Director's Report
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Indiabulls Housing Finance LtdIndustry : Finance - Housing
BSE Code:535789
ISIN Demat:INE148I01020
Book Value(Rs):389.33
NSE Symbol:IBULHSGFIN
Div & Yield %:5.28
Market Cap (Rs Cr.):33128.65
P/E(TTM):8.41
EPS(TTM):92.28
Face Value(Rs):2
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Dear Shareholders,

Your Directors have pleasure in presenting the Thirteenth Annual Report together with the audited statement of accounts of the Company for the financial year ended March 31, 2018.

Financial Highlights

The financial highlights of the Company, for the financial year ended March 31, 2018, are as under -

Amount (in Rs)

Particulars Year ended March 31, 2018 Year ended March 31, 2017
Profit before Depreciation and amortisation expense 46,170,515,557 37,014,925,722
Less: Depreciation and amortisation expense 269,656,957 207,100,504
Profit before Tax 45,900,858,600 36,807,825,218
Less: Total Tax expense 10,235,618,503 8,383,998,238
Profit for the Year 35,665,240,097 28,423,826,980
Add: brought forward balance 4,721,910,742 1,133,086,433
Add: Transitional Adjustment on account of Interest Rate Swaps - 121,991,338
Amount available for appropriation 40,387,150,839 29,678,904,751
Appropriations:
Interim Dividend paid on Equity Shares (Rs 41.00 Per Share 17,442,036,536 11,421,235,467
(Previous Year Rs 27.00 Per Share))
Corporate Dividend Tax on Interim Dividend paid on Equity Shares 3,550,788,237 2,318,905,265
Transferred to Reserve III (Reserve U/s 36(1)(viii), Considered as eligible transfer 4,400,000,000 3,350,000,000
to Special Reserve U/s 29C of the National Housing Bank Act, 1987)
Transferred to Reserve I (Special Reserve U/s 29C of the National Housing
Bank Act, 1987) 2,733,048,019 2,334,765,396
Transferred to Additional Reserve (U/s 29C of the National Housing Bank Act, 1987) 1,500,000,000 2,500,000,000
Transferred to General Reserve 2,200,000,000 1,330,000,000
Transferred to Debenture Redemption Reserve 3,322,257,094 1,702,087,881
Balance of Profit Carried Forward 5,239,020,953 4,721,910,742

KEY FINANCIAL HIGHLIGHTS: FY17-18 (Consolidated)

Particulars FY 17-18 FY 16-17
Total Revenues (Rs crore) 14,640.4 11,701.7
NII (Rs crore) 5,785.3 4,767.6
PAT (Rs crore) 3,847.4 2,906.4
EPS (Rs) 90.51 68.80
CRAR% (Standalone) 18.61 18.28

FINANCIAL AND OPERATIONAL HIGHLIGHTS Rating Upgrades

During the year the Company's rating was upgraded to the highest long-term credit rating of AAA by CRISIL, a Standard & Poor's company and ICRA, a Moody's company.

The Company now enjoys the highest long-term credit rating of AAA from all four leading credit rating agencies in India - CRISIL, ICRA, CARE and Brickwork Ratings.

Business Update

In FY 2017-18, the Company's balance sheet size crossed Rs 1,30,000 crore to close the year at Rs 1,31,903 crore.

The Company continues to be focused on mid-income affordable housing and propelled by the growth in this segment, the Company's total loan assets grew to

Rs 1,22,578 crore, up 34.3% from Rs 91,301 crore as at the end of FY 2016-17.

Total sold down loan assets stood at Rs 12,418 crore at the end of FY 2017-18. Sell down increases the Company's operational flexibility enabling efficient utilization of capital and is also RoE accretive.

The Company's cost to income ratio declined to 12.5% for FY 2017 from 13.3% for the previous year. Increasing -18 share of home loans through the online eHome Loan platform will further hasten the decline in cost to income ratio.

During the year the Company sold about one-third of its holding in OakNorth Bank booking a profit of Rs 543 crore.

The Profit after Tax of the company for the year 2017-18 stood at Rs 3,847 crore growing 32.4% over Rs 2,906 crore for the year 2016-17. The profit included one-off gains of

Rs 543 crore from sale of stake in OakNorth Bank.

Indiabulls Digital Home Loans Platform and ISO Certifications

The Company plans to launch a comprehensive ‘Indiabulls Digital Home Loan Platform' in the second half of FY 2018-19. The platform aims to:

– Provide a single app for customers to apply for and manage their home loan

– Provide real time loan approvals by integrating with a credit scoring engine

– Bring developers and channel partners onto the platform to improve operational efficiency for all stakeholders

– Open up cross-sell opportunities through social media integration and big-data analytics

– Improve efficiency of self-employed underwriting through access to GST data

The Digital Home Loans Platform aims to have the following definite operational impact:

– Vastly improved customer experience through reduced TAT and ease of access

– Enhanced productivity and operating efficiencies

– Share of self-employed segment maintained

– Increased customer engagement and touch points

– Reduced developer working capital cycles

– Enhanced DSA productivity and earning opportunities

The above in turn will lead to specific financial outcomes:

– Long-term sustained loan book growth: 20% - 25%

– S ustained earnings growth: 20% - 25%

– Increased fee generation: 2%+ from present 1.6% of disbursals

– Reduced credit costs: <= 0.50% of loan assets

– Low cost-to-income ratio: < 8.0%

– Greater developer loyalty: 20% more loans/project

The k customer facing departments and workflow ey process are ISO certified ensuring superior and standardized customer experience.

– ISO 10002:2014 - Customer care and complaint resolution

– ISO 9001:2015 - Lending Operations; credit underwriting; administration; human resources and Corporate Secretarial

– ISO 14001:2015 - Environmental management services

– ISO 27001:2015 - IT infrastructure operations, network operations, data centre, application development and maintenance

Stable Asset Quality

Gross non-performing loans as at March 31, 2018 amounted to Rs 948 crore. This is equivalent to 0.77% of the portfolio.

Net non-performing loans as at March 31, 2018 amounted to Rs 420 crore. This is equivalent to 0.34% of the portfolio.

The Company has a prudent approach to creating loan provisions and carries total provisions across standard assets provision, sub-standard asset provisions and counter-cyclical provisions of Rs 1,758 crore.

Total provision to gross NPAs was 185%.

An e xperienced underwriting team and the in-house sourcing and collection teams ensure control over loan sourcing, credit appraisal and portfolio quality.

Strengthening Liability Profile

During the year, the Company was upgraded to AAA by CRISIL, a Standard & Poor's company and ICRA, a M oody's company. With these upgrade IBHFL has attained the highest long term credit rating of AAA from all four leading rating agencies in India. The highest AAA ratings enjoyed by the Company have reduced the cost of new borrowings, and has also enabled the Company to refinance the existing debt at lower rates.

Total borrowings of the Company grew by 29% to Rs 1,10 cr ,257 at the end of FY 2017-18 from ore Rs 85,301 crore at the end of FY 2016-17.

The Company has issued Rs 2,750 crore of Tier II Bonds which forms part of Tier II capital. During 2017-18, the

Company issued India's first Social Affordable Housing

Offshore (Masala) Bonds amounting to Rs 315 crore. A total of Rs 1,540 crore of Social Affordable Housing Bonds were issued in FY 18.

In J 2018, the Company raised USD 240 Mn through une the ECB route from a Syndicate of banks in Singapore,

Korea, J and Taiwan. The Company was also able to apan refinance USD 250 Mn of existing ECBs.

In k with eeping IBHFL's philosophy of maintaining adequate and healthy levels of liquidity, the Company had Rs 16,535 crore of liquid funds in the form of cash, cash equivalent and investment in liquid schemes of mutual funds.

Through the year, the Company expanded its lender base and b the end of FY 2017-18 the Company has 507 strong y relationships: 21 PSU banks, 22 Private and Foreign banks and 464 M Funds, Provident Funds, Pension Funds, utual

Insurance Companies and others.

Bank Borrowings

As on M 31, 2018, the Company's outstanding bank loans arch stood at Rs 41,711 crore vis--vis Rs 34,659 crore as on March 31, 2017 Bank .borrowings' contribution to funding mix continued its downward trajectory with only 25% of total funding coming from bank term loans. The Company's bank borrowings continue to enjoy a rating of AAA, signifying the highest degree of safety regarding timely servicing of financial obligations. AAA rated instruments carry lowest credit risk.

Debentures and Securities

FY 2017 saw a marked shift in the Company's funding -18 sources with debentures and securities contributing 61% of the Company's incremental funding for the fiscal year. This represents a source of stable, long term, regular, recurring and expanding source of funds.

As at M 31, 2018, the Company's consolidated outstanding arch borrowings from debentures and securities stood at Rs 65,619 crore vis--vis Rs 48,048 crore as at March 31, 2017. The Company's secured NCDs have been listed on the Wholesale Debt Market segment of NSE / BSE and have been assigned ‘AAA' r from ICRA, CARE and Brickwork Ratings and ating CRISIL.

As at M 31, 2018, the Company's outstanding subordinated arch debt and perpetual debt stood at Rs 4,571 crore and Rs 100 crore respectively. The debt is subordinate to present and future senior indebtedness of the Company and has been assigned the ‘ AAA' r by ICRA, CARE and Brickwork Ratings and ating

CRISIL. Based on the balance term to maturity, as at March 31, 2018, Rs 4,375.73 crore of the book value of subordinated and perpetual debt is considered as Tier II under the guidelines issued by the Reserve Bank of India (RBI) and National Housing Bank (NHB) for the purpose of capital adequacy computation. There are no NCDs which have not been claimed by the investors or not paid by the Company after the date on which the NCD became due for redemption.

Regulatory Guidelines / Amendments

National housing Board (NHB) is the regulator for housing finance companies. Also, the Company has to comply with Reserve Bank of India norms. In accordance with this, the Company is in compliance with all regulations pertaining to Accounting Standards, Prudential norms for asset classification, income recognition, provisioning, capital adequacy and credit ratings.

Risk Management Framework

As a housing finance Company, the Company is exposed to various risks like credit risk, market risk (interest rate and currency risk), liquidity risk and operational risk (technology, employee, transaction and reputation risk). To identify and mitigate these risks the Company has an effective Risk

Management Control Framework that has been developed encompassing all the above areas.

IBHFL has a Risk Management Committee (RMC) that comprises of its directors and members of its senior management team, who have rich experience in the industry in various domains. The RMC met multiple times during the year and kept an active watch on the emergent risks the Company was exposed to. The Company has a robust mechanism to ensure an ongoing review of systems, policies, processes and procedures to contain and mitigate risk that arise fr time to time. IBHFL has a process in place for om conducting audits of various processes to ensure 100% adherence. The Company also has a system for evaluating Grievance Redressal Mechanism and undertaking complete Root Cause Analysis (RCA) to ensure recurring grievances are avoided in future leading to improved customer service standards. Continuous evaluation of existing controls and requisite improvement/strengthening based on the assessment is carried out to contain these risks. The Company encourages sound risk management culture within the organization.

Codes and Standards

The Company adheres to the Fair Practices Code (FPC) recommended by the regulator, the National Housing Bank (NHB) as well as the RBI, to promote good and fair practices by setting minimum standards in dealing with customers. The NHB has also issued comprehensive Know Your Customer (KYC) Guidelines and Anti Money Laundering Standards in the conte of recommendations made by the Financial Action xt Task Force on Anti Money Laundering Standards.

Cross Selling and Distribution of Financial Products and Services

With the goal of serving maximum number of customers and maximizing customer satisfaction, the Company has witnessed a large increase in the number of branches across all regions.

Moreover, the digitization of workflow integrates the different components of the loan application and underwriting process. State-of-the-art Customer Care set up helps speedy resolution of customer queries and to promptly attend to any loan requirements. Survey calling, where feedback is taken from existing and new customers, also helps in continuous process improvement and in the generation of new leads.

Training and Human Resource Management

Learning and Development is encouraged by way of training. The trainings focus on a variety of aspects ranging from operational efficiency, customer satisfaction, credit risk analysis, etc. The trainings have been conducted for 7,304 employees covering various aspects such as customer relationship management, credit risk analysis, operational efficiency, fraud prevention and others.

DIVIDEND

The Company has consistently worked towards shareholders' wealth maximization. With regard to this, the Company has declared four interim dividends amounting to Rs 41 per share on share of face value Rs 2 each (Rs9/-, Rs9/-, Rs9/- and Rs14/-) for the year 2017-18 and total outflow amounting to Rs 2,099.28 crore (inclusive of Corporate Dividend Tax). The Board of Directors of the Company, had, in its meeting held on April 20, 2018, declared an interim dividend of Rs 10/- per share of face value of Rs 2/- each, for the Financial Year 2018-19. F the Board of Directors of the Company, had, urther, in its meeting held on August 2, 2018, declared second interim dividend of Rs 10/- per share of face value of Rs 2/- each, for the

Financial Year 2018-19.

During the year, the unclaimed dividend pertaining to the

Financial Y 2009-10 and 2010-11, got transferred to Investor ear Education and Protection Fund after giving due notice to the members. Those members who have not so far claimed their dividend for the subsequent financial years are also advised to claim it from the Company or Karvy Computershare Private

Limited. F in compliance with the requirements, in urther, terms of the notification issued by the Ministry of Corporate Affairs (MCA) regarding the "Investor Education and

Protection Fund Authority (Accounting, Audit, Transfer and

Refund) Rules, 2016" ("the Rules") which have come into force from 7th September, 2016 and The Investor Education and

Protection Fund Authority (Accounting, Audit, Transfer and

Refund) Amendment Rules, 2017 and the Investor Education and Pr otection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2017 which have been notified b MCA on 28th February, 2017 and 13th October, y2017 respectively ("the Amended Rules"), the Company has transferred 11,511 equity shares in respect of which dividend has not been received or claimed for seven consecutive years from the Financial Year 2008-09 onwards to Demat Account of IEPF A in respect of which, individual notice had uthority, also been sent to concerned Shareholders.

Further pursuant to the requirements of SEBI Circular no. SEBI/ LAD-NRO/GN/2016-17/008 dated July 8, 2016, the

Dividend Distribution Policy of the Company is available on the website of the Company i.e. www.indiabullshomeloans.com.

DIRECTORS

During the FY 2017-18, the Members of the Company at its 12th

Annual General Meeting held on September 8, 2017, have re-appointed Mr. Sameer Gehlaut (DIN: 00060783) as a Whole Time Director and Key Managerial Personnel, designated as Executive Chairman of the Company, Mr. Gagan Banga (DIN: 00010894) as a Whole-Time Director and Key Managerial

Personnel, designated as Vice-Chairman, Managing Director & CEO of the Company, Mr. Ajit Kumar Mittal (DIN: 02698115) as a Whole-time Director and Key Managerial Personnel designated as Executive Director of the Company, and Mr.

Ashwini Omprakash Kumar (DIN: 03341114) as a Whole-time

Director and Key Managerial Personnel, designated as Deputy Managing Director of the Company, for a further period of five years, with effect from March 19, 2018 since their existing tenure came to an end on March 18, 2018. The Members have also approved the appointment of Mr.

Sachin Chaudhary (DIN: 02016992) as a Director and a Whole-time Director & Key Managerial Personnel of the Company, for a period of five years, with effect from October 21, 2016, since Mr. Sachin Chaudhary was appointed as an Additional

Director and a Whole-Time Director and Key Managerial

Personnel of the Company designated as its Executive Director w.e.f. October 21, 2016, for a period of five years as his appointment being as an Additional Director on the Board of the Company, was up to the date of 12th Annual General Meeting held on September 8, 2017.

To ensur continuity of guidance from Justice Gyan Sudha e Misra (R Justice Supreme Court of India) (DIN: 07577265) etd. the existing Independent Director of the Company, the Board has recommended her re-appointment as Independent Director of the Company for another term of 5 years from September 29, 2018 up to September 28, 2023. Keeping in view, the v experience and knowledge of Justice Misra, ast the Board is of the view that her appointment as Independent Director, on the Board, will be in the interest of the Company. Upon approval of the shareholders to her appointment as

Independent Directors her appointment shall be formalized by issuing a letter of appointment to her, which shall be open for inspection by the members at the registered office of the Company, in terms of applicable provisions of the Act.

In accordance with the provisions of Section 152 of the Companies Act, 2013 (Act) and in terms of the Memorandum and Articles of Association of the Company, Mr. Gagan Banga (DIN: 00010894), Executive Director, designated as Vice-Chairman, Managing Director and CEO of the Company, retire by rotation at the ensuing Annual General Meeting of the Company and being eligible offer himself for reappointment. All the present Independent Directors of the Company have given declaration that they meet the criteria of independence laid down under Section 149(6) of the Companies Act, 2013. The present composition of the Board along with the brief resume of the Directors proposed to be appointed/ reappointed, nature of their expertise in specific functional areas, terms of appointment and names of companies in which they hold directorships and memberships/chairmanships of Board Committees, are provided in the Corporate Governance Report, forming part of this Annual Report and in the Notice convening the 13th Annual General Meeting of the Company.

SHARE CAPITAL / ESOP SCHEMES

The paid up equity share capital of the Company as on March 31, 2018, was Rs 853,071,572 comprising of 426,535,786 equity shares of Rs 2/- each. Subsequently, from April 1, 2018 till date, the Company had allotted 57,035 equity shares of face value Rs 2/- each against exercise of equivalent number of stock options under various ESOP Schemes of the Company. As a result the paid up equity share capital of the Company stands increased to Rs 85,31,85,642 comprising of 42,65,92,821 equity shares of Rs 2/- each.

Presently, stock options granted to the employees operate under the schemes namely; "IBHFL-IBFSL Employees Stock Option Plan 2006", "IBHFL-IBFSL Employees Stock Option Plan II 2006", "IBHFL-IBFSL Employees Stock Option 2008" and "Indiabulls Housing Finance Limited Employees Stock Option Scheme-2013". Under "Indiabulls Housing Finance Limited

Employees Stock Option Scheme-2013", during the year under review, an aggregate of 10,600,000 Stock Options (10,500,000 Stock Options at an exercise price of Rs 1156.50 per option and 100,000 Stock Options at an exercise price of Rs 1200.40 per option) had been granted to certain eligible employees. The exercise price was determined in accordance with the pricing formula approved by the members i.e. at the latest available closing price of the equity share on the NSE, prior to the date of the meetings of the Compensation Committee at which these options were granted. The options granted as aforesaid are exercisable over a period of five years from the date of their respective vesting and none of the options granted as aforesaid have vested during the year and consequently, no options have been exercised. There has been no material variation in the terms of the options granted under any of these schemes and all the schemes are in compliance with the SEBI (Share Based Employee Benefits) Regulations, 2014. The disclosures as required under these regulations have been placed on the website of the Company https://www. indiabullshomeloans.com/.

RETAIL AND MASALA BOND

(a) Issuance of INR 3,150,000,000 7.80 per cent. Secured Synthetic INR Notes due 2021 by the Company, listed on Singapore Exchange Securities Trading Limited

During the FY 2017-18, the Company has successfully raised

INR 315 Cr by issue of Secured Rupee denominated Social Affordable Housing Masala Bonds bearing a coupon of 7.80% and having a tenor of 3 years. These bonds have been assured by KPMG and are listed on Singapore Stock Exchange (SGX-ST).

(b) Issuance of Secured and Unsecured NCDs, by way of Private Placement basis

During the FY 2017-18, the Company has successfully raised, by way of private placement, Rs 20,214.20 crore of Secured NCDs having a face value of Rs 10,00,000 each, Rs 500 crore of secured NCDs having a face value of Rs 10,00,000 each {paid-up value

Rs 25 crore, i.e. Rs 50,000 per NCD paid-up(Initial Subscription Amount)} and Rs 2,500 crore Unsecured NCDs having a face value of Rs 1, 00,000 each. The said NCDs are listed on WDM segment of BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).

(c) Details of NCDs which have not been claimed by the Investors

There are nil NCDs which have not been claimed by the Investors or not paid by the Company after the date on which these NCDs become due for redemption

PUBLIC DEPOSITS

During the year under review, the Company has not accepted any deposits from the public, falling within the ambit of Chapter V of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

LISTING WITH STOCK EXCHANGES

The Equity Shares (ISIN INE148I01020) of the Company, continue to remain listed at BSE Limited (BSE) and National Stock Exchange of India Limited (NSE). The listing fees payable to both the exchanges for the financial year 2018-19 have been paid. The GDRs issued by the Company continue to remain listed on Luxembourg Stock Exchange. The Secured Synthetic INR Notes are listed on Singapore Stock Exchange (SGX-ST). The NCDs issued under IPO and on Private

Placement basis are listed on WDM segment of NSE and BSE.

AUDITORS

(a) Statutory Auditors

M/s. S.R. Batliboi & Co. LLP, Chartered Accountants (ICAI

Registration No.: 301003E/E300005), (an Indian Firm of

Ernst & Young), were appointed as the Statutory Auditors of the Company at the Twelfth Annual General Meeting of the Company held on 8th September, 2017, for a period of five years i.e. until the conclusion of the Seventeenth Annual General Meeting of the Company, subject to ratification of their appointment by the Members at every intervening Annual General Meeting, on such remuneration as may be mutually agreed upon between the Board of Directors of the Company and the Statutory Auditors. The Ministry of Corporate Affairs (MCA) vide its notification no. S.O. 1833(E) dated May 7, 2018 has done away with the requirement of getting the appointment of the Statutory Auditors ratified at every intervening Annual General Meeting. Accordingly, the Company has received a certificate from the Auditors to the effect that their continuation as such from the conclusion of this Annual General Meeting until the conclusion of Seventeenth Annual General Meeting is in accordance with the provisions of the Section 141(3)(g) of the Companies Act, 2013. The Board recommends the ratification of their appointment as Statutory Auditors of the Company till the conclusion of Seventeenth Annual General Meeting of the Company.

The N to the Accounts referred to in the Auditors' Report otes are self – explanatory and therefore do not call for any further explanation. No frauds have been reported by the Auditors of the Company in terms of Section 143(12) of the Companies Act, 2013.

(b) Secretarial Auditors & Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the rules made thereunder, the Company has appointed M/s Neelam Gupta & Associates, a firm of Company Secretaries in practice as its Secretarial Auditors, to conduct the secretarial audit of the Company, for the FY

2017-18. The Company has provided all assistance, facilities, documents, records and clarifications etc. to the Secretarial Auditors for conducting their audit. The Report of Secretarial

Auditors for the FY 2017-18, is annexed as "Annexure 1" and forming part of this Report. The Report is self – explanatory and therefore do not call for any further explanation.

(c) Cost Records

The Company is not required to make and maintain cost records pursuant to Section 148(1) of the Companies Act, 2013.

CORPORATE SOCIAL RESPONSIBILITY

As part of its initiatives under "Corporate Social Responsibility (CSR)", the Company has undertaken projects in the areas of Health, Education, Sanitation, Rural Development & Safe

Drinking W Flora & Fauna , as per its CSR Policy (available ater,

on y Company's website http://www.indiabullshomeloans. our com/) and the details are contained in the Annual Report on CSR Activities given in "Annexure 2", forming part of this Report. These projects are in accordance with Schedule VII of the Companies Act, 2013 read with the relevant rules.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Pursuant to Regulation 34 of the SEBI LODR Regulations,

Management's Discussion and Analysis Report, for the year under review, is presented in a separate section forming part of this Annual Report.

CORPORATE GOVERNANCE REPORT

Pursuant to Regulation 34 of the SEBI LODR Regulations, a separate section on Corporate Governance Practices followed by the Company, together with a certificate from a practicing Company Secretary confirming compliance, is presented in a separate section forming part of this Annual Report.

BUSINESS RESPONSIBILITY REPORT

Pursuant to Regulation 34 of the SEBI LODR Regulations a separate section on Business Responsibility Report (BRR) is presented in a separate section forming part of this Annual Report.

DIRECTORS' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statement in terms of Section 134 of the Companies Act, 2013: a) that in the preparation of the annual financial statements for the year ended March 31, 2018, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any; b) that such accounting policies as mentioned in the Notes to the Financial Statements have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company, as at March 31, 2018 and the profit and loss of the Company for the year ended on that date; c) that proper and sufficient care has been the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) that the annual financial statements have been prepared on a going concern basis; e) that proper internal financial controls were in place that such financial controls were adequate and were operating effectively; and f ) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

INFORMATION PURSUANT TO SECTION 134 AND SECTION 197 OF THE COMPANIES ACT, 2013 READ WITH THE RELEVANT RULES AND SEBI LODR REGULATIONS

The information required to be disclosed pursuant to Section 134 and Section 197 of the Companies Act, 2013 read with the relevant rules (to the extent applicable) and SEBI LODR Regulations, not elsewhere mentioned in this Report, are given in "Annexure A" forming part of this Report.

GREEN INITIATIVES

The Company's Environmental Management System (EMS) focuses on assessing the environmental cost of the Company's services and activities, and seeks to reduce or eliminate the negative impact and increase their positive effects.

The ISO 14001:2015 specifies the requirements for EMS such that the negative environmental impact is minimized and overall environmental performance improves. ISO 14001 is an systematic framework that checks adherence to environmental performance standards and also seeks to continuously improve it.

Environmental sustainability is important to the Company and is one of the reasons behind the Company's push to digitize its processes. Amongst its peers, the Company has taken the lead in introducing an end-to-end online home loan application and fulfillment platform, doing away with the traditional pen and paper process which also involved physical transfer of loan application files. The ISO 14001:2015 certification helps the Company document its process from an environmental perspective and importantly, gives it a means to measure and minimize the environmental impact of its operations.

Electronic copies of the Annual Report 2018 and Notice of the 13th AGM are sent to all the members whose email addresses are registered with the Company / Depository Participant(s).

For members who have not registered their email addresses, physical copies of the Annual Report 2018 and Notice of the 13th AGM are sent in the permitted mode.

The Company is providing e-voting facility to all members to enable them to cast their votes electronically on all resolutions set forth in the Notice of the 13th AGM. This is pursuant to section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014 as substituted by Companies (Management and Administration) Amendment Rules, 2015 and Regulation 44 of the SEBI LODR Regulations. The instructions for remote e-voting are provided in the Notice.

ACKNOWLEDGEMENT

Your Company has been able to operate efficiently because of the culture of professionalism, creativity, integrity and continuous improvement in all functional areas and the efficient utilization of all its resources for sustainable and profitable growth. Your Directors wish to place on record their appreciation of the contributions made and committed services rendered by the employees of the Company at various levels. Your Directors also wish to express their gratitude for the continuous assistance and support received from the investors, clients, bankers, regulatory and government authorities, during the year.

For and on behalf of the
Board of Directors
Sd/- Sd/-
Date: August 2, 2018 Gagan Banga Ajit Kumar Mittal
Place: Mumbai Vice-Chairman, Executive Director
Managing
Director &
CEO
(DIN: 00010894) (DIN: 02698115)

   

Adani Ports & Special Economic Zone Ltd     375.20   Up   2.30 (0.62%)   Asian Paints Ltd     1,395.70   Up   40.00 (2.95%)   Axis Bank Ltd     633.95   Up   14.55 (2.35%)   Bajaj Auto Ltd     2,873.25   Up   32.35 (1.14%)   Bajaj Finance Ltd     2,620.95   Up   88.75 (3.50%)   Bajaj Finserv Ltd     6,385.80   Up   233.15 (3.79%)   Bharat Petroleum Corporation Ltd     357.60   Up   4.35 (1.23%)   Bharti Airtel Ltd     320.00   Up   2.20 (0.69%)   Bharti Infratel Ltd     259.30   Up   4.70 (1.85%)   Cipla Ltd     524.25   Up   1.35 (0.26%)   Coal India Ltd     251.35   Down   -0.50 (-0.20%)   Dr Reddys Laboratories Ltd     2,614.85   Down   -24.45 (-0.93%)   Eicher Motors Ltd     23,885.00   Up   19.35 (0.08%)   GAIL (India) Ltd     356.10   Up   1.60 (0.45%)   Grasim Industries Ltd     873.00   Up   18.70 (2.19%)   HCL Technologies Ltd     959.15   Down   -26.05 (-2.64%)   HDFC Bank Ltd     2,126.50   Down   -8.95 (-0.42%)   Hero Honda Motors Ltd     3,316.65   Up   18.60 (0.56%)   Hindalco Industries Ltd     227.95   Up   2.70 (1.20%)   Hindustan Petroleum Corporation Ltd     235.05   Up   3.70 (1.60%)   Hindustan Unilever Ltd     1,851.35   Up   10.60 (0.58%)   Housing Development Finance Corporation Ltd     1,973.05   Up   21.05 (1.08%)   ICICI Bank Ltd     365.45   Up   3.20 (0.88%)   Indiabulls Housing Finance Ltd     829.70   Up   53.10 (6.84%)   Indian Oil Corporation Ltd     146.10   Up   1.35 (0.93%)   IndusInd Bank Ltd     1,633.30   Down   -6.25 (-0.38%)   Infosys Technologies Ltd     662.75   Down   -13.85 (-2.05%)   ITC Ltd     281.25   Up   3.10 (1.11%)   JSW Steel Ltd     310.00   Up   4.55 (1.49%)   Kotak Mahindra Bank Ltd     1,230.00   Down   -7.10 (-0.57%)   Larsen & Toubro Ltd     1,436.00   Up   7.50 (0.53%)   Mahindra & Mahindra Ltd     780.00   Up   9.05 (1.17%)   Maruti Suzuki India Ltd     7,850.75   Up   78.40 (1.01%)   NIFTY (S&P CNX)     10,954.45   Up   45.75 (0.42%)   NTPC Ltd     148.70   Up   1.00 (0.68%)   Oil & Natural Gas Corpn Ltd     148.10   Up   0.50 (0.34%)   Power Grid Corporation of India Ltd     197.50   Up   1.15 (0.59%)   Reliance Industries Ltd     1,141.80   Up   5.40 (0.48%)   State Bank of India     298.50   Up   5.75 (1.96%)   Sun Pharmaceuticals Industries Ltd     426.75   Down   -6.70 (-1.55%)   Tata Consultancy Services Ltd     1,963.70   Down   -24.15 (-1.21%)   Tata Motors Ltd     174.55   Down   -0.20 (-0.11%)   Tata Steel Ltd     530.85   Up   3.85 (0.73%)   Tech Mahindra Ltd     694.95   Down   -14.05 (-1.98%)   Titan Company Ltd     933.00   Down   0.00 (0.00%)   UltraTech Cement Ltd     4,159.85   Up   151.70 (3.78%)   UPL Ltd     755.20   Up   11.55 (1.55%)   Vedanta Ltd     208.00   Down   -0.55 (-0.26%)   Wipro Ltd     334.00   Down   -1.05 (-0.31%)   Yes Bank Ltd     180.80   Up   1.80 (1.01%)   Zee Entertainment Enterprises Ltd     461.95   Down   -0.75 (-0.16%)      NSE Data  -  www.nseindia.com (5 minutes delayed) syndicated by www.cmots.com