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37900-IND-XARR

37900-IND-XARR

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Published by Asmita Patil

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Published by: Asmita Patil on Apr 04, 2011
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05/23/2011

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Extended Annual Review Report
Loan Number: 2057February 2008
India: Private Sector Housing Finance Project
(Dewan Housing Finance Corporation Limited)
In accordance with ADB’s public communications policy (PCP, 2005), this completion report excludesinformation referred to in paragraph 126 of the PCP.
 
 
CURRENCY EQUIVALENTS
 Currency Unit Indian rupee/s (Rs)
At Appraisal At Project Completion
26 September 2003 30 November 2007Rs1.00 = $0.0118 $0.0251$1.00 = Rs45.78 Rs39.76
ABBREVIATIONS
 ACR asset cover ratioADB Asian Development Bankbps basis pointsCRISIL Credit Rating Information Services of India LimitedDHFL Dewan Housing Finance Corporation LimitedDMC developing member countryEROIC expected return on invested capitalGDP gross domestic productHDFC Housing Development Finance Corporation LimitedHFC housing finance companyIFC International Finance CorporationLMI low and middle incomeLTV loan-to-valueNHB National Housing BankNPL – nonperforming loanPSOD Private Sector Operations DepartmentRBI Reserve Bank of IndiaRRP report and recommendation of the PresidentXARR extended annual review report
NOTES
 (i) The fiscal year (FY) year of the Government of India ends on 31 March. “FY”before a calendar year denotes the year in which the fiscal year ends, e.g.,FY2004 ends on 31 March 2004.(ii) In this report, “$” refers to US dollars.
Vice President
L. Jin, Operations Group 1
Director General
R. Bestani, Private Sector Operations Department (PSOD)
Directors
W. Willms, Capital Markets and Financial Sectors Division, PSODJ. Yamagata, Infrastructure Finance Division 2, PSOD
Team leader
C. Engstrom, Senior Investment Specialist, PSOD
Team member
R. Hernandez, Investment Officer, PSOD
 
 
CONTENTSPage
EXECUTIVE SUMMARY iI.
 
THE PROJECT 1
 
A.
 
Project Background 1
 
B.
 
Project Features 2
 
C.
 
Progress Highlights 3
 
II.
 
PROJECT EVALUATION 4
 
A.
 
Overview 4
 
B.
 
Development Impact 4
 
C.
 
ADB’s Investment Profitability 8
 
D.
 
ADB’s Work Quality 9
 
E.
 
ADB’s Additionality 10
 
F.
 
Conclusion and Overall Evaluation 11
 
III.
 
ISSUES, LESSONS, AND RECOMMENDATIONS 12
 
A.
 
Project Issues 12
 
B.
 
Lessons and Recommendations 13
 
C.
 
Issues to Monitor 13
 
APPENDIXES1. Basic Data 152. Project Description 173. India Housing and Mortgage Sector Overview 204. Financial Overview and Statements 255. Private Sector Development Indicators and Ratings: Financial Intermediaries 31 

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