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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): 36.62
ISIN Demat:INE001A01036Div Yield %:1.05EPS   (TTM) :46.35
Book Value (Rs):254.9380066Market Cap (RsCr):271092.5Face 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, 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

Cashflows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax 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 insignificant 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") as updated from time to time. 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 realisation.

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.

The gains/losses on sale of investments are recognised in the Statement of Profit and Loss on the trade date. Gain or loss on sale of investments is determined after consideration of cost on a weighted average basis.

1.13 BORROWING AND BORROWING COSTS

The Corporation borrows funds, primarily in Indian Rupees, that carry a fixed rateorfloatingrate of interest. As a part of its risk management strategy, the Corporation converts some of 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 generally holds these instruments till maturity.

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. 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. 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 ACCOUNTING FOR DERIVATIVE CONTRACTS

Consequent to the Guidance Note on Accounting for Derivative Contracts issued by the Institute of Chartered Accountants of India, becoming effective from April 1, 2016, on and from that date, all derivative contracts are recognised in the balance sheet and measured at fair value. The corresponding fair value changes are recognised in the Statement of Profit and Loss unless hedge accounting is applied.

In case of fair value hedges, fair value changes of the derivative contracts are recognised through the Statement of Profit and Loss in the same period as the offsetting losses and gains on the hedged item.

For derivative contracts designated as cash flow hedges, the hedging instrument is measured at fair value and any gain or loss that is determined to be an effective hedge is recognised within equity i.e., Cash Flow Hedge Reserve. Amounts recognised in equity are transferred to the Statement of Profit and Loss in the same period as the cash flows of hedged items affect the Statement of Profit and Loss. When a derivative contract expires or is sold or if a hedge no longer meets the criteria for hedge accounting, any cumulative profit or loss in the Cash Flow Hedge Reserve is retained in equity until the hedged cash flow is recognised in the Statement of Profit and Loss. However, if hedged cash flows are no longer expected to occur, the profit or loss against the corresponding derivative contract, accumulated in the Cash Flow Hedge Reserve, is immediately released through the Statement of Profit and Loss.

Changes in the fair values of derivative instruments that do not qualify for hedge accounting are recognised immediately in the Statement of Profit and Loss.

1.16 BROKERAGE AND INCENTIVE ON DEPOSITS

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

1.17 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.

1.18 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 acquired as part of the debt asset settlement are recorded at the fair value on the date of the transfer. Investment in properties are carried individually at cost less accumulated depreciation and impairment, if any.

1.19 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.

1.20 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.

1.21 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: Computers Software - 4 years The estimated useful life of the intangible assets and the amortisation period are reviewed at the end of each financial yearand reflectthe changed pattern, if any.amortisationperiodisrevisedto

Investment In Properties

Depreciation on Investment in properties is provided on a pro-rata basis from the date of acquisition.

1.22 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.

1.23 PROVISION FOR NON-PERFORMING ASSETS AND CONTINGENCIES

The Corporation's policy is to carry adequate amounts in the Provision for Non-Performing Assets Account and the Provision and 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.

1.24 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 an 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.

1.25 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 period.may be exercised by the employees within a specified 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 benefit Sheet represents the present value of the defined benefitobligation 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.

In the 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 n as at the balance sheet date. obligatio

1.26 EARNINGS PER SHARE

Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of 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.

1.27 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.

1.28 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.

1.29 SECURITISED LOANS AND SECURITISATION LIABILITIES

The Corporation periodically transfers pools of mortgages. Such assets are derecognised, 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 Loss.

2. SHARE CAPITAL

As at March 31, 2017 As at March 31, 2016
Rs. in Crore Rs. in Crore
AUTHORISED
175,00,00,000 Equity Shares of Rs. 2 each 350.00 340.00
(Previous Year 170,00,00,000 Equity Shares of Rs. 2 each)
350.00 340.00
ISSUED, SUBSCRIBED AND FULLY PAID UP
158,86,72,140 Equity Shares of Rs. 2 each 317.73 315.97
(Previous Year 157,98,46,340 Equity Shares of Rs. 2 each)
317.73 315.97

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

Particulars As at March 31, 2017 As at March 31, 2016
Number Rs. in Crore Number Rs. in Crore
Equity shares outstanding as at the beginning of the year 157,98,46,340 315.97 157,46,97,670 314.94
Shares allotted pursuant to exercise of stock options 88,25,800 1.77 51,48,670 1.03
Equity shares outstanding as at the end of the year 158,86,72,140 317.73 157,98,46,340 315.97

2.2 Details of shareholders' holding more than 5 percent shares in the Corporation as at March 31, 2017 are given below. There were no shareholder holding more than 5 percent shares in the Corporation as at March 31, 2016.

Particulars As on March 31, 2017
Number Percentage of shares held to total Shares
Life Insurance Corporation of India (All accounts) 8,60,26,344 5.41%

2.3 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.

As at March 31, 2017 12,29,51,224 shares (Previous Year 8,19,25,500 shares) were reserved for issuance as follows: a) 8,64,51,224 shares of Rs. 2 each (Previous Year 4,54,25,500 shares of Rs. 2 each) towards outstanding Employees Stock Options granted / available for grant, including lapsed options [Refer Note 2.4]. b) 3,65,00,000 shares of Rs. 2 each (Previous Year 3,65,00,000 shares of Rs. 2 each) towards outstanding share warrants [Refer Note 3.12].

2.4 Under Employees Stock Option Scheme - 2014 (ESOS - 14), the Corporation had on October 8, 2014, granted 62,73,064 options at an exercise price of Rs. 5,073.25 per option representing 3,13,65,320 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-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 options grantee completing continuous service of three years with the Corporation. Accordingly, during the year 1,57,799 options (Previous Year 59,58,841 options) were vested. In the current year 22,390 options (Previous Year 51,427 options) lapsed. The options can be exercised over a period of five years from the date of respective vesting. 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 Nil options (Previous Year 36,043 options) were vested. In the current year 1,936 options (Previous Year 2,884 options) 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 228 options (Previous Year Nil options) lapsed. 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 Nil options (Previous Year 628 options) lapsed. 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:

ESOS-14
Particulars Options Current Year Options Previous Year
Outstanding at the beginning of the year 60,71,671 62,24,019
Granted during the year - -
Vested during the year 1,57,799 59,58,841
Exercised during the year 6,40,917 1,00,921
Lapsed during the year 22,390 51,427
Outstanding at the end of the year 54,08,364 60,71,671
Unvested at the end of the year 49,902 2,22,048
Exercisable at the end of the year 53,58,462 58,49,623
Weighted average price per option

5,073.25

 

Particulars ESOS-11
Options Current Year Options Previous Year
Outstanding at the beginning of the year 28,13,951 37,45,586
Granted during the year - -
Vested during the year - 36,043
Exercised during the year 11,24,243 9,28,751
Lapsed during the year 1,936 2,884
Outstanding at the end of the year 16,87,772 28,13,951
Unvested at the end of the year - -
Exercisable at the end of the year 16,87,772 28,13,951
Weighted average price per option Rs. 3,177.50
Particulars ESOS-08
Options Options
Current Year Previous Year
Outstanding at the beginning of the year 5,102 5,102
Granted during the year - -
Vested during the year - -
Exercised during the year - -
Lapsed during the year 228 -
Outstanding at the end of the year 4,874 5,102
Unvested at the end of the year - -
Exercisable at the end of the year 4,874 5,102
Weighted average price per option Rs. 1,350.60
Particulars ESOS-07
Options Options
Current Year Previous Year
Outstanding at the beginning of the year 5,287 5,977
Granted during the year - -
Vested during the year - -
Exercised during the year - 62
Lapsed during the year - 628
Outstanding at the end of the year 5,287 5,287
Unvested at the end of the year - -
Exercisable at the end of the year 5,287 5,287
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 subdivided from Rs. 10 per share to Rs. 2 per share. Accordingly, each options 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-2014, ESOS-2011, ESOS-2008 and ESOS-2007 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-2014 ESOS-2011 ESOS-2008 ESOS-2007
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, Rs. 1,035.91 Rs. 474.56 Rs. 238.79 Rs. 307.28
as on the date of grant (per Stock
Option)

Since all the stock options granted under ESOS-2011, ESOS-2008 and ESOS-2007 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) 7,442.64 7,093.10
Less : Stock-based compensation expenses determined under fair value based method, net of tax: [ Gross Rs. Nil (Previous Year Rs. 338.50 crore)] (pro-forma) - 221.35
Net Profit (pro-forma) 7,442.64 6,871.75
Less : Amounts utilised out of Shelter Assistance Reserve 146.27 85.31
Net Profit considered for computing EPS (pro-forma) 7,296.37 6,786.44

Amount in Rs.

Particulars Current Year Previous Year
Basic earnings per share (as reported) 46.08 44.43
Basic earnings per share (pro-forma) 46.08 43.03
Diluted earnings per share (as reported) 45.70 44.10
Diluted earnings per share (pro-forma) 45.70 42.70

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 of5financialyears.

3. RESERVES AND SURPLUS
As at March 31, 2017 As at March 31, 2016
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 8,564.95 7,469.95
Add: Transfer from Statement of Profit [Refer Note 3.3] andLoss 1,247.00 1,095.00
9,811.95 8,564.95
GENERAL RESERVE
Opening Balance 11,367.13 9,541.55
Less: Utilised towards Deferred Tax Liability for [Refer Note 3.2] 1,119.08 559.54
Special Reserve
Less: Opening impact of Derivative Transition 241.31 -
(net of Deferred Tax of Rs. 127.70 crore) [Refer Note 3.5]
Add: Transfer from Statement of Profit and Loss - 2,385.12
10,006.74 11,367.13
STATUTORY RESERVE (As per Section 29C of The
National Housing Bank Act, 1987)
Opening Balance 3,604.42 3,279.42
Add : Transfer from Statement of Profit and Loss [Refer Note 3.3] 245.00 325.00
3,849.42 3,604.42
SECURITIES PREMIUM
Opening Balance 10,133.82 10,256.81
Add : Received during the year 680.62 345.30
10,814.44 10,602.11
Less: Utilised during the year (Net) [Refer Note 3.4]
[Net of tax effect of Rs. 303.76 crore 573.95 468.29
(Previous Year Rs. 247.84 crore)]
10,240.49 10,133.82
SHELTER ASSISTANCE RESERVE
Opening Balance 154.47 89.78
Add: Transfer from Statement of Profit and Loss 185.00 150.00
339.47 239.78
Less: Utilised during the year [Refer Note 34] 146.27 85.31
193.20 154.47
CAPITAL RESERVE 0.04 0.04
FOREIGN CURRENCY MONETARY ITEMS
TRANSLATION DIFFERENCE ACCOUNT
(Debit Balance) [Refer Note 3.6]
Opening Balance (Debit) (122.07) (33.75)
Add/(Less): Effect of foreign exchange rate (269.02) (199.39)
variations during the year
Add/(Less): On fair valuation of derivatives as on 162.20 -
April 1, 2016
Add/(Less): Amortisation for the year [Refer Note 3.7] 57.20 111.07
Closing balance - (Debit) (171.69) (122.07)
CASH FLOW HEDGE RESERVE (0.54) -

 

As at March 31, 2017 As at March 31, 2016
Rs. in Crore Rs. in Crore
SURPLUS IN THE STATEMENT OF PROFIT AND LOSS:
Opening Balance - -
Profit for the year 7,442.64 7,093.10
Amount available for appropriations 7,442.64 7,093.10
Appropriations:
Special Reserve No. II [Refer Note 3.3] 1,247.00 1,095.00
General Reserve - 2,385.12
Statutory Reserve (As per Section 29C of The
National Housing Bank Act, 1987) [Refer Note 3.3] 245.00 325.00
Shelter Assistance Reserve 185.00 150.00
Interim Dividend [Refer Note 3.9] 476.14 473.95
[Dividend Rs. 3.00 per equity share of Rs. 2 each
(Previous Year Rs. 3.00 per equity share of Rs. 2 each)]
Tax on Interim Dividend 0.04 10.48
Proposed Dividend [Refer Note 3.8] - 2,211.78
(Previous Year Rs. 14.00 per equity share of Rs. 2 each)
Tax on Proposed Dividend - 450.27
Tax on Dividend credit taken [Refer Note 3.10] (9.98) (11.14)
Dividend including tax of Rs. 0.63 crore [Refer Note 3.11]
(Previous Year Rs. 0.45 crore) pertaining to previous year paid during the year 3.72 2.64
5,295.72 -
39,276.55 33,753.99

3.1 Special Reserve has been created over the years in terms of Section 36(1)(viii) of the Income-tax Act, 1961, 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 had created 50 percent of deferred tax liability of Rs. 1,119.08 crore on the balance of accumulated Special Reserve as on April 1, 2014 by debiting the General Reserve in earlier years. During the year the Corporation has created balance 50 percent of deferred tax liability of Rs. 1,119.08 crore (Previous Year Rs. 559.54 crore) by debiting the General Reserve [Refer Note 14].

3.3 As per Section 29C of 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, 1961, is considered to be an eligible transfer. The Corporation has transferred an amount of Rs. 1,247 crore (Previous Year Rs. 1,095 crore) to Special Reserve No. II in terms of Section 36(1)(viii) of the Income-tax Act, 1961 and an amount of Rs. 245 crore (Previous Year Rs. 325 crore) to "Statutory Reserve (As per Section 29C of The NHB Act)".

3.4 During the year, the Corporation utilised Rs. 573.95 crore (net of tax effect of Rs. 303.76 crore) [(Previous Year Rs. 468.29 crore (net of tax effect of Rs. 247.84 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 and issue expenses in respect of Rupee Denominated Bonds and Medium

Term Note Programme (MTN Programme).

3.5 The Guidance Note on Accounting for Derivative Contracts issued by the Institute of Chartered Accountants of India was effective from April 1, 2016. On and from that date, all derivative contracts are recognised on the balance sheet and measured at fair value. The fair value changes are recognised in the Statement of Profit and Loss unless hedge accounting is used. Where hedge accounting is used, fair value changes of the derivative contracts are recognised through the Statement of Profit and Loss in the same period as the offsetting losses and gains on the hedged item. As a result of the change, in accordance with the transitional provisions of the Guidance Note, the Corporation has debited an amount of Rs. 241.31 crore (net of deferred tax of Rs. 127.70 crore) on account of the cumulative impact of all derivatives contracts outstanding as of April 1, 2016, to the opening reserves. The long term monetary items other than derivatives continue to be amortised, through the Statement of Profit and Loss over the balance period of such long term asset or liability as explained in Note 3.6.

The figures in Notes 3.6, 3.7 and 26.2 are not comparable with those of the previous year due to revision in the accounting policy during the year upon alignment with the accounting recommended in the said Guidance Note.

3.6 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. 171.69 crore (without considering future tax benefit of Rs. 59.42 crore) [(Previous Year Rs. 122.07 crore) (without considering future tax benefits ofRs. 42.25 crore)] is carried forward in the Foreign Currency Monetary Items Translation Difference Account as on March 31, 2017. This amount is to be amortised over the period of the monetary assets/liabilities ranging upto 4 years.

3.7 During the year, there was a net addition of Rs. 49.62 crore (Previous Year net addition Rs. 88.32 crore) in the Foreign Currency Monetary Items Translation Difference Account as under :

Rs. in Crore

Particulars Current Year Previous Year
Adjusted against General Reserve on fair valuation of derivatives as on April 1, 2016 162.20 -
Net Revaluation of monetary assets & liabilities (351.59) (140.32)
Net Debit/(Credit) to the Statement of Profit & Loss on account of repayments during the year 82.57 (59.07)
Net amortisation Debit/(Credit) during the year 57.20 111.07
Net reduction/(addition) during the year (49.62) (88.32)

3.8 The Board of Directors have proposed dividend on equity shares at Rs. 15 per share at their meeting held on May 4, 2017. As per the Companies (Accounting Standard) Amendment Rules, 2016, the dividend will be recorded after the approval in Annual General Meeting.

3.9 The Board of Directors of the Corporation at its meeting held on March 3, 2017, inter alia, has approved the payment of an interim dividend of Rs. 3 per equity share of face value of Rs. 2 each of the Corporation, for the financial year 2016-17.

3.10 During the year, the Corporation availed a credit of Rs. 9.98 crore (for FY 2015-16) [Previous Year Rs. 11.14 crore (for FY 2014-15)], which is adjusted against 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 between April 1, 2016 and the date of the Annual General Meeting, the Corporation paid dividend of Rs. 3.09 crore for the year 2015-16 (Rs. 2.19 crore for the year 2014-15) and tax on dividend of Rs. 0.63 crore (Previous Year Rs. 0.45 crore) as approved by the shareholders at the Annual General Meeting held on July 27, 2016.

3.12 The Corporation had on October 5, 2015 issued 3,65,00,000 warrants, convertible into 3,65,00,000 equity share of Rs. 2 each at a conversion price of Rs. 1,475.00 each, simultaneously with the issue of 5,000 secured redeemable non-convertible debentures of face value of Rs. 1,00,00,000 each, to eligible qualified institutional buyers by way of a qualified of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, and Sections 42 and 71 of the Companies Act, 2013 and the rules made thereunder. An amount of Rs. 51.10 crore was received towards subscription of warrants. The warrants may be converted into equivalent number of shares on payment of the conversion price at any time on or before October 5,

2018. In the event the warrants are not converted into shares within the said period, the Company is eligible to forfeit the amounts received towards the warrants.

4. LONG-TERM BORROWINGS

Rs. in Crore

Particulars As at March 31, 2017 As at March 31, 2016
Bonds and Debentures [Refer Notes 4.3 & 4.11] 95,026.36 63,267.20
Term Loans :
- Banks [Refer Note 4.11] 2,432.00 5,415.69
- External Commercial Borrowing - Low Cost Affordable Housing 7,619.87 5,318.40
[Refer Notes 4.5 & 4.11]
- Others [Refer Note 4.11] 4,145.83 2,104.66
1,09,224.06 76,105.95
Deposits [Refer Note 4.3] 40,838.17 33,186.30
Total 1,50,062.23 1,09,292.25

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

Rs. in Crore

Sr. Particulars No. As at March 31, 2017 As at March 31, 2016
Secured : [Refer Note 4.2]
a) Bonds and Debentures
- Bonds 34.20 40.50
- Non Convertible Debentures 81,192.16 57,726.70
Sub-Total 81,226.36 57,767.20
b) Term Loans from Banks
- Scheduled Banks 1,432.00 4,731.81
Sub-Total 1,432.00 4,731.81
c) Term Loans from other parties
- Asian Development Bank [Refer Note 4.4] 260.26 312.91
- National Housing Bank 3,885.57 1,791.75
Sub-Total 4,145.83 2,104.66
Total Secured 86,804.19 64,603.67
Unsecured :
a) Bonds and Debentures
- Non-Convertible Subordinated Debentures [Refer Note 4.11] 5,500.00 5,500.00
- Synthetic INR Denominated Bonds 8,300.00 -
b) Term Loans from Banks
- Scheduled Banks 1,000.00 683.88
c) External Commercial Borrowing - Low Cost Affordable Housing 7,619.87 5,318.40
d) Deposits [Refer Note 4.9] 40,838.17 33,186.30
Total Unsecured 63,258.04 44,688.58
Total 1,50,062.23 1,09,292.25

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. 665.00 crore (Previous Year Rs. 676.00 crore) and Deposits includes Rs. 2.95 crore (Previous Year Rs. 0.01 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,aspertheagreementwithfinancial institution, the Corporation has handed over the dollars to the Bank of India, Cayman Island and under a back-to-back arrangement obtained rupee funds in India. All payments in foreign currency are the responsibility of the financial institution. In terms of the agreements, the Corporation's foreign exchange liability is protected. The loan availed from Asian Development Bank and the deposit placed with Bank of India, Cayman Island are revalued at the closing rate of exchange and are shown separately in the financial statement.

4.5 The Corporation had availed an External Commercial Borrowing (ECB) 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 original maturity of five years. In terms of the RBI guidelines, these borrowings have been swapped into rupees for the entire maturity using principal only swaps.

The Corporation has availed an ECB of USD 500 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. During the Financial year, the Corporation has availed an ECB of USD 375 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.

The charges for raising of the aforesaid ECB has been amortised over the tenure of the ECB.

4.6 During the year, the Corporation raised Rs. 5,000 crore through various issues of Rupee Denominated Bonds to overseas investors under the automatic route in accordance with the external commercial borrowing guidelines issued by the Reserve Bank of India ("RBI"). The Corporation was the first Indian corporate issuer of such bonds.

The Corporation also established a Medium Term Note Programme (MTN Programme) of up to USD 750 million so as to enable the Corporation to issue Rupee Denominated debt instruments in the international capital markets, subject to regulatory approvals. Under this programme, the Corporation raised Rs. 3,300 crore through the issuance of Rupee Denominated Bonds to overseas investors through the approval route.

The bonds are listed on the London Stock Exchange. These bonds are unsecured and the currency risk is borne by the investor.

4.7 As on March 31, 2017, the Corporation has foreign currency borrowings of USD 2,944.46 million equivalent (Previous Year USD 1,447.36 million equivalent). The Corporation has undertaken currency swaps, options and forward contracts on a notional amount of USD 2,554.92 million equivalent (Previous Year USD 1,295.81 million equivalent) to hedge the foreign currency risk. As on March 31, 2017, 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 70 million equivalent (Previous Year USD 70 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. 30,655 crore (Previous Year Rs. 19,935 crore) as on March 31, 2017 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 49.42 million equivalent (Previous Year USD 243.11 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.

4.8 Monetary assets and liabilities denominated in foreign currencies are revalued at the rate of exchange prevailing at the year end.

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. 270.58 crore (Previous Year Rs. 84.98 crore).

4.9 Public deposits as defined in paragraph 2(1)(y) of the Housing Finance Companies (NHB) Directions, 2010, are secured by floating charge and Lien in favour of the Trustee's for Depositors on the Statutory Liquid Assets maintained in terms of sub-sections (1) & (2) of Section 29B of the National Housing Bank

Act, 1987.

4.10 As at March 31, 2017, the Corporation's outstanding subordinated debt is Rs. 5,500 crore (Previous Year

Rs. 5,975 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, 2017, 83.64% (Previous Year 85.36%) of the book value of the subordinated debt is considered as Tier II capital for the purpose of capital adequacy computation.

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

A) BONDS AND DEBENTURES Previous Year figures are in (brackets)

Rs. in Crore

Bonds and Debentures - Secured
Maturities - Rates of Interest 1-3 years 3-5 years > 5 years TOTAL
7.4% - 8% 18,866.00 - 3,000.82 21,866.82

(500.00)

-

-

(500.00)

8.01% - 10% 29,263.84 13,201.53 7,390.38 49,855.75

(25,515.70)

(13,536.00)

(8,895.00)

(47,946.70)

10.01% - 11.95% 4,215.28 - - 4,215.28

(5,320.00)

-

-

(5,320.00)

Zero Coupon 5,254.31 - - 5,254.31

(1,960.00)

(2,000.00)

-

(3,960.00)

Variable Rate
- Linked to G Sec 14.10 15.90 4.20 34.20

(13.15)

(14.95)

(12.40)

(40.50)

Total Secured A 57,613.53 13,217.43 10,395.40 81,226.36
A

(33,308.85)

(15,550.95)

(8,907.40)

(57,767.20)

Bonds and Debentures - Unsecured
Maturities - Rates of Interest 1-3 years 3-5 years > 5 years TOTAL
Non Convertible Subordinated Debentures
8.65% - 9.6% 500.00 2,000.00 3,000.00 5,500.00

-

(1,500.00)

(4,000.00)

(5,500.00)

Synthetic INR Denominated Bonds
6.87% - 7.88% 5,000.00 3,300.00 - 8,300.00
- - - -
Total Unsecured B 5,500.00 5,300.00 3,000.00 13,800.00
B

-

(1,500.00)

(4,000.00)

(5,500.00)

Total (Secured and Unsecured) A+B 63,113.53 18,517.43 13,395.40 95,026.36
A+B

(33,308.85)

(17,050.95)

(12,907.40)

(63,267.20)

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
8% - 9% 132.00 1,000.00 300.00 1,432.00

(32.00)

-

(300.00)

(332.00)

9.01% - 9.5% - - - -

(2,900.00)

(100.00)

(1,000.00)

(4,000.00)

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

(399.81)

-

-

(399.81)

Total Secured A 132.00 1,000.00 300.00 1,432.00
A

(3,331.81)

(100.00)

(1,300.00)

(4,731.81)

Term Loans from Banks - Unsecured
Maturities - 1-3 years 3-5 years > 5 years TOTAL
Rates of Interest
Term Loans from Scheduled Banks - Rupee
7.60% - 9.25% - 1,000.00 - 1,000.00

(285.00)

-

-

(285.00)

Term Loans from Scheduled Banks - Foreign Currency
USD LIBOR + 200 - 325 bps - - - -

(398.88)

-

-

(398.88)

Total Unsecured B - 1,000.00 - 1,000.00
B

(683.88)

-

-

(683.88)

Total (Secured and Unsecured) A+B 132.00 2,000.00 300.00 2,432.00
A+B

(4,015.69)

(100.00)

(1,300.00)

(5,415.69)

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

Previous Year figuresare in (brackets)

Rs. in Crore

Maturities - 1-3 years 3-5 years > 5 years TOTAL
Rates of Interest
USD LIBOR + 107 - 175 bps 1,945.50 - - 1,945.50

(1,994.40)

-

-

(1,994.40)

USD LIBOR + 120 bps - 3,242.50 - 3,242.50

-

(3,324.00)

-

(3,324.00)

USD LIBOR + 126 bps - 2,431.87 - 2,431.87
- - - -
Total Unsecured 1,945.50 5,674.37 - 7,619.87

(1,994.40)

(3,324.00)

-

(5,318.40)

D) TERM LOANS FROM OTHER PARTIES - SECURED

Previous Year figures are in (brackets)

Rs. in Crore

Maturities - 1-3 years 3-5 years > 5 years TOTAL
Rates of Interest
Asian Development Bank
USD LIBOR + 40 bps 54.55 61.68 16.65 132.88

(52.59)

(59.46)

(49.65)

(161.70)

Variable linked to Bank PLR 28.04 31.71 8.55 68.30

(26.37)

(29.82)

(24.89)

(81.08)

Variable linked to G Sec 24.25 27.43 7.40 59.08

(22.81)

(25.79)

(21.53)

(70.13)

National Housing Bank
6% - 8% 1,687.72 1,260.95 250.17 3,198.84

(180.43)

(77.73)

(108.05)

(366.21)

8.01% - 10% 663.92 22.81 - 686.73

(1,334.32)

(91.22)

-

(1,425.54)

Total Secured 2,458.48 1,404.58 282.77 4,145.83

(1,616.52)

(284.02)

(204.12)

(2,104.66)

5. OTHER LONG-TERM LIABILITIES

Rs. in Crore

Particulars March 31, 2017 March 31, 2016
Interest accrued but not due on borrowings 1,443.52 974.58
Premium payable on redemption of Debentures 690.25 557.38
Security and other deposits received 6.11 6.63
Income received in advance 45.18 66.47
Others 20.20 8.33
Total 2,205.26 1,613.39

6. LONG-TERM PROVISIONS

Rs. in Crore

Particulars March 31, 2017 March 31, 2016
Provision for Employee Benefits [Refer Note27.3] 60.10 49.87
Provisions and Contingencies [Refer Notes 6.1 & 6.2] 2,276.07 2,077.47
Total 2,336.17 2,127.34

6.1 Provisions and 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. 1,604.92 crore (Previous Year Rs. 1,341.03 crore) towards standard assets.

6.2 Movement in Provisions and Contingencies Account during the year is as under: [Refer Note 31.1]

Rs. in Crore

Particulars Current Year Previous Year
Opening Balance 2,077.47 1,501.44
Additions during the year (Net) 527.29 629.58
Utilised during the year towards Diminution in Value of Investments (291.43) (17.02)
Utilised during the year - towards loans written off (37.26) (36.53)
Closing Balance 2,276.07 2,077.47

7. SHORT-TERM BORROWINGS

Rs. in Crore

Particulars March 31, 2017 March 31, 2016
Loans repayable on demand:
Deposits - Unsecured [Refer Notes 7.2 & 4.9] 2,687.05 3,786.19
Other loans and advances:
Scheduled Banks - Secured [Refer Note 7.1] 2,000.00 10,800.00
Scheduled Banks - Unsecured - 1,190.00
Commercial Papers - Unsecured [Refer Note 7.3] 37,443.28 25,726.49
39,443.28 37,716.49
Total 42,130.33 41,502.68

7.1 All secured short-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.

7.2 Deposits includes Rs. 15.40 crore (Previous Year Rs. 0.50 crore) from related parties [Refer Note 35].

7.3 Commercial papers of the Corporation have a maturity value of Rs. 38,380 crore (Previous Year Rs. 26,650 crore). Yield on commercial paper varies between 6.50% to 9.20% (Previous Year 7.38% to 9.50%).

8. TRADE PAYABLES

Rs. in Crore

Particulars March 31, 2017 March 31, 2016
Trade Payables 147.71 122.92
Total 147.71 122.92

8.1 The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identifiedon the basis of Information available with the Company. The amount of principal and interest outstanding during the year is given below.

Rs. in Crore

Particulars Current Year Previous Year
a) Amount outstanding but not due as at year end - -
b) Amount due but unpaid as at the year end 0.18 0.15
c) Amount paid after appointed date during the year - -
d) Amount of interest accrued and unpaid as at year end - -
e) The amount of further interest due and payable even in the - -
succeeding year
0.18 0.15

8.2 As required under Section 125 of the Companies Act, 2013, the Corporation has transferred Rs. 2.16 crore (Previous Year Rs. 2.22 crore) to the Investor Education and Protection Fund (IEPF) during the year. As of March 31, 2017, no amount was due for transfer to the IEPF.

8.3 Trade Payables includes Rs. 34.98 crore (Previous Year Rs. 25.19 crore) due to related parties [Refer Note 35].

9. OTHER CURRENT LIABILITIES

Rs. in Crore

Particulars March 31, 2017 March 31, 2016
Current maturities of long-term borrowings 87,539.59 86,968.01
Interest accrued but not due on borrowings 6,359.50 5,553.58
Premium payable on redemption of Debentures 380.06 1,349.77
Interest accrued and due on matured deposits 107.20 74.35
Income and other amounts received in advance 370.96 339.77
Unclaimed dividend 24.74 19.48
Interim Dividend Payable - 473.95
Unclaimed matured deposits 801.39 554.09
Payable against Derivatives 866.99 -
Other payables
- Statutory Remittances 174.88 148.59
- Financial Assistance received from Kreditanstalt fur Wiederaufbau 7.78 7.78
- Amounts payable - Securitised Loans 574.60 580.87
- Amounts payable on swaps - 211.79
- Others 58.17 75.66
9,726.27 9,389.68
Total 97,265.86 96,357.69

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

Rs. in Crore

Sr. No. Particulars March 31, 2017 March 31, 2016
Secured [Refer Notes 9.2 & 9.3]
(i) Bonds and Debentures
- Bonds 6.30 6.00
- Non Convertible Debentures 24,213.86 31,370.00
(ii) Term Loans from Banks
- Scheduled Banks 16,586.11 15,524.59
(iii) Term Loans from other parties
- Asian Development Bank 48.69 46.38
- National Housing Bank 1,201.05 750.25
Total Secured 42,056.01 47,697.22
Unsecured
(i) Bonds and Debentures - 475.00
(ii) Term Loans from Banks
- Scheduled Banks 3,235.95 1,649.13
(iii) Term Loans from other parties
- Under a line from Kreditanstalt fur Wiederaufbau - 3.00
(iv) Deposits [Refer Notes 4.9 & 9.3] 42,247.63 37,143.66
Total Unsecured 45,483.58 39,270.79
Total (Secured and Unsecured) 87,539.59 86,968.01

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. 592.00 crore (Previous Year Rs. 141.00 crore) and Deposits includes Rs. 0.01 crore (Previous Year Rs. 2.48 crore) from related parties [Refer Note 35].

10. SHORT-TERM PROVISIONS

Rs. in Crore

Particulars March 31, 2017 March 31, 2016
[Refer Note 27.3] Provision for Employee benefits 116.91 113.09
Provision for Tax (Net of Advance Tax) 59.46 61.94
Proposed Dividend - 2,211.78
Additional Tax on Dividend - 450.27
Total 176.37 2,837.08

11. TANGIBLE ASSETS

Previous Year figures are in (brackets)

Rs. in Crore

GROSS BLOCK DEPRECIATION AND AMORTISATION NET BLOCK
As at March 31, 2016 Additions Adjustment Deductions As at March 31, 2017 As at March 31, 2016 For the Year Adjustment Deductions As at March 31, 2017 As at March 31, 2017 As at March 31, 2016
Land :
Freehold 15.67 - - - 15.67 - - - - - 15.67 15.67

(15.70)

-

-

(0.03)

(15.67)

-

-

-

-

-

(15.67)

(15.70)

Leasehold 370.25 - - - 370.25 11.82 8.88 - - 20.70 349.55 358.43

(370.25)

-

-

-

(370.25)

(2.94)

(8.88)

-

-

(11.82)

(358.43)

(367.31)

Buildings :
Own Use 240.10 0.18 - 0.29 239.99 43.97 4.58 - 0.07 48.48 191.51 196.13

(228.16)

(9.90)

(2.51)

(0.47)

(240.10)

(39.35)

(4.34)

(0.41)

(0.13)

(43.97)

(196.13)

(188.81)

Leasehold Improvements 60.16 5.35 - 0.21 65.30 40.26 13.29 - 0.21 53.34 11.96 19.90

(55.96)

(4.62)

-

(0.42)

(60.16)

(27.76)

(12.91)

-

(0.41)

(40.26)

(19.90)

(28.20)

Computer Hardware 78.86 8.20 - 5.05 82.01 61.18 8.84 - 5.05 64.97 17.04 17.68

(77.89)

(6.90)

-

(5.93)

(78.86)

(58.63)

(8.48)

-

(5.93)

(61.18)

(17.68)

(19.26)

Furniture and Fittings :
Own Use 63.23 3.44 - 1.71 64.96 40.61 3.92 - 1.61 42.92 22.04 22.62

(59.27)

(4.63)

-

(0.67)

(63.23)

(37.25)

(3.96)

-

(0.60)

(40.61)

(22.62)

(22.02)

Under Operating Lease - - - - - - - - - - - -

-

-

-

-

-

-

-

-

-

-

-

-

Office Equipment etc.:
Own Use 58.95 5.20 - 1.53 62.62 36.42 4.56 - 1.40 39.58 23.04 22.53

(56.68)

(3.78)

-

(1.51)

(58.95)

(32.81)

(4.96)

-

(1.35)

(36.42)

(22.53)

(23.87)

Under Operating Lease - - - - - - - - - - - -

-

-

-

-

-

-

-

-

-

-

-

-

Vehicles 14.01 3.15 - 0.78 16.38 6.77 2.74 - 0.53 8.98 7.40 7.24

(13.18)

(3.37)

-

(2.54)

(14.01)

(6.51)

(2.60)

-

(2.34)

(6.77)

(7.24)

(6.67)

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 1,046.78 25.52 - 9.57 1,062.73 386.58 46.81 - 8.87 424.52 638.21 660.20
Previous Year

(1,022.64)

(33.20)

(2.51)

(11.57)

(1,046.78)

(350.80)

(46.13)

(0.41)

(10.76)

(386.58)

(660.20)

(671.84)

*Assets held for disposal

11.1 Depreciation charge for the financial year above, excludesRs. 6.50 crore (Previous Year Rs. 5.28 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, 2016 Additions Adjustment Deductions As at March 31, 2017 As at March 31, 2016 For the Year Adjustment Deductions As at March 31, 2017 As at March 31, 2017 As at March 31, 2016
Computer Software 17.92 2.45 - - 20.37 13.59 2.65 - - 16.24 4.13 4.33
Licences
(Acquired)

(15.84)

(2.08)

-

-

(17.92)

(10.72)

(2.87)

-

-

(13.59)

(4.33)

(5.12)

Total 17.92 2.45 - - 20.37 13.59 2.65 - - 16.24 4.13 4.33
Previous Year

(15.84)

(2.08)

-

-

(17.92)

(10.72)

(2.87)

-

-

(13.59)

(4.33)

(5.12)

 

13. NON-CURRENT INVESTMENTS (AT COST)
As at March 31, 2017 As at March 31, 2016
Rs. in Crore Rs. in Crore
Trade Investments :
Equity Shares - Subsidiaries and Associate Companies 8,223.36 8,080.01
Preference Shares - Convertible - Subsidiary Company 67.00 67.00
Debentures - Convertible - Subsidiary Company 118.00 310.18
Venture Funds 296.24 121.26
Non Trade Investments :
Equity Shares 735.96 633.12
Preference Shares - Convertible - 0.50
Preference Shares - Cumulative Redeemable 5.99 5.99
Debentures and Bonds - Redeemable - for Financing Real Estate Projects 63.33 63.33
Debentures and Bonds - Convertible - Others* 0.00 0.00
Debentures and Bonds - Redeemable - Others 25.00 25.00
Pass Through Certificates and Security Receipts - for Financing Real 763.91 35.51
Estate Projects
Security Receipts - Others 12.34 11.73
Government Securities 6,277.02 5,087.40
Mutual Funds 20.00 -
Venture Funds 236.64 103.22
Properties [Net of Depreciation of Rs. 25.99 crore (Previous Year Rs. 19.97 crore) 357.30 377.42
17,202.09 14,921.67
Less : Provision for other than temporary Diminution in Value of Investments 372.15 83.83
16,829.94 14,837.84
*Amount less than Rs. 50,000
Book Value Market Value
Rs. in Crore Rs. in Crore
Aggregate of Quoted Investments 5,885.70 65,836.12
Previous Year

5,817.40

47,397.58

Aggregate of Investments listed but not quoted 6,365.35
Previous Year

5,150.73

Aggregate of Investments in Unquoted Mutual Funds 20.00 20.05
(Refer note 2 below)
Previous Year

-

-

Aggregate of Unquoted Investments (Others) 4,222.09
Previous Year

3,492.29

Properties 336.80
Previous Year

377.42

16,829.94
Previous Year

14,837.84

Trade Investments :

Number of Shares Face Value per Share As at March 31, 2017 Number of Shares Face Value per Share As at March 31, 2016
Rs. Rs. in Crore Rs. Rs. in Crore
Equity Shares - Subsidiaries and Associate Companies (fully paid)
Subsidiaries
HDFC Credila Financial Services Private Limited 4,92,72,003 10 102.97 4,22,72,003 10 47.97
(Erstwhile Credila Financial Services Private Limited)
GRUH Finance Ltd.* (Refer Note 1) 21,30,77,850 2 60.74 21,30,77,850 2 60.74
HDFC Asset Management Co. Ltd. 1,50,96,600 10 235.88 1,50,96,600 10 235.89
HDFC Developers Ltd. 59,90,000 10 5.99 59,90,000 10 5.99
HDFC Education and Development Services Pvt. Ltd. 3,02,00,000 10 30.20 3,02,00,000 10 30.20
HDFC ERGO General Insurance Co. Ltd. 30,50,05,688 10 733.33 39,66,08,250 10 644.96
HDFC Holdings Ltd. 18,00,070 10 102.40 18,00,070 10 102.40
HDFC Investments Ltd. 2,66,70,500 10 66.14 2,66,70,500 10 66.15
HDFC Property Ventures Ltd. 10,00,000 10 1.00 10,00,000 10 1.00
HDFC Capital Advisors Ltd. 19,97,660 10 2.00 19,97,600 10 2.00
HDFC Realty Ltd. 97,50,070 10 9.31 97,50,070 10 9.31
HDFC Sales Pvt. Ltd. 40,10,000 10 4.02 40,10,000 10 4.02
HDFC Standard Life Insurance Co. Ltd. 122,97,60,125 10 1,316.56 122,97,60,125 10 1,316.56
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
2,671.09 2,527.74
Associate Companies
HDFC Bank Ltd.* 39,32,11,100 2 5,549.74 39,32,11,100 2 5,549.74
True North Ventures Private Limited 9,75,002 4 0.03 9,75,002 4 0.03
(Erstwhile India Value Fund Advisors Private Limited)
RuralShores Business Services Pvt. Ltd. 4,76,351 10 2.50 4,76,351 10 2.50
5,552.27 5,552.27
8,223.36 8,080.01
* listed shares
Preference Shares - Convertible
- Subsidiary Company (fully paid)
0.01% HDFC Credila Financial Services Pvt. Ltd. 6,69,99,956 10 67.00 6,69,99,956 10 67.00
(Erstwhile Credila Financial Services
Private Limited)
(Compulsorily Fully Convertible)
67.00 67.00

Debentures - Convertible - Subsidiary Companies

Number of Face Value per Debenture/ As at Number of Face Value per Debenture/ As at
Debentures/ Bond March 31, 2017 Debentures/ Bond March 31, 2016
Bonds Rs. Rs. in Crore Bonds Rs. Rs. in Crore
Debentures - Convertible - Subsidiary Companies
- for Financing Real Estate Projects
- Redeemable (fully paid)
6.40% Haddock Properties Pvt. Ltd. - 6,981 1,00,000 56.39
9.00% Pentagram Properties Pvt. Ltd. - 5,532 1,00,000 54.47
6.50% Winchester Properties Pvt. Ltd. - 3,912 1,00,000 39.12
7.70% Windermere Properties Pvt. Ltd. - 11,520 1,00,000 115.20
- 265.18

 

Number of Face Value per Debenture/ As at Number of Face Value per Debenture/ As at
Debentures/ Bond March 31, 2017 Debentures/ Bond March 31, 2016
Bonds Rs. Rs. in Crore Bonds Rs. Rs. in Crore
Debentures - Convertible
- Subsidiary Companies - Zero Coupon
HDFC Sales Pvt. Ltd. 1,00,00,000 10 10.00 1,00,00,000 10 10.00
HDFC Education and Development Services Pvt. Ltd. 4,50,00,000 10 63.00 2,50,00,000 10 25.00
HDFC Developers Ltd. 2,50,00,000 10 25.00 1,00,00,000 10 10.00
HDFC Realty Limited 2,00,00,000 10 20.00 -
118.00 45.00
118.00 310.18
Venture Funds
HDFC Investment Trust 141.56 -
HDFC Investment Trust II 154.68 121.26
296.24 121.26

 

Non-Trade Investments:
Number of Shares Face Value per Share As at March 31, 2017 Number of Shares Face Value per Share As at March 31, 2016
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
Asset Reconstruction Co. (India) Ltd. 75,41,137 10 46.37 75,41,137 10 46.37
Computer Age Management Services Pvt. Ltd. 54,06,680 10 1.51 54,06,680 10 1.51
Citrus Processing India Pvt. Ltd. (Refer Note 1) 11,51,234 10 34.09 11,51,234 10 34.09
Feedback Infra Pvt. Ltd. 7,53,114 10 24.93 7,53,114 10 24.93
GMR Chhattisgarh Energy Limited 13,95,60,000 10 139.56 - - -
GVFL Ltd. 1,50,000 10 0.27 1,50,000 10 0.27
Goods & Services Tax Network 10,00,000 10 1.00 10,00,000 10 1.00
IDFC Infrastructure Finance Limited 6,00,00,000 10 60.00 6,00,00,000 10 60.00
(Erstwhile IDFC Infra Debt Fund Ltd.)
Idhasoft Ltd. 4,71,06,525 1 8.21 4,71,06,525 1 8.21
Iridium India Telecom Ltd.* 31,75,750 10 0.00 31,75,750 10 0.00
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
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. 22,258 2 - 22,258 2 -
(received on demerger in 1999-2000)
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
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 Private Ltd. (Erstwhile OCM India Ltd.) 22,56,295 10 3.41 22,56,295 10 3.41
Tamil Nadu Urban Infrastructure Financial Services Ltd. 150,000 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 0.00 40 25 0.00
TVS Credit Services Ltd. 50,00,000 10 10.00 50,00,000 10 10.00
VBHC Value Homes Private Limited 1,89,394 10 6.08 1,89,394 10 6.08
[Erstwhile Value & Budget Housing Corporation
(India) Pvt. Ltd.]
Vayana Enterprises Pvt. Ltd. 6,87,614 10 2.29 687,614 10 2.29
Ziqitza Healthcare Ltd. 2,350 10 0.50 - - -
(Conversion of Preference Shares Into Equity
Shares)
423.73 305.12

 

Number of Shares Face Value per Share As at March 31, 2017 Number of Shares Face Value per Share As at March 31, 2016
Rs. Rs. in Crore Rs. Rs. in Crore
Listed :
Andhra Cements Ltd. 2,59,57,055 10 49.82 2,59,57,055 10 49.82
Bharat Bijlee Ltd. 122,480 10 2.65 1,22,480 10 2.65
CL Educate Ltd.* (Refer Note 1) 594,233 10 35.08 5,94,233 10 35.08
Coromandel International Limited * 269,330 2 - 2,69,330 2 -
(received under Scheme of Arrangement in
2003-04)
Hindustan Oil Exploration Co. Ltd. 1,48,26,303 10 105.50 1,48,26,303 10 105.50
Indraprastha Medical Corporation Ltd. 61,46,897 10 26.39 61,46,897 10 26.39
Infosys Ltd. 85,000 5 9.32 85,000 5 9.32
IDFC Limited - 3,72,159 10 0.22
(Erstwhile Infrastructure Development Finance
Company Ltd.)
IDFC Bank Ltd. - - - 19,94,319 10 0.79
Kotak Mahindra Bank Ltd. - - - 166,201 5 10.58
RBL Bank Ltd. 88,04,680 10 58.99 88,04,680 10 58.99
Siemens Ltd. 76,353 2 2.70 76,353 2 2.70
State Bank of India 3,25,000 10 7.82 3,25,000 10 7.82
Sun Pharmaceuticals Industries Ltd. 1,60,768 1 13.96 1,60,768 1 13.96
Tata Power Company Ltd. - 7,00,000 1 4.18
312.23 328.00
* Amount less than Rs. 50,000 735.96 633.12
Preference Shares - Convertible (fully paid)
0.02% Ziqitza Healthcare Ltd.* - 2,350 10 0.50
(Compulsorily Fully Convertible Preference
Shares)
- 0.50
* Conversion of Preference Shares Into Equity
Shares
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/ Face Value per Debenture/ Bond As at March 31, 2017 Number of Debentures/ Face Value per Debenture/ Bond As at March 31, 2016
Bonds Rs. Rs. in Crore Bonds 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) (yield to maturity - 9%) 1,50,000 10,000 63.33 1,50,000 10,000 63.33
63.33 63.33
Debentures and Bonds - Convertible - Others (fully paid)
17.50% Iridium India Telecom Ltd* 28,750 1,000 0.00 28,750 1,000 0.00
* Amount less than Rs. 50,000 0.00 0.00
Debentures and Bonds - Redeemable - Others (fully paid)
- Listed
10.25% RBL Bank Ltd. 250 10,00,000 25.00 250 10,00,000 25.00
25.00 25.00

 

As at March 31, 2017 As at March 31, 2016
Rs. in Crore Rs. in Crore
Pass Through Certificates & Security Receipts
- for financing Real Estate Projects
Pass Through Certificates 39.23 15.54
Security Receipts 724.68 19.97
763.91 35.51
- Others
Security Receipts 12.34 11.73
12.34 11.73
Government Securities
Government of India Loans 6,277.02 5,087.40
6,277.02 5,087.40
Schemes of Mutual Funds
HDFC Mutual Fund 20.00 -
20.00 -
Venture Funds
Faering Capital India Evolving Fund 39.36 37.16
HDFC Capital Affordable Real Estate Fund I 58.73 0.59
IDFC Private Equity Fund IV 7.16 -
True North Fund (Erstwhile India Value Fund) 85.45 48.75
Jhelum Investment Fund 36.57 -
Kaizen Domestic Scheme 1 9.37 8.92
Tata Capital Growth Fund - 7.80
236.64 103.22

Notes:

1) Unquoted investments include Rs. 94.09 crore (Previous Year Rs. 100.17 crore) in respect of equity shares, which are subject to restrictive covenant. Quoted investments include Rs. 35.08 crore (Previous Year Rs. Nil) in respect of equity shares which are subject to a lock-in period and 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 (AS 22) relating to ‘Accounting for Taxes on Income', the Corporation has taken debit of Rs. 495.00 crore (Previous Year Rs. 142.00 crore) in the Statement of Profit and Loss for the year ended March 31, 2017 towards deferred tax liability (net) for the year, arising on account of timing differences, Rs. 1,119.08 crore (Previous Year Rs. 559.54 crore) has been adjusted against the General Reserve (as per Note 3.2).

The major components of deferred tax assets and liabilities are :

Rs. in Crore

Particulars Current Year Previous Year
Assets Liabilities Assets Liabilities
a) Depreciation - 54.75 - 58.92
b) Special Reserve I & II - 3,413.45 - 1,862.81
c) Provisions and Contingencies 1,120.39 - 959.04 -
d) Provision for Employee Benefits - 53.85 - 47.80 -
e) Others (net) - 94.62 12.68 -
Total 1,174.24 3,562.82 1,019.52 1,921.73
Net Deferred Tax Liability 2,388.58 902.21

15. LONG-TERM LOANS AND ADVANCES

Rs. in Crore

Particulars As at As at
March 31, 2017 March 31, 2016
Loans: [Refer Notes 15.3, 15.4 & 15.5]
- Individuals 1,91,833.93 1,69,017.37
- Corporate Bodies 69,189.92 61,071.84
- Others 3,655.58 3,347.49
2,64,679.43 2,33,436.70
Less: Provision for Sub-Standard and Doubtful loans [Refer Note 15.6] (738.01) (566.16)
(A) 2,63,941.42 2,32,870.54
Others:
Corporate Deposits 2,958.88 5.80
Capital Advances - Unsecured; considered good 16.39 9.94
Advance against Investment in Properties 113.18 -
Security Deposits - Unsecured; considered good 24.17 19.47
Instalments due from borrowers - Secured; Considered doubtful 130.61 108.84
Others - Unsecured; Considered doubtful 49.71 49.71
Other Long-term Loans and Advances:
- Staff Loans Others - Secured; considered good [Refer Note 15.1] 18.47 18.14
- Prepaid Expenses - Unsecured; considered good 173.00 111.97
- Advance Tax (Net of Provision) 3,121.01 2,396.57
6,605.42 2,720.44
Less : Provision for Doubtful Corporate Deposit & Other Receivables [Refer Note 31.1] (52.57) (51.71)
(B) 6,552.85 2,668.73
Total (A) + (B) 2,70,494.27 2,35,539.27

15.1 Loans include amounts due from the directors Rs. 0.05 crore (Previous Year Rs. 0.06 crore) [Refer Note 35]. 15.2 Investments in Debentures, Pass Through Certificates, Security Receipts and Corporate Deposits amounting to Rs. 3,777.24 crore (Previous Year Rs. 364.02 crore) are towards financing Real Estate Projects. The Debentures, Pass Through Certificates and Security Receipts are reflected as a part of Long-Term Investment

15.3 Loans granted by the Corporation aggregating to Rs. 2,63,167.07 crore (Previous Year Rs. 2,33,106.17 crore) and Corporate Deposits aggregating to Rs. 2,957.08 crore (Previous Year Rs. 3.80 crore) are secured or partly secured by one or a combination of the following securities; (a) Registered / equitable mortgage of property; (b) Non disposal undertakings in respect of shares, pledge of shares, units, other securities, assignment of life insurance policies; (c) Hypothecation of assets;

(d) Bank guarantees, company guarantees or personal guarantees; (e) Negative lien;

(f) Assignment of receivables;

(g) Liquidity Support, Collateral's [e.g. DSRA (Debt Service Reserve Account), Lien of Fixed Deposit]

15.4 Loans include Rs. 95.73 crore (Previous Year Rs. 75.77 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. 2,377.69 crore (Previous Year

Rs. 1,832.75 crore).

15.6 Movement in Provision for Sub-Standard and Doubtful Loans is as under: [Refer Note 31.1]

Rs. in Crore

Particulars Current Year Previous Year
Opening Balance 566.16 480.74
Additions/(Reversal) during the year (Net) 171.85 85.42
Closing Balance 738.01 566.16

16. OTHER NON-CURRENT ASSETS

Rs. in Crore

Particulars As at As at
March 31, 2017 March 31, 2016
Receivables on Securitised Loans 417.58 371.18
Forward Receivable - 83.69
Amounts Receivable on swaps and other derivatives 422.72 87.22
Receivable against Derivative 118.78 -
Interest accrued but not due on Loans 239.85 80.34
Interest accrued but not due on Bank Deposits 1.57 0.72
Income accrued but not due on Investments 62.96 52.54
Bank Deposits with maturities beyond twelve months from the Balance
Sheet date [Refer Note 16.1] 142.88 171.84
Total 1,406.34 847.53

16.1 Bank deposits, with maturities beyond twelve months from the balance sheet date, includes earmarked balances Rs. 132.88 crore (Previous Year Rs. 161.70 crore) against foreign currency loans [Refer Note 4.4] and

Rs. Nil (Previous Year Rs. 0.14 crore) towards letter of credit issued by Bank.

17. CURRENT INVESTMENTS
As at As at
March 31, 2017 March 31, 2016
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 265.18 -
[for Financing Real Estate Projects - Redeemable (Refer Note 20.5)]
Venture Funds - 176.35
Non Trade
Equity Shares - Unlisted 21.44 -
Current portion of Long-term Investments (at cost)
Pass Through Certificates & Security Receipts 3.23 6.05
Government Securities 134.46 172.13
Mutual Funds 3,000.00 10.00
Venture Funds & Other Funds 57.09 41.19
3,590.07 514.39
Less : Provision for Diminution in Value of Investments 9.91 6.80
3,580.16 507.59
Book Value Market Value
Rs. in Crore Rs. in Crore
Aggregate of Quoted Investments - -
Previous Year

-

-

Aggregate of Investments listed but not quoted 134.46
Previous Year

172.13

Aggregate of Investments in Unquoted Mutual Funds (Refer note 2 below) 3,000.00 3,000.92
Previous Year

10.00

10.35

Aggregate of Unquoted Investments (Others) 445.70
Previous Year

325.46

3,580.16
Previous Year

507.59

 

Number of Shares Face Value per share As at March 31, 2017 Number of Face Value per share As at March 31, 2016
Rs. Rs. in Crore Shares Rs. Rs. in Crore
Held as Current Investments Trade Investments :
Equity Shares - Subsidiary Companies (fully paid)* (Refer Note 1)
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/ Face Value per Debenture/ Bond As at March 31, 2017 Number of Debentures/ Face Value per Debenture/ Bond As at March 31, 2016
Bonds Rs. Rs. in Crore Bonds Rs. Rs. in Crore
6.40% Haddock Properties Pvt. Ltd. 6,981 1,00,000 56.39 - - -
9.00% Pentagram Properties Pvt. Ltd. 5,532 1,00,000 54.47 - - -
6.50% Winchester Properties Pvt. Ltd. 3,912 1,00,000 39.12 - - -
7.70% Windermere Properties Pvt. Ltd. 11,520 1,00,000 115.20 - - -
265.18 -

* received as in-specie distribution

Non-Trade Investments: Number of Shares Face Value per share As at March 31, 2017 Number Face Value per share As at March 31, 2016
Rs. Rs. in Crore of Shares Rs. Rs. in Crore
Equity Shares - Unlisted
National Stock Exchange of India Ltd. 8,11,250 1 21.44 - - -
21.44 -
As at As at
March 31, March 31,
2017 2016
Rs. in Crore Rs. in Crore
Current portion of Long Term Investments
Pass Through Certificates & Security Receipts
Security Receipts 3.23 6.05
3.23 6.05
Government Securities
Government of India Loans 134.46 172.13
134.46 172.13
Schemes of Mutual Funds
Liquid funds 3,000.00 -
HDFC Mutual Fund - 10.00
3,000.00 10.00
Venture Funds and Other Funds
Gaja Capital India Fund - I 6.05 7.15
HDFC India Real Estate Fund (HI-REF) 8.89 9.24
Tamil Nadu Urban Development Fund 16.72 16.72
Tata Capital Growth Fund I 6.47 -
India Venture Trust - Fund 1 4.18 5.00
True North Fund (Erstwhile India Value Fund) 14.78 3.08
57.09 41.19

Notes:

1 The Board of Directors of the Corporation at its meeting held on July 27, 2016, approved the composite scheme of amalgamation for the merger of 5 wholly owned subsidiaries viz., Grandeur Properties Private Limited; Winchester Properties Private Limited;

Windermere Properties Private Limited; Pentagram Properties Private Limited; and Haddock Properties Private Limited with the

Corporation. The scheme of arrangement is awaiting approval of the National Company Law Tribunal.

18. TRADE RECEIVABLES

Rs. in Crore

Particulars As at As at
March 31, 2017 March 31, 2016
Trade Receivables - Unsecured; Considered Good, less than six months 109.48 144.66
Total 109.48 144.66
18.1 Trade Receivables includes amounts due from the related parties Rs. 57.73 crore (Previous Year Rs. 139.20
crore) [Refer Note 35].
19. CASH AND BANK BALANCES Rs. in Crore
Particulars As at As at
March 31, 2017 March 31, 2016
(a) Cash and cash equivalents
(i) Balances with banks:
In Current Accounts 108.59 2,582.98
In Deposit accounts with original maturity of 3 months or less 4,000.00 0.00
(ii) Cash on hand 0.47 0.39
(iii) Cheques on hand 99.84 54.73
4,208.90 2,638.10
(b) Other Bank balances
(i) In other Deposit accounts
- original Maturity more than 3 months 2,060.00 2,165.10
(ii) Earmarked balance with banks
- Unclaimed Dividend Account 24.74 493.44
- Towards Guarantees Issued by Banks 0.30 0.06
- Other - Against Foreign Currency Loans [Refer Note 4.4] 24.86 23.97
2,109.90 2,682.57
Total 6,318.80 5,320.67
20. SHORT-TERM LOANS AND ADVANCES Rs. in Crore
Particulars As at As at
March 31, 2017 March 31, 2016
Loans: [Refer Note 20.1]
Current maturities of long-term loans and advances 28,282.41 23,577.61
Corporate Bodies 3,510.00 2,210.09
31,792.41 25,787.70
Others:
Current maturities of Staff Loans - others - Secured; Considered good 5.10 4.81
[Refer Note 20.6]
Corporate Deposits [Refer Notes 20.2, 20.3 & 20.5] 2,807.80 1,353.86
Instalments due from borrowers - Secured; Considered good 1,039.65 987.55
Other Advances - Unsecured; Considered good [Refer Note 20.4] 32.86 31.80
Prepaid Expenses - Unsecured; Considered good 129.83 139.55
Security Deposits - Unsecured; Considered good 6.08 8.47
Sub-Total 4,021.32 2,526.04
Total 35,813.73 28,313.74

20.1 Loans granted by the Corporation, aggregating Rs. 29,357.81 crore (Previous Year Rs. 21,225.01 crore) are secured and considered good [Refer Note 15.3].

20.2 Out of the Corporate Deposits, amounts aggregating to Rs. 2,134.50 crore (Previous Year Rs. 522.87 crore) are secured and considered good [Refer Note 15.3].

20.3 Corporate Deposits includes amounts due from the related parties Rs. 13.30 crore (Previous Year Rs. 14.08 crore) [Refer Note 35].

20.4 Other Advances includes amounts due from the related parties Rs. 9.52 crore (Previous Year Rs. 10.53 crore) [Refer Note 35].

20.5 Investments in Debentures and Corporate Deposits amounting to Rs. 817.68 crore (Previous Year Rs. 905.59 crore) are towards financing Real Estate Projects. The Debentures are classified as investments in Note 17. 20.6 Current maturities of staff loans includes amounts due from the directors Rs. 0.01 crore (Previous Year Rs. 0.01 crore) [Refer Note 35].

21. OTHER CURRENT ASSETS Rs. in Crore

Particulars As at As at
March 31, 2017 March 31, 2016
Interest accrued on interest rate swaps 556.88 -
Receivables on Securitised Loans 91.62 68.27
Receivables on Sale of Investments - 1,705.62
Interest accrued but not due on Loans 309.82 583.02
Interest accrued and due on Loans 1.52 0.01
Income accrued but not due on Investments 102.97 137.13
Interest accrued but not due on Corporate Deposits 100.02 205.64
Interest accrued and due on Corporate Deposits - 1.10
Total 1,162.83 2,700.79

21.1 Receivables on Sale of Investments in the previous year represents amount receivable on sale of shares of HDFC Standard Life Insurance Company Limited.

22. CONTINGENT LIABILITIES AND COMMITMENTS

The Company is involved in certain appellate, judicial and arbitration proceedings (including those described below) concerning matters arising in the course of conduct of the Company's businesses and is exposed to other contingencies arising from having issued guarantees to lenders and other entities. 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. 1,241.88 crore (Previous Year Rs. 1,290.84 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).

The 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 to be resolved.

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. 628.09 crore (Previous Year Rs. 500.32 crore). b) Corporate undertakings for securitisation of receivables aggregated to Rs. 1,838.21 crore (Previous Year Rs. 1,889.83 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, the 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. 580.63 crore (Previous Year Rs. 652.74 crore).

23. REVENUE FROM OPERATIONS Rs. in Crore

Particulars Current Year Previous Year
Interest Income :
- Interest on Loans 29,402.04 26,799.90
- Other Interest [Refer Note 23.1] 1,003.47 961.26
- Net Gain on foreign currency transactions and translation 0.28 0.86
Income from Leases 5.33 6.31
Dividends [Refer Note 23.2] 909.06 806.88
Surplus from deployment in Cash Management Schemes of Mutual Funds 444.64 307.87
[Refer Note 23.3]
Fees and Other Charges [Refer Note 23.4] 346.24 374.23
Total 32,111.06 29,257.31

23.1 a) Other Interest includes interest on investments amounting to Rs. 500.74 crore (Previous Year Rs. 389.96 crore), including Rs. 31.32 crore (Previous Year Rs. 21.95 crore) in respect of investments classified as current investments. b) Other Interest includes interest on income tax refund Rs. 32.59 crore (Previous Year Rs. Nil). 23.2 Dividend income includes Rs. 524.93 crore (Previous Year Rs. 477.22 crore) received from subsidiary companies which have been classified as Long-Term Investments [Refer Note 35].

23.3 Surplus from deployment in Cash Management Schemes of Mutual Funds amounting to Rs. 444.64 crore (Previous Year Rs. 307.87 crore) is in respect of investments held as current investments. 23.4 Fees and Other Charges is net of amounts incurred towards Commission to Direct Selling Agents

Rs. 502.38 crore (Previous Year Rs. 442.16 crore).

23.5 Earnings in foreign currency: Rs. in Crore

Particulars Current year Previous Year
Interest on Bank Deposits 3.53 2.72
Consultancy and other fees 2.58 4.78

23.6 Fees and Other Charges includes brokerage of Rs. 0.07 crore (Previous Year Rs. 0.05 crore) received in respect of insurance/agency business undertaken by the Corporation.

24. Profit on sale of investments includes profit Rs. 919.90 crore on account of sale of equity shares of HDFC of ERGO General Insurance Company Ltd. (Subsidiary Company) [Previous Year Rs. 1,513.41 crore on account of sale of equity shares of HDFC Standard Life Insurance Company Ltd. (Subsidiary Company)].

25. Other Income includes rent of Rs. 26.73 crore (Previous Year Rs. 26.51 crore).

25.1 In accordance with the Accounting Standard (AS) 19 on ‘Leases', the following disclosures in respect of

Operating Leases are made:

Income from Leases includes Rs. 7.47 crore (Previous Year Rs. 4.83 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 4.06 4.16
Later than one year but not later than five years 0.29 1.15
Later than five years - -
26. FINANCE COST Rs. in Crore
Particulars Current Year Previous Year
Interest
- Loans 2,475.09 2,190.03
- Deposits 7,285.30 6,665.38
- Bonds and Debentures [Refer Note 26.1] 8,701.26 7,749.72
- Commercial Paper 2,254.86 2,578.36
20,716.51 19,183.49
Net (Gain) / Loss on foreign currency transactions and translation 30.87 52.86
[Refer Note 26.2]
Other charges [Refer Note 26.3] 148.82 138.16
Total 20,896.20 19,374.51
26.1 Interest on Bonds and Debenture above includes a net gain of Rs. 20.59 crore (Previous Year Rs. Nil) being net gain on derivative valuation of INR derivatives and the underlying hedging instrument as shown below:
Rs. in Crore
Particulars Current Year Previous Year
Realised (Gain) / Loss 0.41 N.A.
Derivative valuations (21.00) N.A.
Net (Gain)/Loss recognised in statement of Profit and Loss (20.59)

26.2 A net loss of Rs. 30.59 crore (Previous Year loss of Rs. 52.00 crore) has been recognised in the Statement of Profit and Loss being net loss on transaction and translation of foreign currency monetary items and derivative valuations as shown below:

Rs. in Crore

Particulars Current Year Previous Year
Exchange (Gain)/Loss on Translation
- Foreign Currency Denominated Assets & Foreign Currency Borrowings 62.85 2.81
- Cross Currency Interest Rate Swaps - 108.26
Net Exchange (Gain)/Loss on Translation 62.85 111.07
Realised (Gain)/Loss 36.17 (58.21)
Derivative accounting impact (68.15) -
Net (Gain)/Loss on foreign currency transaction and translation recognised 30.87 52.86
in finance cost
Realised (Gain)/Loss recognised in Revenue from operations (0.28) (0.86)
Net (Gain)/Loss recognised in statement of Profit and Loss 30.59 52.00

26.3 Other Charges includes exchange loss Rs. 0.35 crore (Previous Year is net of exchange gain of Rs. 0.13 crore). 26.4 Expenditure in foreign currency :

Rs. in Crore

Particulars Current year Previous Year
Interest and Other Charges on Loans 426.81 125.08
Others 15.55 20.59

a) The above amounts are net of tax deducted at source. b) The above expenses include Rs. 15.06 crore (Previous Year - Rs. Nil) debited to Securities Premium, being expenses incurred in respect of issuance of Synthetic INR Denominated Bonds.

27. EMPLOYEE BENEFIT EXPENSES Rs. in Crore

Particulars Current Year Previous Year
Salaries and Bonus 315.39 274.11
Contribution to Provident Fund and Other Funds 54.93 58.35
Staff Training and Welfare Expenses 18.48 16.63
Total 388.80 349.09

27.1 Salaries and Bonus include provisions 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 (AS) 15 on Employee Benefits.

27.2 Expenditure shown in Note 27 is net of recovery from subsidiary companies in respect of Salaries

Rs. 4.11 crore (Previous Year Rs. 4.14 crore).

27.3 Employee Benefits

(a) Defined contribution plans

The Company makes Provident Fund and Superannuation Fund contributions to defined contribution retirement benefit plans for eligible employees. Under the schemes, the Company is required to 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 Company. The Company 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 such deficiency 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. 334.12 crore and Rs. 332.90 crore respectively (Previous Year Rs. 287.31 crore and Rs. 286.17 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 8.65%. The actuarial assumptions include discount rate of 7.27% (Previous Year 7.86%) and an average expected future period of 13.27 years (Previous Year 13 years). The Company recognised Rs. 15.90 crore (Previous Year Rs. 13.73 crore) for provident fund contributions and Rs. 12.88 crore (Previous Year Rs. 12.16 crore) for superannuation contributions in the statement of profit and loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

(b) Defined benefit plans

The details of the Corporation's post-retirement benefit plans for its 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 Obligations:
Liability at the beginning of the year 210.66 180.38
Current Service Cost 8.73 6.59
Interest Cost 16.56 14.35
Benefits Paid (10.85) (11.16)
Actuarial loss 12.02 20.50
Liability at the end of the year * 237.12 210.66
*The Liability at the end of the year Rs. 237.12 crore (Previous Year Rs. 210.66
crore) includes Rs. 53.07 crore (Previous Year Rs. 46.90 crore) in respect of
an un-funded plan.
Fair Value of Plan Assets:
Fair Value of Plan Assets at the beginning of the year 160.31 130.47
Expected Return on Plan Assets 12.60 10.39
Contributions 8.76 20.79
Actuarial loss on Plan Assets (5.16) (1.34)
Fair Value of Plan Assets at the end of the year 176.51 160.31
Total Actuarial loss to be recognised (17.18) (21.84)
Actual Return on Plan Assets:
Expected Return on Plan Assets 12.60 10.39
Actuarial loss on Plan Assets (5.16) (1.34)
Actual Return on Plan Assets 7.44 9.05
Reconciliation of the Liability Recognised in the Balance Sheet:
Opening Net Liability 50.35 49.91
Expense recognised 29.87 32.39
Contribution by the Corporation (8.76) (20.79)
Benefits paid by the Corporation/Insurance Companies (10.85) (11.16)
Amount recognised in the Balance Sheet under "Long-term Provision for 60.61 50.35
Employee Benefits"Rs. 60.08 crore (Previous Year Rs. 49.82 crore) and under
"Short term Provision for Employee Benefits"Rs. 0.53 crore (Previous Year
Rs. 0.53 crore).

 

Rs. in Crore
Particulars Current Year Previous Year
Expense Recognised in the Statement of Profit and Loss:
Current Service Cost 8.73 6.59
Interest Cost 16.56 14.35
Expected Return on Plan Assets (12.60) (10.39)
Net Actuarial loss to be recognised 17.18 21.84
Expense recognised in the Statement of Profit and Loss under "Employee 29.87 32.39
Benefit

 

Rs. in Crore
Particulars 2016-17 2015-16 2014-15 2013-14 2012-13
Amount Recognised in the Balance Sheet:
Liability at the end of the year 237.12 210.66 180.38 146.36 128.13
Fair Value of Plan Assets at the end of the year 176.51 160.31 130.47 108.14 87.51
Amount recognised in the Balance Sheet under 60.61 50.35 49.91 38.22 40.62
"Long term Provision for Employee Benefits" and
"Short term Provision for Employee Benefits"
Experience Adjustment :
On Plan Liabilities 3.51 5.11 23.67 20.44 17.25
On Plan Assets (5.16) (1.34) (0.58) (3.01) (6.16)
Estimated Contribution for next year 13.27 11.94 10.49 6.19 8.03

 

Investment Pattern: % Invested
Particulars Current Year Previous Year
Central Government securities 1.86 17.99
State Government securities/securities guaranteed by State/Central 24.04 22.51
Government
Public Sector / Financial Institutional Bonds 4.65 10.27
Private Sector Bonds 16.15 27.99
Special Deposit Scheme 1.25 1.38
Certificate of Deposits - 1.88
Deposits with Banks and Financial Institutions - 0.94
Equity Shares 47.04 11.94
Repo (Repurchase) - 0.57
Others (including bank balances) 5.01 4.53
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 7.27 7.86
Return on Plan Assets 7.27 7.86
Salary Escalation 6.00 6.00

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] 57.00 53.18
Rates and Taxes 2.85 2.80
Repairs and Maintenance - Buildings 7.29 8.39
General Office Expenses 2.97 4.04
Electricity Charges 15.37 15.07
Insurance Charges 0.74 0.71
Total 86.22 84.19

28.1 In accordance with the Accounting Standard (AS) 19 on ‘Leases', 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 36 months. The total minimum lease payments for the current year, in respect thereof, included under Rent, amounts to Rs. 0.41 crore (Previous Year Rs. 0.62 crore).

Rs. in Crore

Period Current Year Previous Year
Not later than one year 0.31 0.20
Later than one year but not later than five years - -
Later than five years - -

29. OTHER EXPENSES

Rs. in Crore

Particulars Current Year Previous Year
Travelling and Conveyance 15.76 18.12
Printing and Stationery 8.89 8.72
Postage, Telephone and Fax 26.85 25.50
Advertising 34.75 33.43
Business Development Expenses 25.38 15.22
Loan Processing Expenses 38.36 34.64
Manpower Outsourcing 38.30 33.37
Repairs and Maintenance - Other than Buildings 8.43 8.32
Office Maintenance 29.13 24.00
Legal Expenses 14.68 12.65
Computer Expenses 20.05 17.41
Directors' Fees and Commission 4.46 3.87
Miscellaneous Expenses [Refer Note 29.1] 36.27 31.19
Auditors' Remuneration [Refer Note 29.2] 4.47 4.96
Total 305.78 271.40

29.1 Miscellaneous Expenses include Securities Transaction Tax amounting to Rs. 0.04 crore (Previous Year Rs. 0.14 crore).

29.2 Auditors' Remuneration: Rs. in Crore

Audit Fees 1.71 1.71
ICFR Fees 0.30 0.30
Limited Reviews 1.20 1.20
Tax Matters 0.99 1.04
Other Matters and Certification 0.26 0.68
Reimbursement of Expenses 0.01 0.03
Total 4.47 4.96

a) Audit Fees include Rs. 0.04 crore (Previous Year Rs. 0.04 crore) paid to Branch Auditors. b) Auditors' Remuneration exclude Rs. 1.55 crore (Net of tax Rs. 1.01 crore) being certification fee in respect of issue of Rupee Denominated Bonds and for Medium Term Note Programme (MTN Programme), utilised out of Securities Premium Account. Previous Year exclude Rs. 0.75 crore (Net of tax Rs. 0.49 crore) being certification fee in respect of Qualified Institutional Placement (QIP) of Non-Convertible Debentures with Warrants of the Corporation, utilised out of Securities Premium Account. c) Auditors' Remuneration above is excluding Service Tax, Swachh Bharat Cess and Krishi Kalyan Cess.

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

(i) In calculating the Basic Earnings Per Share, the Profit After Tax of Rs. 7,439.32 crore (Previous Year

Rs. 7,093.10 crore) has been adjusted for amounts utilised out of Shelter Assistance Reserve of

Rs. 146.27 crore (Previous Year Rs. 85.32 crore).

Accordingly the Basic Earnings Per Share has been calculated based on the adjusted Profit After Tax of Rs. 7,293.05 crore (Previous Year Rs. 7,007.79 crore) and the weighted average number of shares during the year of 158.34 crore (Previous Year 157.72 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 46.08 44.43
Effect of outstanding Stock Options (0.38) (0.33)
Diluted Earnings Per Share 45.70 44.10

(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 Earnings 158.34 157.72
Per Share
Diluted effect of outstanding Stock Options 1.31 1.20
Weighted average number of shares for computation of Diluted 159.65 158.92
Earnings Per Share

31. SUMMARY OF TOTAL BORROWINGS, LOANS AND INVESTMENTS

Borrowings

Rs. in Crore

Term-wise Break-up Current Year Previous Year
Long-term borrowings 1,50,062.23 1,09,292.25
Short-term borrowings 42,130.33 41,502.68
Current maturities of long-term borrowings 87,539.59 86,968.01
Unclaimed matured deposits 801.39 554.09
Total Borrowings 2,80,533.54 2,38,317.03
Category-wise Break-up
Bonds and Debentures 1,19,246.52 95,118.20
Term Loans :
- Banks 24,254.06 34,579.40
- External Commercial Borrowing 7,619.88 5,318.40
- Others 5,395.57 2,904.30
Commercial Papers 37,443.28 25,726.49
Deposits 86,574.24 74,670.24
Total Borrowings 2,80,533.54 2,38,317.03
Loans Rs. in Crore
Term-wise Break-up Current Year Previous Year
Long-term loans 2,64,679.43 2,33,436.70
Current maturities of long-term loans 28,282.41 23,577.61
Short-term loans 3,510.00 2,210.09
2,96,471.85 2,59,224.40
Less: Provision for Sub-Standard and Doubtful loans (738.01) (566.16)
Net Loan Book 2,95,733.84 2,58,658.24
Category-wise Break-up
Individual 2,04,436.19 1,79,967.49
Corporate Bodies 87,377.22 75,228.46
Others 4,658.44 4,028.45
2,96,471.85 2,59,224.40
Less: Provision for Sub-Standard and Doubtful loans (738.01) (566.16)
Net Loan Book 2,95,733.84 2,58,658.24
Investments Rs. in Crore
Particulars Current Year Previous Year
Non-Current Investments 16,829.94 14,837.84
Current Investments 3,580.16 507.59
Total Investments 20,410.10 15,345.43
31.1 Summary of total Provisions and Contingencies:
Rs. in Crore
Particulars Current Year Previous Year
Provisions and Contingencies Account [Refer Note 6.2] 2,276.07 2,077.47
Provision for Sub-Standard and Doubtful Loans [Refer Note 15.6] 738.01 566.16
Provision for Doubtful Corporate Deposit and Other Receivables 52.57 51.71
[Refer Note 15]
Total 3,066.65 2,695.34

32. DISCLOSURE IN RESPECT OF SPECIFIED BANK NOTES

Details of Specified Bank Notes (SBN) held and transacted during the period from 8 th November, 2016 to 30th December, 2016.

Rs. in Crore

Particulars SBNs Other Denomination Total
Notes
Closing Balance as at 08th November, 2016 0.22 0.08 0.30
Add : Permitted Receipts * - 2.12 2.12
Less: Permitted Payments 0.01 0.47 0.48
Less: Amount deposited in Banks 0.21 1.54 1.75
Closing balance as at 30th December, 2016 - 0.19 0.19

* Includes Rs. 0.67 crore deposited directly by customers into Collection Centre Bank Account.

33. 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 Final Interim Final
Year to which the dividend relates 2016-17 2015-16 2015-16 2014-15
Number of non-resident shareholders 6,654 6,472 6,374 5,460
Number of shares held by them of 122,26,92,759 122,44,31,611 122,84,60,105 124,81,94,486
Face Value of Rs. 2 each
Gross amount of dividend (in Rs. ) 366,80,78,277 1714,20,42,554 368,53,80,315 1622,65,28,318

a) Gross amount required to be spent by the Corporation during the year was Rs. 161.14 crore. b) Amount spent during the year on:

Rs. in Crore

Sr. Particulars No. In cash Yet to be paid in cash Total
(i) Construction/acquisition of any asset - - -
(ii) On purposes other than (i) above * 146.55 - 146.55

* The above includes an amount of Rs. 145.80 crore charged to the Shelter Assistance Reserve.

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 ERGO General Insurance Company Ltd.
HDFC Holdings Ltd. HDFC General Insurance Ltd. (with effect from 9th September, 2016)
HDFC Trustee Company Ltd. (subsidiary of 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. HDFC Credila Financial Services Private Ltd.
GRUH Finance Ltd. (formerly known as "Credila Financial Services Pvt. Ltd.")
Griha Investments (Subsidiary of HDFC Holdings Ltd.) Griha Pte. Ltd. (Subsidiary of HDFC Investments Ltd.)
HDFC Education and Development Services Pvt. Ltd. HDFC Pension Management Company Ltd.
Windermere Properties Pvt. Ltd. (subsidiary of HDFC Standard Life Insurance Company Ltd.)
Winchester Properties Pvt. Ltd. HDFC International Life and Re Company Limited
HDFC Investments Ltd. (subsidiary of HDFC Standard Life Insurance Company Ltd.)
HDFC Asset Management Company Ltd. Grandeur Properties Pvt. Ltd.
HDFC Capital Advisors Ltd. Pentagram Properties Pvt. Ltd.
HDFC Realty Ltd. Haddock Properties Pvt. Ltd.
B) Associate Companies C) Entities over which control is exercised
HDFC Bank Ltd. HDFC Investment Trust (HIT)
RuralShores Business Services Pvt. Ltd. HDFC Investment Trust - II (HIT- II)
Magnum Foundations Pvt. Ltd.
True North Ventures Private Limited
(formerly known as "India Value Fund Advisors Pvt. Ltd.")
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. V. Srinivasa Rangan Mr. Nikhil Singhal
Ms. Swarn Sud
Mr. Rishi Sud

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. 138.89 120.77 - - - - - - - -
- HDFC Standard Life Insurance Co. Ltd. 135.27 126.84 - - - - - - - -
- HDFC Investments Ltd. 160.02 110.68 - - - - - - - -
- HDFC Bank Ltd. - - 373.55 314.57 - - - - - -
- Others 90.75 118.93 0.01 0.40 - 0.05 - - - -
Interest Income
- HDFC Property Ventures Pvt. Ltd. 11.91 14.26 - - - - - - - -
- Windermere Properties Pvt Ltd. 9.24 9.23 - - - - - - - -
- HDFC Investment Trust - - - - 33.02 -
- HDFC Investment Trust - II (HIT- II) - - - - 6.69 8.66 - - - -
- HDFC Bank Ltd. - - 5.57 7.25 - - - - - -
- Others 20.40 26.50 - 0.04 - - - - 0.04 -
Consultancy, Fees & Other Income
- HDFC Asset Management Co. Ltd. 2.03 113.00 - - - - - - - -
- HDFC ERGO General Insurance Co. Ltd. 23.75 0.01
- HDFC Standard Life Insurance Co. Ltd. 58.50 49.02 - - - - - - - -
- Others 0.10 0.10 - - - - - - - -
Rent Income
- HDFC Asset Management Co. Ltd. 11.75 11.72 - - - - - - - -
- HDFC ERGO General Insurance Co. Ltd. 6.34 6.39 - - - - - - - -
- Others 7.03 6.95 2.15 1.99 - - - - - -
Support Cost Recovered
- HDFC Asset Management Co. Ltd. 1.52 1.63 - - - - - - - -
- HDFC Sales Pvt. Ltd. 2.46 2.32 - - - - - - - -
- HDFC ERGO General Insurance Co. Ltd. 0.79 0.85 - - - - - - - -
- HDFC Realty Ltd. 0.93 1.05 - - - - - - - -
- Others 1.33 1.45 0.49 0.26 - - - - - -
Other Income
- HDFC Bank Ltd. - - 276.54 204.37 - - - - - -
- HDFC Investment Trust - - - - 47.68 - - - - -
- Others 3.81 4.36 - - - - - - - -
Interest Expense
- HDFC ERGO General Insurance Co. Ltd. 17.48 9.71 - - - - - - - -
- HDFC Standard Life Insurance Co. Ltd. 88.85 56.46 - - - - - - - -
- Others 1.48 0.65 (0.34) 0.66 - - 0.25 0.27 0.01 0.02
Bank & Other Charges
- HDFC Bank Ltd. - - 0.41 0.39 - - - - - -
Remuneration
- Mr. Keki M. Mistry - - - - - - 10.26 9.28 - -
- Ms. Renu S. Karnad - - - - - - 9.51 8.49 - -
- Mr. V. S. Rangan - - - - - - 6.30 5.60 - -
Other Expenses/Payments
- HDFC Sales Pvt. Ltd. 241.30 198.37 - - - - - - - -
- HDFC Bank Ltd. - - 193.37 177.81 - - - - - -
- Others 12.25 10.26 - 0.06 - - - - 0.10 0.10

 

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
Investments made
- HDFC Investment Trust - II (HIT- II) - - - - 41.42 70.12 - - - -
- HDFC Education and Development 38.00 40.10 - - - - - - - -
Services Pvt. Ltd.
- HDFC ERGO General Insurance Co. Ltd. 288.97 - - - - - - - - -
- HDFC Credila Financial Services Private 55.00 - - - - - - - - -
Ltd.
- Others 35.00 26.94 - - 4.11 4.00 - - - -
Investments sold / redeemed
- HDFC ERGO General Insurance Co. Ltd. 200.60 - - - - - - - - -
- HDFC Standard Life Insurance Co. Ltd. - 192.21 - - - - - - - -
- HDFC Credila Financial Services Private - 79.00 - - - - - - - -
Ltd.
- HDFC Investment Trust - - - - 38.90 - - - - -
- Others - - - - 8.00 - - - - -
Investments
- HDFC Standard Life Insurance Co. Ltd. 1,316.56 1,316.56 - - - - - - - -
- HDFC Bank Ltd. - - 5,549.74 5,549.74 - - - - - -
- Others 1,913.39 1,697.02 2.53 2.53 296.24 297.61 - - - -
Loans given
- HDFC Property Ventures Pvt. Ltd. 95.00 - - - - - - - - -
- HDFC Sales Pvt. Ltd. 51.00 30.00 - - - - - - - -
- HDFC Realty Ltd. 1.50 7.85 - - - - - - - -
- Others 9.75 11.38 - - - - - - - -
Loans repaid
- HDFC Property Ventures Pvt. Ltd. 95.00 18.00 - - - - - - - -
- HDFC Sales Pvt. Ltd. 56.00 26.85 - - - - - - - -
- Others 37.18 3.14 - - - - 0.01 0.05 0.02 -
Loans sold
- HDFC Bank Ltd. - - 13,845.65 12,773.37 - - - - - -
Loans
- HDFC Property Ventures Pvt. Ltd. 95.00 95.00 - - - - - - - -
- HDFC Sales Pvt. Ltd. 15.00 20.00 - - - - - - - -
- Others 31.09 57.02 - - - - 0.06 0.07 0.40 -
Bank Deposits placed
- HDFC Bank Ltd. - - 60.02 70.01 - - - - - -
Bank Deposits repaid / matured
- HDFC Bank Ltd. - - 60.00 1,070.00 - - - - - -
Bank balance and Deposits
- HDFC Bank Ltd. - - 193.06 3,081.54 - - - - - -
Corporate Deposits placed
- HDFC Venture Capital Ltd. 13.30 12.58 - - - - - - - -
- HDFC Education and Development 1.50 23.40 - - - - - - - -
Services Pvt. Ltd.
- HDFC Realty Ltd. 0.50 4.00 - - - - - - - -
Corporate Deposits repaid / matured
- HDFC Education and Development 1.50 23.40 - - - - - - - -
Services Pvt. Ltd.
- HDFC Venture Capital Ltd. 12.58 22.58 - - - - - - - -
- HDFC Realty Ltd. 2.00 3.50 - - - - - - - -

 

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
Corporate Deposits
- HDFC Venture Capital Ltd. 13.30 12.58 - - - - - - - -
- HDFC Realty Ltd. - 1.50 - - - - - - - -
Trade Receivable
- HDFC ERGO General Insurance Co. Ltd. 27.64 0.56 - - - - - - - -
- HDFC Standard Life Insurance Co. Ltd. 24.94 10.24 - - - - - - - -
- HDFC Asset Management Co. Ltd. 0.32 123.98 - - - - - - - -
- Others 0.72 0.26 4.10 4.16 - - - - - -
Other Advances / Receivables
- HDFC ERGO General Insurance Co. Ltd. 1.76 1.76 - - - - - - - -
- HDFC Standard Life Insurance Co. Ltd. 7.60 7.60 - - - - - - - -
- HDFC Property Ventures Pvt. Ltd. 2.93 - - - - - - - - -
- HDFC Bank Ltd. - - 4.19 3.60 - - - - - -
- Others 0.09 1.06 - - - - - - 0.06 0.06
Deposits placed
- HDFC Realty Ltd. 10.01 - - - - - - - - -
- HDFC Developers Ltd. 9.25 9.25 - - - - - - - -
- HDFC Education and Development 35.40 - - - - - - - - -
Services Pvt. Ltd.
- Others - - - - - - 2.84 0.03 0.11 0.09
Deposits repaid / matured
- HDFC Realty Ltd. 10.01 - - - - - - - - -
- HDFC Education and Development 20.00 -
Services Pvt. Ltd.
- HDFC Developers Ltd. 9.75 8.75 - - - - - - - -
- HDFC Holdings Ltd. - 16.84 - - - - - - - -
- Others - - - - - - 2.39 0.90 0.09 0.09
Deposits
- HDFC Education and Development 15.40 - - - - - - - - -
Services Pvt. Ltd.
- HDFC Developers Ltd. - 0.50 - - - - - - - -
- Ms. Renu S. Karnad - - - - - - 2.85 2.40 - -
- Others - - - - - - - - 0.11 0.09
Non-Convertible Debentures
(Allotments under Primary Market)
- HDFC Bank Ltd. - - 2,320.00 - - - - - - -
Non-Convertible Debentures
- HDFC ERGO General Insurance Co. Ltd. 235.00 120.00 - - - - - - - -
- HDFC Standard Life Insurance Co. Ltd. 998.00 697.00 - - - - - - - -
- HDFC General Insurance Ltd. 24.00 - - - - - - - - -
Other Liabilities / Payables
- HDFC Sales Pvt. Ltd. 9.44 7.97 - - - - - - - -
- HDFC Standard Life Insurance Co. Ltd. 49.42 29.57 - - - - - - - -
- HDFC Bank Ltd. - - 25.36 17.20 - - - - - -
- Others 9.41 4.59 - - - - 0.11 0.34 0.01 0.02

36. EXPOSURES IN FOREIGN CURRENCY

Disclosure as per Guidance Note on Accounting for Derivative Contracts issued by The Institute of Chartered Accountants of India.

I. Assets Foreign Currency Exchange Rate Current Year Amount in Foreign currency (USD mn) Amount in INR ( Rs. in Crore)
Receivables (trade & other)
Other Monetary assets (e.g. ICDs/Loans given in FC) USD 64.85 401.66 2,605.00
Total Receivables (A) 64.85 401.66 2,605.00
Hedges by derivative contracts (B) - -
Unhedged receivables (C = A - B) 401.66 2,605.00

 

II. Liabilities Foreign Currency Exchange Rate Current Year Amount in Foreign currency (USD mn) Amount in INR Rs. ( in Crore)
Payables (trade & other)
Borrowings (ECB and Others) USD 64.85 2,944.46 19,095.00
Total Payables (D) 64.85 2,944.46 19,095.00
Hedges by derivative contracts (E) 2,554.92 16,569.00
Unhedged Payables (F = D - E) 389.54 2,526.00

37. 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 (AS) 17 on ‘Segment Reporting'.

38. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

39. DISCLOSURES REQUIRED BY THE NATIONAL HOUSING BANK

39.1 Minimum Disclosures

The following additional disclosures have been given in terms of Notification no. NHB.HFC.CG-DIR.1/

MD&CEO/2016 dated February 9, 2017 issued by the National Housing Bank.

39.2 Summary of Significant Accounting Policies

The accounting policies regarding key areas of operations are disclosed as note 1 to the accounts.

39.3 Disclosure:

39.3.1 Capital

Particulars Current Year Previous Year
(i) CRAR (%) 15.79 16.55
(ii) CRAR – Tier I Capital (%) 13.08 13.11
(iii) CRAR – Tier II Capital (%) 2.71 3.44
(iv) Amount of subordinated debt raised as Tier II Capital - -
(v) Amount raised by issue of Perpetual Debt Instruments - -

39.3.2 Reserve Fund u/s 29C of NHB Act, 1987

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 3,604.42 3,279.42
b) Amount of Special Reserve under Section 36 (1)(viii) of the Income 8,262.95 7,167.95
Tax Act, 1961, taken into account for the purposes of Statutory
Reserve under Section 29C of the NHB Act.
11,867.37 10,447.37
Addition/Appropriation/Withdrawal during the year Add :
a) Amount transferred under Section 29C of the NHB Act 245.00 325.00
b) Amount of Special Reserve under Section 36 (1)(viii) of the Income 1,247.00 1,095.00
Tax Act, 1961, taken into account for the purpose of Statutory
Reserve under Section 29C of the NHB Act
Less :
- -
a) Amount appropriated from Statutory Reserve under Section 29C of the NHB Act
b) Amount withdrawn from Special Reserve under Section 36 (1)(viii) of the Income Tax Act, 1961 which has been taken into account for the purpose of provision under Section 29C of the NHB Act - -
13,359.37 11,867.37
Balance at the end of the year
a) Statutory Reserve under Section 29C of the NHB Act 3,849.42 3,604.42
b) Amount of Special Reserve under Section 36 (1)(viii) of the Income 9,509.95 8,262.95
Tax Act, 1961, taken into account for the purposes of Statutory
Reserve under Section 29C of the NHB Act.
13,359.37 11,867.37

Note: The Reserve Fund under Section 29C of the NHB Act includes all the transfers to Special Reserve No. II except for Rs. 302 crore that was transferred to Special Reserve No. II prior to the notification of Section 29C.

39.3.3 Investments

Rs. in Crore

Particulars Current Year Previous Year
1. Value of Investments
(i) Gross value of Investments
(a) In India 20,792.16 15,436.07
(b) Outside India - -
(ii) Provisions for Depreciation
(a) In India 382.06 90.63
(b) Outside India - -
(iii) Net value of Investments
(a) In India 20,410.10 15,345.44
(b) Outside India - -
2. Movement of provisions held towards depreciation on investments
(i) Opening balance 90.63 78.44
(ii) Add: Provisions made 291.43 17.02
(iii) Less: Write-off / Written-back of excess provisions during the year - 4.83
(iv) Closing balance 382.06 90.63

39.3.4 Derivatives

39.3.4.1 Forward Rate Agreement (FRA)/Interest Rate Swap (IRS)

Rs. in Crore

Particulars Current Year
(i) The notional principal of swap agreements 30,809.00
(ii) Losses which would be incurred if counterparties failed to fulfil under the agreements 1,180.00
(iii) Collateral required by the HFC upon entering into swaps -
(iv) Concentration of credit risk arising from the swaps N.A.
(v) The fair value of the swap book 1,059.00

39.3.4.2 Exchange Traded Interest Rate (IR) Derivative

The Corporation has not entered into any exchange traded derivative.

39.3.4.3 Disclosures on Risk Exposure in Derivatives

A. Qualitative Disclosure Financial Risk Management

The Corporation has to manage various risks associated with the lending business. These risks include liquidity risk, exchange risk, interest rate risk and counterparty risk.

The Financial Risk Management and Hedging Policy as approved by the Audit Committee sets limits for exposures on currency and other parameters. The Corporation manages its interest rate and currency risk in accordance with the guidelines prescribed therein.

Liquidity risk and interest rate risks arising out of maturity mismatch of assets and liabilities are managed through regular monitoring of maturity profiles. The currency risk on the borrowings is actively managed mainly through a combination of principal only swaps, forward contracts and dollar denominated assets. Counterparty risk is reviewed periodically to ensure that exposure to various counterparties is well diversified and is within the limits fixed by the Derivative Committee.

As a part of Asset Liability Management, the Corporation has entered into interest rate swaps wherein it has converted its fixed rate rupee liabilities into floating rate linked to various benchmarks.

Constituents of Derivative Business

Financial Risk Management of the Corporation constitutes the Audit Committee, Asset Liability Committee (ALCO), Derivative Committee, Risk management and hedging team (front office), mid office, back and internal auditors.

The Treasury front-office enters into derivative transactions with various counterparties. The Corporation has an independent back-office and mid-office. The Corporation periodically risk and market risk limits, within the risk architecture and processes of the Corporation.

Measurement and Accounting

The Guidance Note on Accounting for Derivative Contracts issued by the Institute of Chartered Accountants of India is effective from April 1, 2016. On and from that date, all derivative contracts are recognised on the balance sheet and measured at fair value. The fair value changes are recognised in the Statement of Profit and Loss unless hedge accounting is used. Where hedge accounting is used, fair value changes of the derivative contracts are recognised through the Statement of Profit and Loss in the same period as the offsetting losses and gains on the hedged item. The tenor of hedging instrument may be less than or equal to the tenor of underlying hedged asset or liability.

The Corporation has entered into fair value hedges through interest rate swaps on fixed rate rupee liabilities as a part of the Asset Liability management whereby a portion of the fixed rate liabilities are converted to floating rate. The Corporation has a mark to market gain ofRs. 1,059 crore on outstanding Fair value hedges. The long term monetary items other than derivatives continue to be amortised, through the Statement of Profit and Loss over the balance period of such long term asset or liability. 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.

Valuation of derivatives is based on inputs sourced from quoted market data and application of appropriate mathematical and statistical models to determine fair value.

Foreign exchange forward contracts outstanding at the Balance Sheet date, are effectively valued at the closing spot rate. The premium or discount arising at the inception of such forward exchange contract is amortised as expense or income over the life of the contract.

The Corporation has entered into cash flow hedges to hedge the floating rate benchmark loans. Under the cash flow hedge, the hedging instrument is measured at fair value and any gain or loss that is determined to be an effective hedge is recognized in equity i.e., Cash flow Hedge reserve. In order to match the gains and losses of the hedged item and the hedging instrument in the statement of profit and loss, the changes in fair value of the hedging instrument and the hedged item is recognized at the same time in the Statement of Profit and Loss. The outstanding notional of cash flow hedges is USD 70 mn.

Movements in the Cash flow hedge reserve are as follows:
Rs. in Crore
Particulars Current Year Previous Year
Opening Balance - -
Credit / Debit in the Cash flow reserve (5.33) -
Amount transferred to Statement of Profit and Loss 4.79 -
Closing Balance (0.54) -
B. Quantitative Disclosure
Rs. in Crore
Particulars Currency Interest Rate
Derivatives Derivatives
(i) Derivatives (Notional Principal Amount) 17,069 30,809
(ii) Marked to Market Positions
(a) Assets (+) - 1,059
(b) Liability (-) (502) -
(iii) Credit Exposure 1,019 1,416
(iv) Unhedged Exposures - -

39.3.5 Securitisation

39.3.5.1 Rs. in Crore

Particulars No. /Amount
1. No. of SPVs sponsored by the HFC for securitisation transactions* 2
2. Total amount of securitised assets as per books of the SPVs sponsored 1,155.26
3. Total amount of exposures retained by the HFC towards the MRR as on the date of balance sheet
(I) Off-balance sheet exposures towards Credit Concentration
a) Corporate Guarantee 97.83
(II) On-balance sheet exposures towards Credit Concentration
a) Investment in PTC 39.23
4. Amount of exposures to securitisation transactions other than MRR Nil

39.3.5.2 Details of Financial Assets sold to Securitisation/Reconstruction Company for Asset Reconstruction

Rs. in Crore

Particulars Current Year Previous Year
(i) No. of accounts 2 -
(ii) Aggregate value (net of provisions) of accounts sold to SC/RC 649.87 -
(iii) Aggregate consideration 863.89 -
(iv) Additional consideration realized in respect of accounts transferred - -
in earlier years
(v) Aggregate gain/loss over net book value 53.77 -

39.3.5.3 Details of Assignment transactions undertaken by HFCs

Rs. in Crore

Particulars Current Year Previous Year
(i) No. of accounts 84,965 65,137
(ii) Aggregate value (net of provisions) of accounts assigned 15,082.32 12,773.37
(iii) Aggregate consideration 15,082.32 12,773.37
(iv) Additional consideration realized in respect of accounts transferred Nil Nil
in earlier years
(v) Aggregate gain/loss over net book value Nil Nil

39.3.5.4 Details of non-performing financial assets purchased / sold

A. Details of non-performing financial assets purchased:

Rs. in Crore

Particulars Current Year Previous Year
1. (a) No. of accounts purchased during the year - -
(b) Aggregate outstanding - -
2. (a) Of these, number of accounts restructured during the year - -
(b) Aggregate outstanding - -

B. Details of Non-performing Financial Assets sold:

Rs. in Crore

Particulars Current Year Previous Year
1. No. of accounts sold 2 -
2. Aggregate outstanding 917.66 -
3. Aggregate consideration received 863.89 -

39.3.6 Assets Liability Management (Maturity pattern of certain items of Assets Liabilities)

Rs. in Crore

Maturity Buckets Deposits Liabilities Borrowings from Bank Market Borrowing Foreign Currency Liabilities
Up to 30/31 days (one month) 1,047.85 - 699.46 102.14
Over one month to 2 months 3,066.54 900.00 590.62 -
Over 2 to 3 months 2,434.57 584.54 1,569.77 474.68
Over 3 to 6 months 6,328.88 400.39 3,384.68 660.67
Over 6 months to 1 year 9,783.88 4,103.39 13,373.25 3,843.86
Over 1 to 3 years 30,152.61 6,517.26 65,172.98 6,325.53
Over 3 to 5 years 23,089.83 3,792.48 33,241.27 7,167.20
Over 5 to 7 years 9,868.68 1,501.23 20,427.76 485.73
Over 7 to 10 years - 110.40 18,230.00 -
Over 10 years - 300.00 - -
Total 85,772.84 18,209.70 1,56,689.80 19,059.81

 

Rs. in Crore
Maturity Buckets Advances Assets Investments Foreign Currency
Assets
Up to 30/31 days (one month) 4,480.67 0.63 3.10
Over one month to 2 months 5,140.76 - 6.65
Over 2 to 3 months 5,039.18 1,275.22 50.97
Over 3 to 6 months 12,106.90 1,269.90 141.98
Over 6 months to 1 year 25,358.06 2,051.89 229.02
Over 1 to 3 years 84,400.33 5,525.77 1,467.88
Over 3 to 5 years 58,240.40 770.20 460.73
Over 5 to 7 years 36,758.98 9,148.27 34.00
Over 7 to 10 years 33,502.31 121.19 -
Over 10 years 28,311.93 247.03 -
Total 2,93,339.51 20,410.10 2,394.32

39.3.7 Exposure

39.3.7.1 Exposure to Real Estate Sector

Rs. in Crore

Category Current Year Previous Year
a) Direct Exposure
(i) 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. 24,788.46 crore (Previous Year Rs. 24,414.89 crore) 1,95,270.94 1,73,353.55
(ii) Commercial Real Estate -
Lending secured by mortgages on commercial real estates (office buildings, retail space, multipurpose commercial premises, multi-family residential buildings, multi-tenanted commercial premises, industrial or warehouse space, hotels, land acquisition, development and construction, etc.). Exposure would also include non-fund based (NFB) limits; 80,087.66 61,385.62
(iii) Investments in Mortgage Backed Securities (MBS) and
other securitised exposures -
a) Residential 39.23 15.54
b) Commercial Real Estate - -
b) Indirect Exposure
Fund based and non-fund based exposures on National Housing Bank (NHB) and Housing Finance Companies (HFCs) 183.76 174.96

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

39.3.7.2 Exposure to Capital Market

Rs. in Crore

Particulars Current Year Previous Year
(i) direct investment in equity shares, convertible bonds, convertible debentures and units of equity oriented mutual funds the corpus of which is not exclusively invested in corporate debt; 528.30 534.07
(ii) advances against shares/bonds/debentures or other securities or on clean basis to individuals for investment in shares (including IPOs / ESOPs), convertible bonds, convertible debentures and units of equity-oriented mutual funds; 155.30 173.92
(iii) advances for any other purposes where shares or convertible bonds or convertible debentures or units of equity oriented mutual funds are taken as primary security; - -
(iv) advances for any other purposes to the extent secured by the collateral security of shares or convertible bonds or convertible debentures or units of equity oriented mutual funds i.e. where the primary security other than shares / convertible bonds / convertible debentures / units of equity oriented mutual funds does not fully cover the advances; - -
(v) secured and unsecured advances to stock brokers and guarantees issued on behalf of stockbrokers and market makers; 55.24 46.75
(vi) loans sanctioned to corporates against the security of shares/ bonds / debentures or other securities or on clean basis for meeting promoter's contribution to the equity of new companies in anticipation of raising resources; 8,896.94 8,607.98
(vii) bridge loans to companies against expected equity flows / issues; - -
(viii) All exposures to Venture Capital Funds (both registered and unregistered) 1,100.23 1,064.16
Total Exposure to Capital Market 10,736.01 10,426.88

39.3.7.3 Details of financing of parent company products

These details are not applicable since the Corporation is not a subsidiary of any company.

39.3.7.4 Details of Single Borrower Limit (SGL) / Group Borrower Limit (GBL) exceeded by the HFC

The Corporation has not exceeded Single Borrower Limit (SGL) / Group Borrower Limit (GBL) during the financialyear.

39.3.7.5 Advances against Intangible Collateral

Rs. in Crore

Particulars Advances against Value of such
Intangible Collateral Intangible Collateral
(i) Corporate Loans 2,850.93 1,889.60
(ii) Project Loans 3,287.38 7,255.84
(iii) Deposits 2,664.08 1,099.70
Total 8,802.39 10,245.14

39.4 Miscellaneous

39.4.1 Registration obtained from other financial sector regulators

Regulator Registration No.
Insurance Regulatory and Development Authority: CA0058
As corporate agent (Composite)
Securities and Exchange Board of India: INR000003159
As share transfer agent in Category II

39.4.2 Disclosure of Penalties imposed by NHB and other regulators

During FY 2016-17, there were no penalties imposed by NHB or any other regulators.

39.4.3 Related party Transactions

Details of all material transactions with related parties are disclosed in note 35.

39.4.4 Rating assigned by Credit Rating Agencies and migration of rating during the year

Instrument Rating Agency Ratings Assigned
Deposits ICRA Limited ICRA MAAA/ Stable
CRISIL Limited CRISIL FAAA/ Stable
Bonds/ Non-Convertible Debentures ICRA Limited ICRA AAA/Stable
CRISIL Limited CRISIL AAA/ Stable
Non-Convertible Debentures with Warrants ICRA Limited ICRA AAA/Stable
CRISIL Limited CRISIL AAA/ Stable
Subordinated Debt ICRA Limited ICRA AAA/Stable
CRISIL Limited CRISIL AAA/ Stable
Short Term Debt ICRA Limited ICRA A1+
CRISIL Limited CRISIL A1+
Credit Analysis & Research Ltd. CARE A1+
Long Term Bank Facilities Credit Analysis & Research Ltd. CARE AAA
Short Term Bank Facilities CARE A1+
Long Term Bank Facilities ICRA Limited ICRA AAA
Short Term Bank Facilities ICRA A1+

Note: The Corporation has been assigned the highest ratings in all the above-mentioned instruments. There were no changes in any of the ratings or outlook during the year.

39.4.5 Remuneration of Directors

Details of Remuneration of Directors are disclosed as part of the Directors Report.

39.4.6 Management

Refer to the Management Discussion and Analysis report for the relevant disclosures.

39.4.7 Net Profit or Loss for the period, prior period items and changes in accounting policies

There are no prior period items that have impact on the current year's profit and loss.

39.4.8 Revenue Recognition

There have been no instances in which revenue recognition has been postponed pending the resolution of significant

39.4.9 Accounting Standard 21 – Consolidated Financial Statements (CFS)

Refer to the Consolidated Financial Statements for the relevant disclosures.

39.5 Additional Disclosures 39.5.1 Provisions and Contingencies

Rs. in Crore

Break up of ‘Provisions and Contingencies' shown under the head Current Year Previous Year
Expenditure in Profit and Loss Account
1. Provisions for depreciation on Investment 47.57 17.02
2. Provision towards NPA 172.71 85.42
3. Provision for Standard Assets * (with details like teaser loan, 263.89 170.11
CRE, CRE-RH etc.)
4. Other Provision and Contingencies 1.01 2.36
5. Other Provision and Contingencies - Accelerated provisioning ** 239.28 440.09
6. Less: Utilised from accelerated provisioning from previous year (24.46) -
7. Total Debit to Statement of Profit and Loss 700.00 715.00
8. Provision made towards Income tax 3,284.00 3,015.00

* Provision for Standard Assets include CRE - RH of Rs. 9.96 crore (Previous Year Rs. 34.06 crore), CRE - Non-RH of Rs. 160.04 crore (Previous Year Rs. 48.86 crore) and Non CRE of Rs. 91.96 crore (Previous Year Rs. 87.19 crore).

** During the year Rs. 29.07 crore (Previous Year Rs. 9.91 crore) was utilised towards provision for diminution in value of Investments and Properties and Rs. 6.65 crore (Previous Year Rs. NIL) was utilised towards NPA provisioning from the accelerated provision of

Rs. 275 crore (Previous Year Rs. 450 crore).

Rs. in Crore

Break up of Loan & Advances and Provisions thereon Housing Non-Housing
Current Year Previous Year Current Year Previous Year
Standard Assets
a) Total Outstanding Amount 2,05,313.13 1,86,989.24 97,484.76 73,960.12
b) Provisions made 949.26 869.50 655.66 471.53
Sub-Standard Assets
a) Total Outstanding Amount 606.14 540.38 538.37 576.01
b) Provisions made 95.23 82.04 80.76 86.40
Doubtful Assets – Category-I
a) Total Outstanding Amount 265.75 173.87 391.17 104.01
b) Provisions made 80.27 48.18 106.60 40.55
Doubtful Assets – Category-II
a) Total Outstanding Amount 161.77 94.50 259.00 197.66
b) Provisions made 70.78 44.93 142.86 117.73
Doubtful Assets – Category-III
a) Total Outstanding Amount 159.20 159.90 54.87 38.13
b) Provisions made 159.20 159.90 54.87 38.13
Loss Assets
a) Total Outstanding Amount - - - -
b) Provisions made - - - -
Total
a) Total Outstanding Amount 2,06,505.99 1,87,957.89 98,728.17 74,875.93
b) Provisions made 1,354.74 1,204.55 1,040.75 754.34

39.5.2 Draw Down from Reserves

During FY 2016-17, there were no draw down from Reserves.

39.5.3 Concentration of Public Deposits, Advances, Exposures and NPAs 39.5.3.1 Concentration of Public Deposits

Rs. in Crore

Particulars Current Year Previous Year
Total Deposits of twenty largest depositors 5,615.23 2,780.76
Percentage of Deposits of twenty largest depositors to Total Deposits 9.32% 5.56%
of the Corporation

39.5.3.2 Concentration of Loans & Advances

Rs. in Crore

Particulars Current Year Previous Year
Total Loans & Advances to twenty largest borrowers 32,180.00 23,998.00
Percentage of Loans & Advances to twenty largest borrowers to Total 11% 9%
Advances of the Corporation

39.5.3.3 Concentration of all Exposure (including off-balance sheet exposure)

Rs. in Crore

Particulars Current Year Previous Year
Total Exposure to twenty largest borrowers/customers 32,200.00 23,998.00
Percentage of Exposures to twenty largest borrowers/customers to Total 11% 9%
Exposure of the HFC on borrowers/customers

39.5.3.4 Concentration of NPAs

Rs. in Crore

Particulars Current Year Previous Year
Total Exposure to top ten NPA accounts 1,077.30 880.41

39.5.3.5 Sector-wise NPAs

Sector Percentage of NPA to Total Advances in that Sector
A. Housing Loans:
1. Individual 0.51%
2. Builder/Project Loans 0.82%
3. Corporates 2.46%
B. Non-Housing Loans:
1. Individual 1.17%
2. Builder/Project Loans 0.93%
3. Corporates 1.60%

39.5.4 Movement of NPAs

Rs. in Crore

Particulars Current Year Previous Year
i. Net NPAs to Net Advances (%) 0.54% 0.48%
ii. Movement of NPAs (Gross)
a) Opening balance 1,884.46 1,594.07
b) Additions during the year 1,196.12 1,081.54
c) Reductions during the year 644.30 791.15
d) Closing balance 2,436.27 1,884.46
iii. Movement of Net NPAs
a) Opening balance 1,266.59 1,061.61
b) Additions during the year 993.45 913.07
c) Reductions during the year 614.35 708.09
d) Closing balance 1,645.69 1,266.59
iv. Movement of provisions for NPAs (excluding provisions on
standard assets)
a) Opening balance 617.87 532.46
b) Additions during the year 202.66 168.47
c) Reductions during the year 29.95 83.06
d) Closing balance 790.58 617.87

39.5.5 Overseas Assets

Rs. in Crore

Particulars Current Year Previous Year
Bank Balances 1.23 1.08
Fixed assets 0.12 0.18
Advances and Prepaid expenses 1.20 1.16

39.5.6 Off-balance Sheet SPVs sponsored

(which are required to be consolidated as per accounting Norms)

Name of the SPV sponsored
Domestic Overseas
HDFC Investment Trust N.A.
HDFC Investment Trust II N.A.

39.6 Disclosure of Complaints

39.6.1 Customer Complaints

Particulars Current Year Previous Year
a) No. of complaints pending at the beginning of the year 205 121
b) No. of complaints received during the year 14,812 11,646
c) No. of complaints redressed during the year 13,731 11,562
d) No. of complaints pending at the end of the year 1,286 205

   

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