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Housing Development Finance Corporation Ltd.

BSE: 500010 | NSE: HDFC |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE001A01036 | SECTOR: Finance - Housing

BSE Live

Jul 09, 16:00
1942.00 57.40 (3.05%)
Volume
AVERAGE VOLUME
5-Day
172,503
10-Day
308,892
30-Day
297,612
161,665
  • Prev. Close

    1884.60

  • Open Price

    1870.20

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jul 09, 15:59
1941.85 55.80 (2.96%)
Volume
AVERAGE VOLUME
5-Day
4,605,521
10-Day
5,196,486
30-Day
6,706,022
6,703,324
  • Prev. Close

    1886.05

  • Open Price

    1871.30

  • Bid Price (Qty.)

    1941.85 (1130)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached Balance Sheet of HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED as at March 31, 2008, the Profit and Loss Account and the Cash Flow Statement of the Corporation for the year ended on that date, both annexed thereto. These financial statements are the responsibility of the Corporations Management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. These Standards, require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, (CARO) 2003 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to in paragraph 3 above: (a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; (b) in our opinion, proper books of account as required by law have been kept by the Corporation so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from the Dubai Branch not visited by us; (c) the report on the accounts of the Dubai Branch audited by the Branch Auditors has been forwarded to us and has been dealt with by us in preparing this report; (d) the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account and the audited Branch returns; (e) in our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956; (f) in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Corporation as at March 31, 2008; (ii) in the case of the Profit and Loss Account, of the profit of the Corporation for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash flows of the Corporation for the year ended on that date. 5. On the basis of the written representations from the directors, taken on record by the Board of Directors as on March 31, 2008, none of the directors is disqualified as on March 31, 2008 from being appointed as a director under Section 274 (1)(g) of the Companies Act, 1956. Annexure to the Auditors Report (Referred to in paragraph 3 of our report of even date) (i) The nature of the Corporations business/ activities during the year is such that clauses (ii), (viii) and (xiii) of CARO, 2003 are not applicable. (ii) In respect of its fixed assets: (a) The Corporation has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) Some of the fixed assets were physically verified during the year by the Management in accordance with a programme of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. There is also a system of periodic physical verification of leased assets by the Management, the frequency of which is reasonable. According to the information and explanations given to us no material discrepancies were noticed on such verification. (iii) In respect of loans, secured or unsecured, granted by the Corporation to companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us: (a) The Corporation has granted loans to twenty three parties. At the year end, the outstanding balances of such loans granted aggregated to Rs. 413,35,32,595 (number of parties - ten) and the maximum amount involved during the year was Rs. 547,37,88,021. (b) The rate of interest and other terms and conditions of such loans are, in our opinion, prima facie not prejudicial to the interests of the Corporation. (c) The receipt of principal amounts and interest during the year has been regular/ as per stipulations. (iv) In respect of loans, secured or unsecured, taken by the Corporation from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us: (a) The Corporation has taken loans from forty five parties. At the year-end, the outstanding balances of such loans taken aggregated to Rs.1439,10,48,742 (number of parties - forty) and the maximum amount involved during the year was Rs.1904,54,71,463. (b) The rate of interest and other terms and conditions of such loans are, in our opinion, prima facie not prejudicial to the interests of the Corporation. (c) The payment of principal amounts and interest in respect of such loans during the year has been regular/as per stipulations. (v) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Corporation and the nature of its business for the purchase of fixed assets and for the sale of services. During the course of our audit, we have not observed any major weakness in such internal controls. (vi) To the best of our knowledge and belief and according to the information and explanations given to us, there were no contracts or arrangements [excluding items reported under paragraphs (iii) and (iv) above] that needed to be entered in the Register maintained under Section 301 of the Companies Act, 1956. (vii) In our opinion and according to the information and explanations given to us, the Corporation has complied with the provisions of Sections 58 and 58AA of the Companies Act, 1956 and the Housing Finance Companies (NHB) Directions, 2001, with regard to the deposits accepted from the public. (viii) In our opinion, the internal audit functions carried out during the year by firms of Chartered Accountants appointed by the Management have been commensurate with the size of the Corporation and the nature of its business. (ix) According to the information and explanations given to us, in respect of statutory dues: (a) The Corporation has generally been regular in depositing undisputed dues including Provident Fund, Investor Education and Protection Fund, Income-tax, Sales-tax, Wealth Tax, Service Tax, Cess and any other material dues with the appropriate authorities during the year. (b) There were no undisputed amounts payable on account of the above dues, outstanding as at March 31, 2008 for a period of more than six months from the date they became payable. (c) Details of disputed Sales-tax, Wealth Tax and Interest on Lease Tax which have not been deposited as on March 31, 2008 on account of any dispute are given below: Particulars Financial Year to Forum where Amount which the matter matter is pending (Rupees) pertains Sales Tax 1994-1995, Commissioner of 3,53,197 1999-2000, Sales Tax (Appeals) 2002-2003 Wealth Tax 1997-1998, Commissioner of 9,03,852 1998-1999 income Tax (Appeals) Interest on 1999-2000 Commissioner of 2,20,794 Lease Tax Sales Tax (Appeals) (x) The Corporation does not have any accumulated losses. The Corporation has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the Corporation has not defaulted in the repayment of dues to financial institutions, banks and debenture holders. (xii) In our opinion the Corporation has maintained adequate documents and records where it has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the Corporation is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the CARO, 2003 are not applicable to the Corporation. (xiv) In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Corporation for loans taken by others from banks are not prima facie prejudicial to the interests of the Corporation. (xv) To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, term loans availed by the Corporation were, prima facie, applied by the Corporation during the year for the purposes for which the loans were obtained, other than temporary deployment pending application. (xvi) According to the information and explanations given to us, and on the basis of the maturity profile of assets and liabilities with a residual maturity of one year, as given in the Asset Liability Management Report, funds raised on short term basis have, prima facie, not been used for long term investment. (xvii) The Corporation has made a preferential allotment of shares on exercise of options granted in earlier years under the ESOP Schemes to parties covered in the Register maintained under section 301 of the Companies Act, 1956. The prices at which such shares are allotted are consequently not prima facie prejudicial to the interests of the Corporation. (xviii) According to the information and explanations given to us and the records examined by us, securities / charges have been created in respect of all debentures issued. (xix) During the period covered by our audit report, the Corporation has not raised any money by public issues. (xx) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud by the Corporation and no material fraud on the Corporation was noticed or reported during the year, although there have been few instances of loans becoming doubtful of recovery consequent upon fraudulent misrepresentation by borrowers, the amounts whereof are not material in the context of the size of the Corporation and the nature of its business and which have been provided for. For DELOITTE HASKINS & SELLS Chartered Accountants P. R. Ramesh MUMBAI Partner April 30, 2008 (Membership No. 70928)