India - Housing Development Finance Corporation Project

Document of The World Bank FOR OFFICIAL USE ONLY z v Zf95 _ 4 Report No. P-47 16-IN MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMOUNT EQUIVALENT TO USt250 MILLION TO THE HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED (INDIA) WITH THE GUARANTEE OF INDIA, ACTING BY ITS PRESIDENT FOR A HOUSING DEVELOPMENT FINANCE CORPORATION PROJECT February 12, 1988 This document has a restricted distribution and may be used by recipients only in the perfornance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENTS Currency unit - Rupees (R8) US$1.00 - Rs 13.25 Rs 1.00 - US$0.0755 FISCAL YEAR July 1 - June 30 MEASURES AND EQUIVALENTS Rs 1 lac = Rs 100,000 Rs 1 crore = Rs 10,000,000 ABBREVIATIONS AND ACRONYMS EROR = Economic Rate of Return GDP = Gross Domestic Product GOI = Government of India HDFC = Housing Development Finance Corporation IFC = International Finance Corporation NHB = National housing Bank  m w INDIA HOUSING DEVELOPMENT FINANCE CORPORATION PROJECT LOAN AND PROJECT SUMMARY Borrower: Housing Development Finance Corporation (HDFC) Guarantor: India, acting by its President Amount: US$250.0 million equivalent Terms: Twenty years, including a five-year grace period, at the Bank's standard variable interest rate. Financing Plan: HDFC US$590.8 million IBRD US$250.0 million TOTAL US$840.8 million Economic Rate of Return: 20-30% (based on imputed rental and sales values of housing financed by HDFC mortgages). Staff Appraisal Report: Report No. 7081-IN Map: IBRD No. 19996-R This dcument has a restricted distibution and may be used by recipients only In the performmnce o.1 their official duties. Its contents may not otherwise be disclosed without World Bank authori-ation.  MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED (INDIA) WITH THE GUARANTEE OF INDIA, ACTING BY ITS PRESIDENT FOR A HOUSING FINANCE IROJECT 1. The follow.ng memorandum and recoinendation on a proposed loan to the Housing Development Finance Corporation Limited (India) with the guarantee of India, acting by its President, for US$250 million equivalent is submitted for approval. The proposed loan would be on standard Bank terms with 20 year. maturity including a five year grace period and will support a housing finance project. 2. Background. The project assists development in the housing and finance sectors in India. To help meet the vast housing demand, it would facilitate construction which has been constrained by lack of housing finance. At the same time, by supporting the innovative efforts of the Housing Development Finance Corporation (HDFC) to make mortgage financing available at market rates, the pro- ject would be consistent with orderly liberalization of the capital markets. 3. Housing investment in India hag declined as a share of gross domestic product (GDP) from 5% in the late 1960s to 3% at present, despite continued rapid growth in urban populations and incomes. A critical factor has been government policy to direct credit to 'pricrity' sectors like industry and to public enterprises, and to effectively ration out borrowers like households. Public housing programs have been very limited, heavily subsidized and, frequently, poorly designed to make the best use of real resources. 4. The relative decline of housing investment has coincided with a stagnat- ing share of savings in all financial assets, and a generally inefficient financial system. The Government is currently moving to deregulate the highly centralized capital markets and increase competition for funds through less directed credit. However, the transition period is likely to be difficult, and new sectors like housing finance may be in a disadvantaged position. Growth of market-oriented housing finance could help mobilize resources from households for the financial system, as well as increase investment in housing, the nations's single largest form of wealth. 5. With growing acceptance that urban development is an important part of economic development, the Government of India (GOI) has made urban housing a priority under the Seventh Plan. The GOI now maintains that: (a) private housing finance is crucial for meeting the housing demand; (b) public spending should focus on providing sites and services for lower income groups; and (c) public policy should reduce regulatory disincentives for the private sector to participate in land and housing development. In order to foster growth of housing finance within changing capital markets, there is an apparent need for an enabling regulatory environment where the recently created National Housing Bank (NHB) should play a central role. It is still being debated if NHB's primary emphasis would be as an apex source of directed credit or as a regulator of a diversified sector. The latter function would be more conducive to competitive housing finance and the entry of new institutions necessary for establishing a national mortgage market. The proposed loan would encourage a more market-oriented function for NHB.  - 2 - 6. HDFC is the only significant private housing finance company in India. Founded in 1978, with the active participation of IFC, it hcs provided long-term housing finance at market rates to the largely unserved middle-income group; 352 of beneficiaries earn below the urban median income. The lending program has grown at over 352 a year to finance about 50,000 units in 1987; the average loan of Re. 40,000 (about US$3,000) covers about 45Z of the total housing cost. Currently, HDFC's average cost of funds is 11.62 overall and 12.52 for long-term borrowings, and its average interest income is 14.1% on outstanding loans. Without a supportive environment, RDFC has cultivated productive niches in the capital market, and maintained strong profits of over 202 on net worth, low arrears and a near balance in the maturity of assets and liabilities. While its extraordinary early growth will slow, HDFC will .emain a driving force fc; competitive housing finance. 7. Rationale for Bank Involvement. Housing finance issues are being discussed broadly for the first time in India, and HDFC is a well-functioning institution prepared to advance market-oriented initiatives and standards. Providing Benk support to this new sectoral approach, during a period of change and increased competition in the capital markets, helps stabilize HDFC's short-term program and ability to expand service geographically and develop new mortgage instruments for lower-income lending. At a key point in the Government debate, the project helps HDFC underscore the viability of the market-oriented alternative versus traditional approaches of more directed credit. Given the size of its program and HDFC's current role in housing finance sector policie,, it is appropriate that the Bank become involved. Consistent with the Bank's financial sector goals for India, the project supports more efficient and equitable financing patterns. 8. Project Objectives. The main project objectives include: (a) support of HDFC's lending in a period of transition in the capital markets in order to extend the benefits of market-oriented housing flnance to a wider geographical area and to a broader group of middle and lower-income beneficiaries; (b) further institutional development of HDFC's roles as an innovator and advocate of market-oriented finance, and as sector leader assisting the entry and development of similar institutions; and (c) development of a supportive regulatory framework to promote the financial integrity of housing finance institutions and their capacity to mobilize resources at market rates. 9. Project Description. The proposed project finances about 70,000 mortgages, equalling a maximum 30% of HDFC's mortgage lending program over a 3-1/2 year period (including six months of retroactive financing). HDFC will legally bear the exchange risk of the loan, and current projections indicate it is capable of doing so. However, since its operations are handled entirely in local currency, HDFC is making financial arrangements, satisfactory to the Bank, to cover the exchange risk. In the context of sector development, the loan would be eligible for disbursement in two tranches. The condition for the first traniche, initiation of a regulatory environment for housing finance, has been met through the creation of NHB, and US$150 million would be available when the project is mliade effective. The second tranche for the remaining US$100 million is planned for early 1990, conditional on: (a) the implementation of regulations, si .isfactory to the Bank, to ensure the fiduciary responsibility of housing finance companies and to promote competi)ive resource mobilization in the sector; and (b) submission to the Ministry of Finance of recommendations by a sitting committee, representing diverse interests in the sector, on measures to reduce mortgage credit risk. Technical assistance supports HDFC's institutional development, branching to new geographical areas and development of new mortgage instruments, particularly for lower-income groups. The  project also supports HDFC's own technical assistance to other emerging housing finance corporations for establishment of procedures and control systems. The .otal cost of the project is estimated to be US$840.8 million equivalent, with a foreign exchange component of US$1.1 million. The cost table and financing plan are shown in Schedule A; the procurement and disbursement schedules in Schedule B; a timetable of key project processing events in Schedule C; and the status of Bank Group operations in India in Schedule D. A map and the Staff Appraisal Report No. 7081-IN, dated January 19, 1988, are also attached. 10. Agreed Actions. The Government has agreed on the tranche conditions referred to above. HDFC has agreed on the following actions; (a) utilization of at least 50% of the loan proceeds to benefit households with income below the urban median; (b) continuation of the financial covenants agreed with IFC (a maximum debt/equity ratio of 17.5 and an interest coverage ratio of at least 1.2), as well as limitation of administrative costs to not more than 1.5% of outstanding loans, and of arrears over 12 months to not more than 0.4% of outstanding loans; (c) in lieu of mortgage insurance, maintenance of a provision for contingencies equal to at least 0.4% of outstanding loans; (d) confirmation to the Bank of branching plans at the beginning of each fiscal year; and (f) finalization of plans, by June 1989, to broaden lending to lower-income borrowers. 11. Benefits. As the lead agency in the sector, HDFC is expected to extend the benefits of market-oriented housing finance through its own expansion of branching and lending to lower-income groups, and through the promotion of similar companies. The development of sector policy is expected to allow more competition in the financial markets, ':ith households gaining greater opportunity to bid for resources; to encourage more savings in financial assets; and to promote a greater variety of housing finance services with lower risks and lower costs. The economic rate of return (ERnR) for urban housing investments is estimated to be betwecn 20-30%. The project would finance mortgages for about 70,000 households, with at least 50% of the Bank loan benefitting households with income below the urban median. 12. Risks. Given HDFC's record, there is little institutional risk associated with its ability to disburse the loan or meet the project covenants. Although there is some risk that the implementation of the conditions relating to sector development could be delayed by political or economic considerations, the project is designed to be consistent with policy developments underway by GOI. Intentionally, the loan disb'irsement is based on HDFC's ability to mobilize at least 70% of its resource requirements; the loan cannot be drawn down as projected unless the sector enjoys an enabling environment where funds can be raised competitively at market rates. The project supports the emergence of such an environment. 13. Recommendation. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank and recommend that the Executive Directors approve the proposed loan. Barber B. Conable President Attachments Washington, D.C. February 12, 1988  - 4 - Schedule A INDIA HOUSING DEVELOPMENT FINANCE CORPORATION PROJECT ESTIMATED COSTS AND FINANCING PLAN Estimated Costs / Local Foreign Total US$ Million ------ HDFC Mortgage Program 839.0 839.0 Technical Auaistance 0.7 1.1 1.8 Total Project Costs 839.7 1.1 840.8 a/ Project costs are given in current terms. The Technical Assistance component includes physical and price contingencies and excludes duties and taxes, which are negligible. Financing Plan Bank 248.9 1.1 250.0 HDFC 590.8 - 590.8 Total 839.7 1.1 840.8  5 Schedule B INDIA HOUSING DEVELOPMENT FINANCE CORPORATION PROCUREMENT t4ETHOD AND DISBURSEMENT Project Element Procurement Nbthod Total ICB LCB Other N.A. Cost ------- US$ Million --- HDFC Housing Mortgage Loans 839.0 839.0 (248.4) (248.4) Technical Assistance 0.7 1.1 1.8 (0.7) (0.9) (!.6) TOTAL 0.7 1.1 839.0 340.8 (0.7) (0.9) (248.4) (250.0) Note: Figures in parenthesis are the respective amounts financed by the Bank. Disbursements Category Amount Percentage (US$ Million) Housing Mortgage Loans 248.4 30% Technical Assistance - Consultants' Services and Training 0.7 100% - Equipment and Material 0.9 1002 - foreign expenditures 100% - local expenditures (ex-factory) 60% - other local expendi- tures Estimated Bank Disbursements: Bank FY: 1988 1989 1990 1991 ---------- US$ Million ---------- Annual 25.0 2. 76.0 81.5 67.5 Cumulative 25.0 101.0 182.5 250.0 a/ Includes retroactive financing of US$25.0 million.  Schedule C INDIA HOUSING DEVELOPMENT FINANCE CORPORATION PROJECT Timetable of Key Project Processing Events (a) Time taken to prepare: Nine months (b) Prepared by: HDFC with Bank assista,ce (c) First Bank mission: March 1987 (d) Appraisal mission departure: October 1987 (e) Negotiations: February 2-8, 1988 (f) Planned Date of Effectiveness: April 15, 1988 (g) List of relevant PCRs and PPARs: None  7 Schedule D Page 1 of 4 TU STATUS 0F ME QO OPEATIONS IN IDIA A. STATMENT o rM LOANS AND IDA CRDITS (As of September 30, 1987) USS sillion Loan or Fiscal (j at of Cancellations) Credit Year of No. Amuroval Purose ok IDA L UMnisbursel V 61 Loans/ 3,142.9 - 122 Credits fully disbursed - 7,749.6 - 842-IN 1979 Bombay Water Supply XI - 196.0 20.35 1648-IF 1979 Ramagundam Thermal Power co.0 - 4.64 963-IN 1980 Inland Fisheries - 20.0 5.81 98'.-IN 1980 Population II - 46.0 7.51 1003-IN 1980 Tamil Nadu Nutrition - 32.0 5.69 1011-IN 1980 Gujarat Irrigation II - 175.0 39.68 1012-IN 1980 Cashewnut - 22.0 8.36 1027-IN 1980 Singrauli Thermal II - 300.0 19.99 1034-IN 1980 Karnataka Sericulture - 54.0 9.11 1046-IN 1980 Rajasthan Water Supply & Sewerage - 80.0 25.53 1053-IN 1980 Farakka Thermal Power - 225.0 11.13 1,387-IN 1980 Farakka Thermal Power 25.0 - 25.00 1897-IN 1981 Kandi Watershed and Area Development 30.0 - 7.93 1072-IN 1981 Bihar Rural Roads - 35.0 6.60 1078-IN 1981 Mahanadi Barrages - 83.0 14.90 1082-IN 1981 Madras Urban Development II - 42.0 8.73 1108-IN 1981 H.P. Medium Irrigation - 140.0 36.19 1116-IN 1981 Karnataka Tank Irrigation - 54.0 14.75 1125-IN 1981 Hazira Fertilizer Project - 399.1 25.51 1135-IN 1981 Maharashtra Agricultural Ext. - 23.0 0.08 1137-IN 1981 Tamil Nadu Agricultural Ext. - 28.0 4.03 1138-IN 1981 M.P. Agricultural Ext. II - 37.0 15.31 1146-IN 1981 National Cooperative Development Corp. II - 125.0 23.50 1172-IN 1982 Korba Thermal Power Project II - 400.0 135.84 1177-IN 1982 Madhya Pradesh Major Irrigation - 220.0 107.29 1178-IN 1982 West Bengal Social Forestry - 29.0 16.06 1185-IN 1982 Kanpur Urban Development - 25.0 10.11 2076-IN 1982 Ramagundam Thermal Power II 300.0 - 152.69 1219-IN 1982 Andhra Pradesh Agricultural Ext. - 6.0 /.01 2123-IN 1982 Refineries Rationalization 200.0 - 29.22 2165-IN 1982 Rural Electrification III 304.5 - 59.69 1269-IN 1982 Kallada Irrigation - 60.0 4.37 2186-IN 1982 Kallada Irrigation 20.3 - 18.66 1280-IN 1983 Gujarat Water Supply - 72.0 55.96 1286-IN 1983 Jammu/Kashmir and Haryana Social Forestry - 33.0 17.65 1288-IN 1983 Chambal Madhya Pradesh Irrigation II - 31.0 11.53 1289-IN 1983 Subernarekha Irrigation - 127.0 59.44 2205-IN 1983 Krishna-Godavari Exploration 165.5 - 37.02  Page 2 of 4 Us$ sillion Loan or Fiscal (Not of Cancellations) Credit Year of . Amargval Purso lak KM i/ !fidiabhuarid V 1299-IN 1983 Railways Nodernization 6 Maintenance II - 200.0 69.48 2210-IN 1963 Railvays Modernization & Maintenance II 200.0 - 197.04 2241-I1 19V Soutb laseiin Gas Development 139.3 - 34.57 1319-IN 1983 Haryana Irrigation II - 150.0 67.63 1332-IN 1983 v.P. Public Tubevells II - 101.0 51.67 1356-IN 1983 Upper Indrovati Hydro Pover - 170.0 117.26 2278-IX 1983 Upper Indravati Hydro Pover 156.4 - 156.01 1369-IN 1983 Calcutta Urban Development III - 147.0 118.09 2283-IN 1983 Central Power Transmission 250.7 - 245.74 2295-IN 1983 Himalayan Watershed Management 46.2 - 40.27 1383-IN 1983 Maharashtra Water Utilization - 32.0 19.74 2308-IN 1983 Maharashtra Water Utilization 22.7 - 22.64 2329-IN 1983 Madhya Pradesb Urban 24.1 - 19.50 1397-IN 1984 Orissa Irrigation II - 105.0 54.93 1424-IN 1984 Rainfed Areas Watershed Dev. - 31.0 35.55 1426-IN 1984 Population III - 70.0 57.80 1432-IN 1984 Karnataka Social Forestry - 27.0 18.44 2387-IN 1984 Nhava Sheva Port 250.0 - 153.96 2393-IN 1984 Dudhichua Coal 151.0 - 109.38 2403-IN 1984 Cambay Basin Petroleum 242.5 - 186.14 2415-IN 1984 Madhya Pradesh Fertilizer 203.6 - 83.60 1454-IN 1984 Tamil Nadu Water Supply - 36.5 37.65 SF-12-IN 1984 Tamil Nadu Water Supply - 36.5 45.17 1468-IN 1984 Periyar Vaigai II Irrigation - 17.5 3.84 SF-16-IN 1984 Periyar Vaigai II Irrigation - 17.5 17.96 1483-IN 1984 Upper G&nga Irrigation - 125.0 128.29 1496-IN 1984 Gujarat Medium Irrigation - 172.0 141.42 2416-IN 1984 Indira Sarovar Hydroelectric 157.4 - 153.01 SF-20-IN 1'94 Indira Sarovar Hydroelectric - 129.8 155.46 2417-IN 1984 Railvays Electrification 280.7 - 245.17 2442-IN 1984 Fazakka II Thermal Power 300.8 - 294.08 2452-IN 1984 Fourth Trombay Thermal Power 135.4 - 81.38 1502-IN 1984 National Cooperative Development Corporation III - 220.0 210.49 1514-IN 1985 Kerala Social Forestry - 31.8 29.53 1523-IN 1985 National Agric. Extension I 39.1 45.45 1544-IN 1985 Bombay Urban Development - 138.0 147.62 2497-IN 1985 Narmada (Gujarat) Dam and Power 200.0 - 200.00 1552-IN 1985 Narmada (Gujarat) Dam and Power - 100.0 105.65 1553-IN 1985 Narmada (Gujarat) Canal - 150.0 177.73 1569-IN 1985 Second National Agricultural Ext. - 49.0 49.99 1611-IN 1985 National Social Forestry - 165.0 177.47 1613-IN 1985 Indira Sarovar Hydroelectric - 13.2 15.87 2498-IN 1985 iharia Coking Coal 248.0 - 226.56 2505-IN 1985 Maharashtra Petrochemical 300.0 - 240.53 2534-IN 1985 Second National Highway 200.0 - 193.84 2544-IN 1985 Chandrapur Thermal Power 300.0 - 270.45 2555-IN 1985 Rihand Power Transmission 250.0 - 222.01 2582-IN 1985 Kerala Power 176.0 - 175.97 1619-IN 1986 West Bengal Minor Irrigation - 99.0 129.24 1621-IN 1986 Maharashtra Composite Irrigation - 160.0 205.25 1622-IN 1986 Kerala Water Supply and Sanitation - 41.0 48.46  schedule D Page 3 of 4 Us$ sillion Loan or Fiscal (elt of Cancellations) credit Year of go. Amnrovul Purpose "An DA I/ !iiesb i od 1623-IN 1986 West boagal Population - 51.0 60.46 i631-IN 1986 National Agricultural NesearchII - 72.1 81.98 2629-IN 1986 Industrial Export Dev. Finance 90.0 - 89.31 2630-IN 1986 ICICI-Indus. kxp. Dev. Finance 160.0 - 149.48 1643-IN 1986 Gujarat Urban - 62.0 69.66 2653-IN 1986 NABARD I 375.0 - 272.48 2660-IN 1986 Cemeot Industry 165.0 - 162.52 2661-IN 1986 ICICI - Cement Industry 35.0 - 33.67 1665-IN 1986 Andhra Pradesh II Irrigation* - 140.0 163.15 2662-IN 1986 Andhra Pradesh II Irrigation* 131.0 - 131.00 2674-IN 1986 Combined Cycle Power 485.0 - 486.54 2729-IN 1986 Cooperative Fertilizer 150.2 - 150.20 2730-IN 1986 Cooperative Fertilizer 152.0 - 104.82 1737-IN 1987 Bihar Tubewells - 68.0 70.50 2769-IN 1987 Bombay Water Supply & Sewerage III * 40.0 - 40.00 1750-IN 1987 Bombay Water Supply & Sewerage III * - 145.0 135.00 1754-IN 1987 National Agric. Extension III * - 85.0 91.75 1757-IN 1987 Gujarat Rural Roads - 119.6 129.24 1770-IN 1987 National Water Management - 114.0 119.26 2785-IN 1987 Oil India Petroleum 140.0 - 140.00 2796-IN 1987 Coal Mining & Quality Improvement 340.0 - 340.00 2813-IN 1987 Telecommunications IX 345.0 - 345.00 Total 11,081.2 14,499.3 of which has been repaid 1,761.8 341.6 Total now outstanding 9,319.4 14,157.7 Amount Sold 133.8 of which has been repaid 133.8 - - Total now held by Bank and IDA 3/ 9,319.4 14,157.7 Total undisbursed texcluding *) 6,158.72 3,739.43 1/ IDA Credit amounts for SDR-denominated Credits are expressed in terms of their US dollar equivalents, as established at the time of Credit negotiations and as subsequently presented to the Board. 2/ Undisbursed amounts for SDR-denominated IDA Credits are derived from cumulative disbursements converted to their US dollar equivalents at the SDR/US dollar exchange rate in effect on September 30, 1987, while original principal is based on the exchange rate in effect at negotiations. This accounts for the fact that in some cases, the undisbursed balance as shown in US$ equivalcnt is higher than the original principal. 3/ Prior to exchange adjustment. * Not yet effective.  10 9 SCHEULE D Page 4 of 4 B. STATZMENT OF IFC INMVSTMENTS (As of September 30, 1987) Fiscal Amount (USS million) Yaa Company. bn Fguity Total 1959 Republic Forge Company Ltd. 1.5 - 1.5 1959 Kirloskar Oil Ingines Ltd. 0.8 - 0.8 1960 Assaa Sillimanite Ltd. 1.4 - 1.4 1961 3.J.3. Pumps Ltd. 0.2 - 0.2 1963-66 Precision Bearings India Ltd. 0.6 0.4 1.0 1964 Fort Gloster Industries Ltd. 0.8 0.4 1.2 1964-75-79 Mahindra Ugine Steel Co. Ltd. 11.8 1.3 13.1 1964 Lakabsi Machine Works Ltd. 1.0 0.3 1.3 1967 Jayebree Chemicals Ltd. 1.1 0.1 1.2 1967 Indian Explosives Ltd. 8.6 2.9 11.5 1969-70 Zuari Agro-Chemicals Ltd. 15.2 3.8 19.0 1976-87 Escorts Limited 15.6 - 15.6 1978 Housing Development Finance Corp. 4.0 1.6 5.6 1980 Deepak Fertilizer and Petrochemicals Corporation Ltd. 7.5 1.2 8.7 1981 Coromandel Fertilizers Limited 15.9 - 15.9 1981-86 Tate Iron and Steel Company Ltd. 51.4 - 51.4 1981 Mahindra, Mahindra Limited 15.0 - 15.0 1981 Nagarjuna Coated Tubes Ltd. 1.5 0.3 1.8 1981-86/87 Nagarjuna Signode Limited 2.3 0.3 2.6 1981 Nagarjuna Steels Limited 2.9 0.2 3.1 1982 Ashok Leyland Limited 28.0 - 28.0 1982 The Bombay Dyeing and Manufacturing Co. Ltd. 18.8 - 18.8 1982 Bharat Forge Company Ltd. 15.9 - 15.9 1982 The Indian Rayon Corp. Ltd. 14.6 - 14.6 1984-86 The Gwalior Rayon Silk Manu- facturing (Weaving) Co. Ltd. 16.0 - 16.0 1985 Bihar Sponge 15.1 0.7 15.8 1985 Bajaj Auto Ltd. 23.9 - 23.9 1985 Modi Cement 13.0 - 13.0 1985 India Lease Development Ltd. 5.0 0.3 5.3 1986 Larsen and Toubro Ltd. 21.8 - 21.8 1986 India Equipment Leasing Ltd. 2.5 0.4 2.9 1986 Bajaj Tempo Limited 30.5 - 30.5 1986 The Great Eastern Shipping Company Ltd. 8.0 2.0 10.0 1987 Gujarat Narmada Valley Fertilizer 35.6 - 35.6 1987 Hero Honda Motore Ltd. 7.7 - 7.7 1987 Wimco Limited 4.7 - 4.7 1987 Titan Watches Limited 15.2 0.4 15.6 1987 Export-Import Bank of India 15.0 - 15.0 1987 Gujarat Fusion Glass Ltd. 7.5 1.7 9.2 1987 The Gujarat Rural Housing Finance Corp. - 0.2 0.2 1987 Hindustan Motors Ltd. 37.6 37.6 TOTAL GROSS COMMITMENTS 495.5 18.5 514.0 Less: Cancellations, Terminations, Repayments and Sales 276.4 8.0 284.4 Now Held 219.1 10.5 229.6 U.s.. .ee _.. .e... Undisbursed 149.8 2.9 152.7  PAKISTAN AY H Lo~~rr,4 fi X t~~~~~~~~~~W \ HL ^_ _ MAorJASrHANo SLko 19 < aH8t3L8^Dt h p < OnRw 0 A D" t | * 9 f < B~~~~~AY O =y o BE ) rNGAL 4 g / H~~yd-;od Vlahk-P-t I N D I A , ) 9 ~HOUSING tS +t gAADA DEVELOPMENT ARABVAJ-V aam PRADESH FINANCE SA \+ CORPORATION \ tu ; PROJECT ' *- }< HCP BRANCH i *