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Sundaram BNP Paribas Home Finance Limited 18Th Annual Report 2016-17

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Sundaram BNP Paribas Home Finance Limited 18Th Annual Report 2016-17 Sundaram BNP Paribas Home Finance Limited 18th Annual Report 2016-17 Pradhan Mantri Awas Yojana – Housing for All Credit Linked Subsidy Scheme (CLSS) Board of Directors S. Viji Chairman T.T. Srinivasaraghavan Anthony Colwyn-Thomas Alexandre Adam N. Ganga Ram P.N. Venkatachalam Radha Unni P.C. Mathew Srinivas Acharya Managing Director Audit Committee N. Ganga Ram Chairman Radha Unni P.C. Mathew T.T. Srinivasaraghavan Anthony Colwyn-Thomas Executive Committee T.T. Srinivasaraghavan Chairman Anthony Colwyn-Thomas Srinivas Acharya Asset Liability Management Committee M. Ramaswamy Chairman Srinivas Acharya Alexandre Adam G. Sundararajan S. Rajagopalan K. Moahan Venkatesan V. Swaminathan Risk Management Committee P.N. Venkatachalam Chairman Anthony Colwyn-Thomas Srinivas Acharya Corporate Social Responsibility Committee Srinivas Acharya Chairman P.N. Venkatachalam N. Ganga Ram Annual Report 1 2016-17 Nomination & Remuneration Committee T.T. Srinivasaraghavan Chairman Anthony Colwyn-Thomas N. Ganga Ram Radha Unni Stakeholders Relationship Committee Anthony Colwyn-Thomas Chairman N. Ganga Ram Srinivas Acharya Key Managerial Personnel Srinivas Acharya Managing Director G. Sundararajan Chief Financial Officer V. Swaminathan Company Secretary & Head-Compliance & Administration Senior Executives S. Rajagopalan Senior Vice-President & Head - Operations K. Moahan Venkatesan Vice-President - Strategy & Special Projects V. Janaki Senior General Manager & Head - Information Systems Statutory Auditors M/s. Brahmayya & Co. Chartered Accountants 48, Masilamani Road Balaji Nagar Royapettah Chennai - 600 014 Secretarial Auditor Mr. M. Damodaran Company Secretary in Practice M/s. M. Damodaran & Associates New No.6, Old No.12 Appavoo Gramani 1st Street Mandaveli Chennai - 600 028 Information Security Assurance Services M/s. Tejas Brainware Systems (P) Ltd. New No. 28, Old No.19 Second Main Road C.I.T. Colony Mylapore Chennai - 600 004 SUNDARAM BNP PARIBAS HOME FINANCE LIMITED 2 Bankers Axis Bank HDFC Bank BNP Paribas ICICI Bank Canara Bank IndusInd Bank Deutsche Bank State Bank of India Federal Bank Trustee for Debentures/Public Deposits IDBI Trusteeship Services Limited Asian Building, Ground Floor 17, Kamani Marg Ballard Estate Mumbai - 400 001 Trustee for Securitisation IL & FS Trust Company Limited The IL & FS Financial Centre Plot C-22, G Block Bandra-Kurla Complex Bandra (E) Mumbai - 400 051 Registered Office 21, Patullos Road Chennai-600 002 Phone: 044 2852 1181 Fax: 044 2858 6641 Corporate Office ‘Sundaram Towers’ 46, Whites Road Chennai - 600 014 Phone: 044 2851 5267, 044 2851 5269 Fax: 044 2858 2235 Email [email protected] Website www.sundarambnpphome.in Corporate IdentityNumber U65922TN1999PLC042759 Annual Report 3 2016-17 Contents Financial Highlights 5 Board’s Report 6 Report on Corporate Governance 32 Auditors’ Report 42 Balance Sheet 48 Statement of Profit and Loss 49 Cash Flow Statement 50 Notes to the Accounts 52 SUNDARAM BNP PARIBAS HOME FINANCE LIMITED 4 HIGHLIGHTS (` in crore) 2016-17 2015-16 2014-15 2013-14 2012-13 Operational HIGHLIGHTS Approvals 2077 1857 2097 2648 2847 Disbursements 1831 1743 1939 2493 2572 Loans outstanding 7272 6995 6805 6338 5523 Loans under Management 7663 7510 7504 7131 5920 (Including assets sold/securitised) FINANCIAL HIGHLIGHTS Paid-up capital 101.25 101.25 101.25 101.25 92.65 Reserves and Surplus 927.19 773.54 663.47 596.64 421.89 Net Worth 1028.44 874.79 764.72 697.89 514.55 Total Borrowings 6470.75 6291.20 6281.68 6100.32 5357.92 Fixed Deposits 1094.72 1022.41 876.17 673.20 553.81 Net Interest Income 275.50 250.71 237.01 241.08 187.26 Fees & Other Income 64.34 73.66 99.58 82.10 69.26 (Net of Business Sourcing Cost) Operating Income 339.84 324.37 336.59 323.18 256.52 Operating Cost 82.52 72.79 63.45 60.82 51.12 Operating Profit 257.32 251.58 273.14 262.36 205.40 Profit before Tax 236.57 233.30 219.26 215.13 176.68 Profit after Tax 153.65 152.72 146.42 150.74 126.55 Return on average networth (%) 16.15 18.63 20.02 24.87 30.11 Book Value (`) 101.57 86.40 75.53 68.92 55.54 Earnings Per Share (`) 15.17 15.08 14.46 16.16 13.57 Capital Adequacy Ratio (%) 24.78 23.94 20.41 18.56 15.42 Cost-to-income Ratio (%) 24.28 22.44 18.85 18.82 19.93 Gross non-performing loans (%) 2.94 2.82 2.46 1.53 0.77 Net non-performing loans (%) 0.98 0.98 0.75 0.46 0.23 Annual Report 5 2016-17 BOARD’S REPORT To the Members The Directors have pleasure in presenting the Eighteenth Annual Report of the Company together with the audited accounts for the year ended 31st March 2017. The summarised financial results are given hereunder: FINANCIAL RESUlts (` in lakh) For the Year ended 31st March 2017 31st March 2016 Gross Income 92284.87 92726.38 Profit before Interest and Depreciation 82377.70 83991.86 Finance Costs 58300.98 60289.89 Gross Profit 24076.72 23701.97 Less : Depreciation 420.17 372.25 Profit before Tax 23656.55 23329.72 Less: Provision for Tax (including deferred tax) 8291.62 8057.50 Profit after Tax 15364.93 15272.22 Add: Balance brought forward from the previous year 4492.17 4539.76 Amount available for appropriation 19857.10 19811.98 Appropriations proposed Transfer to Special Reserve under Section 36(1)(viii) 2700.00 2600.00 of the Income-tax Act, 1961 Transfer to Additional Reserve under Section 29C of 373.00 454.44 National Housing Bank Act, 1987 Transfer to General Reserve 12000.00 8000.00 Dividend - @ 3543.91 Dividend Tax - @ 721.46 Surplus carried to the Balance Sheet 4784.10 4492.17 Total 19857.10 19811.98 @ No appropriation proposed, pending approval of Dividend by the Members at the ensuing Annual General Meeting. SUNDARAM BNP PARIBAS HOME FINANCE LIMITED 6 DIVIDEND The Company’s Policy on Corporate Social Responsibility has been hosted on Company’s website. The Directors are pleased to recommend a dividend of 35% (`3.50 per share) for the Financial Year 2016-17 on the total paid-up CORPORATE GOVERNANCE capital of `101.25 crore. In terms of the Companies (Accounting Standard) Rules, 2006, as amended, the proposed dividend including The National Housing Bank, vide Notification No. NHB.HFC.CG- dividend distribution tax of `42.65 crore is not recorded as a liability DIR.1/MD&CEO/2016 dated 9th February 2017, has mandated as on 31st March 2017 and it will be recognised when Dividend is all the Housing Finance Companies to follow the guidelines on approved by the Members in the ensuing Annual General Meeting. Corporate Governance as per the Housing Finance Companies- Corporate Governance (NHB) Directions, 2016. The Company CORPORATE SOCIAL RESPONSIBILITY (CSR) has accordingly framed the internal guidelines on Corporate The Company has duly constituted a Corporate Social Responsibility Governance which have been hosted on Company’s website Committee as per the provisions of Section 135 of the Companies www.sundarambnpphome.in Act, 2013 and devised a Policy for the implementation of the CSR The Company is committed to achieving the highest standards of framework, broadly defining the areas of spending for its promotion/ Corporate Governance and it aspires to benchmark itself with the best development, of at least two per cent of the average net profits made practices in this regard. The Board regularly reviews the Management’s during the last three immediately preceding Financial Years on the reports on statutory and regulatory compliances. A detailed report on activities mentioned under Schedule VII of the Companies Act, 2013. Corporate Governance forms part of the Annual Report. The CSR Committee monitors the Policy of the Company from time to time and endeavours to ensure that the requisite amount is spent on DIRECTORS’ RESPONSIBILITY STATEMENT CSR activities as per the framework. In terms of the provisions of Section 134(3)(c) read with 134(5) of The CSR Committee consists of three Members, viz. Mr. Srinivas the Companies Act, 2013, the Board of Directors hereby state that: Acharya, Mr. P.N. Venkatachalam and Mr. N. Ganga Ram. a. in the preparation of the Annual Accounts, the applicable Mr. Acharya is Chairman of the Committee. accounting standards have been followed along with proper The Annual Report on CSR Activities undertaken by the Company for explanation relating to material departures, if any; the Financial Year 2016-17 is annexed as part of this Board’s Report (Annexure I). b. the Company has selected such accounting policies and applied them consistently and made judgments and estimates that are The Company has spent, during the Financial Year 2016-17, reasonable and prudent so as to give a true and fair view of the a substantial amount of `3.93 crore on CSR projects against state of affairs of the Company at the end of the Financial Year the required amount of `4.66 crore. The marginal shortfall of and of the profit of the Company for that period; `0.73 crore was due to the fact that the some of the CSR projects identified by the Company have not yet come to fruition and the c. proper and sufficient care has been exercised for the Company is following up on these projects. With the experience maintenance of adequate accounting records in accordance with gained during the years since the introduction of the CSR regime, the provisions of the Companies Act, 2013, for safeguarding the the Company will endeavour to fulfill the required CSR expenditure assets of the Company and for preventing and detecting fraud going forward. and other irregularities; Annual Report 7 2016-17 d. the Annual Accounts have been prepared on a going concern DISCLOSURE UNDER THE SEXUAL HARASSMENT basis; OF WOMEN AT WORKPLACE (PREVENTION, e.
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