - 8.40
India Value Fund 47.24 12.98
India Venture Trust 5.00 5.00
Kaizen Domestic Scheme 1 7.29 5.50
Tata Capital Growth Fund 6.72 5.28
Tamil Nadu Urban Development Fund 16.72 -
110.08 54.22

Notes :

1) Unquoted investments include Rs. Nil (Previous Year Rs. 6.08 crore) in respect of equity shares, which are subject to a lock-in period and include Rs. 40.17 crore (Previous Year Rs. 35.96 crore) in respect of equity shares, which are subject to restrictive covenant. Quoted investments include Rs. 60.74 crore (Previous Year Rs. 60.74 crore) in respect of equity shares, which are subject to restrictive covenant.

2) Market value of Investments in Unquoted Mutual Funds represents the repurchase price of the units issued by the Mutual Funds.

3) NHB Sumeru Zero Coupon Bonds are held as Capital Assets under Section 2(48) of the Income Tax Act, 1961.

14. DEFERRED TAX ASSET/LIABILITY

In compliance with the Accounting Standard relating to ‘Accounting for Taxes on Income’ (AS 22), the Corporation has taken debit of Rs. 271.00 crore (Previous Year Rs. 27.00 crore) in the Statement of Profit and Loss for the year ended March 31, 2015 towards deferred tax liability (net) for the year, arising on account of timing differences, Rs. 559.54 crore (Previous Year Rs. Nil) has been adjusted against utilisation from the General Reserve (as per Note 3.2) and Rs. Nil (Previous Year Rs. 25.49 crore) has been adjusted against the utilisation from Statutory Reserve (As per Section 29C of National Housing Bank Act, 1987) as per Note 3.4.

The major components of deferred tax assets and liabilities are :

Rs. in Crore

Particulars Assets Liabilities
Current Year Previous Year Current Year Previous Year
a) Depreciation - - 61.92 50.66
b) Special Reserve I & II - - 924.31 -
c) Provision for Contingencies 726.81 669.62 - -
d) Provision for Employee Benefits 43.48 31.16 - -
e) Accrued Redemption Loss (net) 5.53 7.21 - -
f) Others (net) 9.74 - - 27.46
Total 785.56 707.99 986.23 78.12
Net Deferred Tax Asset/Liability 629.87 200.67

15. LONG-TERM LOANS AND ADVANCES

Rs. in Crore
Particulars As at March 31, 2015 As at March 31, 2014
Loans: [Refer Notes 15.3, 15.4 & 15.5]
- Individuals 1,46,668.23 1,25,768.44
- Corporate Bodies 52,768.61 48,785.08
- Others 2,724.33 1,738.52
2,02,161.17 1,76,292.04
Less: Provision for Sub-Standard and Doubtful loans [Refer Notes 15.6 & 30.1] (including additional provision made by the Corporation in the previous year) (480.74) (545.96)
2,01,680.43 1,75,746.08
Others:
Corporate Deposits - Unsecured; Considered doubtful 2.00 2.00
Capital Advances - Unsecured; Considered good 10.70 3.99
Advance against Investment in Properties 0.59 184.82
Security Deposits - Unsecured; Considered good 18.69 311.35
Instalments due from borrowers 99.39 83.92
- Secured; Considered doubtful
Others - Unsecured; Considered doubtful 49.71 49.71
Other Long-term Loans and Advances:
- Staff Loans Others - Secured; Considered good [Refer Note 15.1] 17.53 14.95
- Prepaid Expenses - Unsecured; Considered good 91.16 61.54
- Advance Tax (Net of Provision) 2,326.66 1,979.75
2,616.43 2,692.03
Less : Provision for Doubtful Corporate Deposit & Other Receivables [Refer Note 32.1] 51.71 51.71
2,564.72 2,640.32
Total 2,04,245.15 1,78,386.40

15.1 Loans includes amounts due from the directors Rs. 0.08 crore (Previous Year Rs. 0.13 crore) [Refer Note 35].

15.2 Investments in Debentures, Pass Through Certificates and Security Receipts amounting to Rs. 100.44 crore (Previous Year Rs. 205.24 crore) are towards financingReal Estate Projects. The Debentures, Pass Through Certificates and Security Receipts are reflected in Note 13.

15.3 Loans granted by the Corporation aggregating to Rs. 1,99,935.60 crore (Previous Year Rs. 1,74,277.73 crore) are secured or partly secured by:

(a) Equitable mortgage of property and/or

(b) Pledge of shares, units, other securities, assignment of life insurance policies and/or

(c) Hypothecation of assets and/or

(d) Bank guarantees, company guarantees or personal guarantees and/or

(e) Negative lien and/or

(f) Assignment of hire purchase receivables and/or

(g) Undertaking to create a security.

15.4 Loans include Rs. 198.33 crore (Previous Year Rs. 35.31 crore) in respect of properties held for disposal under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

15.5 Long term loans and advances includes Sub-Standard and Doubtful Loans of Rs. 1,542.36 crore (Previous Year Rs. 1,413.12 crore) [Refer Note 30.1].

15.6 Movement in Provision for Sub-Standard and Doubtful Loans is as under: [Refer Note 32.1]

Rs. in Crore
Particulars As at March 31, 2015 As at March 31, 2014
Opening Balance 545.96 475.33
Additions/(Reversal) during the year (Net) [Refer Note 3.4] (37.44) 116.80
Utilised during the year towards Loans written off (27.78) (46.17)
Closing Balance 480.74 545.96

16. OTHER NON-CURRENT ASSETS

Rs. in Crore
As at March 31, 2015 As at March 31, 2014
Unamortised discount on Non-Convertible Debentures - 2.24
Receivables on Securitised Loans 353.19 331.57
Forward Receivable 104.00 104.00
Interest accrued but not due on Loans 373.24 356.99
Interest accrued but not due on Bank Deposits 26.16 0.02
Income accrued but not due on Investments 42.93 56.31
Bank Deposits with maturities beyond twelve months from the Balance 1,863.59 62.95
Sheet date [Refer Note 16.1]
Total 2,763.11 914.08

16.1 Bank deposits, with maturities beyond twelve months from the Balance Sheet date, includes earmarked balances Rs. 58.46 crore (Previous Year Rs. 62.82 crore) against foreign currency loans [Refer Note 4.4] and Rs. 0.13 crore (Previous Year Rs. 0.13 crore) towards letter of credit issued by Bank.

17. CURRENT INVESTMENTS

As at March 31, 2015 As at March 31, 2014
Rs. in Crore Rs. in Crore
Held as current Investments
(At lower of cost and fair value unless stated otherwise)
Trade
Equity Shares - Subsidiary Companies 108.67 108.67
Debentures - Convertible - Subsidiary Companies - for Financing Real Estate Projects - Redeemable [Refer Note 20.5] 265.18 265.18
Non Trade
Equity Shares - Unlisted 45.00 -
Debentures and Bonds - Redeemable 10.00 20.00
Current portion of Long-Term Investments (at cost)
Debentures and Bonds - Redeemable - for Financing Real Estate Projects [Refer Note 20.5] 100.00 -
Debentures and Bonds - Redeemable - Others 20.00 19.99
Pass Through Certificates and Security Receipts - for Financing Real Estate Projects 13.11 -
Government Securities - 42.60
Venture Funds & Other Funds 44.77 86.07
606.73 542.51
Less: Provision for Diminution in Value of Investments 4.09 0.15
602.64 542.36

 

Book Value Market Value
Rs. in Crore Rs. in Crore
Aggregate of Quoted Investments - -
Previous Year

10.00

9.85

Aggregate of Investments listed but not quoted 110.00
Previous Year

52.60

Aggregate of Unquoted Investments (Others) 492.64
Previous Year

479.76

602.64
Previous Year

542.36

 

Number of Shares Face Value per Share As at March 31, 2015 Number of Shares Face Value per Share As at March 31, 2014
Rs. Rs. in Crore Rs. Rs. in Crore
Held as Current Investments
Trade Investments :
Equity Shares - Subsidiary Companies (fully paid) *
Grandeur Properties Pvt. Ltd. 10,000 10 49.80 10,000 10 49.80
Windermere Properties Pvt. Ltd. 10,000 10 56.68 10,000 10 56.68
Winchester Properties Pvt. Ltd. 10,000 10 2.19 10,000 10 2.19
Pentagram Properties Pvt. Ltd. 10,000 10 - 10,000 10 -
Haddock Properties Pvt. Ltd. 10,000 10 - 10,000 10 -
108.67 108.67

 

Debentures - Convertible - Subsidiary Companies - for Financing Real Estate Projects
- Redeemable (fully paid)*

 

Number of Debentures/ Bonds Face Value per Debenture/ Bond As at March 31, 2015 Number of Debentures/ Bonds Face Value per Debenture/ Bond As at March 31, 2014
Rs. Rs. in Crore Rs. Rs. in Crore
6.40% Haddock Properties Pvt. Ltd. 6,981 1,00,000 56.39 6,981 1,00,000 56.39
9.00% Pentagram Properties Pvt. Ltd. 5,532 1,00,000 54.47 5,532 1,00,000 54.47
6.50% Winchester Properties Pvt. Ltd. 3,912 1,00,000 39.12 3,912 1,00,000 39.12
7.70% Windermere Properties Pvt. Ltd. 11,520 1,00,000 115.20 11,520 1,00,000 115.20
265.18 265.18

* received in specie distribution

Non-Trade Investments :

Number of Shares Face Value per Share As at March 31, 2015 Number of Shares Face Value per Share As at March 31, 2014
Rs. Rs. in Crore Rs. Rs. in Crore
Equity Shares - Unlisted
Avantha Power & Infrastructure Ltd. 145,35,188 10 45.00 - - -
45.00

Debentures and Bonds - Redeemable (fully paid)

Number of Debentures/ Bonds Face Value per Debenture/ Bond As at March 31, 2015 Number of Debentures/ Bonds Face Value per Debenture/ Bond As at March 31, 2014
Rs. Rs. in Crore Rs. Rs. in Crore
- Listed Unquoted
11.25% DCB Bank Ltd. (Erstwhile Development Credit Bank Ltd.) 100 10,00,000 10.00 100 10,00,000 10.00
- Listed Quoted
12.15% Religare Finvest Ltd. - - - 1,00,000 1,000 10.00
10.00 20.00
Currect portion of Long Term Investments
Debentures and Bonds - Redeemable
- for financing Real Estate Projects (fully paid)
- Zero Coupon Bonds
- Listed Unquoted - - -
Trent Ltd. (yield to maturity - 10%) 1,000 10,00,000 100.00
100.00
Debentures and Bonds - Redeemable - Others (fully paid)
- Unlisted
5.64% Mandava Holdings Private Limited - - - 4 5,00,00,000 19.99
(yield to maturity - 14.10%)
3.00% Feedback Infra Pvt. Ltd. 2,00,000 1,000 20.00 - - -
(yield to maturity -13%) 20.00 19.99

 

As at March 31, 2015 As at March 31, 2014
Rs. in Crore Rs. in Crore
Pass Through Certificates & Security Receipts
- for financing Real Estate Projects
Pass Through Certificates 1.59 -
Security Receipts 11.52 -
13.11 -
Government Securities
Government of India Loans - 42.60
Venture Funds and Other Funds
India Value Fund 8.99 41.98
Gaja Capital India Fund 8.40 -
Tamil Nadu Urban Development Fund - 16.71
HDFC Property Fund - Scheme HDFC India Real Estate Fund 27.38 27.38
44.77 86.07

18. TRADE RECEIVABLES

Rs. in Crore
Particulars As at March 31, 2015 As at March 31, 2014
Trade Receivables - Unsecured; Considered good, less than six months 46.18 84.52
Total 46.18 84.52

18.1 Trade Receivables includes amounts due from the related parties Rs. 45.14 crore (Previous Year Rs. 71.60 crore) [Refer Note 35].

19. CASH AND BANK BALANCES

Rs. in Crore
Particulars As at March 31, 2015 As at March 31, 2014
(a) Cash and cash equivalents
(i) Balances with banks:
In Current Accounts 61.50 2,083.40
In Deposit accounts with original maturity less than 3 months 2,600.00 3,525.00
(ii) Cash on hand 0.31 0.50
(iii) Cheques on hand 95.12 25.82
2,756.93 5,634.72
(b) Other Bank balances
(i) Earmarked balances with banks
- Unclaimed Dividend Account 20.47 14.36
- Towards Guarantees Issued by Banks 0.13 0.14
- Other - Against Foreign Currency Loans [Refer Note 4.4] 7.10 6.40
(ii) Short-term bank deposits 580.02 2,059.90
Total 3,364.65 7,715.52

20. SHORT-TERM LOANS AND ADVANCES

Rs. in Crore
Particulars As at March 31, 2015 As at March 31, 2014
Loans: [Refer Note 20.1]
Current maturities of long-term loans and advances 23,569.97 18,310.72
Corporate Bodies 2,449.72 2,497.59
26,019.69 20,808.31
Others:
Current maturities of Staff Loans - others - Secured; 4.35 3.75
Considered good [Refer Note 20.6]
Corporate Deposits [Refer Notes 20.2, 20.3 & 20.5] 921.34 1,403.01
Instalments due from borrowers - Secured; 900.88 763.72
Considered good
Other Advances - Unsecured; Considered good 33.26 24.97
[Refer Note 20.4]
Prepaid Expenses - Unsecured; Considered good 99.22 96.46
Security Deposits - Unsecured; Considered good 7.23 11.45
Sub Total 1,966.28 2,303.36
Total 27,985.97 23,111.67

20.1 L oans granted by the Corporation, aggregating Rs. 22,922.81 crore (Previous Year Rs. 19,343.97 crore) are secured and considered good [Refer Note 15.3]. 20.2 Out of the Corporate Deposits, amounts aggregating to Rs. 253.40 crore (Previous Year Rs. 601.65 crore) are secured and considered good [Refer Note 15.3].

20.3 Corporate Deposits includes amounts due from the related parties Rs. 23.58 crore (Previous Year Rs. 25.00 crore) [Refer Note 35].

20.4 Other Advances includes amounts due from the related parties Rs. 9.48 crore (Previous Year Rs. 9.51 crore) [Refer Note 35].

20.5 Investments in Debentures and Corporate Deposits amounting to Rs. 604.77 crore (Previous Year Rs. 547.93 crore) are towards financing Real Estate Projects. The Debenturesarereflected in Note 17.

20.6 Current maturities of staff loans includes amounts due from the directors Rs. 0.05 crore (Previous Year Rs. 0.02 crore) [Refer Note 35].

21. OTHER CURRENT ASSETS

Rs. in Crore
Particulars As at March 31, 2015 As at March 31, 2014
Receivables on Securitised Loans 53.30 30.11
Interest accrued but not due on Loans 343.13 206.31
Interest accrued and due on Loans 0.22 5.65
Income accrued but not due on Investments 166.81 105.41
Interest accrued but not due on Corporate Deposits 11.12 38.53
Interest accrued and due on Corporate Deposits 0.72 10.39
Application money - Investments 0.90
Total 575.30 397.30

22. CONTINGENT LIABILITIES AND COMMITMENTS

The Company has certain matters in appellate, judicial and arbitration proceedings (including those described below) arising in the course of conduct of the Company’s businesses and is exposed to other contingencies arising from having issued guarantees and undertakings. Some of these proceedings in respect of matters under litigation are in various stages, and in some other cases, the claims are indeterminate.

22.1 Given below are amounts in respect of claims asserted by revenue authorities and others;

a) Contingent liability in respect of income-tax demands, net of amounts provided for and disputed by the Corporation, amounts to Rs. 1,103.51 crore (Previous Year Rs. 919.19 crore). The said amount has been paid/ adjusted and will be received as refund if the matters are decided in favour of the Corporation.

b) Contingent liability in respect of disputed dues towards wealth tax, interest on lease tax and payment towards employers’ contribution to ESIC not provided for by the Corporation amounts to Rs. 0.15 crore (Previous Year Rs. 0.15 crore).

Management is generally unable to reasonably estimate a range of possible loss for proceedings or disputes other than those included in the estimate above as plaintiffs/parties have not claimed an amount of money damages, the proceedings are in early stages and/or there are significant factual issues

The management believes that the above claims made are untenable and is contesting them.

22.2 Contingent liability in respect of guarantees and undertakings comprise of the following;

a) Guarantees Rs. 361.68 crore (Previous Year Rs. 435.26 crore).

b) Corporate undertakings for securitisation of receivables aggregated to Rs. 1,919.65 crore (Previous Year Rs. 1,943.05 crore). The outflows would arise in the event of a shortfall, if any, in the cash flows of the pool of the securitised receivables.

In respect of these guarantees and undertaking, management does not believe, based on currently available information, that the maximum outflow that could arise, will have a material adverse effect on the Company’s financial condition.

22.3 Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) is Rs. 252.82 crore (Previous Year Rs. 59.30 crore).

23. REVENUE FROM OPERATIONS

Rs. in Crore
Particulars Current Year Previous Year
Interest Income :
- Interest on Loans 24,713.80 21,870.87
- Other Interest [Refer Note 23.1] 891.79 822.30
- Net Gain on foreign currency transactions and translation 0.18 1.78
Income from Leases 10.38 10.92
Dividends [Refer Note 23.2] 688.28 555.59
Surplus from deployment in Cash Management Schemes of Mutual Funds 364.55 337.38
[Refer Note 23.3]
Fees and Other Charges [Refer Note 23.4] 290.90 295.19
Total 26,959.88 23,894.03

23.1 a) Other Interest includes interest on investments amounting to Rs. 387.05 crore (Previous Year Rs. 372.38 crore), including Rs. 43.03 crore (Previous Year Rs. 8.18 crore) in respect of investments classified as current investments.

b) Other Interest includes interest on income tax refund Rs. 44.31 crore (Previous Year Rs. 33.78 crore). 23.2 Dividend income includes Rs. 400.02 crore (Previous Year Rs. 308.86 crore) received from subsidiary companies [Refer Note 35].

23.3 Surplus from deployment in Cash Management Schemes of Mutual Funds amounting to Rs. 364.55 crore (Previous Year Rs. 337.38 crore) is in respect of investments held as current investments. 23.4 Fees and Other Charges is net of the amounts paid to Direct Selling Agents Rs. 354.75 crore (Previous Year Rs. 307.82 crore).

24. Profit on sale of investments includes profit of Rs. 260.47 crore (Previous Year Rs. Nil) on account of sale of shares of HDFC Standard Life Insurance Company Ltd. (Subsidiary Company) and is net of loss of Rs. Nil (Previous Year Rs. 0.01 crore) on account of sale of IPF Online Ltd. (Associate Company).

25. Other Income includes rent of Rs. 12.56 crore (Previous Year Rs. 9.19 crore). 25.1 Earnings in foreign currency:

Rs. in Crore
Particulars Current Year Previous Year
Interest on Bank Deposits 2.43 2.87
Consultancy and other fees 5.32 9.71

25.2 In accordance with the Accounting Standard on ‘Leases’ (AS 19), the following disclosures in respect of Operating Leases are made:

Income from Leases includes Rs. 4.01 crore (Previous Year Rs. 4.71 crore) in respect of properties and certain assets leased out by the Corporation under Operating Leases. Out of the above, in respect of the non-cancellable leases, the future minimum lease payments are as follows:

Rs. in Crore
Period Current Year Previous Year
Not later than one year 3.37 4.11
Later than one year but not later than five years 2.19 5.02
Later than five years - -

25.3 Other Income includes brokerage of Rs. 0.08 crore (Previous Year Rs. 0.06 crore) received in respect of insurance/ agency business undertaken by the Corporation.

26. FINANCE COST

Rs. in Crore
Particulars Current Year Previous Year
Interest
- Loans 2,332.01 2,060.83
- Deposits 6,139.40 5,274.26
- Bonds and Debentures 7,646.40 7,567.45
- Commercial Paper 1,746.90 884.84
17,864.71 15,787.38
Net (Gain)/Loss on foreign currency transactions and translation [Refer Note 26.2] (19.77) 137.39
Other charges [Refer Note 26.1] 130.15 104.60
Total 17,975.09 16,029.37

26.1 Other Charges is net of exchange loss Rs. 0.32 crore (Previous Year includes exchange gain of Rs. 0.66 crore).

26.2 A net gain of Rs. 19.95 crore (Previous Year loss of Rs. 135.61 crore) has been recognised in the Statement of Profit and Loss being net gain on transaction and translation of foreign currency monetary assets and liabilities as shown below:

Rs. in Crore
Particulars Current Year Previous Year
Exchange (Gain)/Loss on Translation
- Foreign Currency Denominated Assets and Foreign Currency Borrowings [Refer Note 3.7] (34.72) (198.80)
- Cross Currency Interest Rate Swaps [Refer Note 4.7] 107.98 145.77
Net Exchange (Gain)/Loss on Translation [Refer Note 3.7] 73.26 (53.03)
Realised (Gain)/Loss (93.03) 190.42
Net (Gain)/Loss on foreign currency transactions and translation recognised in Finance Cost (19.77) 137.39
- Realised (Gain)/Loss recognised in Revenue from operations [Refer Note 23] (0.18) (1.78)
- Net (Gain)/Loss recognised in Statement of Profit and Loss (19.95) 135.61

26.3 Expenditure in foreign currency:

Rs. in Crore
Particulars Current Year Previous Year
Interest and Other Charges on Loans 41.01 7.39
Others 16.17 22.91

27. STAFF EXPENSES [Refer Note 27.3]

Rs. in Crore
Particulars Current Year Previous Year
Salaries and Bonus [Refer Notes 27.1 & 27.2] 263.87 225.96
Contribution to Provident Fund and Other Funds 51.34 40.68
Staff Training and Welfare Expenses 13.25 12.54
Total 328.46 279.18

27.1 Salaries and Bonus include Rs. 22.02 crore (Previous Year Rs. 12.49 crore) towards provision made in respect of accumulated leave salary and leave travel assistance which is in the nature of Long Term Employee Benefits and has been actuarially determined as per the Accounting Standard on Employee Benefits (AS 15).

27.2 Expenditure shown in Note 27 is net of recovery from subsidiary companies in respect of Salaries Rs. 3.53 crore (Previous Year Rs. 2.68 crore).

27.3 Employee Benefits

(a) Definedcontribution plans

The Corporation makes Provident Fund and Superannuation Fund contributions to defined contribution plans for eligible employees. Under the schemes, the Corporation is required to retirement benefit contribute a specified percentage of the payroll costs to fund the benefits. The contributions as specified under the law are paid to the provident fund set up as a trust by the Corporation. The Corporation is liable for annual contributions and any deficiency in interest cost compared to interest computed based on the rate of interest declared by the Central Government under the Employees’ Provident Fund Scheme, 1952 and recognises, if any, as an expense in the year it is determined.

The fair value of the assets of the provident fund and the accumulated members’ corpus is Rs. 245.40 crore and Rs. 244.59 crore respectively (Previous Year Rs. 207.38 crore and Rs. 207.04 crore respectively).

In accordance with an actuarial valuation, there is no deficiency in the interest cost as the present value of the expected future earnings on the fund is greater than the expected amount to be credited to the individual members based on the expected guaranteed rate of interest of 8.75%. The actuarial assumptions include discount rate of 7.96% (Previous Year 9.31%) and an average expected future period of 21.75 years (Previous Year 22 years).

The Corporation recognised Rs. 12.55 crore (Previous Year Rs. 11.88 crore) for provident fund contributions and Rs. 10.17 crore (Previous Year Rs. 8.69 crore) for superannuation contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Corporation are at rates specified in the Rules of the Schemes.

(b) Definedbenefit plans plans for its employees including whole-time The details ofthe Corporation’spost-retirement benefit directors are given below which is as certified by the actuary and relied upon by the auditors:

Rs. in Crore
Particulars Current Year Previous Year
Change in the Benefit
Liability at the beginning of the year 146.36 128.13
Current Service Cost 5.09 4.94
Interest Cost 13.63 10.53
Benefits Paid (8.37) (7.74)
Actuarial loss 23.67 10.50
Liability at the end of the year* 180.38 146.36
* The Liability at the end of the year Rs. 180.38 crore (Previous Year Rs. 146.36 crore) includes Rs. 44.12 crore (Previous Year Rs. 37.12 crore) in respect of an un-funded plan.
Fair Value of Plan Assets:
Fair Value of Plan Assets at the beginning of the year 108.14 87.51
Expected Return on Plan Assets 9.41 7.53
Contributions 13.50 16.11
Actuarial loss on Plan Assets (0.58) (3.01)
Fair Value of Plan Assets at the end of the year 130.47 108.14
Total Actuarial loss to be recognised (24.25) (13.51)
Actual Return on Plan Assets:
Expected Return on Plan Assets 9.41 7.53
Actuarial loss on Plan Assets (0.58) (3.01)
Actual Return on Plan Assets 8.83 4.52
Reconciliation of the Liability Recognised in the Balance Sheet:
Opening Net Liability 38.22 40.62
Expense recognised 33.56 21.45
Contribution by the Corporation (13.50) (16.11)
Benefits paid by the Corporation / Insurance Companies (8.37) (7.74)
Amount recognised in the Balance Sheet under "Long term Provision for 49.91 38.22
Employee Benefits"Rs. 49.38 crore (Previous Year Rs. 37.69 crore) and under
"Short term Provision for Employee Benefits"Rs. 0.53 crore (Previous Year Rs. 0.53 crore).
Expense Recognised in the Statement of Profit and Loss:
Current Service Cost 5.09 4.94
Interest Cost 13.63 10.53
Expected Return on Plan Assets (9.41) (7.53)
Net Actuarial loss to be recognised 24.25 13.51
Expense recognised in the Statement of Profit and Loss under "Staff 33.56 21.45
Expenses"

 

Rs. in Crore
Particulars 2014-15 2013-14 2012-13 2011-12 2010-11
Amount Recognised in the Balance Sheet:
Liability at the end of the year 180.38 146.36 128.13 107.69 94.24
Fair Value of Plan Assets at the end of the year 130.47 108.14 87.51 75.56 60.17
Amount recognised in the Balance Sheet under 49.91 38.22 40.62 32.13 34.07
"Long-term Provision for Employee Benefits" and "Short-term Provision for Employee Benefits"
Experience Adjustment :
On Plan Liabilities 23.67 20.44 17.25 10.58 7.13
On Plan Assets (0.58) (3.01) (6.16) (4.61) (3.36)
Estimated Contribution for next year 10.49 6.19 8.03 6.79 5.79

Investment Pattern:

Particulars % Invested % Invested
Current Year Previous Year
Central Government securities 26.91 17.37
State Government securities / Securities guaranteed by State / 17.05 12.00
Central Government
Public Sector / Financial Institutional Bonds 12.10 23.75
Private Sector Bonds 19.98 16.90
Special Deposit Scheme 1.69 2.04
Certificate of Deposits - 1.31
Deposits with Banks and Financial Institutions 1.02 3.07
Equity Shares 17.76 19.37
Others (including bank balances) 3.49 4.19
Total 100.00 100.00

Based on the above allocation and the prevailing yields on these assets, the long term estimate of the expected rate of return on fund assets has been arrived at.

Principal Assumptions:

Particulars Current Year Previous Year
% %
Discount Rate 7.96 9.31
Return on Plan Assets 7.96 8.70
Salary Escalation 5.00 5.00

The estimate of future salary increase, considered in the actuarial valuation takes account of inflation, seniority, promotion and other relevant factors.

28. ESTABLISHMENT EXPENSES

Rs. in Crore
Particulars Current Year Previous Year
Rent [Refer Note 28.1] 59.68 60.54
Rates and Taxes 2.72 3.54
Repairs and Maintenance - Buildings 6.26 5.80
General Office 2.36 2.58
Electricity Charges 13.95 13.80
Insurance Charges 0.79 0.72
Total 85.76 86.98

28.1 In accordance with the Accounting Standard on ‘Leases’ (AS 19), the following disclosures in respect of Operating Leases are made:

The Corporation has acquired properties under non-cancellable operating leases for periods ranging from 12 months to 60 months. The total minimum lease payments for the current year, in respect thereof, included under Rent, amounts to Rs. 23.50 crore (Previous Year Rs. 32.72 crore). Out of the above, the Corporation has sub-leased a property, the total sub-lease payments received in respect thereof amounting to Rs. 14.09 crore (Previous Year Rs. 18.79 crore) have been netted off from rent expenses. The future minimum lease payments in respect of the properties acquired under non-cancellable operating leases are as follows:

Rs. in Crore
Period Current Year Previous Year
Not later than one year 0.17 31.39
Later than one year but not later than five years - 75.26
Later than five years - -

29. O THER EXPENSES

Rs. in Crore
Particulars Current Year Previous Year
Travelling and Conveyance 16.73 17.03
Printing and Stationery 8.89 8.06
Postage, Telephone and Fax 23.67 21.28
Advertising 27.42 35.07
Repairs and Maintenance - Other than Buildings 7.89 7.07
Office Maintenance 22.16 19.56
Legal Expenses 12.49 9.63
Computer Expenses 14.91 12.60
Directors' Fees and Commission 3.90 3.34
Miscellaneous Expenses [Refer Notes 29.1, 29.2 & 29.3] 120.61 93.08
Auditors' Remuneration [Refer Note 29.4] 3.96 3.31
Total 262.63 230.03

29.1 Miscellaneous Expenses exclude Rs. 10.83 crore (Previous Year Rs. 13.02 crore) in respect of amounts utilised out of Shelter Assistance Reserve during the year.

29.2 Miscellaneous Expenses include Provision for Wealth Tax amounting to Rs. 2.51 crore (Previous Year Rs. 0.60 crore) and Securities Transaction Tax amounting to Rs. 0.29 crore (Previous Year Rs. 0.26 crore).

29.3 Miscellaneous Expenses includes Rs. 18.07 crore (Previous Year Rs. Nil) towards Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013.

29.4 Auditors’ Remuneration:

Rs. in Crore
Particulars Current Year Previous Year
Audit Fees 1.23 1.05
Tax Matters 0.96 0.79
Other Matters 1.76 1.43
Reimbursement of Expenses 0.01 0.04
Service Tax 0.48 0.42
Less: Service tax input credit availed / to be availed (0.24) (0.21)
Less: Service tax input credit expensed (0.24) (0.21)
Total 3.96 3.31

Audit Fees include Rs. 0.04 crore (Previous Year Rs. 0.03 crore) paid to Branch Auditors.

30. PR OVISION FOR NON-PERFORMING LOANS

30.1 As per the Housing Finance Companies (NHB) Directions, 2010, non-performing assets are recognised on the basis of ninety days overdue. The total provision carried by the Corporation in terms of paragraph 29 (2) of the Housing Finance Companies (NHB) Directions, 2010, and subsequent NHB Circulars - NHB.HFC.

DIR.3/CMD/2011 dated August 5, 2011, NHB.HFC.DIR.4/CMD/2012 dated January 19, 2012 and NHB.HFC. DIR.9/CMD/2013 dated September 6, 2013 in respect of Housing and Non-Housing Loans is as follows [Refer Notes 6.1 & 15]:

Rs. in Crore

Particulars Housing Non-Housing
Current Year Previous Year Current Year Previous Year
Standard Assets
- Principal Outstanding 1,64,249.91 1,44,698.29 65,728.85 53,232.96
- Provisions 756.66 670.84 414.26 341.19
Sub-Standard Assets
- Principal Outstanding 411.83 410.56 335.54 603.01
- Provisions 64.50 61.58 50.33 90.45
Doubtful Assets
- Principal Outstanding 406.71 319.25 439.99 132.01
- Provisions 229.27 195.95 188.35 100.24
Total
- Principal Outstanding 1,65,068.45 1,45,428.10 66,504.38 53,967.98
- Provisions 1,050.43 928.37 652.94 531.88

30.2 Provision for Contingencies debited to the Statement of Profit and Loss includes Provision for Diminution in the Value of Investments amounting to Rs. 10.04 crore (Previous Year Rs. 14.40 crore). The balance of the Provision represents provision made against non-performing assets and other contingencies [Refer Note 6.2].

31. In accordance with the Accounting Standard on ‘Earnings Per Share’ (AS 20):

(i) In calculating the Basic Earnings Per Share, the Profit After Tax of Rs. 5,990.14 crore (Previous Year Rs. 5,440.24 crore) has been adjusted for amounts utilised out of Shelter Assistance Reserve of Rs. 10.83 crore (Previous Year Rs. 13.02 crore).

Accordingly the Basic Earnings Per Share has been calculated based on the adjusted Profit After Tax of Rs. 5,979.31 crore (Previous Year Rs. 5,427.22 crore) and the weighted average number of shares during the year of 156.82 crore (Previous Year 155.54 crore).

(ii) The reconciliation between the Basic and the Diluted Earnings Per Share is as follows :

Amount in Rs.
Particulars Current Year Previous Year
Basic Earnings Per Share 38.13 34.89
Effect of outstanding Stock Options (0.35) (0.27)
Diluted Earnings Per Share 37.78 34.62

(iii) The Basic Earnings Per Share has been computed by dividing the adjusted Profit After Tax by the weighted average number of equity shares for the respective periods; whereas the Diluted Earnings Per Share has been computed by dividing the adjusted Profit After Tax by the weighted average number of equity shares, after giving dilutive effect of the outstanding Stock Options for the respective periods. The relevant details as described above are as follows :

Number in Crore
Particulars Current Year Previous Year
Weighted average number of shares for computation of Basic 156.82 155.54
Earnings Per Share
Diluted effect of outstanding Stock Options 1.45 1.23
Weighted average number of shares for computation of Diluted 158.27 156.77
Earnings Per Share

32. SUMMARY OF TOTAL BORROWINGS, LOANS AND INVESTMENTS

Borrowings Rs. in Crore
Term-wise Break-up Current Year Previous Year
Long-term borrowings 97,602.34 86,881.04
Short-term borrowings 33,257.71 25,317.85
Current maturities of long-term borrowings 77,738.98 71,774.30
Unclaimed matured deposits 617.92 442.56
Total Borrowings 2,09,216.95 1,84,415.75
Category-wise Break-up
Bonds and Debentures 90,657.55 85,193.10
Term Loans:
- Banks 22,575.87 29,104.76
- External Commercial Borrowing 1,884.00 1,805.10
- Others 1,734.37 2,041.90
Commercial Papers 25,659.20 9,250.10
Deposits 66,705.96 57,020.79
Total Borrowings 2,09,216.95 1,84,415.75

 

Loans Rs. in Crore
Term-wise Break-up Current Year Previous Year
Long-term loans 2,02,161.17 1,76,292.04
Current maturities of long-term loans 23,569.97 18,310.72
Short-term loans 2,449.72 2,497.59
2,28,180.86 1,97,100.35
Less: Provision for Sub-Standard and Doubtful loans (480.74) (545.96)
Net Loan Book 2,27,700.12 1,96,554.39
Category-wise Break-up
Individual 1,55,689.71 1,33,281.08
Corporate Bodies 69,144.76 61,624.77
Others 3,346.39 2,194.50
2,28,180.86 1,97,100.35
Less: Provision for Sub-Standard and Doubtful loans (480.74) (545.96)
Net Loan Book 2,27,700.12 1,96,554.39

 

Investments Rs. in Crore
Particulars Current Year Previous Year
Non-Current Investments 13,691.70 13,370.29
Current Investments 602.64 542.36
Total Investments 14,294.34 13,912.65

 

32.1 Summary of total Provision for Contingencies: Rs. in Crore
Particulars Current Year Previous Year
Provision for Contingencies Account [Refer Note 6.2] 1,501.44 1,309.04
Provision for Sub-Standard and Doubtful Loans [Refer Note 15.6] 480.74 545.96
Provision for Doubtful Corporate Deposit and Other Receivables [Refer 51.71 51.71
Note 15]
2,033.89 1,906.71

33. DISCLOSURES REQUIRED BY NATIONAL HOUSING BANK

The following additional disclosures have been given in terms of the circular no. NHB/ND/DRS/Pol-No. 35/2010-11 dated October 11, 2010 issued by the National Housing Bank.

(a) Capital to Risk Assets Ratio (CRAR)

Particulars Current Year Previous Year
1) CRAR (%) 16.11 14.55
2) CRAR Tier I Capital (%) 12.47 12.10
3) CRAR Tier II Capital (%) 3.64 2.45

(b) Exposure to Real Estate Sector

Rs. in Crore
Particulars Current Year Previous Year
1. Direct Exposure
A Residential Mortgages:
Lending fully secured by mortgages on residential property that is or will be occupied by the borrower or that is rented.
Individual Housing Loans upto Rs. 15 Lacs: Rs. 23,132.28 crore (Previous Year Rs. 22,557.61 crore) 1,50,587.27 1,29,128.39
B Commercial Real Estate: Lending secured by mortgages on commercial real estates (office buildings, retail space, multipurpose commercial premises, multi-family residential buildings, muti-tenanted commercial premises, industrial or warehouse space, hotels, land acquisition, development and construction, etc.). Exposure would also include non-fund based (NFB) limits 52,038.26 44,785.78
C Investments in Mortgage Backed Securities (MBS) and other securitised exposures –
(i) Residential 18.73 21.94
(ii) Commercial Real Estate - -
2. Indirect Exposure
Fund based and non-fund based exposures on National 165.88 151.50
Housing Bank (NHB) and Housing Finance Companies (HFCs)

In computing the above information, certain estimates, assumptions and adjustments have been made by the Management which have been relied upon by the auditors.

(c) Asset Liability Management

Maturity pattern of certain items of assets and liabilities as on March 31, 2015:

Assets and Liabilities are classified in the maturity buckets as per the guidelines issued by the National Housing Bank

Current Year Rs. in Crore

Maturity Buckets Liabilities Assets
Borrowings from Banks Market Borrowings Advances Investments
1 day to 30-31 days (one month) 1,466.46 1,545.98 3,517.52 137.38
Over one month to 2 months 241.56 1,910.99 3,651.55 200.00
Over 2 to 3 months 942.93 3,635.48 5,271.02 1,196.43
Over 3 to 6 months 956.52 8,105.56 13,746.75 2,297.74
Over 6 months to 1 year 3,745.62 8,900.30 24,593.70 899.90
Over 1 to 3 years 8,870.14 34,029.98 71,215.10 256.21
Over 3 to 5 years 5,891.61 27,788.63 47,830.53 810.60
Over 5 to 7 years 2,345.03 21,895.63 22,699.28 8,444.94
Over 7 to 10 years - 7,504.20 21,735.59 -
Over 10 years - 1,000.00 13,439.08 51.14
Total 24,459.87 1,16,316.75 2,27,700.12 14,294.34

Maturity pattern of certain items of assets and liabilities as on March 31, 2014:

Assets and Liabilities are classified in the maturity buckets as per the guidelines issued by the National Housing Bank

Previous Year Rs. in Crore

Maturity Buckets Liabilities Assets
Borrowings from Banks Market Borrowings Advances Investments
1 day to 30-31 days (one month) 906.12 2,443.75 3,143.97 -
Over one month to 2 months 1,353.74 4,155.00 3,450.90 -
Over 2 to 3 months 1,361.51 2,715.00 3,259.93 1,883.84
Over 3 to 6 months 5,091.75 3,866.25 11,439.89 2,009.85
Over 6 months to 1 year 1,865.05 10,999.00 21,914.74 341.06
Over 1 to 3 years 10,287.45 32,048.23 62,540.57 619.63
Over 3 to 5 years 7,177.30 22,799.23 40,335.23 612.75
Over 5 to 7 years 1,866.94 9,734.24 22,266.28 8,423.72
Over 7 to 10 years 1,000.00 5,007.40 17,517.15 21.80
Over 10 years - 1,000.00 10,685.73 -
Total 30,909.86 94,768.10 1,96,554.39 13,912.65

In computing the above information, certain estimates, assumptions and adjustments have been made by the Management which have been relied upon by the auditors.

34. DIVIDEND PAYABLE TO NON-RESIDENT SHAREHOLDERS

The Corporation has not remitted any amount in foreign currencies on account of dividends during the year and does not have information as to the extent to which remittances, if any, in foreign currencies on account of dividends have been made by/on behalf of non-resident shareholders. The particulars of dividends payable to non-resident shareholders (including Foreign Institutional Investors) are as under:

Particulars Current Year Previous Year
Interim Annual Annual
Year to which the dividend relates 2014-15 2013-14 2012-13
Number of non-resident shareholders 5,110 4,495 4,442
Number of shares held by them of Face Value of Rs. 2 each 126,10,53,766 122,23,33,357 115,22,95,895
Gross amount of dividend (in Rs.) 252,21,07,532 1711,26,66,998 1440,36,99,371

35. RELATED PARTY TRANSACTIONS

As per the Accounting Standard on ‘Related Party Disclosures’ (AS 18), the related parties of the Corporation are as follows:

A) Subsidiary Companies
HDFC Developers Ltd. HDFC Asset Management Company Ltd.
HDFC Holdings Ltd. HDFC Realty Ltd.
HDFC Trustee Company Ltd. HDFC ERGO General Insurance Company Ltd.
HDFC Standard Life Insurance Company Ltd. HDFC Sales Pvt. Ltd.
HDFC Venture Capital Ltd. HDFC Property Ventures Ltd.
HDFC Ventures Trustee Company Ltd. Credila Financial Services Pvt. Ltd.
GRUH Finance Ltd. Griha Pte. Ltd. (Subsidiary of HDFC Investments Ltd.)
Griha Investments (Subsidiary of HDFC Holdings Ltd.) HDFC Pension Management Company Ltd. (subsidiary of HDFC Standard Life Insurance Company Ltd.)
HDFC Education and Development Services Pvt. Ltd.
H T Parekh Foundation (Up to 30th March, 2015) Grandeur Properties Pvt. Ltd.
Windermere Properties Pvt. Ltd. Pentagram Properties Pvt. Ltd.
Winchester Properties Pvt. Ltd. Haddock Properties Pvt. Ltd.
HDFC Investments Ltd.
B) Associate Companies C) Entities over which control is exercised
HDFC Bank Ltd. HDFC Investment Trust (HIT)
India Value Fund Advisors Pvt. Ltd. HDFC Investment Trust - II (HIT- II) (with effect from 24th June, 2014)
RuralShores Business Services Pvt. Ltd. HDFC Property Fund - Scheme - HDFC IT Corridor Fund (Up to 28th March, 2014)
D) Key Management Personnel E) Relatives of Key Management Personnel
Mr. Keki M. Mistry (Where there are transactions)
Ms. Renu Sud Karnad Ms Arnaaz K. Mistry Mr Rishi R. Sud
Mr. V. Srinivasa Rangan Mr Ashok Sud Ms Riti Karnad
Mr Ketan Karnad Ms Swarn Sud
Ms Abinaya S. Rangan Ms S. Anuradha

The nature and volume of transactions of the Corporation during the year, with the above related parties were as follows:

Rs. in Crore

Particulars Subsidiary Companies Associates Entities over which control is exercised Key Management Personnel Relatives of Key Management Personnel
Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year
Dividend Income
- HDFC Asset Management Co. Ltd. 98.13 75.48 - - - - - - - -
- HDFC Bank Ltd. - - 269.35 216.27 - - - - - -
- HDFC Holdings Ltd. 1.62 9.00 - - - - - - - -
- HDFC Standard Life Insurance Co. Ltd. 101.06 72.19 - - - - - - - -
- HDFC Investments Ltd. 94.68 89.35 - - - - - - - -
- Others 104.53 62.84 0.16 0.27 0.05 0.05 - - - -
Interest Income
- Credila Financial Services Pvt. Ltd. 9.92 10.92 - - - - - - - -
- Windermere Properties Pvt. Ltd. 10.98 0.10 - - - - - - - -
- HDFC Bank Ltd. - - 7.51 8.83 - - - - - -
- Pentagram Properties Pvt. Ltd. 5.54 0.12 - - - - - - - -
- HDFC Property Fund - Scheme - HDFC IT Corridor Fund - - - - - 76.26 - - - -
- Others 14.42 2.48 - 0.08 5.46 - - - 0.03 0.03
Consultancy & Other Fees Income
- HDFC Asset Management Co. Ltd. 42.36 59.01 - - - - - - - -
- Others 0.26 2.17 - - - - - - - -
Rent Income
- HDFC Asset Management Co. Ltd. 10.03 11.17 - - - - - - - -
- HDFC ERGO General Insurance Co. Ltd. 6.49 6.49 - - - - - - - -
- Others 4.78 4.00 2.01 1.74 - - - - - 0.01
Support Cost Recovered
- HDFC Asset Management Co. Ltd. 1.86 1.45 - - - - - - - -
- HDFC Sales Pvt. Ltd. 2.04 1.37 - - - - - - - -
- HDFC ERGO General Insurance Co. Ltd. 1.19 0.81 - - - - - - - -
- HDFC Education and Development Services Pvt. Ltd. 0.35 0.32 - - - - - - - -
- HDFC Realty Ltd. 0.84 0.80 - - - - - - - -
- Others 0.78 0.45 0.37 0.25 - - - - - -
Other Income
- HDFC Bank Ltd. - - 116.77 80.46 - - - - - -
- Others 3.65 1.20 - - - - - - - -
Interest Expense
- HDFC ERGO General Insurance Co. Ltd. 12.39 10.58 - - - - - - - -
- HDFC Standard Life Insurance Co. Ltd. 54.28 44.02 - - - - - - - -
- Others 1.76 2.18 2.45 4.57 - - 0.48 0.53 - 0.02
Bank & Other Charges
- HDFC Bank Ltd. - - 0.53 0.68 - - - - - -
Remuneration
- Mr. Keki M. Mistry - - - - - - 8.12 7.78 - -
- Ms. Renu S. Karnad - - - - - - 7.39 7.16 - -
- Mr. V. S. Rangan - - - - - 4.85 - 4.54 - -
Donations
- H T Parekh Foundation 13.87 - - - - - - - - -
Other Expenses
- HDFC Sales Pvt. Ltd. 165.89 150.80 - - - - - - -
- HDFC Bank Ltd. - - 143.52 130.07 - - - - - -
- Others 9.23 8.71 0.10 0.15 - - - - 0.09 0.09
Investments made
- HIT- II - - - - 51.14 - - - - -
- Windermere Properties Pvt. Ltd. - 171.88 - - - - - - - -
- Haddock Properties Pvt. Ltd. - 56.39 - - - - - - - -
- Pentagram Properties Pvt. Ltd. - 54.47 - - - - - - - -
- Credila Financial Services Pvt. Ltd. 5.00 51.00 - - - - - - - -
- Grandeur Properties Pvt. Ltd. - 49.80 - - - - - - - -
- HDFC ERGO General Insurance Co. Ltd. 47.01 0.66 - - - - - - - -
- Others 8.00 46.32 - - 4.00 20.57 - - - -
Investments sold / redeemed
- HIT - - - - 14.45 - - - - -
- HDFC Property Fund - Scheme - HDFC IT Corridor Fund - - - - - 423.85 - - - -
- Others - - - 6.31 - - - - - -
Investments
- HDFC Bank Ltd. - - 5,549.74 5,549.74 - - - - - -
- HDFC Standard Life Insurance Co. Ltd. 1,508.77 1,545.64 - - - - - - - -
- Others 1,708.97 1,658.98 2.53 2.53 223.49 182.80 - - - -
Loans given
- HDFC Property Ventures Pvt. Ltd. 113.00 -
- HDFC Sales Pvt. Ltd. 16.85 -
- Pentagram Properties Pvt. Ltd. 3.85 1.00 - - - - - - - -
- Grandeur Properties Pvt. Ltd. 1.19 8.00 - - - - - - - -
- Winchester Properties Pvt. Ltd. 2.73 3.54 - - - - - - - -
- Haddock Properties Pvt. Ltd. 3.46 1.86 - - - - - - - -
- Credila Financial Services Pvt. Ltd. - 392.00
- Others 4.00 1.00 - - - - - - - -
Loans repaid
- GRUH Finance Ltd. 1.02 0.95 - - - - - - - -
- Credila Financial Services Pvt. Ltd. - 392.00 - - - - - - - -
- Others - 1.00 - - - - 0.02 0.02 0.01 0.01
Loans sold
- HDFC Bank Ltd. - - 8,249.21 5,556.07 - - - - - -
Loans
- HDFC Property Ventures Pvt. Ltd. 113.00 - - - - - - - - -
- HDFC Sales Pvt. Ltd. 16.85 - - - - - - - - -
- GRUH Finance Ltd. 11.31 12.32 - - - - - - - -
- Grandeur Properties Pvt. Ltd. 9.19 8.00 - - - - - - - -
- Winchester Properties Pvt. Ltd. 6.27 3.54 - - - - - - - -
- Haddock Properties Pvt. Ltd. 5.32 1.86 - - - - - - - -
- Pentagram Properties Pvt. Ltd. 4.85 1.00 - - - - - - - -
- Others 4.00 - - - - - 0.13 0.15 0.30 0.31
Bank Deposits placed
- HDFC Bank Ltd. - - 1,070.00 3,234.92 - - - - - -
Bank Deposits repaid / matured
- HDFC Bank Ltd. - - 2,559.90 1,734.90 - - - - - -
Bank balance and Deposits
- HDFC Bank Ltd. - - 975.25 4,610.46 - - - - - -
Corporate Deposits placed -
- Grandeur Properties Pvt. Ltd. - 95.00 - - - - - - - -
- HDFC Venture Capital Ltd. 22.58 20.50 - - - - - - - -
- Others 2.00 9.50 - - - - - - - -
Corporate Deposits repaid / matured
- Grandeur Properties Pvt. Ltd. - 95.00 - - - - - - - -
- HDFC Sales Pvt. Ltd. - 12.00 - - - - - - - -
- HDFC Venture Capital Ltd. 20.50 - - - - - - - - -
- Others 5.50 - - 3.00 - - - - - -
Corporate Deposits
- HDFC Venture Capital Ltd 22.58 20.50 - - - - - - - -
- Others 1.00 4.50 - - - - - - - -
Trade Receivable
- HDFC Asset Management Co. Ltd. 39.53 57.12 - - - - - - - -
- HDFC Bank Ltd. - - 5.07 13.11 - - - - - -
- HDFC Standard Life Insurance Co. Ltd. 0.01 0.01 - - - - - - - -
- Others 0.53 1.36 - - - - - - - -
Other Advances / Receivables
- HDFC ERGO General Insurance Co. Ltd. 1.56 1.58 - - - - - - - -
- HDFC Standard Life Insurance Co. Ltd. 7.60 7.60 - - - - - - - -
- HDFC Bank Ltd. - - 4.26 3.28 - - - - - -
- Others 0.87 0.37 - - - - - - 0.06 0.06
Deposits placed
- HDFC Holdings Ltd. 16.84 23.22 - - - - - - - -
- HDFC Developers Ltd. - 5.40 - - - - - - - -
- HDFC Education and Development Services Pvt. Ltd. 2.51 2.82 - - - - - - - -
- RuralShores Business Services Pvt. Ltd. - - 1.05 16.10 - - - - - -
- Ms. Renu S. Karnad - - - - - - 2.38 0.02 - -
- Others 0.20 2.20 - - - - - 1.75 0.01 -
Deposits repaid / matured
- HDFC Holdings Ltd. 19.22 25.03 - - - - - - - -
- RuralShores Business Services Pvt. Ltd. - - 4.13 13.02 - - - - - -
- Others 5.21 8.42 - - - - 3.75 2.42 0.03 0.29
Deposits
- HDFC Holdings Ltd. 16.84 19.22 - - - - - - - -
- RuralShores Business Services Pvt. Ltd. - - - 3.08 - - - - - -
- Ms. Renu S. Karnad - - - - - - 2.40 2.02 - -
- Mr. Keki M. Mistry - - - - - - 0.87 2.61 - -
- Others - 2.50 - - - - - - 0.09 0.12
Non-Convertible Debentures
- HDFC ERGO General Insurance Co. Ltd. 125.00 110.00 - - - - - - - -
- HDFC Standard Life Insurance Co. Ltd. 776.00 665.00 - - - - - - - -
Other Liabilities / Payables
- HDFC Bank Ltd. - - 15.73 14.44 - - - - - -
- HDFC Sales Pvt. Ltd. 7.49 6.57 - - - - - - - -
- HDFC ERGO General Insurance Co. Ltd. 6.02 5.87 - - - - - - - -
- HDFC Standard Life Insurance Co. Ltd. 30.51 27.03 - - - - - - - -
- Others 1.36 1.50 - 0.04 - - 0.33 0.48 - 0.01

36. SEGMENT REPORTING

The Corporation’s main business is financing by way of loans for the purchase or construction of residential houses, commercial real estate and certain other purposes, in India. All other activities of the Corporation revolve around the main business. As such, there are no separate reportable segments, as per the Accounting Standard on ‘Segment Reporting’ (AS 17).

37. INTEREST IN JOINT VENTURES

In compliance with the Accounting Standard relating to ‘Financial Reporting of Interests in Joint Ventures’ (AS 27), the Corporation has interests in the following jointly controlled entities, which are incorporated in India.

Names of Companies HDFC Standard Life Insurance Co. Ltd. HDFC ERGO General Insurance Co. Ltd.
Current Year Previous Year Current Year Previous Year
Percentage of Shareholding 70.65 72.37 73.63 73.82
Amount of Interest based on the last Audited Accounts Rs. in Crore
Assets 49,017.54 37,903.85 3,335.42 2,940.07
Liabilities 47,186.48 36,471.84 2,581.67 2,276.35
Income 19,280.48 12,593.20 1,465.80 1,366.35
Expenditure 18,712.08 12,128.20 1,362.10 1,200.76
Capital Commitment 411.97 365.94 6.59 9.59
Contingent Liability 124.37 105.36 0.01 -

38. Previous year’s figures havebeenregrouped/reclassified wherever necessary to correspond with the current year’s classification/disclosure.

F orm AOC - I

(Pursuanttofirst proviso to sub-section (3) of Section 129 read with rule 5 of Companies (Accounts) Rules, 2014 Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures

Part "A" : Subsidiaries

(As on / for the period / year ended March 31, 2015)

Rs. in Crore
Sr. No. Name of the Subsidiary Company Reporting Currency Exchange Rate Share Capital Reserves Total Assets* Total Liabilities Investments included in Total Assets* Total Income# Profit/ (Loss) before Taxation Provision for Taxation Profit/ (Loss) after Taxation Proposed Dividend % of Share holding
1 HDFC Standard Life Insurance Co. Ltd. INR - 1,994.88 597.01 69,384.92 66,793.03 67,025.03 27,291.75 804.57 19.07 785.51 - 70.65
2 HDFC Asset Management Co. Ltd. INR - 25.24 1,094.65 1,311.75 191.86 650.52 1,064.28 622.60 207.10 415.50 - 59.81
3 HDFC Trustee Co. Ltd. INR - 0.10 0.08 6.01 5.83 - 2.00 0.01 - 0.01 - 100
4 HDFC ERGO General Insurance Co. Ltd. INR - 538.62 473.20 4,529.72 3,517.90 3,766.69 1,990.66 140.83 36.83 104.00 - 73.63
5 GRUH Finance Ltd. INR - 72.68 638.81 9,181.52 8,470.03 79.82 1,060.32 300.84 97.04 203.80 72.68 58.64
6 HDFC Developers Ltd. INR - 3.05 (2.53) 3.30 2.78 - 8.17 (4.47) 0.07 (4.55) - 100
7 HDFC Venture Capital Ltd. INR - 0.50 10.45 67.48 56.53 0.02 89.97 84.01 29.25 54.76 - 80.5
8 HDFC Ventures Trustee Co. Ltd. INR - 0.05 0.86 0.93 0.03 0.03 0.40 0.32 0.10 0.22 - 100
9 HDFC Property Venture Ltd. INR - 1.00 3.69 127.05 122.36 32.61 26.63 9.13 3.10 6.03 - 100
10 HDFC Realty Ltd. INR - 7.75 (1.66) 11.61 5.52 - 26.29 (4.04) 0.03 (4.07) - 100
11 HDFC Investments Ltd. INR - 26.67 96.04 122.82 0.11 115.90 109.24 107.74 1.52 106.22 - 100
12 HDFC Holdings Ltd. INR - 1.80 163.72 173.00 7.48 120.32 23.14 21.20 4.15 17.05 - 100
13 HDFC Sales Pvt. Ltd. INR - 4.01 9.47 53.71 40.23 - 172.26 (8.99) - (8.99) - 100
14 Credila Financial Services Pvt. Ltd. INR - 120.74 33.88 1,737.87 1,583.24 - 215.19 40.50 12.70 27.80 - 78.66
15 HDFC Pension Fund Management Co. Ltd. INR - 28.00 (0.54) 27.99 0.53 26.50 2.38 0.03 0.01 0.02 - 70.65
16 HDFC Education and Development Services Pvt. Ltd. INR - 15.10 (9.96) 5.32 0.18 - 0.07 (2.01) 0.01 (2.02) - 100
17 Griha Investments USD 62.59 0.20 101.42 102.01 0.40 - 62.88 45.11 1.28 43.82 - 100
18 Griha Pte. Ltd. SGD 49.50 5.21 0.54 8.54 2.79 - 7.26 1.60 0.11 1.49 - 100
19 Grandeur Properties Pvt. Ltd. INR - 0.01 18.35 27.61 9.25 - - (9.81) 0.57 (10.38) - 100
20 Haddock Properties Pvt. Ltd. INR - 0.01 (46.75) 32.67 79.40 - 3.09 (18.08) 0.79 (18.87) - 100
21 Pentagram Properties Pvt. Ltd. INR - 0.01 (40.69) 34.30 74.97 - 6.12 (12.64) - (12.64) - 100
22 Winchester Properties Pvt. Ltd. INR - 0.01 (24.17) 22.33 46.49 - 0.96 (12.23) 0.01 (12.25) - 100
23 Windermere Properties Pvt. Ltd. INR - 0.01 (51.13) 75.26 126.37 - 12.67 (23.77) 0.01 (23.78) - 100

NOTE:

H T Parekh Foundation ceases to be the subsidiary of HDFC Ltd. w.e.f. March 31, 2015.

* Includes Investments of Shareholders’, Policyholders’ and Assets held to cover Linked Liability.

# Includes Net Premium Income, Investment Income and other Income.

Part "B" : Associates and Joint Ventures

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures (As on/for the period/year ended March 31, 2015)

Sr. No. Name of Associates/Joint Ventures HDFC Bank Limited India Value Fund Advisors Pvt. Ltd. Rural Shore Business Services Pvt. Ltd. Magnum Foundations Pvt. Ltd.
1 Latest audited Balance Sheet Date 31st March 2015 31st March 2015 31st March 2015 31st March 2014
2 Shares of Associate/Joint Ventures held by Corporation and its subsidiaries of the year end
Number 393,211,100 975,002 476,351 500,000
Amount of investment in Associates/Joint Venture (Rs. in crore) 5,623.06 0.03 2.50 23.25
Extend of Holding % 21.67 21.51 27.47 50.00
3 Description significant of how there is influence % age holding more than 20% and representation on the board. % age holding more than 20% % age holding more than 20% % age holding more than 20%
4 Reason why Associate/Joint Venture is not consolidated NA NA Share of losses exceeded the carrying amount of investment and the same has been fully provided for in the books of accounts of HDFC Ltd. Exclusively held with a view to their subsequent disposal in the near future
5 Networth attributable to Shareholding as per latest audited Balance Sheet (Rs. in crore) 18,011.08 1.54 - -
6 Consolidated Profit for the year (Rs. in crore) 10,259.27 0.22 (12.80) 0.23
i. Considered in Consolidation (Rs. in crore) 2,294.37 0.05 - -
ii. Not Considered in Consolidation (Rs. in crore) 7,964.90 0.17 (12.80) 0.23

   

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