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M676 K676 Fifteenth Annual Report 2019-20 Board of Directors Directors’ Report MR. V. SRINIVASA RANGAN (DIN: 00030248) TO THE MEMBERS Non-Executive Chairman MR. SUBODH SALUNKE (DIN: 03053815) Your Directors are pleased to present the Fifteenth Annual Report of the Non-Executive Vice Chairman MR. ARIJIT SANYAL (DIN: 08386684) Company with the audited accounts for the year ended on March 31, 2020. Managing Director & Chief Executive Officer Appointed with effect from January 17, 2020 Financial Results For the year ended For the year ended MR. BISWAMOHAN MAHAPATRA (DIN: 06990345) March 31, 2020 March 31, 2019 Independent Director MR. SUNIL SHAH (DIN: 00137105) (` in crore) (` in crore) Independent Director Appointed with effect from July 05, 2019 Total Income 726.58 603.53 MR. RAJESH GUPTA (DIN: 00229040) Independent Director Less: Total Operating Expenses 92.05 71.90 Appointed with effect from January 17, 2020 634.53 MS. MADHUMITA GANGULI (DIN: 00676830) Gross Profit Before Interest and 531.63 Non-Executive Director Depreciation MR. ANIL BOHORA (DIN: 00694396) Managing Director Less: Interest and Finance Charges 462.27 373.83 Resigned with effect from December 12, 2019 MR. AJAY BOHORA (DIN: 00694444) Less: Depreciation 3.00 0.89 Managing Director and Chief Executive Officer Resigned with effect from December 12, 2019 Profit before Tax 169.26 156.91 MR. SUDHIN CHOKSEY (DIN: 08386684) Independent Director Less: Provision for Taxation 45.68 56.94 Resigned with effect from October 11, 2019 MR. SURESH BADAMI (DIN: 08224871) Less: Provision for Deferred Tax 0.48 (1.73) Independent Director Resigned with effect from April 19, 2019 Profit after Tax 123.10 101.70 Senior Executives Other Comprehensive Income (16.84) (0.10) MR. SHRIDHAR HEBBAR Chief Operating Officer Total Comprehensive Income 106.26 101.60 Interim Chief Financial officer Up to May 10, 2020 Less: Transfer to Reserve as per MR. MANJEET BIJLANI Section 45- IC (1) of RBI Act Chief Financial officer 24.62 20.34 Appointed with effect from May 11, 2020 Less: Dividend on Compulsorily MR. SEBASTIAN FERNANDEZ 0.01 0.01 Chief Risk Officer Convertible Preference Shares MS. AKANKSHA KANDOI Company Secretary Less: Dividend Distribution Tax 0.001 0.001 Statutory Auditors BSR & Co. LLP Chartered Accountants Balance carried to Balance Sheet 81.63 81.25 Secretarial Auditors Vinod Kothari & Company Company Secretaries Dividend of business of your Company nor Bankers In order to conserve the resources for was there any material change or HDFC Bank Ltd • Corporation Bank • Indian Bank commitment that would affect its • ICICI Bank Ltd • Allahabad Bank • Andhra Bank future growth, your Directors do not • Punjab National Bank Jammu & Kashmir Bank Ltd recommend any dividend on equity financial position during the year. • Sumitomo Mitsui Banking Corporation Ltd • Canara Bank • Shinhan Bank • Abu Dhabi Commercial Bank PJSC • DBS shares for the year ended on March Profit to be carried forward to Bank • Axis Bank Ltd • Federal Bank • Citibank • Kotak 31, 2020. Mahindra Bank • IndusInd Bank Ltd • State Bank of India Reserves Syndicate Bank • Bank of India • Standard Chartered Bank Review of Operations Your Directors propose to transfer Debenture Trustee ` IDBI Trusteeship Services Limited, During the financial year ended 25 crore as per section 45-IC of Asian Building, Ground Floor, 17, on March 31, 2020, the Company the Reserve Bank of India Act, R. Kamani Marg, Ballard Estate, Mumbai – 400 001. Tel No.: 022 - 4080 7001 earned a profit before tax of ` 169.26 1934 to the Special Reserve of the Registered Office: crore as compared to the profit before Company for the year ended on March B-301, Citi Point, Andheri Kurla Road, ` 31, 2020. Andheri(E), Mumbai - 400 059. tax of 156.91 crore in the previous Tel. No.: 022-2825 6636 year. The Company’s loan book has Repayments Fax No. : 022-2471 2447 CIN: U67190MH2006PTC159411 grown by 17% in this financial year During the year under review, the Website: http://www.hdfccredila.com. and its total income has increased Company received ` 1,379 crore Registrar & Transfer Agents by 20%. While achieving a robust Adroit Corporate Services Pvt. Ltd. by way of repayment of principal 17-20, Jafferbhoy Ind. Estate, 1st Floor, Makwana Road, growth, the Company has continued including prepayments, as compared Marol Naka, Andheri (E), Mumbai - 400059 to maintain quality of its portfolio. Tel. No.: 022- 4227 0400 to ` 1,134 crore received during the Fax No. : 022- 2850 3748 There was no change in the nature previous year. 676 M676 K676 M677 K677 HDFC Credila Financial Services Private Limited Resource Mobilization Non-Convertible Debentures (NCD) by CRISIL and ICRA respectively, Perpetual Debt During the year under review, signifying highest safety for timely As at March 31, 2020, the Company’s Company issued Secured, Rated, servicing of debt ligations. The face outstanding Perpetual Debt stood Listed, Redeemable NCDs amounting value of the Commercial Papers at ` 275 crore and was considered to ` 900 crore on a private placement outstanding as at March 31, 2020 as Tier I and Tier II capital under the basis. The Company’s NCDs have was ` 225 crore as compared to ` guidelines issued by the Reserve been listed on the Wholesale Debt 580 crore as at March 31, 2019. Bank of India (RBI) for the purpose Market segment of the BSE Limited. The Company has listed its of computation of capital adequacy Various NCD issues have been commercial papers during the year of the Company. The Perpetual Debt assigned the rating of ‘CRISIL AAA’, with the BSE Ltd. ‘CARE AAA’ and ‘ICRA AAA’ by CRISIL, has been assigned the rating of ‘ICRA Deposits CARE and ICRA respectively. As at AA+’ and ‘CARE AA+’ by ICRA and March 31, 2020, the Company’s The Company has not accepted any CARE respectively. It is subordinated outstanding NCDs stood at ` 2000 deposit during the financial year 2019- to the present and future senior crore. 20. Pursuant to the RBI regulations indebtedness of the Company and is applicable to a Systemically Important The Company has been regular in perpetual in nature with a call option Non-Deposit taking NBFC (ND-SI- its payment obligations towards the after 10 years from the date of the NBFC), no amount of principal or NCDs. The Company is in compliance issue. The Company’s Perpetual interest was outstanding as at March with the provisions of the Master Debt is listed on the BSE Limited. 31, 2020. Direction-Non-Banking Financial The Company has been regular in Company- Systemically Important Authorized Share Capital its payment obligation towards the Non-Deposit taking Company and The Authorized Share Capital of the Perpetual Debt. Deposit taking Company (Reserve Company was reclassified by means Subordinated Debt Bank) Directions, 2016. of passing Shareholders’ Resolution During the year under review, the Loans on August 5, 2019. The Authorized ` Company issued Unsecured, Rated, Term Loans from Banks Equity Share Capital of 88,00,00,000 divided into 8,80,00,000 Equity Listed and Redeemable, Non - As at March 31, 2020, the total Shares of ` 10 each was increased Convertible Subordinated Tier- II term loans outstanding from banks to ` 108,00,00,000 divided into Debentures amounting to ` 150 crore. amounted to ` 2,256 crore as 10,80,00,000 Equity Shares of ` 10/- compared to ` 1,991 crore as at As at March 31, 2020, the Company’s each and the Authorized Preference March 31, 2019. Bank Loans have outstanding Subordinated Debt Share Capital of ` 67,00,00,000 been assigned the highest rating of stood at ` 350 crore. This debt is divided into 6,70,00,000 Compulsorily ‘ICRA AAA’ by ICRA. subordinated to the present and Convertible Preference Shares of ` 10 future senior indebtedness of the External Commercial Borrowings each was reduced to ` 47,00,00,000 Company. It has been assigned a During the year under review, the divided into 4,70,00,000 Compulsorily rating of ‘CRISIL AAA’, ‘CARE AAA’ Company has availed External Convertible Preference Shares of and “ICRA AAA” by CRISIL, CARE Commercial Borrowing (ECBs) of ` 10/- each, thus the total Authorized and ICRA respectively. Based on the USD 100 million for further lending Share Capital remaining the same. The balance term to maturity, as at March of education loans as per the ECB Authorized Share Capital of the Company 31, 2020, ` 350 crore of the book guidelines issued by Reserve Bank of was further reclassified by means of value of this debt was considered as India (“RBI”). As at March 31, 2020, passing Shareholders‘ Resolution on ` Tier II capital under the guidelines the ECBs Outstanding stood at 748 March 18, 2020. The Authorized Equity crore in rupee terms. issued by the RBI for the purpose of Share Capital of ` 108,00,00,000 computation of capital adequacy of Commercial Paper divided into 10,80,00,000 Equity the Company. The Company has been The Company’s Commercial Papers Shares of ` 10 each was increased ` regular in its payment obligations have been assigned the highest to 133,00,00,000 divided into ` towards the Subordinated Debt. rating of ‘CRISIL A1+ and ‘ICRA A1+’ 13,30,00,000 Equity Shares of 10/- 677 M677 K677 M678 K678 Fifteenth Annual Report 2019-20 each and the Authorized Preference x. 20,00,000 CCPS-IX of ` 10 remuneration drawn of the aforesaid Share Capital of ` 47,00,00,000 each were converted into equity employees are set out in the annexure divided into 4,70,00,000 Compulsorily shares at a price of ` 10 each at to the Directors’ Report. In terms of Convertible Preference Shares of ` 10 a premium of ` 10 per share the provisions of Section 136(1) of the each was reduced to ` 22,00,00,000 Companies Act, 2013 read with the Regulatory Guidelines/Amendments divided into 2,20,00,000 Compulsorily rule, the Directors’ Report (excluding Convertible Preference Shares of ` 10/- The Company has complied with the annexure) is being sent to all each, thus the total Authorized Share the Master Direction - Non-Banking shareholders of the Company.
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