IRFC FINAL - Indian Railway Finance Corporation Ltd.

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SCHEDULE-15PRIOR PERIOD ADJUSTMENTS(Rs. in Lacs)DESCRIPTION YEAR ENDED YEAR ENDED31.03.2009 31.03.2008INCOMEInterest on Housing Building Advances 0.36 -Total (A) 0.36 -EXPENDITUREInterest on Bonds / Foreign Currency Loans (10.96) -Bond Servicing - Surveillance 2.30Depreciation (8.26)Loss on Sale of Fixed Assets (0.23)Office Equipment Repair & Maintenance Expenses - 0.02Processing Agent Fee - 0.55Legal & Professional 1.35 11.87Registrar Fee 0.13 -Rating Fee - 17.24News Paper, Books & Periodicals - 0.01Gifts 0.37 -Transport Hire Charges - (0.15)Payment to Auditors - Tax Audit Fee 0.09 -Filing Fee-ROC for increase in Authorised Capital 20.00Fee & Subscription 0.01 0.25Bank Charges - 0.06Misc. Exp. - 0.04Advertisement & Publicity - 4.00Service Tax - 132.84Total (B) 4.80 166.73PRIOR PERIOD INCOME (Net) (A-B) (4.44) (166.73)45
SCHEDULE-16SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTSA. Significant Accounting Policies1. Basis for preparation of Financial Statementsa) The financial statements are prepared under the historical cost convention, in accordance with theGenerally Accepted Accounting Principles, the Provisions of the Companies Act, 1956 and the applicableguidelines issued by the Reserve Bank of India as adopted consistently by the Company.b) Use of EstimatesThe preparation of financial statements in conformity with Generally Accepted Accounting Principlesrequires management to make estimates and assumptions that affect the reported amounts of asset andliabilities, disclosure of contingent assets and liabilities at the date of the financial statements and thereported amounts of revenue and expenses during the reporting period. Examples of such estimatesinclude estimated useful life of fixed assets and estimated useful life of leased assets. Managementbelieves that estimates used in the preparation of financial statements are prudent and reasonable. Actualresults could differ from these estimates. Adjustments as a result of differences between actual andestimates are made prospectively.2. Revenue Recognitiona) Lease Income in respect of assets given on lease (including assets given prior to 01-04-2001) is recognisedin accordance with the accounting treatment provided in Accounting Standard -19.b) Lease Rentals on assets taken on lease and sub-leased to Ministry of Railways (MOR) prior to 01.04.2001,are accounted for at the rates of lease rentals provided in the agreements with the respective lessors andthe sub-lessee (MOR), on accrual basis, as per the Revised Guidance Note on accounting for Leasesissued by the Institute of Chartered Accountants of India (ICAI).c) Interest Income is recognised on time proportion basis. Dividend Income is recognised when the right toreceive payment is established.d) Income relating to non performing assets is recognised on receipt basis in accordance with the guidelinesissued by the Reserve Bank of India.3. Foreign Currency Transactionsa) Initial RecognitionAt the rates prevailing on the date of transactioni) for acquisition of assets, andii) for interest payment on Loans, Commitment Charges and expenses.b) Recognition at the end of Accounting PeriodForeign Currency monetary assets and liabilities, other than the foreign currency liabilities swapped intoIndian Rupees, are reported using the closing exchange rate in terms of the provisions of AS 11 issuedby the Institute of Chartered Accountants of India.Foreign Currency Liabilities swapped into Indian Rupees are stated at the reference rates fixed in theswap transactions, and not translated at the year end rate.c) Exchange Differencesi) Exchange differences arising on the actual settlement of monetary assets and liabilities at rates differentfrom those at which they were initially recorded during the year, or reported in previous financialstatements, other than the exchange differences on settlement of foreign currency loans and interestthereon recoverable separately from the lessee under the lease agreements, are recognised as incomeor expenses in the year in which they arise.ii) Notional Exchange Differences arising on reporting of outstanding long term foreign currency46
Page 20 and 21: Report on Corporate GovernanceIndia
Page 22 and 23: NOTE : Salary, in the following sca
Page 24 and 25: General Body MeetingsDetails of loc
Page 26 and 27: Chief Executive Officer and Chief F
Page 28 and 29: ANNUALACCOUNTS2008-09Indian Railway
Page 30 and 31: PROFIT AND LOSS ACCOUNTFOR THE YEAR
Page 32 and 33: SCHEDULE-3LOANS(Rs. in Lacs)DESCRIP
Page 34 and 35: SCHEDULE-3 Contd...LOANS(Rs. in Lac
Page 42 and 43: SCHEDULE-7CURRENT ASSETS, LOANS & A
Page 44 and 45: SCHEDULE-8CURRENT LIABILITIES AND P
Page 46 and 47: SCHEDULE-12ADMINISTRATIVE & OTHER E
Page 50 and 51: monetary assets and liabilities at
Page 52 and 53: (iii) Interest expense in respect o
Page 54 and 55: (b) The Company has one (P.Y one) I
Page 56 and 57: (b) The Company is required to tran
Page 58 and 59: As a result of adopting AS - 15 (Re
Page 60 and 61: 21. As per Accounting Standard (AS)
Page 62 and 63: 34. BALANCE SHEET ABSTRACT AND COMP
Page 64 and 65: Auditor's ReportTo,THE MEMBERS,INDI
Page 66 and 67: (xii) The company has not granted a

IRFC FINAL - Indian Railway Finance Corporation Ltd.

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