FINANCE

ASSIGNMENT II
1. DEBANJALI SAHA
2. MEHVISH JAAN
3. MIDHUN JOSEPH
4. SANGYE DAWA MYES
 FINANCE ASSIGNMENT-II

Contents
1. INTRODUCTION: ....................................................................................... 3
1.1 DEWAN HOUSING CORPORATION LIMITED.................................... 3
1.2 CENT BANK HOME FINANCE LIMITED ............................................. 3
1.3 GRUH FINANCE LIMITED ..................................................................... 4
1.4 DHFL VYSYA HOUSING FINANCE LIMITED .................................... 4
2. NET WORTH: .............................................................................................. 4
2.1 DEWAN HOUSING CORPORATION LIMITED.................................. 5
2.2 CENT BANK HOME FINANCE LIMITED ............................................. 5
2.3 GRUH FINANCE LIMITED ..................................................................... 6
2.4. DHFL VYSYA HOUSING FINANCE LIMITED .................................. 6
3. HOUSING LOANS SANCTIONED AND DISBURSED .......................... 7
3.1 DEWAN HOUSING CORPORATION LIMITED.................................. 7
3.2 CENT BANK HOME FINANCE LIMITED ............................................. 8
3.3 GRUH FINANCE LIMITED ..................................................................... 9
3.4. DHFL VYSYA HOUSING FINANCE LIMITED ................................ 10
4. DEBT EQUITY RATIO ............................................................................. 11
4.1 DEWAN HOUSING INANCE LTD. (DHFL) ..................................... 11
4.2 CENT BANK HOME FINANCE LIMITED ........................................ 12
4.3 GRUH FINANCE LIMITED ................................................................. 12
4.4 DHFL VYSYA HOUSING FINANCE LTD. ....................................... 13
5 AVERAGE COMPOUND GROWTH RATE OF BORROWINGS ......... 13
5.1 DEWAN HOUSING FINANCE CORPORATION LTD. (DHFL). . ... 14
5.2 GRUH FINANCE LIMITED ................................................................. 14
5.3 DHFL VYSYA HOUSING FINANCE LTD. ....................................... 15
6 SOURCE OF FUNDS................................................................................. 15
6.1 DEWAN HOUSING FINANCE CORPORATION LTD. (DHFL). ..... 16
6.2 Cent Bank Home Finance Limited ......................................................... 16
6.3 GRUH Finance Limited ......................................................................... 17

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6.4 DHFL Vysya Housing Finance Ltd. ...................................................... 17

7. OPERATING INCOME AND PROFIT BEFORE TAX (PBT) ................ 18
7.1 DEWAN HOUSING FINANCE CORPORATION LTD. (DHFL) ...... 18
7.2 CENT BANK HOUSING FINANCE LIMITED .................................. 19
7.3 GRUH FINANCE LIMITED ................................................................. 19
7.4 DHFL VYSYA HOUSING FINANCE LIMITED ................................ 20
8. PROFIT AFTER TAX ................................................................................ 20
8.1 DEWAN HOUSING FINANCE CORPORATION LTD. (DHFL) ...... 20
8.2 CENT BANK HOUSING FINANCE LIMITED .................................. 21
8.3 GRUH FINANCE LIMITED ................................................................. 21
8.4 DHFL VYSYA HOUSING FINANCE LIMITED ................................ 22
10. TOTAL LOANS OUTSTANDING: ............................................................ 24
10.1 DEWAN HOUSING FINANCE CORPORATION LTD. ..................... 24
9. ADMINISTRATIVE & SUPERVISION CHARGES AS A % OF LOANS
DISBURSEMENT .............................................................................................. 22
9.1 DEWAN HOUSING FINANCE CORPORATION LTD. (DHFL ....... 22
9.3 DHFL Vysya Housing Finance Ltd. ...................................................... 23
10.2 GRUH FINANCE LIMITED. ................................................................ 24
10.3 DHFL VYSYA HOUSING FINANCE LTD. ........................................ 25
11. MARKET SHARE: ...................................................................................... 26
12. BRANCH NETWORKING: ......................................................................... 26
12.1 DEWAN HOUSING FINANCE CORPORATION LTD. ..................... 27
12.3 DHFL VYSYA HOUSING FINANCE LTD…………………………..30
13. COMPARISON…………………………………………………………....33

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1. INTRODUCTION:
A housing finance refers to the finance provided to the individuals or group of
individuals, including cooperative societies, for the purchase of, or to build
house/houses.
In India is an important subject. The Central Government formulates the plans
and schemes and the State Governments are expected to implement them.
The rapid increase in population and migration of rural people to urban areas and
expansion of industrial and commercial activities have created huge demand for
housing in urban centres. The problem is pronounced in the urban areas and the
worst affected are the migrants from rural areas belonging to the low-income
groups.
This naturally leads to more demand for housing units in the urban areas of the
country. Since after Independence, there has been a significant focus in this
regard. But the last 3-4 decades have seen significant institutional development
in the areas of housing finance in the nation.

1.1 DEWAN HOUSING CORPORATION LIMITED

Dewan Housing Finance Corporation Ltd. (DHFL) is a deposit-taking housing
finance company, headquartered in Mumbai with branches in major cities across
India. DHFL was established to enable access to affordable housing finance to
the lower and middle-income groups in semi-urban and rural parts of India.
DHFL is the second housing finance company to be established in the
country. The company also leases commercial and residential premises. DHFL is
among the 50 biggest financial companies in India.
DHFL is rated CARE AA+ by ICRA Limited and achieved BWR FAA+ from
Brickwork Ratings, which indicate the high degree of safety regarding timely
servicing of financial obligations.

1.2 CENT BANK HOME FINANCE LIMITED

Cent Bank Home Finance Limited is a deposit-taking Housing Finance and
Mortgage Company jointly promoted by four Public Sector Institutions, viz.
Central Bank of India, National Housing Bank, Specified Undertaking of Unit
Trust of India and Housing and Urban Development Corporation.
The Company had its origin as Apna Ghar Vitta Nigam Limited, incorporated on
7 May 1991, and later changed its name to Cent Bank Home Finance Limited on
19 June 1992. The Company has its presence in nine states. Its target customers

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include individuals, associations of persons, companies, corporations and

societies.

1.3 GRUH FINANCE LIMITED

GRUH Finance Limited is a subsidiary of HDFC Limited (a housing finance
company recognized by the National Housing Bank). It offers loans for purchase,
construction, repair, renovation and extension of dwelling units. It also offers
loans for purchase of office premises to professionals and loan against existing
residential properties to individuals. Loans are offered to salaried individuals as
well as self employed individuals where formal income proofs are not available.
HDFC Limited is the largest shareholder in GRUH with a stake of 57.95% as on
December 31, 2017. While GRUH operates as an independent entity, the parent’s
shareholding and presence on its Board of Directors, translates into strong
management and strategic support for the company. The company’s corporate
office is located in Ahmedabad, Gujarat and it had a distribution network of 192
retail offices across 11 states and 1 union territory as on December 31, 2017.

1.4 DHFL VYSYA HOUSING FINANCE LIMITED

Over the years, Housing Finance Companies have played a vital role in the Indian
economy and are gaining market share in the housing loan segment. Government
has been at the forefront in pushing India's housing sector. Many new initiatives
and policies have been introduced.
Housing for all by 2022 initiative announced by the Government, has opened up
vast opportunities to Housing Finance Companies(HFCs), particularly to HFC's
operating in low income housing space stand to gain a lot through this initiative.
Housing for all by 2022 is aimed at strengthening the complete eco system with
intervention both in supply and demand side.

2. NET WORTH:
Net worth is a quantitative concept that measures the value of an entity and can
be applicable to individuals, corporations, sectors and even countries. Simply
stated, net worth is the difference between assets and liabilities. Positive net worth
means that assets exceed liabilities while negative net worth describes the
opposite scenario.

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2.1 DEWAN HOUSING CORPORATION LIMITED

NETWORTH MARCH MARCH MARCH MARCH MARCH

2017 2016 2015 2104 2013
AMOUNT IN 7,995.80 5,017.00 4,635.78 3,574.96 3,237.09
CRORE

NET WORTH
9,000.00
8,000.00
7,000.00
6,000.00
5,000.00
4,000.00
3,000.00
2,000.00
1,000.00
0.00
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

2.2 CENT BANK HOME FINANCE LIMITED

CBHFL is currently a 64% subsidiary of Central Bank; other shareholders include
Housing and Urban Development Corporation Ltd (6.8%), NHB (16%), and
Specified Undertaking of Unit Trust of India (12.8%). CBHFL provides housing
and non-housing loans to borrowers across nine states in India. The company had

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a reported net worth of Rs 108 crore and gearing of 11.4 times, as on December
31, 2017.

NET WORTH 2018 2017 2016 2015

AMOUNT IN - 108 - -
CRORE
For fiscal 2017, CBHFL reported a profit after tax (PAT) of Rs 11 crore on a total income of Rs 140
crore, against a PAT of Rs 13 crore on a total income of Rs 119 crore in the previous fiscal. During the
nine months ended December 31, 2017, PAT was Rs 12 crore on a total income of Rs 112 crore,
against Rs 7 crore and Rs 105 crore, respectively, for the corresponding period of the previous fiscal.

2.3 GRUH FINANCE LIMITED

NETWORTH MARCH MARCH MARCH MARCH MARCH

2017 2016 2015 2104 2013
AMOUNT IN 1113.21 835.30 710.00 600.00 490.00
CRORE

NET WORTH
1200

1000

800

600

400

200

0
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

2.4. DHFL VYSYA HOUSING FINANCE LIMITED

The Company made all efforts to improve the profitability during the year under
Report. Profit before tax increased from Rs. 8.74 crores (last year) to Rs. 28.96
crores as on 31st March, 2016, registering a growth of 231%. However, profit
after tax stood at Rs. 18.68 crores as against Rs. 5.79 crores, registering a growth
of 222.62%. This is due to a new directive issued by National Housing Bank for

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providing deferred tax liability on Special Reserve and our company has made a
provision of Rs. 12.22 Lakhs as on 31st March, 2016.

As on March, 2015-16 Net worth of DHFL is 216.00 Crores.

3. HOUSING LOANS SANCTIONED AND

DISBURSED
3.1 DEWAN HOUSING CORPORATION LIMITED
The Sanctions and Disbursements of housing/other property loans, during the
financial year ended March 31, 2017 were 39,846.28 crore and 28,581.90 crore,
respectively, vis-a-vis 37,608.13 crore and 24,202.22 crore, respectively, in the
previous financial year. The cumulative loan disbursement of the Company since
inception was 1, 31,415.84 crore. As on March 31, 2017 the loan book grew by
16.71% and stood at 72,096.18 crore as compared to 61,775.02 crore in the
previous financial year, primarily because the Company deepened its reach into
existing markets and continued to focus on under-penetrated markets and
segments. The Company’s Assets under Management (AUM) were 83,559.92
crore as against 69,523.88 crore in the previous financial year with 20.19%
growth.

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3.2 CENT BANK HOME FINANCE LIMITED

AMOUNT IN LAKHS
LOAN 2018 2017 2016 2015
SHORT TERM 20822.18 19241.14 16316.70 13633.9
LOAN
LONG TERM 105892.5 113413.24 95068.01 66704.7
LOAN

120000

100000

80000

60000

40000

20000

0
2017 2016 2015 2014

SHORT TERM LOAN LONG TERM LOAN

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3.3 GRUH FINANCE LIMITED

Loan disbursements during the year were 4,125 crores as against 3,857 crores in
the previous year. GRUH continued to focus mainly on the retail segment and
disbursed 3,654 crores to 42,525 families. Cumulative disbursements as at March
31, 2017 were 23,197 crores.
GRUH disbursed home loans to 36,453 families (previous year 29,334 families)
and the average home loan to individuals was maintained at 8.86 lacs.

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3.4. DHFL VYSYA HOUSING FINANCE LIMITED

The financial year 2015‐16 has been an important one for Aadhar for its
noteworthy performance in all parameters. The company has not only crossed
landmark disbursement of 1000 crores adding 15500 new accounts during the
year clocking close to 100% YoY growth but also managed to do it with a strong
hold on compliance and maintaining a low level NPA of 0.49%. Aadhar’s loan
book has also grown at the rate of 86% (from 973 Cr in March 15 to 1810 Cr in
March 16) with an average ticket size of 6.6 lakhs. This is a very important
achievement which reinforces our faith on the growth opportunity in the lower
income segment of India.

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4. DEBT EQUITY RATIO

The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of
shareholders' equity and debt used to finance a company's assets. Closely related to
leveraging, the ratio is also known as risk, gearing or leverage
4.1 DEWAN HOUSING INANCE LTD. (DHFL)

8000000
7000000
6000000
5000000
4000000
3000000
2000000
1000000
0
SHARE HOLDERS NON - CURRENT CURRENT LIABITIES
LIABILITIES

MARCH 31, 2017 MARCH 31, 2016

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4.2CENT BANK HOME FINANCE LIMITED

PARTICULARS AMOUNT IN LAKHS

AS AT 31 AS AT 31 AS AT 31
MARCH 2018 MARCH 2017 MARCH 2016
EQUITIES AND 133124.10 140150.35 120299.3
LIAQBILITIES
ASSETS 133124.10 140150.35 120299.3

145000

140000

135000

130000

125000

120000

115000

110000
EQUITIES AND LIABILITIES ASSETS

AS AT 31 MARCH 2018 AS AT 31 MARCH 2017 AS AT 31 MARCH 2016

4.3GRUH FINANCE LIMITED

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4.4 DHFL VYSYA HOUSING FINANCE LTD.

18
17.5
17
16.5
16
15.5
15
14.5
14
13.5
Category 1

FY 2015-16 FY 2014-15

5 AVERAGE COMPOUND GROWTH RATE OF

BORROWINGS
The compound annual growth rate (CAGR) is the mean annual growth rate of an
investment over a specified period of time longer than one year. To calculate
compound annual growth rate, divide the value of an investment at the end of the
period in question by its value at the beginning of that period, raise the result to
the power of one divided by the period length, and subtract one from the
subsequent result.

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5.1DEWAN HOUSING FINANCE CORPORATION LTD. (DHFL). .

DHFL is the 3rd largest private sector housing finance company with a scalable
business model. Given the present declining interest rate scenario, the housing
finance industry is likely to emerge stronger. After delivering 39% Assets under
management(AUM) CAGR over FY2010-15, DHFL expects to grow at a CAGR
of 20% over FY2015-18, as demand for housing in the middle & low income
group is expected to pick up, which is the focus area for the company. Backed by
stable asset quality and firm margins, DHFL has reported a 32% CAGR in PAT
over FY2010-15 and the same is expected to grow by 21.3% (CAGR) over
FY2015-18

45
40
35
30
25
FY2010-15
20
FY2015-18
15
10
5
0
CAGR CAGR IN PAT

5.2GRUH Finance Limited

Cumulative disbursements as at March 31, 2017 stood at 23,197 crores with a
Compound Annual Growth Rate (CAGR) of 17% over the past 3 years period

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5.3DHFL Vysya Housing Finance Ltd.

DHFL is the 3rd largest private sector housing finance company with a scalable
business model. Given the present declining interest rate scenario, the housing
finance industry is likely to emerge stronger. After delivering 39% Assets under
management(AUM) CAGR over FY2010-15, DHFL expects to grow at a CAGR
of 20% over FY2015-18, as demand for housing in the middle & low income
group is expected to pick up, which is the focus area for the company. Backed by
stable asset quality and firm margins, DHFL has reported a 32% CAGR in PAT
over FY2010-15 and the same is expected to grow by 21.3% (CAGR) over
FY2015-18

6 SOURCE OF FUNDS

Sources of financing for business are equity, debt, debentures, retained earnings,
term loans, working capital loans, letter of credit, euro issue, venture funding etc.
These sources of funds are used in different situations. They are classified based
on time period, ownership and control, and their source of generation

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6.1DEWAN HOUSING FINANCE CORPORATION LTD. (DHFL).

Company strives to maintain diverse source of funding to reduce its borrowing
costs, maintain adequate interest margins and achieve its liquidity goals. It has
successfully diversified its liability portfolio with an array of different
institutional units for lines of credit, including banks. During the financial year
2016-17, it has successfully opened up new avenues of funding and raised
significant amount of funds through two public issues of Non Convertible
Debentures (NCDs) from distinguished domestic investors, which reinforces the
Company’s financial and operational strengths. The Company’s consistent focus
is to reduce the cost of funds. Over the preceding three years, Company has
substantially reduced the borrowing cost from banks and financial institutions.
During financial year 2016-17, It had made further progress in reducing the cost
of funds by diversifying its sources of funds, through increasing the market
borrowings by leveraging on up gradation in Net Interest Margins (NIM) have
been improved from 2.96% in FY 2016 to 2.99% in FY 2017 mainly due to the
decline in cost of funds for the Company.

6.2Cent Bank Home Finance Limited

Resource profile is adequate due to diversity in borrowing mix. As on December
31, 2017, resource profile comprised of bank borrowings (31%), NHB refinance
(13%), fixed deposits (54%), and debentures (3%). Resource mix is also
supported by borrowings from Central Bank, which are availed at MCLR.
Resource profile is adequate due to diversity in borrowing mix. As on December
31, 2017, resource profile comprised of bank borrowings (31%), NHB refinance
(13%), fixed deposits (54%), and debentures (3%). Resource mix is also
supported by borrowings from Central Bank, which are availed at MCLR.

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6.3GRUH Finance Limited

6.4DHFL Vysya Housing Finance Ltd.

Company strives to maintain diverse source of funding to reduce its borrowing
costs, maintain adequate interest margins and achieve its liquidity goals. It has
successfully diversified its liability portfolio with an array of different
institutional units for lines of credit, including banks. During the financial year
2016-17, it has successfully opened up new avenues of funding and raised
significant amount of funds through two public issues of Non Convertible
Debentures (NCDs) from distinguished domestic investors, which reinforces the
Company’s financial and operational strengths. The Company’s consistent focus
is to reduce the cost of funds. Over the preceding three years, Company has
substantially reduced the borrowing cost from banks and financial institutions.
During financial year 2016-17, It had made further progress in reducing the cost
of funds by diversifying its sources of funds, through increasing the market
borrowings by leveraging on up gradation in Net Interest Margins (NIM) have
been improved from 2.96% in FY 2016 to 2.99% in FY 2017 mainly due to the
decline in cost of funds for the Company

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7. OPERATING INCOME AND PROFIT BEFORE

TAX (PBT)
Profit Before Tax (PBT) is a profitability measure that looks at a company's
profits before the company has to pay corporate income tax by deducting all
expenses from revenue including interest expenses and operating expenses
except for income tax.

7.1 DEWAN HOUSING FINANCE CORPORATION LTD. (DHFL)

Table 1: showing PBT for years 2015-17

PBT of March 2017 = 3371.82 crores

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7.2 CENT BANK HOUSING FINANCE LIMITED

Table 2: Showing PBT for years 2015-18
PARTICULARS AMOUNT IN LAKHS
as at 31 as at 31 as at 31 as at 31
march 2018 march 2017 march 2016 march 2015
INCOME 133124.10 140150.35 11948.3 8003.9
EXPENSES 133124.10 140150.35 9670.6 6054.3
Profit/loss 2659.67 1753.77 1891.68 1807.70
before tax
Profit/loss after 1683.59 1104.08 1344.18 1210.50
tax
Profit of the year 1683.59 1104.08

PBT of March 2017 = 1807.70 crores

7.3GRUH FINANCE LIMITED

Table 3: Showing PBT for years 2015-17

PBT of March 2017 = 442 crores

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7.4 DHFL VYSYA HOUSING FINANCE LIMITED

Table 4: Showing PBT for years 2015-16

PBT OF MAR’16 = 28.96 Crores

8. PROFIT AFTER TAX

Profit after tax (PAT)is the net amount earned by a business after all taxation
related expenses have been deducted. The profit after tax is often a better
assessment of what a business is really earning and hence can use in its operations
than its total revenues.

8.1DEWAN HOUSING FINANCE CORPORATION LTD. (DHFL)

8.2
Table 5: PAT for years 2015-17

PAT OF 2017 = 2896.45 Crores

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8.3CENT BANK HOUSING FINANCE LIMITED

Table 6: Showing PAT for the years 2015-18

PARTICULARS AMOUNT IN LAKHS

as at 31 as at 31 as at 31 as at 31
march 2018 march 2017 march 2016 march 2015
INCOME 133124.10 140150.35 11948.3 8003.9
EXPENSES 133124.10 140150.35 9670.6 6054.3
Profit/loss 2659.67 1753.77 1891.68 1807.70
before tax
Profit/loss after 1683.59 1104.08 1344.18 1210.50
tax
Profit of the year 1683.59 1104.08

PAT OF 2017 = 1683.59 Crores

8.4GRUH FINANCE LIMITED

Table 7: Showing PAT for the years 2015-17

PBT of March 2017 = 297 crores

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8.5DHFL VYSYA HOUSING FINANCE LIMITED

Table 8: Showing PAT in the years 2015-16

PAT OF MAR’16 = 18.68 Crores

9. ADMINISTRATIVE & SUPERVISION CHARGES

AS A % OF LOANS DISBURSEMENT

9.1 DEWAN HOUSING FINANCE CORPORATION LTD. (DHFL

Administrative Cost As On March 2017 = (297.44/28581.9 )*100

=1.04 %
Administrative Cost As On March 2016 = (278.46/24202.2 )*100
=1.15 %

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9.2DHFL Vysya Housing Finance Ltd.

Administrative Cost As On March 2016 = (0.19/1008.56 )*100
=1.04 %
Administrative Cost As On March 2015 = (0.16/540.82 )*100
=1.15 %

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10. TOTAL LOANS OUTSTANDING:

The outstanding principal balance is the original amount of the loan that still
needs to be repaid. The outstanding interest balance refers to the amount of
interest that has yet to be paid. The term outstanding loan can refer to
the outstanding principal, unpaid interest or the total value of both.

10.1 DEWAN HOUSING FINANCE CORPORATION LTD.

As of March 31, 2017, 41.90% Company’s sources of funds include banks &
FIs, capital market instruments 41.80%, fixed deposits 8.40%, re-finance from
NHB 4.00% and External Commercial Borrowings (ECB) 3.90% of the total
borrowings of the Company.

10.2 GRUH FINANCE LIMITED.

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Loan Amount outstanding in 2017 & 2016

60

50

40

30

20

10

0
Suraksha home Suvidha home Sajavat repair Mortage (LAP) NRP Loans Developer Loans
loan loan Loan Loans

2017 2016

10.3 DHFL VYSYA HOUSING FINANCE LTD.

Composite loans sanctioned ( i.e. loans allowed for purchase of plot and self-
construction of house) on or before March 31, 2013 in which construction has not
started till March 31, 2016 , as per information available with the Company, is
excluded from the housing loan and regrouped under Home Equity loans in above
outstanding as on March 31, 2016 aggregating to 4,22,91,860/‐ ( Previous Year
1,76,33,553/‐)

Housing and Home Equity loan balance also includes the insurance payment
made by the company towards life insurance premium on behalf of the borrower.

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11. MARKET SHARE:

Market share is the percentage of a market (defined in terms of either units or revenue) accounted
for by a specific entity. In a survey of nearly 200 senior marketing managers, 67% responded that
they found the revenue- "dollar market share" metric very useful, while 61% found "unit market
share" very useful.
11.1 GRUH Finance Limited.

Shareholding Pattern as on
Dec31, 2017

12. BRANCH NETWORKING:

A branch, banking center or financial center is a retail location where a bank,
credit union, or other financial institution (including a brokerage firm) offers a
wide array of face-to-face and automated services to its customers

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12.1 DEWAN HOUSING FINANCE CORPORATION LTD.

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12.2 CENT BANK HOME FINANCE LIMITED.

12.3 GRUH FINANCE LIMITED.

 GRUH operated across 11 states with a network of 192 branches as on

December 31, 2017.
 Gujarat (35% of portfolio as on March 31, 2017) and Maharashtra (34% of
portfolio as on March 31, 2017) together constituted a majority of the
company’s loan book.
 GRUH has good brand recognition in these two states, which has supported
its growth; however, going forward the company expects to increase
disbursements in other states such as Uttar Pradesh, Bihar, West Bengal,
Jharkhand and Chhattisgarh.

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12.4 DHFL VYSYA HOUSING FINANCE LTD.

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13. COMPARISON

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