Annual Report 2012-2013 - HDFC Bank

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(v). Description of Plan Assets *Particulars FY 2012-13 FY 2011-12% Invested % InvestedDebentures/Bonds 50 42Equity 8 12Government Securities 38 36Other assets 4 10Grand Total 100 100The plan assets are managed by the Gratuity Trustformed by the Company. The management of fundsis entrusted with HDFC Standard Life InsuranceCompany Limited and the Life Insurance Corporationof India (LIC).* The investment pattern disclosed above includesLIC’s investment pattern as at 31 Dec 2012 being thelatest information available from LIC.(vi). Experience Adjustments (Rs. in lacs)(vii).Particulars FY FY FY FY FY2012-13 2011-12 2010-11 2009-10 2008-09Defined BenefitObligation 220 146 104 72 49Fair value ofPlan Assets 147 92 32 35 22Surplus/(Deficit) (73) (54) (72) (37) (27)ExperienceAdjustments onPlan liabilities(Gain) / Loss 6 (2) 7 1 (4)ExperienceAdjustmentson Plan Assets(Loss) / Gain 0* (1) (1) 1 (0) ** less than Rs. 50,000 /-Summary of Actuarial AssumptionsThe actuarial calculations used to estimate definedbenefit commitments and expenses are based on thefollowing assumptions which if changed, wouldaffect the defined benefit commitments, size, fundingrequirements and expense.Particulars FY 2012-13 FY 2011-12Discount Rate 8 % 8.50 %Expected rate of returnon Assets 8.60 % 8.60 %Salary Escalation Rate 6 % 6 %MortalityIndian Assured Publised notesLives Mortality under the LICtables (2006-08) (1994-96)mortality tables(viii).(ix).Note 26:The estimates of future salary increase considered inactuarial valuation, take account of inflation, seniority,promotion and other relevant factors such as supply anddemand in the employment market.Actual Return on Plan Assets(Rs. in lacs)Particulars FY 2012-13 FY 2011-12Expected Return onPlan Assets 8 3Actuarial gain/(loss)on Plan Assets 0 * 1Actual return onPlan Assets 8 4* less than Rs. 50,000 /-Other DetailsThe Employer’s best estimate of the contributionsexpected to be paid to the plan during the next year –Rs. 112 lacs (FY 2011-12 – Rs. 90 lacs).As per Accounting Standard on ‘Related PartyDisclosures’ (AS-18) as notified by the Companies(Accounting Standards) Rules, 2006, the related partiesof the Company are as follows:1. Holding Company:HDFC Bank Limited.2. Enterprise under common control of the HoldingCompany:HDB Financial Services Limited.3. Key Management Personnel:Mr. Aseem Dhru, Managing DirectorMr. Santosh Haldankar, Whole Time DirectorThe following transactions were carried out with therelated parties in the ordinary course of business:(Rs. in lacs)Nature of Holding Enterprise KeyTransaction Company under common Managementcontrol of Personnelthe HoldingCompanyPlacement of 2,329 Nil Nilfixed deposits (1,374) (Nil) (Nil)Refund of 1,369 Nil Nilfixed deposits (2,953) (Nil) (Nil)28
Rendering of 575 4 Nilservices (934) (3) (Nil)(includingrecoveries ofexpenses)Receiving of 1,473 3 Nilservices (1,516) (5) (Nil)(includingpayment ofexpenses)Interest 175 Nil Nilreceived (96) (Nil) (Nil)Interest 1 Nil Nilpaid (Nil) (Nil) (Nil)Dividend 76 Nil NilPaid (57) (Nil) (Nil)Remuneration Nil Nilto keyManagementPersonnelAseem Dhru 226(221)Santosh 27Haldankar (26)Balances outstanding:Receivables Nil Nil Nil(Nil) (0)* (Nil)Payables Nil Nil Nil(Nil) (Nil) (Nil)Bank balances 7,410 Nil Nil(9,151) (Nil) (Nil)Fixed deposits 2,339 Nil Nil(1,379) (Nil) (Nil)Accrued 41 Nil Nilinterest on (22) (Nil) (Nil)fixed deposit- receivableAccrued 74 Nil Nilexpenses (92) (Nil) (Nil)Unbilled 124 Nil Nilrevenue (164) (Nil) (Nil)Advances 15 Nil Nil(15) (Nil) (Nil)Bank 5 Nil Nilguarantees (Nil) (Nil) (Nil)Deposit 1 Nil Nilreceived (1) (Nil) (Nil)Figures in brackets pertain to the previous year.* less than Rs. 50,000 /-Note 27:Disclosures as required by Accounting Standard 19,“Leases”, as notified by the Companies (AccountingStandards) Rules, 2006, are given below:Note 28:(i)(ii)The Company has taken various premises underleave and license agreements, which range between33 months and 9 years. The Company has givenrefundable interest free security deposits under certainagreements.Lease payments are recognised in the Statement of Profitand Loss under ‘Rent’ in Note no. 23. Rent expenses ofRs. 838 lacs (Previous year – Rs. 907 lacs) in respect ofobligation under non-cancellable operating leases andRs. 72 lacs (Previous year – Rs. 68 lacs) in respect ofcancellable operating leases have been charged to thestatement of profit and loss.The future minimum lease payments are as follows:(Rs. in lacs)Particulars FY 2012-13 FY 2011-12Not later than one year 810 816Later than one year butnot later than five years 2,645 2,922Later than five years 480 1,012In accordance with the Accounting Standard on‘Earnings Per Share’ (AS 20), as notified by theCompanies (Accounting Standards) Rules, 2006 :The Earnings per Share is computed by dividing theNet Profit After Tax by the weighted average numberof equity shares.The Company has not granted any options during theyear (previous year – Nil). Since the exercise price isthe same as the fair value of the share as at the grantdate, there is no dilution in the Equity Share Capitaland hence the weighted average number of EquityShares for computation of Basic and Diluted Earningsper Share would be 15,155,604.Particulars FY 2012-13 FY 2011-12a. Weighted averagenumber of equityshares for basicand diluted earningsper share Nos. 15,155,604 15,079,132b. Net profit aftertax available forequity shareholdersRs. in lacs 6,682 5,409c. Basic and Dilutedearnings per share ofRs. 10 each Rs. 44.09 35.8729
Page 3 and 4: Board of DirectorsMr. Abhay AimaMr.
Page 5 and 6: DIRECTORS’ REPORTTO THE MEMBERSYo
Page 7 and 8: and its impact on global risk appet
Page 9 and 10: AnnexureInformation pursuant to Sec
Page 12 and 13: INDEPENDENT AUDITORS’ REPORTTO TH
Page 14 and 15: ANNEXURE TO THE AUDITORS’ REPORT(
Page 16 and 17: Balance Sheet as at 31 March, 2013P
Page 18 and 19: Cash Flow Statement for the year en
Page 20 and 21: Depreciation is provided on a pro-r
Page 22 and 23: lease term. Initial direct costs ar
Page 24 and 25: Notes forming part of the Financial
Page 34 and 35: Note 29: The Company has suffered a
Page 37: HDFC SECURITIES LIMITED(To be prese

Annual Report 2012-2013 - HDFC Bank

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