Statement of Audited Financial Results For The Year Ended March 31 2015

Part – II Selected information for the quarter / year ended March 31, 2015

(*) Information provided pursuant to Securities and Exchange Board of India circular dated May 11, 2009 in terms of Simplified Listing Agreement for Debt Securities.

(*) ISCR = Cash Earnings Before Interest and Tax / Interest Expenses; DSCR = (Cash Earning Before Interest and Tax + Principal repayment of Loan Assets) / (Interest + Principal repayment of Borrowings).

NOTES :-

• The Company’s main business is to provide loans for purchase or construction of residential houses. All other activities of the Company revolve around the main business. As such, there are no separate reportable segments as per the Accounting Standard on Segment Reporting (AS 17).
• Loan Assets have increased from 7,009 crores as on March 31, 2014 to 8,915 crores as on March 31, 2015 registering a growth of 27%.
• The aggregate NPAs of the Company are 0.28% of the Loan Assets as against 0.27% of the Loan Assets as on March 31, 2014. Net NPAs of the Company continued to be “Nil”.
• Pursuant to approval of share holders at the 28th Annual General Meeting (AGM) of the Company held on May 28, 2014, the Company allotted bonus equity shares of 2 each as fully paid up shares in proportion of 1:1 on June 11, 2014, to Shareholders as on June 10, 2014, being the record date fixed for the purpose. Accordingly, the number of shares and the Earnings Per Share of the previous periods/year have been restated to make them comparable.
• During the year ended March 31, 2015, the Company has reviewed its policy of providing for depreciation on its fixed assets and has also reassessed their useful lives. On and from April 1, 2014, the straight line method is being used to depreciate all class of fixed assets. Previously, the straight line method was used for depreciating buildings while other fixed assets were being depreciated using reducing balance method. The revised useful lives, as assessed match those specified in Part C of Schedule II to the Companies Act, 2013, for all classes of assets other than Computer Hardware. Management believes that the revised useful lives of the assets reflect the period over which these assets are expected to be used.

  As a result of the change, the charge on account of Depreciation for the year ended March 31, 2015 is higher by 1.55 crores and for the quarter ended March 31, 2015, is higher by 0.28 crore compared to the method used and useful lives estimated in earlier periods.

• During the year, company has spent 1.93 crores towards Corporate Social Responsibility (CSR) under section 135 of the Companies Act, 2013 and rules thereon. As per clarification issued by the Institute of Chartered Accountants of India, CSR expenses have been appropriated from current year’s profits.
• During the quarter ended March 31, 2015, the Company has allotted 7,230 equity shares of 2 each pursuant to the exercise of the stock options by certain employees.
• Vide circular NHB(ND)/DRS/Policy Circular 65/2014-15 dated August 22, 2014, the National Housing Bank (“NHB”) has directed Housing Finance Companies (HFCs) to provide for a deferred tax liability in respect of amount transferred to “Special Reserve” created under section 36(1)(viii) of the Income Tax Act, 1961. As per above circular, NHB has advised HFCs to create deferred tax liability in respect of accumulated balance of Special Reserve as on April 1, 2014 from the reserves over a period of 3 years starting with current financial year, in a phased manner in the ratio of 25:25:50. Accordingly, the Company has created 25% of deferred tax liability of 19.20 crores on accumulated Special Reserve as on April 1, 2014 out of free reserves as on April 1, 2014.

  Company has charged its Statement of Profit & Loss for the year ended March 31, 2015 with the deferred tax liability on additional amount appropriated towards Special Reserve out of current year’s profits. An amount of 19.33 crores towards deferred tax liability for the year ended March 31, 2015 has been charged to the Statement of Profit & Loss and the same has been shown separately.

• During the period under review, there are no transactions in the nature of exceptional or extraordinary items.
• Audited Statement showing Assets and Liabilities:

  ( in crores)

  Particulars	As at March 31,
  	2015	2014
  Equity and Liabilities
  Shareholders’ Funds
  Share Capital	72.68	36.03
  Reserves and Surplus	638.81	571.21
  	711.49	607.24
  Non-Current Liabilities
  Long-Term Borrowings	6,624.14	5,054.33
  Deferred Tax Liability (Net)	18.78	0.00
  Other Long – Term Liabilities	35.94	15.52
  Long-Term Provisions	66.43	52.87
  	6,745.29	5,122.72
  Current Liabilities
  Short-Term Borrowings	973.18	472.99
  Trade Payables	0.92	0.80
  Other Current Liabilities	661.50	974.35
  Short-Term Provisions	89.14	65.12
  	1,724.74	1,513.26
  	9,181.52	7,243.22
  Assets
  Non-Current Assets
  Tangible Assets	12.73	11.03
  Intangible Assets	1.00	0.00
  Non-Current Investments	50.50	43.28
  Deferred Tax Assets (Net)	0.00	16.90
  Long-Term Loans and Advances
  Loans	8,380.31	6,579.62
  Others	31.87	26.82
  Other Non-Current Assets	21.20	0.00
  	8,497.61	6,677.65
  Current Assets
  Current Investments	29.32	9.68
  Cash and Bank Balances	74.07	83.17
  Short-Term Loans and Advances	39.06	37.09
  Other Current Assets
  Loans	535.04	429.42
  Others	6.42	6.21
  	683.91	565.57
  	9,181.52	7,243.22

  The Classification of Assets and Liabilities into Current and Non-Current is carried out based on their residual maturity profile as per the requirement of Schedule III to the Companies Act, 2013.

  The estimates and assumptions regarding prepayments and renewals as prescribed by the National Housing Bank (NHB) (which are taken into account for ALM purpose) are not considered while classifying the assets and liabilities into current and non-current.

• The Board of Directors have recommended a dividend of 2 Per Share of face value of 2 each. The dividend recommended will also be applicable for the full year in respect of Equity Shares issued during the year.
• Figures of the quarter ended March 31, 2015 and March 31, 2014 are the balancing figures between audited figures in respect of the full financial year and published year to date figures up to the third quarter of the relevant financial year.
• Previous period/year figures have been regrouped and reclassified, where necessary, to make them comparable with current quarter figures.

The above audited results were reviewed and recommended by the Audit Committee of Directors and subsequently approved by the Board of Directors at the meeting held on April 16, 2015.