SENSEX NIFTY
LIC Housing Finance Directors Report, LIC Housing Fin Reports by Directors
YOU ARE HERE > MONEYCONTROL > MARKETS > FINANCE - HOUSING > DIRECTORS REPORT - LIC Housing Finance
LIC Housing Finance
BSE: 500253|NSE: LICHSGFIN|ISIN: INE115A01026|SECTOR: Finance - Housing
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Sep 03, 16:01
423.25
17 (4.18%)
VOLUME 247,580
LIVE
NSE
Sep 03, 16:01
423.40
19.35 (4.79%)
VOLUME 2,528,769
Download Annual Report PDF Format 2015 | 2014 | 2013 | 2012 | 2011
Directors Report Year End : Mar '15    « Mar 14
 Dear Members,
 
 The Directors are pleased to present the Twenty Sixth Annual Report
 together with the audited financial statements for the year ended 31st
 March, 2015 of LIC Housing Finance Limited (''the Company'').
 
 Financial results
 
                                     (Rs. in crore)
 
                                     For the year        For the year
                                     ended 31st          ended 31st
                                     March, 2015         March, 2014
 
 Profit before Tax                     2,101.94            1,825.50
 
 Tax Expense                             715.75              508.32
 
 Profitafter Tax                       1,386.19            1,317.18
 
 Appropriations:
 
 Special reserve & Statutory             385.00              370.00
 reserve u/s 29C of NHB Act
 
 General reserve                         300.00              200.00
 
 Proposed dividend                       252.33              227.10
 
 Tax on dividend                          49.90               38.48
 
 Balance carried forward to              398.96              481.60
 next year
 
                                        1386.19             1317.18
 
 Dividend
 
 Considering the performance during the financial year 2014- 15, your
 Directors recommend payment of dividend for the financial year ended
 31st March, 2015 of Rs.5/- per equity share of face value of Rs.2/- per
 share i.e. @ 250 percent, as against Rs.4.50/- per equity share of face
 value of Rs.2/- per share for the previous year i.e. @ 225 percent. The
 total dividend outgo for the current year would amount to Rs.302.23
 crore including Dividend Distribution Tax of Rs.49.90 crore which is
 21.80 percent of PAT, as against Rs.265.58 crore including dividend
 distribution tax of Rs.38.48 crore, for the previous year, which was
 20.16 percent of PAT.
 
 Performance
 
 Income and profit
 
 The Company earned total revenue of Rs.10,798.66 crore, registering an
 increase of 15.68 percent. The percentage of administrative expenses to
 the housing loans, which was 0.33 percent in the previous year, has
 marginally increased to 0.34 percent during the year 2014-15.
 
 Profit before tax and aftertax stood at Rs.2101.94 crore and Rs.1386.19
 crore respectively as against Rs.1,825.50 crore and Rs.1,317.18 crore,
 respectively, for the previous year.
 
 Profit before tax increased by 15.14 percent over the previous year
 while profit aftertax showed growth of 5.24 percent over that of the
 previous year. The increase of 40.80% on account of tax expenses is
 attributed to creation of deferred tax liability in respect of special
 reserve amount appropriated during the period under review has been
 charged to the Statement of Profit & Loss. The creation of deferred tax
 liability in respect of transfer to Special Reserve has been introduced
 during the year.
 
 Lending operations
 
 Individual loans:
 
 The main thrust continues on individual housing loans with a
 disbursement growth of 20.45 percent during the year.  During the year,
 the Company sanctioned 1,52,102 individual housing loans for
 Rs.29,326.75 crore and disbursed 1,61,791 loans for Rs.29,255.91 crore.
 Housing loan to Individual i.e.  retail loans constitute 92.48 percent
 of the total sanctions and 96.46 percent of the total disbursements for
 the year 2014-15 as compared to 95.24 percent and 96.12 percent
 respectively during the year 2013-14. The gross retail loan portfolio
 grew by over 19.29 percent from Rs.88,645.99 crore as on 31st March,
 2014 to Rs.1,05,742.16 crore as on 31st March, 2015.
 
 The cumulative sanctions and disbursements since inception, in respect
 of individual housing loans are:
 
 Amount sanctioned : Rs.1,81,676.12 crore
 
 Amount disbursed : Rs.1,68,851.77 crore
 
 More than 20,97,489 customers have been serviced by the Company up to
 31st March, 2015 since inception.
 
 Project loans:
 
 The project loans sanctioned and disbursed by the Company during the
 year were Rs.2,386.15 crore and Rs.1,071.41 crore respectively.
 Corresponding figures for the previous year were Rs.1,271 crore and
 Rs.981.50 crore pertaining to sanction and disbursement respectively.
 These loans are generally for short durations, giving better yields as
 compared to individual housing loans.
 
 Awards and Recognitions:
 
 During the year under review, the Company was awarded in various ways /
 by various institutions and some of the awards presented to the Company
 are listed below:
 
 * ''Best Data Quality'' in Housing Finance Companies by CIBIL.
 
 * ''Best Housing Finance Company by BFSI Awards for second consecutive
 year.
 
 * ''Best Housing Finance Company by IBFA and by Realty Plus Excellence.
 
 Marketing and Distribution
 
 During the year under review, efforts were taken to further strengthen
 the distribution network. The distribution network of the Company
 consists of 16 Back Offices (BO), 132 Area Offices (AO), 80 Business
 Centres (BC), 7 Extension Counters (EC), 1 Customer Service Point, 4
 Property Service Division (PSD) where role of Property Service Division
 includes all activities involved in enabling a prospective home buyer
 select the property upto taking the possession of the same.  Basically,
 it is one-stop-shop solution for all the advisory services. The
 distribution network also includes 38 offices of LIC HFL Financial
 Services Ltd., wholly owned subsidiary company engaged in distribution
 of various financial products including housing loan. The Company has
 representative offices in Dubai and Kuwait.
 
 Repayments
 
 During the FY 2014-15, Rs.12,158.76 crore was received by way of
 schedule repayment of principal through monthly instalments as well as
 prepayment of principal ahead of schedule, as compared to Rs.10,884.43
 crore received last year.
 
 Non-Performing Assets and Provisions
 
 The amount of gross Non-Performing Assets (NPA) as at 31st March, 2015
 was Rs.494.68 crore, which is 0.46 percent of the housing loan
 portfolio of the Company, as against Rs.609.00 crore i.e. 0.67 percent
 of the housing loan portfolio as at 31st March, 2014. The net NPA as at
 31st March 2015 was Rs.234.43 crore i.e. 0.22 percent of the housing
 loan portfolio vis-a-vis Rs.353.58 crore i.e. 0.39 percent of the
 housing loan portfolio as at 31st March, 2014. The total cumulative
 provision towards housing loan portfolio including provision for
 standard assets as at 31st March, 2015 was Rs.704.25 crore as against
 Rs.706.81 crore in the previous year. During the year, the Company has
 written off Rs.29.68 crore of housing loan portfolio as against
 Rs.0.0039 crore during the previous year.
 
 Resource Mobilisation
 
 The Company raised funds aggregating to Rs.33,719.59 crore through
 Non-Convertible Debentures (NCD), term loans/Foreign Currency Non
 Resident (FCNR)(B) loan / Line of Credit (LoC) / Working Capital Demand
 Loan (WCDL) from banks, NHB refinance, commercial paper and Public
 Deposits.
 
 Non Convertible Debentures (NCD)
 
 During the year, the Company issued NCD amounting to Rs.24,791 crore on
 a private placement basis which have been listed on Wholesale Debt
 Segment of National Stock Exchange of India Ltd. The NCDs have been
 assigned highest rating of ''CRISIL AAA/Stable'' by CRISIL & ''CARE AAA by
 CARE. As at 31st March, 2015, NCDs amounting to Rs.70,117/- crore were
 outstanding. The Company has been regular in making payment of principal
 and interest on the NCDs.
 
 As at 31st March, 2015, there were no NCDs which have not been claimed
 by the Investors or not paid by the Company after the date on which the
 said NCDs became due for redemption. Hence the amount of NCD remaining
 unclaimed or unpaid beyond due date is Nil.
 
 Subordinate Bonds & Upper Tier II Bonds
 
 During the year, the Company has not issued any Subordinate Bonds and
 Upper Tier II Bonds. As at 31st March, 2015, the outstanding
 Subordinate Bonds and Upper Tier II Bonds stood at Rs.3,000/- crore.
 Considering the balance term of maturity as at 31st March, 2015,
 Rs.2,300/- crore of the book value of the Subordinate Bonds and Upper
 Tier II Bonds is considered as Tier II Capital as per the Guidelines
 issued by NHB for the purpose of Capital Adequacy.
 
 Term Loans, FCNR (B) loan from Banks / LOC / WCDL, Refinance from NHB
 
 The total loans / LOC outstanding from the Banks as at 31st March, 2015
 are Rs.17,454.03 crore as compared to Rs.20,241.41 crore as at 31st
 March, 2014. The Refinance from NHB as at 31st March, 2015 stood at
 Rs.3,428.93 crore as against Rs.3,384.72/- crore as at 31st March,
 2014. During the year, the Company has availed Rs.765.50 crore
 Refinance from NHB under Rural Housing Fund, Urban Housing Fund and
 Refinance scheme for Women.
 
 The Company''s long term loan facilities have been assigned the highest
 rating of ''CRISIL AAA/STABLE'' and short term loan has been assigned
 rating of ''CRISIL A1 '' signifying highest safety for timely servicing
 of debt obligations.
 
 Public deposits
 
 As at 31st March, 2015, the outstanding amount on account of public
 deposits was Rs.2,421.91 crore as against Rs.1,193.97 crore in the
 previous year. During the FY 2014- 15 amount of Rs.1,609.94 crore is
 collected in the Public Deposite Scheme. The number of depositors has
 increased from 16,401 to 24,990.
 
 CRISIL has for the ninth consecutive year, re-affirmed a rating of
 CRISIL FAAA/Stable for the company''s deposits which indicates highest
 degree of safety regarding timely servicing offinancial obligations and
 carries the lowest credit risk.
 
 The support of the agents and their commitment to the Company has been
 vital in mobilization of deposits and making the product most preferred
 investment for individual households and others.
 
 313 deposits amounting to Rs.8.95 crore which were due for repayment on
 or before 31st March, 2015 were not claimed by the depositors till that
 date. Since then, 152 depositors have claimed or renewed deposits of
 Rs.4.26 crore. Depositors are appropriately intimated for renewal /
 claim of their deposits through an authorised agency. Further, adequate
 follow-up is made in respect of those cases where deposits are lying
 unclaimed.
 
 As per the provisions of Section 125 of the Companies Act, 2013,
 deposits and interest thereon remaining unclaimed for a period of seven
 years from the date they became due for payment have to be transferred
 to the Investor Education and Protection Fund (IEPF) established by the
 Central Government, accordingly, as on date Rs.2,068 against unclaimed
 interest on deposits has been transferred to IEPF.
 
 Being a housing finance company registered with the National Housing
 Bank established under the National Housing Bank Act, 1987, the
 disclosures as per Rule 8(5)(v)&(vi) of the Companies (Accounts) Rules,
 2014 read with section 73 and 74 of the Companies Act, 2013 are not
 applicable to the Company.
 
 Regulatory Compliance
 
 The Company has been following guidelines, circulars and directions
 issued by National Housing Bank (NHB) from time to time.
 
 Your Company has been maintaining capital adequacy as prescribed by the
 NHB. The capital adequacy was 15.30 percent (as against 12 percent
 prescribed by the NHB) as at 31st March, 2015 after considering the
 loan to value ratio for deciding risk weightage.
 
 The Company has adopted Know Your Customer (KYC) Guidelines, Anti Money
 Laundering Standards, Fair Practices Code, Model Code of Conduct for
 Direct Selling Agents and Guidelines for Recovery Agents engaged by the
 Company as prescribed by NHB from time to time. During the year, NHB
 has prescribed that HFCs shall provide ''Most Important Terms and
 Conditions'' of housing loans, which the Company has implemented with
 the objective of ensuring a better understanding of the major terms and
 conditions of the loan agreed upon between the Company and its
 borrowers.
 
 The Company also has been following directions / guidelines / circulars
 issued by SEBI from time to time, applicable to a listed company.
 
 Statutory Auditors
 
 Pursuant to Sections 139, 141, 142 and other applicable provisions, if
 any, of the Companies Act, 2013 and the Companies (Audit and Auditors)
 Rules, 2014, including any statutory modification, or re-enactment
 thereof, Messrs Chokshi & Chokshi, LLP, Chartered Accountants, Mumbai
 (Registration No.:101872W) and Messrs Shah Gupta & Co., Chartered
 Accountants, Mumbai (Registration No.:109574W), shall hold office until
 the conclusion of the forthcoming Annual General Meeting (AGM) and are
 eligible for re-appointment.  The Company has received a confirmation
 from them to the effect that their re-appointment, if made at the
 ensuing AGM would be in terms of Section 139 and 141 of the Companies
 Act, 2013 and Rules made thereunder.
 
 The Board recommends the re-appointment of Messrs Chokshi & Chokshi,
 LLP, Chartered Accountants, Mumbai (Registration No.:101872W) and
 Messrs Shah Gupta & Co., Chartered Accountants, Mumbai (Registration
 No.:109574W) as Joint Statutory Auditors of the Company to hold the
 office from the conclusion of this Twenty Sixth Annual General Meeting
 until the conclusion of the Twenty Seventh Annual General Meeting on a
 remuneration to be determined by the Board of Directors in consultation
 with them (plus applicable service tax), for the purpose of audit of
 the Company''s accounts at the Corporate Office as well as at 10 Back
 Offices to be selected in consultation with the Joint Statutory
 Auditors.
 
 During the year, Messrs Chokshi & Chokshi, converted itself into a
 Limited Liability Partnership (LLP) under the provisions of the Limited
 Liability Partnership Act, 2008 and is now known as Messrs Chokshi &
 Chokshi LLP, in terms of General Circular No.9/2013 dated 30th April,
 2013 of the Ministry of Corporate Affairs, if a firm of CAs, being an
 auditor in a company under the Companies Act, 1956, is converted into
 an LLP, then such an LLP would be deemed to be the auditor of the said
 company. The Board of Directors of the Company has taken due note of
 this change.
 
 Corporate Governance
 
 A certificate from Mr. N. L. Bhatia, Company Secretary (Membership No.:
 FCS 1176) Partner, Messrs N. L. Bhatia & Associates, Practising Company
 Secretaries regarding compliance of the conditions of Corporate
 Governance as stipulated under Clause 49 of the Listing Agreement with
 Stock Exchanges is attached to the Corporate Governance Report.
 
 Your Company has been complying with the principles of good Corporate
 Governance over the years. The Board of Directors supports the broad
 principles of Corporate Governance. In addition to the basic governance
 issues, the Board lays strong emphasis on transparency, accountability
 and integrity. The report on Corporate Governance is appended as a
 separate section in this Annual Report.
 
 Management Discussion and Analysis Report
 
 Management Discussion and Analysis Report for the year under review, as
 stipulated under clause 49 of the Equity Listing Agreement with Stock
 Exchanges is presented in a separate section forming part of the Annual
 Report.
 
 Business Responsibility Report
 
 The Securities and Exchange Board of India through its circular
 CIR/CFD/DIL/8/2012 dated August 13th, 2012, had mandated the top 100
 listed entities, based on the market capitalization on Bombay Stock
 Exchange Limited and National Stock Exchange of India Limited as at
 March 31st, 2012, to include the Business Responsibility Report as part
 of the Annual Report. Accordingly, Business Responsibility Report is
 presented in a separate section forming part of the Annual Report.
 
 Depository system
 
 For transaction of its shares in dematerialised form, the Company has
 entered into an agreement with Central Depository Services (India) Ltd.
 (CDSL) and National Securities Depository Ltd. (NSDL). The shareholders
 have a choice to select the Depository Participant. As at 31st March,
 2015, 9,946 members of the Company continue to hold shares in physical
 form. As per the Securities and Exchange Board of India''s (SEBI)
 circular, the Company''s shares have to be transacted in dematerialised
 form and therefore, members are requested to convert their holdings to
 dematerialised form.
 
 Auditors'' observations
 
 No adverse remark or observation has been given by the Joint Statutory
 Auditors in their report dated 18th April, 2015.
 
 The Company has an in-house mechanism for Audit of all its back offices
 by the team of in-house auditors. The Company maintains an exhaustive
 checklist for the purpose of Audit.  The Company also appoints CA firm
 as Internal Auditor for audit of its Corporate Office.
 
 Systems and procedures are being upgraded from time to time to provide
 checks and alerts for avoiding fraud arising out of misrepresentation
 made by borrower/s while availing the housing loans.
 
 Outlook for 2015-16
 
 The initiatives taken by the Company during the financial year 2014-15
 are expected to improve its operational and financial performance.
 During FY 2015-16, the Company proposes:
 
 * To grow business qualitatively by consolidating position and
 strengthening the competitiveness on service delivery.
 
 * To create brand LIC HFL as a source of trusted partner exuding
 consumer confidence.
 
 * Understand the inherent risks to the business and managing it
 effectively.
 
 * Focus on winning and retaining customers.
 
 * Pursue new skills and expand knowledge aimed at managing competition
 effectively.
 
 * Expand its operations by establishing new business centres.
 
 * Increase its distribution by appointing new agents and activising
 more agents.
 
 * Incentivising and motivating the marketing intermediaries
 systematically for improving productivity.
 
 * Raising funds through loans at attractive terms.
 
 * Making efforts towards reducing overall cost of funds.
 
 * Steps to improve the recovery ratio and ensuring lowest NPA level.
 Improving receivable management through support system.
 
 * Timely review of credit appraisal system to improve the loan asset
 quality.
 
 * Continuous efforts to upgrade Information Technology platform to
 ensure prompt and effective service to the clientele.
 
 * Swift, appropriate and competitive pricing of its existing loan
 schemes to attract new customers.
 
 The management perspective about future of the Company
 
 In view of the huge shortage in urban housing units in the country, the
 Union government has been providing continued support to make the
 sector attractive and giving it due recognition. The agenda of housing
 for all is a key component of the government''s strategy for making
 Indian cities inclusive and productive. While rapid urbanization and
 growing cities provide various opportunities, there is fallout in terms
 of proliferation of slums, high prices of land and building materials
 which render houses unaffordable for the segment at the bottom of the
 pyramid. The technical committee constituted by the Ministry of Housing
 and Urban Poverty Alleviation has estimated housing shortage at 18.78
 million units during the 12th Five Year Plan period of which over 95
 percent is estimated in the Economically Weaker Sections (EWS) and Low
 Income Group (LIG) categories.
 
 With increasing urban population it is estimated that it would generate
 unprecedented demand for quality real estate and infrastructure.
 Approximately 123 million of urban population by 2020 is likely to
 require professional assistance for construction of houses. This would
 lead to a whopping 95 billion square feet of potential demand of real
 estate space across residential, retail, commercial, industrial and
 civil amenities over 2010-20.  This would mean an average demand of 8.7
 billion square feet which potentially needs to be built every year.
 
 Compliance under Companies Act, 2013
 
 Pursuant to section 134 of the Companies Act, 2013 read with the
 Companies (Accounts) Rules, 2014, the Company complied with the
 compliance requirements and the detail of compliances under Companies
 Act, 2013 are enumerated below:
 
 Extract of Annual Return:
 
 Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of
 the Companies (Management and Administration) Rules, 2014, an extract of
 Annual Return in Form MGT-9 as on 31st March, 2015 is attached as
 Annexure 1 to this Report.
 
 Board Meetings held during the year:
 
 During the year under review, 6 Board meetings were held.  Detailed
 information on the meetings of the Board are included in the Report on
 Corporate Governance which forms part of this Annual Report.
 
 Directors'' Responsibility Statement:
 
 In accordance with the provisions of Section 134(3)(c) of the Companies
 Act, 2013, and based on the information provided by the management,
 your Directors state that:
 
 (a) in the preparation of the annual accounts, the applicable
 accounting standards had been followed and there are no material
 departures;
 
 (b) the directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the company at the end of the financial year and of the profit of
 the company for that period;
 
 (c) the directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the company and
 for preventing and detecting fraud and other irregularities;
 
 (d) the directors have prepared the annual accounts on a going concern
 basis; and
 
 (e) the directors have laid down internal financial controls to be
 followed by the company and that such internal financial controls are
 adequate and were operating effectively. Note on internal financial
 control is attached as Annexure 2 to this Report.
 
 (f) the directors have devised proper systems to ensure compliance with
 the provisions of all applicable laws and that such systems were
 adequate and operating effectively.
 
 Statement on Declaration from Independent Directors:
 
 A declaration under section 149(6) & (7) of the Companies Act, 2013 has
 been obtained from each of the Independent Director.
 
 Company''s policy on directors'' appointment and remuneration including
 criteria:
 
 The Nomination and Remuneration Committee at its meeting held on 25th
 July, 2014 and the Board of Directors at its meeting held on 16th March,
 2015 respectively, had laid down Criteria for determining Director
 Qualification, positive attributes and independence of a Director,
 remuneration of directors, key managerial personnel and also criteria
 for evaluation of directors, chairperson, non-executive directors and
 Board as a whole and also the evaluation process of the same.
 
 The performance of the members of the Board, and the Board as a whole
 were evaluated at the meeting of Independent Directors held on 16th
 March, 2015.
 
 In terms of the provisions of section 149 of the Companies Act, 2013
 and clause 49 of the Listing Agreement, a company shall have atleast
 one Woman Director on the Board of the Company. The Company has Ms.
 Savita Singh as Director on the Board since 25th May, 2012 and Ms.
 Sunita Sharma as Managing Director & CEO since 5th November, 2013.
 
 Qualification, reservation or adverse remark or disclaimer made by
 Joint Statutory Auditors and Secretarial Auditor:
 
 No adverse remark or reservation or qualification has been made by
 Joint Statutory Auditors or Secretarial Auditor.
 
 Particulars of loans, guarantees or investments under Section 186:
 
 Pursuant to Section 186(11) of the Companies Act, 2013 loans made,
 guarantee given or security provided by a housing finance company in
 the ordinary course of its business are exempted from disclosure in the
 Annual Report.
 
 Particulars of contracts or arrangements with related parties referred
 to Section in 188(1) read with Rule 8(2) of Companies (Accounts) Rules,
 2014:
 
 All Related Party Transaction that were entered during the financial
 year were in the ordinary course of the business of the Company and
 were on arm''s length basis. There were no materially significant
 related party transaction entered by the Company with Promoters,
 Directors, key managerial personnel or other persons which may have a
 potential conflict with the interest of the Company. Considering the
 nature of the industry in which the Company operates, transactions with
 related parties of the Company are in the ordinary course of business
 which are also on arm''s length basis. All such Related Party
 Transactions are placed before the Audit committee for approval,
 wherever applicable. Prior approval is also obtained from Audit
 Committee for the Related Party Transactions which are of repetitive
 nature as well as for ordinary course of business.
 
 The Related Party Transactions Policy and Procedures as reviewed by
 Audit Committee and approved by Board of Directors is uploaded on the
 website of the Company and the link for the same is
 (http://www.lichousing.com/policies_codes/Policy_Dete_ Mate_Subd.php).
 
 Form AOC-2 is annexed as Annexure 3 to this report.
 
 State of the company''s affairs:
 
 The year 2014-15 was a significant year in Company''s lifecycle. The
 Company earned total revenue of Rs.10,798.65 crore, registering an
 increase of 15.68 percent. The percentage of administrative expenses to
 the housing loans, which was 0.33 percent in the previous year, has
 marginally increased to 0.34 percent during the year 2014-15.
 
 Profit before tax and after tax stood at Rs.2,101.94 crore and
 Rs.1,386.19 crore respectively as against Rs.1,825.50 crore and
 Rs.1,317.18 crore, respectively, for the previous year.  Profit before
 tax increased by 15.14 percent over the previous year while profit
 after tax showed growth of 5.24 percent over that of the previous year.
 The increase of 40.80 percent on account of tax expenses is attributed
 to creation of deferred tax liability in respect of Special Reserve
 amount appropriated during the period under review has been charged to
 the Statement of Profit & Loss. The creation of deferred tax liability
 in respect of transfer to Special Reserve has been introduced during
 the year.
 
 Amounts, if any which it proposes to carry to any reserves:
 
 The Company has transferred Rs.385 crore to Special Reserve and
 Statutory reserve u/s 29C of NHB Act and an amount of Rs.300 crore to
 General Reserve.
 
 Amount, if any, which it recommends should be paid by way of dividend:
 
 Rs.252.33 crore is proposed to be paid by way of dividend to
 shareholders of the Company i.e. Rs.5/- per equity share of face value
 of Rs.2/- per share.
 
 Material changes and commitments, if any, affecting the financial
 position of the company:
 
 There are no material changes and commitments affecting the financial
 position of the Company which has occurred between the end of the
 financial year of the Company i.e.  March 31, 2015 and the date of the
 Directors'' Report i.e. 30th June, 2015.
 
 Conservation of energy, technology absorption, foreign exchange
 earnings and outgo:
 
 (A) Conservation of energy -
 
 i) The steps taken or impact on conservation of energy-
 
 The Company has replaced models of computers, printers, and other
 equipment which were consuming between 50 to 90 percent more energy
 than energy-efficient models. This has ensured reduction in energy
 consumption and resultant saving in costs.
 
 Electronics such as computers and copy machines are plugged out at the
 end of day or after office hours in order to save energy as mere
 turning off or shutting down does not save energy completely.
 
 Air conditioning equipment is cleaned and serviced on routine basis
 thereby saving energy and costs and giving required cooling.
 
 The office has LED lights and after office hours, only the required
 lights and air conditioning is used thereby saving energy and
 minimizing energy wastage.
 
 ii) The steps taken by the Company for utilizing alternate sources of
 energy- The Company is in the process of exploring use of alternate
 source of energy.
 
 iii) The capital investment on energy conservation equipments- None
 
 (B) Technology absorption -
 
 i) The efforts made towards technology absorption - Not applicable.
 
 ii) The benefits derived like product improvement, cost reduction,
 product development or import substitution - Not applicable.
 
 iii) In case of imported technology (imported during the last three
 years reckoned from the beginning of financial year)- Not applicable.
 
 a) The details of technology imported - Not applicable.
 
 b) The year of import - Not applicable.
 
 c) Whether the technology has been fully absorbed - Not applicable.
 
 d) If not fully absorbed areas where absorption has not taken place and
 the reason thereof - Not applicable.
 
 (iv) The expenditure incurred on Research and Development - Not
 applicable.
 
 (C) Foreign Exchange Earnings and Outgo-
 
 The foreign exchange earned in terms of actual inflows during the year
 and the foreign outgo during the year in terms of actual outflows.
 
 During the year ended March 31st, 2015, the Company earned Rs.17.30
 lakh and spent Rs.102.38 lakh in foreign currency. This does not
 include foreign currency cash flows in derivatives and foreign currency
 exchange transactions.
 
 Risk Management Policy for the Company:
 
 The Board of the Company has formed a Risk Management Committee to
 frame, implement, monitor, review risk management policy; review of the
 current status on the outer limits prescribed in the Risk Management
 policy and report to the Board; review the matters on risk management.
 Risks faced by the Company are identified and assessed. For each of the
 risks identified, corresponding controls are assessed and policies and
 procedure are in place for monitoring, mitigating and reporting risk on
 a periodic basis. The details of risk is provided in the Management
 Discussion and Analysis Report. In the opinion of the Board, none of
 the risks faced by the Company threaten its existence.
 
 Corporate Social Responsibility (CSR) Policy:
 
 In compliance with Section 135 of the Companies Act, 2013 read with the
 Companies (Corporate Social Responsibility Policy) Rules, 2014, the
 Company has established Corporate Social Responsibility Committee and
 statutory disclosures with respect to the CSR Committee and an Annual
 Report on CSR activities is annexed as Annexure 4 to this report.
 
 Composition of the Corporate Social Responsibility Committee is as
 follows;
 
 Shri S. B. Mainak      Chairman               Director
 
 Ms. Sunita Sharma      Member              Managing Director &
                                            CEO
 
 Shri Jagdish Capoor    Member             Independent Director
 
 Shri T V. Rao          Member             Independent Director
 
 Annual evaluation made by the Board of its own performance:
 
 The Nomination and Remuneration Committee at its meeting held on 25th
 July, 2014 and the Board of Directors at its meeting held on 16th
 March, 2015 respectively, had laid down Criteria for evaluation of
 directors, chairperson, non- executive directors, Board level committee
 and Board as a whole and also the evaluation process of the same.
 
 The Board of Directors had carried out an annual evaluation of its own
 performance, Board committees and individual directors pursuant to the
 provisions of the Act and the corporate governance requirements as
 prescribed by Securities and Exchange Board of India (SEBI) under
 clause 49 of the Listing Agreement at the meeting of Independent
 Directors held on 16th March, 2015.
 
 The performance of the Board was evaluated by the Board after seeking
 inputs from all the directors on the basis of criteria such as the
 Board composition and structure, effectiveness of board process,
 information and functioning, process of disclosure and communication,
 access to timely, accurate and relevant information etc.
 
 The performance of the committee was evaluated by the Board after
 seeking inputs from the committee members on the basis of criteria such
 as the composition of committee, effectiveness of committee meeting,
 functioning, etc.
 
 The Board and the Nomination and Remuneration Committee reviewed the
 performance of the individual directors on the basis of the criteria
 such as the contribution of the individual director to the Board and
 committee meetings like preparedness on the issues to be discussed,
 meaningful and constructive contribution and inputs in meetings,
 presented views convincingly, resolute in holding views etc. In
 addition, the Chairman was also evaluated on the key aspects of his
 role.
 
 In a separate meeting of Independent Directors, performance of
 non-independent directors, performance of the board as a wholeand
 performanceofChairmanwasevaluated,takinginto account the views of
 executive directors and non-executive directors. The same was discussed
 in the Board meeting that followed the meeting of the independent
 directors, at which the performance of the Board, its committees and
 individual directors was also discussed.
 
 Report on the performance and financial position of each of the
 subsidiaries, associates and joint venture companies included in the
 consolidated financial statement:
 
 Pursuant to Section 129 of the Companies Act, 2013, the Company has
 prepared a consolidated financial statement of the Company and also of
 its subsidiaries, in the same form and manner as that of the Company
 which shall be laid before the ensuing Twenty Sixth Annual General
 Meeting of the Company along with the laying of the Company''s Financial
 Statement under sub-section (2) of Section 129 i.e.  Standalone
 Financial Statement of the Company. Further, pursuant to the provisions
 of Accounting Standard (''AS'') 21, Consolidated Financial Statements
 notified under Section 133 of the Companies Act, 2013 read together
 with Rule 7 of the Companies (Accounts) Rules, 2014, issued by the
 Ministry of Corporate Affairs, the Consolidated Financial Statements of
 the Company along with its subsidiaries for the year ended 31st March,
 2015 form part of this Annual Report.
 
 There has been no change in the nature of business of the Company for
 the year under review.
 
 Directors:
 
 The Company has eleven Directors consisting of seven Independent
 Directors, three Non-Executive Directors including Chairman; and
 Managing Director & CEO as Executive Director as on the date of
 adoption of this report.
 
 Appointments / Resignations of Directors:
 
 Dr. Dharmendra Bhandari was appointed as Additional Director of the
 Company by the Board with effect from
 
 19th August, 2014. As required under Section 160 of the Companies Act,
 2013, a Notice has been received from a member proposing the name of
 Dr. Dharmendra Bhandari for the office of a Director. Dr. Dharmendra
 Bhandari has submitted a declaration under Section 149(7) of the
 Companies Act, 2013 confirming that he meets the criteria prescribed
 for Independent Director under Section 149(6) of the said Act. In the
 opinion of the Board, Dr. Dharmendra Bhandari fulfils the conditions
 specified in the Act, for such appointment.
 
 The proposal for appointment of Dr. Dharmendra Bhandari as Independent
 Director is being placed before the shareholders for approval, the
 relevant details are forming part of the Notice of the AGM.
 
 Shri Debabrata Sarkar was appointed as Additional Director of the
 Company by the Board with effect from 30th June, 2015. As required
 under Sections 160 of the Companies Act, 2013, a Notice has been
 received from a member proposing the name of Shri Debabrata Sarkar for
 the office of a Director.  Shri Debabrata Sarkar has submitted a
 declaration under Section 149(7) of the Companies Act, 2013 confirming
 that he meets the criteria prescribed for Independent Director under
 Section 149(6) of the said Act. In the opinion of the Board, Shri
 Debabrata Sarkar fulfils the conditions specified in the Act, for such
 appointment.
 
 The proposal for appointment of Shri Debabrata Sarkar as Independent
 Director is being placed before the shareholders for approval, the
 relevant details are forming part of the Notice of the AGM.
 
 Shri V. K. Kukreja was appointed as Additional Director of the Company
 by the Board with effect from 30th June, 2015.  As required under
 Section 160 of the Companies Act, 2013, a Notice has been received from
 a member proposing the name of Shri V. K. Kukreja for the office of a
 Director. Shri V.  K. Kukreja has submitted a declaration under Section
 149(7) of the Companies Act, 2013 confirming that he meets the criteria
 prescribed for Independent Director under Section 149(6) of the said
 Act. In the opinion of the Board, Shri V.  K. Kukreja fulfils the
 conditions specified in the Act, for such appointment.
 
 The proposal for appointment of Shri V. K. Kukreja as an Independent
 Director is being placed before the shareholders for approval, the
 relevant details are forming part of the Notice of the AGM.
 
 Taking into account the invaluable contribution, suggestions, advice
 given by Dr. B. N. Shukla during his tenure in the various meetings of
 the Board / Committees held, the Board extended the term of office of
 Dr. B. N. Shukla, Non-Executive Independent Director by a period of one
 year beyond the total term of office of nine years.
 
 All the Directors of the Company have confirmed that they are not
 disqualified from being appointed as directors in terms of Section
 164(2) of the Companies Act, 2013.
 
 Shri S. Ravi and Shri K. Narasimha Murthy have ceased to be directors
 of the Company on account of completion of extended term of one year of
 office of Director.
 
 Director Retiring by Rotation:
 
 Shri S. B. Mainak, Director, retires by rotation at the ensuing Annual
 General Meeting and is eligible for re-appointment.
 
 Appointment / Resignation of the Key Managerial Personnel:
 
 Ms. Sunita Sharma, Managing Director & CEO, Mr. Nitin K. Jage, General
 Manager & Company Secretary and Mr.  P Narayanan, CFO are the Key
 Managerial Personnel as per the provisions of the Companies Act, 2013
 of which Managing Director & CEO and General Manager & Company
 Secretary was already in office before the commencement of the
 Companies Act, 2013 and their appointment as Key Managerial Personnel
 were formalised.
 
 Further, Mr. N. K. Mittal, who was CFO of the Company till 27th
 November, 2014 was also Key Managerial Personnel as per the provisions
 of the Companies Act, 2013 and were already in office before the
 commencement of the Companies Act, 2013. Consequent upon his transfer
 to LIC of India, he tendered his resignation as CFO and in his place
 Mr. P Narayanan was appointed as CFO with effect from 28th November,
 2014.
 
 Committees of the Board
 
 The Company has various committees which have been established as a
 part of the best corporate governance practices and are in compliance
 with the requirements of the relevant provisions of applicable laws and
 statutes.
 
 The Company has following Committees of the Board:
 
 * Audit Committee
 
 * Executive Committee
 
 * Stakeholders Relationship Committee
 
 * Debenture Allotment Committee
 
 * Nomination and Remuneration Committee
 
 * Risk Management Committee
 
 * Corporate Social Responsibility Committee
 
 * HR Committee
 
 Composition of Audit Committee is as follows:
 
 Shri S. Ravi*          Chairman     Independent Director
 
 Dr. B. N. Shukla       Member       Independent Director
 
 Shri T V. Rao          Member       Independent Director
 
 *Ceased to be Director w.e.f. 25th June, 2015 on account of completion
 of term of office of Directorship.
 
 There has not been any instances during the year when recommendations
 of Audit Committee were not accepted by the Board.
 
 The details with respect to the compositions, powers, roles, terms of
 reference etc. of relevant committees are given in detail in the Report
 on Corporate Governance which forms part of this Annual Report.
 
 Subsidiaries and group companies
 
 As on 31st March, 2015, the Company has four Subsidiaries namely,
 LICHFL Care Homes Limited, LICHFL Asset Management Company Limited,
 LICHFL Trustee Company Private Limited and LICHFL Financial Services
 Limited. The Consolidated financial statements incorporating the
 results of the Company''s all subsidiaries for the year ended 31st
 March, 2015, are attached along with the statement pursuant to Section
 129 of the Companies Act, 2013, with respect to the said subsidiaries.
 Brief write up / performance and financial position of each of the
 subsidiaries are as under:
 
 1.  LICHFL Care Homes Limited:
 
 LICHFL Care Homes Limited, a wholly owned subsidiary of LIC Housing
 Finance Limited, was incorporated on 11th September, 2001 with an
 authorised capital of Rs.25 crore. The basic purpose of promoting the
 Company was to establish and operate assisted community living centers
 for the senior citizens.
 
 The Company had a brief turnaround in the financial year2011 -12 making
 a profit of Rs.241.71 lakh. Though for fiscal 2013-14, there was a loss
 of Rs.276.43 lakh, the Company has posted profit of Rs.583.22 lakh for
 the financial year 2014 -15.
 
 The project in Bangalore Phase II has been completed and handing over
 of the keys was done on 12th August, 2013.
 
 With life expectancy going up and number of elderly citizens rising
 year after year, it is expected that demand for care-homes would also
 increase. As a result, the Company is set on a growth trajectory
 keeping LIC & LIC HFLs'' vision for fulfillment of Corporate Social
 Responsibility as the main focus.
 
 2.  LICHFL Asset Management Company Limited
 
 LICHFL Asset Management Company Limited was incorporated on 14th
 February, 2008 for undertaking the business of managing, advising,
 administering venture/ mutual funds, unit trusts, investment trusts set
 up, formed or established in India or abroad and to act as financial and
 investment advisor.
 
 The Company has been appointed as Investment Manager to raise and
 manage the maiden Fund LICHFL Urban Development Fund. The Company has
 successfully raised total amount of Rs.529.35 crore to LICHFL Urban
 Development Fund through Banks, Financial Institutions, Corporates and
 HNIs as against the targeted size of Rs.500 crore. 30th March, 2013 was
 announced as Final Closure Date of the Fund. Fund with a focus on Real
 Estate considers investment in Portfolio Companies engaged in
 development & acquisition of housing and related infrastructure,
 industrial and IT Parks, SEZ, Warehouses, Schools, Hospitals. Seven
 Investment deals have been tied up so far with Portfolio Companies
 developing residential projects across Pune, Bangalore and Chennai.
 
 During the year, the Company has earned a Net profit of Rs.5.66 crore
 compared to Rs.6.10 crore that of previous year.
 
 3.  LICHFL TRUSTEE Company Private Limited
 
 LICHFL Trustee Company Private Limited was incorporated on 5th March,
 2008 for undertaking the business of trusteeship. In the year 2010 the
 Company has registered LICHFL Urban Development Fund with SEBI as
 Venture Capital Fund (VCF) under the SEBI (Venture Capital Funds)
 Regulations, 1996. The Fund launched its maiden Scheme LICHFL Urban
 Development Fund (Fund) and 30th March, 2013 was declared as Final
 Closure Date of the Fund after successfully garnering fund raising of
 Rs.529.35 crore as against the target of Rs.500 crore. LICHFL Asset
 Management Company Ltd is the Investment Manager for the fund. The Fund
 has closed seven investment deals upto 31st March, 2015.
 
 4.  LICHFL Financial Services Limited
 
 LICHFL Financial Services Limited, a wholly owned subsidiary of LIC
 Housing Finance Limited was incorporated on 31st October 2007, for
 undertaking non fund based activities like marketing of housing loans,
 insurance products (life insurance and general insurance), credit
 cards, mutual funds, fixed deposits etc. It has become operational in
 March 2009 and at present has got 38 offices all over the country
 spread over 10 states.
 
 SARVESHAM POORNAM BHAVATU - the vision of the company is to provide
 complete financial solutions to Customers. Towards this, the company
 began distribution of Life Insurance products of LIC of India, Housing
 Loans of LIC Housing Finance Limited, Mutual Funds of all fund houses,
 General Insurance of United India Insurance Company Limited, Credit
 Cards of LIC Cards Services Limited and Fixed Deposits of LIC Housing
 Finance Limited. More business verticals will be added depending on
 market opportunities and customer needs.
 
 The Company is a Corporate Agent for LIC of India and earned revenue of
 Rs.44.50 lakh from it. As a Corporate Agent for LICHFL for the Home
 Loan products, it earned revenue of Rs.600.88 lakhs from it. The
 revenue from General Insurance Business was Rs.15.61 lakh. The retail
 income from Mutual Funds, Public Deposits, Credit cards and NPS was
 Rs.18.25 lakh.
 
 The company provides complete financial solution to secure not only the
 present but also the future of the customer and his family. In this
 endeavour the marketing officials assist at every step - from financial
 planning to manage every aspect of right investment, both for the short
 term and for longer terms.
 
 The Company has earned a Profit after Tax of Rs.2.50 crore for the
 financial year 2014-15 and recommended dividend @ 10 percent for FY
 2014-15, for the fifth straight year. The Company during the year under
 review consolidated its'' operations in 38 locations across the country.
 The systematic approach along with the new initiatives taken during the
 earlier years are expected to drive the revenues in a positive
 direction and improve the operational and financial performance.
 
 The Company has plans to expand on a selective basis and concentrate on
 strengthening the strong areas in the area of distribution of Home
 Loans and Life Insurance.  The Company has started to make an impact in
 certain locations in the generation of revenue from the Home Loans. The
 Company will also focus on expanding the client base in the other
 verticals. The Company would evaluate the right opportunities for
 growth, profitability and value addition to its shareholders.
 
 Name/s of Company/ies which have ceased / become subsidiary/joint
 venture/associate: None
 
 As on 31st March, 2015, the Company has one associate company, namely
 LIC Nomura Mutual Fund Asset Management Company Limited.
 
 The Annual Report which consists of the financial statements of the
 Company on standalone as well as consolidated financial statements of
 the group for the year ended 31st March, 2015 has been sent to all the
 members of the Company. It does not contain Annual Reports of Company''s
 subsidiaries. The Company will make available Annual Report of all
 subsidiaries upon request by any member of the Company. These Annual
 Reports will also be available on Company''s website viz
 www.lichousing.com.
 
 No significant and material orders were passed by the regulators or
 courts or tribunals impacting the going concern status and Company''s
 operations in future.
 
 Internal Financial Control Systems and their Adequacy:
 
 The Company had laid down internal financial controls to be followed by
 the company and that such internal financial controls are adequate and
 were operating effectively. Note on internal financial control as
 Annexure 2 is attached to this report.
 
 Vigil Mechanism/Whistle Blower Policy:
 
 The Company has a Whistle Blower Policy in place where whistle blowers
 can raise concerns relating to reportable matters as defined in the
 policy. The mechanism adopted by the Company encourages the whistle
 blower to report genuine concerns or grievances and provides for
 adequate safeguards against victimisation of whistle blower who avails
 of such mechanism and also provides for direct access to the Chairman
 of the Audit Committee.
 
 Employee stock option:
 
 No stock options were issued to the Directors or any employees of the
 company.
 
 Employee Remuneration:
 
 Disclosure pertaining to remuneration and other details as required
 under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of
 the Companies (Appointment and Remuneration of Managerial Personnel)
 Rules, 2014 are given below:
 
 a.  The ratio of the remuneration of each director to the median
 remuneration of the employees of the Company for the financial year:
 
 Non Executive Directors       Ratio to median
 (including Independent        remuneration
        Directors)*
 
           Nil                       Nil
 
 *No remuneration is paid to Non Executive Directors (including
 Independent Directors)
 
 Executive Director         Ratio to median
     (MD&CEO)                 remuneration
 
 Ms. Sunita Sharma                   6:1
 
 b.  The percentage increase in remuneration of each director, CEO, CFO,
 CS in the financial year:
 
 Non Executive Directors        % increase in remuneration
 (including Independent           in the financial year
     Directors)*
 
        Nil                                Nil
 
 *No remuneration is paid to Non Executive Directors (including
 Independent Directors)
 
                                % increase in remuneration
                                in the financial year
 
 Executive Director                     3.17
 (MD&CEO)
 
 Company Secretary#                     17.95
 
 Chief Financial Officer                3.97
 
 #car wdv amount and foreign LTC is included in the income.
 
 c.  The percentage increase in the median remuneration of employees in
 the financial year: 14.43 percent
 
 d.  The number of permanent employees on the rolls of the Company :
 1588
 
 e. The explanation on the relationship between average increase in
 remuneration and Company performance:
 
 The Company''s profit before tax has increased by 15.14 percent during
 the year.
 
 f.  Comparison of the remuneration of the key managerial personnel
 against the performance of the Company:
 
 0.055% ofthe net profit for the year.
 
 g.  Variations in the market capitalisation of the Company,
 
 price earnings ratio as at the closing date of the current financial
 year and previous financial year:
 
 Particulars           31 March,        31 March,          %
                           2015             2014       Change
 
 Market                 22066.39        11894.91       85.51
 capitalisation
 (Rs.in crore)
 
 Price Earnings             15.92           9.03       76.30
 Ratio
 
 h.  Percentage increase over decrease in the market quotations of the
 shares of the Company in comparison to the rate at which the Company
 came out with the last public offer:
 
 Particulars                    31               15           %
                             March,        November,     Change
                              2015        1994 (IPO)
 
 Market Price (in Rs.)       437.25          12*        3543.75
 
 *Adjusted face value on account of sub-division
 
 i.  Average percentile increase already made in the salaries of
 employees other than managerial personnel in the financial year and its
 comparison with the percentile increase in the managerial remuneration
 and justification thereof and point out if there are any exceptional
 circumstances for increase in the managerial remuneration:
 
 Increase in managerial remuneration for the year was 3.17%. The average
 annual increase in the salaries of the employees other than managerial
 personnel during the year was 14.40% on account of new recruitment and
 promotion.
 
 j.  Comparison of each remuneration of the key managerial personnel
 against the performance of the Company:
 
 Particulars                 % of Net Profit After tax for F.Y. 2014-15
 
 MD & CEO                     0.025%
 
 CS                           0.017%
 
 CFO                          0.013%
 
 k. The key parameters for any variable component of remuneration
 availed by the directors:
 
 The annual performance review based on the key result area,
 profitability ofthe Company.
 
 l.  The ratio of the remuneration of the highest paid director to that
 of the employees who are not directors but receive remuneration in
 excess of the highest paid director during the year:
 
 None.
 
 m.  Affirmation that remuneration is as per the Remuneration policy of
 the Company:
 
 The Company affirms remuneration is as per the Remuneration policy of
 the Company.
 
 During the year the Company has not engaged any employee drawing
 remuneration exceeding the limit specified under Section 197(12) read
 with Rule 5(2) of the Companies (Appointment and Remuneration of
 Managerial Personnel) Rules, 2014.
 
 Secretarial Auditor and Secretarial Audit Report:
 
 Pursuant to section 204 of the Companies Act, 2013, the Company had
 appointed P S Gupchup, Practicing Company Secretary as its Secretarial
 Auditor to conduct the secretarial audit of the Company for the F.Y
 2014-15. The Company provided all assistance and facilities to the
 Secretarial Auditor for conducting their audit. Report of the
 Secretarial Auditor for the F.Y 2014-15 in Form MR-3 is annexed to this
 report as Annexure 6.
 
 No significant and material orders were passed by the regulators or
 courts or tribunals impacting the going concern status and Company''s
 operations in future.
 
 Number of cases filed, if any, and their disposal under section 22
 ofthe Sexual Harassment of Women at Workplace (Prevention, Prohibition
 and Redressal) Act, 2013:
 
 The Company has Zero tolerance towards any action on the part of any
 executive / staff which may fall under the ambit of ''Sexual Harassment''
 at workplace, and is fully committed to uphold and maintain the dignity
 of every women executive / staff working in the company.
 
 Human resources
 
 The Company aims to align HR practices with business goals, motivate
 people for higher performance and build a competitive working
 environment. Productive high performing employees are vital to the
 Company''s success. The Board values and appreciates the contribution
 and commitment of the employees towards performance of your Company
 during the year. To create the leadership bench and for sustainable
 competitive advantage, the company inducted / promoted employees during
 the year. In pursuance of the Company''s commitment to develop and
 retain the best available talent, the Company had organised various
 training programmes for upgrading skill and knowledge of its employees
 in different operational areas. Apart from fixed salaries and
 perquisites, the Company also has in place performance-linked
 incentives which reward outstanding performers who meet certain
 performance targets. It has been sponsoring its employees for training
 programmes / seminars / conferences organised by reputed professional
 institutions.
 
 Employee relations remained cordial and the work atmosphere remained
 congenial during the year.
 
 Acknowledgments
 
 The Directors place on record their appreciation for the advice,
 guidance and support given by Life Insurance Corporation of India,
 National Housing Bank and all the bankers of the Company. The Directors
 also place on record their sincere thanks to the Company''s clientele,
 lenders and members for their patronage. The Directors express their
 appreciation for the dedicated services of the employees and their
 contribution to the growth of the Company.
 
                                        For and on behalf of the Board
                                                   Chairman
 
 Place: Mumbai
 Date: 30th June, 2015
 
Source : Dion Global Solutions Limited
Quick Links for lichousingfinance
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.