HDFC Annual Report 2012 13

15
THI RTY SIXTH ANNUAL REPORT 2012- 13

UrectorsPeport
101PLMLMLP5
our direotors are pleased to present the 1hirty-sixth annual report of your
CorporationwiththeauditedaooountsfortheyearendedMaroh31,2013.
IINANUIALPL5UL15
Iorthe
yearended
March31,2013
(` nUrores)
lorthe
yearended
Maroh31,2012
(` inCrores)
Prott before 1ax 6,512.84 5,665.62
1axLxpense 1,124.50 1,543.00
Prott after 1ax 4,848.34 4,122.62
Appropriations have been made as under:
3peoialReserveNo.ll 115.00 730.00
0eneralReserve 956.62 870.87
AdditionalReserve(under3eotion29Cofthe
NationalPousingBankAot,1987) 825.00 620.00
3helterAssistanoeReserve 40.00 15.00
Proposed Lividend (at ` 12.50 per equity
shareoffaoevalueof`2eaoh)
1,932.93 1,624.67
Additional1axonProposedLividend 328.50 263.56
Additional1axonLividend (24.62) (4.66)
Lividend pertaining to Previous ear paid
duringtheyear 14.91 3.18
4,848.34 4,122.62
Uvdend
our direotors reoommend payment
of dividend for the finanoial year
ended Maroh 31, 2013 of ` 12.50
perequityshareoffaoevalueof`2
pershareasagainst`11perequity
shareforthepreviousyear.
1he dividend payout ratio for the
ourrent year, inolusive of additional
tax on dividend will be 46.6 as
oompared to 45.8 for the previous
year.
Increasenthe5hareho|dngLmtfor
IoregnInsttutona|Investors(IIIs)
At the last annual general meeting,
youhadthroughaspeoialresolution
granted approval to inorease the limit
of shareholding by llls under the
Portfolio lnvestment 3oheme from
74 to 100 of the paid-up share
oapitaloftheCorporation.
Aooordingly, the Reserve Bank of
lndia (RBl) has notited the enhanoed
limit for purohase of equity shares of
the Corporation by llls through the
primary market and stook exohanges
under the Portfolio lnvestment
3oheme up to 100 of the paid-up
share oapital of the Corporation. As
atMaroh31,2013,thetotalforeign
shareholdingoftheCorporationstood
at 74.
UonversonofWarrants
lnAugust2009,theCorporationhad
issued 1,09,53,706 warrants with
a right exeroisable by the warrant
holders to exohange eaoh warrant
withoneequityshareoffaoevalueof
` 10 per share, on or before August
24,2012,atawarrantLxeroisePrioe
of`3,000perequityshare.
Consequent to the sub-division of
the nominal faoe value of the equity
sharesoftheCorporationto`2per
share, with effeot from August 21,
2010, the warrant Lxeroise Prioe
was aooordingly adjusted to ` 600
per equity share of faoe value of
` 2 eaoh, to be paid by the warrant
holder at the time of exohange of the
warrants. Aooordingly, the number
of warrants issued was adjusted to
5,47,68,530.
AsatAugust24,2012,5,47,43,150
warrants had been lodged for
exohange with equity shares of the
Corporation, representing 99.95
of the warrants issued. Aooordingly,
the Corporation issued and allotted
5, 47, 43,150 equi ty shares of
` 2 eaoh and realised an amount
of ` 3,284.59 orores. 1he said
equity shares rank pari passu with
the existing equity shares of the
Corporationinallrespeots.
1he prooeeds from the exohange of
warrants were utilised to replaoe
the Lero Coupon Lebentures and
oonsequently,theCorporationwillnot
earn any additional interest inoome
on the amounts raised.
16
25,380 warrants whioh were not
submitted for exohange with equity
shares of the Corporation by 15
warrant holders have lapsed and
oease to be valid. Aooordingly, the
amounts paid towards them stands
forfeited.
Lendng0peratons
Loanapprovalsduringtheyearwere
` 1,03,260 orores as oompared to
`90,154ororesinthepreviousyear
and loan disbursements during the
yearwere`82,452ororesasagainst
`71,113ororesinthepreviousyear.
l ndi vi dual l oan approval s and
disbursements grew by 29 and
33 respeotively during the year. 1he
averagesizeofindividualloansstood
at`21.6laosasagainst`19.5laos
inthepreviousyear.
Cumulative loan approvals and
disbursements as at Maroh 31,
2013 were ` 5,66,660 orores and
` 4,56,098 orores respeotively. 1his
is in respeot of 4.4 million housing
units.
Lespite an inorease in residential
property prioes during the year, the
demand for individual home loans
remained buoyant, with strong growth
ooming from 1ier 2 and 1ier 3 oities.
0ther enabling faotors that kept the
demand strong for individual home
loans inolude rising disposable
inoomes and fisoal inoentives on
housingloans.
ln an effort to oontinue to widen
the bouquet of produots offered, an
innovative produot oalled 1RullXLL
Pome Loans' was introduoed during
the year. 1his produot is aimed at
oustomers who wish to be insulated
from interest rate volatility. under this
produot, a oustomer has the option
to ohoose a txed interest rate period
ranging between 3 to 10 years and
post the txed rate period, the loan
automatioally oonverts to a variable
rate produot. 1he produot has been
well reoeived by oustomers.
with younger oustomers opting for
a home loan and to help improve
affordability, the Corporation offers
the 1elesoopio Repayment 0ption
under whioh oustomers have the
option of a loan tenor of up to 30
years.
As at Maroh 31, 2013, the loan
book stood at ` 1,70,046 orores
as against ` 1,40,875 orores in the
previousyear.Loanssoldduringthe
preoeding twelve months amounted
to ` 5,175 orores. 1he growth in the
individual loan book, after adding
baok loans sold was 31 (25 net
of loans sold). Non-individual loans
grew by 13. 1he growth in the total
loan book after adding baok loans
sold was 24 (21 net of loans sold).
0f the total loan book, individual
loans oomprise 68. lurther, 81
of the inoremental growth in the
loan book during the year oame from
individualloans.
5a|eofLoans
ln May 2012, the RBl revised the
guidelines on transfer of assets
through seouritisation and direot
assignment of oash tows. 1he key
ohangesintheguidelinesforthesale
of home loans inoluded a minimum
holding period of 12 months, a
minimum retention ratio of 10,
no oredit enhanoement for loans
assigned and banks purohasing the
loans are required to undertake a
detailed due diligenoe prior to the
assignment of loans.
All the individual loans sold during
theyearwereinaooordanoewiththe
revised guidelines. 1he Corporation,
under the loan assignment route
sold individual loans amounting to
`5,125ororestoPLlCBankpursuant
to the buybaok option embedded in
the home loan arrangement between
theCorporationandPLlCBank.
As at Maroh 31, 2013, total loans
outstandinginrespeotofloanssold/
assigned stood at ` 16,964 orores.
PLlCoontinuestoservioeloansand
is entitled to the residual interest
on the loans sold. 1he residual
interestontheindividualloanssold/
assigned is 1.33 per annum. 1he
residual inoome on the loans sold/
assigned is being reoognised over
the life of the underlying loans and
not on an upfront basis.
lssues through whioh loans have
been sold/assigned prior to the
introduotionoftherevisedguidelines
oontinue to be rated by external rating
agenoiesandoarryaratingindioating
thehighestdegreeofsafety.
Pepayments
Luri ng the year under revi ew,
` 48,089 orores were reoeived by way
of soheduled repayment of prinoipal
through monthly instalments as well
2
3
7
,
4
5
0
1
9
1
,
8
0
6
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0
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0
100000
200000
300000
400000
500000
600000
2013 2012 2011 2010 2009
Lisbursements Approvals
Approva|s&Usbursements(Cumulative)
(ìnorores)
17
IundsLmp|oyed
(ìnorores)
1
3
,
1
3
7
6
4
,
4
8
1
1
9
,
3
7
5
1
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1
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51
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0
20000
40000
60000
80000
100000
120000
2013 2012 2011 2010 2009
Leposits 1ermBorrowings Networth
as redemptions ahead of sohedule,
as oompared to ` 42,362 orores
reoeivedlastyear.
PesourceMob|saton
5ubordnatedUebt
As at Maroh 31, 2013, the Corporation's
outstandi ng subordi nated debt
stood at ` 3,475 orores. 1he debt
is subordinated to present and
future senior indebtedness of the
Corporation and has been assigned
the highest rating by CRl3lL and
lCRA. Based on the balanoe term
to maturity, as at Maroh 31, 2013,
` 2,985 orores of the book value of
subordinated debt is oonsidered as
1ier ll under the guidelines issued
by the National Pousing Bank (NPB)
for the purpose of oapital adequaoy
oomputation. 1he Corporation did not
issue any subordinated debt during
theyear.
Non-Uonvertb|eUebentures(NUU)
Luring the year, the Corporation
issued NCL amounting to ` 33,180
orores on a private plaoement basis.
1he Corporation's NCL issues have
been listed on the wholesale Lebt
Market segment of the National
3took Lxohange of lndia Limited and
the B3L Limited. 1he NCL issues
have been assigned the highest
rating of 'CRl3lL AAA' and 'lCRA AAA'
by CRl3lL and lCRA respeotively. As
atMaroh31,2013,NCLoutstanding
stoodat`75,984orores.
1erm Loans from anks, Inanca|
Insttutons and Penance from the
Natona|Pousngank(NP)
AsatMaroh31,2013,thetotalloans
outstanding from banks, finanoial
institutions and NPB amounted to
` 17,824 orores as oompared to
` 40,697 orores as at Maroh 31,
2012.1hefallintheoutstandingloan
amount is due to a reduotion in the
outstanding bank loans. As the Base
Rates of oommeroial banks remained
high for most part of the tnanoial
year under review, the Corporation
reduoed its exposure to bank loans
and substituted it with market
borrowings and deposits.
PLlC's long-term and short-term
bank loan faoilities have been
assignedthehighestratingofCARL
AAA' and 'CARL A1+' respeotively
by CARL Ratings, signifying highest
safety for timely servioing of debt
obligations.
Luringtheyear,theCorporationhas
drawn NPB retnanoe amounting to
`627orores,ofwhiohoverone-third
was drawn as retnanoe under the
RuralPousinglund.
Ueposts
witnessed a robust growth in deposits
from ` 36,293 orores to ` 51,933
orores. 1he depositor base too
grew from 12.9 laos to 15.6 laos
depositors.
CRl3lL and lCRA have for the
ei ghteent h oonseout i ve year,
reaftrmed their 'CRl3lL lAAA' and
'lCRA MAAA' ratings respeotively
for PLlC's deposits. 1hese ratings
represent the highest degree of
safety regarding timely servioing of
tnanoial obligations and also oarries
thelowestoreditrisk.
1he support of the agents and their
oommitment to the Corporation
has been instrumental in PLlC's
deposit produots oontinuing to be a
preferred investment for households
andtrusts.
Unc|amedUeposts
As of Maroh 31, 2013, publ i o
deposits amounting to ` 270.58
orores had not been olaimed by
28,330 depositors. 3inoe then,
6,236 depositors have olaimed or
reneweddepositsof`82.89orores.
Lepositors were intimated regarding
the maturity of deposits with a
request to either renew or olaim their
deposits. where the deposit remains
unolaimed, reminder letters are sent
to depositors periodioally and follow
up aotion is initiated through the
oonoerned agent or branoh.
As per the provisions of 3eotion
205C of the Companies Aot, 1956,
deposits remaining unolaimed for a
period of seven years from the date
they beoame due for payment have
to be transferred to the lnvestor
Lduoation and Proteotion lund
(lLPl) established by the Central
0overnment. Aooordingly, during the
year, despite repeated reminders
being sent to depositors, an amount
of` 59.19 laos has been transferred
to the lLPl. ln terms of the said
seotion, no olaims would lie against
theCorporationorthelLPlafterthe
transfer.
18
Non-PerformngLoans
0ross non-performing loans as
at Maroh 31, 2013 amounted to
`1,199orores.1hisisequivalentto
0.70 of the portfolio (as against
0.74 in the previous year). 1his is
the thirty-third oonseoutive quarter
endatwhiohtheperoentageofnon-
performing loans have been lower
thantheoorrespondingquarterinthe
previous year. 1he non-performing
loans of the individual portfolio
stood at 0.58 while that of the non-
individual portfolio stood at 0.91.
Based on a six months overdue basis,
the non-performing loans as at Maroh
31, 2013 stood at 0.40 of the loan
portfolio as against 0.44 in the
previousyear.
As per NPB norms, the Corporation
is required to oarry a total provision
of ` 1,506 orores of whioh only
` 387 orores is on aooount of non-
performing assets and the balanoe
` 1,119 orores is in respeot of
general provisioning on standard
loans inoluding Lual Rate Pome
Loans (LRPL). 1hus the Corporation
oarries an additional provision of
` 286 orores over the regulatory
requirements.
As against non-performing loans of
` 1,199 orores, the balanoe in the
provision for oontingenoies aooount
as at Maroh 31, 2013 stood at
`1,792orores(inolusiveofprovision
for non-performing loans). 1his is
equivalent to 1.05 of the portfolio.
All LRPL had oonverted into toating
rate loans linked to PLlC's Retail
Prime Lending Rate with effeot from
April1,2012.AsperNPBguidelines,
the Corporation was mandated to
oarry a higher provisioning of 2
on standard LRPL up to one year
after the interest rates were re-set.
Aooordingly, with effeot from April
1, 2013, the Corporation will no
longer need to maintain a higher
provisioningontheseloans.
1he3eouritisationandReoonstruotion
of linanoial Assets and Lnforoement
of 3eouri ty lnterest Aot, 2002
(3ARlAL3l) has proved to be a useful
reoovery tool and the Corporation
has been able to suooessfully initiate
reooveryaotionunderthisAotinthe
oaseofwilfulindividualandoorporate
defaulters.
Pegu|atoryUude|nes/Amendments
PLlC has oomplied with the Pousing
linanoe Companies (NPB) Lireotions,
2010 presoribed by NPB regarding
aooounting standards, prudential
norms for asset olassitoation, inoome
reoognition, provisioning, oapital
adequaoy,oreditrating,oonoentration
of investments and oapital market
exposure norms.
PLlC's oapital adequaoy ratio stood
at 16.35 of the risk weighted
assets, as against the minimum
requirement of 12. 1ier l oapital
was 13.85 as against a minimum
requirement of 6.
ln Leoember 2012, the RBl issued
guidelines on Lxternal Commeroial
Borrowi ngs (LCB) for l ow oost
affordable housing projeots. As per
the notifioation, Pousing linanoe
Companies (PlC) oan avail of LCB
foron-lendingtoprospeotiveowners
of low oost affordable housing
units under the approval route. 1he
Corporation had in 1anuary 2013,
made an applioation to raise funds
under this soheme, whioh is awaiting
regulatoryapproval.
Uodesand5tandards
NPB has issued oomprehensive Know
our Customer (KC) 0uidelines and
Anti Money Laundering 3tandards
in the oontext of reoommendations
made by the linanoial Aotion 1ask
loroe on Anti Money Laundering
3tandards and on Combati ng
linanoing of 1errorism 3tandards.
Luring the year, the board reviewed
and approved the amendments to the
Corporation's KC and Prevention of
MoneyLaunderingPolioyasstipulated
by NPB. 1he Corporation has adhered
to the oomplianoe requirements in
terms of the said polioy relating to
UompostonofLoans0utstandng(%)
(lnolusiveofloanssold)
(AsatMaroh31,2013)
68
31
1
lndividuals-68
Corporates-31
0thers-1
Loanua|ty&
ProvsonforUontngences
()
3ixMonth0rossNPLsasaofPortfolio
0rossNPLsasaofPortfolio
ProvisionforContingenoiesasaofPortfolio
0
.
8
1
0
.
5
6
0
.
7
2
0
.
7
9
0
.
5
3
0
.
6
6
0
.
7
7
0
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4
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0
.
9
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4
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0
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7
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4
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0.0
0.2
0.4
0.6
0.8
1.0
1.2
2013 2012 2011 2010 2009
Portfolioinoludesloansandinvestmentsindebentures
andoorporatedepositsforfinanoingrealestateprojeots.
19
monitoring and reporting of oash/
suspioioustransaotions.
1he lair Praotioes Code framed by
NPB seeks to promote good and
fair praotioes by setting minimum
standards in dealing with oustomers,
inorease transparenoy so oustomers
have a better understanding of what
they oan reasonably expeot of the
servioes being offered, enoourage
market foroes through oompetition to
aohieve higher operating standards,
promote fair and oordial relationships
between oustomers and the PlC
and foster oontdenoe in the housing
tnanoe seotor. 1he Corporation has
put in plaoe a meohanism to monitor
and review adherenoe to the lair
Praotioes Code as approved by the
BoardofLireotors.
1he Corporation has adopted the
Model Code of Conduot for Lireot
3elling Agents and 0uidelines for
Reoovery Agents engaged by PlCs as
stipulated by NPB and duly approved
by the Board of Lireotors.
1he Corporation has formulated
and adopted a 3hare Lealing Code
in aooordanoe with the model oode
of oonduot as presoribed under the
3LBl (Prohibition of lnsider 1rading)
Regulations, 1992, as amended. 1he
oode is applioable to all direotors,
employees and their dependents.
1he said persons are restrioted
from dealing in the seourities of the
Corporation during the restrioted
trading periods' notified by the
Corporation, from time to time. Luring
the year, the oode was amended to
enforoe higher standards of oomplianoe
relating to insider trading norms.
MarketngandUstrbuton
Luri ng the year, ef for ts were
oonoentratedonfurtherstrengthening
the di stri buti on network. 1he
Corporation's distribution network
now spans 331 outlets, whioh
inoludes 81 oftoes of PLlC's wholly
owned distribution oompany, PLlC
3ales Private Limited (P3PL). 1o
further augment the network, PLlC
oovers over 90 additional looations
through its outreaoh programmes.
PLlC has overseas oftoes in London,
3ingapore and Lubai. 1he Lubai
oftoe reaohes out to its oustomers
aoross Middle Last through its
servioe assooiates based in Kuwait,
atar, 0man, 3harjah, Abu Lhabi and
3audi Arabia.
PLlC's reaoh and presenoe is
also enhanoed by its distribution
ohannels,whiohinoludeP3PL,PLlC
Bank and a few third party direot
selling assooiates (L3As). Besides
looalandregionalL3As,tie-upswith
some banks and distribution houses
have enhanoed inoremental business.
Prominent banks with whom the
Corporation has distribution tie-ups
inoludelnduslndBankandRatnakar
Bank. 1hese ohannels only souroe
loans, while the oontrol over the
oredit, legal and teohnioal appraisal
oontinues to rest with PLlC, thereby
ensuring that the quality of loans
disbursed is not oompromised in
any way and is oonsistent aoross all
distribution ohannels.
various online faoilities suoh as
e-approval for prospeotive oustomers,
aooounting faoilities for existing
oustomers and PLlC's mobi l e
site has helped improve oustomer
servioe. 1he Corporation also uses
various online platforms to souroe
home loan leads.
1he Corporation organised property
fairs aoross major oities in the
oountry as well as organised events
for developers to showoase their
properties to the lndian diaspora
in overseas looations like London,
3ingaporeandtheMiddleLast.
Uross 5e||ng and Ustrbuton of
Inanca|Productsand5ervces
PLlC's subsidiary oompanies have
strong synergies with PLlC and
henoe efforts are ohannelled into
oross selling so as to offer oustomers
a wide range of tnanoial produots
and servioes under the 'PLlC' brand.
PLlC and P3PL are Composite
CorporateAgentsforPLlC3tandard
Life lnsuranoe Company Limited
(PLlCLife)andPLlCLR000eneral
lnsuranoe Company Limited (PLlC
LR00). ln addition, the distribution
networksofPLlCandP3PLareused
by Credila linanoial 3ervioes Private
Limited, whioh offers eduoation loans.
Property related servioes offered by
PLlC Realty Limited and PLlC Real
Lstate Lestination (PLlCRLL.oom)
also supplement the Corporation's
distribution network.
Internat ona| Pous ng I nance
Intatves
PLlC's expertise in housing tnanoe
is well regarded and therefore a
number of existing and new housing
tnanoe oompanies are keen to tap
Profts
(ìnorores)
0
1000
2000
3000
4000
5000
6000
7000
2013 2012 2011 2010 2009
ProfitAfter1ax ProfitBefore1ax
3
,
2
1
9
2
,
2
8
3
3
,
9
1
6
2
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8
2
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4
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5
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6
6
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1
2
3
6
,
5
7
3
4
,
8
4
8
20
PLlC for training, strategio input
and teohnioal assistanoe in housing
tnanoe.
Luring the year, senior exeoutives
of the Corporation were invited to
lndonesia and 1anzania for training
assi gnments and oonsul tanoy
servioes in housing finanoe. 1he
lnternational linanoe Corporation
under i ts teohni oal assi stanoe
projeots oommissioned a team from
the Corporation to undertake a
feasibility study for the establishment
of a primary mortgage institution in
Rwanda.
ln 1uly 2012, the lrankfurt 3ohool
of linanoe & Management and
PLlC jointly organised the fifth
Housing Finance Summer Academy'
in 0ermany, whioh is a oourse that
aims to provide housing finanoe
solutions for emerging markets
through a oombination of aoademio
knowledgeandpraotioalexperienoe.
ln November 2012, PLlC oonduoted
i ts own i nternati onal trai ni ng
programme ' Housi ng Fi nance
Management' at its training oentre,
Centre for Pousing linanoe, looated
at Lonavla, lndia. Partioipants from
different oountries aoross Asia
and Afrioa attended a week-long
residential training programme.
5he|terAssstancePeserve(5AP)
PLlC par t ner s and suppor t s
worthwhile projeots undertaken
by development assooiations and
non- government organi sati ons
through the 3AR. Luring the year,
the Corporation disbursed ` 9.13
orores from the 3AR, oovering over
180 partner organisations spread
aorosstheoountry.
Corpus oontributions were made
towards the Marrow Lonor Registry,
1at a Medi oal Cent re, Mai t hri
Lduoation & Charitable 1rust and the
loundation for Promotion of 3ports
& 0ames, amongst several others.
1he 3AR was also utilised towards
supporting the purohase of medioal
equipment for a blood bank in Pune,
towards a sohool for impoverished
ohildren in 1ripura and supporting
rural development initiatives in
Boudh and Kandhamal in 0disha.
PLlC also supported 1he Bombay
Community Publio 1rust, 1he Light
of Life 1rust and lndian Assooiation
for Promotion of Adoption & Child
welfare.
1he Corporation extended grant
support to 1he Pestalozzi Children's
village 3ooiety in Lehradun by
providing soholarships to deserving
students, the wildlife Conservation
1rust for their '3ave the 1iger'
oampaign, Masoom, whioh runs
night sohools in Mumbai and to
3aksham 1rust towards eduoational
programmes for visually impaired
ohildreninNewLelhi.
P1ParekhIoundaton
2011 marked the birth oentenary
year of late 3hri P. 1. Parekh,
founder ohairman of the Corporation.
1o oommemorate his enormous
oontribution to the development of
housing tnanoe and other tnanoial
servioes in lndia, the board approved
theproposaltosetuptheP1Parekh
loundation. 3hri P. 1. Parekh was
assooiatedwithseveralphilanthropio
oauses and welfare organisations
during his lifetime.
i noorporated the P 1 Parekh
loundation as a not for profit
oompany lioensed under 3eotion 25
of the Companies Aot, 1956. 3ome of
the key objeotives of the foundation
inoludeundertakingwelfareaotivities
for the sooially and eoonomioally
disadvantaged,provisionofeduoation
and medioal servioes and assisting in
the preservation and oonservation
of lndia's rioh heritage. 3ubjeot to
the reoeipt of requisite approvals,
the Corporation has oommitted to
oontribute an amount of upto `200
orores to fund the oharitable aotivities
of the foundation over a period of 3
tnanoial years. Luring the year, the
Corporation infused an amount of
` 10 orores as equity oapital to
enable the foundation to oommenoe
itsaotivities.
1ranng and Puman Pesource
Management
oontinued its emphasis on oompetenoy
development programmes. 1hese
programmes entail oompetenoy
mappi ng, wherei n empl oyees'
strengths and development needs
areassessedandworkedupon.1he
template developed for oompetenoy
mapping is used as a leadership
development tool.
A number of in-house programmes
wereoonduotedtoenhanoefunotional
knowledge of frontline as well as
baok oftoe exeoutives aoross the
oountry. 0ther internal programmes
i nol uded devel opi ng i n- house
trainers, leadership programmes for
senior managers and team building
programmes. 3taff members also
partioipated in a number of external
oonferenoes on an array of subjeots
i nol udi ng af fordabl e housi ng,
taxation, business analytios, oapital
markets, risk management, fraud
deteotionandforensioaooounting.
u|dng 5ervce and Productvty
Lxce||ence
ln order to raise the bar on oustomer
servioe, it is important to oonstantly
21
assess and evaluate the servioe
delivery meohanism. ln this oontext,
during the year, the Corporation
embarked on a proj eot oal l ed
'Customer Relationship Lnhanoement
through 3ystem 1ransformation'
(CRL31).
CRL31 is a business prooess re-
engineering initiative, with the aim
of making a differenoe in the servioe
delivery prooess and bringing about a
greater degree of eftoienoy with the
Corporation's ohannel partners and
its oustomers.
CRL31 entails a signitoant upgrade
intheloanappraisalandprooessing
syst em. l t i nvol ves prooess
standardisation, oentralisation and
adoption of new teohnology. 1he
aim is to inorease business growth
through improved produotivity levels,
better oustomer servioe and oost
eftoienoies. 1he new prooess is being
rolled out in a phased manner aoross
all branohes.
Pura|Pousng
Being a leading housing finanoe
provider,theCorporationhasfeltthe
need to address the demand for rural
housing.0verthepastfouryears,the
Corporation has developed a more
fooused strategy on rural housing.
1he Corporation's rural housing
tnanoe portfolio has grown steadily
and oonsists of housing loans to
progressive farmers who derive their
inoome from agrioulture or allied
aotivities and loans to salaried/self
employed persons for properties in
rural areas. 1he Corporation has
appraisal systems to assess inoomes
from agrioulture and has put in
plaoe a strong legal and teohnioal
framework for rural home loans. 1he
Corporationwilloontinueitseffortsto
identify potential rural areas, where
development is taking plaoe and
oustomers have olear and marketable
titledeeds.
PropertyPe|ated5ervces
1he Corporation strongly believes
that it must endeavour to offer a
range of value added servioes and
property related solutions to its
oustomers. PLlC Realty Limited and
PLlC RLL are examples of suoh
supportservioesoffered.
PLlC Realty Limited is a property
advi sory oompany whi oh hel ps
individualsandoorporateinstitutions
to buy, sell or lease real estate. Luring
the year, the oompany olosed more
than 2,000 residential transaotions,
resulting in a 70 growth in billings
from brokerage operations. 1he
oompany oontinued to strengthen
its presenoe in metro oities like
Mumbai and the National Capital
Region (NCR), whilst also foousing
on expanding to new oities like
Coimbatore and Cuttaok, amongst
others. Currently, PLlC Realty has
a presenoe aoross 24 looations in
lndia.
PLlCRLL.oom, the on-line real estate
searoh engine assists potential home
buyers in short listing properties
that suit their requirements. 1he
portal gives PLlC an advantage
to touoh base with potential home
loan oustomers at a very early stage
of the buying oyole. PLlC RLL has
expanded its foothold to 23 oities
aorosslndia,showoasingover9,900
projeots.
LducatonIntatves
PLlC Lduoation and Levelopment
3ervioes Private Limited (PLAL3)
is the Corporation's wholly owned
subsidiary whioh foouses on the
eduoat i on seotor. Luri ng t he
year, PLAL3 fooused on graduate
employment programmes in the
statesofAndhraPradeshand0ujarat
fororeatingentryleveltalentforthe
finanoial and l1 servioes seotors.
1hese programmes were wel l
reoeived by students and PLAL3
plans to soale up suoh programmes
inotherstates.
PLAL3 is also working towards
setting up tagship K-12 sohools. ln
ordertodeveloptheinfrastruoturefor
the sohools, the oompany is working
on both, land ownership struotures
and long-term lease arrangements.
AwardsandPecogntons
was awarded the Leading Pousing
linanoe Company' by CNBC 1v18 at
the lndia Best Bank and linanoial
l nsti tuti on Awards, 2012. 1he
Corporation was also adjudged
the 'Best Pome Loan Provider' by
0utlook Money Awards, 2012. 1his
is the seoond oonseoutive year that
theCorporationhaswonthisaward.
1he Corporation was ranked amongst
lndia's best oompanies to work for by
0reatPlaoetoworklnstitute,2012.
5ubsdaryUompanes
1he 0overnment of lndia, Ministry of
CorporateAffairsvide0eneralCiroular
No. 2/2011 dated lebruary 8, 2011,
had granted general exemption to
oompanies from the requirement
of attaohing to their annual report,
balanoe sheet, statement of prott
and loss and the report of the
direotors and auditors in respeot
of their subsidiary oompanies as
required under 3eotion 212(8) of
the Companies Aot, 1956, subjeot to
fultlling oertain oonditions.
1he Board of Lireotors has passed
the neoessary resolutions granting
the requisite approvals for not
attaohingtotheannualreportofthe
Corporation, a oopy of the balanoe
22
sheet, statement of prott and loss,
reportsofthedireotorsandauditors
of the fol l owi ng 16 subsi di ar y
oompanies of the Corporation:
PLlC Levelopers Limited, PLlC
lnvestments Limited, PLlC Poldings
Limited, PLlC Asset Management
Company Limited, PLlC 1rustee
Company Limited, PLlC Realty
Li mi ted, PLlC 3t andard Li fe
lnsuranoe Company Limited, PLlC
LR00 0eneral lnsuranoe Company
Limited, 0RuP linanoe Limited,
PLlC 3ales Private Limited, PLlC
ventures 1rustee Company Limited,
PLlC venture Capital Limited, PLlC
Property ventures Limited, Credila
linanoial 3ervioes Private Limited,
3ervioes Private Limited and P 1
Parekhloundationandthefollowing
step-down subsidiary oompanies:
PLlC Asset Management Company
(3ingapore) Pte. Limited, PLlC
Pension Management Company
Limited, 0riha lnvestments, Mauritius
and 0riha Pte. Limited, 3ingapore -
have not been attaohed to the
balanoe sheet of the Corporation
for the tnanoial year ended Maroh
31,2013.
1heannualreportoftheCorporation,
theannualaooountsandtherelated
doouments of the Corporation's
subsidiary oompanies are posted on
the website of the Corporation, www.
hdfc.com.3hareholderswhowishto
have a oopy of the annual aooounts
and detailed information on any
subsidiary oompany oan download
the same from the website or may
write to the Corporation for the same.
lurther, the said doouments shall
be available for inspeotion by the
shareholders at the registered oftoe
oftheCorporation.
1he Corporation has not made any
loans or advanoes in the nature
of loans to any of its subsidiary or
assooiate oompany or oompanies in
whioh its direotors are deemed to be
interested,otherthanintheordinary
oourse of business.
Pevew of Key 5ubsdary and
AssocateUompanes
PUIUankLmted(PUIUank)
PLlC and PLlC Bank oontinue to
maintain an arm's length relationship
in aooordanoe with the regulatory
framework. Both organisations,
however, oapitalise on the strong
synergies through a system of
referrals, speoial arrangements and
oross selling in order to effeotively
provideawiderangeofproduotsand
servioes under the PLlC brand name.
AsatMaroh31,2013,netadvanoes
of PLlC Bank stood at ` 2,39,721
orores - an inorease of 23 over the
previousyear.1otaldepositsstoodat
` 2,96,247 orores an inorease of
20. As at Maroh 31, 2013, PLlC
Bank's distribution network inoludes
3,062 branohes and 10,743 A1Ms
in 1,845 oities as against 2,544
branohes and 8,913 A1Ms in 1,399
oitiesasofMaroh31,2012.
lortheyearendedMaroh31,2013,
PLlC Bank reported a prott after
tax of ` 6,726 orores as against
` 5,167 orores in the previous year,
representing an inorease of 30.
PLlC Bank reoommended a dividend
of ` 5.5 per share of faoe value of
`2eaohasagainst`4.30pershare
forthepreviousyear.Luringtheyear
the Corporation reoeived a dividend
of` 169 orores from PLlC Bank.
PLlCtogetherwithitswhollyowned
subsidiaries, PLlC lnvestments
Limited and PLlC Poldings Limited
holds 22.8 of the equity share
oapitalofPLlCBank.
PUIU 5tandard Lfe Insurance
UompanyLmted(PUIULfe)
0ross premium inoome of PLlC
Life for the year ended Maroh 31,
2013 stood at ` 11,323 orores as
oompared to ` 10,202 orores in the
previous year. 1he sum assured in
foroe at the end of l 2013 was
` 1,38,718 orores in the previous
year, representing a growth of 46.
1he oompany has a portfolio of
32 retail produots and 10 group
produots oovering saving, investment,
proteotion and retirement needs of
the oustomers, along with 10 optional
rider benetts.
PLlC Life's distribution network
inoludes 450 branohes, oovering 961
oities. ln addition, the oompany has
95,000 tnanoial oonsultants, 3 large
banoassuranoe partners and 10 pan-
lndia brokers and oorporate agenoy
tie-ups.lnl2013,PLlCLiferanked
number 2, for the seoond oonseoutive
year, among private seotor life
insurers in terms of market share
based on the weighted reoeived
premium of individual business.
PLlC Life has reported a prott of
` 451.48 orores for the year ended
Maroh31,2013asagainst`271.02
orores in the previous year. 1he baok
book is generating suftoient protts
to offset the new business strain
inourred in writing of new polioies.
1he solvenoy ratio of the oompany
was 217 as at Maroh 31, 2013
as against the minimum regulatory
requirement of 150.
PLlC holds 72.4 of the equity
shareoapitalinPLlCLife.
PUIUAssetManagementUompany
Lmted(PUIU-AMU)
PLlC and 3tandard Life lnvestment
23
Limited are the oo-sponsors of PLlC
Mutuallund.
As at Maroh 31, 2013, PLlC-AMC
managed 42 debt, equity, exohange
traded fund and fund of fund
sohemes of PLlC Mutual lund. 1he
average assets under management
during the month of Maroh 2013
stood at ` 1,02,142 orores (whioh
is inolusive of average assets under
disoretionary portfolio management/
advisory servioes). PLlC Mutual
lund has been ranked trst in the
industry on the basis of Average
Assets under Management. 1he
number of investor aooounts stood at
49laosasatMaroh31,2013.PLlC-
AMC has over 130 investor servioe
oentresaorosstheoountry.
PLlC-AMC reported a prott after
tax of ` 318.75 orores as against
`269.14ororesinthepreviousyear.
shareoapitalofPLlC-AMC.
PUIU LPU0 Uenera| Insurance
UompanyLmted(PUIULPU0)
Luringtheyear,PLlCLR00oontinued
to retain its market ranking as the
fourth largest private seotor player
in the general insuranoe industry.
lurther, the oompany oontinued to
be the largest player in the personal
aooident line of business.
1he oompany offers a oomplete range
of insuranoe produots like motor,
health, travel, home and personal
aooident in the retail segment and
oustomised produots like property,
mari ne, avi ati on and l i abi l i ty
insuranoe in the oorporate segment.
1he oompany oontinues to leverage
on the PLlC group's distribution
oapability to drive its growth and on
the teohnioal oapability of LR00 in
the teld of general insuranoe. 1he
oompany has a balanoed portfolio mix
with the retail segment aooounting for
58 of the business.
1he gross direot premium of the
oompany i noreased by 33 to
` 2,491 orores as against ` 1,874
orores in the previous year. Luring
the year, the oompany aohieved a
prott before tax of ` 248.3 orores
as against ` 141.9 orores in the
previous year before oonsidering the
losses from the lndian Motor 1hird
Party lnsuranoe Pool (lM1PlP) and
thelndianMotor1hirdPartyLeolined
Risk lnsuranoe Pool (lM1LRlP). 1he
losses from lM1PlP and lM1LRlP
were ` 66.4 orores (previous year
` 181.6 orores). 1hus the profit
before tax inoluding the pool losses
amounted to `181.9orores(previous
yearlossof`39.7orores).1heoverall
prott after tax for the year stood at
` 154.5 orores as against a loss of
`39.7ororesinthepreviousyear.
1he oombined ratio stood at 91.6
and the solvenoy ratio of the oompany
was 161 as at Maroh 31, 2013 as
against the minimum regulatory
requirement of 140.
shareoapitalofPLlCLR00.
PUIUPropertyIunds
PLlC venture Capital Limited (PvCL)
is the investment manager to PLlC
Property lund, a registered venture
oapital fund with the 3eourities and
LxohangeBoardoflndia(3LBl).
PLlC Property lund ourrently has
two sohemes. 1he trst soheme is
PLlC lndia Real Lstate lund (Pl-
RLl),withaoorpusof`1,000orores,
whioh has been fully invested and
has made several prottable exits.
1he term of the soheme was to have
ended on 1une 17, 2012, however,
the soheme has been extended by
a period of one year. As at Maroh
31, 2013, the balanoe oorpus stood
at ` 379 orores and exits are being
made for the balanoe investments of
the soheme.
1he seoond soheme, PLlC l1 Corridor
lundhasaoorpusof`464.40orores.
1his soheme has invested the entire
oorpus in rental inoome yielding
oommeroial properties spread aoross
four major oities in lndia. 1he term
of this soheme was to have ended
on 1une 28, 2012, however, it has
been extended by a period of one
year. As at Maroh 31, 2013, the
balanoe oorpus stood at ` 409.26
orores and exits are being explored
for investments of the soheme.
shareoapitalofPvCL.
PLlC Property ventures Limited
(PPvL) provides investment advisory
servioestolndianandoverseasasset
management oompanies (AMCs).
3uoh AMCs in turn manage and
advise lndian and offshore private
equity funds. Luring the year, PPvL
made a prott after tax of ` 3.05
orores.
PLlC holds 100 of the equity share
oapitalofPPvL.
UPUPInanceLmted(UPUP)
0RuP is a housing tnanoe oompany
with a retail network of 134 oftoes
spread aoross 7 states. Luring
the year, 0RuP disbursed loans
amounting to ` 2,174 orores as
oompared to ` 1,487 orores in the
previous year - an inorease of 46.
As at Maroh 31, 2013, the loan
portfolio stood at ` 5,438 orores,
reoording a growth of 34 over the
previous year. 1he average size of
loansstoodat`7.36laos.
24
0RuP reported a prott after tax of
` 145.88 orores as oompared to
`120.34ororesinthepreviousyear
- an inorease of 21.
PLlC's holding in 0RuP ourrently
stands at 59.7.
PUIU5a|esPrvateLmted(P5PL)
PLlC 3ales Private Limited (P3PL)
oont i nues to st r engt hen t he
Corporation's marketing and sales
efforts by providing a dedioated sales
foroe to sell home loans and other
tnanoial produots.
P3PLhasapresenoein81looations.
Luring the year under review, P3PL
souroed loans aooounting for 46 of
individual loans disbursed by PLlC.
P3PL is a wholly owned subsidiary
ofPLlC.
Ured|a Inanca| 5ervces Prvate
Lmted(Ured|a)
Credila is lndia's first dedioated
eduoation loan oompany, providing
loans to students pursuing higher
eduoation in lndia and abroad. As
on Maroh 31, 2013, Credila had
oumulatively disbursed `892orores
to 10,700 oustomers. 1he average
loan amount disbursed is `8.3laos.
ln addition to having its own oftoes
andsouroingapplioationsthroughthe
web, Credila oapitalises on PLlC's
distribution network to souroe and
market eduoation loans.
1he Reserve Bank of lndia has
oategorised eduoation loans as
'priority seotor' lending. Credila's
borrowers are entitled to inoome tax
exemption under 3eotion 80L of the
lnoome 1ax Aot, 1961.
PLlC holds 89.1 of the share
holding in Credila on a fully diluted
basis.
Partcu|arsofLmp|oyees
PLlC had 1,833 employees as of
Maroh31,2013.Luringtheyear,13
employees employed throughout the
year were in reoeipt of remuneration
of` 60 laos or more per annum.
lnaooordanoewiththeprovisionsof
3eotion 217(2A) of the Companies
Aot, 1956 and the rules framed
there under, the names and other
partioulars of employees are set out
in the annex to the Lireotors' Report.
ln terms of the provisions of 3eotion
219(1)(b)(iv) of the Companies Aot,
1956, the Lireotors' Report is being
sent to all the shareholders of the
Corporationexoludingtheannex.Any
shareholder interested in obtaining a
oopy of the said annex may write to
theCorporation.
Lmp|oyees 5tock 0pton 5cheme
(L505)
Presently, stook options granted to
the employees operate under the
following sohemes: L303-05, L303-
07, L303-08 and L303-11. 1here
has been no variation in the terms
of the options granted under any of
these sohemes.
L505-05, L505-01 and L505-08
(5chemes)
Nofreshoptionswereeithergranted
or vested under these 3ohemes.
Luring the year, an aggregate of
29,38,799 options of ` 10 eaoh
wereexeroised.Pursuanttheretothe
Corporationreoeived`551.97orores
as exeroise oonsideration (exoluding
tax), of whioh ` 2.94 orores was
towards share oapital and ` 549.03
orores towards seourities premium. ln
all1,46,93,995equitysharesof`2
eaohwereallottedtotheoonoerned
employees. ln aooordanoe with the
provisions of L303-05, the last
date for exeroise of the options was
0otober 24, 2012.
Luring the year, 12,922 options
lapsed, while options in foroe as on
Maroh31,2013stoodat34,27,390.
L505-11
At the 34th annual general meeting
held on 1uly 8, 2011, you had
approved the issue of 58,67,546
st ook opt i ons r epr esent i ng
2,93,37,730 equity shares of ` 2
eaoh to the employees and direotors
of the Corporation. 1he Nomination
& Compensation Committee of the
Corporation at its meeting held on
May 23, 2012, granted the said
optionstogetherwithoptionslapsed
under previous sohemes (aggregating
2,34,929options).lntheaggregate,
61,02,475 stook options of ` 10
eaoh were granted representing
3,05,12,375 equity shares of ` 2
eaohatanexeroiseprioeof`635.50
perequityshareunderL303-11.
1he said prioe was determined
in aooordanoe with the prioing
formula approved by you i.e. at the
latest available olosing prioe of the
equity share of the Corporation on
the N3L, prior to the meeting of
the Nomination & Compensation
Committee at whioh the options
were granted. 1he options granted
willvestoveraperiodof1to3years
from the date of grant, depending
upon the option grantee oompleting
a oontinuous servioe of three years
with the Corporation. 1he options
are exeroisable over a period of tve
years from the date of respeotive
vesting.Noneoftheoptionsgranted
have vested during the year (and
oonsequently, no options have been
exeroised). As at Maroh 31, 2013,
31,200 options have lapsed and
60,71,275 options are in foroe.
under L303-11, 20,86,000 options
have been granted to 83 senior
management employees, in the
25
grades of deputy general manager
and above up to and inoluding the
Managing Lireotor and the vioe
Chairman & Chief Lxeoutive 0ftoer.
1he minimum number of options
granted to any of these employees
was6,000.
No employee was granted options
equal to or in exoess of 1 of the
totalissuedandpaid-upshareoapital
oftheCorporationasonthedateof
grant.
Iarva|ue
3inoe options were granted at the
market prioe, the intrinsio value
of the option is nil. Consequently,
the aooounting value of the option
(oompensation oost) was also nil.
Powever, if the fair value of the
options using the Blaok-3oholes
model was used, oonsidering the
assumptions made at the time of
the grant, the oompensation oost
(net) would have been higher and
the prott after tax would have been
lesser by ` 157.93 orores and the
basio and diluted Larnings Per 3hare
(LP3) would have been `30.80and
`30.42respeotively.
1he key assumptions used in Blaok-
3oholes model for oaloulating the
fair value under L303-11, as on the
dateofgrant,are(a)risk-freeinterest
rate: 8.06 (b) expeoted life: up to 2
years (o) expeoted volatility of share
prioe: 15 and (d) expeoted growth
in dividend: 20. 1he market prioe of
theequityshareonthedateofgrant
ranged from `629.10to`643.45.
All the options were granted at an
exeroiseprioeof`635.50pershare
and henoe the weighted average
exeroiseprioeis`635.50pershare.
1he weighted average fair value of
the option granted under L303-11
(using the Blaok-3oholes model)
works out to ` 474.56 per option of
the faoe value ` 10 i.e. ` 94.91 per
shareofthefaoevalueof`2eaoh.
1hedilutedLP3is`31.45asagainst
a basio LP3 of `31.84.
Unc|amedUvdend
As at Maroh 31, 2013, dividend
amounting to ` 11.61 orores had
not been olaimed by shareholders
of the Corporation. 1he Corporation
has been periodioally intimating the
oonoerned shareholders requesting
them to enoash their dividend before
it beoomes due for transfer to the
lLPl. 1he Corporation oontinues to
takevariousinitiativestoreduoethe
quantum of unolaimed dividend.
As per the provisions of 3eotion
205C of the Companies Aot, 1956,
unolaimed dividend amounting to
` 52.39 laos for l 2004-05 was
transferred to the lLPl on 3eptember
7, 2012. lurther, the unolaimed
dividend in respeot of l 2005-06
must be olaimed by shareholders by
August24,2013,failingwhiohitwill
be transferred to the lLPl within a
period of 30 days from the said date.
ln terms of said seotion, no olaim
would lie against the Corporation or
thelLPlafterthetransfer.
ln terms of the lLPl (uploading
of information regarding unpaid
and unol ai med amounts l yi ng
wi th oompani es) Rul es, 2012,
whioh was notified on May 10,
2012, the Corporation has made
the relevant disolosures to the
Ministry of Corporate Affairs (MCA)
regardi ng unol ai med di vi dends
and unolaimed matured deposits,
alongwithinterestaooruedthereon.
1he Corporation has uploaded the
presoribed information on www.iepf.
gov.in andwww.hdfc.com.
Unc|amed5hares
Letails on unolaimed shares is
provi ded i n t he seot i on on
'3hareholders' lnformation' in the
annualreport.
Partcu|ars Pegardng Uonservaton
of Lnergy, 1echno|ogy Absorpton
andIoregnLxchangeLarnngsand
0utgo
1he partioulars regarding foreign
exohange earnings and expenditure
appear as ltem Nos. 25.1 and
26.3 in the Notes to the Aooounts.
3inoe PLlC does not own any
manufaoturing faoility, the other
partioulars relating to oonservation
of energy and teohnology absorption
as stipulated in the Companies
(Lisolosure of Partioulars in the
Report of the Board of Lireotors)
Rules, 1988, are not applioable.
Urectors
ln aooordanoe with the provisions
of the Companies Aot, 1956 and
the Artioles of Assooiation of the
Corporation, Mr. Leepak 3. Parekh,
Mr. Keshub Mahindra, Mr. L. M.
3ukthankar and Mr. Nasser Munjee
are liable to retire by rotation at the
ensuing A0M. 1hey are eligible for
re-appointment.
Neoessar y resol uti ons for the
re-appointment of the aforesaid
direotors have been inoluded in the
notioeoonveningtheensuingA0M.
All the direotors of the Corporation
have oontrmed that they are not
disqualited from being appointed as
direotors in terms of 3eotion 274(1)
(g) of the Companies Aot, 1956.
Lr. 3. A. Lave is the Corporation's
nominee direotor on the board of
PLlCLife.1hisisinaooordanoewith
Clause 49 of the listing agreements,
whioh requires the Corporation
26
to nominate at least one of its
independent direotors on the board
of PLlC Life, whioh is a material
unlisted lndian subsidiary oompany
oftheCorporation.
Audtors
Messrs Leloitte Paskins & 3ells,
Char tered Aooountants, havi ng
regi strati on number 117366w,
statutoryauditorsoftheCorporation
and branoh auditors to audit the
aooounts at the Corporati on' s
branohes in lndia and offioes in
London and 3ingapore hold oftoe
until the oonolusion of the ensuing
A0M and are eligible for appointment.
1he Corporation has reoeived a
oontrmation from Messrs Leloitte
Paskins & 3ells to the effeot that
their appointment, if made, would
be within the limits presoribed under
3eotion 224(1B) of the Companies
Aot,1956.
Messrs PKl, Chartered Aooountants,
having registration number 10
issued by the Ministry of Loonomy,
u.A.L. was appointed as the branoh
auditorstoaudittheaooountsofthe
Corporation's branoh oftoe in Lubai.
1heir term expires at the end of the
ensuing A0M and they are eligible for
appointment.
UrectorsPesponsb|ty5tatement
ln aooordanoe with the provisions of
3eotion 217(2AA) of the Companies Aot,
1956 and based on the information
provided by the management, your
direotors state that:
i. ln the preparation of annual
aooount s, t he appl i oabl e
aooounting standards have been
followed,
ii. Aooountingpolioiesseleotedwere
applied oonsistently. Reasonable
and prudent judgements and
estimates were made so as to
give a true and fair view of the
stateofaffairsoftheCorporation
as at the end of Maroh 31,
2013 and of the prott of the
Corporation for the year ended
onthatdate,
iii. Proper and suftoient oare has
been taken for the maintenanoe
of adequate aooounting reoords
inaooordanoewiththeprovisions
of the Companies Aot, 1956 for
safeguarding the assets of the
Corporation and for preventing
and deteoting frauds and other
irregularities,
iv. 1he annual aooounts of the
Corporation have been prepared
on a going oonoern basis.
Management U scuss on and
Ana|yss Peport, Peport of the
Urectors on Uorporate Uovernance
andusnessPesponsb|tyPeport
lnaooordanoewithClause49ofthe
listing agreements, the Management
Lisoussion and Analysis Report
and the Report of the Lireotors on
Corporate 0overnanoe form part of
thisreport.
3LBl vide Ciroular No. ClR/ClL/
LlL/8/2012datedAugust13,2012,
has mandated the inolusion of a
Business Responsibility Report (BRR)
as part of the Annual Report for the
top 100 listed oompanies based on
their market oapitalisation on the
B3L Limited and National 3took
Lxohange of lndia Limited as at
Maroh 31, 2012. Aooordingly, your
Corporation has prepared a BRR
and the same has been uploaded
on its website. Members who wish to
reoeiveaphysioaloopyoftheBRRare
requestedtowritetotheCorporation.
Acknow|edgements
1he Corporation would like to
aoknowledge the role of all its
stakeholders - shareholders, borrowers,
ohannel partners, depositors, key
partnersandlendersfortheiroontinued
supporttotheCorporation.
1hedireotorsappreoiatetheguidanoe
reoeived from various regulatory
authorities inoluding NPB, RBl,
3LBl, MCA, Registrar of Companies,
linanoial lntelligenoe unit (lndia),
lorei gn l nvestment Promoti on
Board,the3tookLxohangesandthe
Lepositories.
o u r d i r e o t o r s v a l u e t h e
professionalism of all the employees
of the Corporati on who have
relentlessly worked in ohallenging
environments and whose efforts have
stoodtheCorporationingoodstead.
0n behalf of the Board of Lireotors
MuMBAl LLLPAK 3. PARLKP
May8,2013 Chairman
27
PeportoftheUrectorsonUorporateUovernance
1he ongoing global tnanoial orisis has reaftrmed the important role of oorporate governanoe. Against a baokdrop of
a global eoonomio slowdown, the business environment has beoome ohallenging. 3hareholders are intensely foousing
on how boards funotion. 1his is beoause institutions that oollapsed or needed bail-outs had a oommon denominator
-- weak governanoe struotures. Lxoessive risk taking, skewed inoentive struotures, non-oomplianoe with regulations
or ohasing short-term gains over sustained, long-term performanoe are instanoes of governanoe failures. Boards
are now more sensitised to the faot that there is often a divide between merely adopting governanoe polioies and
prooeduresversustheaotualinternalisationofgovernanoeprinoipleswithinanorganisation.
New regulations on oorporate governanoe have oontinued to evolve aoross the globe. Powever, many of these ohanges
were implemented in response to various tnanoial orises. ln lndia, the evolution of oorporate governanoe was driven
by the members of industry. lt is now tfteen years sinoe the trst voluntary oorporate governanoe oode in lndia was
formalised. 3inoe then, there have been several expert oommittees that have made reoommendations to raise the
bar of oorporate governanoe praotioes. 0n the regulatory front too, many initiatives have been taken by the 3eourities
and Lxohange Board of lndia (3LBl) and the Ministry of Corporate Affairs (MCA) to ensure that lndian oorporates
adoptgoodgovernanoepraotioesandfollowhighstandardsofdisolosures.
1he tnanoial year under review will be marked as a watershed year for oorporate governanoe in lndia. ln 3eptember
2012, a oommittee oonstituted by the MCA to formulate a polioy dooument on oorporate governanoe reoommended
'0uiding Prinoiples of Corporate 0overnanoe'. 1hese prinoiples help to broaden the boundaries of oorporate governanoe
through voluntary adoption of better praotioes. ln Leoember 2012, the Companies Bill, 2012 was passed by the Lok
3abha (the lower house of the lndian Parliament). Provisions for oore prinoiples of oorporate governanoe are now
inoluded in the bill itself. ln 1anuary 2013, 3LBl released a oonsultative paper titled 'Review of Corporate 0overnanoe
Norms in lndia' whioh aims to align Clause 49 of the listing agreements with the Companies Bill, 2012. 1hus a new
roadmap has been laid whioh judioiously balanoes regulation and voluntary praotioes to attain higher standards of
oorporategovernanoe.
UorporateUovernanceatPUIU
PLlC has oonsistently endeavoured to fultl the growing expeotations of its borrowers, ohannel partners, depositors,
agents, shareholders and other stakeholders. 1he Corporation has always believed in forging and nurturing long-term
relationships and maintaining an open dialogue with all its key oonstituents, thereby ensuring transparenoy within
itssphereofoperations.
lntegrity, fairness and transparenoy in its business operations form the oore values of PLlC. 1hese values are set by
the board and every effort is made by the management to ensure that these values peroolate down to all employees
aorosstheCorporation.
1he Board of Lireotors and senior management delineate olear lines of responsibility throughout the organisation.
PLlC believes that aooountability of the management to the board and in turn aooountability of the board to its
shareholders leads to long-term and sustainable value oreation.
1he Board of Lireotors believe in upholding the highest standards of aooountability and aotively partioipate in
overseeing risks and strategio management. 1he board fully supports and endorses oorporate governanoe praotioes
in aooordanoe with the provisions of Clause 49 of the listing agreements. 1he Corporation has oomplied with the
requirements of the said Clause and listed below is the status with regard to the same.
oardofUrectors
Uomposton
1he Board of Lireotors oomprises fourteen members. 1here are eleven non-exeoutive direotors inoluding the Chairman
of the Corporation. 1he three whole-time direotors inolude the vioe Chairman & Chief Lxeoutive 0ftoer (CL0), the
ManagingLireotorandtheLxeoutiveLireotor.0ftheelevennon-exeoutivedireotors,tenareindependentdireotors.1he
independent direotors have oontrmed that they satisfy the oriteria presoribed for an independent direotor as stipulated
in Clause 49 l (A) (iii) of the listing agreements. None of the direotors of the Corporation are related to eaoh other.
28
1he direotors bring to the board a wide range of experienoe and skills. Brief protles of the direotors, are set out
elsewhere in the annual report. 1he oomposition of the board is in oonformity with Clause 49 l (A) of the listing
agreements. Letails of the Board of Lireotors in terms of their direotorships/memberships in oommittees of publio
oompanies (exoluding PLlC) are as under:
5r.No. Urectors Numberof
Urectorshps
NumberofUommttees
Member Uharperson
1 Mr. Leepak 3. Parekh (Chairman) 8 6 2
2 Mr. Keshub Mahindra (vioe Chairman) 4 - -
3 Mr.3hirishB.Patel 1 - -
4 Mr.B.3.Mehta 14 9 5
5 Mr.L.M.3ukthankar 3 2 1
6 Mr.L.N.0hosh 4 - -
7 Lr.3.A.Lave 10 6 2
8 Lr. Ram 3. 1arneja 10 6 1
9 Mr.NasserMunjee 14 9 5
10 Lr. Bimal 1alan - - -
11 Lr.1.1.lrani 3 1 -
12 Mr.v.3rinivasaRangan(LxeoutiveLireotor) 13 9 -
13 Ms. Renu 3ud Karnad (Managing Lireotor) 13 6 4
14 Mr. Keki M. Mistry (vioe Chairman & CL0) 14 10 4
Mr. Deepak S. Parekh is the non-executive Chairman of the Corporation.
Sr. Nos. 2 to 11 are independent directors. Sr. Nos. 12 to 14 are whole-time directors.
The number of directorships includes directorships in HDFC group companies. Excluding the directorships mentioned
above, Mr. Deepak S. Parekh is an alternate director in two companies and Mr. B. S. Mehta is an alternate director
in one company.
1enure
1he non-exeoutive direotors of the Corporation are liable to retire by rotation. 0ne-third of the said direotors are liable
to retire every year and if eligible, offer themselves for re-appointment.
Pesponsb|tes
1he Board of Lireotors represent the interests of the Corporation's stakeholders in optimising long-term value by
providing the management with guidanoe and strategio direotion on their behalf. 1he board's mandate is to oversee
the Corporation's strategio direotion, review oorporate performanoe, assess the adequaoy of risk management and
mitigation measures, authorise and monitor strategio investments, ensure regulatory oomplianoe and safeguard
interestsofallstakeholders.
Po|eofIndependentUrectors
lndependent direotors play a key role in the deoision-making prooess of the board as they approve the overall strategy
of the Corporation and oversee the performanoe of management. 1he independent direotors are oommitted to aoting
in what they believe is in the best interest of the Corporation and its stakeholders.
1he independent direotors bring to the Corporation a wide range of experienoe, knowledge and judgement as they
draw on their varied protoienoies in eoonomios, tnanoe, housing, management, aooountanoy, law, publio polioy,
engineering and oorporate strategy. 1his wide knowledge of both, their teld of expertise and boardroom praotioes
helps foster varied, unbiased, independent and experienoed perspeotives. 1he Corporation benetts immensely from
theirinputsinaohievingitsstrategiodireotion.
29
1he Audit Committee and the Nomination & Compensation Committee oonsist entirely of independent direotors.
1he lnvestor Relations & 0rievanoe Committee has a majority of independent direotors. 1hese oommittees funotion
within the detned terms of referenoe in aooordanoe with the Companies Aot, 1956, the listing agreements and as
approved by the board, from time to time.
Board members ensure that their work in other oapaoities do not impinge on their tduoiary responsibilities as direotors
oftheCorporation.
oardMeetngs
1he meetings of the Board of Lireotors are normally held at the Corporation's registered oftoe in Mumbai. Meetings
are generally soheduled well in advanoe and the notioe of eaoh board meeting is given in writing to eaoh direotor.
1he board meets at least onoe a quarter to review the quarterly performanoe and tnanoial results of the Corporation.
1he oompany seoretary in oonsultation with the Chairman and the whole-time direotors prepares a detailed agenda for
the meetings. 1he board is provided with the relevant information as stipulated in Clause 49 of the listing agreements.
1he members of the board have aooess to all information of the Corporation. 1he board papers, agenda and other
explanatory notes are oiroulated to the direotors in advanoe. 1he members of the board are also free to reoommend
inolusion of any matter in the agenda for disoussion. 3enior management is invited to attend the board meetings so as
to provide additional inputs to the items being disoussed by the board. At the board meetings, the exeoutive direotors
and senior management make presentations on various matters inoluding the tnanoial results, operations related
issues, risk management, the regulatory environment or any other issues whioh the board wants to be apprised of.
1he minutes of eaoh board/oommittee meeting are reoorded in the Minutes Book.
1he minutes of the board meetings of the unlisted subsidiary oompanies of the Corporation and a statement of
signitoant transaotions and arrangements entered into by the unlisted subsidiary oompanies of the Corporation is
tabled at the board meetings on a quarterly basis. A summary of the key deoisions taken by the Board of Lireotors
of the subsidiary oompanies of the Corporation is tabled at the board meetings on a half-yearly basis.
ln terms of the provisions of Clause 49 lll (i) of the listing agreements, the Corporation is required to nominate at
least one independent direotor on the board of PLlC 3tandard Life lnsuranoe Company Limited (PLlC Life), whioh
is a material non-listed lndian subsidiary oompany. Aooordingly, the Corporation has nominated Lr. 3. A. Lave as its
nominee on the board of PLlC Life.
Luring the year under review, the board met tve times. 1he meetings were held on May 7, 2012, 1uly 11, 2012,
0otober 22, 2012, 1anuary 21, 2013 and Maroh 26, 2013. 1he attendanoe of direotors at the above-mentioned
board meetings and the 35
th
A0Mheldon1uly11,2012,alongwiththe sitting fees paid to them are listed below:
Urectors oardMeetngs Attendanceatthe
35
th
AUM NumberofMeetngs
Attended
5ttng
IeesPad
(`)
Mr. Leepak 3. Parekh (Chairman) 5 1,00,000 es
Mr. Keshub Mahindra (vioe Chairman) 3 60,000 es
Mr.3hirishB.Patel 5 1,00,000 es
Mr.B.3.Mehta 5 1,00,000 es
Mr.L.M.3ukthankar 5 1,00,000 es
Mr.L.N.0hosh 4 80,000 No
Lr.3.A.Lave 5 1,00,000 es
Lr. Ram 3. 1arneja 5 1,00,000 es
Mr.NasserMunjee 4 80,000 es
Lr. Bimal 1alan 5 1,00,000 es
Lr.1.1.lrani 5 1,00,000 es
Mr.v.3rinivasaRangan(LxeoutiveLireotor) 5 - es
Ms. Renu 3ud Karnad (Managing Lireotor) 5 - es
Mr. Keki M. Mistry (vioe Chairman & CL0) 5 - es
30
Leave of absenoe was granted to the oonoerned direotors who oould not attend the respeotive board meetings.
1he board met on May 8, 2013, to inter alia approve the audited annual tnanoial results of the Corporation for the
yearendedMaroh31,2013.
Uommtteesoftheoard
1o enable better and more fooused attention on the affairs of the Corporation, the board delegates partioular matters
to oommittees of the board set up for the purpose. 1hese oommittees prepare the groundwork for deoision-making
and report the same to the board at the subsequent meetings.
AudtUommttee
1he Audit Committee solely oomprises independent direotors. 1he members of the oommittee are Lr. 3. A. Lave
(Chairman), Mr. B. 3. Mehta and Mr. L. N. 0hosh. All the members of the oommittee have aooounting and tnanoial
management expertise. 1he quorum for the meeting of the oommittee is two members. 1he oompany seoretary is
the seoretary to the oommittee.
1he terms of referenoe of the oommittee inter alia inolude overseeing the Corporation's tnanoial reporting prooess
and disolosures of tnanoial information. 1he prime responsibility of the oommittee is to review with the management,
the oonsolidated and standalone quarterly/annual tnanoial statements prior to reoommending the same to the board
forapproval.
1he oommittee reoommends to the board, the appointment of the statutory auditors inoluding branoh auditors
and their remuneration. 1he oommittee and statutory auditors disouss the nature and soope of audit prior to the
oommenoement of the audit and areas of oonoern, if any, arising post audit. ln addition, the oommittee approves
payment of fees for other servioes rendered by the statutory auditors. 1he oommittee approves the appointment or
re-appointment of internal auditors of the Corporation and their remuneration.
1he oommittee's funotions inolude reviewing the adequaoy of the internal audit funotion, its struoture, reporting prooess,
audit ooverage and frequenoy of internal audits. 1he oommittee's funotions also inolude periodioal review of the internal
audit reports on matters inoluding KC, internal oontrols and other oomplianoes. 1he responsibility of the oommittee is
to also review the tndings of any internal investigation by the internal auditors in matters relating to suspeoted fraud or
irregularity or failure of internal oontrol systems of material nature and report the same to the board.
1he oommittee reviews the reports of the internal and statutory auditors and ensures that adequate follow-up aotion
is taken by the management on observations and reoommendations made by the respeotive auditors. ln addition,
the oommittee annually reviews the performanoe of the internal and statutory auditors to ensure that an objeotive,
professional and oost effeotive relationship is being maintained.
Luring the year, the oommittee inter alia reviewed the statement of uses/applioation of funds raised by issuanoe
of debt seourities on a private plaoement basis, management of assets and liabilities of the Corporation, foreign
ourrenoy and derivative positions, performanoe of the loan portfolio, statement of related party transaotions, inspeotion
report issued by the National Pousing Bank and the Management Lisoussion and Analysis Report. 1he oommittee
periodioally reviews the investments made by the unlisted subsidiary oompanies of the Corporation and also reviews
their annual tnanoial statements. 1he oommittee also reviewed the management letters issued by the statutory
auditors of the Corporation and the response of the management on the key audit observations. 1he oommittee
reviews other matters as mandated under 3eotion 292A of the Companies Aot, 1956 and Clause 49 ll of the listing
agreements as applioable.
lt is the oommittee's prerogative to invite senior exeoutives of the Corporation whom it oonsiders appropriate to be
present at the meetings. 3enior management and auditors are invited to partioipate in the meetings of the oommittee
as and when neoessary. 1he Corporation aftrms that no employee has been denied aooess to the Chairman of the
oommittee.
31
Luring the year, the oommittee met six times. 1he meetings were held on May 7, 2012, 1uly 11, 2012, 1uly 28, 2012,
0otober 22, 2012, 1anuary 21, 2013 and Maroh 26, 2013. 1he Chairman of the oommittee was present at the 35
th
A0Mtoanswershareholderqueries.
1he details of the attendanoe of the members of the oommittee along with sitting fees paid are listed below:
Members NumberofMeetngs
Attended
5ttngIeesPad
(`)
Lr. 3. A. Lave (Chairman) 6 1,20,000
Mr.B.3.Mehta 6 1,20,000
Mr.L.N.0hosh 4 80,000
Leave of absenoe was granted to Mr. L. N. 0hosh who oould not attend the meetings on 1uly 11, 2012 and
1uly28,2012.
1he oommittee met on May 8, 2013 to inter alia review the audited annual tnanoial results of the Corporation for
the year ended Maroh 31, 2013 and reoommended the same to the board for its approval.
Nomnaton&UompensatonUommttee
1he Nomination & Compensation Committee solely oomprises independent direotors. 1he members of the oommittee
are Mr. Keshub Mahindra (Chairman), Mr. 3hirish B. Patel and Mr. B. 3. Mehta.
1he terms of referenoe of the oommittee inter alia inolude identifying persons who are qualited to beoome direotors
of the Corporation, reoommending their appointment to the board, ensuring that suoh persons meet the relevant
oriteria presoribed under applioable laws and reviewing and approving the remuneration payable to the exeoutive
direotors of the Corporation within the overall limits as approved by the shareholders and oommission payable to
the Chairman of the Corporation.
As regards remuneration payable to the exeoutive direotors, the oommittee ensures that (a) the level and oomposition
of remuneration is reasonable and suftoient to attraot, retain and motivate direotors of quality required to run
the Corporation suooessfully, (b) the relationship of remuneration to performanoe is olear and meets appropriate
performanoe benohmarks, and (o) the remuneration to direotors involves a balanoe between txed and inoentive
pay, reteoting short and long-term performanoe objeotives appropriate to the strategio objeotives of the Corporation
and ensures that it is within the overall limits presoribed under the provisions of the Companies Aot, 1956 and is in
aooordanoe with the approval granted by the shareholders of the Corporation.
1he oommittee's terms of referenoe also inolude formulation and administration of the employees stook option
sohemes, inoluding granting of options to eligible employees under these sohemes.
1he annual oompensation of exeoutive direotors has been approved by the oommittee and is within the overall limits
as approved by the shareholders.
1he oommittee met four times during the year under review. 1he meetings were held on May 7, 2012, May 23,
2012, 1uly 11, 2012 and Maroh 26, 2013. 1he Chairman of the oommittee was present at the 35
th
A0Mtoanswer
shareholderqueries.
1he details of the attendanoe of the members of the oommittee along with sitting fees paid are listed below:
Attended
5ttngIeesPad
(`)
Mr. Keshub Mahindra (Chairman) 3 60,000
Mr.3hirishB.Patel 4 80,000
Mr.B.3.Mehta 4 80,000
Leave of absenoe was granted to Mr. Keshub Mahindra who oould not attend the meeting on Maroh 26, 2013.
32
InvestorPe|atons&UrevanceUommttee
1he lnvestor Relations & 0rievanoe Committee oonsists of a majority of independent direotors. 1he members of the
oommittee are Lr. Ram 3. 1arneja (Chairman), Lr. 3. A. Lave and Mr. v. 3rinivasa Rangan. Mr. 0irish v. Koliyote, the
oompany seoretary of the Corporation, in his oapaoity as oomplianoe oftoer, is responsible for expediting the share
transfer formalities.
1he board at its meeting held on 0otober 22, 2012, approved the revised terms of referenoe of the oommittee whioh
inter alia inoludes reviewing meohanisms adopted by the Corporation to redress shareholder and depositor oomplaints,
the status of litigations tled by/against shareholders of the Corporation and initiatives taken to reduoe the quantum
of unolaimed dividends. 1he oommittee oversees adherenoe to servioe standards and standard operating prooedures
pertaining to investor servioes. 1he oommittee reviews adherenoe of oomplianoes with applioable oorporate and
seouritieslaws.
Luring the year, the oommittee reviewed the aotivities of the investor servioes department of the Corporation and
oomplianoes with applioable oorporate and seourities laws, inoluding oomplianoes under lLPl (uploading of information
regarding unpaid and unolaimed amounts lying with oompanies) Rules, 2012.
Luring the year under review, the oommittee met three times. 1he meetings were held on August 10, 2012, 0otober
11, 2012 and 1anuary 14, 2013. 1he details of the attendanoe of the members of the oommittee along with sitting
fees paid are listed below:
Attended
5ttngIeesPad
(`)
Lr. Ram 3. 1arneja (Chairman) 3 60,000
Lr.3.A.Lave 3 60,000
Mr.v.3rinivasaRangan 3 -
InvestorUrevances
1he Corporation has a designated e-mail address, investorcare@hdfc.com to enable its investors to post their grievanoes
and monitor its redressal. Luring the year, the Corporation reoeived a total of 5,977 oorrespondenoe from its investors,
oapital market intermediaries and statutory/regulatory authorities inoluding e-mails requesting for dematerialisation
of shares, transfer/transmission of shares, issue of duplioate/re-validated dividend warrants, sub-divided share
oertitoates, effeoting ohanges to the address and/or bank aooount partioulars of the shareholders, annual reports
and other servioes relating to the seourities issued and allotted by the Corporation.
At the beginning of the tnanoial year, there was no investor oomplaint that was unresolved. Luring the year, the
Corporation reoeived 20 investor oomplaints, all of whioh were resolved and as suoh there were no unresolved investor
oomplaints as at Maroh 31, 2013.
Presently, the Corporation is a party to litigations relating to disputes over title to shares. 1he Corporation is not in
agreement with the olaims made by the oonoerned shareholders and the litigations are not material in nature.
No penalties or striotures have been imposed on the Corporation by any stook exohange, 3LBl or other statutory
authority on any matter relating to the oapital markets.
Lmp|oyee5tock0pton5cheme(L505)
Atthe34
th
A0Mheldon1uly8,2011,theshareholdershadapprovedtheissueof58,67,546stookoptionsrepresenting
2,93,37,730equitysharesof` 2 eaoh to the employees and direotors of the Corporation under L303-11. Luring the
year, the Nomination & Compensation Committee granted the said options along with 2,34,929 options whioh had
lapsed under previous sohemes, aggregating 61,02,475 stook options, representing 3,05,12,375 equity shares of
33
`2eaohatanexeroiseprioeof` 635.50 per share, being the market prioe as detned in the 3LBl (Lmployee 3took
0ption 3oheme and Lmployee 3took Purohase 3oheme) 0uidelines, 1999, as amended. 1he disolosures in respeot
of all sohemes as required under the said 3LBl guidelines have been made in the Lireotors' Report.
UodeofUonduct
1he Corporation has framed and adopted a Code of Conduot, whioh is approved by the Board of Lireotors. 1he oode
is applioable to all direotors and senior management of the Corporation and is posted on the Corporation's website,
www.hdfc.com. Luring the year, the oode was amended with the objeotive of enhanoing the standards of governanoe.
lor the year under review, all direotors and senior management have aftrmed their adherenoe to the provisions of
theoode.
5hareUea|ngUode
1he Corporation has formulated and adopted a 3hare Lealing Code, in aooordanoe with the model oode of oonduot
as presoribed under the 3LBl (Prohibition of lnsider 1rading) Regulations, 1992, as amended. Luring the year, the
oode was amended to set and enforoe higher standards of oomplianoe relating to insider trading norms.
1he oode presoribes the detailed prooedures and guidelines to be adopted while dealing in the seourities of the
Corporation. 1he oode is applioable to all direotors, employees and their dependents. 1he said persons are prohibited
from dealing in the seourities of the Corporation during the restrioted trading periods notited by the Corporation,
from time to time and whilst in possession of any unpublished prioe sensitive information relating to the seourities
oftheCorporation.
lurther, other than the exeroise of stook options, direotors and designated employees who buy and sell any number
of shares or warrants of the Corporation are prohibited from entering into an opposite transaotion on the stook
exohanges i.e. sell or buy any number of shares or warrants during the next six months following the prior transaotion
and from taking positions in derivative transaotions in the equity shares of the Corporation.
ln oomplianoe with the provisions of the oode, the direotors and designated employees of the Corporation and their
dependents have disolosed their dealings in the seourities of the Corporation and have obtained prior approval of
the Corporation for dealing in its seourities in exoess of the limits presoribed under the oode. 1he disolosures inolude
their dealings in seourities of the Corporation, ohanges in their holding during the tnanoial year and the position
as at the end of the tnanoial year. All direotors and designated employees have oontrmed that they have not taken
positionsinderivativetransaotionsintheequitysharesoftheCorporation.
Usc|osures
1ransactonswthNon-LxecutveUrectors
As at Maroh 31, 2013, deposits held by non-exeoutive direotors in the Corporation amounted to `25.01orores.1he
rate of interest on these deposits is the same as applioable to publio deposits. 1he non-exeoutive direotors of the
Corporation do not have any other material peouniary relationships or transaotions with the Corporation or its direotors,
senior management, subsidiary or assooiate oompanies, other than in the normal oourse of business.
Pe|atedParty1ransactons
1here were no materially signitoant related party transaotions with the direotors, the management, subsidiaries
or relatives of the direotors that have potential oontiot with the interests of the Corporation at large. 1ransaotions
with related parties entered into by the Corporation in the normal oourse of business were plaoed before the Audit
Committee. 1here were no material individual transaotions with related parties, whioh were not in the normal oourse
of business nor were there any material transaotions with related parties or others, whioh were not on an arm's
length basis. Letails of related party transaotions entered into by the Corporation in the normal oourse of business
are inoluded in the notes forming part of the tnanoial statements.
34
Accountng5tandards
1he Corporation has oomplied with the applioable Aooounting 3tandards notited by the Companies (Aooounting
3tandards) Rules, 2006. 1he tnanoial statements for the year have been prepared in aooordanoe with and in
oomplianoe of the revised 3ohedule vl notited by the MCA.
5ecretara|5tandards
1he Corporation has oomplied with the applioable 3eoretarial 3tandards notited by 1he lnstitute of Company 3eoretaries
oflndia.
PskManagementIramework
with the objeotive of ensuring that the risks impaoting the business of the Corporation are identited and appropriate
measures are taken to mitigate the same, the Corporation has formulated and adopted a Risk Management lramework.
1he Risk Management lramework lays the prooedures for identitoation of risks, assessment of its impaot on the
business of the Corporation and the eftoaoy of the measures taken to mitigate the same. 1he risks are evaluated at
an inherent and residual level, based on the impaot of suoh risks and the likelihood of its ooourrenoe.
1he regional managers and the funotional heads of the Corporation are responsible for identifying, monitoring and
reviewing the risk protle of their respeotive region/funotion on a quarterly basis. 1he Risk Management Committee
(RMC) whioh oomprises the Managing Lireotor as the ohairperson, the Lxeoutive Lireotor and some members of
senior management, is responsible for ensuring that the appropriate methodology, prooesses and systems are in
plaoe for monitoring, identifying and reviewing the risks assooiated with the business of the Corporation. 1wioe during
the year, the RMC apprised the board on the key risks assooiated with the business, its root oauses and measures
taken to mitigate the same.
ProceedsfromPrvateP|acementIssues
Luring the year under review, the Corporation issued 3eoured Redeemable Non-Convertible Lebentures of `10laos
eaoh,aggregatingto` 33,180 orores on a private plaoement basis, in various tranohes. 1he debentures have been
assigned the highest rating of 'CRl3lL AAA' and 'lCRA AAA' by CRl3lL and lCRA respeotively.
As speoited in the respeotive offer doouments, the funds were utilised for the purpose of on lending for housing
tnanoe. Letails of these issues and the end use were provided to the Audit Committee and the board.
PemuneratonofUrectors
Non-LxecutveUrectors
1he remuneration paokage for non-exeoutive direotors oonsists of sitting fees and oommission. 1he payment of
the annual oommission to the non-exeoutive direotors is based on the performanoe of the Corporation and is paid
on a uniform basis to all the non-exeoutive direotors, exoept for Mr. Leepak 3. Parekh who is the Chairman of the
Corporation. 1he oommission payable to the non-exeoutive direotors is approved by the board and is within the overall
limits as approved by the shareholders of the Corporation.
lor the year ended Maroh 31, 2013, the non-exeoutive direotors, other than Mr. Leepak 3. Parekh, will be paid an
amount of ` 10 laos eaoh as oommission, pursuant to the approval of the board, whioh is within the overall limits as
approved by the shareholders. Luring the year, eaoh non-exeoutive direotor, other than Mr. Leepak 3. Parekh, has
been granted 7,000 stook options under L303-11. 0ptions under L303-11 will vest on May 23, 2013 and thereafter
are exeroisable within a period of 5 years from the said date.
Mr. Leepak 3. Parekh, Chairman, will be paid an amount of ` 1.80 orores as oommission, pursuant to the approval
of the Nomination & Compensation Committee, whioh is within the overall limits as approved by the shareholders. Pe
was paid an amount of ` 3.40 laos as sitting fees for the meetings of the board/oommittees of direotors attended
by him during the year under review and was granted 1,60,000 stook options under L303-11.
35
5hareho|dngofNon-LxecutveUrectors
0iven below are the details of the shareholding in the Corporation of the non-exeoutive direotors as on May 3, 2013:
Name Numberof5hares
Mr. Leepak 3. Parekh (Chairman) 16,00,000
Mr. Keshub Mahindra (vioe Chairman) 3,60,000
Mr.3hirishB.Patel 1,83,500
Mr.B.3.Mehta 4,00,000
Mr.L.M.3ukthankar 1,88,800
Mr.L.N.0hosh 1,72,935
Lr.3.A.Lave 2,68,550
Lr. Ram 3. 1arneja 4,07,500
Mr.NasserMunjee 9,385
Lr. Bimal 1alan
Lr.1.1.lrani 50,000
LxecutveUrectors
1he exeoutive direotors of the Corporation have been appointed on a oontraotual basis, in terms of the resolutions
passed by the shareholders at the A0Ms, for a tenure of upto 5 years. 1he elements of the remuneration paokage
of exeoutive direotors oomprise salary, perquisites (equivalent to their respeotive annual salary), other benetts
and allowanoes whioh inolude use of the Corporation's oar with a driver, telephones for the Corporation's business
(expenses whereof would be borne and paid by the Corporation), house maintenanoe allowanoe, house rent allowanoe,
leave travel allowanoe, oontributions to provident funds, superannuation funds and provision towards post retirement
pension sohemes of the Corporation, other post-retirement benetts in the form of medioal benetts and use of the
Corporation's oar as per the sohemes framed and/or to be framed by the Corporation and as approved by the board/
Nomination & Compensation Committee, from time to time and all other benetts as are provided to whole-time
direotors or senior employees of the Corporation and oommission whioh is deoided by the Nomination & Compensation
Committee within the overall limits as approved by the shareholders at the A0Ms.
1he annual inorements of the exeoutive direotors are linked to their performanoe and are deoided by the Nomination
& Compensation Committee. 3ervioe oontraots and the notioe period are as per the terms of agreement entered into
by eaoh exeoutive direotor with the Corporation.
1he details of remuneration paid/payable to the exeoutive direotors for the year under review are detailed as under:
Name 5a|ary
(`)
Perqustes,
other
a||owances
&retrement
benets
(`)
Uommsson
payab|e
2012-13
(`)
1ota|
(`)
5tock
0ptons
granted
under
L505-11
Presentterm
expreson
Mr. Keki M. Mistry 1,35,45,000 1,44,50,744 3,87,00,000 6,66,95,744 2,80,000 November 13, 2015
Ms. Renu 3ud Karnad 1,24,05,000 1,41,97,658 3,54,00,000 6,20,02,658 2,80,000 Leoember 31, 2014
Mr.v.3rinivasaRangan 76,50,000 83,74,574 2,25,00,000 3,85,24,574 1,50,000 Leoember 31, 2014
ManagementUscussonandAna|yssPeport
1he Management Lisoussion and Analysis Report forms part of the Lireotors' Report.
36
5hareho|ders
1he Corporation has over 1,89,000 shareholders as on May 3, 2013. 1he main ohannel of oommunioation to the
shareholdersisthroughtheannualreportwhiohinter alia inoludes the Chairman's 3tatement, the Lireotors' Report,
the Report of the Board of Lireotors on Corporate 0overnanoe, Management Lisoussion and Analysis Report, the
Auditors' Report, the Consolidated 0roup Aooounts with the Auditors' Report, Business Responsibility Report, 3ooial
lnitiatives and 3hareholders' lnformation.
1he A0M is the prinoipal forum for interaotion with shareholders, where the board answers speoito queries raised
by shareholders. 1he board aoknowledges its responsibility towards its shareholders and therefore enoourages open
and aotive dialogue with all its shareholders - be it individuals, domestio institutional investors or foreign investors.
1he Corporation oommunioates with its institutional shareholders through meetings with analysts and disoussions
between fund managers and management. 1he Corporation also partioipates at investor oonferenoes from time to
time. 1he presentation made to analysts and fund managers is uploaded on the Corporation's website, www.hdfc.com.
Regular oommunioation with shareholders ensures that the Corporation's strategy is being olearly understood.
Letails relating to quarterly performanoe and tnanoial results are disseminated to the shareholders through press
releases on the Corporation's website. 1he tnanoial results are published in leading publioations suoh as Business
3tandard, Business Line and Navshakti. 1he Corporation also oommunioates the quarterly tnanoial results by e-mail
to shareholders who have registered their e-mail address with the Corporation or Lepository Partioipants.
1o expedite the prooess of share transfers, the board has delegated the power of share transfers to the lnvestor
3ervioes Committee, oomprising the oompany seoretary and senior oftoers of the 3eoretarial Lepartment. 1he said
oommittee attends to the share transfer formalities on a weekly basis.
A brief protle of the direotors to be re-appointed at the 36
th
A0M is provided as an annex to the notioe oonvening
the said A0M. A seotion on '3hareholders' lnformation' with information as required under Clause 49 of the listing
agreements is provided elsewhere in the annual report.
1he management statement on the integrity and fair presentation of the tnanoial statements is provided as a part
of the annual report in the Management Lisoussion and Analysis Report.
Annua|Uenera|Meetngs(AUM)
1he details of the last three A0Ms are given below. All the A0Ms were held at Birla Matushri 3abhagar, 19, New
Marine Lines, Mumbai 400 020.
Inanca|
Year
Meetng Uate 1me Numberof5peca|
Peso|utons
passed
refpartcu|arsof5peca|Peso|utons
2009-10 33
rd
A0M 1uly14,2010 3.00 p.m. 1 Amendments to the Artioles of Assooiation
to ohange the nominal faoe value of the
equity shares of the Corporation from `10
perequityshareto`2perequityshare.
2010-11 34
th
A0M 1uly8,2011 3.00 p.m. 1 Authority to grant stook options to eligible
employees and direotors of the Corporation
under 3LBl (Lmployee 3took 0ption
3oheme and Lmployee 3took Purohase
3oheme) 0uidelines, 1999.
2011-12 35
th
A0M 1uly11,2012 3.00 p.m. 1 lnorease in the shareholding limit for
loreign lnstitutional lnvestors to 100
under the Portfolio lnvestment 3oheme.
At the last A0M, shareholders of the Corporation holding in the aggregate 57.73 of the equity share oapital had
attended either in person or by proxy or through oorporate representations as provided under 3eotion 187 of the
Companies Aot, 1956.
No speoial resolution has been passed during the year under review through postal ballot or is proposed to be passed
attheensuingA0M.
37
Uomp|ance
1he Corporation has oomplied with the mandatory requirements as stipulated under Clause 49 of the listing
agreements. 1he Corporation has submitted the quarterly oomplianoe report on oorporate governanoe to the stook
exohanges within the presoribed time limit.
Messrs N. L. Bhatia & Assooiates, praotising oompany seoretaries, have oertited that the Corporation has oomplied
with the mandatory requirements as stipulated under Clause 49 vll of the listing agreements. 1he said oertitoate is
annexed to the Lireotors' Report and will be submitted to the stook exohanges and the MCA along with the annual
report.
Non-MandatoryPequrements
1he Corporation maintains the oftoe of the Chairman and reimburses expenses inourred in performanoe of his duties.
1he board has oonstituted a Nomination & Compensation Committee solely oomprising independent direotors. 1he
Chairman of the oommittee was present at the 35
th
A0M to answer shareholder queries. 1he detailed terms of
referenoe and other information pertaining to the oommittee are provided elsewhere in this report.
1he quarterly tnanoial results of the Corporation are extensively published in leading tnanoial newspapers, uploaded
on the Corporation's website and sent by e-mail to those shareholders who have registered their e-mail addresses
withtheirLepositoryPartioipants/theCorporation.
1he Corporation has always had a regime of unqualited tnanoial statements.
1he Board of Lireotors are well versed with the business of the Corporation and are also updated on ourrent information
required to disoharge their tduoiary responsibilities.
1he Corporation has joined the 'Corporate whistleblower lnitiative', a third party web-based reporting initiative whioh
provides employees with a platform to oommunioate to the management, oonoerns about unethioal behaviour, aotual
or suspeoted fraud or violation of the Corporation's oode of oonduot or ethios polioy, in a seoure and oontdential
manner. 1he setting of the said meohanism has been widely oommunioated to all employees of the Corporation and
the management has taken appropriate steps to proteot the whistle blowers from prejudioial employment praotioes.
As regards the other non-mandatory requirements the board has taken oognisanoe of the same and may oonsider
adopting them as and when deemed appropriate.
Uertcaton of Inanca| Peportng and Interna| Uontro|s
ln aooordanoe with Clause 49 v of the listing agreements, a oertitoate oontrming the oorreotness of the tnanoial
statements, adequaoy of internal oontrol measures and matters to be reported to the Audit Committee was taken
on reoord at the board meeting oonvened for approval of the audited tnanoial results of the Corporation for the year
underreview.
UongUoncern
1he board is satisted that the Corporation has adequate resouroes to oontinue its business for the foreseeable future
and oonsequently oonsiders it appropriate to adopt the going oonoern basis in preparing the tnanoial statements.
0n behalf of the Board of Lireotors
MuMBAl LLLPAK 3. PARLKP
May 8, 2013 Chairman
l oontrm that for the year under review, all direotors and senior management have aftrmed their adherenoe to the
provisionsoftheCodeofConduot.
MuMBAl KLKl M. Ml31R
May 8, 2013 vioe Chairman & CL0
38
Uomp|ance Uertcate on Uorporate Uovernance
10 1PL MLMBLR3 0l P0u3l N0 LLvLL0PMLN1 ll NANCL
C0RP0RA1l0NLlMl1LL
we have examined the oomplianoe of
oonditions of oorporate governanoe
by P0u3lN0 LLvLL0PMLN1 llNANCL
C0RP0RA1l 0N Ll Ml 1LL ( t he
Corporation) for the year ended
31
st
Maroh, 2013, as stipulated in
olause 49 of the Listing Agreement
ofthesaidCorporationwiththestook
exohanges.
1he oompl i anoe of oondi ti ons
of oorporate governanoe is the
responsibility of the Management.
0ur examination was limited to
prooedures and implementation
thereof, adopted by the Corporation
for ensuring the oomplianoe of
the oonditions of the oorporate
governanoe. lt is neither an audit
nor an expression of opinion on
the finanoial statements of the
Corporation.
ln our opinion and to the best of our
information and aooording to the
explanations given to us, we oertify
that the Corporation has oomplied
with the oonditions of oorporate
governanoe as stipulated in olause
49 of the Listing Agreement.
we further state that suoh oomplianoe
is neither an assuranoe as to the
future viability of the Corporation
nor the eftoienoy or effeotiveness
wi t h whi oh t he Management
has oonduoted the affairs of the
Corporation.
lorN.L.Bhatia&Assooiates
Company 3eoretaries
N.L.Bhatia
MuMBAl lC3-1176
May8,2013 CP No.: 422
39
PevewoftheUharmanoftheAudtUommtteeofUrectors
1he Audit Committee of Lireotors oomprises three independent direotors. All the members of the oommittee have
requisite management expertise in the telds of tnanoe and aooounts. 1he oonstitution and the terms of referenoe
of the oommittee are in aooordanoe with the relevant provisions of the Companies Aot, 1956 and Clause 49 of
the listing agreements. Luring the year under review, the oommittee met six times viz. May 7, 2012, 1uly 11,
2012, 1uly 28, 2012, 0otober 22, 2012, 1anuary 21, 2013 and Maroh 26, 2013.
1he oommittee reviewed with the management, the un-audited tnanoial results (standalone) of the Corporation
and the un-audited oonsolidated tnanoial results for the quarters ended 1une 30, 2012, 3eptember 30, 2012
and Leoember 31, 2012, whioh were subjeot to limited review by the statutory auditors of the Corporation.
1he oommittee also met on May 8, 2013 inter alia to review the audited annual tnanoial statements of the
Corporation as well as the audited oonsolidated tnanoial statement for the year ended Maroh 31, 2013, before
reoommending the same to the board for its approval.
1he oommittee reviewed the Corporation's tnanoial reporting prooess and disolosures of its tnanoial information
to ensure that the tnanoial statements were oorreot, suftoient and oredible and reviewed with the management,
inter alia the annual tnanoial statements before submission to the board for approval with speoito referenoe to
matters required to be inoluded in the direotors' responsibility statement in terms of 3eotion 217 (2AA) of the
Companies Aot, 1956, oomplianoe with listing and other legal requirements relating to tnanoial statements and
disolosure in respeot of related party transaotions. 1he oommittee also noted the ohanges to the aooounting
polioies and that no adjustments were made in the tnanoial year arising out of audit tndings.
1he oommittee also reviewed the reports submitted by the internal/statutory auditors of the Corporation in
relation to all areas of operations inoluding KC oomplianoe as well as adequaoy of systems and prooedures of
internal oontrol and ensured that adequate follow-up aotion was taken by the management on observations and
reoommendations made by the said auditors.
1he oommittee reviewed the adequaoy of the internal audit funotion, the reporting struoture, ooverage and
frequenoy of internal audit, the implementation of audit prooedures and teohniques, the tnanoial reporting systems,
management disoussion and analysis report, statement of related party transaotions, statement of uses/applioation
of funds raised by issuanoe of debt seourities on private plaoement basis, tnanoial statements and investments
made by the unlisted subsidiary oompanies of the Corporation, foreign ourrenoy and derivatives position of the
Corporation, management of assets and liabilities by the Corporation and the performanoe of the loan portfolio.
1he oommittee also noted that there was no instanoe of internal investigation by the internal auditors into matters
where there was a suspeoted fraud or irregularity or failure of internal oontrol system of a material nature or any
instanoe of default in payments to depositors, debenture holders, shareholders or oreditors.
1he oommittee disoussed and reviewed with the statutory auditors of the Corporation, the soope of their audit for
the tnanoial year 2013-14, before the oommenoement of the said audit. 1he oommittee also had a disoussion
with the said auditors to asoertain any area of oonoern after the audit for the tnanoial year 2012-13.
1he oommittee also approved/ratited the payments made to the statutory auditors of the Corporation for other
servioes rendered by them during the tnanoial year 2012-13.
1he oommittee also noted the performanoe of the internal auditors and the status of internal audit assignments
undertaken by eaoh trm for the tnanoial year 2012-13. 1he oommittee also approved the re-appointment of the
internal auditors for its branohes in lndia for the tnanoial year 2012-13 and remuneration thereon.
1he oommittee reviewed the performanoe of Messrs Leloitte Paskins & 3ells, Chartered Aooountants and Messrs
PKl, Chartered Aooountants with the management and reoommended to the board their appointment as statutory
auditors of the Corporation for the purpose of audit of the Corporation's aooounts at the head oftoe, its branohes
in lndia and oftoes at London and 3ingapore and as branoh auditors of the Lubai branoh of the Corporation for
the tnanoial year 2013-14, respeotively, as also their remuneration towards the same.
Ur.5.A.Uave
MuMBAl Chairman
May 8, 2013 Audit Committee of Lireotors
40
PevewoftheUharmanoftheInvestorPe|atons&UrevanceUommtteeofUrectors
1he lnvestor Relations & 0rievanoe Committee of Lireotors oomprises three direotors, majority of them being independent
direotors. Luring the year under review, the oommittee met thrioe viz. August 10, 2012, 0otober 11, 2012 and 1anuary 14, 2013.
Luring the year, the oommittee inter alia reviewed the aotivities of the investor servioes department of the Corporation, the
meohanisms to redress investor/depositor oomplaints and exohange of warrants with the equity shares of the Corporation,
initiatives taken to reduoe the quantum of unolaimed dividends and enoourage oonversion of physioal shareholding into eleotronio
form, oomplianoes with applioable oorporate and seourities laws, risk protle of the seoretarial department and the eftoaoy of
the mitigation measures, seoretarial audit report, amendments to the share dealing oode of the Corporation, status of litigations
tled by/against the shareholders of the Corporation and oomplianoes relating to unolaimed shares.
Luring the year, the oommittee also reviewed the oomplianoe relating to uploading of details of unolaimed dividends/deposits
on the website of lnvestor Lduoation & Proteotion lund (lLPl) i.e., www.iepf.gov.in and on the website of the Corporation i.e.,
www.hdfo.oom, in terms of the lLPl (uploading of information regarding unpaid and unolaimed amounts lying with oompanies)
Rules,2012.
1he oommittee also met on April 15, 2013, to inter alia review the aotivities of the investor servioes department of the Corporation,
the meohanisms to redress investor's oomplaints for the quarter ended Maroh 31, 2013 and the amendments to the 3tandard
0perating Prooedures in respeot of the various servioes rendered by the investor servioes department of the Corporation.
1he oommittee also reviewed the half-yearly oomplianoe oertitoates in respeot of the aotivities of the investor servioes department
of the Corporation and reoommended the same to the Board of Lireotors for its approval and onward submission to the 3eourities
and Lxohange Board of lndia (3LBl), in terms of Ciroular no. ClR/MlR3P/7/2012 dated 1uly 5, 2012, issued by 3LBl.
1he oommittee expresses its satisfaotion over the systems and prooedures adopted by the Corporation for servioing its investors
anddepositors.
Ur.Pam5.1arne[a
MuMBAl Chairman
April 15, 2013 lnvestor Relations & 0rievanoe Committee of Lireotors
PevewoftheUharmanoftheNomnaton&UompensatonUommtteeofUrectors
1he terms of referenoe of the oommittee inter alia inolude reviewing and approving the remuneration payable to the whole-time
direotors of the Corporation within the overall limits as approved by the shareholders, oommission payable to the Chairman of
the Corporation and formulation and administration of employees stook option sohemes of the Corporation. lt also inoludes
identifying persons who oould beoome direotors of the Corporation, reoommending their appointment to the board and ensuring
that suoh persons meet the relevant oriteria presoribed under applioable laws.
Luring the year under review, the oommittee met four times viz. May 7, 2012, May 23, 2012, 1uly 11, 2012 and Maroh
26, 2013. 1he oommittee reviewed the performanoe of the whole-time direotors of the Corporation and approved the yearly
revision in the remuneration payable to them. 1he oommittee also approved the payment of oommission to the Chairman of
the Corporation, within the overall limits as approved by the shareholders.
At the 1hirty-fourth annual general meeting of the Corporation held on 1uly 8, 2011, the shareholders approved the issue of
58,67,546stookoptionsof`10eaohrepresenting2,93,37,730equitysharesof` 2 eaoh of the Corporation to all employees
and direotors of the Corporation and the broad terms and oonditions of Lmployees 3took 0ptions 3oheme - 2011 (L303-11)
under whioh the said options are to be granted.
1he oommittee at its meeting held on May 23, 2012, granted the said options along with options lapsed under previous
sohemes. ln all 61,02,475 stook options of `10eaoh,representing3,05,12,375equitysharesof`2eaohweregrantedunder
L303-11,ataprioeof` 635.50 per share, being the latest available olosing prioe of the equity share of the Corporation prior
to grant at the National 3took Lxohange of lndia Limited.
KeshubMahndra
MuMBAl Chairman
May 6, 2013 Nomination & Compensation Committee of Lireotors
41
ManagementUscussonandAna|yssPeport
Macroeconomc0vervew
Luri ng the year under revi ew,
l ndi a' s 0LP growth marked a
slowdown owing to a persistently
weak investment olimate. lntation,
however, began to show signs of
moderation. After averaging 9.6 in
l 2011 and 8.9 in l 2012, the
headlinewholesaleprioeindexinl
2013 averaged 7.4. 1he Reserve
Bankoflndia(RBl)reduoedtherepo
rate by 100 basis points, the oash
reserve ratio by 75 basis points and
the 3tatutory Liquidity Ratio by 100
basis points during the year in a
bid to support growth and improve
liquidityoonditions.
1here was a substantial inorease in
investments from foreign institutional
investors (llls). 1he net lll equity
intows into lndia were u3L 26 billion
in l 2013 oompared to a net intow
of u3L 9 billion in the previous year.
1he government reined in the tsoal
detoit at 5.2 of 0LP in l 2013
oompared to 5.7 in the previous
year. Powever, the ourrent aooount
detoit (CAL) reaohed a reoord high of
6.7 of the 0LP in the third quarter
of l 2013. with the reoent deoline
in oommodity prioes, espeoially oil
and gold, the CAL is expeoted to
moderate.
Market5cenaro
1he demand for home l oans
remained robust predominantly on
aooount of rising disposable inoomes
and oontinued tsoal inoentives on
housing loans. 0iven the aoute
shortage of housing in the oountry,
rapid urbanisation and low mortgage
penetration, the demand for home
loans is likely to remain strong.
Measuresonthehousingseotorinthe
unionBudget2013-14predominantly
fooused on affordable housing. 1he
union Budget inoreased the existing
interestratededuotionof`150,000
per annum on a housing loan by
an additional one-time deduotion
of ` 100,000 for trst time home
buyers, provided the loan amount
and property oost does not exoeed
`25laosand`40laosrespeotively.
1he other measures to boost housing
inolude the inorease in the Rural
Pousing lund from `4,000ororesto
` 6,000 orores and the introduotion
of the urban Pousing lund with an
initialallooationof`2,000orores.
InterestPate5cenaro
0wing to inflationary pressures,
liquidity oonditions remained tight for
most part of the year under review,
with the yield ourve remaining tat or
inverted.1houghtheRBlreduoedthe
repo rates by 100 basis points during
the year, monetary transmission
was very slow. Keeping in mind the
Corporation's oost of funds and
the need to maintain spreads, the
Corporation reviewed its Corporate
Prime Lending Rate (CPLR) for non-
individual loans and its Retail Prime
LendingRate(RPLR)duringtheyear.
Lendng0peratons
Loanapprovalsduringtheyearwere
`90,154ororesinthepreviousyear.
Loan disbursements were ` 82,452
ororesasagainst`71,113ororesin
thepreviousyear.
Cumulative loan approvals and
disbursements as at Maroh 31,
2013 were ` 5,66,660 orores and
` 4,56,098 orores respeotively. 1his
is in respeot of over 4.4 million
housingunits.
1he average size of individual loans
stoodat`21.6laos as oompared to
`19.5laosinthepreviousyear.
Assgnment/5a|eofLoans
1he Corporation, under the loan
assignment route sold individual
loans amounting to ` 5,125 orores
to PLlC Bank pursuant to the
buybaok option embedded in the
home loan arrangement between
theCorporationandPLlCBank.1he
Corporationalsosold`50ororesof
its non-individual loan portfolio. 1he
total amount of loans sold during the
yearstoodat`5,175orores.
As at Maroh 31, 2013, total loans
outstandinginrespeotofloanssold/
assigned stood at ` 16,964 orores
(inolusive of Rs 247 orores non-
individualloans).PLlCoontinuesto
servioe these loans and is entitled
to the residual interest on the loans
sold/assigned.
1heresidualinterestontheindividual
loans sold/assigned is 1.33 per
annum. 1he residual inoome on
these loans is being reoognised over
the life of the underlying loans, and
not on an upfront basis. 1ranohes
through whioh loans have been sold/
assigned have been rated by external
agenoiesandoarryaratingindioating
thehighestdegreeofsafety.
LoanPortfo|o
1heloanapprovalprooessofPLlCis
deoentralised, with varying approval
limits. Approval of lending proposals
beyond oertain limits is referred to the
oommittee of management (C0M).
Largerproposals,asappropriate,are
referredtotheBoardofLireotors.
Luring the year, PLlC's loan book
inoreasedto` 1,70,046 orores from
` 1,40,875 orores in the previous
year. ln addition, loans seouritised
and/or assigned by the Corporation
and outstanding as at Maroh 31,
2013 amountedto`16,964orores.
42
1henetinoreasein the loan book of
` 29,171 orores has been determined
af ter taki ng i nto aooount l oan
repayments of ` 48,089 orores
(previous year ` 42,362 orores)
and loans written off during the
year amounting to ` 16.61 orores
(previousyear`26.18orores).
1he growth in the individual loan
book, after adding baok loans sold
in the preoeding 12 months was
31 (25 net of loans sold). Non-
individual loans grew by 13. 1he
growth in the total loan book after
adding baok loans sold was 24
(21 net of loans sold).
0f the total loan book, individual
loans oomprise 68. lurther, 81
of the inoremental growth in the
loan book during the year oame from
individualloans.
Uua|PatePomeLoans(UPPL)
ln November 2009, the Corporation
introduoed a flexible home loan
produot with dual interest rates.
1he LRPL produot oomprises two
oomponents - an initial txed rate
period up to Maroh 31, 2012 and
thereafter the loan switohes to a
toating rate linked to the RPLR. with
effeot from April 1, 2012, all LRPL
were oonverted to floating rates
loans,linkedtotheRPLR.
As per National Pousing Bank
(NPB) guidelines, the Corporation
was mandated to oarry a higher
provisioning of 2 on standard LRPL
uptooneyearaftertheinterestrates
were re-set. Aooordingly, with effeot
from April 1, 2013, the Corporation,
will no longer need to maintain a
higherprovisioningontheseloans.
MarketngandUstrbuton
PLlC's distribution network spans
331 outlets, whioh inolude 81 oftoes
of the wholly owned distribution
oompany, PLlC 3ales Private Limited
(P3PL). ln addition, PLlC oovers
over 90 looations through outreaoh
programmes.
1otal loans souroed from distribution
ohannels suoh as P3PL, PLlC
Bank and third party direot selling
assooiatesduringtheyearaooounted
for 89 of individual loans disbursed
by PLlC i n val ue terms. 1he
oommission paid to the agents in
respeot of loans retained by the
Corporation is oharged to the prott
and loss aooount upfront and is not
amortised over the life of the loan.
1he total oommission payable to
distribution ohannels amounting to
` 259 orores has been oharged to the
statement of prott and loss against
fee inoome.
Investments
1he lnvestment Committee oonstituted
by the Board of Li reotors i s
responsible for approving investment
proposals in line with the limits as set
out by the Board of Lireotors.
1he investment funotion supports
the oore busi ness of housi ng
finanoe. 1he investment mandate
inoludes ensuring adequate levels
of liquidity to support oore business
requirements, maintaining a high
degree of safety and optimising
the level of returns, oonsistent with
aooeptable levels of risk.
As at Maroh 31, 2013, the investment
portfoliostoodat`13,613ororesas
against`12,207ororeslastyear.1he
proportion of investments to total
assets was 7.
Pousing linanoe Companies (PlCs)
are required to maintain a statutory
liquidity ratio (3LR) in respeot of
publio deposits raised. Currently the
3LR requirement is 12.5 of publio
deposits. As at Maroh 31, 2013,
PLlC had ` 2,413 orores in bank
deposits and NPB bonds and `2,774
orores in government seourities.
As at Maroh 31, 2013, the treasury
portfolio (exoluding investments
in equity shares) had an average
balanoe period to maturity of 29
months. 1he average yield on the
non-equity portfolio for the year was
10.83 per annum on an annualised
basis.
PLlC has olassited its investments
i nt o our r ent and l ong- t er m
investments. 1he ourrent investments
have been entirely 'marked to market'.
ln respeot of long-term investments,
provisions have been made to reteot
any permanent diminution in the
value of investments. 1he aggregate
provisiononaooountofsuohourrent
and long-term investments amounts
to ` 70.62 orores. After oonsidering
the opening balanoe of ` 63.54
orores in the diminution in the value
of investments aooount, and the
write baok of provisions on aooount
of investments sold, a provision of
Loans0utstandng
(ìnorores)
8
5
,
1
9
8
9
7
,
9
6
7
0
30000
60000
90000
120000
150000
180000
2013 2012 2011 2010 2009
1
1
7
,
1
2
7
1
4
0
,
8
7
5
1
7
0
,
0
4
6
43
` 7.08 orores has been made for
diminution in value of investments
through a debit to the Provision for
Contingenoies in the statement of
prott and loss aooount.
As at Maroh 31, 2013, the market
value of quoted investments was
hi gher by ` 30,698 orores as
oompared to the value at whioh
these investments are reteoted in
the balanoe sheet. 1his unrealised
gain inoludes appreoiation in the
market value of investments held by
PLlC's wholly owned subsidiaries,
PLlC lnvestments Limited and PLlC
Poldings Limited. lt however exoludes
theunrealisedgainsontheunlisted
investments. As at May 7, 2013, the
last available data prior to the board
meeting, the unrealised gains on
listed investments stood at `34,145
orores.
5ubsdaresandAssocates
1hough housing remains the oore
business, PLlC has oontinued to
make investments in its subsidiary
and assooiate oompanies. 1hese
investments are made in oompanies
wheretherearestrongsynergieswith
PLlC. PLlC will oontinue to explore
avenues for suoh investments with the
objeotive of providing a wide range of
tnanoial servioes and produots under
the PLlC brand name.
Luring the year, PLlC made gross
investments in the equity share
oapital of its subsidiary oompanies
-- PLlC LR00 (` 22.6 orores), P 1
Parekh loundation (` 10 orores),
3ervioes Private Limited (`2orores)
and PLlC Realty Limited (`2orores).
ln addition, during the year, an
amount of `20ororeswasinvested
as oonvertible preferenoe shares in
Credila linanoial 3ervioes Private
Limited.
1he shareholding of PLlC (together
with its nominees) in its key subsidiary
and assooiate oompanies as at
Maroh 31, 2013 is as follows:
Uompany 5hareho|dng%
PLlC Levelopers Limited 100.0
PLlC lnvestments Limited 100.0
PLlC Poldings Limited 100.0
PLlC 1rustee Company Limited 100.0
PLlC Realty Limited 100.0
PLlC Property ventures Limited 100.0
PLlC 3ales Private Limited 100.0
PLlC ventures 1rustee Company Limited 100.0
PLlC Lduoation and Levelopment 3ervioes Private Limited 100.0
P1Parekhloundation 100.0
Credila linanoial 3ervioes Private Limited^ 89.1
PLlC venture Capital Limited 80.5
PLlC LR00 0eneral lnsuranoe Company Limited 73.9
PLlC 3tandard Life lnsuranoe Company Limited 72.4
PLlC Asset Management Company Limited 59.8
0RuP linanoe Limited 59.7
PLlC Bank Limited 22.8
^ On a fully diluted basis
*Inclusive of shareholding of HDFC Investments Limited and HDFC Holdings Limited
Pecoveres
An asset is a non-performing asset
(NPA) if the interest or instalment
is overdue for 90 days. 0ross
non-performing loans outstanding
amounted to ` 1,199 orores as
at Maroh 31, 2013, oonstituting
0.70 of the portfolio. 1he prinoipal
outstanding in respeot of individual
loans where the instalments were
in arrears oonstituted 0.58 of
the individual portfolio and the
oorresponding figure was 0.91
in respeot of the non-individual
portfolio. PLlC has written off
loans aggregating to ` 16.61 orores
during the year. 1hese loans have
been written off pursuant to one-
time settlements, where PLlC will
oontinue making efforts to reoover the
money. PLlC has, sinoe inoeption,
written off loans (net of subsequent
reoovery) aggregating to ` 153.05
orores. 1hus as at Maroh 31, 2013,
the total loan write offs oontinues
to stand at less than 4 basis points
of oumulative disbursements sinoe
inoeptionoftheCorporation.
ProvsonforUontngences
made a provision for oontingenoies
of ` 145 orores (previous year
` 80 orores) through a debit to the
prott and loss aooount. 1his provision
was mainly in respeot of standard
assets oonsequent to the ohange in
the provisioning norms for standard
assets.
As per the prudential norms as
presoribed by NPB, PLlC is required
to oarry a total provision of ` 1,506
orores of whioh ` 387 orores is on
aooount of non-performing assets
and the balanoe ` 1,119 orores is
inrespeotofgeneralprovisioningon
44
Numberof0ut|ets
267
279
289
311
331
0
50
100
150
200
250
300
350
2013 2012 2011 2010 2009
lnolusiveofoutletsofwhollyowned
distributionoompany
standard loans, inoluding Lual Rate
Pome Loans and other provisioning.
1hus the Corporation oarries an
additional provision of ` 286 orores
over the regulatory requirements.
Luring the year, PLlC has utilised
` 23.70 orores out of the balanoe in
provision for oontingenoies primarily
on aooount of provision in diminution
of value of investments and loan
write offs. After taking into aooount
the transfers as well as the net
utilisation, the balanoe in provision
for oontingenoies as at Maroh 31,
2013stoodat`1,792orores.
IxedAssets
Net txed assets as at Maroh 31,
2013 amounted to ` 237.94 orores
(previousyear`233.95orores).
5ubordnatedUebt
As at Maroh 31, 2013, the Corporation's
outstandi ng subordi nated debt
stood at ` 3,475 orores. 1he debt
is subordinated to present and
future senior indebtedness of the
Corporation and has been assigned
the highest rating by CRl3lL and
lCRA. Based on the balanoe term
to maturity, as at Maroh 31, 2013,
` 2,985 orores of the book value
of subordinated debt is oonsidered
as 1ier ll under the guidelines
issued by the NPB for the purpose
of oapital adequaoy oomputation.
1he Corporation did not issue any
subordinated debt during the year.
orrowngs
Borrowings as at Maroh 31, 2013
amounted to ` 1,58,828 orores
as against ` 1,39,128 orores in
the previous year - an inorease of
14. Borrowings oonstituted 81
of funds employed as at Maroh 31,
2013. 0f the total borrowings, bonds
and debentures oonstituted 56,
deposits 33 and term loans 11.
IoregnUurrencyorrowngs
1he outstanding foreign ourrenoy
borrowings oonstitute borrowings
from lCNR (B) loans from domestio
oommeroial banks (u3L 566.51
million), Asian Levelopment Bank
under the Pousing linanoe laoility
Projeot (u3L 62.51 million) and Kfw
of 0ermany (Luro 3.07 million).
Ueposts
As at Maroh 31, 2013, outstanding
deposits stood at ` 51,933 orores.
1he deposi tor base stood at
approximately 15.6 lao depositors.
Leposits oonstituted 79 of the
inoremental borrowings during the
year.
CRl3lL and lCRA have for the
ei ghteent h oonseout i ve year,
reaftrmed their 'CRl3lL lAAA' and
'lCRA MAAA' ratings respeotively
for PLlC's deposits. 1hese ratings
represent the highest degree of
safety regarding timely servioing of
tnanoial obligations and also oarries
thelowestoreditrisk.
PLlC pays brokerage to agents
who mobilise retail deposits. 1he
brokerage is linked to the amount
and the period of deposit and is
paid up-front for the full term of the
deposit. ln addition, agents who
aohieveoertainoolleotiontargetsare
paidaninoentiveeveryyear.
1erm Loans from anks, Inanca|
Insttutons and Penance from NP
AsatMaroh31,2013thetotalloans
outstanding from banks, institutions
and NPB amounted to ` 17,824
orores as oompared to ` 40,697
orores as at Maroh 31, 2012. 1he
fall in the outstanding loan amount is
duetoareduotionintheoutstanding
bank loans. As the Base Rates of
oommeroial banks remained high for
most part of the tnanoial year under
review, the Corporation reduoed
its exposure to bank loans and
substituted it with market borrowings
anddeposits.
Non-Uonvertb|eUebentures(NUU)
issued NCL amounting to ` 33,180
orores on a private plaoement basis.
1he Corporation's NCL issues have
been listed on the wholesale Lebt
Market segment of the National 3took
Lxohange of lndia Limited (N3L) and
the B3L Limited. 1he Corporation's
NCL have been assigned the highest
rating of 'AAA' by both CRl3lL and
lCRA.
1he Corporation has made investments
in shares of its subsidiaries and
assooiate oompanies. under lndian
0AAP this results in a mismatoh if the
oost is debited to the Prott and Loss
Aooount without a oorresponding
oredit (Credit being only in the form
of dividend and that too only on some
of these investments).
1o of fset thi s mi smatoh, the
CorporationhasraisedLeroCoupon
45
reakdownoforrowngs(%)
(AsatMaroh31,2013)
Leposits-33
Lomestio1ermLoans-11
Bonds&Lebentures-56
33
11
56
Lebentures (LCL). 1he premium on
the LCL is payable on the maturity
of the LCL. 1he propor tionate
premium on these LCL for the year
(net of deferred tax) amounting to
` 438.04 orores has been debited
to the 3eourities Premium Aooount
in aooordanoe with 3eotion 78 of
the Companies Aot. As at Maroh
31, 2013, the outstanding LCL
amounted to ` 5,040 orores as
against an investment of `8,302.70
orores in subsidiaries and assooiate
oompanies (inoluding oonvertible
preferenoeshares).
5mu|taneousIssueofNon-Uonvertb|e
Uebentures and Warrants on a IP
bass
Pursuant to the approval of the
3hareholders at the 32
nd
Annual
0eneral Meeti ng hel d on 1ul y
22, 2009, PLlC raised ` 4,301
orores through the trst ever issue
of warrants simultaneously with
Non-Conver ti bl e Lebentures to
ualited lnstitutional Buyers (lBs)
on a ualited lnstitutions Plaoement
(lP) basis in aooordanoe with the
provisions of Chapter Xlll-A of 3LBl
(Lisolosure and lnvestor Proteotion)
0uidelines,2000.
ln August 2009, PLlC issued and
allotted20,000LeroCouponNCLsof
the faoe value of ` 10,00,000 eaoh
due August 24, 2011 aggregating
to ` 2,000 orores at an annualised
yield to maturity (1M) of 7.15
and 20,000 Lero Coupon NCLs of
the faoe value of ` 10,00,000 eaoh
dueAugust24,2012aggregatingto
` 2,000 orores at an annualised
1M of 7.85. 1he trst tranohe of the
NCL of ` 2,000 orores was repaid
onAugust24,2011andtheseoond
tranoheof`2,000ororesonAugust
24,2012.
PLlC had simultaneously issued and
allotted1,09,53,706warrantsatan
issueprioeof`275perwarrantwith
a right exeroisable by the warrant
holders to exohange the warrants
withoneequityshareoffaoevalueof
`10eaohoftheCorporation,atany
time within a period of 3 years from
the date of its allotment i.e. on or
before August 24, 2012, at a warrant
LxeroisePrioeof`3,000perequity
share, to be paid by the warrant
holder at the time of exohange of
the warrants. Consequent to the
subdivision of shares eaoh warrant
holder had the option to exohange
the warrants with tve equity share
of faoe value of ` 2 eaoh of the
Corporation at a warrant Lxeroise
Prioeof`600perequityshare.
AsatAugust24,2012,5,47,43,150
warrants had been lodged for
exohange with equity shares of the
Corporation, representing 99.95
of the warrants issued. Aooordingly,
the Corporation issued and allotted
5, 47, 43,150 equi ty shares of
` 2 eaoh and realised an amount
of ` 3,284.59 orores. 1he said
equity shares rank pari passu with
the existing equity shares of the
Corporation.
1he prooeeds from the exohange of
warrants were utilised to replaoe
the Lero Coupon Lebentures and
oonsequently,theCorporationwillnot
earn any additional interest inoome
on the amounts raised.
25,380 warrants whioh were not
submitted for exohange into equity
shares of the Corporation by 15
warrant holders have lapsed and
oease to be valid. Aooordingly, the
amounts paid towards them stands
forfeited.
PskManagement
1he linanoial Risk Management
and Pedging Polioy as approved by
the Audit Committee sets limits for
exposures on ourrenoy and interest
rates. PLlC manages its interest
rateandourrenoyriskinaooordanoe
with the guidelines presoribed. 1he
risk management strategy has been
to proteot against foreign exohange
risk, whilst at the same time exploring
any opportunities for an upside,
so as to keep the maximum all-in
oost on the borrowing in line with or
lower than the oost of a borrowing
in the domestio market for a similar
maturity.
PLlC has to manage various risks
assooiated with the lending business.
1hese risks inolude oredit risk,
liquidity risk, foreign exohange risk
and interest rate risk. PLlC manages
oredit risk through stringent oredit
norms. Liquidity risk and interest rate
risks arising out of maturity mismatoh
of assets and liabilities are managed
through regular monitoring of the
maturity protles.
PLlC has from time to time entered
into risk management arrangements
in order to hedge its exposure to
46
UostIncomePato
()
7.6
7.8
7.7
7.9
8.8
7
8
9
10
2013 2012 2011 2010 2009
2.0
2.1
2.2
2.3
2.4
2013 2012 2011 2010 2009
2.21
2.31
2.33
2.30
2.27
5preadonLoans
()
ProftperLmp|oyee
(ìnLaos)
0
50
100
150
200
250
300
2013 2012 2011 2010 2009
153
188
220
240
265
AssetsperLmp|oyee
(`nLacs)
0
2000
4000
6000
8000
10000
2013 2012 2011 2010 2009
6
,
5
1
07
,
4
2
68
,
2
5
99
,
2
0
0
1
0
,
0
0
0
foreign exohange and interest rate
risks. 1he ourrenoy risk on the
borrowingsisaotivelyhedgedthrough
a oombination of dollar denominated
assets, long term forward oontraots,
prinoipal only swaps, full ourrenoy
swapsandourrenoyoptions.
AsatMaroh31,2013,theCorporation
had foreign ourrenoy borrowings
of u3L 632.96 million equivalent.
1he entire prinoipal on the foreign
ourrenoy borrowi ngs has been
hedged by way of prinoipal only
swaps, ourrenoy options, forward
oontraots, dollar denominated assets
and risk management arrangements
with tnanoial institutions. Aooordingly,
thenetforeignourrenoyexposureon
borrowings net of risk management
arrangements was nil.
ln addition, PLlC has entered into
oross ourrenoy swaps of a notional
amount of u3L 476.45 million
equivalent wherein it has oonverted
its rupee liabilities into foreign
ourrenoy liabilities and the interest
rate is linked to benohmarks of the
respeotive ourrenoies. 1he total net
foreign ourrenoy exposure on oross
ourrenoy swaps is u3L 222.59
million. 1he open position is at 0.76
of the total borrowings of PLlC.
As a part of asset liability management
and on aooount of the predominanoe
of PLlC's Adjustable Rate Pome
Loan produot as well as to reduoe
the overall oost of borrowings, PLlC
hasenteredintointerestrateswaps
whereinithasoonvertedits txed rate
rupee liabilities of a notional amount
of ` 21,185 orores as at Maroh 31,
2013 for varying maturities into
floating rate liabilities linked to
various benohmarks. lurther, interest
rate swaps on a notional amount
of u3L 130 million equivalent
are outstanding and have been
undertaken to hedge the interest
rate risk on the foreign ourrenoy
borrowings.
Peva|uaton of Ioregn Uurrency
AssetsandLab|tes
Assets and liabilities in foreign
ourrenoies net of risk management
arrangements are oonverted at
the rates of exohange prevailing at
the year end, where not oovered
by forward oontraots. wherever
PLlC has entered into a forward
oontraot or an instrument that is,
in substanoe, a forward exohange
oontraot, the exohange differenoe is
being amortised over the life of the
oontraot.
Cross Currenoy lnterest Rate 3waps
are reoorded by marking the foreign
ourrenoy oomponenttothespotrate.
47
LxpendtureUoes1owards
()
95
5
lnterest&0therCharges-95
3taff,Lstablishment,0therLxpenses,
LepreoiationandAmortisationandProvision
forContingenoies-5
Lxpenditure&0therCharges:`14,575orores
(P`11,689orores)
IncomeUomesIrom
()
0peratinglnoome-98
0therlnoome-2
98
2
1otallnoome:`21,148orores
(P`17,354orores)
AssetProf|e(%)
87
7
6
Portfolio(Loans,inoludingdebentures&
oorporatedepositsforfinanoinghousing
andrealestateprojeots)-87
lnvestments-7
lixedand0therAssets-6
AdmnstratveLxpensesto
Average1ota|Assets
(%)
0.0
0.1
0.2
0.3
0.4
0.5
2013 2012 2011 2010 2009
0.29
0.30 0.30
0.35
0.30
1he net loss/gain on translation
of long-term monetary assets and
liabilities in foreign ourrenoies is
amortised over the maturity period of
monetary assets and liabilities. 1he
unamortised exohange differenoe
is oarried in the Balanoe 3heet as
'foreign ourrenoy monetary item
translation differenoe aooount'. 1he
netloss/gainontranslationofshort-
term monetary assets and liabilities
in foreign ourrenoies is reoorded in
the 3tatement of Prott and Loss.
As on Maroh 31, 2013, an amount of
`169.79orores(withoutoonsidering
future tax benett of ` 57.71 orores)
is oarried forward in the foreign
ourrenoy monetary item translation
differenoe aooount. 1his amount is to
be amortised over the period of the
monetary assets/liabilities ranging
uptosixyears.
Asset-Lab|tyManagement(ALM)
under the Revised 3ohedule vl
of the Companies Aot, 1956, the
olassitoation of assets and liabilities
into Current and Non-Current is
based on their oontraoted maturities.
Powever, the estimates based on past
trends in respeot of prepayments of
loans, renewals of liabilities and
liquid investments, whioh are in
aooordanoe with the ALM guidelines
issued by NPB have not been taken
into oonsideration while olassifying
the assets and liabilities in the
revised3ohedulevl.
1he ALM posi ti on of PLlC i n
aooordanoe with NPB guidelines is
as under:
As at Maroh 31, 2013, assets and
liabilities with maturity up to 1 year
amounted to ` 48,501 orores and
` 46, 284 orores respeoti vel y.
Asset and liabilities with maturity
of between 2 years and 5 years
amounted to ` 90,184 orores and
` 93,624 orores respeotively and
assets and liabilities with maturity
beyond 5 years amounted to
`56,846ororesand`55,623orores
respeotively.
PLlC does not generally take an
interest rate mismatoh. PLlC's loan
book oomprises predominantly toating
rates, whereas liabilities, espeoially
deposits and NCLs are txed rates.
ln normal eoonomio oonditions, the
txed rate liabilities are oonverted into
toating rate denominated liabilities by
way of interest rate swaps. Powever,
during l 2013, due to tight liquidity
oonditions, short-term rates remained
higher than the long-term rates for
most parts of the year. 1his resulted
in the oost of toating rate liabilities
48
post the interest rate swap being
higher than txed rate liabilities. lor
instanoe, a 10-year bond oarrying a
txed rate of interest of 9 per annum
when swapped into toating rate linked
to a 1-year benohmark would result
in a oost of 9.85 per annum on a
toating rate basis. Penoe, PLlC did
not oonvert a part of its liabilities
into toating rate basis to avoid the
negative oarry. PLlC is monitoring
the money market oonditions and
shallenterintointerestrateswapsat
an appropriate time to minimise the
interestrategap.
As at Maroh 31, 2013, 84 of the
assets and 71 of the liabilities were
on a toating rate basis.
lurther, PLlC has a lixed Rate Pome
Loan 3oheme and has kept some
liabilities on a txed rate basis to
matoh out the expeoted disbursals
under the txed rate produot.
Interna|AudtandUontro|
PLlChasinstitutedadequateinternal
oontrol systems oommensurate with
the nature of its business and the
size of its operations. lnternal audit
is oarried out by independent trms of
oharteredaooountantsandooverall
the oftoes and key areas of business.
All signifioant audit observations
and follow-up aotions thereon are
reported to the Audit Committee.
1he Audit Committee oomprises
three independent direotors. 1he
oommittee met six times during the
tnanoial year under review.
5tatement of Prot and Loss Account
Key elements of the statement of
prott and loss aooount for the year
ended Maroh 31, 2013 are:
Prott before tax grew by 16
and prott after tax grew by 18.
Net lnterest lnoome grew by
17 during the year.
Net lnterest Margin for the
year was 4.21.
lnoome tax provision for the
year amounted to ` 1,725
orores as oompared to `1,543
orores in the previous year.
1he effeotive tax rate is 26.2
as oompared to 27.2 in the
previousyear.
Pre-tax return on average
assets was 3.8 and the post-
tax return on average assets
was 2.8.
Return on equity is 22 in the
ourrentyear.
PLlC's oost to inoome ratio
was 7.8 for the year ended
Maroh 31, 2013 as against
7.6 in the previous year.
PLlC's oost inoome ratio
oontinues to be among the
lowest in the tnanoial seotor
inAsia.
Administrative expenses, as a
peroentage of average assets
stood at 0.30 as at Maroh
31,2013.
lor the year ended Maroh 31,
2013, a dividend of ` 12.50
pershareof` 2 eaoh is being
reoommended as against
` 11 per equity share in the
previous year. PLlC would
be paying the distribution tax
and eduoation oess on the
dividenddeolared.
1he dividend payout ratio will
be 46.6 as against 45.8 in
thepreviousyear.
5preadonLoans
1he average yield on loan assets
during the year was 11.98 per
annum as oompared to 11.83 per
annum in the previous year. 1he
average all-inolusive oost of funds
was 9.68 per annum as oompared
to 9.56 per annum in the previous
year. 1he spread on loans over
the oost of borrowings for the year
was 2.30 per annum as against
2.27 per annum in the previous
year. 3pread on individual loans
for the year was 1.96 and on non
individual loans was 2.94.
Uapta|AdequacyPato
l n aooordanoe wi t h t he NPB
guidelinesonoapitaladequaoyPLlC
is required to maintain a minimum
oapital adequaoy of 12 on its risk
weightedassets.
As at Maroh 31, 2013, the risk
weightedassetsstoodat`1,70,240
orores. PLlC's oapital adequaoy ratio
stood at 16.4 of the risk weighted
assets, as against the minimum
requirement of 12. 1ier l oapital
was 13.9 against a minimum
requirement of 6 and 1ier ll oapital
was 2.5.
Prudenta| Norms for Pousng
InanceUompanes(PIUs)
NPB has issued guidelines to PlCs
on prudential norms for inoome
reoognition, provisioning norms, asset
olassitoation, oapital adequaoy and
oonoentration of oredit/investments
and oapital market exposure norms.
PLlC is in oomplianoe with the
prudential norms.
PumanPesources
Puman resouroes are PLlC's most
valuable assets. 1he eftoienoy of
PLlC's staff is evident from the faot
that the number of oftoes inoreased
from 41 in 1998 to 250 (exoluding
oftoes of P3PL) ourrently as against
the number of employees whioh
inoreased from 806 to 1,833 during
the same period.
1otal assets per employee as at
49
Maroh 31, 2013 stood at ` 100
orores as oompared to `92ororesin
the previous year and net prott per
employee as at Maroh 31, 2013 was
` 265 laos as oompared to `240laos
inthepreviousyear.
AudtedUonso|datedAccounts
ln aooordanoe with the aooounting
standards presoribed by the lnstitute
of Chartered Aooountants of lndia,
the oonsolidated tnanoial statements
oomprise the individual finanoial
statements of the Corporati on
together with its subsidiaries whioh
are oonsolidated on a line-by-line
basis and its assooiates whioh are
aooounted on the equity method.
0n a oonsolidated basis for the year
ended Maroh 31, 2013 the prott
before tax was ` 7,467.28 orores
as oompared to ` 6,216.73 orores
in the previous year representing a
growth of 20.
After providing ` 2,002.03 orores
(previous year ` 1,726.96 orores)
for tax, the prott for the year was
` 5,465.25 orores as oompared to
` 4,489.77 orores in the previous
year representing a growth of 22.
After adjusting for share of prott of
minority interest ` 341.80 orores
(previous year ` 207.78 orores) and
for net share of prott from assooiates
` 1,516.27 orores (previous year
` 1,180.52 orores), the prott after
tax attributable to the group was
` 6,639.72 orores as oompared to
` 5,462.51 orores in the previous
year representing a growth of 22.
Ana|yss of Prots
1he inorease in the prott after tax
for the year ended Maroh 31, 2013
by 22 over the previous year is
attributed to the inorease in protts
of the Corporation, PLlC Bank and
also due to the improved tnanoial
performanoe of both, PLlC 3tandard
Life lnsuranoe Company Limited
(PLlCLife)andPLlCLR000eneral
lnsuranoe Company Limited (PLlC
LR00).
PLlC Bank's (oonsolidated) prott
aftertaxstoodat`6,869.64orores
as against ` 5,247.02 orores in
the previous year, representing an
inorease of 31.
PLlC Life has reported a prott of
Maroh31,2013asagainst`271.02
orores in the previous year. 1he baok
book is generating suftoient protts
to offset the new business strain
inourredinwritingofnewpolioies.
PLlC Asset Management has
reported a prott of ` 318.75 orores
for the year ended Maroh 31, 2013
as against ` 269.14 orores in the
previous year - growth of 18.
PLlC LR00 aohieved a prott before
tax of ` 248.3 orores for the year
ended Maroh 31, 2013 as against
` 141.9 orores in the previous
year before oonsidering the losses
from the lndian Motor 1hird Party
lnsuranoe Pool (lM1PlP) and the
lndian Motor 1hird Party Leolined
Risk lnsuranoe Pool (lM1LRlP). 1he
losses from lM1PlP and lM1LRlP
were ` 66.4 orores (previous year
` 181.6 orores). 1hus the profit
before tax after adjusting for the
pool losses amounted to ` 181.9
orores (previous year loss of ` 39.7
orores). 1he overall prott after tax for
the year stood at ` 154.5 orores as
againstalossof`39.7ororesinthe
previousyear.
0RuP linanoe Limited has reported a
prott of `145.88ororesfortheyear
ended Maroh 31, 2013 as against
`120.34ororesinthepreviousyear
- growth of 21.
5hare of Prots
1he standalone PLlC prott after tax
inoreased from ` 4,122.62 orores
in the previous year to ` 4,848.34
orores in the year ended Maroh
31, 2013 - an inorease of 18.
After adjusting for minority interest,
the Corporation's share of protts
from its subsidiaries and assooiate
oompanies amounted to `1,791.38
ororesfortheyearendedMaroh31,
2013 as oompared to ` 1,339.89
orores in the previous year an
inorease of 34.
1he prott after tax attributable to
the group was ` 6,639.72 orores
as oompared to ` 5,462.51 orores
in the previous year representing a
growth of 22.
lor the year ended Maroh 31,
2013, the share of the prott from
subsidiaries and assooiates in the
oonsolidated profit after tax grew
from 25 to 27 in the ourrent year.
50
101PLMLMBLR30lP0u3lN0LLvLL0PMLN1llNANCLC0RP0RA1l0NLlMl1LL
judgment,inoludingtheassessment
oftherisksofmaterialmisstatement
of the tnanoial statements, whether
due to fraud or error. ln making
those risk assessments, the auditor
oonsiders internal oontrol relevant
to the Corporations preparation
and fair presentation of the tnanoial
statements in order to design audit
prooedures that are appropriate in
the oiroumstanoes, but not for the
purposeofexpressinganopinionon
theeffeotivenessoftheCorporations
internaloontrol.Anauditalsoinoludes
evaluating the appropriateness
of the aooounting polioies used
and the reasonableness of the
aooounting estimates made by the
Management, as well as evaluating
the overall presentation of the
tnanoial statements.
we believe that the audit evidenoe
we have obtained is suftoient and
appropriatetoprovideabasisforour
auditopinion.
0pnon
ln our opinion and to the best of
our information and aooording to
the explanations given to us, the
aforesaid tnanoial statements give
the information required by the Aot
inthemannersorequiredandgivea
true and fair view in oonformity with
the aooounting prinoiples generally
aooeptedinlndia:
(a) in the oase of the Balanoe
3heet, of the state of affairs of the
CorporationasatMaroh31,2013,
(b) intheoaseofthe3tatement
of Prott and Loss, of the prott of the
Corporation for the year ended on
thatdate,and
(o) in the oase of the Cash llow
3tatement, of the oash tows of the
Corporation for the year ended on
thatdate.
Peporton0therLega|andPegu|atory
Pequrements
1. As required by the Companies
(Auditors Repor t) 0rder, 2003
(the 0rder) issued by the Central
0overnment in terms of 3eotion
227(4A) of the Aot, we give in the
Annexureastatementonthematters
speoited in paragraphs 4 and 5 of
the0rder.
2. Asrequiredby3eotion227(3)of
the Aot, we report that:
(a) we have obtai ned al l
the information and explanations
whioh to the best of our knowledge
and belief were neoessary for the
purposesofouraudit.
(b) lnouropinion,properbooks
of aooount as required by law have
been kept by the Corporation so far
as it appears from our examination
of those books and proper returns
adequate for the purposes of our
audithavebeenreoeivedfromLubai
branoh whioh has been audited by
otherauditor,notvisitedbyus.
(o) 1he Balanoe 3heet, the
3tatement of Prott and Loss and
the Cash llow 3tatement dealt with
by this Report are in agreement with
the books of aooount and with the
returns reoeived from Lubai branoh
whioh has been audited by other
auditor,notvisitedbyus.
(d) lnouropinion,theBalanoe
3heet, the 3tatement of Prott and
Loss and the Cash llow 3tatement
oomply with the Aooounting 3tandards
referredtoin3eotion211(3C)ofthe
Aot.
(e) 0n the basis of the written
representations reoeived from the
direotors as on 31st Maroh, 2013
taken on reoord by the Board of
Lireotors, none of the direotors is
disqualited as on 31st Maroh, 2013
frombeingappointedasadireotorin
termsof3eotion274(1)(g)oftheAot.
lorLLL0l11LPA3KlN3&3LLL3
CharteredAooountants
(lirmRegistrationNo.117366w)
3anjivv.Pilgaonkar
MuMBAl, Partner
8thMay,2013 (MembershipNo.39826)
PeportontheInanca|5tatements
we have audited the aooompanying
finanoial statements of P0U5INU
U L v L L 0 P ML N 1 I I N A N U L
U0PP0PA1I 0N LI MI 1LU ( t he
Corporation"), whioh oomprise the
Balanoe3heetasatMaroh31,2013,
the 3tatement of Prott and Loss and
the Cash llow 3tatement for the year
then ended, and a summary of the
signitoant aooounting polioies and
otherexplanatoryinformation.
ManagementsPesponsb|tyforthe
Inanca|5tatements
1he Corporations Management is
responsible for the preparation of
these tnanoial statements that give
a true and fair view of the tnanoial
position, finanoial performanoe
and oash tows of the Corporation
in aooordanoe with the Aooounting
3tandards referred to in 3eotion
211(3C) of the Companies Aot,
1956 (the Aot) and in aooordanoe
wi th the aooounti ng pri noi pl es
generally aooepted in lndia. 1his
responsibility inoludes the design,
implementation and maintenanoe
of internal oontrol relevant to the
preparation and presentation of
the tnanoial statements that give a
true and fair view and are free from
material misstatement, whether due
tofraudorerror.
AudtorsPesponsb|ty
0ur responsibility is to express an
opinion on these tnanoial statements
based on our audit. we oonduoted
our audit in aooordanoe with the
3tandardsonAuditingissuedbythe
lnstituteofCharteredAooountantsof
lndia. 1hose 3tandards require that
we oomply with ethioal requirements
and plan and perform the audit to
obtain reasonable assuranoe about
whether the tnanoial statements are
freefrommaterialmisstatement.
Anauditinvolvesperformingprooedures
to obtain audit evidenoe about the
amounts and the disolosures in the
tnanoial statements. 1he prooedures
seleoted depend on the auditors
IndependentAudtorsPeport
STANDALONE FINANCIAL STATEMENTS
51
(Referred to in paragraph 1 under
Reporton0therLegalandRegulatory
Requirements seotion of our report
ofevendate)
(i) Paving regard to the nature of
theCorporationsbusiness/aotivities/
results/transaotionsduringtheyear,
olauses (ii), (viii), (x) and (xiii) of
paragraph 4 of the 0rder are not
applioabletotheCorporation.
(ii) ln respeot of its txed assets:
(a) 1he Cor por at i on has
maintained proper reoords showing
fullpartioulars,inoludingquantitative
details and situation of txed assets.
(b) 3ome of the txed assets
were physioally verited during the year
by the Management in aooordanoe
with a programme of verifioation,
whioh in our opinion, provides for
physioal veritoation of all the txed
assets at reasonable intervals.
Aooording to the information and
explanationsgiventous,nomaterial
disorepanoies were notioed on suoh
veritoation.
(o) 1he txed assets disposed
off during the year, in our opinion,
do not oonstitute a substantial part
of the txed assets of the Corporation
andsuohdisposalhas,inouropinion,
notaffeotedthegoingoonoernstatus
oftheCorporation.
(iii) ln respeot of loans, seoured
or unseoured, granted by the
Corporation to oompanies, trms or
otherpartiesooveredintheRegister
maintained under 3eotion 301 of
the Companies Aot 1956, aooording
to the information and explanations
giventous:
(a) 1heCorporationhasgranted
loanstoeightparties.Attheyear-end,
the outstanding balanoes of suoh
loans granted aggregated ` 23.17
orores (number of parties - four)
and the maximum amount involved
during the year was `313.30orores
(numberofparties-eight).
(b) 1he rate of interest and
other terms and oonditions of suoh
loansare,inouropinion,prima facie
not prejudioial to the interest of the
Corporation.
(o) 1he reoeipts of prinoipal
amounts and interest have been
regular/asperstipulations.
(iv) ln respeot of loans, seoured or
unseoured,takenbytheCorporation
from oompanies, firms or other
parties oovered in the Register
maintained under 3eotion 301 of
theCompaniesAot,1956,aooording
giventous:
(a) 1he Corporation has taken
loans from sixty six parties. At the
year-end, the outstanding balanoes
of suoh loans taken aggregated
`2,522.04orores(numberofparties
fifty eight) and the maximum
amount involved during the year was
`3,667.16orores(numberofparties
sixtysix).
(b) 1he rate of interest and
other terms and oonditions of suoh
loansare,inouropinion,prima facie
not prejudioial to the interest of the
Corporation.
(o) 1he payments of prinoipal
amounts and interest in respeot
of suoh loans are regular/as per
stipulations.
(v) ln our opinion and aooording
given to us, there is an adequate
internaloontrolsystemoommensurate
with the size of the Corporation and
the nature of its business for the
purohase of fixed assets and for
AnnexuretotheIndependentAudtorsPeport
52
the sale of servioes and during the
oourse of our audit we have not
observed any major weakness in
suohinternaloontrolsystem.
(vi) 1o the best of our knowledge
and belief and aooording to the
information and explanations given
to us, there were no oontraots
or arrangements [exoluding items
reportedunderparagraph(iii)and(iv)
above]thatneededtobeenteredin
theRegistermaintainedinpursuanoe
of3eotion301oftheCompaniesAot,
1956.
(vii) ln our opinion and aooording to
theinformationandexplanationsgiven
to us, the Corporation has oomplied
with the provisions of 3eotions 58A,
58AAoranyotherrelevantprovisions
of the Companies Aot, 1956, the
Companies(AooeptanoeofLeposits)
Rules,1975andthePousinglinanoe
Companies (NPB) Lireotions, 2010,
with regard to the deposits aooepted
from the publio. Aooording to the
informationandexplanationsgivento
us,noorderhasbeenpassedbythe
Company Law Board or the National
Company Law 1ribunal or the Reserve
Bank of lndia or any Court or any
other1ribunal.
(viii)lnouropinion,theinternalaudit
funotionsoarriedoutduringtheyear
by the trms of Chartered Aooountants
appointed by the Management have
been oommensurate with the size of
theCorporationandthenatureofits
business.
(ix) Aooordingtotheinformationand
explanations given to us, in respeot
ofstatutorydues:
(a) 1he Corporation has been
regular in depositing undisputed
statutory dues, inoluding Provident
lund, l nvestor Lduoati on and
Proteotion lund, Lmployees 3tate
lnsuranoe, lnoome-tax, 3ales 1ax,
weal th 1ax, 3ervi oe 1ax, Cess
and other material statutory dues
applioable to it with the appropriate
authorities.
(b) 1here were no undisputed
amounts payable in respeot of
Provident lund, lnvestor Lduoation
and Proteotion lund, Lmployees
3tate lnsuranoe, lnoome-tax, 3ales
1ax, wealth 1ax, 3ervioe 1ax, Cess
andothermaterialstatutoryduesin
arrearsasat31stMaroh,2013fora
periodofmorethansixmonthsfrom
thedatetheybeoamepayable.
(o) Letails of dues of wealth
1ax, lnterest on Lease 1ax and
Lmployees' 3tate lnsuranoe whioh
have not been deposited as on 31
st
Maroh,2013onaooountofdisputes
are given below:
Nameof5tatute NatureofUues
Iorumwhere
Usputes
Pendng
Perodtowhch
theAmount
Pe|ates
Amount
Invo|ved
`nUrores
1he wealth 1ax Aot,
1957
wealth1ax
Assistant
Commissioner
ofwealth1ax
1998-1999 0.12
Maharashtra 3ales 1ax
on the 1ransfer of the
Right to use any 0oods
for any Purpose Aot,
1985
lnterestonLease
1ax
Commissioner
of3ales1ax
(Appeals)
1999-2000 0.02
L mp l o y e e s 3 t a t e
lnsuranoeAot,1948
Payment towards
Lmployers
ContributiontoL3lC
Assistant/
LeputyLireotor
-L3lC
2010-2011 0.01
(x) ln our opinion and aooording
given to us, the Corporation has not
defaulted in the repayment of dues
to tnanoial institutions, banks and
debentureholders.
(xi) ln our opinion, the Corporation
hasmaintainedadequatedoouments
and reoords where it has granted
loans and advanoes on the basis of
seourity by way of pledge of shares,
debenturesandotherseourities.
year for the purposes for whioh they
were obtained, other than temporary
deploymentpendingapplioation.
(xv) Aooording to the information
and explanations give to us and on
the basis of the maturity protle of
assets and liabilities with a maturity
protle of one year, as given in the
Asset Liability Management Report,
liabilities maturing in the next one
year are not in exoess of the assets
ofsimilarmaturity.
(xii) Basedonourexaminationofthe
reoordsandevaluationoftherelated
internaloontrols,theCorporationhas
maintained proper reoords of the
transaotionsandoontraotsinrespeot
of its dealing in shares, seourities,
debentures and other investments
and timely entries have been made
therein.1heaforesaidseouritieshave
been held by the Corporation in its
own name.
(xiii)ln our opinion and aooording
given to us, the Corporation has not
givenanyguaranteesforloanstaken
by others from banks and tnanoial
institutions.
(xiv)ln our opinion and aooording
giventous,thetermloanshavebeen
appliedbytheCorporationduringthe
53
(xvi)Aooording to the information
and explanations given to us, the
Corporation has made preferential
allotment of shares on exeroise of
optionsgrantedinearlieryearsunder
theL30P3ohemestopartiesoovered
in the Register maintained under
3eotion 301 of the Companies Aot,
1956 at a prioe whioh, in our opinion,
is prima facie not prejudioial to the
interestoftheCorporation.
(xvii)Aooordingtotheinformationand
explanations given to us, during the
period oovered by our audit report,
the Corporation had issued non-
oonvertibledebenturesamountingto
` 33,180 orores. 1he Corporation
hasoreatedseourityinrespeotofthe
debenturesissued.
(xviii)Luringtheperiodooveredunder
our audit report, the Corporation
has not raised any money by publio
issues.
(xix) 1o the best of our knowledge
and aooording to the information
and explanations given to us, no
fraud by the Corporation and no
material fraud on the Corporation
hasbeennotioedorreportedduring
the year, although there have been
few instanoes of loans beooming
doubtful of reoovery oonsequent
uponfraudulentmisrepresentationby
borrowers, the amounts whereof are
not material in the oontext of the size
oftheCorporationandthenatureof
its business and whioh have been
providedfor.
3anjivv.Pilgaonkar
MuMBAl, Partner
8thMay,2013 (MembershipNo.39826)
54
a|ance5heetasatMarch31,2013
Notes
`nUrores `nUrores
Maroh31,2012
ìnCrores
LUI1YANULIAILI1IL5
5PAPLP0LULP5IUNU5
3hareoapital 2 309.21 295.39
Reservesandsurplus 3 24,690.13 18,722.19
25,000.00 19,017.58
N0N-UUPPLN1LIAILI1IL5
Long-term borrowings 4 90,005.01 74,837.74
0therlong-termLiabilities 5 1,495.23 1,038.37
Long-termProvisions 6 1,614.56 1,502.44
93,114.80 77,378.55
UUPPLN1LIAILI1IL5
3hort-term borrowings 1 18,186.69 21,146.24
1radepayables 8 60.80 178.72
0therourrentliabilities 9
- Borrowings 50,036.41 43,143.52
-0thers 5,129.46 4,084.80
3hort-termProvisions 10 2,802.59 2,570.53
11,415.95 71,123.81
195,530.15 167,519.94
A55L15
N0N-UUPPLN1A55L15
lixedassets
(i)1angibleassets 11 232.96 232.48
(ii)lntangibleassets 12 4.98 1.47
Non-ourrentinvestments 13 12,531.86 12,011.56
Leferredtaxasset(net) 14 631.38 628.20
Long-termloansandadvanoes: 15
- Loans 151,630.81 125,532.65
- 0thers 1,811.56 1,967.26
0thernon-ourrentassets 16 119.15 1,054.56
161,629.36 141,428.18
UUPPLN1A55L15
Currentinvestments 11 1,081.60 195.44
1radereoeivables 18 1.32 60.21
Cashandbankbalanoes 19 5,151.14 5,472.85
3hort-termloansandadvanoes 20
- Loans 11,939.91 14,889.04
- 0thers 2,459.89 4,998.15
0therourrentassets 21 661.41 476.07
21,901.39 26,091.76
195,530.15 167,519.94
3ee aooompanying notes forming part of the tnanoial statement
As per our report attaohed. Lireotors
lor Ue|otte Paskns & 5e||s Ueepak 5. Parekh 5. . Pate| P. 5. 1arne[a
Chartered Aooountants Chairman . 5. Mehta J. J. Iran
U. N. Uhosh ma| Ja|an
Kek M. Mstry 5. A. Uave U. M. 5ukthankar
5an[v v. P|gaonkar vioe Chairman &
Partner Chief Lxeoutive 0ffioer
Penu 5ud Karnad v. 5rnvasa Pangan Ursh v. Ko|yote
MuMBAl, May 8, 2013 Managing Lireotor Lxeoutive Lireotor Company 3eoretary
55
5tatement of Prot and Loss for the year ended March 31, 2013
Notes
`nUrores
Previousear
ìnCrores
INU0ML
Revenuefrom0perations 23 20,196.95 17,062.58
Prott on sale of lnvestments 24 315.55 270.19
0therlnoome 25 35.12 21.51
1ota|Pevenue 21,141.62 17,354.28
LXPLN5L5
linanoeCost 26 13,890.89 11,156.78
3taffLxpenses 21 246.19 205.79
LstablishmentLxpenses 28 15.68 52.57
0therLxpenses 29 193.43 172.98
LepreoiationandAmortisation 11&12 23.59 20.54
ProvisionforContingenoies 3.2&30 145.00 80.00
1ota|Lxpenses 14,514.18 11,688.66
PP0II1LI0PL1AX 6,512.84 5,665.62

1axLxpense
- Current1ax 1,121.68 1,555.00
- Leferred1ax 14 (3.18) (12.00)
PP0II1I0P1PLYLAP 3 4,848.34 4,122.62
LAPNINU5PLP5PAPL(laoevalue`2) 31
- Basio 31.84 27.97
- Liluted 31.45 27.54
56
UashI|ow5tatementfortheyearendedMarch31,2013
Notes
`nUrores
Previousear
ìnCrores
A UA5PIL0WIP0M0PLPA1INUAU1IvI1IL5
Prott before tax 6,512.84 5,665.62
Adjustmentsfor:
ProvisionforContingenoies 3.2 145.00 80.00
lnterestLxpense 26 13,633.99 10,873.09
Net0ainontranslationofforeignourrenoymonetaryassetsandliabilities 26.3 (53.23) (25.36)
lnterestlnoome 23 (19,811.18) (16,048.95)
utilisationof3eouritiesPremium (108.11) (619.71)
3helterAssistanoeReserve-utilisation 3 (9.13) (6.89)
Prott on 3ale of lnvestments 24 (315.55) (270.19)
Lividendlnoome 23 (480.66) (309.66)
Prott on 3ale of lnvestment in Properties (0.12) (1.27)
3urplusfromdeploymentinCashManagement3ohemesofMutuallunds 23 (252.34) (319.78)
Prott on 3ale of lixed Assets (Net) (0.23) (0.69)
0perating Prott before working Capital ohanges (1,261.13) (963.25)
Adjustmentsfor:
CurrentandNonCurrentAssets 4,102.38 (2,015.78)
CurrentandNonCurrentLiabilities (253.26) 160.64
Cashgeneratedfrom0perations 2,581.39 (3,305.17)
lnterestReoeived 19,106.81 15,826.69
lnterestPaid (11,111.41) (9,617.67)
LividendReoeived 480.66 309.66
1axesPaid (2,191.46) (2,002.11)
Netcashfrom0peratons 8,806.05 1,211.40
Loansdisbursed(net) (28,956.66) (23,566.58)
CorporateLeposits(net) 345.51 (1,399.99)
Netcashusednoperatngactvtes [A] (19,805.04) (23,755.17)
UA5PIL0WIP0MINvL51INUAU1IvI1IL5
PurohaseoflixedAssets (25.84) (18.91)
3aleoflixedAssets 0.91 1.48
(24.93) (17.43)
lnvestmentsin3ubsidiaries (86.58) (287.00)
lnvestmentinCashManagement3ohemesofMutuallunds (226,559.00) (190,668.50)
0therlnvestments (3,263.11) (901.54)
3aleprooeedsoflnvestments:
-inCashManagement3ohemesofMutuallunds 226,811.34 190,988.28
-inotherCompaniesandProperties 2,249.44 1,057.79
Netcash(usedn)/fromnvestngactvtes [] (812.90) 171.60
U UA5PIL0WIP0MIINANUINUAU1IvI1IL5
3hareCapital-Lquity 2.1 13.88 2.02
3eouritiesPremium 3 3,819.09 305.07
Borrowings (Net) 19,542.02 23,919.98
Lividendpaid-Lquity3hares (1,635.51) (1,321.85)
1axpaidonLividend (241.02) (209.95)
Net cash from nancng actvtes [U] 21,498.40 22,695.27
Netlnorease/(Leorease)inoashandoashequivalents [A++U] 820.46 (888.30)
Add:Cashandoashequivalentsasatthebeginningoftheyear 19 2,499.40 3,379.60
Add:Lxohangedifferenoeonbankbalanoe 4.19 8.10
Uashandcashequva|entsasattheendoftheyear 19 3,324.05 2,499.40
Larmarked balanoes with banks:
-unolaimeddividendaooount 11.61 9.68
-0theragainstloreignCurrenoyLoans 5.41 4.76
3hort-termbankdeposits 2,410.01 2,959.01
Uashandankba|ancesattheendoftheyear 19 5,151.14 5,472.85
57
Notes formng part of the standa|one nanca| statements
1. 5IUNIIIUAN1AUU0UN1INUP0LIUY
1.1 AUU0UN1INUU0NvLN1I0N
1hese aooounts have been prepared in aooordanoe with historioal oost oonvention, applioable Aooounting
3tandards notited by the Companies (Aooounting 3tandards) Rules, 2006 and relevant provisions of the
CompaniesAot,1956andtheguidelinesissuedbytheNationalPousingBank.1heaooountingpolioiesadopted
in the preparation of the tnanoial statements are oonsistent with those followed in the previous year.
1he preparation of tnanoial statements requires the Management to make estimates and assumptions
oonsideredinthereportedamountsofassetsandliabilities(inoludingoontingentliabilities)asofthedateof
the tnanoial statements and the reported inoome and expenses during the reporting period. Management
believes that the estimates used in preparation of the tnanoial statements are prudent and reasonable. luture
results oould differ due to these estimates and the differenoes between the aotual results and the estimates
are reoognised in the periods in whioh the results are known/materialise.
1.2 5Y51LM0IAUU0UN1INU
1heCorporationadoptstheaoorualoonoeptinthepreparationoftheaooounts.
1he Balanoe 3heet and the 3tatement of Prott and Loss of the Corporation are prepared in aooordanoe with
the provisions oontained in 3eotion 211 of the Companies Aot 1956, read with Revised 3ohedule vl.
1.3 INILA1I0N
Assets and liabilities are reoorded at historioal oost to the Corporation. 1hese oosts are not adjusted to reteot
the ohanging value in the purohasing power of money.
1.4 0PLPA1INUUYULL
Basedonthenatureofitsaotivities,theCorporationhasdetermineditsoperatingoyoleas12monthsforthe
purpose of olassitoation of its assets and liabilities as ourrent and non-ourrent.
1.5 UA5PIL0W51A1LMLN1
Cash tows are reported using the indireot method, whereby prott/(loss) before extraordinary items and tax
is adjusted for the effeots of transaotions of non-oash nature and any deferrals or aooruals of past or future
oash reoeipts or payments. 1he oash tows from operating, investing and tnanoing aotivities of the Corporation
aresegregatedbasedontheavailableinformation.
1.6 UA5PANUUA5PLUIvALLN15(I0PPUPP05L50IUA5PIL0W51A1LMLN1)
Cash oomprises oash on hand and demand deposits with banks. Cash equivalents are short-term balanoes
(with an original maturity of three months or less from the date of aoquisition), highly liquid investments that
are readily oonvertible into known amounts of oash and whioh are subjeot to insignitoant risk of ohanges in
value.
1.7 IN1LPL510NP0U5INUL0AN5
Repayment of housing loans is generally by way of Lquated Monthly lnstalments (LMls) oomprising prinoipal
and interest. LMls oommenoe onoe the entire loan is disbursed. Pending oommenoement of LMls, pre-LMl
interestispayableeverymonth.lnterestonloansisoomputedeitheronanannualrestoronamonthlyrest
basis.
1.8 INU0MLIP0MLLA5L5
Lease rental inoome in respeot of leases is reoognised in aooordanoe with the Aooounting 3tandard on 'Leases'
(A3 19) notited by the Companies (Aooounting 3tandards) Rules, 2006.
58
1.9 INU0MLIP0MINvL51MLN15
1hegain/lossonaooountoflnvestmentsinPreferenoe3hares,Lebentures/Bondsand0overnment3eourities
heldaslong-terminvestmentsandaoquiredatadisoount/premium,isreoognisedoverthelifeoftheseourity
on a pro-rata basis. lnterest lnoome is aooounted on aoorual basis. Lividend inoome is aooounted when the
righttoreoeiveisestablished.
1.10 P0KLPAULANU5LPvIULUPAPUL50NULP05I15
Brokerage,otherthaninoentivebrokerage,andservioeohargesondepositsareamortisedovertheperiodof
the deposit. lnoentive brokerage, whioh is payable to agents who aohieve oertain oolleotion targets, is oharged
to the 3tatement of Prott and Loss.
1.11 1PAN5LA1I0N0II0PLIUNUUPPLNUY
Inta|recognton
1ransaotionsinforeignourrenoiesenteredintobytheCorporationareaooountedattheexohangeratesprevailing
onthedateofthetransaotion.
Measurementatthea|ance5heetdate
Assets and liabilities in foreign ourrenoies are oonverted at the rates of exohange prevailing at the year-end,
where not oovered by forward oontraots. wherever the Corporation has entered into a forward oontraot or an
instrument that is, in substanoe, a forward exohange oontraot, the differenoe between the forward rate and the
exohangerateonthedateofthetransaotionisreoognisedasinoomeorexpenseoverthelifeoftheoontraot.
Cross ourrenoy interest rate swaps are reoorded by marking the foreign ourrenoy oomponent to spot rate.
1henetloss/gainontranslationoflongtermmonetaryassetsandliabilitiesinforeignourrenoiesisamortised
over the maturity period of suoh monetary assets and liabilities and oharged to the 3tatement of Prott and
Loss.1heunamortisedexohangedifferenoeisoarriedintheBalanoe3heetasloreignourrenoymonetaryitem
translationdifferenoeaooount.1henetloss/gainontranslationofshorttermmonetaryassetsandliabilities
in foreign ourrenoies is reoorded in the 3tatement of Prott and Loss.
1.12 INvL51MLN15
lnvestments are oapitalised at oost inolusive of brokerage and stamp oharges and are olassited into two
oategories, viz. Current or Long 1erm. Long-term investments (exoluding investment properties), are oarried
individually at oost less provision for diminution, other than temporary, in the value of suoh investments.
Current investments are oarried individually, at the lower of oost and fair value. Provision for diminution in the
value of investments is made in aooordanoe with the guidelines issued by the National Pousing Bank and the
Aooounting 3tandard on 'Aooounting for lnvestments' (A3 13) notited by the Companies (Aooounting 3tandards)
Rules, 2006, and is reoognised through the Provision for Contingenoies Aooount. lnvestment properties are
oarriedindividuallyatoostlessaooumulateddepreoiationandimpairment,ifany.
1.13 1ANUILLIIXLUA55L15
lixedAssetsareoapitalisedatoostinolusiveoflegaland/orinstallationexpenses.LeasedAssetsareaooounted
in aooordanoe with the Aooounting 3tandard on 'Leases' (A3 19) notited by the Companies (Aooounting
3tandards)Rules,2006.
1.14 IN1ANUILLA55L15
lntangible Assets oomprising of system software are stated at oost of aoquisition, inoluding any oost attributable
for bringing the same to its working oondition, less aooumulated amortisation. Any expenses on suoh software
for support and maintenanoe payable annually are oharged to the 3tatement of Prott and Loss.
Notes formng part of the standa|one nanca| statements (Uontnued)
59
1.15 ULPPLUIA1I0NANUAM0P1I5A1I0N
1angb|eIxedAssets
Lepreoiation on all lixed Assets other than Leased Assets and Leasehold lmprovements, is provided for the
fullyearinrespeotofassetsaoquiredduringtheyear.Nodepreoiationisprovidedintheyearofsale.
ln respeot of Leased Assets and Leasehold lmprovements depreoiation is provided on a pro-rata basis from
thedateofinstallation/aoquisition.
LepreoiationonBuildings,Computers,LeasedAssetsandLeaseholdlmprovements,isoaloulatedasperthe
straight-line method, and on other assets as per the reduoing balanoe method. All assets exoept Computers
and Leased Assets are depreoiated at rates speoited by the Companies Aot, 1956. Lepreoiation on Computers
is oaloulated at the rate of 25 per oent per annum. Lepreoiation in respeot of tnanoe leases is provided on
the straight line method over the primary period of lease or over the speoited period, as detned under 3eotion
205(5)(a) of the Companies Aot, 1956, whiohever is shorter. Lepreoiation in respeot of Leasehold lmprovements
isprovidedonthestraight-linemethodovertheprimaryperiodofthelease.
Intangb|eAssets
Capitalised software is amortised over a period of four years on a straight-line basis.
InvestmentnPropertes
Lepreoiationonlnvestmentinpropertiesisprovidedonapro-ratabasisfromthedateofaoquisition.
1.16 PP0vI5I0N5ANUU0N1INULNUIL5
A provision is reoognised when the Corporation has a present obligation as a result of past events and it is
probable that an outtow of resouroes will be required to settle the obligation in respeot of whioh a reliable
estimate oan be made. Provisions (exoluding retirement benetts) are not disoounted to their present value and
aredeterminedbasedonthebestestimaterequiredtosettletheobligationatthebalanoesheetdate.1hese
are reviewed at eaoh balanoe sheet date and adjusted to reteot the ourrent best estimates. Contingent liabilities
are disolosed in the Notes. Contingent assets are neither reoognised nor disolosed in the tnanoial statements.
1.17 PP0vI5I0NI0PU0N1INULNUIL5ANUN0N-PLPI0PMINUA55L15
1heCorporationspolioyistooarryadequateamountsintheProvisionforNon-PerformingAssetsaooountand
theProvisionforContingenoiesaooounttooovertheamountoutstandinginrespeotofallnon-performingassets
and standard assets respeotively as also all other oontingenoies. All loans and other oredit exposures where
the instalments are overdue for Ninety days and more are olassited as non-performing assets in aooordanoe
with the prudential norms presoribed by the National Pousing Bank. 1he provision for non-performing assets is
deduotedfromloansandadvanoes.1heprovisioningpolioyoftheCorporationooverstheminimumprovisioning
requiredaspertheNPBguidelines.
1.18 LMPL0YLLLNLII15
Uened contrbuton p|ans
1he Corporation's oontribution to provident fund and superannuation fund are oonsidered as detned oontribution
plansandareohargedasanexpensebasedontheamountofoontributionrequiredtobemade.1hesefunds
andthesohemesthereunderarereoognisedbythelnoome-taxauthoritiesandadministeredbyvarioustrustees.
1he Rules of the Corporations Provident lund administered by a 1rust require that if the Board of 1rustees
areunabletopayinterestattheratedeolaredforLmployeesProvidentlundbythe0overnmentunderpara
60 of the Lmployees Provident lund 3oheme, 1952 for the reason that the return on investment is less or
for any other reason, then the detoienoy shall be made good by the Corporation.
60
Uened enet P|ans
lor detned benett plans in the form of gratuity fund and post retirement pension soheme for whole time
Lireotors, the oost of providing benetts is determined using the Projeoted unit Credit method, with aotuarial
valuations being oarried out at eaoh balanoe sheet date. Aotuarial gains and losses are reoognised in the
3tatement of Prott and Loss in the period in whioh they ooour. Past servioe oost is reoognised immediately
to the extent that the benetts are already vested and otherwise is amortised on a straight-line basis over the
average period until the benetts beoome vested. 1he retirement benett obligation reoognised in the Balanoe
3heet represents the present value of the detned benett obligation as adjusted for unreoognised past servioe
oost,asreduoedbythefairvalueofsohemeassets.Anyassetresultingfromthisoaloulationislimitedtopast
servioeoost,plusthepresentvalueofavailablerefundsandreduotionsinfutureoontributionstothesohemes.
Lxoept in oase of Lubai branoh of the Corporation, the provision for gratuity is made in aooordanoe with the
prevalent looal laws.
5hort-termLmp|oyeeenets
1he undisoounted amount of short-term employee benetts expeoted to be paid in exohange for the servioes
rendered by employees are reoognised during the year when the employees render the servioe. 1hese benetts
inolude performanoe inoentive and oompensated absenoes whioh are expeoted to ooour within twelve months
after the end of the period in whioh the employee renders the related servioe.
1heoostofshort-termoompensatedabsenoesisaooountedasunder:
(a) in oase of aooumulated oompensated absenoes, when employees render the servioes that inorease
theirentitlementoffutureoompensatedabsenoes,and
(b) in oase of non-aooumulating oompensated absenoes, when the absenoes ooour.
Long-termLmp|oyeeenets
Compensated absenoes whioh are not expeoted to ooour within twelve months after the end of the period in
whioh the employee renders the related servioe are reoognised as a liability at the present value of the detned
benett obligation as at the balanoe sheet date.
1.19 LAPNINU5PLP5PAPL
Basio earnings per share is oomputed by dividing the prott/(loss) after tax (inoluding the post tax effeot of
extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.
Liluted earnings per share is oomputed by dividing the prott/(loss) after tax (inoluding the post tax effeot of
extraordinary items, if any) as adjusted for dividend, interest and other oharges to expense or inoome (net
of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of
equity shares oonsidered for deriving basio earnings per share and the weighted average number of equity
shares whioh oould have been issued on the oonversion of all dilutive potential equity shares.
Potential equity shares are deemed to be dilutive only if their oonversion to equity shares would deorease
the net prott per share from oontinuing ordinary operations. Potential dilutive equity shares are deemed to
be oonverted as at the beginning of the period, unless they have been issued at a later date. 1he dilutive
potential equity shares are adjusted for the prooeeds reoeivable had the shares been aotually issued at fair
value (i.e. average market value of the outstanding shares). Lilutive potential equity shares are determined
independently for eaoh period presented. 1he number of equity shares and potentially dilutive equity shares
areadjustedforsharesplits/reversesharesplitsandbonusshares,asappropriate.
61
1.20 INU0ML-1AX
Current tax is the amount of tax payable on the taxable inoome for the year as determined in aooordanoe with
theprovisionsofthelnoome1axAot,1961.
Leferred tax is reoognised on timing differenoes, being the differenoes between the taxable inoome and
the aooounting inoome that originate in one period and are oapable of reversal in one or more subsequent
periods. Leferred tax is measured using the tax rates and the tax laws enaoted or substantively enaoted as at
thereportingdate.Leferredtaxassetsarereoognisedfortimingdifferenoesofitemsotherthanunabsorbed
depreoiation and oarry forward losses only to the extent that reasonable oertainty exists that suftoient future
taxable inoome will be available against whioh these oan be realised. Powever, if there are unabsorbed
depreoiation and oarry forward of losses, deferred tax assets are reoognised only if there is virtual oertainty
that there will be suftoient future taxable inoome available to realise the assets.
Leferredtaxassetsandliabilitiesareoffsetifsuohitemsrelatetotaxesoninoomeleviedbythesamegoverning
tax laws and the Company has a legally enforoeable right for suoh set off. Leferred tax assets are reviewed
ateaohbalanoesheetdatefortheirrealisability.
Currentanddeferredtaxrelatingtoitemsdireotlyreoognisedinreservesarereoognisedinreservesandnot
in the 3tatement of Prott and Loss.
1.21 5LPvIUL1AXINPU1UPLUI1
3ervioe tax input oredit is aooounted for in the books in the period in whioh the underlying servioe reoeived is
aooounted and when there is no unoertainty in availing/utilising the oredits.
1.22 5LUUPI1I5LUA55L15
Lereoognition of seouritised assets in the books of the Corporation, reoognition of gain or loss arising on
seouritisationandaooountingfororeditenhanoementprovidedbytheCorporationisbasedonthe0uidanoe
NoteonAooountingfor3eouritisationissuedbythelnstituteofCharteredAooountantsoflndia.
3eouritised assets are dereoognised in the books of the Corporation based on the prinoiple of surrender of
oontrol over the assets. Credit Lnhanoement provided by the Corporation by way of investments in subordinate
Class B Pass 1hrough Certitoates is inoluded under lnvestments in Pass 1hrough Certitoates in Note no. 13.
2. 5PAPLUAPI1AL
Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
Au1P0Rl3LL
162,50,00,000Lquity3haresof`2eaoh 325.00 325.00
(Previousear162,50,00,000Lquity3haresof`2eaoh)
325.00 325.00
l33uLL,3uB3CRlBLLANLluLLPAlPuP
154,63,47,255Lquity3haresof`2eaoh 309.21 295.39
(Previousear147,69,70,010Lquity3haresof`2eaoh)
309.21 295.39
62
2.1 Reoonoiliationofnumberofsharesoutstandingatthebeginningandattheendofthereportingperiod:
Partcu|ars AsatMarch31,2013 AsatMaroh31,2012
Number `nUrores Number ìnCrores
Lquitysharesoutstandingasatthe
beginningoftheyear 141,69,10,010 295.39 146,68,86,690 293.37
3haresallottedpursuanttoexeroiseof
stookoptions 1,46,93,995 2.94 1,00,23,420 2.00
3haresallottedpursuanttoexohangeof
warrants 5,46,83,250 10.94 59,900 0.02
Lquitysharesoutstandingasattheend
oftheyear 154,63,41,255 309.21 147,69,70,010 295.39
2.2 1hedetailsofeaohshareholderholdingmorethan5peroentsharesintheCorporation:
Partcu|ars 0utstandngason31.3.2013 0utstandingason31.3.2012
Number %ofshareshe|d
totota|5hares
Number ()ofsharesheld
tototal3hares
AberdeenAssetManagementAsiaLtd.
(onbehalfoffundsadvised/managed)
12,14,90,319 8.24 11,35,93,819 7.69
LifelnsuranoeCorporationoflndia - - 8,25,68,977 5.59
2.3 4,11,13,935sharesof`2eaoh(Previousear11,71,16,560sharesof` 2 eaoh) were reserved for issuanoe
as follows :
a) 4,11,13,935sharesof`2eaoh(Previousear6,24,07,930sharesof` 2 eaoh) towards outstanding
Lmployees3took0ptionsgranted/availableforgrant,inoludinglapsedoptions[ReferNote2.4].
b) Nil shares of ` 2 eaoh (Previous ear 5,47,08,630 shares of ` 2 eaoh) towards outstanding share
warrants [Refer Note 3.8].
1he Corporation has only one olass of shares referred to as equity shares having laoe value of ` 2
eaoh.Laohholderofequityshareisentitledtoonevotepershare.
1he holders of equity shares are entitled to dividends, if any, proposed by the Board of Lireotors and
approvedby3hareholdersattheAnnual0eneralMeeting.
2.4 Luringtheyear,NominationandCompensationCommitteeofLireotors(NCCL)atitsmeetingheldonMay23,
2012 granted the 58,67,546 new stook options along with 2,34,929 options lapsed under previous 3ohemes
i.e. L303-05 : 32,030 options, L303-07 : 1,32,087 options, L303-08 : 70,812 options in all aggregating to
61,02,475stookoptionsrepresenting3,05,12,375equitysharesof`2eaohatanexeroiseprioeof`3,117.50
per option to Lmployees and Lireotors of the Corporation under Lmployees 3took 0ption 3oheme - 2011
(L303-11). 1he said prioe was determined in aooordanoe with the prioing formula approved by the shareholders
i.e. at the latest available olosing prioe of the equity shares of the Corporation on the stook exohange on whioh
the shares are listed and having higher trading volume, prior to the meeting of the NCCL at whioh the options
aregranted.
63
ln terms of L303 - 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 oompleting oontinuous servioe of three years with the
Corporation.Aooordingly,nooptionshavevestedduringtheourrentyear.1heoptionsoanbeexeroisedovera
period of tve years from the date of respeotive vesting.
under Lmployees 3took 0ption 3oheme 2008 (L303 08), the Corporation had on November 25, 2008,
granted57,90,000stookoptionsatanexeroiseprioeof`1,350.60peroptionrepresenting57,90,000equity
shares of `10 eaoh to the employees and direotors of the Corporation. 1he said prioe was determined in
aooordanoe with the prioing formula approved by the shareholders i.e. at the latest available olosing prioe on
thestookexohangehavinghighertradingvolume,priortograntofoptions.
than November 24, 2011, depending upon option grantee oompleting oontinuous servioe of three years with
theCorporation.Aooordingly,duringtheyearN|optons (Previous ear 64,042 options) were vested and 112
optons(Previous ear 581 options) were lapsed after vesting. 1he options oan be exeroised over a period of
tve years from the date of respeotive vesting.
under Lmployees 3took 0ption 3oheme 2007 (L303 07), the Corporation had on 3eptember 12, 2007,
granted54,56,835stookoptionsatanexeroiseprioeof`2,149peroptionrepresenting54,56,835equity
shares of ` 10 eaoh to the employees and direotors of the Corporation. 1he said prioe was determined in
than 3eptember 11, 2010, depending upon option grantee oompleting oontinuous servioe of three years with
theCorporation.Alltheoptionshavebeenvestedintheearlieryears.lntheourrentyear525optons(Previous
ear 1,630 options) were lapsed after vesting. 1he options oan be exeroised over a period of tve years from
thedateofrespeotivevesting.
under Lmployees 3took 0ption 3oheme 2005 (L303 05), the Corporation had on 0otober 25, 2005,
granted74,73,621stookoptionsatanexeroiseprioeof`912.90peroptionrepresenting74,73,621equity
shares of ` 10 eaoh to the employees and direotors of the Corporation. 1he said prioe was determined in
ln terms of the L303-05, the options would vest over a period of 2-3 years from the date of grant, but not later
than 0otober 24, 2008, depending upon option grantee oompleting oontinuous servioe of three years with the
Corporation.Alltheoptionshavebeenvestedintheearlieryears.lntheourrentyear12,285options(Previous
ear 524 options) were lapsed after vesting. 1he options oan be exeroised over a period of tve years from
thedateofrespeotivevesting.Aooordingly,alltheoptionsvestedunderL303-05havebeenexeroised.
Methodusedforaccountngforsharebasedpaymentp|an:
1he Corporation has used intrinsio value method to aooount for the oompensation oost of stook options to
employees of the Corporation. lntrinsio value is the amount by whioh the quoted market prioe of the underlying
share exoeeds the exeroise prioe of the option. 3inoe the options under L303-11, L303-08, L303-07 and
L303-05 were granted at the market prioe, the intrinsio value of the option is Nil. Consequently the aooounting
valueoftheoption(oompensationoost)isalsoNil.
64
MovementntheoptonsunderL505-11,L505-08,L505-01andL505-05:
Partcu|ars L505-11
0ptons
UurrentYear
0ptions
Previousear
0utstandingatthebeginningoftheyear - -
0rantedduringtheyear 61,02,415 -
vestedduringtheyear - -
Lxeroisedduringtheyear - -
Lapsedduringtheyear 31,200 -
0utstandingattheendoftheyear 60,11,215 -
unvestedattheendoftheyear 60,11,215 -
Lxeroisableattheendofyear - -
weightedaverageprioeperoption `3111.50
Partcu|ars L505-08
0ptons
UurrentYear
0ptions
Previousear
0utstandingatthebeginningoftheyear 22,81,083 32,29,708
0rantedduringtheyear - -
vestedduringtheyear - 64,042
Lxeroisedduringtheyear 5,24,232 9,48,044
Lapsedduringtheyear 112 581
0utstandingattheendoftheyear 11,56,139 22,81,083
unvestedattheendoftheyear - -
Lxeroisableattheendofyear 11,56,139 22,81,083
weightedaverageprioeperoption ` 1,350.60
Partcu|ars L505-01
0ptons
UurrentYear
0ptions
Previousear
Lapsedduringtheyear 525 1,630
weightedaverageprioeperoption `2,149.00
65
Partcu|ars L505-05
0ptons
UurrentYear
0ptions
Previousear
Lapsedduringtheyear 12,285 524
0utstandingattheendoftheyear - 3,17,454
Lxeroisableattheendofyear - 3,17,454
weightedaverageprioeperoption `912.90
with effeot from August 21, 2010, the nominal faoe value of equity shares of the Corporation was sub-divided
from`10pershareto`2pershare.Aooordingly,eaohoptionsexeroisedafterAugust21,2010isentitled
to5equitysharesof`2eaoh.
Iarva|ueMethodo|ogy:
1hefairvalueofoptionshavebeenestimatedonthedateofgrantusingBlaok-3oholesmodelasunder:
1he key assumptions used in Blaok-3oholes model for oaloulating fair value under L303-2011, L303-2008,
L303-2007 and L303-2005 as on the date of grant viz. May 23, 2012, November 25, 2008, 3eptember 12,
2007 and 0otober 25, 2005, are as follows :
Partcu|ars L505-2011 L505-2008 L505-2001 L505-2005
Risk-freeinterestrate(p.a.) 8.06 6.94 7.70 6.38
Lxpeotedlife upto2years upto2years upto2years 2to3years
Lxpeotedvolatilityofshareprioe 15 29 19 30
Lxpeoted growth in dividend (p.a.) 20 20 20 20
1he weighted average fair value, as on the date
ofgrant(per3took0ption)
`474.56 `238.79 `307.28 `105.50
3inoe all the stook options granted under L303-2008, L303-2007 and L303-2005 have been vested, the
stookbasedoompensationexpensedeterminedunderfairvaluebasedmethodis`N|(Previousear`Nil).
Aooordingly there is no ohange in the reported and proforma net prott and Basio and Liluted LP3.
Powever, had the oompensation oost for the stook options granted under L303-11 been determined based
on the fair value approaoh, the Corporation's net prott and earnings per share would have been as per the
pro-forma amounts indioated below:
ìnCrores
Partcu|ars UurrentYear Previousear
Net Prott (as reported) 4,848.34 4,122.62
Less:3took-basedoompensationexpensesdeterminedunderfairvalue
based method, net of tax: [0ross ` 233.78 orores (Previous ear ` Nil)]
(proforma)
151.93 -
Net Prott (pro forma) 4,690.41 4,122.62
Less:Amountsutilisedoutof3helterAssistanoeReserve 9.13 6.89
Net Prott oonsidered for oomputing LP3 (pro forma) 4,681.28 4,115.73
66
Amountin`
Basioearningpershare(asreported) 31.84 27.97
Basioearningpershare(proforma) 30.80 27.97
Lilutedearningpershare(asreported) 31.45 27.54
Lilutedearningpershare(proforma) 30.42 27.54
3. PL5LPvL5ANU5UPPLU5
Asat Asat
March31,2013 Maroh31,2012
`nUrores `nUrores ìnCrores
5PLUIALPL5LPvLNo.I[ReferNote3.3] 51.23 51.23
5PLUIALPL5LPvLNo.II[ReferNote3.3]
0peningBalanoe 4,150.95 4,020.95
Add: 1ransfer from 3tatement of Prott and Loss [Refer Note 3.4] 115.00 730.00
5ub1ota| 5,525.95 4,750.95
ULNLPALPL5LPvL
Add : 1ransfer from 3tatement of Prott and Loss 956.62 870.87
5ub1ota| 1,059.18 6,103.16
AUUI1I0NALPL5LPvL(u/s29UoftheNPAct)
Add : 1ransfer from 3tatement of Prott and Loss [Refer Note 3.4] 825.00 620.00
5ub1ota| 2,218.93 1,803.86
Less:utilisedduringtheear[ReferNote3.2]
[NetofLeferred1axof`N|(Previousear`168.07orores)] - 349.93
5ub1ota| 2,218.93 1,453.93
5LUUPI1IL5PPLMIUM
Add:1ransferredfromCapitalReserve[ReferNote3.8] 301.23 -
Add:Reoeivedduringtheyear 3,819.09 305.07
10,159.21 6,523.96
Less:utilisedduringtheyear(Net)[ReferNote3.5]
[(Netoftaxeffeotof`115.54crores)(Previousear
`223.25orores)]
438.04 485.07
5ub1ota| 9,121.11 6,038.89
5PLL1LPA55I51ANULPL5LPvL
0peningBalanoe 22.16 14.65
Add : 1ransfer from 3tatement of Prott and Loss 40.00 15.00
62.16 29.65
Less:utilisedduringtheyear[ReferNote3.1] 9.13 6.89
5ub1ota| 53.63 22.76
67
Asat Asat
March31,2013 Maroh31,2012
`nUrores `nUrores ìnCrores
UAPI1ALPL5LPvL
Less:1ransferredto3eouritiesPremium[ReferNote3.8] (301.23) -
5ub1ota| 0.04 301.27
5UPPLU5IN1PL51A1LMLN10IPP0II1ANUL055:
0peningBalanoe - -
Prott for the year 4,848.34 4,122.62
Amountavailableforappropriations 4,848.34 4,122.62
Appropratons
- 3peoialReserveNo.ll[ReferNote3.4] 115.00 730.00
- 0eneralReserve 956.62 870.87
- AdditionalReserve(u/s29CoftheNPBAot)[ReferNote3.4] 825.00 620.00
- 3helterAssistanoeReserve 40.00 15.00
- ProposedLividend[(Lividend`12.50perequityshareof
` 2eaoh)(Previousear`11perequityshareof`2eaoh)]
1,932.93 1,624.67
- Additional1axonProposedLividend 328.50 263.56
- Additional1axonLividend-2011-12[ReferNote3.6] (24.62) (4.66)
- Lividend inoluding tax of ` 2.08 crores (Previous ear
`0.44orore)pertainingtopreviousyearpaidduringtheyear
[ReferNote3.7] 14.91 3.18
5ub1ota| - -
1ota| 24,690.13 18,722.19
3.1 MisoellaneousLxpensesunderNote29.1exolude`9.13crores(Previousear`6.89orores)inrespeotof
amountsutilisedoutof3helterAssistanoeReserveduringtheyear.
3.2 Luring the year, in addition to the oharges of ` 145 crores (Previous ear ` 80 orores) to the 3tatement of
Prott and Loss, an amount of `N|(netofLeferred1ax`Nil)[Previousear`349.93orores(netofLeferred
1ax of ` 168.07 orores)], being one time oharge on aooount of ohanges in the provisioning requirements by
theNationalPousingBankvideoiroularsno.NPB.PlC.LlR.3/CML/2011datedAugust5,2011andNPB.PlC.
LlR.4/CML/2012 dated 1anuary 19, 2012 was transferred from Additional Reserve oreated as per 3eotion
29C of the National Pousing Bank Aot, 1987 pursuant to oiroular NPB(NL)/LR3/Pol-No.03/2004-05 dated
August26,2004asunder:
Partcu|ars Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
1oProvisionforContingenoiesAooount[ReferNote6.2] 54.24 439.36
1oProvisionforNon-PerformingLoans[ReferNote15.7] 39.05 158.64
1oProvisionforLoubtfulReoeivables[ReferNote20] 51.11 -
145.00 598.00
68
3.3 3peoial Reserve has been oreated over the years in terms of 3eotion 36(1)(viii) of the lnoome-tax Aot, 1961
out of the distributable protts of the Corporation. 3peoial Reserve No. l relates to the amounts transferred
upto linanoial ear 1996-97, whereas 3peoial Reserve No. ll relates to the amounts transferred thereafter.
3.4 Asper3eotion29CoftheNationalPousingBankAot,1987,theCorporationisrequiredtotransferatleast
20 of its net protts every year to a reserve before any dividend is deolared. lor this purpose any 3peoial
Reserve oreated by the Corporation under 3eotion 36(1)(viii) of the lnoome- tax Aot, 1961 is oonsidered to
be an eligible transfer. 1he Corporation has transferred an amount of ` 115 crores (Previous ear ` 730
orores) to 3peoial Reserve ll in terms of 3eotion 36(1)(viii) of the lnoome-tax Aot, 1961 and an amount of
`825crores(Previousear`620orores)toAdditionalReserve(u/s29CoftheNPBAot).
3.5 Luring the year, Corporation utilised ` 438.04 crores (net of tax effeot of `175.54 orores) [(Previous ear
` 485.07 orores (net of tax effeot of ` 223.25 orores)] in aooordanoe with 3eotion 78 of the Companies
Aot, 1956, towards the proportionate premium payable on redemption of Lero Coupon 3eoured Redeemable
Non Convertible Lebentures (LCL).
3.6 Additional1axondividend2011-12oredittaken,`24.62crores(Previousear`4.66orores),pertainstothe
dividendtaxpaidbythesubsidiaryoompaniesoftheCorporationonthedividendpaidtotheCorporationas
per3eotion115(0)(1A)ofthelnoome1axAot,1961.
3.7 ln respeot of equity shares issued pursuant to Lmployee 3took 0ption 3ohemes and exohange of warrants, the
Corporation paid dividend of ` 12.83 crores for the year 2011-12 (` 2.74 orores for the year 2010-11) and
taxondividendof`2.08crores(Previousear`0.44orores)asapprovedbytheshareholdersattheAnnual
0eneralMeetingheldon1uly11,2012.
3.8 Luring the year 2009-10, the Corporation had made a simultaneous issue of Lero Coupon 3eoured Redeemable
Non-Convertible Lebentures (LCL) aggregating to ` 4,000 orores and 1,09,53,706 warrants at a issue prioe
of` 275 per warrant aggregating to ` 301.23 orores. Laoh of the warrants entitled the holder to aoquire one
equity share of the Corporation at an exeroise prioe of ` 3,000 per share of faoe value of ` 10 eaoh (now
exeroiseprioeof`600pershareoffaoevalueof`2eaoh)onorbeforeAugust23,2012.1hesaidissue
of LCL and warrants was made under Chapter Xlll-A of the 3eourities and Lxohange Board of lndia (Lisolosure
and lnvestor Proteotion) 0uidelines, 2000. 1he 3ubsoription amount reoeived on lssue of warrants has been
transferredfromCapitalReserveto3eouritiesPremiumAooountasthesameisnotrefundable/adjustablein
future.
4. L0NU-1LPM0PP0WINU5
`nUrores
Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
BondsandLebentures[ReferNotes4.3&4.11] 59,503.10 43,691.40
1ermLoans:
- Banks[ReferNote4.11] 5,454.30 10,183.17
- 0thers[ReferNote4.11] 1,393.58 1,411.96
3ub1otal 66,350.98 55,286.53
Leposits[ReferNote4.3] 23,654.03 19,551.21
1ota| 90,005.01 74,837.74
69
4.1 Long-term borrowings are further sub-olassited as follows :
5r.No. Partcu|ars Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
Longtermborrowngs-5ecured:[ReferNote4.2]
a) ondsandUebentures
- Bonds 51.50 62.50
- NonConvertibleLebentures 55,910.60 40,153.90
5ub-1ota| 56,028.10 40,216.40
b) 1ermLoansfromanks
- 3oheduledBanks 4,855.00 8,850.17
5ub-1ota| 4,855.00 8,850.17
o) 1ermLoansfromotherpartes
- AsianLevelopmentBank[ReferNote4.4] 216.15 296.61
- Kreditanstaltfrwiederaufbau 10.65 20.70
- NationalPousingBank 1,012.04 1,055.51
1,359.44 1,372.82
1ota|5ecured 62,242.54 50,439.39
Longtermborrowngs-Unsecured:
- NonConvertible3ubordinatedLebentures
[ReferNote4.10]
3,415.00 3,475.00
- 3oheduledBanks 599.30 1,333.00
- underalinefromKreditanstaltfrwiederaufbau 34.14 39.14
Ueposts[ReferNote4.8] 23,654.03 19,551.21
1ota|Unsecured: 21,162.41 24,398.35
1ota| 90,005.01 74,837.74
4.2 All seoured Long term borrowings are seoured by negative lien on the assets of the Corporation and mortgage
ofproperty.
4.3 Non-ConvertibleLebenturesinoludes`625.00crores(Previousear`580.00orores)andLepositsinoludes
`3.01crores(Previousear`1.34orores)fromrelatedparties[ReferNote35].
4.4 1heCorporationhasavailedaloanofu3L100millionfromtheAsianLevelopmentBank(Loanll).lnrespeotof
tranohes 1 and 2 aggregating to u3L 60 million, as per the agreements with a soheduled bank, the Corporation
hashandedoverthedollarfundstothebankoverseasandhasobtainedrupeefundsinlndiaamountingto
` 200 orores by way of a term loan and ` 100 orores through the issue of bonds whioh have been subsoribed
bythebank.
ln respeot of tranohe 3 of u3L 40 million, as per the agreement with a tnanoial institution, the Corporation
has handed over the dollars to a tnanoial institution overseas and under a baok-to-baok arrangement obtained
rupee funds in lndia. All payments in foreign ourrenoy are the responsibility of the tnanoial institution. ln terms
oftheagreements,theCorporationsforeignexohangeliabilityisproteoted.
70
4.5 1he Corporation had availed u3L 175 million under the loreign Currenoy Borrowing soheme of the Reserve
Bankoflndia(RBl)undertheapprovalrouteintermsoftheRBlPressReleaseNo.2008-2009/700dated
November 17, 2008, with a maturity of three years. ln terms of the RBl guidelines, these borrowings have
been swapped into rupees for the entire maturity by way of prinoipal only swaps. 1he said loans have been
fullyrepaidintheourrentyear[ReferNote9.1].
4.6 As on Maroh 31, 2013, the Corporation has foreign ourrenoy borrowings of U5U 632.96 m||on equva|ent
(Previous ear u3L 875.78 million). 1he Corporation has undertaken ourrenoy swaps, prinoipal only swaps,
ourrenoy options and forward oontraots on a notional amount of U5U286.15m||onequva|ent(Previousear
u3L 406.76 million) to hedge the foreign ourrenoy risk. lurther, interest rate swaps on a notional amount of
U5U 130 m||on equva|ent (Previous ear u3L 123 million) are outstanding, whioh have been undertaken
to hedge the interest rate risk on the foreign ourrenoy borrowings. As on Maroh 31, 2013, the Corporation's
net foreign ourrenoy exposure on borrowings net of risk management arrangements is U5UN|(Previousear
u3LNil).
AsapartofassetliabilitymanagementonaooountoftheCorporationsAdjustableRatePomeLoanproduotas
well as to reduoe the overall oost of borrowings, the Corporation has entered into interest rate swaps wherein it
has oonverted its txed rate rupee liabilities of a notional amount of `21,185crores(Previousear`25,210
orores) as on Maroh 31, 2013 for varying maturities into toating rate liabilities linked to various benohmarks.
ln addition, the Corporation has entered into oross ourrenoy swaps of a notional amount of U5U416.45m||on
equivalent (Previous ear u3L 588.07 million) wherein it has oonverted its rupee liabilities into foreign ourrenoy
liabilitiesandtheinterestrateislinkedtothebenohmarksofrespeotiveourrenoies.
4.7 Monetary assets and liabilities denominated in foreign ourrenoies net of risk management arrangement are
revalued at the rate of exohange prevailing at the year end. Cross Currenoy lnterest Rate 3waps are reoorded
bymarkingtheforeignourrenoyoomponenttospotrates.
lor lorward oontraots or instruments that are in substanoe, forward exohange oontraots, the premiums on
suohoontraotsarebeingamortisedoverthelifeofoontraots.1heamountofexohangedifferenoeinrespeotof
suoh oontraots to be reoognised as expense in the 3tatement of Prott and Loss over subsequent aooounting
periodsis`29.90crores(Previousear`Nil).
4.8 Publio deposits as detned in Paragraph 2(1)(y) of the Pousing linanoe Companies (NPB) Lireotions, 2010,
are seoured by toating oharge on the 3tatutory Liquid Assets maintained in terms of sub-seotions (1) & (2) of
3eotion29BoftheNationalPousingBankAot,1987.
4.9 Pursuant to the notitoation dated Leoember 29, 2011 issued by the Ministry of Corporate Affairs amending the
Aooounting3tandard11,theCorporationhasexeroisedtheoptionasperPara46Ainsertedinthe3tandardfor
alllongtermmonetaryassetsandliabilities.Consequently,anamountof`169.19crores (without oonsidering
future tax benett of `57.71orores)[Previousear` 206.24 orores (without oonsidering the future tax benett
of` 66.90 oores)] representing translation differenoe is oarried forward in the loreign Currenoy Monetary ltem
1ranslationLifferenoeAooountasonMaroh31,2013.1hisamountistobeamortisedovertheperiodofthe
monetaryassets/liabilities.
4.10 Luringtheyear,theCorporationraised`N|(Previousear`1000orores)throughissueofLong1ermunseoured
Redeemable Non-Convertible Lebentures (subordinated debt). As at Maroh 31, 2013, the Corporations
outstanding subordinated debt is ` 3,415 crores (Previous ear ` 3,475 orores). 1hese debentures are
subordinated to present and future senior indebtedness of the Corporation and qualites as 1ier ll oapital
underNationalPousingBank(NPB)guidelinesforassessingoapitaladequaoy.Basedonthebalanoeterm
tomaturityasatMaroh31,2013,85.90%(Previousear91.51)ofthebookvalueofthesubordinateddebt
isoonsideredas1ierlloapitalforthepurposeofoapitaladequaoyoomputation.
71
4.11 1ermsofredemptonofbondsanddebenturesandforrepaymenttermsofterm|oans:
A) ondsandUebentures
Previous ear tgures are in (braokets)
ìnCrores
onds&Uebentures-5ecured
Maturtes- 1-3years 3-5years >5years 101AL
PatesofInterest
6.03-8 2,830.60 800.00 - 3,630.60
(2,383.30) (1,380.60) (500.00) (4,263.90)
8.01-10 20,000.00 13,555.00 9,335.00 42,890.00
(7,345.00) (7,260.00) (10,245.00) (24,850.00)
10.01-11.95 - 2,205.00 4,200.00 6,405.00
- (1,085.00) (5,320.00) (6,405.00)
Lero Coupon 450.00 2,490.00 - 2,940.00
(1,900.00) (2,630.00) - (4,530.00)
variableRate
-Linkedto03eo 116.00 12.30 34.20 162.50
(10.25) (116.75) (40.50) (167.50)
101AL-5LUUPLU A 23,396.60 19,062.30 13,569.20 56,028.10
A (11,638.55) (12,472.35) (16,105.50) (40,216.40)
onds&Uebentures-Unsecured
Maturtes 1-3years 3-5years >5years 101AL
PatesofInterest
7.62-9.5 500.00 415.00 2,500.00 3,415.00
- (975.00) (2,500.00) (3,475.00)
101AL-UN5LUUPLU 500.00 415.00 2,500.00 3,415.00
B - (975.00) (2,500.00) (3,475.00)
101AL-(5LUUPLU&UN5LUUPLU) A+ 23,896.60 19,531.30 16,069.20 59,503.10
A+B (11,638.55) (13,447.35) (18,605.50) (43,691.40)
72
) 1ermLoansfromanks
ìnCrores
1ermLoansfromanks-5ecured
PatesofInterest
1ermLoansfrom3oheduledBanks-Rupee
7.01-9 323.00 - - 323.00
(557.00) (323.00) - (880.00)
9.01-10.75 1,032.00 2,400.00 1,100.00 4,532.00
(2,755.00) (1,000.00) (4,000.00) (7,755.00)
1ermLoansfrom5chedu|edanks
-IoregnUurrency
u3LLlB0R+450bpsto600bps - - - -
(215.17) - - (215.17)
101AL-5LUUPLU A 1,355.00 2,400.00 1,100.00 4,855.00
A (3,527.17) (1,323.00) (4,000.00) (8,850.17)
1ermLoansfromanks-Unsecured
PatesofInterest
10.50 - - - -
(650.00) - - (650.00)
1ermLoansfrom3oheduledBanks
-loreignCurrenoy
u3LLlB0R+325bps - 599.30 - 599.30
(111.00) (572.00) - (683.00)
101ALUN5LUUPLU - 599.30 - 599.30
B (761.00) (572.00) - (1,333.00)
101AL(5LUUPLU&UN5LUUPLU) A+ 1,355.00 2,999.30 1,100.00 5,454.30
A+B (4,288.17) (1,895.00) (4,000.00) (10,183.17)
73
U) 1erm|oansfromotherPartes
ìnCrores
1ermLoansfrom0therpartes-5ecured
PatesofInterest
AsianLevelopmentBank
u3LLlB0R+40bps 11.86 13.42 36.94 62.22
(10.47) (11.83) (41.15) (63.45)
variablelinkedtoBankPLR 21.93 24.80 68.30 115.03
(20.62) (23.32) (81.08) (125.02)
variablelinkedto03eo 18.91 21.45 59.08 99.50
(17.84) (20.17) (70.13) (108.14)
Kreditanstaltfrwiederaufbau
1.70 10.65 - - 10.65
(20.70) - - (20.70)
NationalPousingBank
6-8 202.14 114.20 61.22 431.56
(169.15) (125.01) (50.69) (344.85)
8.01-10 348.21 112.24 80.14 540.59
(226.29) (78.80) - (305.09)
10.01-10.20 93.89 - - 93.89
(405.57) - - (405.57)
101AL5LUUPLU A 101.65 346.11 305.68 1,359.44
A (870.64) (259.13) (243.05) (1,372.82)
1ermLoansfrom0therpartes-Unsecured
PatesofInterest
6 31.14 3.00 - 34.14
(21.70) (17.44) - (39.14)
101ALUN5LUUPLU 31.14 3.00 - 34.14
B (21.70) (17.44) - (39.14)
101AL(5LUUPLU&UN5LUUPLU) A+ 138.19 349.11 305.68 1,393.58
A+B (892.34) (276.57) (243.05) (1,411.96)
74
5. 01PLPL0NU1LPMLIAILI1IL5
Partcu|ars Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
Amounts payable on swaps [Refer Note 4.7] 486.08 459.60
lnterest aoorued but not due on borrowings 941.42 518.81
3eourityandotherdepositsreoeived 13.11 12.76
lnoomereoeivedinadvanoe 29.35 22.04
AooruedRedemptionLossonlnvestments 19.21 25.16
1ota| 1,495.23 1,038.37
6. L0NU1LPMPP0vI5I0N5
Partcu|ars Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
Provision for Lmployee Benetts [Refer Note 27.3] 33.98 28.65
ProvisionforContingenoies[ReferNotes6.1&6.2] 1,265.24 1,218.09
ProvisionforpremiumpayableonredemptionofLebentures 315.34 255.70
1ota| 1,614.56 1,502.44
6.1 ProvisionforContingenoiesinoludesprovisionsforstandardassetsandallotheroontingenoies.AsperNational
PousingBankCiroularNo.NPB/PlC/LlR.3/CML/2011datedAugust5,2011,andNPB/PlC/LlR.4/CML/2012
dated 1anuary 19, 2012, in addition to provision for non-performing assets, all housing tnanoe oompanies
are required to oarry a general provision. (i) at the rate of 2 on housing loans disbursed at oomparatively
lower rate of interest in the initial few years, after whioh rates are reset at higher rates, (ii) at the rate of 1 of
3tandardAssetsinrespeotofCommeroialRealLstatesand(iii)attherateof0.40ofthetotaloutstanding
amount of loans whioh are 3tandard Assets other than (i) & (ii) above.
Aooordingly, the Corporation is required to oarry a minimum provision of ` 1,119.48 crores (Previous ear
` 1,075.82 orores) towards standard assets.
6.2 MovementinProvisionforContingenoiesAooountduringtheyearisasunder:[ReferNote32.2]
ìnCrores
Partcu|ars UurrentYear PrevousYear
0peningBalanoe 1,218.09 803.94
Additionsduringtheyear[ReferNote3.2] 54.24 439.36
utilised during the year - towards Liminution in value of lnvestments
[ReferNote30.2]
(1.09) (25.21)
ClosingBalanoe 1,265.24 1,218.09
75
1. 5P0P1-1LPM0PP0WINU5
Partcu|ars Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
Loansrepayableondemand:
- lromBanks-unseoured 259.21 4.94
Leposits-unseoured[ReferNote7.2] 5,655.51 2,031.53
0therLoansandAdvanoes:
- 3oheduledBanks-3eoured 3,285.00 14,325.00
- NationalPousingBank-3eoured 36.85 134.77
- CommeroialPapers-unseoured 9,550.00 4,650.00
12,811.85 19,109.77
1ota| 18,186.69 21,146.24
7.1 3eoured short term borrowing are seoured by negative lien on the assets of the Corporation.
7.2 Lepositsinoludes`21.53crores(Previousear`249.17orores)duefromrelatedparties[ReferNote35].
8. 1PAULPAYALL5
Partcu|ars Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
Amounts payable on swaps [Refer Note 4.7] 33.91 154.83
0thers 26.89 23.89
1ota| 60.80 178.72
8.1 1radePayablesinolude`N|(Previousear`Nil)payableto3uppliersregisteredundertheMioro,3malland
Medium Lnterprises Levelopment Aot, 2006. No interest has been paid/payable by the Corporation during
theyeartothe3uppliersooveredundertheMioro,3mallandMediumLnterprisesLevelopmentAot,2006.
1he above information takes into aooount only those suppliers who have responded to inquiries made by the
Corporationforthispurpose.
8.2 1radePayablesinolude`N|(Previousear`0.09orores)beingamountpayabletoPLlCProvidentlund1rust
towards detoienoy in the fund aooount.
8.3 Asrequiredunder3eotion205CoftheCompaniesAot,1956,theCorporationhastransferred`1.11crores
(Previous ear ` 0.79 orores) to the lnvestor Lduoation and Proteotion lund (lLPl) during the year. As of
Maroh31,2013,noamount was due for transfer to the lLPl.
76
9. 01PLPUUPPLN1LIAILI1IL5
Partcu|ars
`nUrores
Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
Current maturities of long-term borrowings 50,036.41 43,143.52
lnterest aoorued but not due on borrowings 4,254.18 2,825.95
lnterestaooruedanddueonmatureddeposits 33.10 27.36
lnoomeandotheramountsreoeivedinadvanoe 223.12 168.62
unolaimeddividend 11.61 9.68
unolaimedmatureddepositsandinterestaooruedthereon 310.11 276.50
0therpayab|es
-3tatutoryRemittanoes 113.86 67.47
-0rantsreoeivedfromKreditanstaltfr
wiederaufbau
164.18 140.90
-Amountspayable-3eouritisedLoans 449.39 458.11
-Amountspayableto0ratuitylund 6.34 2.96
- Amounts payable lnterest Rate 3waps 68.11 78.70
-Aooruedredemptionlossonlnvestments 9.40 3.31
-0thers 24.80 25.24
5,129.46 4,084.80
1ota| 55,165.81 47,228.32
9.1 Current maturities of Long term borrowings are further sub-olassited as under:
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
Uurrentmaturtesof|ong-termborrowngs-5ecured
(i) BondsandLebentures
-Bonds 5.00 4.70
-NonConvertibleLebentures 20,013.30 13,792.00
(ii) 1ermLoansfromanks
-3oheduledBanks 4,885.24 11,851.95
- 3hort 1erm loreign Currenoy Borrowing [Refer Note 4.5] - 831.00
(iii) 1ermLoansfromotherpartes
-AsianLevelopmentBank 24.05 22.30
-Kreditanstaltfrwiederaufbau 10.65 10.35
-NationalPousingBank 369.14 438.50
1ota|5ecured: 25,301.38 26,950.80
Uurrentmaturtesof|ong-termborrowngs-Unsecured
(i) 3oheduledBanks 2,100.81 1,480.63
(ii) 1ermLoansfromotherparties - -
-underalinefromKreditanstaltfrwiederaufbau 5.00 2.03
(iii) Ueposts[ReferNote7.2] 22,623.22 14,710.06
1ota|Unsecured: 24,129.03 16,192.72
1ota| 50,036.41 43,143.52
77
9.2 Current maturities of long term borrowings are seoured by negative lien on all assets of the Corporation and
mortgageofproperty.
9.3 CurrentmaturitiesofNon-ConvertibleLebenturesinoludes`95.00crores(Previousear`25.00orores)and
Lepositsinoludes`2.69crores(Previousear`2.98orores)fromrelatedparties[ReferNote35].
10. 5P0P1-1LPMPP0vI5I0N5
Partcu|ars March31,2013
`nUrores
Maroh31,2012
ìnCrores
Provision for Lmployee benetts [Refer Note 27.3] 16.01 64.25
Provisionfor1ax(NetofAdvanoe1ax) 62.53 60.66
ProposedLividend 1,932.93 1,624.67
Additional1axonLividend 328.50 263.56
1ota| 2,802.59 2,570.53
11. 1ANUILLA55L15
ìnCrores
UP055L0UK ULPPLUIA1I0NANUAM0P1I5A1I0N NL1L0UK
Asat
Maroh31,
2012 Additions Leduotions
Asat
March31,
2013
Asat
Maroh31
2012
lor
theear Leduotions
Asat
March31,
2013
Asat
March31
2013
Asat
Maroh31,
2012
Land:
-lreehold 15.70 - - 15.10 - - - - 15.10 15.70
-Leasehold 3.45 - - 3.45 0.57 0.04 - 0.61 2.84 2.88
Buildings:
- 0wn use 211.07 0.05 0.04 211.08 39.02 3.44 0.02 42.44 168.64 172.05
-Leaseholdlmprovements 13.39 3.16 0.52 16.03 9.12 2.03 0.47 10.68 5.35 4.27
Computer Pardware 56.68 6.26 1.71 61.23 47.64 5.85 1.70 51.19 9.44 9.04
lurnitureandlittings:
- 0wn use 49.18 3.84 0.40 52.62 39.48 3.02 0.35 42.15 10.41 9.70
-under0peratingLease 0.71 - - 0.11 0.60 0.02 - 0.62 0.09 0.11
0ftoe Lquipment eto.:
- 0wn use 42.86 4.45 0.95 46.36 28.28 2.85 0.71 30.42 15.94 14.58
-under0peratingLease 0.79 - - 0.19 0.63 0.02 - 0.65 0.14 0.16
vehioles:
- 0wned 10.32 2.19 1.39 11.12 6.33 1.52 1.08 6.11 4.35 3.99
LeasedAssets:
-Plant&Maohinery 129.18 - - 129.18 129.18 - - 129.18 - -
-vehioles 16.37 - - 16.31 16.37 - - 16.31 - -
1ota| 549.70 19.95 5.01 564.64 317.22 18.79 4.33 331.68 232.96 232.48
Previousear 542.02 18.55 10.87 549.70 310.17 17.13 10.08 317.22 232.48 231.85
Assetsheldfordisposal
Notes:
1) Buildings inolude ` 0.01 crore (Previous ear ` 0.01 orore) being the oost of shares in Co-operative
Pousing3ooietiesandLimitedCompanies.
2) Lepreoiation oharge for the tnanoial year, exoludes `2.42crores(Previousear`2.42orores)being
depreoiationohargeoninvestmentinProperties.
78
12. IN1ANUILLA55L15:
ìnCrores
Asat
Maroh31,
2012 Additions Leduotions
Asat
March31,
2013
Asat
Maroh31
2012
lor
theear Leduotions
Asat
March31,
2013
Asat
March31,
2013
Asat
Maroh31,
2012
Computer 3oftware 5.88 5.89 - 11.11 4.41 2.38 - 6.19 4.98 1.47
Previousear 5.52 0.36 - 5.88 3.42 0.99 - 4.41 1.41 2.10
13. N0N-UUPPLN1INvL51MLN15(AtUost)
Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
1radeInvestments:
Lquity3hares-3ubsidiariesandAssooiateCompanies 8,211.10 8,181.42
Preferenoe3hares-Convertible-3ubsidiaryCompany 85.00 65.00
Lebentures-Redeemable-3ubsidiaryCompany 30.00 -
Lebentures-Convertible-AssooiateCompany - 2.00
venturelunds 116.80 627.22
Non1radeInvestments:
Lquity3hares 112.01 877.44
Preferenoe3hares-Convertible 0.50 0.50
Preferenoe3hares-CumulativeRedeemable 5.99 5.99
LebenturesandBonds-Redeemable-forlinanoingRealLstateProjeots 163.33 163.33
LebenturesandBonds-Redeemable-0thers 59.98 53.98
Pass 1hrough Certitoates and 3eourity Reoeipts - for linanoing Real Lstate Projeots 48.11 56.72
3eourityReoeipts-0thers 22.28 15.15
0overnment3eourities 2,162.58 1,751.14
Mutuallunds 5.00 20.00
venturelunds 110.80 100.33
Properties[NetofLepreoiationof`15.86crores
(Previousear`13.48orores)] 141.54 144.18
12,602.34 12,064.40
Less:ProvisionforLiminutioninvalueoflnvestments 10.48 52.84
12,531.86 12,011.56
79
ookva|ue
`nUrores
Marketva|ue
`nUrores
AggregateofuotedInvestments 5,982.39 21,365.06
Previousear 6,093.72 22,768.95
AggregateofInvestments|stedbutnotquoted 2,925.91
Previousear 1,914.46
AggregateofInvestmentsnUnquotedMutua|Iunds
(PeferNote2be|ow)
5.00 5.02
Previousear 17.00 16.52
AggregateofUnquotedInvestments(0thers) 3,411.02
Propertes 141.54
Previousear 144.18
12,531.86
1radeInvestments
Number
of
3hares
laoe
value
per
3hare
`
Asat
March31,
2013
`nUrores
Number
of
3hares
laoe
value
per
3hare
`
Asat
Maroh31,
2012
ìnCrores
Lquty5hares-5ubsdaresandAssocateUompanes
(fu||ypad)
5ubsdares
Credilalinanoial3ervioesPvt.Ltd. 1,89,38,670 10 22.91 1,89,38,670 10 22.97
0RuPlinanoeLtd. 10,65,38,925 2 60.14 2,13,07,785 10 60.74
PLlCAssetManagementCo.Ltd. 1,50,96,600 10 235.88 1,50,96,600 10 235.88
PLlCLevelopersLtd. 50,000 10 0.05 50,000 10 0.05
PLlCLduoationandLevelopment3ervioesPvt.Ltd. 51,00,000 10 5.10 31,00,000 10 3.10
PLlCLR000enerallnsuranoeCo.Ltd. 39,06,40,750 10 591.30 38,70,20,000 10 574.73
PLlCPoldingsLtd. 18,00,070 10 102.40 18,00,070 10 102.40
PLlClnvestmentsLtd. 2,66,70,500 10 66.15 2,66,70,500 10 66.15
PLlCPropertyventuresLtd. 10,00,000 10 1.00 10,00,000 10 1.00
PLlCRealtyLtd. 77,50,070 10 1.31 57,50,070 10 5.31
PLlC3alesPvt.Ltd. 40,10,000 10 4.02 40,10,000 10 4.02
PLlC3tandardLifelnsuranoeCo.Ltd. 144,37,33,842 10 1,545.64 144,37,33,842 10 1,545.64
PLlC1rusteeCo.Ltd. 1,00,000 10 0.10 1,00,000 10 0.10
PLlCventureCapitalLtd. 4,02,500 10 0.40 4,02,500 10 0.40
PLlCventures1rusteeCo.Ltd. 50,000 10 0.05 50,000 10 0.05
P1Parekhloundation 1,00,09,990 10 10.01 -
2,659.12 2,622.54
80
Number
of
3hares
laoe
value
per
3hare
`
Asat
March31,
2013
`nUrores
Number
of
3hares
laoe
value
per
3hare
`
Asat
Maroh31,
2012
ìnCrores
AssocateUompanes
PLlCBankLtd. 39,32,11,100 2 5,549.14 39,32,11,100 2 5,549.74
lPlonlineLtd. 3,79,860 10 6.31 3,79,860 10 6.31
lndiavaluelundAdvisorsPvt.Ltd. 9,75,002 4 0.03 9,75,002 4 0.03
lndianAssooiationfor3avingsandCredit - - - 2,99,930 10 0.30
Rural3horesBusiness3ervioesPvt.Ltd. 4,76,351 10 2.50 4,76,351 10 2.50
5,558.58 5,558.88
8,211.10 8,181.42
listedshares
Preference5hares-Uonvertb|e-5ubsdaryUompany
(fu||ypad)
0.01 Credilalinanoial3ervioesPvt.Ltd. 4,99,99,972 10 50.00 2,99,99,992 10 30.00
(CompulsorilylullyConvertiblePreferenoe3hares)
0.01 Credilalinanoial3ervioesPvt.Ltd. 3,49,99,984 10 35.00 3,49,99,984 10 35.00
(0ptionallylullyConvertiblePreferenoe3hares)
85.00 65.00
Number
of
Lebentures/
Bonds
laoe
valueper
Lebenture/
Bond
(`)
Asat
March31,
2013
`nUrores
Number
of
Lebentures/
Bonds
laoe
valueper
Lebenture/
Bond
(`)
Asat
Maroh31,
2012
ìnCrores
Uebentures-Pedeemab|e-5ubsdaryUompany
(fu||ypad)
12.75 Credilalinanoial3ervioesPvt.Ltd. 100 10,00,000 10.00 - - -
30.00 -
Uebentures-Uonvertb|e-AssocateUompany
-Pedeemab|e(fu||ypad)
6.50 lndianAssooiationfor3avings
andCredit(Compulsorilylully
ConvertibleLebentures) - - - 20,00,000 10 2.00
- 2.00
Asat
March31,
2013
`nUrores
Asat
Maroh31,
2012
ìnCrores
ventureIunds
PLlClnvestment1rust 116.80 176.80
PLlCPropertylund-3ohemel1Corridorlund - 450.42
116.80 627.22
81
Non-1radeInvestments
Number
of
3hares
laoe
value
per
3hare
`
Asat
March31,
2013
`nUrores
Number
of
3hares
laoe
value
per
3hare
`
Asat
Maroh31,
2012
ìnCrores
Lquty5hares(fu||ypad)
Un|sted:
ALCCementsandConstruotionsLtd. 2,80,000 10 0.28 2,80,000 10 0.28
Avantha Power & lnfrastruoture Ltd. 1,45,35,188 10 45.001,40,62,500 10 45.00
AssetReoonstruotionCo.(lndia)Ltd. 75,41,137 10 46.31 75,41,137 10 46.37
CareerLaunoherLduoationlnfrastruoture&3ervioesLtd. 9,38,028 10 21.18 9,38,028 10 21.18
ComputerAgeManagement3ervioesPvt.Ltd. 73,57,080 10 2.05 73,57,080 10 2.05
CreditlnformationBureau(lndia)Ltd. 12,50,000 10 1.25 12,50,000 10 1.25
leedbaokventuresPvt.Ltd. 18,10,515 10 8.91 18,10,515 10 8.97
0vlLLtd. 1,50,000 10 0.21 1,50,000 10 0.27
ldhasoftLtd. 4,71,06,525 1 8.21 4,71,06,525 1 8.21
lNCABlndustriesLtd. 76,188 10 0.23 76,188 10 0.23
lnfrastruotureLevelopmentCorporation(Karnataka)Ltd. 1,50,000 10 0.15 1,50,000 10 0.15
lnfrastruotureLeasing&linanoial3ervioesLtd. 1,15,87,194 10 18.11 1,23,87,194 10 83.50
lvlAdvisorsPvt.Ltd. 2,000 10 0.01 2,000 10 0.01
Kesoram1extileMillsLtd. 22,258 2 22,258 2
(reoeivedondemergerin1999-2000)
MahindralirstChoioewheelsLtd. 31,82,000 10 4.84 31,82,000 10 4.84
MlLLe-3eourityPvt.Ltd. 1,11,112 10 4.11 1,11,112 10 4.11
National3tookLxohangeoflndiaLtd. 73,750 10 21.45 73,750 10 21.45
Next0enPublishingLtd. 19,35,911 10 1.10 19,35,911 10 1.70
NovaoelLife3oienoesLtd. 7,50,000 10 0.15 7,50,000 10 0.75
New lndia Co-operative Bank Ltd. 250 10 0.00 250 10 0.00
0CMlndiaLtd. 22,56,295 10 3.41 22,56,295 10 3.41
PPN Power 0enerating Co. Pvt. Ltd. 34,25,953 100 35.31 34,25,953 100 35.37
1amilNaduurbanlnfrastruoturelinanoial3ervioesLtd. 1,50,000 10 0.15 1,50,000 10 0.15
1amilNaduurbanlnfrastruoture1rusteeCo.Ltd. 15,000 10 0.02 15,000 10 0.02
1he0reaterBombayCo-operativeBankLtd. 40 25 0.00 40 25 0.00
1heRatnakarBankLtd. 88,04,680 10 58.99 88,04,680 10 58.99
1v3Credit3ervioesLtd. 50,00,000 10 10.00 50,00,000 10 10.00
value&BudgetPousingCorporation(lndia)Pvt.Ltd. 6,52,674 10 20.95 6,52,674 10 20.95
vayanaLnterprisesPvt.Ltd. 10,44,776 10 3.41 10,44,776 10 3.47
311.29 382.68
Lsted:
AxisBankLtd. 92,000 10 11.61 92,000 10 11.61
AndhraCementsLtd. 2,59,57,055 10 49.82 2,59,57,055 10 49.82
BA3llndiaLtd. 1,89,635 10 12.14
82
Number
of
3hares
laoe
value
per
3hare
`
Asat
March31,
2013
`nUrores
Number
of
3hares
laoe
value
per
3hare
`
Asat
Maroh31,
2012
ìnCrores
BajajAutoLtd. 21,000 10 2.95
BharatBijleeLtd. 1,22,480 10 2.65 1,22,480 10 2.65
BharatPeavyLleotrioalsLtd. 7,41,930 2 16.22
CreditAnalysisandResearohLtd. 2,422 10 0.18 - - -
CastrollndiaLtd. 2,71,970 10 4.69 1,35,985 10 4.69
Chambal lertilizers & Chemioals Ltd. 13,30,831 10 2.02
CoromandellnternationalLtd. 2,69,330 2 2,69,330 2 -
(reoeivedunder3ohemeofArrangementin2003-04)
Crompton0reavesLtd. 1,68,750 2 4.21 1,68,750 2 4.27
LevelopmentCreditBankLtd. 40,47,926 10 16.89 40,47,926 10 16.89
LngineerslndiaLtd. 3,11,992 5 10.86 3,11,992 5 10.86
0laxo3mithKlineConsumerPealthoareLtd. 17,902 10 4.21
0rasimlndustriesLtd. 35,000 10 10.86 - - -
Pindustan0ilLxplorationCo.Ltd. 1,48,26,303 10 105.501,48,26,303 10 105.50
lndian0ilCorporationLtd. 1,51,000 10 4.94 1,51,000 10 4.94
lndraprasthaMedioalCorporationLtd. 90,00,000 10 38.65 90,00,000 10 38.65
lnfosys1eohnologiesLtd. 33,000 5 9.69 33,000 5 9.69
lLlC Ltd. (Lrstwhile lnfrastruoture Levelopment
linanoeCo.Ltd.) 1,70,00,000 10 11.002,00,00,000 10 20.00
l1CLtd. 2,51,000 1 4.01 5,51,000 1 8.94
Larsen&1oubroLtd. 2,90,000 2 23.44
Mahindra&MahindraLtd. 3,15,000 5 5.81 15,10,000 5 28.15
NestlelndiaLtd. 8,200 10 3.49 8,200 10 3.49
NirlonLtd. 9,09,000 10 5.00 9,09,000 10 5.00
NMLCLtd. 1,66,660 1 5.00 1,66,660 1 5.00
0il&Natural0asCorporationLtd. 2,10,000 5 6.91 2,10,000 5 6.97
RelianoelndustriesLtd. 1,41,169 10 14.36 1,41,169 10 14.36
Rural Lleotritoation Corporation Ltd. 2,62,994 10 5.35
3hippingCorporationoflndiaLtd. 1,28,439 10 1.80 1,28,439 10 1.80
3iemensLtd. 10,43,100 2 36.83 12,43,100 2 43.88
3tateBankoflndia 15,000 10 3.15 1,50,842 10 13.70
1ataConsultanoy3ervioesLtd. 1,27,995 1 5.63
1ata3teelLtd. 1,36,448 10 1.90 1,36,448 10 7.90
1ataMotorsLtd.-LvR 7,90,550 2 9.80
1he0reatLastern3hippingCo.Ltd. 6,40,000 10 2.48
wiproLtd. 1,01,910 2 3.90
394.19 494.76
112.08 877.44
Amountlessthan`50,000
83
Number
of
3hares
laoe
value
per
3hare
`
Asat
March31,
2013
`nUrores
Number
of
3hares
laoe
value
per
3hare
`
Asat
Maroh31,
2012
ìnCrores
Preference5hares-Uonvertb|e-(fu||ypad)
0.02 Liqitza Pealthoare Ltd.
(CompulsorilylullyConvertible
Preferenoe3hares) 2,350 10 0.50 2,350 10 0.50
0.50 0.50
Preference5hares-Uumu|atvePedeemab|e
(fu||ypad)
0.001BPLLtd. 5,99,014 100 5.99 5,99,014 100 5.99
5.99 5.99
Number
of
Lebentures/
Bonds
laoe
value
per
Lebenture/
Bond
(`)
Asat
March31,
2013
`nUrores
Number
of
Lebentures/
Bonds
laoe
value
per
Lebenture/
Bond
(`)
Asat
Maroh31,
2012
ìnCrores
Uebenturesandonds-Pedeemab|e
- for nancng Pea| Lstate Pro[ects (fu||y pad)
- 2eroUoupononds
- LstedUnquoted
NPB 3umeru Lero Coupon Bonds
(Refer Note 3 below) (yield to maturity - 9) 1,50,000 10,000 63.33 1,50,000 10,000 63.33
1rentLtd.(yieldtomaturity-10) 1,000 10,00,000 100.00 1,000 10,00,000 100.00
163.33 163.33
Uebenturesandonds-Pedeemab|e-
0thers(fu||ypad)
Un|sted
-0thers
5.64MandavaPoldingsPrivateLimited
(yieldtomaturity-14.10) 8 5,00,00,000 39.98 8 5,00,00,000 39.98
3 leedbaoklnfrastruoture3ervioes
Pvt.Ltd.(yieldtomaturity-13) 2,00,000 1,000 20.00 1,40,000 1,000 14.00
59.98 53.98
84
Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
Pass 1hrough Uertcates & 5ecurty Pecepts
- for nancng Pea| Lstate Pro[ects
Pass 1hrough Certitoates 28.80 36.75
3eourityReoeipts 19.91 19.97
48.11 56.72
-0thers
3eourityReoeipts 22.28 15.15
22.28 15.15
Uovernment5ecurtes
0overnmentoflndiaLoans 2,162.58 1,751.14
5chemesofMutua|Iunds
AxisMutuallund 0.00 2.00
L3PBlaokrookMutuallund 0.00 5.00
RelianoeMutuallund 0.00 5.00
M50Lxohange1radedlund 0.00 3.00
PLlCMutuallund 5.00 5.00
5.00 20.00
ventureIunds
laeringCapitallndiaLvolvinglund 11.54 7.20
0ajaCapitallndialund 8.10 6.10
PLlCPropertylund-3ohemePLlClndiaRealLstatelund 31.90 40.60
lndiavaluelund 38.85 36.23
lndiaventure1rust 4.85 4.85
Kaizen 1rust 4.50 1.50
1ata Capital 0rowth lund 5.06 3.85
110.80 100.33
Notes:
1) unquotedinvestmentsinolude`14.03crores(Previousear` 22.20 orores) in respeot of equity shares, whioh
aresubjeottoalook-inperiodandinolude`20.95crores(Previousear`20.95orores)inrespeotofequity
shares, whioh are subjeot to restriotive oovenant. uoted investments inolude `N|(Previousear`4,013.97
orores) in respeot of equity shares whioh are subjeot to a look-in period and inolude `60.14orores(Previous
ear` 60.74 orores) in respeot of equity shares, whioh are subjeot to restriotive oovenant.
2) Market value of lnvestments in unquoted Mutual lunds represents the repurohase prioe of the units issued
bytheMutuallunds.
3) NPB 3umero Lero Coupon Bonds are held as Capital Assets under 3eotion 2(48) of the lnoome 1ax Aot, 1961.
14. ULILPPLU1AXA55L1
ln oomplianoe with the Aooounting 3tandard relating to 'Aooounting for 1axes on lnoome' (A3 22), notited by the
Companies(Aooounting3tandards)Rules,2006,theCorporationhastakenoreditof`3.18crores(Previous
ear` 12 orores) in the 3tatement of Prott and Loss for the year ended Maroh 31, 2013 towards deferred tax
asset (net) for the year, arising on aooount of timing differenoes and ` NIL. (Previous ear ` 168.07 orores)
hasbeenadjustedagainsttheutilisationfromAdditionalReserveu/s29CasperNoteno.3.2.
85
1hemajoroomponentsofdeferredtaxassetsandliabilitiesare:
ìnCrores
Partcu|ars Assets Lab|tes
UurrentYear Previousear UurrentYear Previousear
a)Lepreoiation 49.82 49.44
b)ProvisionforContingenoies 630.61 572.41
o) Provision for Lmployee Benetts 26.12 20.42
d)AooruedRedemptionLoss(net) 9.14 9.23
e)0thers(net) 14.61 75.58
1ota| 681.20 677.64 49.82 49.44
NetLeferred1axAsset 631.38 628.20
15. L0NU-1LPML0AN5ANUAUvANUL5
`nUrores
Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
Loans:[ReferNotes15.3,15.4and15.5]
3eoured:
- lndividuals 1,04,820.04 83,670.99
- CorporateBodies 46,031.06 40,842.98
- 0thers 1,249.10 1,471.57
1,52,106.20 1,25,985.54
Less:ProvisionforNon-performingloans[ReferNote6.1
and15.7](inoludingadditionalprovisionmadebythe
Corporation) (415.33) (452.89)
1,51,630.81 1,25,532.65
0thers:
CorporateLeposits[ReferNotes15.2&15.6] - 647.70
CapitalAdvanoes-unseoured,oonsideredgood 11.45 4.30
3eourityLeposits-unseoured,oonsideredgood 166.98 162.10
lnstalments due from borrowers - 3eoured, oonsidered good 19.11 73.77
0therLong-termLoansandAdvanoes:
-3taffLoans0thers-3eoured,oonsideredgood
(ReferNote15.1)
14.15 10.99
-PrepaidLxpenses-unseoured,oonsideredgood 112.14 106.98
-Advanoe1ax(NetofProvision) 1,433.01 961.42
1,811.56 1,967.26
1ota| 1,53,448.43 1,27,499.91
86
15.1 Loansinoludesamountsduefromthedireotors`0.15crores(Previousear`0.17orores)[ReferNote35].
15.2 lnvestments in Lebentures, Pass 1hrough Certitoates, 3eourity Reoeipts and Corporate Leposits amounting to
`212.10crores(Previousear` 865.05 orores) are towards tnanoing Real Lstate Projeots. 1he Lebentures,
Pass 1hrough Certitoates and 3eourity Reoeipts are reteoted in Note 13.
15.3 LoansgrantedbytheCorporationaggregatingto`1,50,256.20 crores(Previousear`1,24,368.87orores)
areseouredorpartlyseouredby:
(a) Lquitablemortgageofpropertyand/or
(b) Pledgeofshares,units,otherseourities,assignmentoflifeinsuranoepolioiesand/or
(o) Pypotheoationofassetsand/or
(d) Bankguarantees,oompanyguaranteesorpersonalguaranteesand/or
(e) Negativelienand/or
(f) Assignmentofhirepurohasereoeivablesand/or
(g) undertakingtooreateaseourity.
15.4 Loansinolude`21.99crores(Previousear`34.78orores)inrespeotofpropertiesheldfordisposalunder
3eouritisationandReoonstruotionoflinanoialAssetsandLnforoementof3eouritylnterestAot,2002.
15.5 Longtermloansandadvanoesinoludesnon-performingloansof`1,198.86crores(Previousear`1,069.13
orores).
15.6 0utoftheCorporateLeposits,amountsaggregatingto`N|(Previousear`645orores)areseoured.
15.7 MovementinProvisionforNon-PerformingLoansisasunder:[Refer32.2]
Partcu|ars Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
utilised during the year - towards Loans written off (16.61) (26.18)
ClosingBalanoe 415.33 452.89
16. 01PLPN0N-UUPPLN1A55L15
Partcu|ars Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
unamortiseddisoountonNon-ConvertibleLebentures 20.22 36.56
Reoeivableson3eouritisedLoans 246.14 122.51
loreignCurrenoyMonetaryltems1ranslationLifferenoeAooount
[ReferNote4.9]
123.28 140.39
lnterestaooruedbutnotdueonLoans 230.20 129.82
lnterestaooruedbutnotdueonBankLeposits 0.01 25.68
lnoomeaooruedbutnotdueonlnvestments 45.13 16.53
AdvanoeagainstlnvestmentinProperties 52.43 54.52
Bank Leposits with maturities beyond twelve months from balanoe sheet date
[ReferNote16.1]
62.34 528.55
1ota| 119.15 1,054.56
16.1 Bank deposits with maturities beyond twelve months inoludes earmarked balanoes `62.23crores(Previous
ear`63.50orores)againstforeignourrenoyloans.
87
11. UUPPLN1INvL51MLN15
Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
Pe|dasUurrentInvestments(Atcostormarketva|uewhchevers|owerun|ess
statedotherwse)
LebenturesandBonds-Redeemable 45.00 144.03
Certitoate of Leposits 522.99 -
UurrentmaturtesofLong1ermInvestments(atcost)
LebenturesandBonds-Redeemable 2.00 -
3eourityReoeipts - 8.55
0overnment3eourities 14.69 28.47
venturelunds&0therlunds 431.06 25.09
1,081.14 206.13
Less:ProvisionforLiminutioninvalueoflnvestments 0.14 10.70
1,081.60 195.44
ookva|ue Marketva|ue
`nUrores `nUrores
AggregateofuotedInvestments 34.86 36.14
AggregateofInvestments|stedbutnotquoted 84.69
Previousear 48.47
AggregateofUnquotedInvestments(0thers) 962.05
Previousear 111.97
1,081.60
Previousear 195.44
Number
of
Lebentures/
Bonds
laoe
valueper
Lebenture/
Bond
(`)
Asat
March31,
2013
`nUrores
Number
of
Lebentures/
Bonds
laoe
valueper
Lebenture/
Bond
(`)
Asat
Maroh31,
2012
ìnCrores
Pe|dascurrentnvestments
Uebenturesandonds-Pedeemab|e(fu||ypad)
-Un|sted
11.50 AndhraCementsLtd. - 35,00,000 100 35.00
0 RelianoelndustriesLtd. - 4,31,617 100 4.32
11.50 LeooanChroniolePoldingsLtd. 500 10,00,000 49.71
-LstedUnquoted
12.00 CholamandalamLB3linanoeLtd. - 100 10,00,000 10.00
11.25 LevelopmentCreditBankLtd. 100 10,00,000 10.00 100 10,00,000 10.00
-Lsteduoted
9.00 CoromandellnternationalLtd.(bonus) 2,69,330 15 - - - -
12.00 MuthootlinanoeLtd. 2,50,000 1,000 25.00 2,50,000 1,000 25.00
12.15 ReligarelinvestLtd. 1,00,000 1,000 10.00 1,00,000 1,000 10.00
1ota| 45.00 144.03
88
Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
Uertcate of Ueposts
3tateBankofBikanerand1aipur(yieldtomaturity-14) 99.58 -
CorporationBank(yieldtomaturity-14) 248.95 -
KotakMahindraBankLtd.(yieldtomaturity-14) 114.46
522.99 -
Number
of
Lebentures/
Bonds
laoe
valueper
Lebenture/
Bond
(`)
Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
UurrentmaturtesofLong1ermInvestments
Uebenturesandonds-Pedeemab|e(fu||ypad)
6.50lndianAssooiationfor3avingsandCredit 20,00,000 10 2.00 -
2.00 -
Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
5ecurtyPecepts - 8.55
- 8.55
Uovernment5ecurtes
0overnmentoflndiaLoans 14.69 28.47
ventureIundsand0therIunds
lndiavaluelund 11.06 8.37
1amilNaduurbanLevelopmentlund 16.12 16.72
PLlCPropertylund-3ohemePLlCl1Corridorlund 409.28 -
431.06 25.09
18. 1PAULPLULIvALL5
Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
1radeReoeivables-unseoured,Considered0ood,lessthansixmonths 1.32 60.21
1ota| 1.32 60.21
89
19. UA5PANUANKALANUL5
Partcu|ars Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
(a) Cashandoashequivalents
(i) Balanoes with banks:
lnCurrentAooounts 186.20 964.99
ln Leposit aooounts with original maturity less than 3 months 2,500.00 1,500.00
(ii) Balanoes with Reserve Bank of lndia - 0.06
(iii) Cashonhand 0.88 0.47
(iv) Chequesonhand 36.91 33.88
3,324.05 2,499.40
(b) 0therBankbalanoes
(i) Larmarked balanoes with banks - unolaimed dividend aooount 11.61 9.68
(ii) 0ther-AgainstloreignCurrenoyLoans[ReferNote4.4] 5.41 4.76
(iii)3hort-termbankdeposits 2,410.01 2,959.01
1ota| 5,151.14 5,472.85
20. 5P0P1-1LPML0AN5ANUAUvANUL5
Partcu|ars
`nUrores
Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
Loans:[ReferNote20.1]
Currentmaturitiesoflong-termloansandadvanoes 11,939.91 14,889.04
0thers:
Currentmaturitiesof3taffLoansothers-3eoured,
Consideredgood 3.54 2.83
CorporateLeposits[ReferNotes20.2,20.3&20.5] 1,688.12 2,662.54
lnstalments due from borrowers - 3eoured, Considered
good 106.11 439.46
0therAdvanoes-unseoured,Consideredgood[Refer
Note20.4] 56.80 1,884.43
3eourityLeposits-unseoured,Consideredgood 6.12 8.89
0thers-unseouredoonsidereddoubtful 49.11 -
2,511.60 4,998.15
Less:ProvisionforLoubtfulReoeivables
[ReferNotes3.2&32.2] 51.11 -
3ub1otal 2,459.89 4,998.15
1ota| 20,399.86 19,887.19
90
20.1 0utofCurrentmaturitiesofLongtermloansandadvanoes,amountsaggregating`16,933.91crores(Previous
ear`13,480.91orores)areseoured[ReferNote15.3].
20.2 0utoftheCorporateLeposits,amountsaggregatingto`1,192.42crores(Previousear`2,101.44orores)
areseouredandamountsaggregatingto`2crores(Previousear`Nil)oonsideredasdoubtful.
20.3 Corporate Leposits inoludes amounts due from the related parties ` 10.00 crores (Previous ear ` 29.10
orores)[ReferNote35].
20.4 0therAdvanoesinoludesamountsduefromtherelatedparties`10.05crores(Previousear`8.86orores)
[ReferNote35].
20.5 Corporate Leposits amounting to ` 834.66 crores (Previous ear ` 2,108.44 orores) are towards tnanoing
RealLstateProjeots.
20.6 Current maturities of staff loans inoludes amounts due from the direotors ` 0.02 crores (Previous ear
`0.02orore)[ReferNote35].
21. 01PLPUUPPLN1A55L15
Partcu|ars Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
[ReferNote4.9] 46.51 65.85
unamortisedLisoountonCommeroialPaper 242.13 116.37
Reoeivableson3eouritisedLoans 18.04 3.47
lnterestaooruedbutnotdueonLoans 160.45 119.44
lnterestaooruedbutnotdueonLeposits 125.93 101.08
Applioationmoney-lnvestments 1.00 -
1ota| 661.41 476.07
22. U0N1INULN1LIAILI1IL5ANUU0MMI1MLN15
22.1 Contingent Liability in respeot of guarantees provided by the Corporation aggregated to ` 203.00 crores
(Previousear`783.95orores).
22.2 Contingent liability in respeot of inoome-tax demands, net of amounts provided for and disputed by the
Corporation,amountsto`818.13crores(Previousear`606.17orores).1hemattersindisputeareunder
appeal. 1he said amount has been paid/adjusted and will be reoeived as refund if the matters are deoided in
favouroftheCorporation.
22.3 Contingent Liability in respeot of oorporate undertakings provided by the Corporation for seouritisation of
reoeivables aggregated to ` 1,939.31 crores (Previous ear ` 1,940.13 orores). 1he outtows would arise
in the event of a shortfall, if any, in the oash tows of the pool of the seouritised reoeivables.
22.4 Contingent Liability in respeot of disputed dues towards sales tax, wealth tax, interest on lease tax and payment
towards employers' oontribution to L3lC not provided for by the Corporation amounts to `0.15crores(Previous
ear`0.15orores).
22.5 Lstimated amount of oontraots remaining to be exeouted on oapital aooount and not provided for (net of
advanoes)is`102.34crores(Previousear`206.70orores).
91
23. PLvLNULIP0M0PLPA1I0N
UurrentYear
`nUrores
Previousear
ìnCrores
InterestIncome:
- lnterestonLoans 18,944.11 15,248.42
- 0therlnterest[ReferNote23.1] 813.06 800.53
- Net0ain/(Loss)onforeignourrenoytransaotionandtranslation 1.18 105.98
lnoomefromLeases 4.26 9.84
Lividends[ReferNote23.2] 480.66 309.66
3urplusfromdeploymentinCashManagement3ohemesofMutuallunds
[ReferNote23.3]
252.34 319.78
leesand0therCharges[ReferNote23.4] 241.34 268.37
1ota| 20,196.95 17,062.58
23.1 a) 0therlnterestinoludeslnterestonlnvestmentsamountingto`328.99crores(Previousear`203.22
orores),inoluding`9.19crores(Previousear`15.29orores)inrespeotofourrentinvestments.
b) 0therlnterestinoludeslnterestonlnoome1axRefund`5.83crores(Previousear`Nil).
23.2 a) Lividend inoome inoludes ` 269.42 crores (Previous ear ` 148.21 orores) reoeived from subsidiary
oompanies.
b) Lividendinoomeinoludes`0.38crores(Previousear`2.40orores)inrespeotofourrentinvestments.
23.3 3urplus from deployment in Cash Management 3ohemes of Mutual lunds amounting to ` 252.34 crores
(Previousear`319.78orores)isinrespeotofinvestmentsheldasourrentinvestments.
23.4 lees and 0ther Charges is net of the amounts paid to Lireot 3elling Agents ` 264.00 crores (Previous ear
`248.54orores).
24. a) Prott on sale of investments inoludes prott of `0.83crores(Previousear`Nil)inrespeotofinvestments
heldasourrentinvestments.
b) Prott on sale of investments inoludes prott of `0.11crores(Previousear`Nil)onaooountofsaleof
sharesoflndianAssooiationfor3avingsandCredit(AssooiateCompany)and`N|(Previousear`0.12
orores)onaooountofsharesboughtbaokbylndiavaluelundAdvisorsPvt.Ltd.(AssooiateCompany).
25. 0therlnoomeinoludesrentof`10.15crores(Previousear` 10.00 orores), of whioh `0.10crores(Previous
ear ` 0.24 orores) is in respeot of rent for oertain assets given on operating lease and also inoludes sub-
leasepaymentsreoeived`0.31crores(Previousear`0.07orores)inrespeotofapropertyaoquiredunder
operatingleaseasperNote28.1.
25.1 Larninginforeignourrenoy:
ìnCrores
Uurrentyear Previousear
lnterestonBankLeposits 3.59 2.95
Consultanoyandotherfees 12.52 8.24
92
25.2 ln aooordanoe with the Aooounting 3tandard on 'Leases' (A3 19), notited by the Companies (Aooounting
3tandards) Rules, 2006, the following disolosures in respeot of 0perating Leases are made :
lnoomefromLeasesinoludes`4.14crores(Previousear`4.46orores)inrespeotofpropertiesandoertain
assetsleasedoutbytheCorporationunder0peratingLeases.0utoftheabove,inrespeotofthenon-oanoellable
leases, the future minimum lease payments are as follows:
ìnCrores
Perod UurrentYear Previousear
Notlaterthanoneyear 2.63 4.02
Later than one year but not later than tve years 3.58 5.77
Later than tve years - 1.05
26. IINANULU051
UurrentYear
Previousear
ìnCrores `nUrores `nUrores
Interest
- Loans 2,181.03 3,045.62
- Leposits 4,456.86 2,964.51
- BondsandLebentures 5,916.46 4,161.95
- CommeroialPaper 1,013.64 701.01
13,633.99 10,873.09
NetLossonforeignourrenoytransaotionandtranslation 165.18 220.27
0therUharges 91.12 63.42
1ota| 13,890.89 11,156.78
26.1 0therChargesinoludesLxohangelossof`0.10crore(PreviousearnetofLxohangegainof`0.97orore).
26.2 A net gain of ` 53.23 crores (Previous ear ` 25.36 orores) has been reoognised in the 3tatement of Prott
and Loss being net gain on translation of foreign ourrenoy monetary assets and liabilities as shown below:
ìnCrores
Lxohange(0ain)/Losson1ranslation
- loreignCurrenoyLenominatedAssetsandloreignCurrenoy
Borrowings [Refer Note 4.9] (131.12) (54.87)
- Cross Currenoy lnterest Rate 3waps [Refer Note 4.7] 18.49 29.51
Net(0ain)/Losson1ranslation[ReferNote4.9] (53.23) (25.36)
26.3 Lxpenditureinforeignourrenoy:
ìnCrores
lnterestand0therChargesonLoans 21.95 27.44
0thers 23.01 14.72
93
21. 51AIILXPLN5L5[PeferNote21.3]
Partcu|ars
UurrentYear
`nUrores
Prevousyear
ìnCrores
3alariesandBonus[ReferNotes27.1&27.2] 196.84 165.72
ContributiontoProvidentlundand0therlunds 38.02 30.37
3taff1rainingandwelfareLxpenses 11.33 9.70
1ota| 246.19 205.79
27.1 3alariesandBonusinolude`12.03crores(Previousear` 8.77 orores) towards provision made in respeot of
aooumulated leave salary and leave travel assistanoe whioh is in the nature of Long 1erm Lmployee Benetts
andhasbeenaotuariallydeterminedaspertheA315(Revised).
27.2 Lxpenditure shown in Note 27 is net of reoovery from subsidiary oompanies in respeot of 3alaries `3.00crores
(Previousear`1.82orores).
ln aooordanoe with the Aooounting 3tandard on Lmployee Benetts (A3 15) (Revised 2005) notited by the
Companies (Aooounting 3tandards) Rules, 2006, the following disolosures have been made:
1he Corporation has reoognised the following amounts in the 3tatement of Prott and Loss whioh are inoluded
asunder:
Partcu|ars UurrentYear
`nUrores
Previousear
ìnCrores
Providentlund 9.96 8.33
3uperannuationlund 1.14 5.86
LmployeesPension3oheme-1995 1.22 1.13
60oftheLmployeesProvidentlund3oheme,1952forthereasonthatthereturnoninvestmentislessorfor
any other reason, then the detoienoy shall be made good by the Corporation. ln the ourrent year detoienoy of
` N| (Previous ear ` 0.15 orores), inoluded in 3taff 1raining and welfare Lxpenses, was made good by the
Corporation.
1he details of the Corporation's post-retirement benett plans for its employees inoluding whole-time direotors
are given below whioh is as oertited by the aotuary and relied upon by the auditors:
`nUrores
Uhange n the enet 0b|gatons:
Liabilityatthebeginningoftheyear 101.69 94.24
Current3ervioeCost 4.21 3.90
lnterestCost 9.14 7.80
Benetts Paid (6.48) (6.54)
Aotuarialloss 13.51 8.29
Liabilityattheendoftheyear 128.13 107.69
1he Liability at the end of the year ` 128.13 crores (Previous ear
` 107.69 orores) inoludes ` 34.52 crores (Previous ear ` 29.18 orores)
inrespeotofanun-fundedplan.
94
`nUrores
Iarva|ueofP|anAssets:
lairvalueofPlanAssetsatthebeginningoftheyear 15.56 60.17
LxpeotedReturnonPlanAssets 1.65 6.16
Contributions 16.94 20.38
AotuariallossonPlanAssets (6.16) (4.61)
lairvalueofPlanAssetsattheendoftheyear 81.51 75.56
1otalAotuariallosstobereoognised (19.13) (12.90)
Actua|PeturnonP|anAssets:
AotualReturnonPlanAssets 1.49 1.55
Lxpense Pecognsed n the 5tatement of Prot and Loss:
LxpeotedReturnonPlanAssets (1.65) (6.16)
NetAotuariallosstobereoognised 19.13 12.90
Lxpense reoognised in the Prott and Loss Aooount under 3taff Lxpenses" 25.43 18.44
Peconc|atonoftheLab|tyPecognsednthea|ance5heet:
0peningNetLiability 32.13 34.07
Lxpensereoognised 25.43 18.44
ContributionbytheCorporation 16.94 20.38
AmountreoognisedintheBalanoe3heetunderProvisionforLmployee
Benetts" `34.52crores(Previousear`29.18orores)andunder
0therCurrentLiabilities`6.10crores(Previousear`2.95orores) 40.62 32.13
95
ìnCrores
Partcu|ars 2012-13 2011-12 2010-11 2009-10 2008-09
AmountPecognsednthea|ance5heet:
Liabilityattheendoftheyear 128.13 107.69 94.24 81.40 69.60
lairvalueofPlanAssetsattheendoftheyear 81.51 75.56 60.17 53.86 46.93
Amount reoognised in the Balanoe 3heet under
Provision for Lmployee Benetts" and 0ther Current
Liabilities 40.62 32.13 34.07 27.54 22.67
LxperenceAd[ustment:
0nPlanLiabilities 11.25 10.58 7.13 7.04 3.94
0nPlanAssets (6.16) (4.61) (3.36) (2.91) (2.32)
LstimatedContributionfornextyear 8.03 6.79 5.79 4.72 2.05
InvestmentPattern:
Partcu|ars %Invested
UurrentYear
lnvested
Previousear
Central0overnmentseourities 23.13 21.84
3tate 0overnment seourities/seourities guaranteed by 3tate/Central
0overnment 1.00 1.69
Publio3eotor/linanoiallnstitutionalBonds 21.56 24.85
Private3eotorBonds 10.91 15.49
3peoialLeposit3oheme 2.52 2.92
Certitoate of Leposits 1.69 3.26
Leposits with Banks and linanoial lnstitutions 3.41 3.49
Lquity3hares 20.52 20.57
0thers(inoludingbankbalanoes) 9.20 5.89
1ota| 100.00 100.00
Basedontheaboveallooationandtheprevailingyieldsontheseassets,thelongtermestimateoftheexpeoted
rateofreturnonfundassetshasbeenarrivedat.
Prncpa|Assumptons:
%
LisoountRate 8.25 8.50
ReturnonPlanAssets 8.60 8.60
3alaryLsoalation 5.00 5.00
1he estimate of future salary inorease, oonsidered in the aotuarial valuation takes aooount of intation, seniority,
promotionandotherrelevantfaotors.
96
28. L51ALI5PMLN1LXPLN5L5
`nUrores
Previousear
ìnCrores
Rent[ReferNote28.1] 52.13 32.05
Ratesand1axes 3.34 2.93
RepairsandMaintenanoe-Buildings 5.12 5.41
0eneral 0ftoe Lxpenses 1.91 1.84
LleotrioityCharges 11.30 9.81
lnsuranoeCharges 0.62 0.53
1ota| 15.68 52.57
3tandards) Rules, 2006, the following disolosures in respeot of 0perating Leases are made :
1heCorporationhasaoquiredpropertiesundernon-oanoellableoperatingleasesforperiodsrangingfrom12
months to 36 months. 1he total minimum lease payments for the ourrent year, in respeot thereof, inoluded
underRent,amountsto`26.19crores(Previousear`2.65orores).0utoftheabove,theCorporationhas
sub-leasedaproperty,thetotalsub-leasepaymentsreoeivedinrespeotthereofinoludedunder0therlnoome
amountto`0.31crores(Previousear`0.07orores).1hefutureminimumleasepaymentsinrespeotofthe
properties aoquired under non-oanoellable operating leases are as follows:
ìnCrores
Perod UurrentYear Previousear
29. 01PLPLXPLN5L5
`nUrores
Previousear
ìnCrores
1ravellingandConveyanoe 16.63 14.61
Printingand3tationery 1.00 6.31
Postage,1elephoneandlax 19.92 18.03
Advertising 24.06 24.20
RepairsandMaintenanoe-0therthanBuildings 6.15 5.92
0ftoe Maintenanoe 16.91 15.31
LegalLxpenses 14.45 9.99
ComputerLxpenses 10.11 8.45
LireotorsleesandCommission 3.13 2.70
MisoellaneousLxpenses[ReferNotes29.1&29.2] 11.21 65.61
AuditorsRemuneration[ReferNote29.4] 3.08 1.85
1ota| 193.43 172.98
97
29.1 Misoellaneous Lxpenses exolude ` 9.13 crores (Previous ear ` 6.89 orores) in respeot of amounts utilised
outof3helterAssistanoeReserveduringtheyear.
29.2 Misoellaneous Lxpenses inolude Provision for wealth 1ax amounting to ` 0.60 crores (Previous ear ` 0.65
orores)and3eourities1ransaotion1axamountingto`0.45crores(Previousear`0.23orores).
29.3 Lxpenditure shown in Note 29 is net of reoovery from a subsidiary oompany in respeot of Misoellaneous
expenses`N|(Previousear`0.89orores).
29.4 AuditorsRemuneration:
ìnCrores
Auditlees 1.05 0.81
1axMatters 0.84 0.27
0therMatters 1.00 0.66
ReimbursementofLxpenses 0.01 0.01
3ervioe1ax 0.36 0.20
Less:3ervioetaxinputoreditavailed (0.18) (0.10)
3.08 1.85
Auditleesinolude`0.03crores(Previousear`0.03orores)paidtoBranohAuditors.
30. PP0vI5I0NI0PN0NPLPI0PMINUL0AN5
30.1 AsperthePousinglinanoeCompanies(NPB)Lireotions,2010,non-performingassetsarereoognisedonthe
basis of ninety days overdue. 1he total provision oarried by the Corporation in terms of paragraph 29 (2) of
thePousinglinanoeCompanies(NPB)Lireotions,2010andNPBoiroularNPB.PlC.LlR-3/CML/2011dated
August 5, 2011 in respeot of Pousing and Non-Pousing Loans is as follows [Refer Note 15]:
ìnCrores
Partcu|ars 5ub-5tandardAssets Uoubtfu|Assets
Pousing 52.60 74.16 119.31 182.33
Non-Pousing 12.01 39.12 30.48 30.42
30.2 Provision for Contingenoies debited to the 3tatement of Prott and Loss inoludes Provision for Liminution in the
valueoflnvestmentsamountingto`1.09crores(Previousear`25.21orores).1hebalanoeoftheProvision
representsprovisionmadeagainstnon-performingassetsandotheroontingenoies[ReferNote6.2].
98
31. ln aooordanoe with the Aooounting 3tandard on 'Larnings Per 3hare' (A3 20), notited by the Companies
(Aooounting3tandards)Rules,2006:
(i) ln oaloulating the Basio Larnings Per 3hare, the Prott After 1ax of ` 4,848.34 crores (Previous ear
`4,122.62orores)hasbeenadjustedforamountsutilisedoutof3helterAssistanoeReserveof`9.13
crores(Previousear`6.89orores).
Aooordingly the Basio Larnings Per 3hare has been oaloulated based on the adjusted Prott After 1ax
of ` 4,839.21 crores (Previous ear ` 4,115.73 orores) and the weighted average number of shares
duringtheyearof151.91crores(Previousear147.17orores).
(ii) 1he reoonoiliation between the Basio and the Liluted Larnings Per 3hare is as follows :
Amountin`
BasioLarningsPer3hare 31.84 27.97
Lffeotofoutstanding3took0ptions (0.39) (0.43)
LilutedLarningsPer3hare 31.45 27.54
(iii) 1he Basio Larnings Per 3hare has been oomputed by dividing the adjusted Prott After 1ax by the
weighted average number of equity shares for the respeotive periods, whereas the Liluted Larnings Per
3hare has been oomputed by dividing the adjusted Prott After 1ax by the weighted average number of
equity shares, after giving dilutive effeot of the outstanding 3took 0ptions for the respeotive periods.
1he relevant details as desoribed above are as follows :
NumbersinCrores
weighted average number of shares for oomputation of Basio
LarningsPer3hare
151.91 147.17
Lilutedeffeotofoutstanding3took0ptions 1.90 2.30
weighted average number of shares for oomputation of Liluted
LarningsPer3hare
153.81 149.47
99
32. 5ummaryoftota|orrowngs,LoansandInvestments
1ota|orrowngs
ìnCrores
1erm-wsereak-up
UurrentYear Previousear
Long-term borrowings 90,005.01 74,837.74
3hort-term borrowings 18,186.69 21,146.24
Current maturities of long-term borrowings 50,036.41 43,143.52
1,58,828.11 1,39,127.50
Uategory-wsereak-up
BondsandLebentures 19,521.40 57,488.10
1ermLoans:
-Banks 15,984.62 38,676.69
-0thers 1,839.21 2,019.91
-CommeroialPapers 9,550.00 4,650.00
Leposits 51,932.82 36,292.80
1,58,828.11 1,39,127.50
1ota|Loans
ìnCrores
1erm-wsereak-up
Long-termloans 1,52,106.20 1,25,985.54
Currentmaturitiesoflong-termloans 11,939.91 14,889.04
1,10,046.11 1,40,874.58
Less:Provisionfornonperformingloans (415.33) (452.89)
NetLoanook: 1,69,510.84 1,40,421.69
Uategory-wsereak-up
lndividual 1,11,320.65 88,777.85
CorporateBodies 56,956.65 50,189.60
0thers 1,168.81 1,907.13
1,10,046.11 1,40,874.58
Less:Provisionfornonperformingloans (415.33) (452.89)
NetLoanook: 1,69,510.84 1,40,421.69
1ota|Investments
ìnCrores
Non-Currentlnvestments 12,531.86 12,011.56
Currentlnvestments 1,081.60 195.44
13,613.46 12,207.00
100
32.1 3ummaryoftotalprovisionforoontingenoies:
Partcu|ars Asat
March31,2013
`nUrores
Asat
Maroh31,2012
ìnCrores
ProvisionforContingenoiesAooount[ReferNote6.2] 1,265.24 1,218.09
ProvisionforNon-PerformingLoans[ReferNote15.7] 415.33 452.89
Provisionfordoubtfulreoeivables[ReferNote20] 51.11 -
1ota| 1,192.28 1,670.98
33. UI5UL05UPLPLUIPLUYNA1I0NALP0U5INUANK
1he following additional disolosures have been given in terms of the oiroular no. NPB/NL/LR3/Pol-
No.35/2010-11dated0otober11,2010issuedbytheNationalPousingBank.
(a) CapitaltoRiskAssetsRatio(CRAR)
1)CRAR() 16.35 14.61
2)CRAR1ierlCapital() 13.85 11.63
3)CRAR1ierllCapital() 2.50 2.98
(b) LxposuretoRealLstate3eotor ìnCrores
1. LireotLxposure
A ResidentialMortgages:
Lending fully seoured by mortgages on residential property
that is or will be oooupied by the borrower or that is rented.
lndividualPousingLoansupto`15Laos:`22,509.10crores
(Previousear`21,417.04orores) 1,08,054.16 86,536.16
B Commeroial Real Lstate : Lending seoured by mortgages on
oommeroialrealestate 21,828.64 25,920.95
C lnvestments in Mortgage Baoked 3eourities (MB3) and other
seouritisedexposures
(i) Residential 28.80 36.75
(ii) CommeroialRealLstate N| Nil
2. lndireotLxposure
lundbasedandnon-fundbasedexposuresonNationalPousing
Bank(NPB)andPousinglinanoeCompanies(PlCs) 124.01 124.07
lnoomputingtheaboveinformation,oertainestimates,assumptionsandadjustmentshavebeenmade
bytheManagement whioh have been relied upon by the auditors.
101
(o) AssetLiabilityManagement
MaturitypatternofoertainitemsofassetsandliabilitiesasonMaroh31,2013:
Assets and Liabilities are olassited in the maturity buokets as per the guidelines issued by the National
PousingBank.
CurrentearìnCrores
Maturtyuckets Lab|tes Assets
Borrowings from
Banks
Market Borrowings Advanoes lnvestments
1dayto30days(onemonth) 709.27 2,223.75 2,594.45 524.99
0veronemonthto2months 353.25 355.00 2,629.28 -
0ver2to3months 476.51 1,347.50 2,843.57 1,009.28
0ver3to6months 867.24 3,326.25 8,929.89 403.90
0ver6monthsto1year 2,474.98 8,468.30 15,865.27 2,285.04
0ver1to3years 4,557.90 25,631.17 52,850.07 267.89
0ver3to5years 3,611.72 26,594.18 36,811.29 229.09
0ver5to7years 1,933.75 11,210.15 22,156.78 8,393.94
0ver7to10years 1,000.00 8,915.10 14,903.68 -
0ver10years - 1,000.00 9,986.56 499.33
1ota| 15,984.62 89,011.40 1,69,510.84 13,613.46
MaturitypatternofoertainitemsofassetsandliabilitiesasonMaroh31,2012:
Assets and Liabilities are olassited in the maturity buokets as per the guidelines issued by the National
PousingBank.
PreviousearìnCrores
Maturtyuckets Lab|tes Assets
Borrowings from
Banks
Market Borrowings Advanoes lnvestments
1dayto30days(onemonth) 432.42 - 3,037.91 -
0veronemonthto2months 2,018.56 1,693.26 1,939.41 480.24
0ver2to3months 2,779.26 663.60 2,190.72 36.25
0ver3to6months 2,883.64 3,740.00 6,066.95 952.98
0ver6monthsto1year 5,167.97 5,782.35 12,653.87 974.85
0ver1to3years 13,276.42 12,069.26 43,174.07 571.13
0ver3to5years 7,126.43 17,499.72 28,748.75 326.91
0ver5to7years 3,391.99 10,617.57 18,994.03 8,329.54
0ver7to10years 1,100.00 9,068.15 14,637.79 9.00
0ver10years 500.00 1,004.19 8,978.19 526.10
1ota| 38,616.69 62,138.10 1,40,421.69 12,201.00
lnoomputingtheaboveinformation,oertainestimates,assumptionsandadjustmentshavebeenmade
by the Management whioh have been relied upon by the auditors.
102
34. UIvIULNUPAYALL10N0N-PL5IULN15PAPLP0LULP5
1he Corporation has not remitted any amount in foreign ourrenoies on aooount of dividends during the year
and does not have information as to the extent to whioh remittanoes, if any, in foreign ourrenoies on aooount
ofdividendshavebeenmadeby/onbehalfofnon-residentshareholders.1hepartioularsofdividendspayable
tonon-residentshareholders(inoludingloreignlnstitutionallnvestors)areasunder:
Annua|
Previousear
Annual
ear to whioh the dividend relates 2011-12 2010-11
Numberofnon-residentshareholders 4,150 4,277
Numberofsharesheldbythemoflaoevalueof`2eaoh 105,85,88,251 107,37,73,004
0rossamountofdividend(in`) 1164,44,10,161 966,39,57,036
35. PLLA1LUPAP1Y1PAN5AU1I0N5
As per the Aooounting 3tandard on 'Related Party Lisolosures' (A3 18), notited by the Companies (Aooounting
3tandards) Rules, 2006, the related parties of the Corporation are as follows:
A) 5ubsdaryUompanes
PLlCLevelopersLtd. PLlClnvestmentsLtd.
PLlCPoldingsLtd. PLlCAssetManagementCompanyLtd.
PLlC1rusteeCompanyLtd. PLlCRealtyLtd.
PLlC3tandardLifelnsuranoeCompanyLtd. PLlCLR000enerallnsuranoeCompanyLtd.
PLlCventureCapitalLtd. PLlC3alesPvt.Ltd.
PLlCventures1rusteeCompanyLtd. PLlCPropertyventuresLtd.
0RuPlinanoeLtd. Credilalinanoial3ervioesPvt.Ltd
0rihalnvestments(Subsidiary of HDFC Holdings Ltd.) 0rihaPte.Ltd.(Subsidiary of HDFC Investments Ltd.)
PLlCLduoationandLevelopment3ervioesPvt.Ltd. (w.e.f. 28th December 2012)
PLlCAssetManagementCompany(3ingapore)Pte.Ltd. PLlCLifePensionlundManagementCompanyLtd.
(Subsidiary of HDFC Asset Management Company Ltd.) (Subsidiary of HDFC Standard Life Insurance Company Ltd.)
P.1.Parekhloundation(w.e.f. 19th October, 2012)
) AssocateUompanes U) Lnttesoverwhchcontro|sexercsed
PLlCBankLtd. PLlCPropertylund-3oheme-PLlCl1Corridorlund
lndiavaluelundAdvisorsPvt.Ltd. PLlClnvestment1rust
Rural3horesBusiness3ervioesPvt.Ltd.
lPl.0nlineLtd.
lndianAssooiationfor3avingsandCredit
(Up to 26th September, 2012)
U) KeyManagementPersonne| L) Pe|atvesofKeyManagementPersonne|
MrKekiM.Mistry (where there are transactions)
MsRenu3udKarnad Ms Arnaaz K. Mistry Mr Rishi R. 3ud
Mrv.3rinivasaRangan MrAshok3ud MsRitiKarnad
Mr Ketan Karnad Ms 3warn 3ud
MsAbhinaya3.Rangan
103
l) 1he nature and volume of transaotions of the Corporation during the year, with the above related parties were
as follows:
ìnCrores
Partcu|ars
5ubsdary
Uompanes Assocates
Lnttesoverwhch
contro|sexercsed
KeyManagement
Personne|
Pe|atvesofKey
ManagementPersonne|
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
INU0ML/
1PAN5AU1I0N
Lividend 269.42 148.21 169.38 129.92 0.05 0.12 - - - -
lnterest 5.55 3.12 9.89 6.39 100.11 21.49 - - - -
Consultanoy&
0therlees 14.60 17.96 - - - - - - - -
Rent 11.15 3.03 1.11 1.68 - - - - 0.01 0.03
0therlnoome 0.26 0.11 44.64 29.54 - - - - - -
LXPLNUI1UPL/
1PAN5AU1I0N
lnterest 53.08 45.00 3.11 1.02 - - 0.41 0.41 0.05 0.07
Bank&0ther
Charges - - 1.49 1.53 - - - - - -
Remuneration - - - - - - 16.12 13.36 - -
0therLxpenses 121.04 98.61 138.16 105.26 - - - - 0.09 0.06
A55L15
lnvestments 2,114.12 2,687.54 5,558.58 5,560.88 586.08 627.22 - - - -
Loans 13.21 - - - - - 0.11 0.19 - -
Corporate
Leposits 1.00 29.10 3.00 - - - - - - -
BankBalanoe
andLeposits - - 821.68 1,439.29 - - - - - -
1radeReoeivable 0.01 0.02 - 8.31 - - - - - -
0thers 10.00 8.76 2.19 2.08 - - - - - -
LIAILI1IL5
Leposits 21.53 249.17 0.11 0.17 - - 5.30 3.87 0.40 0.45
Non-Convertible
Lebentures 120.00 605.00 - - - - - - - -
0thers 21.21 21.47 1.04 3.41 - - 0.21 0.19 0.03 0.04
Luringtheyear,theCorporationhassoldindividualloansamountingto`5,125crores(Previousear`4,978
orores)toPLlCBankLtd.andCorporateLoanamountingto`50crores(Previousear`Nil)toPLlC3tandard
LifelnsuranoeCo.Ltd.
104
ll) 1he nature and volume of material transaotions of the Corporation during the year, with the above related
parties were as follows:
ìnCrores
Partcu|ars
5ubsdary
Uompanes
Assocates
Lnttesoverwhch
contro|sexercsed
KeyManagement
Personne|
Pe|atvesofKey
Management
Personne|
Uurrent
Year
Prevous
Year
Uurrent
Year
Prevous
Year
Uurrent
Year
Prevous
Year
Uurrent
Year
Prevous
Year
Uurrent
Year
Prevous
Year
INU0ML/1PAN5AU1I0N
Uvdend
-PLlCAssetManagementCo.Ltd. 66.43 49.82 - - - - - - - -
-PLlCBankLtd. - - 169.08 129.76 - - - - - -
-PLlCPoldingsLtd. 50.85 - - - - - - - - -
-PLlClnvestmentLtd. 120.02 60.01 - - - - - - - -
Interest
-PLlCBankLtd. - - - 6.08 - - - - - -
-PLlClnvestment1rust - - - - - 3.93 - - - -
-PLlCl1Corridorlund - - - - 94.61 17.56 - - - -
Uonsu|tancy&0therIees
Pent
-PLlCLR000enerallnsuranoeCo.Ltd. 4.96 - - - - - - - - -
-PLlCBankLtd. - - - 1.68 - - - - - -
0therIncome
-PLlCBankLtd. - - 44.64 29.54 - - - - - -
LXPLNUI1UPL/1PAN5AU1I0N
Interest
-PLlC3tandardLifelnsuranoeCo.Ltd. 31.59 22.46 - - - - - - - -
-PLlCPoldingsLtd. - 13.47 - - - - - - - -
-PLlClnvestmentLtd. - 5.17 - - - - - - - -
ank&0therUharges
-PLlCBankLtd. - - 1.49 1.53 - - - - - -
Pemuneraton
-Mr.KekiM.Mistry - - - - - - 6.61 5.52 - -
-Ms.Renu3.Karnad - - - - - - 6.20 5.15 - -
-Mr.v.3.Rangan - - - - - - 3.85 2.69 - -
0therLxpenses
-PLlC3alesPrivateLtd. 119.91 92.67 - - - - - - - -
-PLlCBankLtd. - - 138.16 105.26 - - - - - -
A55L15
Investments
-PLlCBankLtd. - - 5,549.14 5,549.74 - - - - - -
-PLlC3tandardLifelnsuranoeCo.Ltd. 1,545.64 1,545.64 - - - - - - - -
Loans
-0RuPlinanoeLtd. 13.21 - - - - - - - - -
-Ms.Renu3.Karnad - - - - - - - 0.12 - -
-Mr.v.3.Rangan - - - - - - - 0.07 - -
UorporateUeposts
-PLlC3alesPrivateLtd. 1.00 26.10 - - - - - - - -
-Rural3horesBusiness3ervioesPvt.Ltd. - - 3.00 - - - - - - -
anka|anceandUeposts
-PLlCBankLtd. - - 821.68 1,439.29 - - - - - -
1radePecevab|e
105
ìnCrores
Partcu|ars
5ubsdary
Uompanes
Assocates
Lnttesoverwhch
contro|sexercsed
KeyManagement
Personne|
Pe|atvesofKey
Management
Personne|
Uurrent
Year
Prevous
Year
Uurrent
Year
Prevous
Year
Uurrent
Year
Prevous
Year
Uurrent
Year
Prevous
Year
Uurrent
Year
Prevous
Year
0thers
-PLlCBankLtd. - - 2.19 8.87 - - - - - -
LIAILI1IL5
Ueposts
-PLlCPoldingsLtd. 21.03 140.47 - - - - - - - -
-PLlClnvestmentLtd. - 107.15 - - - - - - - -
-Mr.KekiM.Mistry - - - - - - 3.28 3.85 - -
Non-Uonvertb|eUebentures
-PLlCLR000enerallnsuranoeCo.Ltd. 105.00 55.00 - - - - - - - -
0thers
-PLlCLR000enerallnsuranoeCo.Ltd. 4.12 1.79 - - - - - - - -
36. 5LUMLN1PLP0P1INU
1he Corporation's main business is tnanoing by way of loans for the purohase or oonstruotion of residential
houses, oommeroial real estate and oertain other purposes in lndia. All other aotivities of the Corporation
revolvearoundthemainbusiness.Assuoh,therearenoseparatereportablesegments,aspertheAooounting
3tandard on '3egment Reporting' (A3 17), notited by the Companies (Aooounting 3tandards) Rules, 2006.
31. IN1LPL51INJ0IN1vLN1UPL5
ln oomplianoe with the Aooounting 3tandard relating to 'linanoial Reporting of lnterests in 1oint ventures'
(A3 27), notited by the Companies (Aooounting 3tandards) Rules, 2006, the Corporation has interests in the
following jointly oontrolled entities, whioh are inoorporated in lndia.
NamesofUompanes
PUIU5tandardLfe
InsuranceUo.Ltd.
PUIULPU0Uenera|
InsuranceUo.Ltd.
Peroentageof3hareholding 12.31 72.37 13.91 74.00
AmountoflnterestbasedonthelastAuditedAooounts
Assets 30,390.96 24,455.06 2,412.81 1,761.86
Liabilities 29,405.80 23,836.16 1,883.28 1,368.58
lnoome 10,059.54 7,579.94 1,015.13 778.38
Lxpenditure 9,129.13 7,383.81 941.28 807.75
CapitalCommitment 214.66 141.07 5.10 6.61
ContingentLiability 245.45 157.20 - -
38. Previous year's tgures have been regrouped/reolassited wherever neoessary to oorrespond with the ourrent
year's olassitoation/disolosure.
106
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Consolidated
Financial Statements
Independent Auditors Report
Balance Sheet
Statement of Prot and Loss
Cash Flow Statement
Notes to Consolidated Financial Statements
HOMEWARD BOUND
108
IndependentAudtorsPeport
CONSOLIDATED FINANCIAL STATEMENTS
101PLB0ARL0lLlRLC10R30l
P0u3lN0LLvLL0PMLN1llNANCLC0RP0RA1l0NLlMl1LL
Auditing issued by the lnstitute of
Chartered Aooountants of lndia.
1hose 3tandards require that we
oomplywithethioalrequirementsand
planandperformtheaudittoobtain
reasonableassuranoeaboutwhether
the oonsolidated tnanoial statements
arefreefrommaterialmisstatement.
An audi t i nvol ves per formi ng
prooedures to obtain audit evidenoe
abouttheamountsandthedisolosures
i n the oonsol i dated f i nanoi al
statements.1heprooeduresseleoted
depend on the auditors judgement,
inoluding the assessment of the
risksofmaterialmisstatementofthe
oonsolidated tnanoial statements,
whether due to fraud or error. ln
making those risk assessments,
the auditor oonsiders internal
oontrol relevant to the Corporations
preparation and presentation of the
oonsolidated finanoial statements
thatgiveatrueandfairviewinorder
to design audit prooedures that are
appropriateintheoiroumstanoes,but
notforthepurposeofexpressingan
opinion on the effeotiveness of the
Corporations internal oontrol. An
audit also inoludes evaluating the
appropriateness of the aooounting
polioiesusedandthereasonableness
of the aooounting estimates made
by the Management, as well as
evaluatingtheoverallpresentationof
the oonsolidated tnanoial statements.
we believe that the audit evidenoe
we have obtained is suftoient and
appropriatetoprovideabasisforour
auditopinion.
0pnon
lnouropinionandtothebestofour
information and aooording to the
PeportontheUonso|datedInanca|
5tatements
we have audited the aooompanying
oonsolidated tnanoial statements of
P0U5INU ULvLL0PMLN1 IINANUL
U0PP0PA1I 0N LI MI 1LU ( t he
Uorporaton), and its subsidiaries
(the Corporation and its subsidiaries
oonsti tute the 0roup), whi oh
oomprise the Consolidated Balanoe
3heet as at Maroh 31, 2013, the
Consolidated 3tatement of Profit
and Loss and the Consolidated
Cash llow 3tatement for the year
then ended, and a summary of the
signitoant aooounting polioies and
otherexplanatoryinformation.
ManagementsPesponsb|tyforthe
Uonso|datedInanca|5tatements
1he Corporations Management
is responsible for the preparation
of these oonsolidated finanoial
statements that give a true and fair
view of the oonsolidated tnanoial
position, oonsolidated finanoial
performanoe and oonsolidated oash
tows of the 0roup in aooordanoe with
the aooounting prinoiples generally
aooepted in lndia. 1his responsibility
inoludes the design, implementation
and maintenanoe of internal oontrol
relevant to the preparation and
presentation of the oonsolidated
finanoial statements that give a
true and fair view and are free from
material misstatement, whether due
tofraudorerror.
AudtorsPesponsb|ty
0ur responsibility is to express
an opinion on these oonsolidated
tnanoial statements based on our
audit. we oonduoted our audit in
aooordanoe with the 3tandards on
109
explanationsgiventous,andbased
on the oonsideration of the reports
of the other auditors on the tnanoial
statements of the subsidiaries and
assooiates referred to below in
the 0ther Matter paragraph, the
aforesaid oonsolidated finanoial
statements give a true and fair view
in oonformity with the aooounting
prinoiplesgenerallyaooeptedinlndia:
(a) in the oase of the Consolidated
Balanoe3heet,ofthestateofaffairs
ofthe0roupasatMaroh31,2013,
(b) in the oase of the Consolidated
3tatement of Prott and Loss, of the
prott of the 0roup for the year ended
onthatdate,and
(o) in the oase of the Consolidated
Cash llow 3tatement, of the oash
tows of the 0roup for the year ended
onthatdate.
0therMatter
we did not audit the finanoial
statements of four subsidiaries,
whose tnanoial statements reteot
total assets (net) of ` 1,279.68
orores as at Maroh 31, 2013, total
revenues of ` 1,471.49 orores and
net oash out flows amounting to
on that date, as oonsidered in the
oonsolidated tnanoial statements.
1he oonsolidated tnanoial statements
also inolude the 0roups share of
net prott of ` 1,515.55 orores for
the year ended Maroh 31, 2013,
as oonsidered in the oonsolidated
finanoial statements, in respeot
of two assooiates, whose tnanoial
statementshavenotbeenauditedby
us. 1hese tnanoial statements have
beenauditedbyotherauditorswhose
reportshavebeenfurnishedtousby
theManagementandouropinion,in
so far as it relates to the amounts
and disolosures inoluded in respeot
ofthesesubsidiariesandassooiates,
isbasedsolelyonthereportsofthe
otherauditors.
0ur opinion is not qualited in respeot
ofthismatter.
3anjivv.Pilgaonkar
MuMBAl, Partner
8
th
May,2013 (MembershipNo.39826)
110
Uonso|dateda|ance5heetasatMarch31,2013
PousngUeve|opmentInanceUorporatonLmted
Note
`nUrores `nUrores
Maroh31,2012
ìnCrores
LUI1YANULIAILI1IL5
5PAPLP0LULP5IUNU5
3hareCapital 4 309.21 295.39
Reservesand3urplus 5 31,151.08 23,920.64
32,060.35 24,216.03
MIN0PI1YIN1LPL51 1,011.41 819.53
N0N-UUPPLN1LIAILI1IL5
PolioyLiabilities(Polioyholderslund) 6 35,086.09 28,101.94
Long-termborrowings 1 93,618.53 77,447.47
0therLong-termliabilities 8 1,110.92 1,266.12
Long-termprovisions 9 1,812.48 1,697.50
132,288.02 108,513.03
UUPPLN1LIAILI1IL5
3hort-termborrowings 10 18,929.26 21,132.87
1radePayables 11 2,203.19 1,811.44
0therourrentliabilities 12
- PolioyLiabilities(Polioyholderslund) 6 4,238.40 3,583.60
- Borrowings 51,114.90 43,898.86
- 0thers 6,415.41 4,672.64
3hort-termprovisions 13 3,621.23 3,748.02
86,528.39 78,847.43
2,51,948.23 2,12,396.02
A55L15
N0N-UUPPLN1A55L15:
lixedassets
(i) 1angibleassets 14 611.11 611.91
(ii) lntangibleassets 15 54.39 52.43
(iii) CapitalworkinProgress 32.43 6.33
(iv) lntangibleassetsunderLevelopment 0.03 0.24
U00UWILL0NU0N50LIUA1I0N 185.08 177.53
Non-ourrentinvestments 16 53,616.24 43,355.43
Leferredtaxasset(net) 11 659.60 654.35
Long-termloansandadvanoes 18
- Loans 151,399.33 1,29,738.35
- 0thers 2,135.94 2,735.85
0thernon-ourrentassets 19 1,014.69 1,674.41
2,15,108.84 1,79,006.83
UUPPLN1A55L15:
Currentinvestments 20 5,816.18 5,283.42
1radereoeivables 21 216.02 632.63
Cashandbankbalanoes 22 1,011.61 6,481.36
3hort-termloansandadvanoes 23
- Loans 18,418.46 15,196.03
- 0thers 3,333.91 5,253.45
0therourrentassets 24 1,323.09 482.17
36,239.39 33,329.06
ULIIUI1IN1PLPLvLNULAUU0UN1(Po|cyho|dersAccount) - 60.13
2,51,948.23 2,12,396.02
3ee aooompanying notes forming part of the tnanoial statements
111
Uonso|dated 5tatement of Prot and Loss for the year ended March 31, 2013
Note
`nUrores
Previousear
ìnCrores
INU0ML
Revenuefrom0perations 26 22,032.46 18,223.92
Prott on sale of lnvestments 21 318.35 299.46
0therlnoome 26.4 38.15 27.08
PremiumfromlnsuranoeBusiness 12,650.29 11,155.57
0ther0peratinglnoomefromlnsuranoeBusiness 881.08 596.83
1otalRevenue 35,986.93 30,302.86
LXPLN5L5
linanoeCost 28 14,295.52 11,551.92
Lmployee Benetts Lxpenses 29 528.13 445.47
LstablishmentLxpenses 30 125.54 90.38
0therLxpenses 31 429.91 273.32
ClaimspaidpertainingtolnsuranoeBusiness 5,221.28 3,797.72
CommissionandoperatingexpensespertainingtolnsuranoeBusiness 2,218.56 2,093.77
0therexpensespertainingtolnsuranoeBusiness 32 5,431.86 5,695.61
ProvisionforContingenoies 5.3&33 148.59 87.30
28,519.65 24,086.13
PP0II1LI0PL1AX 1,461.28 6,216.73
1axLxpense
Current1ax 2,001.28 1,737.00
Leferred1ax 11 (5.25) (10.04)
PP0II1I0P1PLYLAP 5,465.25 4,489.77
3hare of prott of Minority lnterest (341.80) (207.78)
Net share of Prott from Assooiates 1,516.21 1,180.52
PP0II1AI1LP1AXA11PIU1ALL101PLUP0UP 5.1 6,639.12 5,462.51
LAPNINU5PLP5PAPL(laoevalue` 2) 36
Basio(`) 43.63 37.07
Liluted(`) 43.09 36.50
3ee aooompanying notes forming part of the tnanoial statements
112
Uonso|datedUashI|ow5tatementfortheyearendedMarch31,2013
Notes ` nUrores
Previousear
ìnCrores
A UA5PIL0WIP0M0PLPA1INUAU1IvI1IL5
Prott After tax Attributable to the 0roup 6,639.12 5,462.51
Add:Provisionfor1axation 2,002.03 1,726.96
Prott Before 1ax 8,641.15 7,189.47
Adjustmentsfor:
ProvisionforContingenoies 5.5 148.59 87.30
lnterestLxpense 28 14,033.19 11,160.70
Net(0ain)/Lossontranslationofforeignourrenoymonetaryassetsandliabilities 28.2 (52.01) (22.25)
lnterestlnoome 26 (20,523.01) (16,649.20)
Lmployee3took0ptionLxpense(netofoptionsexeroised) (4.54) (1.99)
PremiumpaidonredemptionofLebentures (108.11) (619.71)
3helterAssistanoeReserve-utilisation 5 (9.82) (7.18)
ReserveforunexpiredRisk 228.96 294.40
PolioyLiabilities(net) 1,699.08 5,439.64
3urplusfromLeploymentinCashManagement3ohemesofMutuallunds (256.14) (335.62)
Prott on 3ale of lnvestments (318.35) (299.46)
Lividendlnoome (68.30) (51.88)
ProvisionforLiminutioninvalueoflnvestments 6.22 (5.59)
Baddebtswrittenoff 3.31 1.39
(Prott)/Loss on 3ale of lixed Assets (net) (0.51) 1.72
0perating Prott before working Capital ohanges 8,860.44 6,277.95
Adjustmentsfor:
CurrentandNonCurrentAssets 2,293.15 (3,030.35)
CurrentandNonCurrentLiabilities 316.95 1,321.19
Cashgeneratedfromoperations 11,410.54 4,568.79
lnterestReoeived 20,191.55 16,246.15
lnterestPaid (12,125.13) (9,918.44)
LividendReoeived 68.30 51.88
1axesPaid (2,493.30) (2,318.63)
Netcashfromoperaton 11,111.36 8,629.75
Loansdisbursed(net) (30,693.83) (24,740.65)
CorporateLeposits(net) 1,641.91 (1,423.44)
Netcashusednoperatngactvtes [A] (11,934.50) (17,534.34)
lnoludesdepreoiationinoludedunder0therexpensespertainingtolnsuranoeBusiness
UA5PIL0WIP0MINvL51INUAU1IvI1IL5
PurohaseoflixedAssets (112.30) (149.84)
3aleoflixedAssets 46.91 16.59
0oodwill(net) (1.55) -
lnvestments(net) (10,085.68) (6,149.48)
Netcashusednnvestngactvtes [] (10,218.62) (6,282.73)
U UA5PIL0WIP0MIINANUINUAU1IvI1IL5
3hareCapital-Lquity 4.1 13.88 2.02
3haresBoughtBaokbyoneofthe3ubsidiaryCompany (48.65) (48.76)
3eouritiesPremium 5 3,863.34 333.88
Borrowings(net) 21,015.11 24,329.94
Lividendpaid (1,635.56) (1,322.27)
1axpaidonLividend (294.09) (240.83)
3eouritieslssueLxpenses (18.69) (27.37)
LxpensesonBuyBaokofequitysharesbya3ubsidiaryCompany - (0.10)
lnoreaseinMinoritylnterest 245.94 167.42
Net cash from nancng actvtes [U] 23,141.28 23,193.93
Net(Leorease)/lnoreaseinoashandoashequivalents [A++U] 988.16 (623.14)
Add:Cashandoashequivalentsasatthebeginningoftheyear 22 3,405.11 4,020.15
Add:Lxohangedifferenoeonbankbalanoe 4.19 8.10
Uashandcashequva|entsasattheendoftheyear 22 4,391.46 3,405.11
Larmarkedbalanoeswithbanks:
-0theragainstloreignCurrenoyLoans 5.42 4.76
-0thers 2.68 2.67
3hort-termbankdeposits 2,653.13 3,058.51
Uashandankba|ancesattheendoftheyear 22 1,011.61 6,481.36
113
Notes formng part of the conso|dated nanca| statements
1. 5IUNIIIUAN1AUU0UN1INUP0LIUIL5
1.1 AUU0UN1INUU0NvLN1I0N
1hese aooounts have been prepared in aooordanoe with historioal oost oonvention, exoept for revaluation of
lnvestment in Properties of one of the subsidiaries, applioable Aooounting 3tandards notited by the Companies
(Aooounting3tandards)Rules,2006andrelevantprovisionsoftheCompaniesAot,1956.1heaooountingpolioies
adopted in the preparation of the tnanoial statements are oonsistent with those followed in the previous year.
1he preparation of tnanoial statements requires the Management to make estimates and assumptions
oonsideredinthereportedamountsofassetsandliabilities(inoludingoontingentliabilities)asofthedateof
the tnanoial statements and the reported inoome and expenses during the reporting period. Management
believes that the estimates used in preparation of the tnanoial statements are prudent and reasonable. luture
resultsooulddifferduetotheseestimatesandthedifferenoesbetweentheaotualresultsandtheestimates
arereoognisedintheperiodsinwhiohtheresultsareknown/materialise.
1.2 UAIN0PL0550NUILU1I0N
1hegainorlossonaooountofdilutionofstakeofPLlCLtd.initssubsidiaries,assooiatesandentitiesover
whiohoontrolisexeroisedisaooountedthroughRespeotiveReserves.
1.3 5Y51LM0IAUU0UN1INU
1he0roupadoptstheaoorualoonoeptinthepreparationoftheaooounts.
1he Balanoe 3heet and the 3tatement of Prott and Loss of the 0roup are prepared in aooordanoe with the
provisions oontained in 3eotion 211 of the Companies Aot, 1956, read with Revised 3ohedule vl thereto to
theextentpossible(exoepttheinsuranoesubsidiaries).
1.4 INILA1I0N
Assets and liabilities are reoorded at historioal oost to the 0roup. 1hese oosts are not adjusted to reteot the
ohangingvalueinthepurohasingpowerofmoney.
1.5 0PLPA1INUUYULL
Basedonthenatureofitsaotivities,theCorporationhasdetermineditsoperatingoyoleas12monthsforthe
purpose of olassitoation of its assets and liabilities as ourrent and non-ourrent.
1.6 UA5PIL0W51A1LMLN1
Cash tows are reported using the indireot method, whereby prott/(loss) before extraordinary items and tax
is adjusted for the effeots of transaotions of non-oash nature and any deferrals or aooruals of past or future
oash reoeipts or payments. 1he oash tows from operating, investing and tnanoing aotivities of the 0roup are
segregatedbasedontheavailableinformation.
1.7 UA5PANUUA5PLUIvALLN15(I0PPUPP05L50IUA5PIL0W51A1LMLN1)
Cash oomprises oash on hand and demand deposits with banks. Cash equivalents are short-term balanoes
(withanoriginalmaturityofthreemonthsorlessfromthedateofaoquisition),highlyliquidinvestmentsthat
are readily oonvertible into known amounts of oash and whioh are subjeot to insignitoant risk of ohanges in
value.
1.8 IN1LPL510NP0U5INUL0AN5
Repayment of housing loans is generally by way of Lquated Monthly lnstalments (LMls) oomprising prinoipal
and interest. LMls oommenoe onoe the entire loan is disbursed. Pending oommenoement of LMls, pre-LMl
interestispayableeverymonth.lnterestonloansisoomputedeitheronanannualrestoronamonthlyrest
basis.
114
Notes formng part of the conso|dated nanca| statements (Uontnued)
1.9 PPLMIUMINU0MLIP0MIN5UPANULU5INL55
LIILIN5UPANULU5INL55
PremumIncome
PremiuminoomeisreoognisedwhenduefromPolioyholders,ifthereisnounoertaintyofoolleotability.lnoaseof
linkedbusiness,premiuminoomeisreoognisedwhentheassooiatedunitsareoreated.Premiumonlapsedpolioies
isreoognisedasinoomewhensuohpolioiesarereinstated.1opuppremiumisoonsideredassinglepremium.
IncomefromLnkedPo|ces
lnoomefromlinkedpolioies,whiohinoludefundmanagementoharges,polioyadministrationoharges,mortality
oharges and other oharges, wherever applioable, is reoovered from the linked funds in aooordanoe with the
termsandoonditionsoftheinsuranoeoontraotsandisreoognisedasinoomewhendue.
PensurancePremumUeded
Reinsuranoe premium oeded is reoognised on due basis in aooordanoe with the arrangement agreed in the
reinsuranoetreaties.
ULNLPALIN5UPANULU5INL55
PremumIncome
Premium(netofservioetax)isreoognisedasinoomeovertheoontraotperiodorperiodofrisk,asappropriate,
afteradjustingforunearnedpremium(unexpiredrisk).Anysubsequentrevisionstooroanoellationsofpremiums
are aooounted for in the year in whioh they ooour. lnstallment oases are reoorded on installment due dates.
Premiumreoeivedinadvanoerepresentspremiumreoeivedpriortooommenoementoftherisk.
PensurancePremumUeded
Reinsuranoepremiumoededisaooountedintheyearinwhiohtheriskoommenoesandovertheperiodofrisk
in aooordanoe with the treaty arrangements with the reinsurers. Reinsuranoe premium oeded on unearned
premiumisoarriedforwardtotheperiodofriskandissetoffagainstrelatedunearnedpremium.Anysubsequent
revisionstooroanoellationsofpremiumsareaooountedforintheyearinwhiohtheyooour.
Premiumonexoessoflossreinsuranoeooverisaooountedasperthetermsofthereinsuranoearrangements.
1.10 INU0MLIP0MLLA5L5
LeaserentalinoomeinrespeotofleasesisreoognisedinaooordanoewiththeAooounting3tandardonLeases
(A3 19) notited by the Companies (Aooounting 3tandards) Rules, 2006.
1.11 INU0MLIP0MINvL51MLN15
1hegain/lossonaooountoflnvestmentsinPreferenoe3hares,Lebentures/Bondsand0overnment3eourities
heldaslong-terminvestmentsandaoquiredatadisoount/premium,isreoognisedoverthelifeoftheseourity
on a pro-rata basis. lnterest lnoome is aooounted on aoorual basis. Lividend inoome is aooounted when the
righttoreoeiveisestablished.
1.12 P0KLPAUL0NULP05I15
Brokerage, other than inoentive brokerage, are amortised over the period of the deposit exoept in respeot
of brokerage paid by one of the subsidiary oompanies. lnoentive brokerage, whioh is payable to agents who
aohieve oertain oolleotion targets, is oharged to the 3tatement of Prott and Loss.
1.13 1PAN5LA1I0N0II0PLIUNUUPPLNUY
Inta|recognton
1ransaotions in foreign ourrenoies entered into by the 0roup are aooounted at the exohange rates prevailing
onthedateofthetransaotion.
115
Measurementatthea|ance5heetdate
Assets and liabilities in foreign ourrenoies are oonverted at the rates of exohange prevailing at the year-end,
wherenotooveredbyforwardoontraots.wherevertheCorporationhasenteredintoaforwardoontraotoran
instrumentthatis,insubstanoe,aforwardexohangeoontraot,thedifferenoebetweentheforwardrateandthe
exohangerateonthedateofthetransaotionisreoognisedasinoomeorexpenseoverthelifeoftheoontraot.
Crossourrenoyinterestrateswapsarereoordedbymarkingtheforeignourrenoyoomponenttospotrate.
1henetloss/gainontranslationoflong-termmonetaryassetsandliabilitiesinforeignourrenoiesisamortised
over the maturity period of suoh monetary assets and liabilities and oharged to the 3tatement of Prott and
Loss.1heunamortisedexohangedifferenoeisoarriedintheBalanoe3heetasloreignourrenoymonetaryitem
translationdifferenoeaooount.1henetloss/gainontranslationofshort-termmonetaryassetsandliabilities
in foreign ourrenoies is reoorded in the 3tatement of Prott and Loss.
1.14 INvL51MLN15
() 01PLP1PANIN5UPANULU0MPANIL5
lnvestments are oapitalised at oost inolusive of brokerage and stamp oharges and are olassited into
two oategories, viz. Current or Long 1erm. Long term investments (exoluding investment properties),
are oarried individually at oost less provision for diminution, other than temporary, in the value of
suoh investments. Current investments are oarried individually, at the lower of oost and fair value.
Provisionfordiminutioninthevalueofinvestmentsismadeinaooordanoewiththeguidelinesissued
by the National Pousing Bank and the Aooounting 3tandard on Aooounting for lnvestments (A3 13)
notited by the Companies (Aooounting 3tandards) Rules, 2006, and is reoognised through the Provision
for Contingenoies Aooount. lnvestment properties are oarried individually at oost less aooumulated
depreoiationandimpairment,ifany.
() IN5UPANULU0MPANIL5
lnvestments are made in aooordanoe with the lnsuranoe Aot, 1938, the lnsuranoe Regulatory and
Levelopment Authority (lnvestment) Regulations, 2000, the lnsuranoe Regulatory and Levelopment
Authority (lnvestment) (Amendment) Regulations, 2001 and various other oiroulars/notitoations issued
bythelnsuranoeRegulatoryandLevelopmentAuthorityinthisoontextfromtimetotime.
lnvestmentsarereoordedatoost,whiohinoludebrokerage,stampdutyandexoludesbrokenperiodinterest.
lnvestmentsmaturingwithintwelvemonthsfromthebalanoesheetdateandinvestmentmadewiththe
speoito intention to dispose off within twelve months from the balanoe sheet date are olassited as short-
term investments. lnvestments other than short-term investments are olassited as long term investments.
lnoaseofoneofthesubsidiaryoompany(PLlC3tandardLifelnsuranoeCo.Ltd.),lnvestmentproperty
represents land or building held for use other than in servioes or for administrative purposes. 1he
investment in the real estate investment property is valued at historioal oost plus revaluation if any.
Revaluationoftheinvestmentpropertyisdoneatleastonoeinthreeyears.1heohangeintheoarrying
amountoftheinvestmentpropertyistakentoRevaluationReserve.
1.15 1ANUILLIIXLUA55L15
lixedAssetsareoapitalisedatoostinolusiveoflegaland/orinstallationexpenses.LeasedAssetsareaooounted
in aooordanoe with the Aooounting 3tandard on 'Leases' (A3 19) notited by the Companies (Aooounting
3tandards)Rules,2006.
1.16 IN1ANUILLA55L15
lntangibleAssetsoomprisingofsystemsoftwarearestatedatoostofaoquisition,inoludinganyoostattributable
forbringingthesametoitsworkingoondition,lessaooumulatedamortisationand0oodwillarisingonaooount
116
ofasohemeofamalgamationinasubsidiaryoompanyandasohemeofde-mergerinajointlyoontrolledentity.
Anyexpensesonsuohsoftwareforsupportandmaintenanoepayableannuallyareohargedtothe3tatement
of Prott and Loss.
1.17 ULPPLUIA1I0NANUAM0P1I5A1I0N
1angb|eIxedAssets
Lepreoiation on all lixed Assets other than Leased Assets and Leasehold lmprovements, is provided for the
fullyearinrespeotofassetsaoquiredduringtheyear.Nodepreoiationisprovidedintheyearofsale.
ln respeot of Leased Assets and Leasehold lmprovements depreoiation is provided on a pro-rata basis from
thedateofinstallation/aoquisition.
LepreoiationonBuildings,Computers,LeasedAssetsandLeaseholdlmprovements,isoaloulatedasperthe
straight-line method, and on other assets as per the reduoing balanoe method. All assets exoept Computers
and Leased Assets are depreoiated at rates speoited by the Companies Aot, 1956. Lepreoiation on Computers
is oaloulated at the rate of 25 per oent per annum. Lepreoiation in respeot of tnanoe leases is provided on
the straight-line method over the primary period of lease or over the speoited period, as detned under 3eotion
205(5)(a)oftheCompaniesAot,1956,whioheverisshorter.LepreoiationinrespeotofLeaseholdlmprovements
isprovidedonthestraight-linemethodovertheprimaryperiodofthelease.
ln respeot of jointly oontrolled entity, lixed assets that are to be used exolusively for oustomers and over
whiohtheyhavealienaredepreoiatedovertheshorteroftheestimatedusefullifeorthetenureofoontraot.
lixed assets aoquired on hire purohase basis are amortised over the tenure of the agreement. Leasehold
lmprovementsareamortisedovertheperiodofleaseortenyearswhioheverisshorter.
Intangb|eAssets
Capitalisedsoftwareisamortisedoveraperiodoffouryearsonastraight-linebasis.0oodwillarisingonaooount
ofasohemeofamalgamationinasubsidiaryoompanyandasohemeofde-mergerinajointlyoontrolledentity
hasbeenamortisedonastraight-linebasisoveraperiodof20yearsand10yearsrespeotively.
1.18 PP0vI5I0N5ANUU0N1INULNUIL5
Aprovisionisreoognisedwhenthe0rouphasapresentobligationasaresultofpasteventsanditisprobable
that an outtow of resouroes will be required to settle the obligation in respeot of whioh a reliable estimate
oan be made. Provisions (exoluding retirement benetts) are not disoounted to their present value and are
determinedbasedonthebestestimaterequiredtosettletheobligationatthebalanoesheetdate.1heseare
reviewed at eaoh balanoe sheet date and adjusted to reteot the ourrent best estimates. Contingent liabilities
are disolosed in the Notes. Contingent assets are neither reoognised nor disolosed in the tnanoial statements.
1.19 PP0vI5I0NI0PU0N1INULNUIL5ANUN0N-PLPI0PMINUA55L15
1he0roupspolioyistooarryadequateamountsintheProvisionforNon-PerformingAssetsAooountandthe
ProvisionforContingenoiesaooounttooovertheamountoutstandinginrespeotofallnon-performingassets
andstandardassetsrespeotivelyasalsoallotheroontingenoies.Allloansandotheroreditexposureswherethe
instalments are overdue for Ninety days and more are olassited as non-performing assets in aooordanoe with
theprudentialnormspresoribedbytheNationalPousingBankandtheReserveBankoflndia.1heprovision
for non-performing assets is deduoted from loans and advanoes. 1he provisioning polioy of the Corporation
ooverstheminimumprovisioningrequiredaspertheNPBandtheReserveBankoflndia.
Uened contrbuton p|ans
1he Corporation's oontribution to provident fund and superannuation fund are oonsidered as detned oontribution
117
plansandareohargedasanexpensebasedontheamountofoontributionrequiredtobemade.1hesefunds
andthesohemesthereunderarereoognisedbythelnoome-taxauthoritiesandadministeredbyvarioustrustees.
60 of the Lmployees Provident lund 3oheme, 1952 for the reason that the return on investment is less or
for any other reason, then the detoienoy shall be made good by the Corporation.
Uened benet p|ans
lor detned benett plans in the form of gratuity fund and post retirement pension soheme for whole time Lireotors,
the oost of providing benetts is determined using the Projeoted unit Credit method, with aotuarial valuations
being oarried out at eaoh balanoe sheet date. Aotuarial gains and losses are reoognised in the 3tatement of
Prott and Loss in the period in whioh they ooour. Past servioe oost is reoognised immediately to the extent that
the benetts are already vested and otherwise is amortised on a straight-line basis over the average period until
the benetts beoome vested. 1he retirement benett obligation reoognised in the Balanoe 3heet represents the
present value of the detned benett obligation as adjusted for unreoognised past servioe oost, as reduoed by
the fair value of soheme assets. Any asset resulting from this oaloulation is limited to past servioe oost, plus
thepresentvalueofavailablerefundsandreduotionsinfutureoontributionstothesohemes.
Lxoept in oase of Lubai branoh of the Corporation, the provision for gratuity is made in aooordanoe with the
prevalentlooallaws.
5hort-term emp|oyee benets
1he undisoounted amount of short-term employee benetts expeoted to be paid in exohange for the servioes
rendered by employees are reoognised during the year when the employees render the servioe. 1hese benetts
inoludeperformanoeinoentiveandoompensatedabsenoeswhiohareexpeotedtoooourwithintwelvemonths
aftertheendoftheperiodinwhiohtheemployeerenderstherelatedservioe.
1heoostofshort-termoompensatedabsenoesisaooountedasunder:
(a) in oase of aooumulated oompensated absenoes, when employees render the servioes that inorease
theirentitlementoffutureoompensatedabsenoes,and
(b) inoaseofnon-aooumulatingoompensatedabsenoes,whentheabsenoesooour.
Long-term emp|oyee benets
Compensatedabsenoeswhioharenotexpeotedtoooourwithintwelvemonthsaftertheendoftheperiodin
whioh the employee renders the related servioe are reoognised as a liability at the present value of the detned
benett obligation as at the balanoe sheet date.
1.21 ULAIM5PAIUANU01PLPLXPLN5L5PLP1AININU10IN5UPANULU5INL55
(i) LIILIN5UPANULU5INL55
Claims oosts oonsist of the polioy benett amount and olaim settlement oost, where applioable. Leath and
rider olaims are aooounted for on reoeipt intimation. Annuity benetts and maturity olaims are aooounted
when due. 3urrenders under oonventional polioies are aooounted on oonsent from the insured to the
oourtprovidedbytheCompany.3urrendersandwithdrawalsunderlinkedpolioiesareaooountedonthe
reoeiptofintimation.3urrendersalsoinoludeamountspayableonlapsedpolioieswhiohisaooountedfor
onthedateoflapse.3urrendersandlapsationaredisolosedatnetofohargesreooverable.Reinsuranoe
olaimsareaooountedforintheperiodinwhiohtheolaimsaresettled.
Polioyaoquisitionoostsareexpensedintheperiodinwhiohtheyareinourred.Aoquisitionoostsoonsists
ofoommissiontoinsuranoeintermediaries,salesstaffoosts,rent,medioaloost,polioyprintingexpenses,
118
stamp duty, and other related expenses to souroe and issue the polioy. Claw baok, if any for the trst
yearoommissionisreoognisedintheyearinwhiohitisdeoidedthatithasbeoomereooverable.
(ii) ULNLPALIN5UPANULU5INL55
Claimsinourredoomprisesofolaimspaid(netofsalvageandotherreooveries),ohangeintheestimate
liabilityforoutstandingolaimsmadefollowingalossooourrenoereported,ohangeinestimatedliability
for olaims inourred but not reported (lBNR) & olaims inourred but not enough reported (lBMLR) and
speoito settlement oosts oomprising survey, legal and other direotly attributable expenses.
Provisionismadeforestimatedvalueofoutstandingolaimsatthebalanoesheetdatenetofreinsuranoe,
salvage and other reooveries. 3uoh provision is made on the basis of the ultimate amounts that are
likely to be paid on eaoh olaim, established by the management in the light of past experienoe and
progressively modited for ohanges as appropriate on availability of further information and inolude
insuranoeolaimsettlementoostslikelytobeinourredtosettleoutstandingolaims.
Claims(netofamountsreoeivablefromreinsurers/ooinsurers)arereoognisedonthedateofintimation
basedonestimatesfromsurveyors/insuredintherespeotiverevenueaooounts.
1heestimatedliabilityforolaimsinourredbutnotreported(lBNR)andolaimsinourredbutnotenough
reported (lBNLR) has been estimated by the Appointed Aotuary in oomplianoe with guidelines issued
bylRLAvideoiroularNo.11/lRLA/AC1L/lBNR/2005-06dated1une8,2005andapplioableprovisions
ofthe0uidanoeNote21issuedbythelnstituteofAotuariesoflndia.1heAppointedAotuaryhasused
alternativemethodsforeaohproduotoategoryasoonsideredappropriatedependingupontheavailability
ofpastdataaswellasappropriatenessofthedifferentmethodstothedifferentlinesofbusinesses.
1he Basio Chain Ladder (BCL) method has been adopted for those lines of business where olaims
developmentfromthepastyearsisoonsideredtoberepresentativeforthefutureolaimsdevelopment
viz.Motor(0LandPA),PersonalAooident,Pealthand1ravellnsuranoe.
1he Bornhuetter lergusson method has been adopted for Motor 1hird Party lnsuranoe in respeot
of olasses of vehioles other than oommeroial vehioles sinoe reasonable volume of paid olaims data is
available. ln respeot of oommeroial vehioles, the loss ratio approaoh is adopted sinoe suftoient oredible
lossexperienoeand/orminimumreliabledevelopmentdataisnotavailabletojustifytheapplioationof
standardaotuarialmethods.
lor other olasses of business suoh as Commeroial lnsuranoe (oonsisting of lire, Marine, Lngineering,
PublioLiability,ProduotLiability,workmenoompensationandMisoellaneous),3peoialtylnsuranoe,Cattle
and Pome lnsuranoe, the available olaims paid data are very small and henoe not suftoient to apply
anystatistioalmethod.lorsuoholassesofbusiness,theliabilityhasbeenarrivedatbyusingLossRatio
method by multiplying the Net Larned premium and the exoess if the estimated olaims ratio over the
aotualolaimsratio.
Aoquisition oosts are detned as oosts that vary with, and are primarily related to the aoquisition of new
andrenewalinsuranoeoontraotsviz.oommission.1heseoostsareexpensedoutintheperiodinwhioh
theyareinourred.
1.22 LAPNINU5PLP5PAPL
Basio earnings per share is oomputed by dividing the prott/(loss) after tax (inoluding the post tax effeot of
extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.
Liluted earnings per share is oomputed by dividing the prott/(loss) after tax (inoluding the post tax effeot of
extraordinary items, if any) as adjusted for dividend, interest and other oharges to expense or inoome (net
of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of
119
equity shares oonsidered for deriving basio earnings per share and the weighted average number of equity
shareswhiohoouldhavebeenissuedontheoonversionofalldilutivepotentialequityshares.
Potential equity shares are deemed to be dilutive only if their oonversion to equity shares would deorease
the net prott per share from oontinuing ordinary operations. Potential dilutive equity shares are deemed to
be oonverted as at the beginning of the period, unless they have been issued at a later date. 1he dilutive
potential equity shares are adjusted for the prooeeds reoeivable had the shares been aotually issued at fair
value (i.e. average market value of the outstanding shares). Lilutive potential equity shares are determined
independently for eaoh period presented. 1he number of equity shares and potentially dilutive equity shares
areadjustedforsharesplits/reversesharesplitsandbonusshares,asappropriate.
1.23 INU0ML-1AX
Currenttaxistheamountoftaxpayableonthetaxableinoomefortheyearasdeterminedinaooordanoewith
theprovisionsofthelnoome1axAot,1961.
Leferred tax is reoognised on timing differenoes, being the differenoes between the taxable inoome and
the aooounting inoome that originate in one period and are oapable of reversal in one or more subsequent
periods.Leferredtaxismeasuredusingthetaxratesandthetaxlawsenaotedorsubstantivelyenaotedasat
thereportingdate.Leferredtaxassetsarereoognisedfortimingdifferenoesofitemsotherthanunabsorbed
depreoiation and oarry forward losses only to the extent that reasonable oertainty exists that suftoient future
taxable inoome will be available against whioh these oan be realised. Powever, if there are unabsorbed
depreoiation and oarry forward of losses, deferred tax assets are reoognised only if there is virtual oertainty
that there will be suftoient future taxable inoome available to realise the assets.
Leferredtaxassetsandliabilitiesareoffsetifsuohitemsrelatetotaxesoninoomeleviedbythesamegoverning
tax laws and the Company has a legally enforoeable right for suoh set off. Leferred tax assets are reviewed
ateaohbalanoesheetdatefortheirrealisability.
Currentanddeferredtaxrelatingtoitemsdireotlyreoognisedinreservesarereoognisedinreservesandnot
in the 3tatement of Prott and Loss.
1.24 5LPvIUL1AXINPU1UPLUI1
3ervioetaxinputoreditisaooountedforinthebooksintheperiodinwhiohtheunderlyingservioereoeivedis
aooountedandwhenthereisnounoertaintyinavailing/utilisingtheoredits.
1.25 5LUUPI1I5LUA55L15
Lereoognition of seouritised assets in the books of the Corporation, reoognition of gain or loss arising on
seouritisationandaooountingfororeditenhanoementprovidedbytheCorporationisbasedonthe0uidanoe
NoteonAooountingfor3eouritisationissuedbythelnstituteofCharteredAooountantsoflndia.
3eouritised assets are dereoognised in the books of the Corporation based on the prinoiple of surrender of
oontrolovertheassets.CreditLnhanoementprovidedbytheCorporationbywayofinvestmentsinsubordinate
Class B Pass 1hrough Certitoates is inoluded under lnvestments in Pass 1hrough Certitoates in Note No. 16.
1.26 P0LIUYLIAILI1IL5
Aotuarialliabilities(forallinforoepolioiesasatthevaluationdate)areoaloulatedinaooordanoewithaooepted
aotuarial praotioe, requirements of lnsuranoe Aot, 1938, regulations notited by the lRLA and 0uidanoe Notes
issuedbythelnstituteofAotuariesoflndiawiththeoonourrenoeofthelRLA.
1he liability for individual non-linked business and non unit reserves of unit linked business is oaloulated at
the valuation date using gross premium method. 1he liabilities are determined based on assumptions as to
thefutureexperienoeofthepolioies.1heprinoipalassumptionsarerelatedtointerest,expenses,persistenoy,
120
mortalityandinoaseofpartioipatingpolioies,bonusesandtaxes.1heassumptionsmadearebasedonprudent
estimatesofthefutureexperienoe,andhenoeinoludemarginsforadversedeviations.
1he unit reserve in respeot of linked business is determined on the basis of net asset values of the units
allooatedtothePolioyholdersasatthevaluationdate.
1heliabilityfortheoneyearrenewablegrouptermpolioiesisoaloulatedontheunexpiredriskpremiumbasis,
andforthegroupnonlinkedsavingsproduotsonthebasisofpolioyaooountbalanoes.
1.27 PPLLIMINAPYLXPLN5L5
PreliminaryLxpensesarebeingwrittenoffoveraperiodof5yearsinaooordanoewiththeprovisionsof3eotion
35Lofthelnoome-taxAot,1961.
2. 1he oonsolidated tnanoial statements oomprise the individual tnanoial statements of Pousing Levelopment
linanoeCorporationLimited(PLlCLtd.ortheCorporation),itssubsidiariesandassooiatesasonMaroh
31, 2013 and for the year ended on that date. 1he oonsolidated tnanoial statements have been prepared on
thefollowingbasis:
1he tnanoial statements of the Corporation and its subsidiaries have been oombined on a line-by-line
basis by oonsolidating the book values of like items of assets, liabilities, inoome and expenses, after
eliminating intra-group balanoes and intra-group transaotions, resulting in unrealised protts or losses
as per Aooounting 3tandard 21 on 'Consolidated linanoial 3tatements' notited by the Companies
(Aooounting3tandards)Rules,2006.
1he Corporation's investments in equity shares of assooiates are aooounted for under the equity method
and its share of pre-aoquisition protts/losses is reteoted as goodwill/oapital reserve in the oarrying
value of investments in aooordanoe with the Aooounting 3tandard 23 on Aooounting for lnvestments
in Assooiates in Consolidated linanoial 3tatements' notited by the Companies (Aooounting 3tandards)
Rules,2006.
1he tnanoial statements of the subsidiaries and the assooiates used in the oonsolidation are drawn up
tothesamereportingdateasthatoftheCorporation,i.e.Maroh31,2013.
1he exoess of oost to the Corporation, of its investment in the subsidiaries over the Corporation's portion
of equity is reoognised in the tnanoial statements as 0oodwill.
1he exoess of the Corporation's portion of equity of the subsidiaries on the aoquisition date over its
oostofinvestmentistreatedasCapitalReserve.
Minority lnterest in the net assets of oonsolidated subsidiaries oonsists of:
a) 1heamountofequityattributabletominoritiesatthedateonwhiohinvestmentinasubsidiary
ismade,and
b) 1heminoritiesshareofmovementsinequitysinoethedatetherelationshipoameintoexistenoe.
Minority interest's share of net prott/loss for the year of the oonsolidated subsidiaries is identited and
adjusted against the prott after tax of the group.
ln oase of foreign subsidiaries, being non-integral operations, revenue items are oonsolidated at the
average rate prevailing during the year. All assets and liabilities are oonverted at the rates prevailing
at the end of the year. Any exohange differenoe arising on oonsolidation is reoognised in the loreign
Currenoy1ranslationReserve.
121
2.1 1he tnanoial statements of the following subsidiary oompanies have been oonsolidated as per Aooounting
3tandard on Consolidated linanoial 3tatements (A3 21) notited by the Companies (Aooounting 3tandards)
Rules,2006.
Allthebelowmentionedsubsidiarieshavebeeninoorporatedinlndia,otherthan0rihalnvestmentswhiohhas
been inoorporated in Mauritius and 0riha Pte. Ltd. and PLlC Asset Management Company (3ingapore) Pte.
Ltd.havebeeninoorporatedin3ingapore.
Nameof5ubsdary Proportonof0wnershp
Interest(%)
PLlCLevelopersLtd. 100.00 100.00
PLlClnvestmentsLtd. 100.00 100.00
PLlCPoldingsLtd. 100.00 100.00
PLlCAssetManagementCo.Ltd. 59.81 59.98
PLlC1rusteeCo.Ltd. 100.00 100.00
PLlCRealtyLtd. 100.00 100.00
0RuPlinanoeLtd. 59.69 60.36
PLlCventureCapitalLtd. 80.50 80.50
PLlCventures1rusteeCo.Ltd. 100.00 100.00
PLlC3alesPvt.Ltd. 100.00 100.00
PLlCPropertyventuresLtd. 100.00 100.00
PLlClnvestment1rust 100.00 100.00
PLlCPropertylund3oheme-PLlCl1Corridorlund 100.00 97.98
0rihalnvestments(3ubsidiaryofPLlCPoldingsLtd.) 100.00 100.00
0rihaPte.Ltd.,3ingapore(3ubsidiaryofPLlClnvestmentsLtd.)
(w.e.f.Leoember28,2012)
#
100.00 -
PLlCAssetManagementCompany(3ingapore)Pte.Ltd.
(3ubsidiaryofPLlCAssetManagementCo.Ltd.)
- 59.98
Credilalinanoial3ervioesPvt.Ltd. 62.28 62.28
PLlCLduoationandLevelopment3ervioesPvt.Ltd.
(w.e.f.November17,2011)
100.00
#
100.00
# Consequent to the inoorporation of this subsidiary, the oonsolidated net worth of the ourrent year is lower
by ` 0.19 crores (Previous ear ` 2.32 orores) and the oonsolidated prott of the ourrent year is lower by
` 0.16crores(Previousear` 2.32orores).
PLlCAssetManagementCompanyLtd.isintheprooessofwindingupPLlCAssetManagementCompany
(3ingapore) Pte. Ltd. (its subsidiary oompany) and the neoessary steps in this regard have been initiated.
Aooordingly, a permanent diminution has been provided against the investment in subsidiary oompany and
thesamehasnotbeenoonsolidated.
2.2 As per Aooounting 3tandard on Consolidated linanoial 3tatements (A3 21) notited by the Companies (Aooounting
3tandards) Rules, 2006, the tnanoial statements of the following subsidiaries of PLlC PR0PLR1 luNL -
3oheme-PLlCl1Corridorlund,allinoorporatedinlndia,havebeenexoludedfromoonsolidation,sinoethey
areheldexolusivelywithaviewtotheirsubsequentdisposalinthenearfuture.
122
Nameof5ubsdary Proportonof0wnershp
Interest(%)
0randeurPropertiesPvt.Ltd. 100.00 97.98
PaddookPropertiesPvt.Ltd. 100.00 97.98
PentagramPropertiesPvt.Ltd. 100.00 97.98
windermerePropertiesPvt.Ltd. 100.00 97.98
winohesterPropertiesPvt.Ltd. 100.00 97.98
2.3 1he tnanoial statements of the following subsidiary oompanies, all inoorporated in lndia, whioh are in the nature
of jointly oontrolled entities, have been oonsolidated as per Aooounting 3tandard on Consolidated linanoial
3tatements (A3 21) notited by the Companies (Aooounting 3tandards) Rules, 2006.
Nameof5ubsdary(Jont|yUontro||edLntty) Proportonof0wnershp
Interest(%)
PLlC3tandardLifelnsuranoeCo.Ltd. 12.31 72.37
PLlCLifePensionlundManagementCo.Ltd.(w.e.f.1une20,2011)
(3ubsidiaryofPLlC3tandardLifelnsuranoeCo.Ltd.) 12.31 72.37
PLlCLR000enerallnsuranoeCo.Ltd. 13.91 74.00
Consequenttotheinoorporationofthesubsidiarytheoonsolidatednetworthoftheourrentyearishigherby
` N| (Previous ear ` 0.04 orores) and the oonsolidated prott of the ourrent year is lower by ` N| (Previous
ear` 0.07orores).
2.4 1heCorporationhasmadeaninvestmentinP1Parekhloundation,a3eotion25CompanyunderCompanies
Aot, 1956, wherein the protts will be applied for promoting its objeots. Aooordingly, the aooounts of P 1 Parekh
loundation are not oonsolidated in these tnanoial statements, sinoe, the Corporation will not derive any
eoonomio benetts from its investments in P 1 Parekh loundation.
2.5 Consequenttotheaboveohangesintheownershipinterest,oertainpreviousyearbalanoeshavebeenoonsidered
on ourrent ownership and aooordingly the same is reteoted in the Reserves and 3urplus as '0pening Adjustments'.
3. PLlC Ltd.s investments in the following assooiates, have been aooounted for, under the equity method, in
aooordanoe with the Aooounting 3tandard 23 on Aooounting for lnvestments in Assooiates in Consolidated
linanoial 3tatements' notited by the Companies (Aooounting 3tandards) Rules, 2006:
NameofAssocate Natureofusness Proportonof0wnershp
Interest(%)
PLlCBankLtd. Banking3ervioes 22.83 23.15
lndianAssooiationfor3avingsandCredit
(upto3eptember26,2012)
Miorolinanoe
- 49.99
lndiavaluelundAdvisorsPvt.Ltd. ventureCapital 21.51 21.51
Rural3horesBusiness3ervioesPvt.Ltd. BP0 34.04 35.67
lPl0NLlNLLtd.(w.e.f.1anuary3,2012) Publishing 28.13 28.73
123
PLlC Ltd.'s share of prott in PLlC Bank Ltd. has been aooounted for based on their oonsolidated tnanoial
statements.
4. 5PAPLUAPI1AL
Asat
March31,2013
Asat
Maroh31,2012
` nUrores ` inCrores
Au1P0Rl3LL
162,50,00,000Lquity3haresof` 2eaoh 325.00 325.00
(Previousear162,50,00,000Lquity3haresof` 2eaoh)
325.00 325.00
l33uLL,3uB3CRlBLLANLPAlL-uP
154,63,47,255Lquity3haresof` 2eaoh 309.21 295.39
(Previousear147,69,70,010Lquity3haresof` 2eaoh)
309.21 295.39
4.1 Reoonoiliationofnumberofsharesoutstandingatthebeginningandattheendofthereportingperiod:
Partcu|ars AsatMarch31,2013 AsatMaroh31,2012
Number ` nUrores Number ` inCrores
Lquity shares outstanding as at the
beginningoftheyear 141,69,10,010 295.39 146,68,86,690 293.37
3hares allotted pursuant to exeroise of
stookoptions 1,46,93,995 2.94 1,00,23,420 2.00
3hares allotted pursuant to exohange of
warrants 5,46,83,250 10.94 59,900 0.02
Lquity shares outstanding as at the end
oftheyear 154,63,41,255 309.21 147,69,70,010 295.39
4.2 1hedetailsofeaohshareholderholdingmorethan5peroentsharesintheCorporation:
Partcu|ars 0utstandngason31.3.2013 0utstandingason31.3.2012
Number %ofshareshe|d
totota|5hares
Number ofsharesheld
tototal3hares
AberdeenAssetManagementAsiaLtd.
(onbehalfoffundsadvised/managed) 12,14,90,319 8.24% 11,35,93,819 7.69
LifelnsuranoeCorporationoflndia - - 8,25,68,977 5.59
4.3 4,11,13,935sharesof` 2eaoh(Previousear11,71,16,560sharesof` 2eaoh)werereservedforissuanoe
asfollows:
a) 4,11,13,935 shares of ` 2 eaoh (Previous ear 6,24,07,930 shares of ` 2 eaoh) towards outstanding
Lmployees3took0ptionsgranted/availableforgrant,inoludinglapsedoptions[ReferNote4.4].
b) N| shares of ` 2 eaoh (Previous ear 5,47,08,630 shares of ` 2 eaoh) towards outstanding share
warrants[ReferNote5.7].
1he Corporation has only one olass of shares referred to as equity shares having laoe value of ` 2
eaoh.Laohholderofequityshareisentitledtoonevotepershare.
1he holders of equity shares are entitled to dividends, if any, proposed by the Board of Lireotors and
approvedby3hareholdersattheAnnual0eneralMeeting.
124
4.4 Luring the year, the Nomination and Compensation Committee of Lireotors (NCCL) at its meeting held on
May23,2012grantedthe58,67,546newstookoptionsalongwith2,34,929optionslapsedunderprevious
3ohemes i.e. L303-05 : 32,030 options, L303-07: 1,32,087 options and L303-08: 70,812 options, in all
aggregating to 61,02,475 stook options representing 3,05,12,375 equity shares of ` 2 eaoh at an exeroise
prioe of ` 3,177.50 per option to Lmployees and Lireotors of the Corporation under the Lmployees 3took
0ption 3oheme - 2011 (L303-11). 1he said prioe was determined in aooordanoe with the prioing formula
approvedbytheshareholdersi.e.atthelatestavailableolosingprioeoftheequitysharesoftheCorporation
onthestookexohangeonwhiohthesharesarelistedandhavinghighertradingvolume,priortothemeeting
oftheNCCLatwhiohtheoptionsaregranted.
ln terms of L303-11, 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 oompleting oontinuous servioe of three years with the
Corporation.Aooordingly,nooptionshavevestedduringtheourrentyear.1heoptionsoanbeexeroisedovera
period of tve years from the date of respeotive vesting.
underLmployees3took0ption3oheme2008(L303-08),theCorporationhadonNovember25,2008,granted
57,90,000stookoptionsatanexeroiseprioeof`1,350.60peroptionrepresenting57,90,000equityshares
of`10eaohtotheemployeesanddireotorsoftheCorporation.1hesaidprioewasdeterminedinaooordanoe
with the prioing formula approved by the shareholders i.e. at the latest available olosing prioe on the stook
exohangehavinghighertradingvolume,priortograntofoptions.
ln terms of L303-08, the options would vest over a period of 1-3 years from the date of grant, but not later
thanNovember24,2011,dependinguponoptiongranteeoompletingoontinuousservioeofthreeyearswith
theCorporation.Aooordingly,duringtheyearN|optons(Previousear64,042options)werevestedand112
optons(Previousear581options)werelapsedaftervesting.1heoptionsoanbeexeroisedoveraperiodof
tve years from the date of respeotive vesting.
underLmployees3took0ption3oheme-2007(L303-07),theCorporationhadon3eptember12,2007,granted
54,56,835stookoptionsatanexeroiseprioeof`2,149peroptionrepresenting54,56,835equitysharesof
` 10 eaoh to the employees and direotors of the Corporation. 1he said prioe was determined in aooordanoe
lntermsofL303-07,theoptionswouldvestoveraperiodof1-3yearsfromthedateofgrant,butnotlater
than3eptember11,2010,dependinguponoptiongranteeoompletingoontinuousservioeofthreeyearswith
theCorporation.Alltheoptionshavebeenvestedintheearlieryears.lntheourrentyear525optons(Previous
ear 1,630 options) were lapsed after vesting. 1he options oan be exeroised over a period of tve years from
thedateofrespeotivevesting.
underLmployees3took0ption3oheme-2005(L303-05),theCorporationhadon0otober25,2005,granted
74,73,621stookoptionsatanexeroiseprioeof` 912.90peroptionrepresenting74,73,621equitysharesof
` 10 eaoh to the employees and direotors of the Corporation. 1he said prioe was determined in aooordanoe
ln terms of the L303-05, the options would vest over a period of 2-3 years from the date of grant, but not
later than 0otober 24, 2008, depending upon option grantee oompleting oontinuous servioe of three years
withtheCorporation.Alltheoptionshavebeenvestedintheearlieryears.lntheourrentyear12,285optons
(Previous ear 524 options) were lapsed after vesting. 1he options oan be exeroised over a period of tve years
fromthedateofrespeotivevesting.Aooordingly,alltheoptionsvestedunderL303-05havebeenexeroised.
125
Methodusedforaccountngforsharebasedpaymentp|an:
1he Corporation has used intrinsio value method to aooount for the oompensation oost of stook options to
employeesoftheCorporation.lntrinsiovalueistheamountbywhiohthequotedmarketprioeoftheunderlying
share exoeeds the exeroise prioe of the option. 3inoe the options under L303-11, L303-08, L303-07 and
L303-05weregrantedatthemarketprioe,theintrinsiovalueoftheoptionisNil.Consequentlytheaooounting
valueoftheoption(oompensationoost)isalsoNil.
MovementntheoptonsunderL505-11,L505-08,L505-01andL505-05:
Partcu|ars L505-11
0ptons
UurrentYear
0ptions
Previousear
0utstandingatthebeginningoftheyear - -
0rantedduringtheyear 61,02,415 -
Lxeroisedduringtheyear - -
Lapsedduringtheyear 31,200 -
0utstandingattheendoftheyear 60,11,215 -
unvestedattheendoftheyear 60,11,215 -
Lxeroisableattheendofyear - -
weightedaverageprioeperoption ` 3111.50
Partcu|ars L505-08
0ptons
UurrentYear
0ptions
Previousear
vestedduringtheyear - 64,042
Lapsedduringtheyear 112 581
Partcu|ars L505-01
0ptons
UurrentYear
0ptions
Previousear
Lapsedduringtheyear 525 1,630
126
Partcu|ars L505-05
0ptons
Uurrentyear
0ptions
Previousear
Lapsedduringtheyear 12,285 524
0utstandingattheendoftheyear - 3,17,454
Lxeroisableattheendofyear - 3,17,454
weightedaverageprioeperoption ` 912.90
witheffeotfromAugust21,2010,thenominalfaoevalueofequitysharesoftheCorporationwassub-divided
from` 10pershareto` 2pershare.Aooordingly,eaohoptionexeroisedafterAugust21,2010isentitledto
5equitysharesof` 2eaoh.
Iarva|ueMethodo|ogy:
1hefairvalueofoptionshavebeenestimatedonthedateofgrantusingBlaok-3oholesmodelasunder:
1he key assumptions used in Blaok-3oholes model for oaloulating fair value under L303-2011, L303-2008,
L303-2007andL303-2005asonthedateofgrantviz.May23,2012,November25,2008,3eptember12,
2007and0otober25,2005,areasfollows:
Partcu|ars L505-2011 L505-2008 L505-2001 L505-2005
Risk-freeinterestrate(p.a.) 8.06 6.94 7.70 6.38
Lxpeotedlife upto2years upto2years upto2years 2to3years
Lxpeotedvolatilityofshareprioe 15 29 19 30
Lxpeotedgrowthindividend(p.a.) 20 20 20 20
1he weighted average fair value, as on the date
ofgrant(per3took0ption) ` 474.56 ` 238.79 ` 307.28 ` 105.50
3inoe all the stook options granted under L303-2008, L303-2007 and L303-2005 have been vested, the
stookbasedoompensationexpensedeterminedunderfairvaluebasedmethodis` N|(Previousear` Nil).
Aooordingly there is no ohange in the reported and proforma net prott and Basio and Liluted LP3.
Powever, had the oompensation oost for the stook options granted under L303-11 been determined based
on the fair value approaoh, the Corporation's net prott and earnings per share would have been as per the
proformaamountsindioatedbelow:
` inCrores
Net Prott (as reported) 6,639.12 5,462.51
Less: 3took-based oompensation expenses determined under fair value
based method, net of tax: [0ross ` 233.18 crores (Previous ear ` Nil)]
(proforma) 151.93 -
Net Prott (pro forma) 6,481.19 5,462.51
Less:Amountsutilisedoutof3helterAssistanoeReserve 9.13 6.89
Less: Proportionate share of amounts utilised out of Corporate 3ooial
ResponsibilitylundofPLlCAssetManagementCompanyLimited 0.69 0.29
Net Prott oonsidered for oomputing LP3 (pro forma) 6,411.91 5,455.33
127
Amountin`
Basioearningpershare(asreported) 43.63 37.07
Basioearningpershare(proforma) 42.59 37.07
Lilutedearningpershare(asreported) 43.09 36.50
Lilutedearningpershare(proforma) 42.06 36.50
5. PL5LPvL5ANU5UPPLU5
Asat
March31,2013
` nUrores
Asat
Maroh31,2012
ìnCrores
3PLClALRL3LRvLNo.l[ReferNote5.2] 51.23 51.23
3PLClALRL3LRvLNo.ll[ReferNote5.2] 5,635.91 4,839.90
3PLClALRL3LRvLunder3eotion45-lC(1)oftheRBlAot,1934 26.13 20.97
0LNLRALRL3LRvL 9,013.00 7,940.87
ALLl1l0NALRL3LRvL(under3eotion29CoftheNationalPousingBank
Aot,1987)[ReferNote5.3] 2,290.81 1,458.51
RLvALuA1l0NRL3LRvL[ReferNote5.4] 39.28 39.60
3LCuRl1lL3PRLMluM[ReferNote5.5] 9,114.02 6,066.66
LMPL0LL310CK0P1l0N0u131ANLlN0 - 4.54
CAPl1ALRLLLMP1l0NRL3LRvL[ReferNote5.6] 21.02 26.84
3PLL1LRA33l31ANCLRL3LRvL 53.63 22.76
C0RP0RA1L30ClALRL3P0N3lBlLl1luNL 2.01 2.70
l0RLl0NCuRRLNC1RAN3LA1l0NRL3LRvL (0.05) (1.27)
CAPl1ALRL3LRvL[ReferNote5.7] 0.04 301.27
CAPl1ALRL3LRvL0NC0N30LlLA1l0N 48.30 48.30
3uRPLu3lN1PL31A1LMLN10lPR0ll1ANLL033
(ofsubsidiariesandassooiates)[ReferNote5.1] 4,129.09 3,097.76
31,151.08 23,920.64
5.1 5UPPLU5IN1PL51A1LMLN10IPP0II1ANUL055
Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
Add:0peningAdjustment[ReferNote2.5] (0.91) (314.64)
3,096.85 1,894.89
Add: Prott after 1ax for the year attributable to the Corporation 6,639.12 5,462.51
9,136.51 7,357.40
128
Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
APPP0PPIA1I0N5:
3peoialReserveNo.ll[ReferNote5.2] 191.09 747.07
3peoialReserve(under3eotion45-lC(1)oftheReserveBankoflndiaAot,1934) 5.16 7.05
0eneralReserve 996.05 906.66
Additional Reserve (under 3eotion 29C of the National Pousing Bank Aot,
1987)[ReferNote5.3] 832.46 624.57
3helterAssistanoeReserve 40.00 17.99
CapitalRedemptionReserve[ReferNote5.6] 32.84 34.55
ProposedLividend[Lividend`12.50perequitysharesof`2each(Previous
ear`11perequitysharesof`2eaoh)]
1,932.93 1,624.67
Additional1axonLividend 319.89 298.46
Additional1axonLividendl..2011-12[ReferNote5.8] (24.62) (4.66)
Lividend[inoludingtaxof` 2.12crores(Previousear` 0.45orores)] 15.08 3.28
pertainingtopreviousyearpaidduringtheyear[ReferNote5.9]
4,129.09 3,097.76
5.2 3peoial Reserve has been oreated over the years in terms of 3eotion 36(1)(viii) of the lnoome-tax Aot, 1961
out of the distributable protts of PLlC Ltd. and a 3ubsidiary. 3peoial Reserve No. l relates to the amounts
transferred upto linanoial ear 1996-97, whereas 3peoial Reserve No. ll relates to the amounts transferred
thereafter.
5.3 Luringtheyear,inadditiontotheohargeof` 148.59crores(Previousear` 87.30orores)tothe3tatement
of Prott and Loss and utilisation of ` N| (net of deferred tax of ` N|) [(Previous ear ` 7.79 orores) (net of
deferredtax` 3.76orores)]from0eneralReservebyasubsidiaryoompany,anamountof` N|(netofdeferred
taxof` N|)[(Previousear` 349.93orores)(netofLeferred1axof` 168.07orores)],beingonetimeoharge
onaooountofohangesintheprovisioningrequirementsbytheNationalPousingBankvideoiroularsno.NPB.
PlC.LlR.3/CML/2011 dated August 5, 2011 and NPB.PlC.LlR.4/CML/2012 dated 1anuary 19, 2012 has
beentransferredfromAdditionalReserveoreatedasper3eotion29CoftheNationalPousingBankAot,1987
byPLlCLtd.pursuanttooiroularNPB(NL)/LR3/Pol-No.03/2004-05datedAugust26,2004asunder:
` inCrores
Partcu|ars Asat
March31,2013
Asat
Maroh31,2012
1oProvisionforContingenoiesAooount[ReferNote9.2] 51.11 450.73
1oProvisionforNon-PerformingLoans[ReferNote18.4] 39.11 160.51
1oProvisionforLoubtfulReoeivable[ReferNote23] 51.11 -
148.59 611.24
lurther an amount of ` N| (Previous ear ` 5.94 orores) has been oredited to other inoome on aooount of
reversalofprovisionforoontingenoiesbyasubsidiaryoompany.
5.4 1he premises owned by one of the subsidiary oompany (PLlC 3tandard Life lnsuranoe Co. Ltd.) used as an
oftoe in the past was reolassited during the year 2005-06 as lnvestment in Properties - Real Lstate.
129
Luring the previous year, the subsidiary deoided to use a portion of the property olassited as investment
property for its own business purpose. Consequently, value of the property so used for own business ` N|
(Previousear` 65.35 orores) has been reolassited from investment property to txed assets.
5.5 Luringtheyear,` 456.13crores(Previousear` 501.56orores)hasbeenutilisedoutofthe3eouritiesPremium
Aooountinaooordanoewith3eotion78oftheCompaniesAot,1956.0utoftheabove,` 0.11crores(Previous
ear` Nil)hasbeenutilisedbyoneofthesubsidiaryoompaniestowardsdebentureissueexpenses,` 18.52
crores(Previousear` 16.39orores)hasbeenutilisedbyoneofthesubsidiaryoompaniestowardsbuy-baokof
equityshares,` N|(Previousear` 0.10orores)hasbeenutilisedbyoneofthesubsidiaryoompaniestowards
shareissueexpensesand` 438.04crores(netoftax` 175.54orores)[(Previousear` 485.07orores)(net
of tax ` 223.25 orores)] has been utilised by PLlC Ltd. towards the proportionate premium payable on the
redemptionofLeroCoupon3eouredRedeemableNon-ConvertibleLebentures.
5.6 PLlCAssetManagementCompanyLimited(PLlCAMC),pursuanttotheapprovalofitsshareholdersatthe
Lxtra0rdinary0eneralMeetingsandinaooordanoewiththeprovisionsoftheCompaniesAot,1956(Aot)and
Private Company and unlisted Publio Limited Company (Buy-baok of 3eourities) Rules, 1999, bought baok
4,84,650 equity shares during the year (Previous ear 5,04,200 equity shares) at an aggregate value of `
112.18crores(Previousear` 109.26orores).PLlCAMChasutilisedthe3eouritiesPremiumAooountand
lreeReservesforthispurpose.Asumof` 0.29crores(Previousear` 0.30orores)hasbeentransferredto
CapitalRedemptionReserveintermsof3eotion77AAoftheAot.
5.7 Luringtheyear2009-10,theCorporationhadmadeasimultaneousissueofLeroCoupon3eouredRedeemable
Non-ConvertibleLebentures(LCL)aggregatingto` 4,000ororesand1,09,53,706warrantsatanissueprioe
of` 275perwarrantaggregatingto` 301.23orores.Laohofthewarrantsentitlestheholdertoaoquireone
equity share of the Corporation at an exeroise prioe of ` 3,000 per share of faoe value of ` 10 eaoh (now
exeroiseprioeof` 600pershareoffaoevalueof` 2eaoh)onorbeforeAugust23,2012.1hesaidissueof
LCLandwarrantswasmadeunderChapterXlll-Aofthe3eouritiesandLxohangeBoardoflndia(Lisolosure
andlnvestorProteotion)0uidelines,2000.1he3ubsoriptionamountreoeivedonlssueofwarrantshasbeen
transferredfromCapitalReserveto3eouritiesPremiumAooountasthesameisnotrefundable/adjustablein
future.
5.8 Additional1axondividend2011-12oredittaken,` 24.62crores(Previousear` 4.66orores),pertainstothe
dividendtaxpaidbythesubsidiaryoompaniesoftheCorporationonthedividendpaidtotheCorporationas
per3eotion115(0)(1A)ofthelnoome1axAot,1961.
5.9 ln respeot of equity shares issued pursuant to Lmployee 3took 0ption 3ohemes and exohange of warrants,
PLlCLtd.paiddividendof`12.83croresfortheyear2011-12(`2.74ororesfortheyear2010-11)andtax
on dividend of ` 2.08 crores (Previous ear ` 0.44 orores) as approved by the shareholders at the Annual
0eneral Meeting held on 1uly 11, 2012 and 0RuP linanoe Ltd. paid dividend of ` 0.13 crores for the year
2011-12 (` 0.09 orores for the year 2010-11) and tax on dividend of ` 0.04 crores (Previous ear ` 0.01
orores)asapprovedbytheshareholdersattheAnnual0eneralMeetingheldon1une18,2012.
5.10 Misoellaneous Lxpenses under Note 31 exolude ` 9.13 crores (Previous ear ` 6.89 orores) in respeot of
amountsutilisedoutof3helterAssistanoeReserveduringtheyear.
6. 1helundsforlutureAppropriations(llA),inthepartioipatingsegmentamountingto`343.68crores(Previous
ear`125.10orores)inoludedunderPolioyLiabilities(Polioyholderslund),representsthesurplus,whiohis
notallooatedtoPolioyholdersor3hareholdersasattheBalanoe3heetdate.
1hellAintheunitLinkedsegmentamountingto` 304.89 crores (Previous ear` 335.25 orores) inoluded
underPolioyLiabilities(Polioyholderslund),representssurplusonthelapsedpolioiesunlikelytoberevived.
1his surplus is required to be held within the Polioyholders fund till the time Polioyholders are eligible for
revivaloftheirpolioies.
130
1. L0NU-1LPM0PP0WINU5
`nUrores
Asat
March31,2013
`nUrores
Asat
Maroh31,2012
` inCrores
BondsandLebentures [ReferNote7.7] 58,993.80 43,253.10
1ermLoans:
- Banks [ReferNote7.7] 1,233.80 11,516.17
- 0thers [ReferNote7.7] 3,180.08 69,401.68 2,752.43
Leposits 24,210.18 19,925.61
0thers(linanoeLease) 0.01 0.16
93,618.53 77,447.47
7.1 Long-1erm Borrowings are further sub-olassited as follows:
5r.
No.
Partcu|ars
` nUrores
Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
Longtermborrowngs-5ecured:[PeferNote1.2]
- Bonds [ReferNote7.7] 51.50 62.50
- NonConvertibleLebentures [ReferNote7.7] 55,426.30 39,715.60
- 3oheduledBanks [ReferNote7.7] 6,534.50 10,183.17
- AsianLevelopmentBank [ReferNote7.7] 216.15 296.61
- Kreditanstaltfrwiederaufbau [ReferNote7.7] 10.65 20.70
- NationalPousingBank [ReferNote7.7] 2,858.54 65,164.24 2,395.98
d) 0thers(InanceLease) 0.01 0.16
1ota|5ecured 65,164.31 52,674.72
Longtermborrowngs-Unsecured:
- NonConvertible3ubordinated
Lebentures [ReferNote7.7] 3,510.00 3,475.00
- 3oheduledBanks [ReferNote7.7] 699.30 1,333.00
- underalinefromKreditanstalt
frwiederaufbau [ReferNote7.7] 34.14 39.14
d) Ueposts [ReferNote7.6] 24,210.18 19,925.61
1ota|Unsecured 28,454.22 24,772.75
93,618.53 77,447.47
7.2 AllseouredLong1ermBorrowingsareseouredby
(i) NegativelienontheassetsofPLlCLtd.and0RuPlinanoeLtd.
(ii) MortgageofpropertyofPLlCLtd.and0RuPlinanoeLtd.
131
(iii) lirstohargebywayofhypotheoationofeduoationloanreoeivablesofoneofthesubsidiaryoompanys
underlyingportfolioofeduoationloansandrelatedoollaterals.
(iv) Lnoumbranoe on leased vehioles of one of the subsidiary oompany, in respeot of its tnanoe lease
arrangement.
7.3 Pursuant to the notitoation dated Leoember 29, 2011 issued by the Ministry of Corporate Affairs amending the
Aooounting3tandard11,theCorporationhasexeroisedtheoptionasperpara46Ainsertedinthe3tandardfor
alllongtermmonetaryassetsandliabilities.Consequentlyanamountof`169.19crores(withoutoonsidering
the future tax benetts of ` 51.11 crores) [Previous ear ` 206.24 orores (without oonsidering the future tax
benett of `66.91orores)]representingtranslationdifferenoeisoarriedforwardintheforeignourrenoymonetary
items translation differenoe aooount as on Maroh 31, 2013. 1his amount is to be amortised over the period
ofthemonetaryassets/liabilities.
7.4 1heCorporationhasavailedaloanofu3L100millionfromtheAsianLevelopmentBank(Loanll).lnrespeotof
tranohes1and2aggregatingtou3L60million,aspertheagreementswithasoheduledbank,theCorporation
hashandedoverthedollarfundstothebankoverseasandhasobtainedrupeefundsinlndiaamountingto
`200ororesbywayofatermloanand`100ororesthroughtheissueofbondswhiohhavebeensubsoribed
bythebank.
ln respeot of tranohe 3 of u3L 40 million, as per the agreement with a tnanoial institution, the Corporation
has handed over the dollars to a tnanoial institution overseas and under a baok-to-baok arrangement obtained
rupee funds in lndia. All payments in foreign ourrenoy are the responsibility of the tnanoial institution. ln terms
oftheagreements,theCorporationsforeignexohangeliabilityisproteoted.
1he Corporation had availed u3L 175 million under the loreign Currenoy Borrowing soheme of the Reserve
Bankoflndia(RBl)undertheapprovalrouteintermsoftheRBlPressReleaseNo.2008-2009/700dated
November 17, 2008, with a maturity of three years. ln terms of the RBl guidelines, these borrowings have
been swapped into rupees for the entire maturity by way of prinoipal only swaps. 1he said loans have been
fullyrepaidintheourrentyear[ReferNote12.1].
As on Maroh 31, 2013, the Corporation has foreign ourrenoy borrowings of U5U 632.96 m||on equivalent
(Previous ear u3L 875.78 million). 1he Corporation has undertaken ourrenoy swaps, prinoipal only swaps,
ourrenoyoptionsandforwardoontraotsonanotionalamountofU5U286.15m||onequivalent(Previousear
u3L406.76million)tohedgetheforeignourrenoyrisk.lurther,interestrateswapsonanotionalamountof
U5U 130 m||on equivalent (Previous ear u3L 123 million) are outstanding, whioh have been undertaken
to hedge the interest rate risk on the foreign ourrenoy borrowings. As on Maroh 31, 2013, the Corporations
netforeignourrenoyexposureonborrowingsnetofriskmanagementarrangementsisU5UN|(Previousear
u3LNil).
AsapartofassetliabilitymanagementonaooountoftheCorporationsAdjustableRatePomeLoanproduot
as well as to reduoe the overall oost of borrowings, the Corporation has entered into interest rate swaps
wherein it has oonverted its txed rate rupee liabilities of a notional amount of `21,185crores(Previousear
` 25,210 orores) as on Maroh 31, 2013 for varying maturities into toating rate liabilities linked to various
benohmarks.lnaddition,theCorporationhasenteredintoorossourrenoyswapsofanotionalamountofU5U
416.45m||onequivalent(Previousearu3L588.07million)whereinithasoonverteditsrupeeliabilitiesinto
foreignourrenoyliabilitiesandtheinterestrateislinkedtothebenohmarksofrespeotiveourrenoies.
7.5 Monetary assets and liabilities denominated in foreign ourrenoies net of risk management arrangement are
revaluedattherateofexohangeprevailingattheyearend.CrossCurrenoylnterestRate3wapsarereoorded
bymarkingtheforeignourrenoyoomponenttospotrates.
lorwardContraotsorinstrumentsthatareinsubstanoe,lorwardLxohangeContraots,thepremiumsonsuoh
132
oontraots are being amortised over the life of the oontraots. 1he amount of exohange differenoe in respeot
of suoh oontraots to be reoognised as expense in the 3tatement of Prott and Loss Aooount over subsequent
aooountingperiodsis` 29.90crores(Previousear` Nil).
7.6 Publio deposits as detned in paragraph 2(1) (y) of the Pousing linanoe Companies (NPB) direotions, 2010,
are seoured by toating oharge on the 3tatutory Liquid Assets maintained in terms of sub-seotion (1) & (2) of
3eotion29BofNationalPousingBankAot1987.
7.7 1ermsofredemptonofbondsanddebenturesandforrepaymenttermsofterm|oans:
A) 0NU5&ULLN1UPL5
` inCrores
ondsandUebentures-5ecured
PatesofInterest
6.03-8 2,820.60 800.00 - 3,620.60
(2,373.30) (1,380.60) (500.00) (4,253.90)
8.01-10 20,020.10 13,425.00 9,105.00 42,550.10
(7,411.70) (7,240.00) (10,000.00) (24,651.70)
10.01-11.95 - 2,195.00 4,185.00 6,380.00
- (1,085.00) (5,295.00) (6,380.00)
LeroCoupon 450.00 2,320.00 - 2,110.00
(1,865.00) (2,460.00) - (4,325.00)
variableRate
-Linkedto03eo 116.00 12.30 34.20 162.50
(10.25) (116.75) (40.50) (167.50)
101AL5LUUPLU A 23,401.30 18,152.30 13,324.20 55,483.80
A (11,660.25) (12,282.35) (15,835.50) (39,778.10)
ondsandUebentures-Unsecured
PatesofInterest
7.62-10 500.00 415.00 2,535.00 3,510.00
- (975.00) (2,500.00) (3,475.00)
101ALUN5LUUPLU 500.00 415.00 2,535.00 3,510.00
B - (975.00) (2,500.00) (3,475.00)
A+B (11,660.25) (13,257.35) (18,335.50) (43,253.10)
133
) 1LPML0AN5IP0MANK5
` inCrores
1ermLoansfromanks-5ecured
PatesofInterest
7.01-9 323.00 - - 323.00
(557.00) (323.00) - (880.00)
9.01-12.00 1,398.61 2,809.65 2,003.24 6,211.50
(3,410.00) (1,540.00) (4,138.00) (9,088.00)
1erm Loans from 3oheduled Banks -
loreignCurrenoy
u3LLlB0R+450bpsto600bps - - - -
(215.17) - - (215.17)
101AL5LUUPLU A 1,121.61 2,809.65 2,003.24 6,534.50
A (4,182.17) (1,863.00) (4,138.00) (10,183.17)
1ermLoansfromanks-Unsecured
PatesofInterest
10.50 100.00 - - 100.00
(650.00) - - (650.00)
1erm Loans from 3oheduled Banks -
loreignCurrenoy
u3LLlB0R+325bps - 599.30 - 599.30
(111.00) (572.00) - (683.00)
101ALUN5LUUPLU 100.00 599.30 - 699.30
B (761.00) (572.00) - (1,333.00)
A+B (4,943.17) (2,435.00) (4,138.00) (11,516.17)
U) 1LPML0AN5IP0M01PLPPAP1IL5
` inCrores
1ermLoansfrom0therpartes-5ecured
PatesofInterest
AsianLevelopmentBank
u3LLlB0R+40bps 11.86 13.42 36.94 62.22
(10.47) (11.83) (41.15) (63.45)
variablelinkedtoBankPLR 21.93 24.80 68.30 115.03
(20.62) (23.32) (81.08) (125.02)
134
variablelinkedto03eo 18.91 21.45 59.08 99.50
(17.84) (20.17) (70.13) (108.14)
1.70 10.65 - - 10.65
(20.70) - - (20.70)
NationalPousingBank
5.5-8 456.40 309.15 100.62 866.11
(438.69) (260.53) (87.73) (786.95)
8.01-10 116.15 442.18 618.95 1,891.88
(354.35) (91.60) (0.61) (446.56)
10.01-10.20 93.89 - - 93.89
(730.26) (198.75) (233.46) (1,162.47)
101AL5LUUPLU A 1,390.46 811.59 943.89 3,145.94
A (1,592.93) (606.20) (514.16) (2,713.29)
1ermLoansfrom0therpartes-
Unsecured
PatesofInterest
6 31.14 3.00 - 34.14
(21.70) (17.44) - (39.14)
101ALUN5LUUPLU 31.14 3.00 - 34.14
B (21.70) (17.44) - (39.14)
101AL(5LUUPLU&UN5LUUPLU) A+ 1,421.60 814.59 943.89 3,180.08
A+B (1,614.63) (623.64) (514.16) (2,752.43)
8. 01PLPL0NU-1LPMLIAILI1IL5
Partcu|ars Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
Amountspayableonswaps[ReferNote7.5] 486.08 459.60
lnterestAooruedbutnotdueonBorrowings 961.48 525.23
lnterestAooruedanddueonBorrowings 4.96 -
3eourityand0therLepositsReoeived 15.11 13.67
lnoomeReoeivedinAdvanoe 31.13 22.04
1radePayables 186.82 220.42
AooruedRedemptionLossonlnvestments 19.21 25.16
0thers 0.01 -
1,110.92 1,266.12
135
9. L0NU-1LPMPP0vI5I0N5
Partcu|ars Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
Provision for Lmployee Benetts [Refer Note 29.2] 43.69 42.49
ProvisionforContingenoies[ReferNotes9.1and9.2] 1,315.40 1,270.04
ReserveforunexpiredRisk 198.05 129.27
1,812.48 1,697.50
9.1 ProvisionforContingenoiesinoludesprovisionsforstandardassetsandallotheroontingenoies.lnaooordanoe
withtheprudentialnormsofNationalPousingBankandReserveBankoflndia,theminimumprovisionrequired
tobeoarriedforwardis` 1,150.58crores(Previousear` 1,101.35orores)and` 1.99crores(Previousear
` 1.72orores)respeotively.
9.2 MovementinProvisionforContingenoiesAooountduringtheyearisasunder:
` nUrores
Previousear
` inCrores
0peningBalanoe 1,210.04 851.32
utilisedduringtheyeartowardsLiminutioninvalueoflnvestments,eto. (12.41) (32.01)
ClosingBalanoe 1,315.40 1,270.04
10. 5P0P1-1LPM0PP0WINU5
Partcu|ars Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
Loansrepayab|eondemand:
-fromBanks-unseoured 219.60 8.28
Leposits-unseoured[ReferNote7.6] 5,652.81 1,799.71
0therloansandadvanoes
-3oheduledBanks-3eoured 3,285.00 14,540.11
-NationalPousingBank-3eoured 36.85 134.77
-CommeroialPapers-unseoured 9,615.00 4,650.00
18,929.26 21,132.87
10.1 3eouredshort-termborrowingsareseouredbynegativelienontheassetsofPLlCLtd.and0RuPlinanoeLtd.
11. 1PAULPAYALL5
Partcu|ars Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
1radepayables 2,169.21 1,656.61
Amountspayableonswaps[ReferNote7.5] 33.92 154.83
2,203.19 1,811.44
136
12. 01PLPUUPPLN1LIAILI1IL5
Partcu|ars
` nUrores
Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
PolioyLiabilities(Polioyholderslund) 4,238.40 3,583.60
Currentmaturitiesoflong-termborrowings 51,114.90 43,898.86
lnterestaooruedbutnotdueonborrowings 4,268.05 2,810.33
lnterestaooruedanddueonmatureddeposits 33.10 30.57
lnoomeandotheramountsreoeivedinadvanoe 249.69 192.06
unolaimeddividend 12.38 10.31
unolaimedmatureddepositsandinterestaooruedthereon 313.15 280.25
Current maturities of tnanoe lease obligations 0.11 0.15
0therpayab|es
- 3tatutoryRemittanoes 203.69 87.44
- 0rantsreoeivedfromKreditanstaltfrwiederaufbau 164.18 140.90
- Amountspayable-3eouritisedLoans 449.39 458.11
- Amountspayableto0ratuitylund 6.34 2.96
- AmountspayablelnterestRate3waps 68.11 78.70
- AooruedRedemptionLossonlnvestments 9.40 3.31
- 0thers 631.11 577.55
6,415.41 4,672.64
61,168.11 52,155.10
12.1 Current maturities of Long-1erm Borrowings are further sub olassited as follows:
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
Uurrentmaturtesof|ong-termborrowngs-5ecured
- Bonds 5.00 4.70
- Non-ConvertibleLebentures 19,918.30 13,767.00
- 3oheduledBanks 5,052.14 11,979.45
- 3hort-1ermloreignCurrenoyBorrowing[ReferNote7.4] - 831.00
o) 1erm-Loansfromotherpartes
- AsianLevelopmentBank 24.05 22.30
- Kreditanstaltfrwiederaufbau 10.65 10.35
- NationalPousingBank 892.15 991.37
137
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
Uurrentmaturtesof|ong-termborrowngs-Unsecured
-Non-Convertible3ubordinatedLebentures 411.00 40.00
b) 3oheduledBanks 2,100.81 1,480.63
o) underalinefromKreditanstaltfrwiederaufbau 5.00 2.03
d) Leposits[ReferNote7.6] 22,694.60 14,770.03
51,114.90 43,898.86
12.2 CurrentmaturitiesofLong1ermBorrowingsareseouredby
(i) NegativelienontheassetsofPLlCLtd.and0RuPlinanoeLtd.
(ii) MortgageofpropertyofPLlCLtd.and0RuPlinanoeLtd.
(iii) lirstohargebywayofhypotheoationofeduoationloanreoeivablesofoneofthesubsidiaryoompanys
underlyingportfolioofeduoationloansandrelatedoollaterals.
12.3 Currentmaturitiesoflinanoeleaseobligationare3eouredbyenoumbranoeonleasedvehiolesofoneofthe
subsidiary oompany, in respeot of its tnanoe lease arrangement.
13. 5P0P1-1LPMPP0vI5I0N5
Partcu|ars Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
Provision for Lmployee benetts [Refer Note 29.2] 144.06 110.79
Provisionfor1ax(netofAdvanoe1ax) 14.19 605.17
ProposedLividend 1,932.93 1,624.67
Additional1axonProposedLividend 336.08 273.43
ReserveforunexpiredRisk(lnoludeslnsuranoeReserve)
[ReferNote13.1] 136.15 576.57
3,621.23 3,748.02
13.1 Reserve for unexpired Risk represents proportion of net premium written relating to the period of insuranoe
subsequent to the Balanoe 3heet date, oaloulated on the basis of 1/365th method, or as required under
3eotion 64v(1)(ii)(b) of the lnsuranoe Aot, 1938, i.e., subjeot to a minimum of 100 in oase of marine hull
business and 50 in oase of other businesses based on net premium written during the year, whiohever is
higherinrespeotofasubsidiaryoompany[PLlCLR000enerallnsuranoeCo.Ltd.].
138
14. 1ANUILLA55L15:
` inCrores
AsatMaroh
31,2012 Additions Leduotions
AsatMarch
31,2013
AsatMaroh
31,2012 lortheear Leduotions
AsatMarch
31,2013
AsatMarch
31,2013
AsatMaroh
31,2012
Land:
Ireeho|d 16.67 - - 16.61 - - - - 16.61 16.67
Leaseho|d 3.44 - - 3.44 0.58 0.04 - 0.62 2.82 2.86
u|dngs:
(2)
0wnUse 519.36 0.05 0.04 519.31 49.93 3.62 (4.85) 58.40 460.91 469.43
Leaseho|dImprovements 53.61 8.85 2.27 60.19 36.35 7.77 1.17 42.95 11.24 17.26
UomputerPardware 197.14 31.05 17.50 210.69 157.15 9.10 5.34 160.91 49.18 39.99
Iurnture&Ittngs
0wnUse 137.69 8.26 7.06 138.89 115.01 3.95 0.21 118.15 20.14 22.68
Under0peratngLease 0.71 - - 0.11 0.60 0.02 - 0.62 0.09 0.11
0fce Lqupment etc.
0wnUse 136.47 9.73 7.40 138.80 100.83 5.58 0.01 106.40 32.40 35.64
Under0peratngLease 0.80 - - 0.80 0.63 0.02 - 0.65 0.15 0.17
vehc|es:
0wned 15.33 7.45 2.02 20.16 8.49 2.20 0.65 10.04 10.12 6.84
UnderInanceLease 0.66 - - 0.66 0.40 - (0.13) 0.53 0.13 0.26
LeasedAssets:
P|ant&Machnery 130.65 - - 130.65 130.65 - - 130.65 - -
vehc|es 16.37 - - 16.31 16.37 - - 16.31 - -
Uomputers 0.20 - - 0.20 0.20 - - 0.20 - -
1ota| 1,229.10 65.39 36.29 1,258.20 617.19
(2)
32.30
(1)
2.40 641.09 611.11 611.91
Previousear 1,155.92 114.71 41.53 1,229.10 588.36 30.15 1.32 617.19 611.91 567.56
()Assetsheldfordisposal
Notes:
(1) Net of depreoiation for the year amounting to ` 31.83 crores (Previous ear ` 34.65 orores) inoluded in 0ther expenses pertaining to
lnsuranoeBusiness.
(2) Lepreoiation for the tnanoial year exoludes ` 2.42 crores (Previous ear ` 2.42 orores) being depreoiation oharge on lnvestment in
Properties.
139
15. IN1ANUILLA55L15:
` inCrores
AsatMaroh
31,2012 Additions Leduotions
AsatMarch
31,2013
AsatMaroh
31,2012 lortheear Leduotions
AsatMarch
31,2013
AsatMarch
31,2013
AsatMaroh
31,2012
Uomputer5oftware
0wned 105.12 36.67 - 141.19 67.86 4.42 (15.29) 81.51 54.22 37.26
Uoodw|| 149.41 - - 149.41 134.44 14.92 - 149.36 0.05 14.97
WebsteUeve|opment 2.39 0.06 - 2.45 2.19 0.14 - 2.33 0.12 0.20
256.92 36.73 - 293.65 204.49 19.48
(1)
(15.29) 239.26 54.39 52.43
Previousear 237.92 19.00 - 256.92 175.45 18.07 (10.97) 204.49 52.43 62.47
Notes
(1) Netofdepreoiationfortheyearamountingto` 15.30crores(Previousear` 10.92orores)inoludedin0ther
expensespertainingtolnsuranoeBusiness.
16. N0N-UUPPLN1INvL51MLN15
Partcu|ars Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
InvestmentnAssocates:
Lquty5hares
LquitylnvestmentsinAssooiatesbythePoldingCompany 1,468.59 1,469.02
LquitylnvestmentsinAssooiateby3ubsidiaries 13.32 73.32
1,541.91 1,542.34
Add:0oodwillonAoquisitionofAssooiates
(shareofpre-aoquisitionlosses) 3,891.81 3,897.81
5,439.12 5,440.15
Less:CapitalReserveonaoquisitionofanAssooiate
(share of pre-aoquisition prott) - (0.13)
5,439.12 5,440.02
Add: Adjustment of post-aoquisition share of prott of Assooiates
(LquityMethod) 1,123.13 5,687.27
12,562.85 11,127.29
Uonvertb|eUebentures(atoost) - 2.00
(A) 12,562.85 11,129.29
140
Partcu|ars Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
0therInvestments
InsuranceUompanes
Lquity3hares-0therCompanies 18,235.16 16,819.58
Non-ConvertibleLebenturesandBonds 8,104.28 5,773.88
Pass 1hrough Certitoates & 3eourity Reoeipts 112.69 113.70
Mutuallundsand0therlunds 15.20 16.95
lixedLeposits 241.25 85.00
Properties(NetofLepreoiation) 41.31 41.37
36,316.34 28,460.35
Add:lairvalueAdjustment 10.84 5.49
() 36,321.18 28,465.84
Partcu|ars Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
lnvestmentsrelatedtoPolioyPolders 9,013.94 6,488.13
lnvestmentstoooverlinkedliabilities 24,801.00 20,272.79
lnvestmentsrelatedto3hareholders 2,506.24 1,704.92
36,321.18 28,465.84
0ther1hanInsuranceUompanes
Lquity3hares-3ubsidiaries 10.44 -
Lquity3hares-0therCompanies 822.16 919.11
Preferenoe3hares 51.15 22.78
LebenturesandBonds 111.43 753.43
Pass1hrough3eourities&3eourityReoeipts 11.05 71.87
Properties(NetofLepreoiation) 141.55 144.18
4,809.69 3,814.51
Less:ProvisionforLiminutioninvalueoflnvestments (83.48) (54.21)
(U) 4,126.21 3,760.30
1ota| (A)+()+(U) 53,616.24 43,355.43
141
Bookvalue Marketvalue
UurrentYear
`nUrores
Previousear
ìnCrores
UurrentYear
`nUrores
Previousear
ìnCrores
Aggregatebookvalueofuotedlnvestments 451.94 535.26 122.88 1,087.42
Aggregatebookvalueoflnvestmentslistedbutnotquoted 2,925.91 1,914.46 - -
AggregatebookvalueoflnvestmentsinunquotedMutual
lunds 5.00 17.00 5.02 16.52
Aggregatebookvalueofunquotedlnvestments(0thers) 1,195.81 1,149.40
Properties 141.55 144.18
4,126.21 3,760.30
Market value of investments in unquoted Mutual lunds represents repurohase prioe of units issued by
Mutuallunds.
Note:
unquotedinvestmentsinolude`14.03crores(Previousear`22.20orores)inrespeotofequityshares,whioh
aresubjeottoalook-inperiodandinolude`20.95crores(Previousear` 20.95)inrespeotofequityshares,
whioharesubjeottorestriotiveoovenant.uotedinvestmentsinolude`N|(Previousear`4,013.97orores)
in respeot of equity shares whioh are subjeot to a look-in period and inolude ` 60.14 crores (Previous ear
`60.74orores)inrespeotofequityshares,whioharesubjeottorestriotiveoovenant.
11. ULILPPLU1AXA55L15:
ln oomplianoe with the Aooounting 3tandard 22 on 'Aooounting for 1axes on lnoome' notited by the Companies
(Aooounting 3tandards) Rules, 2006, oredit has been taken for ` 5.25 crores (Previous ear ` 10.04 orores)
in the 3tatement of Prott and Loss for the year ended Maroh 31, 2013 towards deferred tax asset (net) for
the year, arising on aooount of timing differenoes. ` N| (Previous ear ` 168.01 orores) has been adjusted
againsttheutilisationfromAdditionalReserveu/s29CbyPLlCLtd.and` N|(Previousear` 3.76 orores)
hasbeenadjustedagainsttheutilisationfromthe0eneralReservebyasubsidiaryoompanyasperNote5.5.
Majoroomponentsofdeferredtaxassetsandliabilitiesarisingonaooountoftimingdifferenoesare:
` inCrores
Partcu|ars Assets/(Lab|tes)
(a) Lepreoiation (56.55) (53.36)
(b) PreliminaryLxpenses 0.03 0.04
(o) ProvisionforContingenoies 648.65 591.04
(d) Provision for Lmployee Benetts 29.80 23.25
(e) AooruedRedemptionLoss(net) 10.61 9.68
(f) unabsorbedLepreoiation 13.51 -
(g) 0thers(net) 13.49 83.70
1ota| 659.60 654.35
lnrespeotofPLlCLrgo0enerallnsuranoeCompanyLimited,inviewoftheexistenoeofunabsorbeddepreoiation
andoarriedforwardbusinesslossasattheyearend,thereoognitionofdeferredtaxassetsisrestriotedtothe
extentofdeferredtaxliabilityarisingfromtimingdifferenoesonaooountofdepreoiation,reversalofwhiohis
virtuallyoertain.
142
lnrespeotofCredilalinanoial3ervioesPvt.Ltd.,inviewofoarriedforwardlosses,thereoognitionofLeferred
taxassethasbeenrestriotedtotheextentofolosingLeferredtaxliability,duetoabsenoeofvirtualoertainty
regarding availability of suftoient future taxable inoome.
18. L0NU-1LPML0AN5ANUAUvANUL5
` nUrores
Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
Loans:[PeferNotes18.1,18.2&18.5]
-lndividuals 110,441.23 87,800.86
-CorporateBodies 46,084.14 40,842.98
-0thers 1,355.34 1,554.58
151,881.31 130,198.42
Less:ProvisionforNon-PerformingLoans[ReferNotes18.4
& 33.1] (lnoluding additional provision made by PLlC Ltd.
and0RuPlinanoeLtd.) 481.98 460.07
151,399.33 129,738.35
0thers:
CorporateLeposits[ReferNote18.3] - 647.70
CapitalAdvanoes-unseoured,oonsideredgood 12.18 5.23
3eourityLeposits-unseoured,oonsideredgood 220.28 221.01
lnstalmentduefromBorrowers-3eoured,oonsideredgood 19.11 -
0therLong-1ermLoansandAdvanoes
-3taffLoanothers-3eoured,oonsideredgood 14.82 10.99
-PrepaidLxpenses-unseoured,oonsideredgood 130.92 139.12
-Advanoe1ax(NetofProvision) 1,631.01 1,681.37
-0thers-unseoured,oonsideredgood 40.96 30.43
2,135.94 2,735.85
159,535.21 132,474.20
18.1 0utofLoans,amountsaggregatingto` 1,55,145.39crores(Previousear` 1,28,428.96orores)areseoured
orpartlyseouredby:
(a) Lquitablemortgageofpropertyand/or
(b) Pledge of shares, units, other seourities, txed deposits, assignment of life insuranoe polioies and/or
(o) Pypotheoationofassetsand/or
(d) Bankguarantees,oompanyguaranteesorpersonalguaranteesand/or
(e) Negativelienand/or
(f) Assignmentofhirepurohasereoeivablesand/or
(g) undertakingtooreateaseourity.
18.2 Long-1ermLoansandAdvanoesinoludenon-performingloansof` 1,211.10crores(Previousear` 1,090.24
orores).
18.3 0utofCorporatedeposits,amountsaggregatingto` N|(Previousear` 645orores)areseoured.
143
18.4 MovementinProvisionforNon-PerformingLoansisasunder:
Partcu|ars
Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
utilisedduringtheyeartowardsLoanswriteoffs (11.20) (26.18)
ClosingBalanoe 481.98 460.07
18.5 Loansinolude`21.99crores(Previousear`34.78orores)inrespeotofpropertiesheldfordisposalunder
3eouritisationandReoonstruotionoflinanoialAssetsandLnforoementof3eouritylnterestAot,2002.
19. 01PLPN0N-UUPPLN1A55L15
Partcu|ars
Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
unamortiseddisoountonNon-ConvertibleLebenture 20.22 36.56
Reoeivableon3eouritisedLoans 246.14 125.98
[ReferNote7.3] 123.28 140.39
lnterestAooruedbutnotdueonLoans 238.11 103.02
lnterestaooruedbutnotdueonBankLeposits 2.20 28.06
AdvanoeagainstlnvestmentinProperties 52.43 54.52
Bank deposit with maturities beyond twelve months from the Balanoe
3heetdate[ReferNote19.1]
199.41 633.76
1,014.69 1,674.41
19.1 Bankdepositswithmaturitiesbeyondtwelvemonthsinoludesearmarkedbalanoesof` 62.23crores(Previous
ear` 63.50orores)againstforeignourrenoyloans.
20. UUPPLN1INvL51MLN15
InsuranceUompanes Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
NonConvertibleLebenturesandBonds 411.50 571.42
3eourityReoeipts 32.49 -
lixedLeposits 212.00 212.00
CommeroialPapers - 13.67
Certitoate of Leposits 1,549.68 1,467.15
1reasuryBills 998.59 958.10
Repolnvestments 1,185.95 746.81
(A) 4,511.12 4,588.86
144
Partcu|ars Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
lnvestmentsrelatedtoPolioyPolders 1,113.39 1,502.13
lnvestmentstoooverlinkedliabilities 206.81 772.53
lnvestmentsrelatedto3hareholders 2,591.52 2,314.20
4,511.12 4,588.86
0ther1hanInsuranceUompanes
Partcu|ars Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
Pe|dasUurrentInvestments
(Atcostormarketva|uewhchevers|owerun|essstatedotherwse)
NonConvertibleLebenturesandBonds 45.00 144.03
Certitoate of Leposits 522.99 -
Mutuallunds 661.34 503.55
UurrentMaturtesofLong-1ermInvestments(Atcost)
3eourityReoeipts - 8.55
NonConvertibleLebenturesandBonds 2.00 -
1,359.90 711.95
Less:ProvisionforLiminutioninvalueoflnvestments (1.44) (17.39)
() 1,358.46 694.56
1ota| (A)+() 5,816.18 5,283.42
Partcu|ars
Bookvalue
ìnCrores
Marketvalue
ìnCrores
Aggregatebookva|ueofuotedInvestments 99.91 102.16
Aggregatebookva|ueofInvestments|stedbutnotquoted 84.69
Previousear 48.47
Aggregatebookva|ueofInvestmentsnUnquotedMutua|Iunds 621.23 622.05
Aggregatebookva|ueofUnquotedInvestments(0thers) 552.63
Previousear 111.98
1,358.46
Previousear 694.56
MarketvalueofinvestmentsinunquotedMutuallundsrepresentsrepurohaseprioeofunitsissuedbyMutual
lunds.
21. 1PAULPLULIvALL5
Partcu|ars
Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
1radeReoeivablesunseoured,Consideredgood,lessthansixmonths 206.95 632.63
1radeReoeivablesunseoured,Consideredgood,morethansixmonths 9.01 -
216.02 632.63
145
22. UA5PANUANKALANUL5
Partcu|ars
Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
(a) Cashandoashequivalents
(i)Balanoeswithbanks:
-lnCurrentAooounts 1,111.42 1,277.19
-lnLepositAooountswithoriginalmaturitylessthan3months 2,888.10 1,892.88
(ii)BalanoeswithReserveBankoflndia - 0.06
(iii)CashonPand 0.96 0.52
(iv)ChequesonPand 330.38 234.46
5ub-tota| 4,391.46 3,405.11
(b) 0therBankbalanoes:
(i)Larmarkedbalanoeswithbanks
-AgainstloreignCurrenoyLoans[ReferNote7.4] 5.42 4.76
-0thers[ReferNote22.1] 2.68 2.67
(ii) 3hort-termbankdeposits[ReferNote22.2] 2,653.13 3,058.51
1,011.61 6,481.36
22.1 Larmarked balanoes with banks - 0thers inolude an amount of ` 2.59 crores (Previous ear ` 2.59 orores)
givenbyPLlCAssetManagementCompanyLimited(PLlCAMC)toPLlC1rusteeCompanyLimitedandheld
inadesignatedaooountmaintainedbythelatter.1hisisintermsofaninterimorderdated1une17,2010and
letter dated 1uly 5, 2011 reoeived from 3eourities and Lxohange Board of lndia, representing the estimated
losses inourred by the sohemes of PLlC Mutual lund/olients of PLlC AMC on suspeoted front running of
theordersofPLlCMutuallundbyadealerofPLlCAMC.1heexaotliability,ifany,inthismatteroannotbe
determinedatthisstage.
22.2 BankLepositsofCredilalinanoial3ervioesPvt.Ltd.of`1.20crores(Previousear`Nil)aremarkedaslien
foroverdraftfaoilityfromPunjabNationalBank.
23. 5P0P1-1LPML0AN5ANUAUvANUL5
Partcu|ars
` nUrores
Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
Loans:
Currentmaturitiesoflong-termloansandadvanoes
[ReferNote23.1] 18,418.46 15,196.03
0thers:
Currentmaturitiesof3taffLoans-0ther3eoured,Considered
good 3.54 2.83
CorporateLeposits[ReferNote23.2] 1,681.12 2,662.54
lnstalmentsduefromborrowers-3eoured,oonsideredgood 1,210.23 530.04
3undryLeposits-unseoured,oonsideredgood 9.96 17.98
0therAdvanoes-unseoured,oonsideredgood 310.52 2,040.06
0thers-unseoured,oonsidereddoubtful 49.11 -
3,385.68 5,253.45
Less:ProvisionforLoubtfulReoeivables[ReferNote5.3] 51.11 -
3,333.91 5,253.45
21,152.43 20,449.48
23.1 0ut of ourrent maturities of Long-term loans and advanoes, amounts aggregating to ` 11,381.49 crores
(Previousear` 13,775.77orores)areseoured[ReferNote18.1].
146
23.2 0ut of Corporate deposits, amounts aggregating to ` 1,192.42 crores (Previous ear ` 2,101.44 orores) are
seouredandamountsaggregatingto`2crores(Previousear`Nil)areoonsidereddoubtful.
24. 01PLPUUPPLN1A55L15
Partcu|ars
Asat
March31,2013
` nUrores
Asat
Maroh31,2012
` inCrores
[ReferNote7.3] 46.51 65.85
unamortisedLisoountonCommeroialPaper 245.48 116.37
Reoeivableson3eouritisedLoans 18.04 -
lnterestAooruedbutnotdueonLoans 164.55 124.38
lnoomeAooruedbutnotdueonlnvestments 105.00 64.71
lnterestAooruedbutnotdueonLeposits 136.12 108.36
ApplioationMoney-lnvestments 1.39 2.50
1,323.09 482.17
25. U0N1INULN1LIAILI1IL5ANUU0MMI1MLN15
25.1 Contingentliabilityinrespeotofguaranteesprovidedaggregatedto` 203.11crores(Previousear` 783.95
orores).
25.2 Contingentliabilityinrespeotofinoome-taxdemands,netofamountsprovidedforanddisputed,amountsto
` 1,031.61crores(Previousear` 771.89orores).1hemattersindisputeareunderappeal.0utoftheabove
an amount of ` 832.52 crores (Previous ear ` 770.16 orores) has been paid/adjusted against refund and
thesamewillbereoeivedasrefundifthemattersaredeoidedinthefavourofPLlCLtd.andtherespeotive
subsidiaryoompanies.
25.3 Contingentliabilityinrespeotoflnteresttaxdemands,netofamountprovidedforanddisputedinrespeotof
onesubsidiaryoompanyamountsto` 0.01crores(Previousear` 0.07orores).1hematterindisputeisunder
appeal.1hesubsidiaryexpeotstosuooeedintheprooeedingsandhenoenoadditionalprovisionisoonsidered
neoessary.
25.4 1he subsidiary oompanies have reoeived show oause oum demand notioes, amounting to ` 134.55 crores
(Previousear` 66.48 orores), from the 0ftoe of the Commissioner, 3ervioe 1ax, Mumbai on various grounds.
0ne of the subsidiaries has tled appeals to the appellate authorities on the said show oause notioes. 1he
subsidiaryhasbeenadvisedbyanexpertthattheirgroundsofappealarewellsupportedinlaw.Asaresult,
the subsidiary is oontdent to defend the appeal against the demand and does not expeot the demand to
orystaliseintoaliability.
25.5 ContingentLiabilityinrespeotofoorporateundertakingsprovidedbyPLlCLtd.forseouritisationofreoeivables
aggregated to ` 1,939.31 crores (Previous ear ` 1,940.13 orores). 1he outtows would arise in the event of
a shortfall, if any, in the oashtows of the pool of the seouritised reoeivables.
25.6 Proportionateshareofolaimsnotaoknowledgedasdebtandotheroontingentliabilitiesinrespeotofassooiate
oompaniesamountsto` 1,238.51crores(Previousear` 824.28orores).
Claimsnotaoknowledgedasdebtandotheroontingentliabilitiesinrespeotofasubsidiaryoompanyamounts
to` 1.31crores(Previousear` 0.89orores).
25.7 ContingentLiabilityinrespeotofdisputedduestowardssalestax,wealthtax,interestonleasetaxandpayment
147
towardsemployersoontributiontoL3lCnotprovidedforbyPLlCLtd.amountsto` 0.15crores(Previousear
` 0.15orores).
25.8 Lstimated amount of oontraots remaining to be exeouted on oapital aooount and not provided for (net of
advanoes)is` 119.81crores(Previousear` 274.55orores).
26. PLvLNULIP0M0PLPA1I0N5
` nUrores
Previousear
` inCrores
InterestIncome:
-lnterestonLoans 19,633.11 15,764.78
-0therlnterest[ReferNote26.1] 889.30 884.42
Net0ain/(Loss)onforeignourrenoytransaotionsandtranslation 1.18 105.98
Lividends[ReferNote26.2] 68.30 51.88
Management&1rusteeshiplees 116.24 683.82
lnoomefromLeases[ReferNote26.5] 1.96 17.52
3urplusfromdeploymentinCashManagement3ohemesofMutuallunds
[ReferNote26.3]
256.14 335.62
leesand0therCharges 399.03 379.90
22,032.46 18,223.92
26.1 a) 0therlnterestinoludesinterestoninvestmentsamountingto` 1,883.41crores(Previousear` 1,329.50
orores).
b) 0ther lnterest inoludes interest on investments amounting to ` 13.80 crores (Previous ear ` 66.38
orores)inrespeotofourrentinvestments.
26.2 Lividendinoomeinoludes` 20.61crores(Previousear` 35.77orores)inrespeotofourrentinvestments.
26.3 3urplus from deployment in Cash Management 3ohemes of Mutual lunds amounting to ` 256.14 crores
(Previousear` 335.62orores)isinrespeotofinvestmentsheldasourrentinvestments.
26.4 0ther lnoome inoludes rent of ` 10.15 crores (Previous ear ` 10 orores), of whioh ` 0.10 crores (Previous
ear ` 0.24 orores) is in respeot of rent for oertain assets given on operating lease and also inoludes
sub-lease payments reoeived ` 0.31 crores (Previous ear ` 0.07 orores) in respeot of a property aoquired
underoperatingleaseasperNote30.1.
3tandards)Rules,2006,thefollowingdisolosuresaremadeinrespeotof0peratingLeases:
lnoomefromLeasesinoludes` 4.14crores(Previousear` 4.46orores)inrespeotofpropertiesandoertain
assets leased out under 0perating Leases. 0ut of the above, in respeot of the non-oanoellable leases, the
futureminimumleasepaymentsareasfollows:
Perod
UurrentYear
` nUrores
Previousear
` inCrores
21. Prott on sale of investments inoludes ` 35.11 crores (Previous ear ` 32.04 orores) in respeot of ourrent
investments.
148
28. IINANULU051
Partcu|ars
UurrentYear
` nUrores
Previousear
` inCrores
IN1LPL51
-Loans 2,489.65 3,296.74
-Leposits 4,506.44 2,976.96
-BondsandLebentures 5,918.31 4,772.62
-CommeroialPaper 1,118.13 114.38
5ub1ota| 14,033.19 11,160.70
NetLossonforeignourrenoytransaotionsandtranslation 165.15 220.27
01PLPUPAPUL5 96.58 170.95
14,295.52 11,551.92
28.1 0therChargesinoludesLxohangeLoss` 0.10crore(PreviousearNetofexohangegain` 0.97orore).
28.2 Anetgainof` 53.23crores(PreviousearNet0ainof` 25.36orores)hasbeenreoognisedinthe3tatement
of Prott and Loss being net gain on translation of foreign ourrenoy monetary assets and liabilities as shown
below:
Partcu|ars
UurrentYear
` nUrores
Previousear
` inCrores
Lxohange(0ain)/Losson1ranslation
- loreignCurrenoyLenominatedAssetsandloreignCurrenoy
Borrowings[ReferNote7.3] (131.12) (54.87)
- CrossCurrenoylnterestRate3waps[ReferNote7.5] 18.49 29.51
Net(0ain)/Losson1ranslation[ReferNote7.3] (53.23) (25.36)
29. LMPL0YLLLNLII15LXPLN5L5
Partcu|ars
UurrentYear
` nUrores
Previousear
` inCrores
3alariesandBonus 463.16 392.66
ContributiontoProvidentlundand0therlunds 49.35 40.64
0ratuityLxpenses 1.55 1.03
3taff1rainingandwelfareLxpenses 14.01 11.14
528.13 445.47
29.1 3alaries and Bonus inolude ` 15.81 crores (Previous ear ` 9.19 orores) and other expenses pertaining to
lnsuranoeBusinessinolude`12.65crores(Previousear`10.02orores)towardsprovisionmadeinrespeot
of aooumulated leave salary and leave travel assistanoe whioh is in the nature of Long 1erm Lmployee Benetts
andhasbeenaotuariallydeterminedasperA315(Revised).
29.2 Lmp|oyee enets
ln aooordanoe with the Aooounting 3tandard on Lmployee Benetts (A3 15) notited by the Companies (Aooounting
3tandards)Rules,2006,thefollowingdisolosureshavebeenmade:
149
1he following amounts are reoognised in the 3tatement Prott and Loss whioh are inoluded as under:
` inCrores
Partcu|ars UontrbutonstoProvdentIundand
0therIundsunder5taffLxpenses
0therexpensespertanngto
Insuranceusness
Providentlund 11.81 14.86 22.50 18.83
3uperannuationlund 1.61 6.29 0.49 0.79
LmployeesPension3oheme-1995 1.51 1.39 - -
Lmployees3tatelnsuranoeCorporation 1.10 1.70 3.19 3.25
ContributiontoLLLl - 0.01 - -
Labourwelfarelund 0.01 0.04 0.06 0.06
60oftheLmployeesProvidentlund3oheme,1952forthereasonthatthereturnoninvestmentislessorfor
any other reason, then the detoienoy shall be made good by the Corporation. ln the ourrent year, detoienoy of
` N| (Previous ear ` 0.15 orores), inoluded in 3taff 1raining and welfare Lxpenses, was made good by the
Corporation.
1he details of the 0roup's post-retirement benett plans for its employees inoluding whole-time direotors are
given below whioh is as oertited by the aotuaries and relied upon by the auditors:
` nUrores
Previousear
` inCrores
Uhange n the enet 0b|gatons:
Liabilityatthebeginningoftheyear 133.13 114.30
Aotuarialloss 20.62 8.21
1heLiabilityattheendoftheyear`165.02crores(Previousear
` 133.13 orores) inoludes ` 38.13 crores (Previous ear ` 31.86
orores)inrespeotofun-fundedplans.
Iarva|ueofP|anAssets:
lairvalueofPlanAssetsatthebeginningoftheyear 94.08 74.13
Contributions 22.41 25.62
1otalAotuariallosstobereoognised (26.35) (12.83)
Actua|PeturnonP|anAssets:
AotualReturnonPlanAssets 3.49 2.70
150
` nUrores
Previousear
` inCrores
AmountPecognsednthea|ance5heet:
Amount reoognised in the Balanoe 3heet under Provision for
Retirement Benetts" and 0ther Current Liabilities"
55.00 39.05
Lxpense Pecognsed n the 5tatement of Prot and Loss :
LxpeotedReturnonPlanAssets (9.22) (7.32)
NetAotuariallosstobereoognised 26.35 12.83
Lxpense reoognised in the 3tatement of Prott and Loss under 3taff
Lxpenses
inoludedunderContributiontoProvidentlundand0therlunds 29.68 21.28
inoludedunder0therexpensespertainingtolnsuranoeBusiness 9.02 3.22
38.10 24.50
Peconc|atonoftheLab|tyPecognsednthea|ance5heet:
0peningNetLiability 39.05 40.17
Lxpensereoognised 38.10 24.50
ContributionbytheCorporation 22.41 25.62
Benetts paid in respeot of unfunded plans (0.34) -
Amount reoognised in the Balanoe 3heet under Provision for
Retirement Benetts" and 0ther Current Liabilities" 55.00 39.05
LxperenceAd[ustment:
0nPlanLiabilities 21.16 10.09
0nPlanAssets (5.14) (4.44)
LstimatedContributionfornextyear 22.55 13.09
InvestmentPattern:
Partcu|ars %Invested
UurrentYear
lnvested
Previousear
Central0overnmentseourities 23.19 22.26
3tate0overnmentseourities/seouritiesguaranteedby3tate/Central0overnment 1.35 2.00
Publio3eotor/linanoiallnstitutionalBonds 25.58 23.64
Private3eotorBonds 8.86 12.44
3peoialLeposit3oheme 2.01 2.35
Certitoate of Leposits 1.34 2.62
CommeroialPapers - -
LepositswithBanksandlinanoiallnstitutions 2.16 2.80
lnvestmentinlnsuranoeCos 9.51 8.50
lnvestmentinLquity3hares 11.16 17.41
0thers(inoludingbankbalanoes) 8.18 5.98
1ota| 100.00 100.00
Basedontheaboveallooationandtheprevailingyieldsontheseassets,thelong-termestimateoftheexpeoted
rateofreturnonfundassetshasbeenarrivedat.
As the gratuity fund is managed by a life insuranoe oompany, details of investment are not available with
theCompany.
151
PrinoipalAssumptions:
%
Previousear
%
LisoountRate 8.00to8.25 8.50to8.75
ReturnonPlanAssets 8.00to8.10 8.25to8.60
3alaryLsoalation 5to10 5to7
1he estimate of future salary inorease, oonsidered in the aotuarial valuation takes aooount of intation, seniority,
promotionandotherrelevantfaotors.
Lxperienoe adjustment details for earlier tnanoial years are not disolosed as it was not made available to one
ofthe3ubsidiaryoompanybyerstwhileinsuranoeoompany.
30. L51ALI5PMLN1LXPLN5L5
` nUrores
Previousear
` inCrores
Rent[ReferNote30.1] 94.48 62.86
Ratesand1axes 4.05 4.52
RepairsandMaintenanoe-Buildings 6.40 5.65
0eneral 0ftoe Lxpenses 2.29 2.10
LleotrioityCharges 11.30 14.24
lnsuranoeCharges 1.02 1.01
125.54 90.38
3tandards)Rules,2006,thefollowingdisolosuresaremadeinrespeotof0peratingandlinanoeLeases:
(a) Properties under non-oanoellable operating leases have been aoquired, both for oommeroial and residential
purposes. 1he total minimum lease payments for the ourrent year, in respeot thereof, inoluded under Rent,
amountto` 115.62crores(Previousear` 92.59orores).0utoftheabove,theCorporationhassub-leased
aproperty,thetotalsub-leasepaymentsreoeivedinrespeotthereofinoludedunder0therlnoomeamountto
` 0.31crores(Previousear` 0.07orores).
1hefutureleasepaymentsinrespeotoftheaboveareasfollows:
Perod UurrentYear
` nUrores
Previousear
` inCrores
(b) Certain motor oars have been aoquired under 0perating Lease by a subsidiary oompany. ln respeot of these
operating leases, the lease rentals oharged to the 3tatement of Prott and Loss are ` 0.85 crores (Previous
ear` 0.60 orores). 1he minimum future lease rentals payable for speoited duration in respeot of suoh leases
amounttothefollowing:
Perod UurrentYear
` nUrores
Previousear
` inCrores
(o) Certainmotoroars,lnformation1eohnologyequipmentand3oftwarehavebeenaoquiredunderlinanoeLease
byasubsidiaryforanaggregatefairvalueof` 0.18crores(Previousear` 0.37orores).1hetotalminimum
152
lease payments (MLP) in respeot thereof and the present value of the future lease payments, disoounted at
theinterestrateimplioitintheleaseare:
` inCrores
Perod 1ota|MLP Interest Prncpa|
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Notlaterthanoneyear 0.12 0.18 0.01 0.03 0.11 0.15
Later than one year but not later than tve years 0.06 0.19 - 0.03 0.06 0.16
31. 01PLPLXPLN5L5
UurrentYear
` nUrores
Previousear
` inCrores
1ravellingandConveyanoe 21.59 24.60
Printingand3tationery 13.68 11.24
Postage,1elephoneandlax 28.01 25.14
Advertising 49.43 52.02
RepairsandMaintenanoe-0therthanBuildings 15.96 13.89
0ftoe Maintenanoe 21.82 20.02
LegalLxpenses 11.84 12.81
ComputerLxpenses 10.55 8.67
LireotorsleesandCommission 4.61 3.53
MisoellaneousLxpenses[ReferNote5.10] 235.10 98.17
AuditorsRemuneration[ReferNote32] 4.12 2.88
PreliminaryLxpenseswrittenoff - 0.35
429.91 273.32
32. AUUI10P5PLMUNLPA1I0N
UurrentYear
` nUrores
Previousear
` inCrores
Auditlees 2.90 2.23
1axMatters 1.03 0.39
0therMatters 1.18 1.00
ReimbursementofLxpenses 0.03 0.03
3ervioe1ax(Netoflnputoredit) 0.24 0.14
5.98 3.79
Less: lnoluded under oommission and operating expenses pertaining to
lnsuranoeBusiness 1.26 0.91
4.12 2.88
33. PP0vI5I0NI0PN0N-PLPI0PMINUL0AN5
33.1 As per the Pousing linanoe Companies (NPB) Lireotions, 2010, non-performing assets are reoognised on
the basis of ninety days overdue. 1he total provision oarried by PLlC Ltd. and 0RuP linanoe Ltd., in terms
of paragraph 29 (2) of the Pousing linanoe Companies (NPB) Lireotions, 2010 and NPB oiroular NPB.PlC,
LlR-3/CML/2011 dated August 5, 2011 in respeot of Pousing and Non-Pousing Loans is as follows [Refer
Note18]:
` inCrores
Partcu|ars 5ub-5tandardAssets Uoubtfu|Assets
Pousing 53.61 75.34 184.41 187.99
Non-Pousing 12.09 39.21 30.81 30.68
Provision for Contingenoies debited to the 3tatement of Prott and Loss inoludes Provision for Liminution in
valueoflnvestmentsamountingto` 10.01crores(Previousear` 26.01orores).
153
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154
35. PLLA1LUPAP1Y1PAN5AU1I0N5
As per the Aooounting 3tandard on 'Related Party Lisolosures' (A3 18), notited by the Companies (Aooounting)
3tandards)Rules,2006,therelatedpartiesoftheCorporationareasfollows:
A) 5ubsdaryUompanes ) InvestngPartyandtsUroupUompanes
P1Parekhloundation 3tandardLifelnvestmentsLtd.
(w.e.f.19th0otober,2012) 3tandardLife(MauritiusPoldings)2006Ltd.
LR00lnternationalA0
MuniohRe
U) AssocateUompanes
PLlCBankLtd.
lndiavaluelundAdvisorsPvt.Ltd
Rural3horesBusiness3ervioesPvt.Ltd.
lPl0nlineLtd.
lndianAssooiationfor3avingsandCredit(upto26th3eptember,2012)
U) KeyManagementPersonne| L) Pe|atvesofKeyManagementPersonnel-(Where there are transactions)
Mr.KekiM.Mistry Ms.ArnaazK.Mistry Mr.RishiR.3ud Ms.vRajalakshmi
Ms.Renu3udKarnad Mr.Ashok3ud Ms.RitiKarnad Ms.v1ayam
Mr.v.3rinivasaRangan Ms.1inazMistry Ms.3warn3ud
Mr.KetanKarnad Ms.Abhinaya3.Rangan
l) 1henatureandvolumeoftransaotionsoftheCorporationduringtheyear,withtheaboverelatedpartieswere
asfollows:
` inCrores
Partcu|ars Assocates InvestngPartyand
tsUroupUompanes
KeyManagement
Personne|
Pe|atvesofKey
ManagementPersonne|
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Income/1ransacton
Lividend 233.88 179.42 - - - - - -
lnterest 29.31 9.66 - - - - - -
Consultanoyand0therlees - - 0.40 0.53 - - - -
Rent 1.11 1.68 - - - - 0.01 0.03
Reinsuranoe - - 0.03 2.04 - - - -
Misoellaneous3ervioes 120.66 80.07 - - - 0.01 - 0.01
Lxpendture/1ransacton
lnterest 3.11 1.06 - - 0.41 0.41 0.05 0.07
Bankand0therCharges 23.92 99.67 - - - - - -
Remuneration - - - - 16.93 13.56 - -
Reinsuranoe - - 2.65 7.88 - - - -
Lividend - - 44.28 33.21 - - - -
0therLxpenses 136.46 614.28 0.09 - - - 0.09 0.06
155
` inCrores
Partcu|ars Assocates InvestngPartyand
tsUroupUompanes
KeyManagement
Personne|
Pe|atvesofKey
ManagementPersonne|
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Assets
lnvestments 6,313.05 5,991.61 - - - - - -
BankBalanoeandLeposits 1,503.23 1,708.15 - - - - - -
Reinsuranoe - - - 0.02 - - - -
Loans - 3.79 - - 0.11 0.19 - -
0thers 8.61 20.32 0.10 0.11 - - - -
Lab|tes
Leposits 0.11 0.71 - - 5.30 3.87 0.40 0.51
0thers 158.55 18.96 - - 0.21 0.19 0.03 0.04
Luringtheyear,theCorporationhassoldindividualloansamountingto` 5,125crores(Previousear`4,978
orores)toPLlCBankLtdandCorporateLoanamountingto`50crores(Previousear`Nil)toPLlC3tandard
LifelnsuranoeCo.Ltd
ll) 1he nature and volume of material transaotions of the Corporation during the year, with the above related
partieswereasfollows:
ìnCrores
Partcu|ars Assocates InvestngParty
andtsUroup
Uompanes
KeyManagement
Personne|
Pe|atvesofKey
Management
Personne|
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Income/1ransacton
Uvdend
-PLlCBankLtd. 233.58 179.26 - - - - - -
Interest
-PLlCBankLtd. 29.25 8.92 - - - - - -
Uonsu|tancyand0therIees
-3tandardLifelnvestmentsLtd - - 0.40 0.53 - - - -
Pent
-PLlCBankLtd. 1.11 1.68 - - - - - -
Pensurance
-MuniohRe - - 0.03 2.04 - - - -
Msce||aneous5ervces
-PLlCBankLtd. 120.66 80.07 - - - - - -
Lxpendture/1ransacton
Interest
-PLlCBankLtd. 3.11 1.06 - - - - - -
ankand0therUharges
-PLlCBankLtd. 23.92 99.67 - - - - - -
156
ìnCrores
Partcu|ars Assocates InvestngParty
andtsUroup
Uompanes
KeyManagement
Personne|
Pe|atvesofKey
Management
Personne|
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Uurrent
Year
Previous
ear
Pensurance
-MuniohRe - - 2.65 7.88 - - - -
Pemuneraton
-Mr.KekiM.Mistry - - - - 6.11 5.62 - -
-Ms.Renu3.Karnad - - - - 6.28 5.22 - -
-Mr.v.3.Rangan - - - - 3.81 2.71 - -
Uvdend
-3tandardLifelnvestmentsLtd - - 44.28 33.21 - - - -
0therLxpenses
-PLlCBankLtd. 136.31 614.28 - - - - - -
Assets
Investments
-PLlCBankLtd. 6,304.22 5,980.48 - - - - - -
anka|anceandUeposts
-PLlCBankLtd. 1,500.23 1,708.15 - - - - - -
Loans
-Ms.Renu3.Karnad - - - - 0.06 0.07 - -
-Mr.v.3.Rangan - - - - 0.11 0.12 - -
0thers
-PLlCBankLtd. 8.61 20.32 - - - - - -
Lab|tes
Ueposts
-Mr.KekiM.Mistry - - - - 3.28 3.85 - -
-Ms.Renu3.Karnad - - - - 2.02 0.02 - -
0thers
-PLlCBankLtd. 158.55 18.96 - - - - - -
36. ln aooordanoe with the Aooounting 3tandard on Larning per share (As 20) notited by the Companies (Aooounting
3tandards)Rules,2006,thefollowingdisolosureshavebeenmade:
(i) ln oaloulating the Basio Larnings Per 3hare the Prott After 1ax attributable to the 0roup of ` 6,639.12
crores(Previousear` 5,462.51orores)hasbeenadjustedforamountsutilisedoutof3helterAssistanoe
Reserveof` 9.13crores(Previousear` 6.89orores)andforproportionateshareofutilizationoutof
Corporate3ooialResponsibilitylundof` 0.69crore(Previousear` 0.29orores)ofoneofthesubsidiary
oompanies.
Aooordingly the Basio Larnings Per 3hare has been oaloulated based on the adjusted Prott After 1ax
attributableto0roupof` 6,629.90crores(Previousear` 5,455.33orores)andtheweightedaverage
numberofsharesduringtheyearof`151.91crores(Previousear147.17orores).
157
(ii) 1hereoonoiliationbetweentheBasioandtheLilutedLarningsPer3hareisasfollows:
Amountin`
BasioLarningsPer3hare 43.63 37.07
Lffeotofoutstanding3took0ptions (0.54) (0.57)
LilutedLarningsPer3hare 43.09 36.50
(iii) 1he Basio Larnings Per 3hare has been oomputed by dividing the adjusted Prott After 1ax by the
weightedaveragenumberofequitysharesfortherespeotiveperiods,whereastheLilutedLarningsPer
3hare has been oomputed by dividing the adjusted Prott After 1ax by the weighted average number of
equity shares, after giving dilutive effeot of the outstanding 3took 0ptions for the respeotive periods.
1herelevantdetailsasdesoribedaboveareasfollows:
NumbersinCrores
weighted average number of shares for oomputation of Basio
LarningsPer3hare 151.91 147.17
Lilutedeffeotofoutstanding3took0ptions 1.90 2.30
weighted average number of shares for oomputation of Liluted
LarningsPer3hare 153.81 149.47
158
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Notes formng part of the conso|dated nanca| statements
159
5oca|Intatves
PLlC oontinued its involvement in
sooially responsive aotions primarily
aimed at improving the quality of
lifeofoursurroundingoommunities.
1he following pages will illustrate
the varied projeots supported by
PLlCthroughthe3helterAssistanoe
Reserve.
A mixed speotrum of development
initiatives were supported this year,
involving olose to 180 partner
organisations spread aoross the
oountry. 1he segment-wise break-up
of the utilization of the Reserve is
illustratedintheohartbelow:
Cited below are a few oases in no
speoito order, with information on
projeots supported by PLlC out of
theReserveduringl2012-13:
vcharata5amuday5amarthanManch
vioharata3amuday3amarthanManoh
(v33M) works for the rights and
welfare of nomadio & de-notified
oommunities and aims to help
mainstream these oommunities by
enabling them to tght for their rights.
Currently,itisworkingfor40nomadio
and de-notited tribes in 8 distriots of
0ujarat. 1he ohildren from nomadio
Childwelfare
10
LifferentlyAbled
15
CommunityLevelopment
15
Lduoation
24
Pealth&Medioal3ervioes
17
Culture&Conservation
9
5egment-wseUt|satonofthePeservefor2012-13
Researoh&Polioylnitiatives
10
and de-notited tribes even today do
not enjoy their fundamental right to
eduoation.Luetothedisorimination
faoed by these ohildren in existing
sohools, v33M has set up alternate
methodsofteaohing.v33Mbelieves
that eduoation is the trst step to
long-term empowerment and henoe
has set up alternate sohools or tent
sohools in remote settlements to
inouloate the habits of sohool life
amongst the ohildren. 1he ohildren
are taught to work wi thi n the
boundaries of olassrooms with the
long-termaimtointegratetheminto
theformalsohoolsystem.
1oday, v33M runs 31 suoh bridge
sohools whioh provide elementary
eduoation wherein ohildren are
taught not only to read and write,
butbasioskillsandnutritiousmeals.
Laohtentsohoolrunsforaround5
7 years until the ohildren are ready
tobeintegratedintothegovernment
sohools.1hebridgesohoolprogram
oaters to over a 1,000 ohildren
annually. PLlC has adopted the
running of 5 suoh bridge sohools
spreadaoross0ujarat.
1heombayUommuntyPub|c1rust
As the trst oommunity foundation
in lndia, 1he Bombay Community
Publio 1rust (BCP1) was set up as a
modelorganisationwiththeprimary
task of administering publio funds
for improving the quality of life of
Mumbais oitizens. 0ver the years
BCP1hasaotedasafaoilitatoranda
oatalystforprojeotsandN00strying
to address the various issues that
oonfronttheoityofMumbai.0verthe
yearsPLlChastiedupwithBCP1to
partnerseveralprojeots,oneofwhioh
ishighlightedbelow:
Masoom
Masoomisworkingtowardsimproving
the quality of eduoation in night
sohools aoross Mumbai. ln order to
aohieve this, Masoom partners with
night sohools to faoilitate the Night
3ohool 1ransformation Programme.
1he 1ransformation Programme is
speoitoally tailored to meet the needs
ofthenightsohoolandtheindividual
students.Masoomsstrategiomodel
is designed to assess and improve
theinfrastruoture,suohasassessing
the volume of notebooks available,
provi di ng textbooks and study
material, setting up mobile soienoe
labs, providing daily nutrition, eto.
3eoondly, it assesses oapaoity, suoh
as breadth and diversity of subjeots
taught and the quality of teaohing
provided. linally, Masoom works as
anadvooatefortherightsofthenight
sohool students, aiming to inorease
governmental support. Masoom
brings together the teaohers, head
masters and trustees to share
valuable information and deliver
programme improvements. PLlC,
through BCP1 has partnered with
Masoom towards the running of
the Night 3ohool 1ransformation
Programme aoross 2 night sohools
inMumbai.
160
YuvaMtra
uva Mitra has been working in the
teld of eduoation, youth development
and women empowerment for
the last seven years in 3inner
1aluka of Nashik. 1he aotivities of
the organisation inolude oreative
methodology for ohildren eduoation
and formation and development of
selfhelpgroupsengaginginsavings
andoreditaotivities.1heorganisation
has also taken up the issue of
malnutritioninthe1aluka.
1he organisation had approaohed
PLlCforaprogramonimpartinglife
skilltrainingforadolesoentgirls.1he
program foouses on the partioular
needs of adolesoent girls in rural
areas - their general vulnerability,
inaooessibility to basio health oare
andeduoation,understandingabout
reproduotivehealthneedsandrights
and misoonoeptions about age old
traditions.uvaMitraaimstoimpart
life skills and build up oontdenoe
in these adolesoent girls through
this program and also thereby
ohange the approaoh of parents
and teaohers who make an impaot
on their lives. 1he program was run
aoross 50 sohools impaoting over
8,000adolesoentgirls.
Insttute of Iundamenta| 5tudes &
Pesearch
1helnstituteoflundamental3tudies
and Researoh (ll3aR) is a not-for-prott
organisationpromotedbyoommitted
individuals who have extensive
knowledge and working experienoe
pertainingtothelife,oulture,issues
andohallengesfaoedbythesooially
and eoonomioally vulnerable and
marginalised oommunities of the
1har region. 1he organisation aims
to empower the rural oommunities
in the harsh, predominantly barren
andremotedesertregionofthe1har
by offering them strategio support
andguidanoethatwouldinitiateand
sustain sooially just and optimum
eoologioalpraotioes.
ln order to bring about qualitative
ohange exolusively in the lives of
the ohildren ooming from a poor
sooio-eoonomio baokground, the
ll3aR upper Primary 3ohool, a day-
boarding sohool was established
in village 0harsisar, Bikaner. 1he
sohool is reoognized by the Lept.
of Lduoation, 0ovt. of Rajasthan for
providing eduoation up to olass vlll
and follows the 3tate 0ovt. Boards
ourrioulum. 1his establishment was
oonoeivednotmerelyasasohoolbut
as a rural oentre for learning. PLlC
has supported the oonstruotion of
additional olassrooms at the sohool
premisesinordertobeabletooater
tomorenumberofohildren.
1ataInsttuteof5oca|5cences
PLlC has been assooiated with
the teld aotion projeots of 1he 1ata
lnstitute of 3ooial 3oienoes (1l33)
forseveralyears.1hisyeartooPLlC
supported the lnstitute on three
projeots, one of whioh is highlighted
below:
Project TANDA
1he 1ANLA (1owards Advooaoy
Networking and Levelopmental
Aotion) is a field aotion projeot
initiated by 1l33 in 2009 to work
on entitlements and rights of de-
notited and nomadio oommunities
i n Mumbai , Navi Mumbai and
Raigadh. 1hese oommunities are
not organized, live in extremely
unhygienio oonditions and there is
no external intervention to support
them in terms of aftrmative aotion
andotherentitlements.1heyremain
vulnerable to eoonomio and sooial
stigmas as a result of poverty and
marginalization.
1ANLA has started working with
the Pardhi, vadar, Banjara and
Masanjogioommunityandisengaged
withover2,000families.1heprojeot
has oreated self-help groups of
women with the foous to engage
theminpolioylobbyingandadvooaoy.
1he aim is to oreate self-reliant
oommunitieswhoenjoyoonstitutional
rightsandentitlements,toadvooate
with polioy makers to inolude these
oommunities in government welfare
sohemes, oollaborate with other
N00sworkingonsimilarissuesand
identify resouroes meant for these
oommunities.
Muskaan
Muskaanisavoluntaryorganisation
of parents and professi onal s,
establ i shed i n 1982 provi di ng
oomprehensiveeduoation,vooational
training and work opportunities
to young people who are mentally
ohallenged. 1he organisation offers
supportservioestoparentsaswellas
raises awareness about the various
issues surrounding people with
intelleotual disabilities. 3ometimes,
due to inoomplete development
of the brain, intelleotual/oognitive
funotions are not fully developed
in some people. 1his range of
oonditions is generally referred to
asintelleotualdisabilityorlearning
disability.Muskaanoaterstoallsuoh
levels of disability with the aim to
makingtheseindividualsoontributing
membersofmainstreamsooiety.
A group of parents within Muskaan
haveoreatedaresidentialfaoilityfor
adultswithdisabilitieswhowillneed
assisted living for life. 1he National
1rust set up by the government has
leased Muskaan 3 aores of land in
Lera village for this purpose. 1he
building has been renovated for
residential purposes. 1he trst group
161
ofpeoplewithdisabilitieshasalready
joinedinfrom1uly2012.1hisfaoility
is an integrated setting providing an
all-inolusive,individuallyplannedoare
andtrainingoentreaimedatmaking
residentsindependent.
UochnMetropo|sUhartab|e1rust
RotaryClubofCoohinMetropolishas
adopted two sohools - 0overnment
LowerPrimary3ohoolatPonnurunni
and Pigher 3eoondary 3ohool of
1esus at Kothad. 1he sohools oater
to students from the lowest sooio
eoonomio strata of the sooiety. 1he
Club provides all requisite material
to the students inoluding a mid-
day meal, runs regular medioal
oamps and also set up a oomputer
and library in the sohool premises.
1here is laok of sanitation faoilities
for the girl students in the sohools
whiohleadtodropoutsandhealth&
hygieneissues.
1oprovidepropersanitationfaoilities
tothegirlstudentsandoreateinthem
theawarenessandneedforpersonal
hygiene and sanitation a total of 12
toilet blooks were oonstruoted by
PLlC in partnership with the 1rust
(2 blooks in the 0overnment Lower
Primary 3ohool at Ponnurunni & 10
blooks in Pigher 3eoondary 3ohool
of1esusatKothad).1hisprojeotwill
provide sanitation faoility to 570 girl
studentsinboththesohools.
Ioundatonfor1wnk|ngLtt|eLyes
1he loundation with its out-reaoh
programs aiming to redress the
sufferingoflowinoomegroupsliving
in rural and urban slums and tribal
areas in Maharashtra through free
eye oamps and free eye treatment.
1he loundation is oommitted to
eradioatetheneedlessandavoidable
blindness in sooiety through better
aooess to eye oare and quality oare
treatment.Creationofawarenessof
diseases among general publio and
medioalfraternityisoneofthemain
objeotivesoftheloundation.
1he loundation oonduots a door to
door survey to deteot eye related
ailments in speoito slum pookets
- at Lharavi, Chembur, Mankhurd,
0ovandi and Lahisar. 1hose with
an eye ailment are oounseled to
attend soreening oamps whioh are
oonduoted free of oost in the slum
pookets. 1he loundation oonduots
over 100 suoh oamps and 70
ohildren oamps aoross munioipal
sohoolsintheseslumpookets.1hose
with eye ailments are brought in
for follow-up at the 0PL in Lharavi.
PLlC partnered the loundation in
meeting the expenses of oarrying
out the oamps aoross slum pookets
andsohools.
hagwan Mahaveer v k| ang
5ahayata5amt
1he Bhagwan Mahaveer viklang
3ahayata 3amiti (BMv33), more
popularly known as 1aipur loot
was set up in 1975 for helping the
physioally ohallenged, partioularly
the tnanoially weak among them.
BMv33 is the largest organization,
for the handioapped in the world in
terms of ttment of artitoial limbs
and oalipers eto. for the physioally
ohallenged.BMv33providesalltheir
servioestotallyfreeofoharge.
1he organisation has benefitted
more than 1.25 million disabled
persons from aoross lndia with
olose to 60,000 artitoial limbs and
oalipersbeingprovidedannually.1he
organisation has signed Mous with
3tanfordandMl1whiohhasresulted
in oollaborations suoh as the 1aipur
Knee.1heloundationhasalsoheld
limb ttment oamps in 26 oountries
in Asia, Afrioa and Latin Amerioa.
1he total annual expenditure of the
organisation oomes to Rs. 16 orore
ofwhiohapprox.40ismetthrough
0overnment sohemes. 1he balanoe
is raised from donations and PLlC
has partnered with the organisation
ontheiroharitableinitiative.
Pe|en Ke||er Insttute for the Ueaf
andUeafb|nd
1he Pelen Keller lnstitute for the
Leaf and Leafblind was started in
1977 with the belief that every type
ofdisabilityoanbeoveroomethrough
eduoation and training. lt is also
the trst institute in lndia to oreate,
build and develop servioes for the
deaf / deafblind ohildren and young
adultsthroughday-oare/residential
faoilitiesandotheranoillaryservioes.
1he lnstitute runs a sohool oum
residentialfaoilityfordeaf/deafblind
students in Navi Mumbai. 1he
establishment is equipped with a
diagnostio lab and a therapy room
for the ohildren. 1he faoility oaters
to over 100 deafblind ohildren.
1he institute approaohed PLlC to
install a 20Kw roof top solar power
system whioh will aid in reduoing
the eleotrioity oonsumption in the
buildingtoalargeextent.
5WAUPAPInsttuteforUeve|opment
ofWomenandUh|dren
3wadharwasestablishedin1995in
Punewiththemainaimtoworkwith
women in distress and with under-
privileged ohildren. 1he emphasis
is on ensuring their development
through gui danoe, oounsel i ng,
eduoation and empowerment. As of
today, through its various programs
3wadharreaohesouttoover13,000
womenandohildren.
3wadhar runs a projeot titled Mohor
for development of ohildren living in
red-light areas of Pune. 1he aim of
162
theprojeotistoprovideanormal,safe
ohildhood for the ohildren along with
eduoation, medioal assistanoe and
overalldevelopment.1heobjeotivesare
toproteotanddeveloptheohildren,to
also provide gender speoito servioes
to the girl ohildren thereby making
themawareoftheirrights.1heohildren
attend 3wadhar run orohes, day-
oare oentres and night shelters. 1he
mothers are enoouraged to enroll
their ohildren into sohool and ensure
a normal ohildhood and good future
for them. PLlC partnered 3wadhar
towards their Mohor projeot for a
periodofoneyear.
5hankarIoundaton
1he 3hankari loundation has been
workingonprovidingvariousfaoilities
towards supporting the vulnerable
elderly oommunity in Bengaluru.
1he organisation runs a day-oare
oentreforsenioroitizens.1heoentre
provides sooial, reoreational and
medioalfaoilitiesfortheelderly.1he
organisationalsorunsahelplinefor
womenindistress,health-awareness
oampsandareferraloentrewherein
oases are reoommended for other
servioes.
1he loundation had approaohed
PLlC for assistanoe towards an
old age home that has been set
up in Malleshwaram, Bengaluru.
1he oonstruotion of the building is
oompletewithdonationsfromvarious
oorporate houses and individual
donors. Powever, the loundation
has been unable to operationalize
thehomeintheabsenoeofessential
items suoh as oots, beds, ohairs,
storageunitseto.PLlCpartneredthe
loundation for assistanoe towards
meetingtheexpensesforpurohaseof
the essential furniture requirements
whioh will enable the running of the
oldagehome.
UanKdsKdsUan
ln 2004, CanKids was set up under
theumbrellaoflndianCanoer3ooiety,
NewLelhiastheirohildhoodoanoer
unit. 1he vision was to provide
the entire speotrum of assistanoe
to ohildren with oanoer and their
families,anywhereinlndia,toenable
best standards of treatment, oare
andsupport,andtoensurenoohild
suffered for want of treatment for
laok of tnanoe.
1he treatment for ohildhood oanoer
islong,spanninganywherebetween
6 months to 3 years. Luring this
period ohildren are deprived of any
form of eduoation whioh makes it
diftoult for them to be reintegrated
baok i nto the sohool system.
1he organisation has opened up
lndia's trst ever speoial sohool for
ohildren with oanoer, in partnership
with the Munioipal Corporation
of Mumbai. 1he organisation has
been given spaoe in an existing
munioipal sohool to oonduot both
formal and non-formal eduoation
with ohildren who are undergoing
treatmentforoanoer.Childrenreoeive
all the benetts of munioipal sohools
eduoation, books, uniforms and
nutrition.1heorganisationprovidesfor
reimbursementoftransportexpenses
and a sohool bus piok up and drops
theohildren.Currently70ohildrenare
registeredunderthisprogram.
163
5ecretara|AudtPeport
1heBoardofLireotors
PousingLevelopmentlinanoeCorporationLimited
RamonPouse,P.1.ParekhMarg,169,BaokbayReolamation,
Churohgate,Mumbai400020.
we have examined the registers,
reoords, books and papers of
Pousi ng Level opment li nanoe
Corporation Limited (PLlC) (the
Company) having its registered oftoe
at Ramon Pouse, P. 1. Parekh
Marg, 169, Baokbay Reolamation,
Churohgate, Mumbai 400 020 and
having Corporate ldentity Number
(ClN) L70100MP1977PLC019916,
as required to be maintained under
the Companies Aot, 1956, (the Aot)
and the Rules made thereunder
and also the provisions oontained
in the Memorandum and Artioles of
Assooiation of the Company for the
period from April 1, 2012 to Maroh
31, 2013. ln our opinion and to the
bestofourinformationandaooording
to the examinations oarried out by
us and explanations furnished to us
by the Company and its oftoers, we
oertifythatinrespeotoftheaforesaid
tnanoial year:
1. 1he Company has kept and
maintainedallregistersandreoords
as required under the provisions
of the Aot and the Rules made
thereunder and the entries therein
havebeendulyreoorded.
2. 1he Company has duly filed
the forms, returns and doouments
with the Registrar of Companies,
Maharashtra/MinistryofCorporate
Affairs and other authorities as
required under the Aot and Rules
madethereunder.
3. All the requirements relating to
the meetings of Board of Lireotors,
Commi t tee of Li r eot or s and
3hareholders as well as relating
to the minutes of the prooeedings
thereathavebeenoompliedwith.
4. 1he Board of Lireotors of the
Companyisdulyoonstituted.
5. 1he Lireotors of the Company
have made al l t he r equi r ed
disolosuresunder3eotions299,305
and 274(1)(g) of the Aot. Pursuant
to the disolosures made by the
Lireotors,theCompanyhasoomplied
withthepresoribedrequirements.
6. 1he i ssue of oapi t al and
seourities is in oonformity with the
requirements of the Aot. 1he issues
of share oertitoate and the transfer
andtransmissionthereofhavebeen
registeredproperly.
7. 1he Company has obtained all
the neoessary approvals from the
Lireotors, 3hareholders and other
authoritiesasrequiredundertheAot.
8. 1he Company has oomplied
with all the provisions of the listing
agreements with B3L Limited and
National 3took Lxohange of lndia
Limited.
9. 1heCompanyhastransferredthe
dividend deolared on 1uly 11, 2012
to a separate dividend aooount on
1uly 12, 2012 and all the unpaid/
unolaimed dividend aooounts have
beenreoonoiled.
10.Luring the year under review,
the Company has transferred to the
lnvestor Lduoation and Proteotion
lund,unolaimeddividendamounting
to ` 52,39,239 that has not been
olaimed by the shareholders for the
tnanoial year 2004-05, in aooordanoe
withtheprovisionsoftheAot.
11.1he Company has f ramed
an insider trading oode oalled
PUIU - 5hare Uea| ng Uode
striotly on the lines of model oode
pr esor i bed under t he 3LBl
(Prohibition of lnsider 1rading)
Regulations,1992asamendedand
the same has been implemented
duri ng the year under revi ew.
Mr. 0irish v. Koliyote, Company
3eoretary aots as the Complianoe
0ftoer.
12.1heCompanyhasoompliedwith
the disolosure requirements of 3LBl
(3ubstantial Aoquisition of 3hares
and 1akeovers) Regulations, 2011
and 3LBl (Prohibition of lnsider
1rading)Regulations,1992.
13.1he Company i s regi stered
with the 3eourities and Lxohange
Board of lndia (3LBl) as Uategory
II In Pouse 5hare 1ransfer Agent
and hol ds a val i d permanent
registration oertitoate. 1he Company
has established oonneotivity with
the National 3eourities Lepository
Limited (N3LL) and the Central
Lepository 3ervioes (lndia) Limited
(CL3L). 1he Company has also
oomplied with 3LBl (Registrars to
anlssueand3hare1ransferAgents)
Regulations,1993.
14.1heCompanyhasoompliedwith
the provisions of 3LBl (Lmployee
3took0ption3ohemeandLmployee
3tookPurohase3oheme)0uidelines,
1999duringtheyearunderreview.
lorN.L.Bhatia&Assooiates
Company3eoretaries
N.L.Bhatia
MuMBAl lC31176
April22,2013 CPNo.422
164
5hareho|dersInformaton
1his seotion inter alia provides information pertaining to the Corporation, its shareholding pattern, means of
dissemination of information, servioe standards, share prioe movements and suoh other information, in terms of
pointno.9ofAnnexurelCtoClause49ofthelistingagreementsrelatingtoCorporate0overnanoe.
Pegstered 0fce
RamonPouse,
P.1.ParekhMarg,
169,BaokbayReolamation,
Churohgate,Mumbai400020.
1el.Nos. :+9122-22820282,66316000
laxNos. :+9122-22046758,22811203
website :www.hdfo.oom
Investor5ervcesUepartment(I5U)
1elRasayanBhavan,
0r.lloor,0pp.BL31workshop0ateNo.4,
1ilakRoadLxtn.,Ladar1.1.,
Ladar(L),Mumbai400014.
1el.Nos. :+9122-61413900,24146267/68
laxNo. :+9122-24147301
L-mail :investoroarehdfo.oom
36
th
Annua|Uenera|Meetng(AUM)
Lay/Late : lriday,1uly19,2013
1ime : 3.00p.m.
venue : BirlaMatushri3abhagar,19,NewMarineLines,Mumbai400020.
Inanca|Year
1he Corporation follows the tnanoial year starting from April 1 to Maroh 31 eaoh year.
PaymentofUvdend
1heBoardofLireotorsoftheCorporationhasreoommendedpaymentofdividendof`12.50perequityshareof`2
eaoh, for the tnanoial year ended Maroh 31, 2013, for the approval of the shareholders at the A0M (Previous ear
`11perequityshareof`2eaoh).
ookU|osure
Pursuant to the provisions of 3eotion 154 of the Companies Aot, 1956, the Register of Members and the 3hare
1ransferBooksoftheCorporationwillremainolosedfrom1uesday,1uly2,2013tolriday,1uly19,2013(bothdays
inolusive) for the purpose of payment of dividend for the tnanoial year 2012-13.
1hedividendof`12.50perequityshareof`2eaohasreoommendedbytheBoardofLireotors,ifapprovedbythe
membersattheA0M,willbedispatohed/remittedoommenoingfromthedayaftertheA0Mtothosememberswhose
names appear in the Register of Members of the Corporation/the statements of benetoial ownership maintained by
thedepositories,asattheoloseofbusinesshoursonMonday,1uly1,2013.
Inanca|Ua|endarfortheYear2013-14
1he tentative sohedule for holding meetings of the Audit Committee/Board of Lireotors of the Corporation and the
37
th
Annual0eneralMeetingareasunder:
Natureofmeetng Purpose Probab|edate
AuditCommittee/BoardMeeting 1o review and approve the un-audited stand-
alone tnanoial results of the Corporation and the
oonsolidated tnanoial results for the quarter ending
1une30,2013,subjeottoalimitedreviewbythe
auditorsoftheCorporation.
Bythethirdweekof1uly2013
alone tnanoial results of the Corporation and
the oonsolidated tnanoial results for the quarter/
half-year ending 3eptember 30, 2013, subjeot to
alimitedreviewbytheauditorsoftheCorporation.
By the third week of 0otober
2013
165
Natureofmeetng Purpose Probab|edate
alone tnanoial results of the Corporation and the
oonsolidated tnanoial results for the quarter/nine
monthsendingLeoember31,2013,subjeottoa
limitedreviewbytheauditorsoftheCorporation.
By the third week of 1anuary
2014
AuditCommittee/BoardMeeting 1o inter alia review and approve the audited
finanoial results of the Corporation and the
audited oonsolidated tnanoial results for the
year ending Maroh 31, 2014 and reoommend
dividend, if any, for the tnanoial year ending
Maroh31,2014.
By the seoond week of May
2014
AuditCommittee/BoardMeeting 1oreviewandapprovetheun-auditedstand-alone
finanoial results of the Corporation and the
oonsolidated tnanoial results for the quarter ending
1une30,2014,subjeottoalimitedreviewbythe
auditorsoftheCorporation.
Bythethirdweekof1uly2014
37
th
Annual0eneralMeeting Adoption of audited annual aooounts of the
Corporation, deolaration of dividend, if any,
re-appointment of direotors, appointment of
statutoryauditors,eto.
lnadditiontotheabove,meetingsoflnvestorRelations&0rievanoeCommitteeofLireotorswillbeoonvenedtointer
alia review the status of investors grievanoe, aotivities relating to l3L and oomplianoes with applioable oorporate
andseouritieslaws.lurther,additionalmeetingsoftheBoardorCommitteeofLireotorsoftheCorporationmaybe
oonvenedasandwhendeemedneoessary.
Lstngon5tockLxchanges
Lquty5hares
1he equity shares of the Corporation are listed on the following stook exohanges and are tradable on all other
reoognized stook exohanges in lndia. 1he lnternational 3eourity ldentitoation Number (l3lN) for the said equity shares
islNL001A01036.
5LLmted(5L)
Phiroze1eejeebhoy1owers,
Lalal3treet,
Mumbai400001.
1el.Nos. :+9122-22721233/34
laxNos. :+9122-22722037/3121/3719
L-mail :isbseindia.oom
website :www.bseindia.oom
Natona|5tockLxchangeofIndaLmted(N5L)
LxohangePlaza,PlotNo.C/1,0.Blook,
Bandra-KurlaComplex,
Bandra(L),Mumbai400051
1el.Nos. :+9122-26598235/36
laxNos. :+9122-26598237/38
L-mail :ignsense.oo.in
website :www.nseindia.oom
5tockLxchangeUodes: PeutersUodes: |oombergUodes:
B3L-500010 B3L-PLlC.B0 B3L-PLlC
N3L-PLlCL N3L-PLlC.N3 N3L-NPLlC
166
Warrants
ln terms of the Plaoement Looument dated August 21, 2009, the warrant holders were entitled to exeroise their
right to exohange the warrants held by them with the oorresponding number of equity shares of ` 2 eaoh of the
Corporation,onorbeforeAugust24,2012,atawarrantLxeroisePrioeof`600perequityshareof`2eaoh.
1he Corporation reoeived 5,47,43,150 warrants for exohange with equity shares of ` 2 eaoh of the Corporation.
Consequently, the Corporation issued and allotted 5,47,43,150 equity shares of ` 2 eaoh and realized an amount
of`3,284.59orores,representing99.95ofthewarrantsissued.
1he remaining 25,380 warrants whioh were not submitted for exohange with the equity shares of the Corporation
havelapsedandoeasedtobevalid.Aooordingly,theamountpaidtowardsthemstandsforfeited.
Uebt5ecurtes
1heNon-ConvertibleLebentures(NCL)issuedbytheCorporationarelistedfortradingonthewholesaleLebtMarket
segmentsoftheN3LandB3L.
LstngIees
1he listing fees have been paid to B3L and N3L for the tnanoial year 2013-14.
Investor5ervcesUepartment(I5U)
1he Corporation is oommitted to provide all investor related servioes in a timely, transparent and reliable manner
throughstreamlinedprooessesadministeredbyoommittedandtrainedpersonnel.
1heCorporationhasbeengrantedpermanentregistrationbythe3eouritiesandLxohangeBoardoflndia(3LBl)toaotas
anin-house3hare1ransferAgentCategoryll.1heCorporationhasoonneotivitywithboththedepositoriesviz.National
3eouritiesLepositoryLimited(N3LL)andCentralLepository3ervioes(lndia)Limited(CL3L).1hel3Lhasadedioated
andwelltrainedstafftooatertotheneedsof1,94,908shareholdersrepresentingamarketoapitalizationof`1,27,767
ororesand5,063debentureholderswithaportfolioof` 79,458.90 orores (all tgures as on Maroh 31, 2013).
1he l3L offers servioes pertaining to transfer, transmission, transposition, dematerialization, re-materialization of
shares,issueofduplioate/re-validateddividendwarrants,issueofduplioate,replaoed,oonsolidatedandsplitshare
oertitoates, ohange of name, address and bank aooount details, nomination faoility and other related servioes like
remittanoeofdividendthroughLleotronioClearing3ervioe(LC3),NationalLleotronioClearing3ervioe(NLC3),Lireot
Credit3ervioe(LC3),Real1ime0ross3ettlement(R103),NationalLleotroniolunds1ransfer(NLl1),issuingreminders
to members to olaim their dividend whioh is due for transfer to the lnvestor Lduoation and Proteotion lund (lLPl)
andprooessesapplioationsreoeivedinrespeotofunolaimedshares.
3hareholders holding shares in physioal form are requested to oontaot the l3L for any of the aforesaid servioes.
Powever,thoseholdingsharesineleotronioformarerequiredtodireotlyoontaottheirLepositoryPartioipant(s)(LP)
foranyoftheaforesaidservioes,exoludingservioesrelatingtounolaimeddividendandunolaimedshares.
5hare1ransfer5ystem
lntermsofClause49(lv)(0)(iv)ofthelistingagreements,theBoardofLireotorsoftheCorporation,hasoonstituted
an lnvestor 3ervioes Committee (l3C) oomprising the oompany seoretary and senior oftoers of the 3eoretarial
Lepartment.1heboardhasalsooonstituteda3hare1ransferCommittee(31C),whiohoomprisestheChairmanand
thewhole-timedireotorsoftheCorporation.
1he l3C is authorized to approve transfer, transmission, transposition, dematerialization and re-materialization of
shares and plaoe the same before the 31C for its ratitoation. 1he l3C also reviews and reoommends the issuanoe
of split, replaoed, oonsolidated and duplioate share oertitoates to the 31C for its approval, in aooordanoe with the
applioable provisions of the Companies Aot, 1956, the Companies (lssue of 3hare Certitoates) Rules, 1960, the
relevant 3tandard 0perating Prooedures (30P) and within the servioe standards adopted by the Corporation, from
timetotime.
167
A statement of transaotions ratited/approved by the 31C is tabled at the subsequent meetings of the lnvestor Relations
&0rievanoeCommittee of Lireotors/board, for its noting/ratitoation/approval, as the oase may be.
5ervce5tandards
1heCorporationisoommittedtoprovidingeffeotiveandpromptservioetoitsinvestors.1hel3Lhasbeenentrusted
with the responsibility of ensuring that the investors of the Corporation are servioed within the adopted servioe
standards. Listed below are the servioe standards adopted by the Corporation in respeot of various servioes being
renderedbythel3L.
Natureof5ervce Modeofreceptofrequest
1hroughpost 0verthecounter
1ransferofshares 3workingdays 20minutes
1ranspositionofnames 3workingdays 20minutes
Changeofaddress/LC3/Bankdetails 3workingdays 20minutes
RegistrationofNomination 3workingdays 20minutes
lssueofduplioate/re-validationofdividendwarrant(s) 4workingdays 20minutes
1ransmissionofshares/Leletionofname 7workingdays -
3plit/Replaoement/Consolidation of share oertitoate(s) 7workingdays -
Lematerializationofshares 8workingdays -
Re-materializationofshares 8workingdays -
Releaseofunolaimedshares 10workingdays -
lssue of duplioate share oertitoate(s) 30workingdays -
6XEMHFWWRUHFHLSWDQGYHULFDWLRQRIYDOLGGRFXPHQWVDQGUHTXLVLWHDSSURYDOV.
1heinvestorsarerequestedtooontaotthel3Lforavailinganyofthesaidservioes.1heCorporationhasdesignated
an exolusive e-mail address viz. nvestorcarehdfc.com, whioh would enable investors to post their grievanoe and
monitoritsredressal.KeyManagerialPersonnelofthel3L(KMP)havebeenentrustedwiththetaskofaooounting
andreviewingalloorrespondenoe/oomplaintsreoeivedbytheCorporationandensuringitsredressalinaooordanoe
withtherelevant30Pandwithinthesaidservioestandards.
Astatusreportonadherenoetothesaidservioestandardsisreviewedbytheoompanyseoretaryonamonthlybasis
andadetailedreportistabledatthemeetingsofthelnvestorRelations&0rievanoeCommittee,onaquarterlybasis,
foritsreviewandnoting.
InvestorsUrevances
Luring the year under review, the Corporation reoeived 4,760 oorrespondenoe and 1,217 e-mails (addressed to
nvestorcarehdfc.com) from its investors, oapital market intermediaries and statutory/regulatory authorities,
inter aliarequestingfordematerializationofshares,transfer/transmissionofshares,issueofduplioate/re-validated
dividend warrants, sub-divided share oertitoates, effeoting ohange to the address and/or bank aooount partioulars
oftheshareholders,annualreport,eto.,andotherservioesrelatingtotheseouritiesoftheCorporation.
1he said oorrespondenoe/e-mails were reviewed by the KMP, before forwarding the same to the oonoerned servioe
providerforappropriateresponse,inaooordanoewiththerelevant30Pandsaidservioestandards.
168
3LBlvideCiroularNo.ClR/01AL/2/2011dated1une3,2011,informedallthelistedoompaniesaboutprooessingof
investoroomplaintsthroughaoentralizedwebbasedoomplaintsredresssystemknownas3LBlComplaintsRedress
3ystem (3C0RL3). Luring the year under review, the Corporation reoeived 13 oomplaints through 3C0RL3, all of
whiohwererespondedto,inaooordanoewiththesaidCiroular.
1he details of investor oomplaints reoeived and redressed by the Corporation during the last three tnanoial years
areasunder:
Pecevedfrom No.ofcomp|antsreceved No.ofcomp|ants
unreso|vedason
March31,2013 2010-11 2011-12 2012-13
3tookLxohangesand3LBlinoluding3C0RL3 15 14 18 Nil
NPB,RBl,MCAandothers 3 Nil 2 Nil
Lireotlyreoeivedfrominvestorsrelatingto:
1. Non-reoeipt of share oertitoate(s) 2 Nil Nil Nil
2. Non-reoeipt of sub-divided share oertitoate(s) Nil Nil Nil Nil
3. Lelayindematerializationofshares Nil Nil Nil Nil
4. Non-reoeiptofdividendwarrants Nil 2 Nil Nil
5. Non-reoeiptofannualreport Nil 1 Nil Nil
6. Changeofshareholdersdetails 1 1 Nil Nil
7. Non-reoeiptofbonusshares Nil Nil Nil Nil
1ota|No.ofcomp|antsreceved 21 18 20 N|
1ota|No.ofcomp|antsredressed 22 18 20 N|
* 1 complaint was outstanding as on April 1, 2010.
1herewasnoinvestoroomplaintthatwasunresolvedasonApril1,2012.Luringtheyear,theCorporationreoeived
20investoroomplaints.Allofthemwereresolvedandassuohtherewerenounresolvedinvestoroomplaintsason
Maroh31,2013.
1hestatusofoorrespondenoe/oomplaintsreoeivedandredressedbytheCorporationistabledatthemeetingsofthe
lnvestorRelations&0rievanoeCommittee/board,onaquarterlybasis,fortheirreviewandnoting.
Webste
lnformationregardingtheCorporationoanalsobeaooessedonitswebsite,www.hdfc.com.
1heCorporate0overnanoeseotiononthewebsiteoftheCorporationoontainsstatementonoorporategovernanoe,
tnanoial oalendar, details relating to the Board of Lireotors, their direotorships/memberships in oommittees of
publio oompanies, details of the meetings of the board/oommittees thereof held during the ourrent tnanoial year,
attendanoeofeaohdireotorthereatandatthe35
th
A0M, quarterly oomplianoe report on oorporate governanoe tled
with the 3took Lxohanges, oode of oonduot as applioable to direotors and senior management of the Corporation
and the oertitoate issued under Clause 49 v of the listing agreements, for the tnanoial year ended Maroh 31, 2013.
1helnvestorRelationsseotiononthewebsiteoftheCorporationoontainsinformationrelatingtothel3L,thevarious
169
servioes provided to investors, tnanoials, investor presentations, weekly shareholding pattern, listing of seourities,
dividends,warrants,debentures,announoementsandanswerstofrequentlyaskedquestions.
Unc|amed5hares
Clause 5A of the listing agreements inter alia requires every listed oompany to oomply with oertain prooedures in
respeot of shares issued by it in physioal form pursuant to a publio issue or any other issue and whioh remained
unolaimedforanyreasonwhatsoever.
Aooordingly,asonApril1,2012,7,00,375unolaimedequitysharesof`2eaohoftheCorporationinrespeotof512
folioswerelyinginPLlCunolaimed3uspenseAooountmaintainedwithPLlCBankLimited.
3ummary of the olaims reoeived/prooessed by the Corporation in respeot of unolaimed shares during the tnanoial
year2012-13andshareslyingunolaimedasonMaroh31,2013,isdetailedasunder:
5r.
No.
Partcu|ars No.of
shareho|ders
No.ofequty
sharesof`2each
l Aggregatenumberofshareholdersandtheoutstandingequityshares
lyinginthesaidunolaimed3uspenseAooountasonApril1,2012.
512 7,00,375
ll NumberofshareholderswhoapproaohedtheCorporationfortransfer
ofequitysharesfromthesaidunolaimed3uspenseAooountduring
theyearendedMaroh31,2013.
23 32,700
lll Numberofshareholders(outofthesaid23shareholders)towhom
equity shares were transferred from the said unolaimed 3uspense
Aooount during the said tnanoial year.
16 23,500
lv Aggregate number of shareholders and the outstanding equity
shares lying in the said unolaimed 3uspense Aooount as on Maroh
31,2013.(I-III)
496 6,76,875
ln terms of the said Clause, voting rights on the equity shares lying in the said unolaimed 3uspense Aooount shall
remain frozen till the rightful owner olaims suoh shares. lurther, all oorporate benetts in terms of seourities aooruing
on the said unolaimed shares viz. bonus shares, split, eto., if any, shall also be oredited to the said unolaimed
3uspenseAooount.
1he oonoerned shareholder(s) are requested to write to the l3L to olaim the said equity shares. 0n reoeipt of suoh
olaim, the Corporation may oall for additional doouments. 3ubjeot to its reoeipt and veritoation, the Corporation may
eithertransferthesaidshareslyinginthesaidunolaimed3uspenseAooounttothedepositoryaooountprovidedby
the oonoerned shareholder(s) or deliver the physioal share oertitoate after re-materializing the same as direoted by
theshareholder(s),totheiraddressregisteredwiththeCorporation.
Uematera|zatonof5haresandLqudty
1he equity shares of the Corporation are in the list of sorips speoited by 3LBl to be oompulsorily traded in the eleotronio
form.AsonMay3,2013,98.83ofthetotalissuedandpaid-upequityshareoapitaloftheCorporationisheldby
1,76,895shareholdersineleotronioformandthebalanoe1.17isheldby12,539shareholdersinphysioalform.
PursuanttoCiroularNo.ClR/MRL/LP/22/2012datedAugust27,2012,issuedby3LBlandtoenoourageshareholding
in eleotronio form, the Corporation sent letters to shareholders holding shares in physioal form, requesting them to
oonsideroonvertingthesameintoeleotronioform.
170
Ustrbutonof5hareho|dng
Letailsofshareholdingbasedonoategory,holdingandlooationasonMay3,2013,aregivenbelow:
AccordngtoUategory:
Uategory Physca|form L|ectroncform 1ota|
No.of
share-
ho|ders
No.of
shares
No.of
share-
ho|ders
No.ofshares No.of
share-
ho|ders
No.ofshares %to
capta|
Resident
lndividuals
12,436 1,74,90,121 1,69,619 13,34,89,413 1,82,055 15,09,79,534 9.76
loreign
lnstitutional
lnvestors(llls) - - 1,077 114,28,91,738 1,077 114,28,91,738 73.87
loreignLireot
lnvestment(lLl) - - 7 50,18,563 7 50,18,563 0.32
lnsuranoe
Companies 1 500 24 12,65,27,116 25 12,65,27,616 8.18
Lomestio
Companies/1rusts 81 5,85,735 2,180 4,57,37,331 2,261 4,63,23,066 2.99
Mutuallunds 4 4,750 282 3,97,66,532 286 3,97,71,282 2.57
linanoial
lnstitutions/Banks 5 7,100 61 3,05,05,466 66 3,05,12,566 1.97
Non-resident
lndians(NRls) 12 13,000 3,325 27,59,572 3,337 27,72,572 0.18
ClearingMembers
(inthedepository) - - 320 23,96,553 320 23,96,553 0.16
1ota| 12,539 1,81,01,206 1,16,895 152,90,92,284 1,89,434 154,11,93,490 100.00
AccordngtoPo|dng:
No.ofshareshe|d Physca|form L|ectroncform 1ota|
No.of
shareho|ders
No.of
shares
No.of
shareho|ders
No.of
shares
No.of
shareho|ders
No.of
shares
%tocapta|
upto100 538 47,260 1,06,113 34,36,364 1,06,651 34,83,624 0.23
101-500 3,043 11,85,178 30,638 85,96,767 33,681 97,81,945 0.63
501-1,000 3,951 38,03,843 14,123 1,21,78,884 18,074 1,59,82,727 1.03
1,001-2,500 3,881 73,68,750 16,323 2,91,65,673 20,204 3,65,34,423 2.36
2,501-5,000 917 31,76,325 5,148 1,85,48,227 6,065 2,17,24,552 1.41
5,001-10,000 154 10,83,725 1,857 1,33,25,901 2,011 1,44,09,626 0.93
10,001-50,000 48 8,25,475 1,453 3,25,03,205 1,501 3,33,28,680 2.15
50,001-1,00,000 5 3,97,250 329 2,37,29,129 334 2,41,26,379 1.56
1,00,001andabove 2 2,13,400 911 138,76,08,134 913 138,78,21,534 89.70
1ota| 12,539 1,81,01,206 1,16,895 152,90,92,284 1,89,434 154,11,93,490 100.00
Category (%)
Residentlndividuals 9.76
loreignlnstitutionallnvestors(llls) 73.87
loreignLireotlnvestment(lLl) 0.32
lnsuranoeCompanies 8.18
LomestioCompanies/1rusts 2.99
Mutuallunds 2.57
linanoiallnstitutions/Banks 1.97
Non-residentlndians(NRls) 0.18
ClearingMembers(inthedepository) 0.16
Shareholding Pattern
(AsonMay3,2013)
171
AccordngtoLocaton:
Uty No.of
shareho|ders
%totota|
shareho|ders
No.of
shares
%to
capta|
Mumbai 59,056 31.18 144,45,57,428 93.37
Pune 12,042 6.36 89,09,249 0.58
Lelhi 8,845 4.67 1,35,33,464 0.87
Bengaluru 8,393 4.43 1,06,07,319 0.69
Ahmedabad 7,652 4.04 61,93,230 0.40
Chennai 7,030 3.71 73,33,773 0.47
Kolkata 6,842 3.61 1,02,39,828 0.66
vadodara 5,005 2.64 41,61,191 0.27
Pyderabad 3,890 2.05 23,53,174 0.15
3urat 1,770 0.93 9,15,760 0.06
0haziabad 1,516 0.80 9,11,350 0.06
Nagpur 1,495 0.79 8,88,391 0.06
Lombivli 1,402 0.74 5,50,986 0.04
1aipur 1,285 0.68 10,39,535 0.07
Nashik 1,265 0.67 6,90,113 0.04
Luoknow 1,252 0.66 6,60,681 0.04
lndore 1,193 0.63 7,91,656 0.05
Rajkot 1,140 0.60 7,69,069 0.05
0theroities 58,361 30.81 3,20,87,293 2.07
1ota| 1,89,434 100.00 154,11,93,490 100.00
,QFDVHRI),,V15,VIRUHLJQLQYHVWRUVZKRKDYHLQYHVWHGXQGHUWKH)',URXWHWKHLUDGGUHVVHVLQ,QGLDKDYHEHHQ
considered.
Ma[or5hareho|ders
Letails of shareholders holding 1 or more of the total issued and paid-up share oapital of the Corporation as on
May3,2013,aregivenbelow:
5r.
No.
Nameoftheshareho|der No.of
shareshe|d
%to
capta|
1 Luropaoito 0rowth lund 7,16,31,730 4.63
2 0ppenheimerLevelopingMarketslund 4,35,77,079 2.82
3 LifelnsuranoeCorporationoflndia 3,47,27,934 2.25
4 Aberdeen0loballndianLquity(Mauritius)Limited 3,10,00,000 2.00
5 lClClPrudentialLifelnsuranoeCompanyLtd. 3,09,62,699 2.00
6 virtusLmergingMarkets0pportunitieslund 2,49,06,564 1.61
7 Aberdeen0lobal-LmergingMarketsLquitylund 2,45,69,215 1.59
8 vanguardLmergingMarkets3tooklndexlund,A3eriesofvanguardlnternationalLquitylndeXlund 2,38,01,556 1.54
9 0overnmentof3ingapore 2,31,23,104 1.50
10 Carmignao0estionA/CCarmignaoPatrimoine 1,90,48,406 1.23
11 1heAberdeenLmergingMarketslnstitutionallund 1,89,99,000 1.23
12 AbuLhabilnvestmentAuthority-0ulab 1,88,80,986 1.22
13 BlaokrooklundAdvisorsA/ClsharesLmergingMarketslndexMauritiusCo. 1,70,13,698 1.10
14 3tiohtingPensioenfondsABP 1,64,30,504 1.06
15 3BlLifelnsuranoeCo.Ltd 1,55,61,247 1.01
16 vontobellundA/CvontobellundLmergingMarketsLquity 1,55,47,756 1.01
1ota| 42,91,81,418 21.80
172
5tockMarketPrceUata
1he monthly high and low prioe and the volume of shares traded on B3L and N3L during the tnanoial year
2012-13,areasunder:
Month 5L N5L
Pgh
(`)
Low
(`)
No.ofshares
traded
Pgh
(`)
Low
(`)
No.ofshares
traded
April12 694.00 661.00 11,84,576 692.25 663.85 3,46,38,693
May12 684.00 610.70 26,79,057 677.30 610.50 6,98,58,858
1une12 664.80 633.30 11,61,277 664.90 629.95 4,34,56,143
1uly12 695.30 652.25 50,46,236 696.95 652.10 5,06,63,586
August12 738.80 684.00 62,64,278 739.10 684.35 9,36,96,474
3eptember12 785.00 718.00 34,00,297 785.45 718.10 6,00,69,655
0otober12 793.85 732.85 2,76,33,546 794.00 631.25 11,28,93,906
November12 848.00 757.00 34,49,599 849.90 758.00 5,54,06,398
Leoember12 882.00 820.00 28,80,084 882.30 820.00 4,30,63,400
1anuary13 850.15 783.50 26,67,716 850.90 784.55 4,86,84,318
lebruary13 828.70 751.10 25,63,195 828.40 750.00 4,68,27,472
Maroh13 837.95 760.00 24,29,679 838.55 756.00 5,56,32,567
Source: www.bseindia.com and www.nseindia.com
5harePrceMovementonthe5Ldurng2012-13 5harePrceMovementontheN5Ldurng2012-13
0
200
400
600
800
1000
M
a
r
-
1
3
l
e
b
-
1
3
1
a
n
-
1
3
L
e
o
-
1
2
N
o
v
-
1
2
0
o
t
-
1
2
3
e
p
-
1
2
A
u
g
-
1
2
1
u
l
-
1
2
1
u
n
-
1
2
M
a
y
-
1
2
A
p
r
-
1
2
0
50
100
150
200
250
300
P
r
i
o
e
(
`
)
v
o
l
u
m
e
(
i
n
l
a
o
s
)
Pighest Lowest 1otal1radeduantity
0
200
400
600
800
1000
M
a
r
-
1
3
l
e
b
-
1
3
1
a
n
-
1
3
L
e
o
-
1
2
N
o
v
-
1
2
0
o
t
-
1
2
3
e
p
-
1
2
A
u
g
-
1
2
1
u
l
-
1
2
1
u
n
-
1
2
M
a
y
-
1
2
A
p
r
-
1
2
0
250
500
750
1000
1250
P
r
i
o
e
(
`
)
v
o
l
u
m
e
(
i
n
l
a
o
s
)
Pighest Lowest 1otal1radeduantity
173
PUIUshareprceversusthe5L5ensex
(othrebasedto100)
PUIUshareprceversustheN5LNfty
(othrebasedto100)
0
25
50
75
100
125
150
M
a
r
-
1
3
l
e
b
-
1
3
1
a
n
-
1
3
L
e
o
-
1
2
N
o
v
-
1
2
0
o
t
-
1
2
3
e
p
-
1
2
A
u
g
-
1
2
1
u
l
-
1
2
1
u
n
-
1
2
M
a
y
-
1
2
A
p
r
-
1
2
PLlC-B3L B3L-3ensex
0
25
50
75
100
125
150
M
a
r
-
1
3
l
e
b
-
1
3
1
a
n
-
1
3
L
e
o
-
1
2
N
o
v
-
1
2
0
o
t
-
1
2
3
e
p
-
1
2
A
u
g
-
1
2
1
u
l
-
1
2
1
u
n
-
1
2
M
a
y
-
1
2
A
p
r
-
1
2
PLlC-N3L N3L-Nifty
174
01PLPIMP0P1AN1INI0PMA1I0N
5harePrcePstory
1he following table shows the opening prioe of PLlC equity share as quoted on the B3L, on the trst trading day of
every tnanoial year sinoe 2003 (adjusted to the sub-division of the nominal faoe value from ` 10 per equity share
to`2perequityshareinAugust2010)andB3L-3ensexandN3L-Niftyonthesaiddates.
Uate PUIU5hare
Prceon5L
(`)
%of
apprecaton
5L5ensex %of
apprecaton
N5L-Nfty %of
apprecaton
April1,2003 66.10 1,153.86 3,037.54 521.91 977.40 482.91
April1,2004 129.00 542.48 5,599.12 237.39 1,771.45 221.62
April1,2005 149.26 455.27 6,506.60 190.33 2,035.90 179.84
April3,2006 268.00 209.25 11,342.96 66.54 3,403.15 67.41
April2,2007 296.00 180.00 12,811.93 47.45 3,820.00 49.15
April1,2008 482.00 71.95 15,771.72 19.78 4,735.65 20.31
April1,2009 285.00 190.81 9,745.77 93.84 3,023.85 88.41
April1,2010 547.00 51.52 17,555.04 7.61 5,249.20 8.54
April1,2011 694.95 19.26 19,463.11 (2.94) 5,835.00 (2.36)
April2,2012 670.00 23.70 17,429.96 8.38 5,296.35 7.57
April1,2013 828.80 18,890.81 5,697.35
(` inorores)
40,171
78,014
0
20000
40000
60000
80000
100000
120000
140000
2013 2012 2011 2010 2009
102,858
99,444
127,767
Paid-upshareoapital`309.27ororesasonMaroh31,2013
(154,63,47,255equitysharesof`2eaoh)
MarketUapta|zaton
(`)
118
264
129
294
162
360
0
100
200
300
400
2013 2012 2011
value
Bookvalueinoludingappreoiationinvalue
oflistedinvestments
ookva|uePer5hare
laoevalue:`2perequityshare
(`)
24
28
32
0
5
10
15
20
25
30
35
2013 2012 2011
LarnngsPer5hare
laoevalue:`2perequityshare
175
LqutyPstory
Partcu|ars No.ofsharesssued
(of`2each)
Year/date
lnitiallssue 5,00,00,000 1978
PubliooumRightslssue 5,00,00,000 1987
PubliooumRightslssue 12,50,00,000 1990
RightslssueoflullyConvertibleLebentures 23,62,50,000 1992
PrivatePlaoementtolinanoiallnstitutions 4,50,00,000 1993
PrivatePlaoementtoloreignlnvestors 8,93,20,000 1995
AllotmentunderL303 1,42,33,565 BetweenMaroh2001andNovember2002
Bonuslssue(1:1) 60,98,03,565 Leoember30,2002
AllotmentunderL303 1,34,78,475 Between1anuary2003andMaroh2004
AllotmentunderL303 1,25,18,055 Luringlinanoialear2004-05
AllotmentunderL303 22,16,005 Luringlinanoialear2005-06
Allotmentonapreferentialbasis 7,62,50,000 1uly11,2007-CMPAsiaLimited
Allotmentonapreferentialbasis 1,37,50,000 1uly24,2007-Citigroup3trategioPoldings
MauritiusLimited
AllotmentpursuanttoConversionoflCCB 5,96,67,050 Luringlinanoialear2007-08
AllotmentpursuanttoConversionoflCCB 11,71,775 Luringlinanoialear2008-09
AllotmentpursuanttoConversionoflCCB 31,24,730 Luringlinanoialear2009-10
AllotmentpursuanttoConversionoflCCB 1,41,55,105 Luringlinanoialear2010-11
(upto1uly29,2010)
Allotmentpursuanttoexohangeofwarrants 59,900 Luringlinanoialear2011-12
Allotmentpursuanttoexohangeofwarrants 5,46,83,250 Luringlinanoialear2012-13
(upto3eptember6,2012)
AllotmentunderL303 8,46,235 BetweenApril1,2013toMay3,2013
1ota|:(asonMay3,2013) 154,11,93,490
Note:1henominalfaoevalueoftheequitysharesoftheCorporationwassub-dividedfrom`100perequityshareto
`10perequityshare,witheffeotfromAugust25,1999andthereafterfrom`10perequityshareto`2perequity
share, with effeot from August 21, 2010. Aooordingly, for ease of oomparison, all issues have been represented by
equitysharesof`2eaoh.
176
Lega|Proceedngs
Presently, the Corporation is a party to litigations tled by/against its shareholders, relating to dispute over title to
shares. 1he Corporation is not in agreement with the olaims made by the oonoerned shareholders and the said
litigationsarenotmaterialinnature.
As at Maroh 31, 2013, there was no litigation against the Corporation or any of its managing/whole-time direotors,
for any of the offenoes under the enaotments speoited in Part l of 3ohedule Xlll to the Companies Aot, 1956.
5ecretara|Uomp|ance
1heCorporationhasoompliedwiththeapplioableprovisionsoftheCompaniesAot,1956,theRulesframedthereunder,
the3LBlAot,1992,rules,regulationsandguidelinesissuedthereunderandthelistingagreements.lnthisoonneotion,
Messrs N. L. Bhatia & Assooiates, praotising oompany seoretaries has oonduoted a seoretarial audit for the tnanoial
yearendedMaroh31,2013andtheirreportisgivenelsewhereintheannualreport.
Uontro|oftheUorporaton
1heCorporationisneitherownednoroontrolled,direotlyorindireotly,byanyperson,entityorgovernmentanddoes
notoweallegianoetoanypromoterorpromotergroup.1othebestofitsknowledgeandbelief,theCorporationdoes
not have any arrangement, the operation or oonsequenoe of whioh might direotly or indireotly result in a ohange in
itsownership,oontrolormanagement.
lurther, during the year under review, the Corporation has not reoeived any disolosure under Regulation 30 of the
3LBl(3ubstantialAoquisitionof3haresand1akeovers)Regulations,2011.
votngPghts
All the equity shares issued by the Corporation oarry equal voting rights, with an exoeption, where voting rights in
respeotoftheoutstandingequityshareslyingintheunolaimed3uspenseAooountshallremainfrozentilltherightful
ownerolaimssuohshares,intermsofClause5Aofthelistingagreements.
0enerally, matters at the general meetings are deoided by a show of hands in the trst instanoe. voting by show of
hands operates on the prinoiple of 0ne Member-0ne vote. lf majority of members raise their hands in favour of a
partioularresolution,itistakenaspassed,unlessapollisdemanded.
1he fundamental voting prinoiple in a oompany, in oase voting takes plaoe by a poll, is 0ne 3hare-0ne vote. 0n a
poll being taken, any deoision arrived thereat is tnal, thus overruling any deoision taken on a show of hands. No poll
hasbeendemandedatanygeneralmeetingofthemembersoftheCorporation.Nobusinesshasbeentransaoted
throughpostalballot.
Unc|amedUvdend
Lividendsnotenoashedorolaimed,withinsevenyearsfromthedateofitstransfertotheunpaiddividendaooount,
will,intermsoftheprovisionsof3eotion205AoftheCompaniesAot,1956,betransferredtothelnvestorLduoation
andProteotionlund(lLPl)establishedbytheCentral0overnment.lntermsoftheprovisionsof3eotion205Cofthe
CompaniesAot,1956,noolaimshalllieagainsttheCorporationorthelLPlafterthesaidtransfer.
lnordertoreduoethequantumofunolaimeddividends,duringtheyear,theCorporationhassentreminderletters,
oontaotedthoseshareholderswhohavewrittentol3Lforotherservioesanddispatohedduplioatedividendwarrants
in respeot of unolaimed dividends for the tnanoial year 2005-06. 1he Corporation also provides direot oredit of
unolaimeddividendtotheshareholdershavingabankaooountwithPLlCBankLimitedorwhose9digitMlCRoode
ismadeavailabletoitbythedepositoriesanddispatohesduplioatedividendwarrantsdireotlytotheoonoernedbanks
whereverthebankdetailsaremadeavailablebythedepositories.
1he Corporation has uploaded the information relating to unolaimed dividends and unolaimed matured deposits
along with interest aoorued thereon, on its website and on the website of the lLPl, in terms of the lLPl (uploading
177
of information regarding unpaid and unolaimed amounts lying with oompanies) Rules, 2012 (lLPl Rules) notited by
theMinistryofCorporateAffairs(MCA)onMay10,2012.
1he oonoerned persons are requested to verify the details of their unolaimed dividends for the tnanoial years from
2005-06 upto 2010-11 or unolaimed deposits for the tnanoial years from 2005-06 upto 2011-12, if any, from the
saidwebsitesandlodgetheirolaimwiththeCorporation,beforethesameisduefortransfertothelLPl.
1hedetailsoftheunolaimeddividendsandthelastdateforolaimingthesame,priortoitstransfertothelLPl,are
asunder:
Inanca|Year No.ofMembers
whohavenot
c|amedther
dvdend
Unc|amed
dvdendsason
March31,2013
(`)
Unc|amed
dvdendsas%to
tota|dvdend
Uateof
dec|araton
Lastdateforc|amng
thedvdendprorto
tstransfertoILPI
2005-06 1,631 65,19,480 0.13 1uly18,2006 August24,2013
2006-07 1,955 86,55,746 0.16 1une27,2007 August4,2014
2007-08 2,510 1,07,88,750 0.15 1uly16,2008 August22,2015
2008-09 2,711 1,41,37,080 0.17 1uly22,2009 August28,2016
2009-10 3,139 1,85,29,200 0.18 1uly14,2010 August20,2017
2010-11 4,372 2,44,98,540 0.19 1uly8,2011 August8,2018
2011-12 4,029 3,29,57,716 0.20 1uly11,2012 August10,2019
Aspertheprovisionsof3eotion205CoftheCompaniesAot,1956,unolaimeddividendsamountingto`52,39,239
in respeot of the tnanoial year 2004-05 was transferred to the lLPl on 3eptember 7, 2012.
lurther, the unolaimed dividends in respeot of the tnanoial year 2005-06 must be olaimed by the oonoerned
shareholderonorbeforeAugust24,2013,asitisliabletobetransferredtothelLPlwithinaperiodof30daysfrom
thesaiddate.lntermsofthesaidseotion,noolaimwouldlieagainsttheCorporationorthelLPlafterthesaidtransfer.
Pe-va|datonofUvdendWarrants
1he RBl has notited that effeotive April 1, 2012, at par oheque(s)/demand draft(s) issued by oompanies will be valid
onlyforaperiodof3monthsfromthedateofitsissue.Aooordingly,shareholdersarerequestedtokindlyenoashat
paroheque(s)/demanddraft(s)issuedbytheCorporation,beforetheexpiryofthesaidvalidityperiod,failingwhioh
theoonoernedshareholderisrequestedtoreturnthesametotheCorporation,tofaoilitateitsre-validation.
IssueofUup|cateUvdendWarrants
ln oase the original dividend warrant is reported as lost/misplaoed, a duplioate dividend warrant may be issued by
the Corporation on reoeipt of a request letter, duly signed by all the shareholder(s) and subjeot to its veritoation.
Uspatchofdocumentsne|ectroncform(UreenIntatve)
Aspartofits0reenlnitiative,theMCAvideCiroularNos.17/2011and18/2011datedApril21,2011andApril29,
2011 respeotively, has olarited that a oompany would be deemed to have oomplied with the provisions of 3eotions
53and219(1)oftheCompaniesAot,1956,inoasedooumentslikenotioe,annualreport,eto.,aresentineleotronio
formtoitsmembers.
lurther,intermsofClause32ofthelistingagreementswhiohwereamendedvideCiroularNo.ClR/ClL/LlL/7/2011
dated 0otober 5, 2011 issued by 3LBl, listed oompanies are required to supply soft oopies of the said doouments
toallmemberswhohaveregisteredtheire-mailaddress(es)forthesaidpurpose.
178
Aooordingly,thesaiddooumentswillbesentbye-mailtothosememberswhohaveregisteredtheire-mailaddress(es)
withtheirLP/theCorporation,intermsofthesaidClause.
Members who have not registered their e-mail address are requested to register the same with their LP in oase
sharesareheldineleotronioformorwiththeCorporationinoasesharesareheldinphysioalformandsupportthe
greeninitiativeoftheMCA.
Powever,inoaseanymemberwhohasregisteredhise-mailaddresseswiththeCorporation/LP,butwhowishesto
reoeiveaphysioaloopyofthesaiddoouments,isrequestedtowritetonvestorcarehdfc.com,dulyquotinghisLP
lLandClientlLorhislolionumber,astheoasemaybe.
PleasenotethatthesaiddooumentswillalsobeuploadedonthewebsiteoftheCorporationviz.www.hdfc.comand
oopies thereof will be made available for inspeotion at the Registered 0ftoe of the Corporation during business hours.

HDFC Annual Report 2012 13

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HDFC Annual Report 2012 13

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15

THI RTY SIXTH ANNUAL REPORT 2012- 13

PP0II1LI0PL1AX 6,512.84 5,665.62

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