Statement of Assets and Liabilities for last Five Years and Latest ...

Statement of Assets and Liabilities for last Five Years and Latest Period::ParticularsNoteNo.Annexure - I( in Lacs)As at Half yearended30.09.2012 31.03.12 31.03.11As at Year Ended31.03.10 31.03.09 31.03.08I. EQUITY AND LIABILITIESi. Share Capital 1 235,200.00 210,200.00 160,200.00 109,100.00 50,000.00 50,000.00iii. Reserves and Surplus 2 334,778.84 304,852.53 268,396.61 231,447.95 198,070.46 192,576.46569,978.84 515,052.53 428,596.61 340,547.95 248,070.46 242,576.46(2) Share Application Money Pending Allotment - 25,000.00 - - 30,000.00 -(3) Non-Current Liabilities(a) Long Term Borrowings 3 4,318,128.44 4,695,024.93 3,453,649.14 2,867,596.40 2,327,384.34 1,879,205.24(b) Deferred Tax Liabilities (Net) 4 323,508.97 303,041.07 270,143.21 246,702.23 225,655.23 185,465.08(c) Other Long Term Liabilities 5 573.55 727.47 21,010.65 16,378.89 2,734.64 9,721.06(d) Long Term Provisions 6 10.44 4.06 1.06 5.73 42.21 26.464,642,221.40 4,998,797.53 3,744,804.06 3,130,683.25 2,555,816.42 2,074,417.84(4) Current Liabilities(a) Short-Term Borrowings 7 50,000.00 40,565.40 2,325.00 144,899.82 174,616.00 231,100.00(b) Other Current Liabilities 8 1,582,210.80 427,252.50 463,764.49 436,173.32 319,812.70 363,027.61(c) Short Term Provisions 9 308.02 924.89 740.26 0.60 1.19 17.711,632,518.82 468,742.79 466,829.75 581,073.74 494,429.89 594,145.32Total 6,844,719.06 6,007,592.85 4,640,230.42 4,052,304.94 3,328,316.77 2,911,139.62II. ASSETS(5) Non-Current Assets(a) Fixed Assets 10(i) Tangible Assets 1,308.61 1,309.19 1,336.98 1,369.02 1,399.09 1,420.08(ii) Intangible Assets 1.73 - - - - -(b) Non-Current Investments 11 1,360.01 1,457.92 1,667.68 199.85 199.85 199.85(c) Long Term Loans and Advances 12 5,977,819.05 5,413,364.36 4,238,412.93 3,604,698.77 2,992,368.35 2,530,068.41(d) Other Non-Current Assets 13 44,903.46 44,151.94 40,517.99 34,610.80 26,929.09 16,385.746,025,392.86 5,460,283.41 4,281,935.58 3,640,878.44 3,020,896.38 2,548,074.08(6) Current Assets(a) Cash and Cash Equivalents 14 394,506.56 154,596.13 49,400.44 150,819.58 101,273.98 150,219.41(b) Short Term Loans and Advances 15 2,257.57 15,215.03 5,528.66 14,365.25 1,439.39 28,948.29(c) Other Current Assets 16 422,562.07 377,498.28 303,365.74 246,241.67 204,707.02 183,897.84819,326.20 547,309.44 358,294.84 411,426.50 307,420.39 363,065.54Total 6,844,719.06 6,007,592.85 4,640,230.42 4,052,304.94 3,328,316.77 2,911,139.62

Statement of Profit and Loss for the Last Five YearsAnnexure - IIParticularsNoteNo.For Half yearendedFor the year ended( in Lacs)30.09.2012 31.03.12 31.03.11 31.03.10 31.03.09 31.03.08I. Revenue from operations 17 268,780.41 464,194.17 383,943.80 347,260.44 302,270.63 261,004.84II Other income 18 49.80 116.82 216.52 17.14 11.61 68.63III. Total Revenue (I+II) 268,830.21 464,310.99 384,160.32 347,277.58 302,282.24 261,073.47IV. Expenses:Employee benefits expense 19 109.77 188.22 202.58 155.50 166.14 95.46Finance costs 20 205,406.23 362,038.50 293,673.82 267,976.76 235,841.85 196,702.80Depreciation and amortization18.23 35.12 35.10 35.15 36.74 41.04expenseOther expenses 21 365.16 730.22 414.31 281.60 468.78 399.32Total Expenses 205,899.39 362,992.06 294,325.81 268,449.01 236,513.51 197,238.62V. Profit before exceptional and62,930.82 101,318.93 89,834.51 78,828.57 65,768.73 63,834.85extraordinary items and tax (III-IV)VI. Exceptional items - - - - - -VII. Profit before extraordinary items and62,930.82 101,318.93 89,834.51 78,828.57 65,768.73 63,834.85tax (V-VI)VIII. Extraordinary Items - - - - - -IX. Profit before tax (VII-VIII) 62,930.82 101,318.93 89,834.51 78,828.57 65,768.73 63,834.85X. Tax expense:(1) Current tax 12,596.74 20,342.90 17,923.13 13,512.50 7,500.00 7,227.00(2) Tax For Earlier Years (60.13) - (50.00) - (1.53) -(3) Deferred tax 20,467.90 32,897.86 23,440.98 21,047.00 22,355.92 14,451.07(4) Deferred Tax For Earlier Years - - - - 17,828.37 -(5) Fringe Benefit Tax - - - - 6.81 5.4533,004.51 53,240.76 41,314.11 34,559.50 47,689.57 21,683.52XI. Profit (Loss) for the period (IX-X) 29,926.31 48,078.17 48,520.40 44,269.07 18,079.16 42,151.33XII. Earning per equity share (in ): 22(1) Basic 127.24 283.89 362.80 553.32 361.58 843.03(2) Diluted 127.24 283.78 362.80 553.32 360.40 843.03

CASH FLOW STATEMENTAnnexure - III( in Lacs)For Half yearParticularsended30.09.2012 31.03.12 31.03.11For the year ended31.03.10 31.03.09 31.03.08A. Cash Flow from Operating activities::Profit Before Tax:: 62,930.82 101,318.93 89,834.51 78,828.57 65,768.73 63,834.85Adjustments for::1-Depreciation 18.23 35.12 35.11 35.15 28.48 41.042-(Profit) / Loss on sale of fixed assets (0.14) 1.49 0.81 (0.17) 0.38 0.953-Lease Rentals advance amortised 2,561.41 4,751.21 4,295.51 10,339.57 18,603.45 16,749.394-Provision for Employee benefits 7.16 4.21 0.48 0.36 16.49 12.205-Exchange Rate Variation 366.79 421.97 (4.85) (1,116.10) (195.85) (1,405.00)6-Amortisation of Foreign Currency Monetary Item Trans Diff. - - 181.04 3,455.15 - -7-Amortisation of Interest Restruturing Advance 31.23 101.61 151.64 212.56 309.67 -8-Amortisation of Gain on asset securitisation (349.03) (1,210.74) (2,135.28) (3,898.71) (936.72) -9-Provision for Interest Payable to Income Tax Authorities 28.47 69.36 103.87 - - -10-Misc. Expenditure written off - - - - 20.00 5.0011-Provision for CSR Expenses (Net) 5.00 300.00 - - -65,599.94 105,793.16 92,462.84 87,856.37 83,614.63 79,238.43Adjustments for-1-Assets given on financial lease during the year (744,800.00) (1,260,421.10) (968,029.04) (901,777.50) (699,075.30) (460,480.95)2-Capital Recovery on assets given on financial lease 175,387.22 293,528.91 236,817.58 190,061.51 163,524.35 155,349.863-Advance for Project Funding (8,336.50) (210,136.50)4-Amount Riased through Securitisation of Lease Receivables - - 33,954.23 50,011.03 96,208.49 77,221.595-Receipt on account of Long term loans during the year 7,296.17 13,562.32 10,663.99 7,042.33 4,373.12 5,590.176-Term Loans disbursed during the year - (10,790.00) (10,000.00) (37,000.00) (29,300.00) (24,000.00)7-Loans & Advances (Net of Adv. Tax & ERV) 12,958.52 (9,461.65) 14,361.08 (21,185.58) 35,977.53 (6,271.30)8-Cash and Cash Equivalents (Fixed Deposits with maturity ofmore than 3 months) 33,925.00 (102,536.00) 64,951.00 (11,226.00) - (12,628.00)9-Other Non Current Assets (751.52) (3,633.95) (5,907.19) (7,681.71) (10,543.35) (9,972.64)10-Other Current Assets (3,224.84) (3,100.16) (634.53) 628.79 (2,695.75) (1,327.65)11-Current Liabilties 1,109,055.83 30,992.68 16,878.09 14,792.23 9,015.57 12,443.5812-Direct Taxes Paid (20,220.49) (20,528.83) (18,693.16) (9,850.59) (9,265.74) (7,483.23)561,289.39 (1,282,524.28) (625,637.95) (726,185.49) (441,781.08) (271,558.57)Net Cash flow from Operations 626,889.33 (1,176,731.12) (533,175.11) (638,329.12) (358,166.45) (192,320.14)BCCash Flow from Invetsment Activities:1-Purchase of Fixed Assets (19.84) (9.33) (3.90) (5.08) (7.95) (5.04)2-Proceeds from sale of Fixed Assets 0.60 0.50 0.03 0.17 0.08 0.123-Receipt on account of investment in PTCs 107.28 229.89 - - - -4-Investment in Pass Through Certificates - - (1,697.71) - - -5-Investment made during the year - -88.04 221.06 (1,701.58) (4.91) (7.87) (4.92)Cash flow from Financing activities::1-Dividend & Dividend Tax Paid during the year (1,622.25) (11,660.88) (10,000.00) (11,699.50) (13,399.00) (10,000.00)2-Share Capital Riased during the year - 50,000.00 51,100.00 29,100.00 - -3-Share Application Money Received during the year - 25,000.00 - - 30,000.00 -4-Funds raised through Bonds - 1,138,500.00 598,955.00 559,094.00 599,100.00 519,500.005-Bonds Redeemed during the year (94,830.00) (56,443.34) (184,893.33) (35,493.33) (157,313.33) (128,744.08)6-Term Loans raised during the year 351,357.00 294,272.00 61,480.13 1,194,151.11 828,976.69 291,100.007-Term Loans repaid during the year (591,650.32) (298,376.92) (287,772.27) (1,159,446.37) (985,109.00) (394,572.06)8-Funds raised through External Commercial Borrowings - 95,695.00 330,186.93 215,887.50 49,990.00 -9-Repayment of External Commercial Borrowings (16,396.37) (57,816.11) (60,647.91) (114,939.78) (43,016.47) (44,596.76)10-Share Registration Fees Paid during the year (25.00)(353,141.94) 1,179,169.75 498,408.55 676,653.63 309,228.89 232,662.10Net Cash Flow During the year(A+B+C) 273,835.43 2,659.69 (36,468.14) 38,319.60 (48,945.43) 40,337.04Opening Balance of Cash & Cash Equivalents::Balance in the Current Accounts 683.67 461.99 842.56 1,197.77 5,218.30 9,050.86Balance in the Term Deposit A/cs (orginal maturity of threemonths or less) 5,100.00 2,662.00 38,750.00 75.00 45,000.00 830.00Balance in Franking Machine 0.44 0.43 - 0.19 0.09 0.49Balance in RBI-PLA 1.02 1.02 1.02 1.02 1.02 1.025,785.13 3,125.44 39,593.58 1,273.98 50,219.41 9,882.37Closing Balance of Cash & Cash Equivalents 279,620.56 5,785.13 3,125.44 39,593.58 1,273.98 50,219.41Add Term Deposits with maturity of more than three months 114,886.00 148,811.00 46,275.00 111,226.00 100,000.00 100,000.00Closing Balance of Cash & Cash Equivalents as per Statement ofAsset & Liability 394,506.56 154,596.13 49,400.44 150,819.58 101,273.98 150,219.41

Notes on Financial StatementsAnnexure - IV1. Share Capital( in lakhs)As at30‐09‐2012As at31‐03‐2012As at31‐03‐2011As at31‐03‐2010As at31‐03‐2009As at31‐03‐2008AUTHORISED500000.00 500000.00 200000.00 200000.00 100000.00 100000.00500,00,000 Equity Share of 1000/‐eachISSUED, SUBSCRIBED AND FULLY PAID‐UP 235200.00 210200.00 160200.00 109100.00 50000.00 50000.002,35,20,000 Equity Shares of 1000/‐ eachTotal 235200.00 210200.00 160200.00 109100.00 50000.00 50000.001.1 The Company has only one class of shares referred to as Equity Share having a par value of 1000/‐ each. Each holder of equity shares isentitled to one vote per share.1.2 The Company declares and pays dividend in Indian Rupees. During the half year ended September 30, 2012, no dividend has been paid by theCompany.1.3 Reconciliation of the number of shares outstanding is setout below:Particulars As at 30‐09‐2012No. of sharesAs at 31‐03‐2012No. of sharesAs at 31‐03‐2011No. of sharesAs at 31‐03‐2010No. of sharesAs at 31‐03‐2009No. of sharesAs at 31‐03‐2008No. of sharesEquity Shares at the beginning of the period 21020000 16020000 10910000 5000000 5000000 2320000Add: Shares issued for cash at par 2500000 5000000 5110000 5910000 ‐ 2680000Equity Shares at the end of the period 23520000 21020000 16020000 10910000 5000000 50000001.4 Details of Shareholders holding more than 5% shares:Name of theShareholderAs at 30‐09‐2012 As at 31‐03‐2012 As at 31‐03‐2011 As at 31‐03‐2010As at 31‐03‐2009 As at 31‐03‐2008No ofshares%heldNo ofshares%heldNo ofshares%heldNo ofshares%heldNo ofshares%heldNo ofshares%heldGovernment of India(through Ministry ofRailways)23519993 99.99 21019993 99.99 16019993 99.99 10909993 99.99 4999993 99.99 4999993 99.99

2. Reserves and Surplus( in Lakhs)ParticularsAs at30‐09‐2012As at31‐03‐2012As at31‐03‐2011As at31‐03‐2010As at31‐03‐2009As at31‐03‐2008General ReserveOpening Balance 60421.39 60421.39 55332.26 43230.34 42216.00 38000.00Add: Transfer from Foreign Currency Monetary Item 0.00 0.00 89.13 807.92 29.46 0.00Translation Difference AccountLess: Transfer to Foreign Currency Monetary Item0.00 0.00 0.00 0.00 926.51 0.00Translation Difference AccountAdd: Adjustment on account of Translational0.00 0.00 0.00 0.00 11.39 0.00Provision for Employee Benefits as per AS‐15Add: Transfer from Exchange Variation Reserve 0.00 0.00 0.00 6794.00 0.00 0.00Add: Transfer from Surplus 0.00 0.00 5000.00 4500.00 1900.00 4216.00Closing Balance ‐ ‘A’ 60421.39 60421.39 60421.39 55332.26 43230.34 42216.00Bonds Redemption ReserveOpening Balance 244431.14 207975.22 176115.69 148046.12 145513.46 120174.63Add: Transfer from Surplus 29926.31 36455.92 31859.53 28069.57 2532.66 25338.83Closing Balance ‐ ‘B’ 274357.45 244431.14 207975.22 176115.69 148046.12 145513.46Exchange Rate Variation ReserveOpening Balance 0.00 0.00 0.00 6794.00 4847.00 3950.00Add: Transfer from Surplus 0.00 0.00 0.00 0.00 1947.00 897.00Less: Transfer to General0.00 0.00 0.00 6794.00 0.00 0.00ReserveClosing Balance ‐ ‘C’ 0.00 0.00 0.00 0.00 6794.00 4847.00SurplusOpening Balance 0.00 0.00 0.00 0.00 0.00 0.00Add: Profit for the period after taxation as per29926.31 48078.17 48520.40 44269.07 18079.16 42151.33statement of Profit and LossSurplus available for appropriation 29926.31 48078.17 48520.40 44269.07 18079.16 42151.33Less: AppropriationsTransfer to General Reserve 0.00 0.00 5000.00 4500.00 1900.00 4216.00Transfer to Exchange Variation Reserve 0.00 0.00 0.00 0.00 1947.00 897.00

Transfer to Bonds Redemption Reserve 29926.31 36455.92 31859.53 28069.57 2532.66 25338.83Interim Dividend 0.00 10000.00 10000.00 10000.00 10000.00 10000.00Dividend Tax 0.00 1622.25 1660.87 1699.50 1699.50 1699.50Closing Balance ‐ ‘D’ 0.00 0.00 0.00 0.00 0.00 0.00Total A + B + C + D 334778.84 304852.53 268396.61 231447.95 198070.46 192576.463. Long Term Borrowings( in Lakhs)ParticularsAs at As at As at As at As at As at30‐09‐2012 31‐03‐2012 31‐03‐2011 31‐03‐2010 31‐03‐2009 31‐03‐2008SecuredBonds from Domestic Capital Market 3423302.38 3458532.38 2527495.71 1984984.04 1610783.37 1047176.70Rupee Term Loans from Banks 26704.90 397719.60 275398.22 495858.13 448180.45 527637.76Foreign Currency Term Loans 14000.47 14755.38 15155.88 19275.50 25811.79 25846.78Total Secured Borrowings 3464007.75 3871007.36 2818049.81 2500117.67 2084775.61 1600661.24UnsecuredBonds from Overseas Capital Market 171795.00 165522.50 145112.50 111161.79 118299.29 168640.28Rupee Term Loans from Banks 4166.94 5096.94 6956.94 8816.94 10211.94 16333.72Foreign Currency Term Loans 678158.75 653398.13 483529.89 247500.00 114097.50 93570.00Total Unsecured Borrowings 854120.69 824017.57 635599.33 367478.73 242608.73 278544.00Total Long Term Borrowings 4318128.44 4695024.93 3453649.14 2867596.40 2327384.34 1879205.243.1 All the bonds issued in the domestic capital market and outstanding as on 30‐09‐2012 are secured by first pari passu charge on thepresent / future Rolling stock assets / lease receivables of the Company.

3.1.1 Maturity profile and Rate of Interest of the bonds (classified as Long Term Borrowings) issued in the domestic capital market and amountoutstanding as on 30‐09‐2012 is set out below:Series Interest Rate AmountoutstandingTerms of Payment Date ofMaturity( in Lakhs)71st "E" Taxable Non‐Cum. Bonds 8.83%, Semi Annual 22000.00 Bullet Repayment 14‐May‐3570th "E" Taxable Non‐Cum. Bonds 8.72%, Semi Annual 1500.00 Bullet Repayment 4‐May‐3571st "D" Taxable Non‐Cum. Bonds 8.83%, Semi Annual 22000.00 Bullet Repayment 14‐May‐3470th "D" Taxable Non‐Cum. Bonds 8.72%, Semi Annual 1500.00 Bullet Repayment 4‐May‐3471st "C" Taxable Non‐Cum. Bonds 8.83%, Semi Annual 22000.00 Bullet Repayment 14‐May‐3370th "C" Taxable Non‐Cum. Bonds 8.72%, Semi Annual 1500.00 Bullet Repayment 4‐May‐3371st "B" Taxable Non‐Cum. Bonds 8.83%, Semi Annual 22000.00 Bullet Repayment 14‐May‐3270th "B" Taxable Non‐Cum. Bonds 8.72%, Semi Annual 1500.00 Bullet Repayment 4‐May‐3271st "A" Taxable Non‐Cum. Bonds 8.83%, Semi Annual 22000.00 Bullet Repayment 14‐May‐3176th "B" Taxable Non‐Cum. Bonds 9.47%, Semi Annual 99500.00 Bullet Repayment 10‐May‐3170th "A" Taxable Non‐Cum. Bonds 8.72%, Semi Annual 1500.00 Bullet Repayment 4‐May‐3170th "AA" Taxable Non‐Cum. Bonds 8.79%, Semi Annual 141000.00 Bullet Repayment 4‐May‐3067th "B" Taxable Non‐Cum. Bonds 8.80%, Semi Annual 38500.00 Bullet Repayment 3‐Feb‐3054th "B" Taxable Non‐Cum. Bonds 10.04%,Semi Annual 32000.00 Bullet Repayment 7‐Jun‐2780th 'A' Series Cat‐1, Tax Free Bonds Public 8.10%, Annual 268754.88 Bullet Repayment 23‐Feb‐27Issue80th 'A' Series Cat‐2, Tax Free Bonds Public 8.30%, Annual 40810.31 Bullet Repayment 23‐Feb‐27Issue53rd "C" Taxable Non‐Cum. Bonds 8.75%, Semi Annual 41000.00 Bullet Repayment 29‐Nov‐2679th "A" Tax Free Non‐Cum. Bonds 7.77%, Annual 19151.00 Bullet Repayment 08‐Nov‐2676th "A" Taxable Non‐Cum. Bonds 9.33%, Semi Annual 25500.00 Bullet Repayment 10‐May‐2675th Taxable Non‐Cum. Bonds 9.09%, Semi Annual 15000.00 Bullet Repayment 31‐Mar‐2674th Taxable Non‐Cum. Bonds 9.09%, Semi Annual 107600.00 Bullet Repayment 29‐Mar‐2669th Taxable Non‐Cum. Bonds 8.95%, Semi Annual 60000.00 Bullet Repayment 10‐Mar‐2567th "A" Taxable Non‐Cum. Bonds 8.65%, Semi Annual 20000.00 Bullet Repayment 3‐Feb‐2565th "O" Taxable Non‐Cum. Bonds 8.20%, Semi Annual 6000.00 Bullet Repayment 27‐Apr‐2463rd "B" Taxable Non‐Cum. Bonds 8.65%, Semi Annual 31500.00 Bullet Repayment 15‐Jan‐2462nd "B" Taxable Non‐Cum. Bonds 8.50%, Semi Annual 28500.00 Bullet Repayment 26‐Dec‐23

61st "A" Taxable Non‐Cum. Bonds 10.70%, Semi61500.00 Bullet Repayment 11‐Sep‐23Annual65th "N" Taxable Non‐Cum. Bonds 8.20%, Semi Annual 6000.00 Bullet Repayment 27‐Apr‐2358th "A" Taxable Non‐Cum. Bonds 9.20%, Semi Annual 50000.00 Bullet Repayment 29‐Oct‐2254th "A" Taxable Non‐Cum. Bonds 9.81%, Semi Annual 15000.00 Bullet Repayment 7‐Jun‐2255th "O" Taxable Non‐Cum. Bonds 9.86%, Semi Annual 3300.00 Bullet Repayment 7‐Jun‐2265th "M" Taxable Non‐Cum. Bonds 8.20%, Semi Annual 6000.00 Bullet Repayment 27‐Apr‐2280th Series Cat‐1 Tax Free Bonds Public 8%, Annual 277663.65 Bullet Repayment 23‐Feb‐22Issue80th Series Cat‐2 Tax Free Bonds Public 8.15%, Annual 39660.16 Bullet Repayment 23‐Feb‐22Issue53rd "B" Taxable Non‐Cum. Bonds 8.68%, Semi Annual 22500.00 Bullet Repayment 29‐Nov‐2179th Tax Free Non‐Cum. Bonds 7.55%, Annual 53960.00 Bullet Repayment 08‐Nov‐2178th Taxable Non‐Cum. Bonds 9.41%, Semi Annual 150000.00 Bullet Repayment 28‐Jul‐2155th "N" Taxable Non‐Cum. Bonds 9.86%, Semi Annual 3300.00 Bullet Repayment 7‐Jun‐2177th Taxable Non‐Cum. Bonds 9.57%, Semi Annual 124500.00 Bullet Repayment 31‐May‐2152nd "B" Taxable Non‐Cum. Bonds 8.64%, Semi Annual 70000.00 Bullet Repayment 17‐May‐2176th Taxable Non‐Cum. Bonds 9.27%, Semi Annual 39000.00 Bullet Repayment 10‐May‐2165th "L" Taxable Non‐Cum. Bonds 8.20%, Semi Annual 6000.00 Bullet Repayment 27‐Apr‐2151st Taxable Non‐Cum. Bonds 7.74%, Semi Annual 45000.00 Bullet Repayment 22‐Dec‐2073rd "B" Tax Free Non‐Cum. Bonds 6.72%, Semi Annual 83591.00 Bullet Repayment 20‐Dec‐2049th "O" ‐ FLOATING RATE BONDS Taxable 8.57%, Semi Annual 1000.00 Bullet Repayment 22‐Jun‐20Non‐Cum. Bonds*72nd Taxable Non‐Cum. Bonds 8.50%, Semi Annual 80000.00 Bullet Repayment 22‐Jun‐2055th "M" Taxable Non‐Cum. Bonds 9.86%, Semi Annual 3300.00 Bullet Repayment 7‐Jun‐2065th "K" Taxable Non‐Cum. Bonds 8.20%, Semi Annual 6000.00 Bullet Repayment 27‐Apr‐2068th "B" Tax Free Non‐Cum. Bonds 6.70%, Semi Annual 92721.00 Bullet Repayment 8‐Mar‐2067th Taxable Non‐Cum. Bonds 8.55%, Semi Annual 17500.00 Bullet Repayment 3‐Feb‐2048th "JJ" Taxable Non‐Cum. Bonds 6.85%, Semi Annual 5000.00 Bullet Repayment 17‐Sep‐1949th "N" ‐ FLOATING RATE BONDS Taxable 8.51%, Semi Annual 1000.00 Bullet Repayment 22‐Jun‐19Non‐Cum. Bonds*66th Taxable Non‐Cum. Bonds 8.60%, Semi Annual 50000.00 Bullet Repayment 11‐Jun‐1955th "L" Taxable Non‐Cum. Bonds 9.86%, Semi Annual 3300.00 Bullet Repayment 7‐Jun‐1965th "AA" Taxable Non‐Cum. Bonds 8.19%, Semi Annual 56000.00 Bullet Repayment 27‐Apr‐19

65th "J" Taxable Non‐Cum. Bonds 8.20%, Semi Annual 6000.00 Bullet Repayment 27‐Apr‐1947th "O" Taxable Non‐Cum. Bonds 5.99%, Semi Annual 1000.00 Bullet Repayment 26‐Mar‐1963rd "A" Taxable Non‐Cum. Bonds 8.55%, Semi Annual 170500.00 Bullet Repayment 15‐Jan‐1962nd "A" Taxable Non‐Cum. Bonds 8.45%, Semi Annual 50000.00 Bullet Repayment 26‐Dec‐1857th Taxable Non‐Cum. Bonds 9.66%, Semi Annual 100000.00 Redeemable in 28‐Sep‐18five equal yearlyinstallmentscommencing from28‐09‐201848th "II" Taxable Non‐Cum. Bonds 6.85%, Semi Annual 5000.00 Bullet Repayment 17‐Sep‐1861st Taxable Non‐Cum. Bonds10.60%, Semi85500.00 Bullet Repayment 11‐Sep‐18Annual46th "EE" Taxable Non‐Cum. Bonds 6.20%, Semi Annual 2500.00 Bullet Repayment 12‐Aug‐1846th "O" Taxable Non‐Cum. Bonds 6.25%, Semi Annual 1300.00 Bullet Repayment 12‐Aug‐1849th "M" ‐ FLOATING RATE BONDS Taxable 8.43%, Semi Annual 1000.00 Bullet Repayment 22‐Jun‐18Non‐Cum. Bonds*55th "K" Taxable Non‐Cum. Bonds 9.86%, Semi Annual 3300.00 Bullet Repayment 7‐Jun‐1860th Taxable Non‐Cum. Bonds 9.43%, Semi Annual 60400.00 Bullet Repayment 23‐May‐1845th "OO" Taxable Non‐Cum. Bonds 6.39%, Semi Annual 700.00 Bullet Repayment 13‐May‐1865th "I" Taxable Non‐Cum. Bonds 8.20%, Semi Annual 6000.00 Bullet Repayment 27‐Apr‐1847th "N" Taxable Non‐Cum. Bonds 5.99%, Semi Annual 1000.00 Bullet Repayment 26‐Mar‐1873rd "A" Tax Free Non‐Cum. Bonds 6.32%, Semi Annual 28456.00 Bullet Repayment 20‐Dec‐1743rd "OO" Taxable Non‐Cum. Bonds 7.63%, Semi Annual 3000.00 Bullet Repayment 29‐Oct‐1748th "HH" Taxable Non‐Cum. Bonds 6.85%, Semi Annual 5000.00 Bullet Repayment 17‐Sep‐1742nd "O" Taxable Non‐Cum. Bonds 8%, Semi Annual 1000.00 Bullet Repayment 29‐Aug‐1746th "N" Taxable Non‐Cum. Bonds 6.25%, Semi Annual 1300.00 Bullet Repayment 12‐Aug‐1749th "L" ‐ FLOATING RATE BONDS Taxable 8.51%, Semi Annual 1000.00 Bullet Repayment 22‐Jun‐17Non‐Cum. Bonds*54th Taxable Non‐Cum. Bonds 9.81%, Semi Annual 22000.00 Bullet Repayment 7‐Jun‐1755th "J" Taxable Non‐Cum. Bonds 9.86%, Semi Annual 3300.00 Bullet Repayment 7‐Jun‐1745th "NN" Taxable Non‐Cum. Bonds 6.39%, Semi Annual 700.00 Bullet Repayment 13‐May‐1765th "H" Taxable Non‐Cum. Bonds 8.20%, Semi Annual 6000.00 Bullet Repayment 27‐Apr‐1747th "M" Taxable Non‐Cum. Bonds 5.99%, Semi Annual 1000.00 Bullet Repayment 26‐Mar‐1768th "A" Tax Free Non‐Cum. Bonds 6.3%, Semi Annual 64262.00 Bullet Repayment 8‐Mar‐17

53rd "A" Taxable Non‐Cum. Bonds 8.57%, Semi Annual 12500.00 Bullet Repayment 29‐Nov‐1643rd "NN" Taxable Non‐Cum. Bonds 7.63%, Semi Annual 3000.00 Bullet Repayment 29‐Oct‐1648th "GG" Taxable Non‐Cum. Bonds 6.85%, Semi Annual 5000.00 Bullet Repayment 17‐Sep‐1642nd "N" Taxable Non‐Cum. Bonds 8%, Semi Annual 1000.00 Bullet Repayment 29‐Aug‐1646th "M" Taxable Non‐Cum. Bonds 6.25%, Semi Annual 1300.00 Bullet Repayment 12‐Aug‐1649th "K" ‐ FLOATING RATE BONDS Taxable 8.49%, Semi Annual 1000.00 Bullet Repayment 22‐Jun‐16Non‐Cum. Bonds*55th "I" Taxable Non‐Cum. Bonds 9.86%, Semi Annual 3300.00 Bullet Repayment 7‐Jun‐1652nd "A" Taxable Non‐Cum. Bonds 8.41%, Semi Annual 11000.00 Bullet Repayment 17‐May‐1645th "MM" Taxable Non‐Cum. Bonds 6.39%, Semi Annual 700.00 Bullet Repayment 13‐May‐1665th "G" Taxable Non‐Cum. Bonds 8.20%, Semi Annual 6000.00 Bullet Repayment 27‐Apr‐1647th "L" Taxable Non‐Cum. Bonds 5.99%, Semi Annual 1000.00 Bullet Repayment 26‐Mar‐1673rd Tax Free Non‐Cum. Bonds 6.05%, Semi Annual 18808.00 Bullet Repayment 20‐Dec‐1543rd "MM" Taxable Non‐Cum. Bonds 7.63%, Semi Annual 3000.00 Bullet Repayment 29‐Oct‐1548th "FF" Taxable Non‐Cum. Bonds 6.85%, Semi Annual 5000.00 Bullet Repayment 17‐Sep‐1542nd "M" Taxable Non‐Cum. Bonds 8%, Semi Annual 1000.00 Bullet Repayment 29‐Aug‐1546th "L" Taxable Non‐Cum. Bonds 6.25%, Semi Annual 1300.00 Bullet Repayment 12‐Aug‐1549th "J" ‐ FLOATING RATE BONDS Taxable 8.39%, Semi Annual 1000.00 Bullet Repayment 22‐Jun‐15Non‐Cum. Bonds*55th "H" Taxable Non‐Cum. Bonds 9.86%, Semi Annual 3300.00 Bullet Repayment 7‐Jun‐1545th "LL" Taxable Non‐Cum. Bonds 6.39%, Semi Annual 700.00 Bullet Repayment 13‐May‐1570th Taxable Non‐Cum. Bonds 7.845%, Semi Annual 7000.00 Bullet Repayment 4‐May‐1565th "F" Taxable Non‐Cum. Bonds 8.20%, Semi Annual 6000.00 Bullet Repayment 27‐Apr‐1547th "K" Taxable Non‐Cum. Bonds 5.99%, Semi Annual 1000.00 Bullet Repayment 26‐Mar‐1568th Tax Free Non‐Cum. Bonds 6%, Semi Annual 35011.00 Bullet Repayment 8‐Mar‐1517th Tax free Non‐Cum. Bonds 9%, Semi Annual 20000.00 Bullet Repayment 28‐Feb‐1543rd "LL" Taxable Non‐Cum. Bonds 7.63%, Semi Annual 3000.00 Bullet Repayment 29‐Oct‐1448th "EE" Taxable Non‐Cum. Bonds 6.85%, Semi Annual 5000.00 Bullet Repayment 17‐Sep‐1448th "H" Taxable Non‐Cum. Bonds 6.85%, Semi Annual 2960.00 Bullet Repayment 14‐Sep‐1442nd "L" Taxable Non‐Cum. Bonds 8%, Semi Annual 1000.00 Bullet Repayment 29‐Aug‐1446th "K" Taxable Non‐Cum. Bonds 6.25%, Semi Annual 1300.00 Bullet Repayment 12‐Aug‐1422nd Taxable Non‐Cum. Bonds11.50%, Semi160.00 Redeemable in 2 27‐Jul‐14Annualyearly equalinstallments

starting from 27‐07‐201416th "O" Taxable Non‐Cum. Bonds 12.80%, Semi1000.00 Bullet Repayment 15‐Jul‐14Annual15th "O" Taxable Non‐Cum. Bonds 12.90%, Semi1000.00 Bullet Repayment 22‐Jun‐14Annual49th "I" ‐ FLOATING RATE BONDS Taxable 8.48%, Semi Annual 1000.00 Bullet Repayment 22‐Jun‐14Non‐Cum. Bonds*55th "G" Taxable Non‐Cum. Bonds 9.86%, Semi Annual 3300.00 Bullet Repayment 7‐Jun‐1445th "KK" Taxable Non‐Cum. Bonds 6.39%, Semi Annual 700.00 Bullet Repayment 13‐May‐1465th Taxable Non‐Cum. Bonds 7.45%, Semi Annual 35100.00 Bullet Repayment 27‐Apr‐1465th "E" Taxable Non‐Cum. Bonds 8.20%, Semi Annual 6000.00 Bullet Repayment 27‐Apr‐1413th "AA" Taxable Non‐Cum. Bonds 10%, Semi Annual 1333.38 Bullet Repayment 31‐Mar‐1464th Taxable Non‐Cum. Bonds 8.49%, Semi Annual 18200.00 Bullet Repayment 30‐Mar‐1447th "J" Taxable Non‐Cum. Bonds 5.99%, Semi Annual 1000.00 Bullet Repayment 26‐Mar‐1463rd Taxable Non‐Cum. Bonds 8.46%, Semi Annual 83000.00 Bullet Repayment 15‐Jan‐1462nd Taxable Non‐Cum. Bonds 8.40%, Semi Annual 10000.00 Bullet Repayment 26‐Dec‐1343rd "KK" Taxable Non‐Cum. Bonds 7.63%, Semi Annual 3000.00 Bullet Repayment 29‐Oct‐13Total 3423302.383.1.2 Maturity profile and Rate of Interest of the bonds (classified as Other Current Liabilities) issued in the domestic capital market andamount outstanding as on 30‐09‐2012 is set out below:Series Interest Rate Amountoutstanding( in Lakhs)Terms of PaymentDate ofMaturity48th "DD" Taxable Non‐Cum. Bonds 6.85%, Semi Annual 5000.00 Bullet Repayment 17‐Sep‐1348th "G" Taxable Non‐Cum. Bonds 6.85%, Semi Annual 2960.00 Bullet Repayment 14‐Sep‐1342nd "K" Taxable Non‐Cum. Bonds 8%, Semi Annual 1000.00 Bullet Repayment 29‐Aug‐1346th "DD" Taxable Non‐Cum. Bonds 6.20%, Semi Annual 2500.00 Bullet Repayment 12‐Aug‐1346th "J" Taxable Non‐Cum. Bonds 6.25%, Semi Annual 1300.00 Bullet Repayment 12‐Aug‐1346th "JJJ" Taxable Non‐Cum. Bonds 5.99%, Semi Annual 1500.00 Bullet Repayment 12‐Aug‐1322nd Taxable Non‐Cum. Bonds 11.50%, Semi Annual 70.00 AmortizedRepayment27‐Jul‐13

16th "N" Taxable Non‐Cum. Bonds 12.80%, Semi Annual 1000.00 Bullet Repayment 15‐Jul‐1315th "N" Taxable Non‐Cum. Bonds 12.90%, Semi Annual 1000.00 Bullet Repayment 22‐Jun‐1349th "H" – Floating Rate Bonds Taxable 8.36%, Semi Annual 1000.00 Bullet Repayment 22‐Jun‐13Non‐Cum. Bonds*55th "F" Taxable Non‐Cum. Bonds 9.86%, Semi Annual 3300.00 Bullet Repayment 7‐Jun‐1345th "E" Taxable Non‐Cum. Bonds 6.10%, Semi Annual 7900.00 Bullet Repayment 13‐May‐1345th "JJ" Taxable Non‐Cum. Bonds 6.39%, Semi Annual 700.00 Bullet Repayment 13‐May‐1365th "D" Taxable Non‐Cum. Bonds 8.20%, Semi Annual 6000.00 Bullet Repayment 27‐Apr‐1344th "JJ" Taxable Non‐Cum. Bonds 6.98%, Semi Annual 2300.00 Bullet Repayment 31‐Mar‐1312th "CC" Taxable Non‐Cum. Bonds 10%, Quarterly 2000.00 Amortised Annual 31‐Mar‐13Repayment13th "AA" Taxable Non‐Cum. Bonds 10%, Semi Annual 1333.33 Amortised Annual 31‐Mar‐13Repayment47th "I" Taxable Non‐Cum. Bonds 5.99%, Semi Annual 1000.00 Bullet Repayment 26‐Mar‐1359th "A" Taxable Non‐Cum. Bonds 8.75%, Semi Annual 82500.00 Bullet Repayment 7‐Jan‐1343rd "J" Taxable Non‐Cum. Bonds 6.90%, Semi Annual 500.00 Bullet Repayment 29‐Oct‐1243rd "JJ" Taxable Non‐Cum. Bonds 7.63%, Semi Annual 3000.00 Bullet Repayment 29‐Oct‐1258th Taxable Non‐Cum. Bonds 8.83%, Semi Annual 20000.00 Bullet Repayment 29‐Oct‐12Total 147863.33*Applicable interest rate as on 30.09.2012 (Interest rate is floating linked to Indian Benchmark (INBMK) Yield and reset at half yearly rest). Allother interest rates are fixed.3.2 Rupee Term Loans availed from Banks are secured by first pari passu charge on the present / future rolling stock assets / leasereceivables of the Company. Terms of Repayment of Secured Term Loans and amount outstanding as on 30‐09‐2012 is set out below:( in Lakhs)Name of Bank Rate of Interest Date of Repayment Non‐ Current TotalMaturityCurrentCentral Bank of India(3) 8.25%, Fixed 1‐Oct‐16 Half Yearly 2318.00 668.00 2986.00United Bank of India (2) 8.91%, Fixed 1‐Oct‐16 Half Yearly 2341.00 666.00 3007.00Central Bank of India(4) 8.25%, Fixed 1‐Oct‐16 Half Yearly 2318.00 668.00 2986.00United Bank of India (1) 8.91%, Fixed 1‐Oct‐15 Half Yearly 1675.00 666.00 2341.00Bank of Tokyo‐Mitsubishi UFJ Ltd. 7.80%, Fixed 15‐May‐15 Annual 8000.00 4000.00 12000.00ICICI Bank 11.50%, Fixed 1‐Apr‐15 Half Yearly 7692.31 3846.15 11538.46Central Bank of India(2) 8.25%, Fixed 1‐Apr‐14 Half Yearly 1324.00 1334.00 2658.00

HDFC Bank Ltd. 8.44%, Fixed 1‐Apr‐14 Half Yearly 200.00 200.00 400.00Central Bank of India(1) 8.25%, Fixed 1‐Oct‐13 Half Yearly 500.00 1000.00 1500.00Allahabad Bank(1) 9%, Fixed 1‐Oct‐13 Half Yearly 336.59 666.00 1002.59Allahabad Bank(2) (Note‐1) 10.75%, Linked 25‐Jul‐18 Bullet 0.00 30000.00 30000.00to Base RateDena Bank (Note‐1)12.80%, Linked 1‐Apr‐15 Half Yearly 0.00 1592.00 1592.00to BPLROriental Bank of Commerce (Note‐ 12.50%, Linked 1‐Oct‐15 Half Yearly 0.00 1832.43 1832.431)to BPLRState Bank of India (Note‐1) 11.70%, Linked 1‐Oct‐15 Half Yearly 0.00 1750.00 1750.00to BPLRState Bank of Patiala (Note‐1) 12.91%, Linked 1‐Oct‐15 Half Yearly 0.00 981.42 981.42to BPLRUnited Bank of India (3) (Note‐1) 11.10%, Linked 30‐Jun‐16 Bullet 0.00 40000.00 40000.00to Base RateBank of Maharashtra(1) (Note‐1) 10.50%, Linked 30‐Mar‐17 Bullet 0.00 20000.00 20000.00to Base RateBank of Maharashtra(2) (Note‐1) 10.50%, Linked 25‐Jul‐18 Bullet 0.00 25000.00 25000.00to Base RateCorporation Bank (Note‐1)10.60%, Linked 29‐Jul‐18 Bullet 0.00 25000.00 25000.00to Base RateUCO Bank (Note‐1)10.75%, Linked 29‐Jul‐18 Bullet 0.00 25000.00 25000.00to Base RateTotal 26704.90 184870.01 211574.91Note‐1 IRFC has exercised the prepayment option as enshrined and prepaid these loans on 1 st October 2012.Note‐2 Date of Maturity in case of amortised repayments represents the final maturity date.3.3 Foreign Currency Term Loans availed are secured by first pari passu charge on the present / future rolling stock assets / lease receivablesof the Company. Terms of Repayment of the Foreign Currency term loan and amount outstanding as on 30‐09‐2012 is as follows:( in Lakhs)Description Rate of Interest Date of Repayment Non‐Current Current TotalMaturityBank of India (Note‐1) 6M USD LIBOR+1.25% 30‐Oct‐21 Half Yearly 13479.30 1585.80 15065.10

Export Development6M USD LIBOR+0.30% 15‐Oct‐15 Half Yearly 98.29 196.57 294.86Corporation, Canada‐1 (Note‐1)Export Development6M USD LIBOR+0.23% 15‐Oct‐13 Half Yearly 422.88 845.76 1268.64Corporation, Canada‐3 (Note‐1)Total 14000.47 2628.13 16628.60Note‐1 Date of Maturity in case of amortised repayments represents the final maturity date.3.4 Maturity profile and interest rate on Unsecured Bonds from Overseas Capital Market (classified as long term borrowing) and amountoutstanding as on 30‐09‐2012 is set out below:Particulars Interest Rate Amount outstanding( in Lakhs)Term ofRepaymentDate ofMaturityUS PP Bonds 2017 (USD 125 Million) 5.94%, Semi Annual 66075.00 Bullet Repayment 28‐Mar‐17Euro Dollar Bonds (USD 200 Million) 4.406%, Semi Annual 105720.00 Bullet Repayment 30‐Mar‐16Total 171795.003.5 Terms of Repayment of the Unsecured Rupee Term Loans from Banks and amount outstanding as on 30‐09‐2012 is as follows:( in Lakhs)Name of Bank Rate of Interest Date ofMaturityRepayment Non‐Current Current TotalIDBI Ltd. 8.50% Fixed 01‐Oct‐15 Quarterly 4166.94 1860.00 6026.94Total 4166.94 1860.00 6029.94Note‐1 Date of Maturity in case of amortised repayments represents the final maturity date.3.6 Terms of Repayment of the Unsecured Foreign Currency Loans (classified as long term borrowings) and amount outstanding as on 30‐09‐2012 is as follows:( in Lakhs)Description Rate of Interest Date of Repay Non‐ Current TotalMaturity ment CurrentLoan From AFLAC‐2 Fixed, 2.90% 30‐Mar‐26 Bullet 19577.78 0.00 19577.78Loan From AFLAC‐1 Fixed, 2.85% 10‐Mar‐26 Bullet 77120.97 0.00 77120.97

Syndicated Foreign Currency Loan‐USD 200 MioSyndicated Foreign Currency Loan‐USD 350 MioSyndicated Foreign Currency Loan‐USD 450 MioSyndicated Foreign Currency Loan‐USD 100 Mio6M USDLIBOR+1.25%6M USDLIBOR+1.34%6M USDLIBOR+2.34%6M USDLIBOR+1.45%23‐Sep‐16 Bullet 105720.00 0.00 105720.0028‐Sep‐15 Bullet 185010.00 0.00 185010.0029‐Sep‐14 Bullet 237870.00 0.00 237870.0025‐Nov‐13 Bullet 52860.00 0.00 52860.00Total 678158.75 0.00 678158.754. Deferred Tax Liability (Net)Major components of Net Deferred Tax Liability are as under:Liability on account of difference between WDV as perIncome Tax Act, 196 and the Companies Act, 1956.As at30‐09‐2012As at31‐03‐2012As at31‐03‐2011As at31‐03‐2010As at31‐03‐2009( in Lakhs)As at31‐03‐2008662915.07 621110.77 544025.78 494754.01 463774.53 438028.08Less: Deferred Tax Asset on account of Unabsorbed 339307.14 317972.36 273880.95 248048.45 238105.05 234718.00DepreciationLess: Deferred Tax Asset on account of MAT Credit 0.00 0.00 0.00 0.00 0.00 17830.00Less: Deferred Tax Asset on account of Provision for CSR 98.96 97.34 0.00 0.00 0.00 0.00ExpensesLess: Deferred Tax Asset on Misc. Expenditure to be 0.00 0.00 1.62 3.32 5.10 0.00written offLess: Deferred Tax Asset on Account of Employee benefits 0.00 0.00 0.00 0.00 9.15 15.00Net Deferred Tax Liability 323508.97 303041.07 270143.21 246702.23 225655.23 185465.08Pursuant to the clarification issued by the Central Board of Direct Taxes (CBDT) vide their circular No. 2 dated 9 th February 2001, the Company,being the legal owner of the assets given on financial lease, continues to claim depreciation under the Income Tax Act, by adding back thedepreciation as per the Companies Act, on notional basis, as the leased assets are not capitalized in the books of account of the Company.Similarly, the WDV of assets under the Income Tax Act and as worked out as per the Companies Act, is considered for providing DTL.MAT Credit is not being recognised on consideration of prudence, as the Company does not expect to utilize the same during the period allowedunder the Income Tax Act.

5. Other Long Term Liabilities( in Lakhs)As at30‐09‐2012As at31‐03‐2012As at31‐03‐2011As at31‐03‐2010As at31‐03‐2009As at31‐03‐2008SecuredUnamortised Portion of Securitisation Gain 573.55 727.47 1302.24 2236.81 2734.64 0.00Amount payable to MOR on account of ERV 0.00 0.00 19708.41 14142.08 0.00 9721.06Total 573.55 727.47 21010.65 16378.89 2734.64 9721.066. Long Term Provisions( in Lakhs)As at30‐09‐2012As at31‐03‐2012As at31‐03‐2011As at31‐03‐2010As at31‐03‐2009As at31‐03‐2008Provision for Leave Encashment (Net) of funded assets 6.18 2.36 0.00 0.00 19.69 12.52Provision for Gratuity (Net) of funded assets 2.16 0.00 0.00 4.72 22.52 13.94Provision for Leave Travel Concession 2.10 1.70 1.06 1.01 0.00 0.00Total 10.44 4.06 1.06 5.73 42.21 26.467. Short Term Borrowings( in Lakhs)As at30‐09‐2012As at31‐03‐2012As at31‐03‐2011As at31‐03‐2010As at31‐03‐2009As at31‐03‐2008SecuredRupee Term Loans from Banks 0.00 14740.00 2325.00 0.00 50000.00 36350.000.00 14740.00 2325.00 0.00 50000.00 36350.00UnsecuredRupee Term Loans from Banks 50000.00 10800.00 0.00 144899.82 124616.00 194750.00Foreign Currency Term Loans 0.00 15025.40 0.00 0.00 0.00 0.0050000.00 25825.40 0.00 144899.82 124616.00 194750.00Total 50000.00 40565.40 2325.00 144899.82 174616.00 231100.008. Other Current Liabilities( in Lakhs)

As at30‐09‐2012As at31‐03‐2012As at31‐03‐2011As at31‐03‐2010As at31‐03‐2009As at31‐03‐2008Current Maturities of Long Term Debts‐Bonds from Domestic Capital Market (Secured) 147863.33 207463.33 56443.33 184893.33 35493.33 157313.33‐Rupee Term Loans from Banks (Secured) 184870.01 77678.61 240459.91 102322.32 79457.31 90188.31‐Foreign Currency Term Loans (Secured) 2628.13 2532.18 2798.46 3500.60 5822.22 5878.09‐Bonds from Overseas Capital Market (Unsecured) 0.00 0.00 54911.79 0.00 66405.99 0.00‐Rupee Term Loans from Banks (Unsecured) 1860.00 1860.00 1860.00 1395.00 6121.78 9460.00‐Foreign Currency Term Loans (Unsecured) 0.00 0.00 0.00 56250.00 43570.00 36711.80Amount payable to MOR 1085470.31 0.00 0.00 0.00 8304.47 0.00Interest Accrued but not due 156800.89 132974.49 101931.57 82628.76 67999.06 54099.72Unamortised Securitisation Gain 379.66 574.77 1210.74 2125.72 3696.38 0.00Liability for Matured and Unclaimed Bonds / Interest 234.97 497.79 371.31 736.57 1153.68 5209.33Other Payables: 0.00Statutory Dues 1.61 1.33 1.30 1.26 0.93 0.68Tax Deducted at Source Payable 1757.52 1623.75 860.38 729.88 623.66 1501.02Dividend Tax 0.00 1622.25 1660.88 0.00 0.00 1699.50Others 344.37 424.00 1254.82 1589.88 1163.89 965.83Total 1582210.80 427252.50 463764.49 436173.32 319812.70 363027.619. Short Term Provisions( in Lakhs)As at30‐09‐2012As at31‐03‐2012As at31‐03‐2011As at31‐03‐2010As at31‐03‐2009As at31‐03‐2008Provision for Tax (NET of Taxes Paid) 0 622.65 739.23 0 0 0Provision for Interest Payable on Income Tax 0 0 0 0 0 0Provision for FBT 0 0 0 0 0Provision for CSR & SD 305.00 300.00 0 0 0 0Provision for Employee Benefits 3.02 2.24 1.03 0.60 1.19 17.71Total 308.02 924.89 740.26 0.60 1.19 17.7110. Fixed Assets

S.No.DESCRIPTIONAs at30-09-2012( in Lakhs)GROSS BLOCK ACCUMULATED DEPRECIATION NET BLOCKAs at March 31As atAs at March 31As atAs at March 3130-09-30-09-2012 2011 2010 2009 2008 2012 2012 2011 2010 2009 2008 2012 2012 2011 2010 2009 2008TangibleAssetsOffice1.Building 1,524.23 1,524.23 1,524.23 1,524.23 1,524.23 1,524.23 287.24 274.82 249.97 225.13 200.28 175.43 1,236.99 1,249.41 1,274.26 1,299.10 1,323.95 1,348.80Airconditioners,2. Room19.12 18.72 18.02 18.02 18.02 17.29 9.63 9.18 8.39 7.53 6.66 5.81 9.49 9.54 9.63 10.49 11.36 11.48Coolers,HeatersOffice3.Equipments 26.70 19.87 18.89 17.73 15.05 13.77 8.43 8.12 7.23 6.24 5.01 4.65 18.27 11.75 11.66 11.49 10.04 9.12Furniture &4.Fixtures 84.68 84.68 82.28 82.19 82.19 82.19 62.28 59.66 54.49 49.26 44.09 38.94 22.40 25.02 27.79 32.93 38.10 43.25Franking5.Machine 0.68 0.68 0.68 0.68 0.68 1.30 0.15 0.13 0.09 0.06 0.03 0.61 0.53 0.55 0.59 0.62 0.65 0.696. Computer50.01 48.62 46.37 44.57 55.99 50.76 38.43 39.39 37.60 35.05 46.49 49.93 11.58 9.23 8.77 9.52 9.50 0.837. Motor Car10.24 7.01 7.01 7.01 7.01 7.01 3.61 6.14 5.73 5.33 4.92 4.71 6.63 0.87 1.28 1.68 2.09 2.308.PhotoCopier 1.90 1.90 1.90 2.35 2.35 2.35 0.33 0.28 0.19 0.54 0.43 0.32 1.57 1.62 1.71 1.81 1.92 2.039.WaterCooler 0.29 0.29 0.29 0.29 0.29 0.29 0.14 0.13 0.11 0.10 0.09 0.08 0.15 0.16 0.18 0.19 0.20 0.2110. Electrical-Installation 1.80 1.80 1.80 1.80 1.80 1.80 0.82 0.78 0.69 0.61 0.52 0.43 0.98 1.02 1.11 1.19 1.28 1.37Total1,719.65 1,707.80 1,701.47 1,698.87 1,707.61 1,700.99 411.04 398.61 364.49 329.85 308.52 280.91 1,308.61 1,309.19 1,336.98 1,369.02 1,399.09 1,420.08IntangibleAssets1.ComputerSoftware 1.92 - - - - - 0.19 - - - - - 1.73 - - - - -Total1.92 - - - - - 0.19 - - - - - 1.73 - - - - -

Total FixedAssets 1,721.57 1,707.80 1,701.47 1,698.87 1,707.61 1,700.99 411.23 398.61 364.49 329.85 308.52 280.91 1,310.34 1,309.19 1,336.98 1,369.02 1,399.09 1,420.0811. Non Current Investments (At Cost)As at30‐09‐2012As at31‐03‐2012As at31‐03‐2011As at31‐03‐2010( in Lakhs)As at As at31‐03‐2009 31‐03‐2008Investments (Unquoted Non‐Trade)Investments in EquityEquity Shares of IRCON International Ltd. 199.85 199.85 199.85 199.85 199.85 199.85Other InvestmentsSenior Pass Through Certificates 'D' to 'W' Series of 1160.16 1258.07 1467.83 0 0 0NOVO X Trust LocomotivesAggregate Value of Unquoted Investments 1360.01 1457.92 1667.68 199.85 199.85 199.8512. Long Term Loans & AdvancesAs at30‐09‐2012As at31‐03‐2012As at31‐03‐2011As at31‐03‐2010( in Lakhs)As at As at31‐03‐2009 31‐03‐2008Secured Considered GoodHouse Building Advance 0.55 0.67 0.91 1.15 1.28 1.40Loan to Pipavav Railway Corporation Ltd. 0.00 0.00 1026.65 1411.65 1924.98 2566.63Unsecured Considered GoodCapital Advances‐ Advance to FA & CAO 253.01 253.01 253.01 253.01 253.01 253.01‐ Advance to Indian Railways for Projects 218473.00 210136.50 0 0 0 0Lease Receivables from Ministry of Railways 5466250.23 4937876.72 4039333.33 3396285.71 2779958.40 2353357.63Security Deposits 12.91 10.86 9.28 8.97 9.06 9.06Loan to Railtel Corporation of India Ltd. 0.00 0.00 2080.00 4164.00 6248.00 8332.00Loan to Rail Vikas Nigam Ltd. 165135.84 172931.67 174650.00 174716.67 145783.33 120800.00Advance to Employees 1.25 1.76 1.84 0.64 0 0Funded Assets (Net) on account of Gratuity/LeaveEncashment0.00 2.36 5.08 9.04 0 0

TDS & Advance Tax (Net of Provisions) 7032.75 0 0 1942.29 5604.21 3843.75Amount Recoverable from MOR on account of107767.04 76414.12 0 0 21845.17 0Exchange Rate VariationLease Rentals Paid in Advance 12873.38 15704.72 20961.77 25712.98 30008.49 40348.06Interest Restructuring Advance to IDBI 15.11 23.81 48.21 83.34 130.72 194.33Interest Restructuring Advance to LIC 3.98 8.16 42.85 109.32 213.59 362.54Foreign Currency Monetary Item Translational0 0 0 0 388.11 0Difference AccountTotal 5977819.05 5413364.36 4238412.93 3604698.77 2992368.35 2530068.4113. Other Non Current AssetsParticularsAs at30‐09‐2012As at31‐03‐2012As at31‐03‐2011As at31‐03‐2010( in Lakhs)As at As at31‐03‐2009 31‐03‐2008Unsecured Considered GoodInterest Accrued but not due on Loans 44727.26 44027.14 40514.05 34610.12 26928.60 16385.74Interest Accrued on Investment in Pass Through175.00 123.49 2.94 0.00 0.00 0.00CertificatesInterest Accrued on Advances to Employees 1.20 1.31 1.00 0.68 0.49 0.00Total 44903.46 44151.94 40517.99 34610.80 26929.09 16385.7414. Cash & Cash EquivalentsAs at30‐09‐2012As at31‐03‐2012As at31‐03‐2011As at31‐03‐2010( in Lakhs)As at As at31‐03‐2009 31‐03‐2008Balance with Banks‐ In Current Accounts 184.23 185.88 90.68 105.99 44.09 8.97‐ In Term Deposit Accounts 394086.00 153911.00 48937.00 149976.00 100075.00 145000.00Deposit with Reserve Bank of India1.02 1.02 1.02 1.02 1.02 1.02‐In Public Deposit AccountOther Bank Balance‐ In Interest / Redemption Accounts 234.97 497.79 371.31 736.57 1153.68 5209.33

Balance in Franking Machine 0.34 0.44 0.43 0.00 0.19 0.09Total 394506.56 154596.13 49400.44 150819.58 101273.98 150219.4115. Short Term Loans & AdvancesAs at30‐09‐2012As at31‐03‐2012As at31‐03‐2011As at31‐03‐2010( in Lakhs)As at As at31‐03‐2009 31‐03‐2008Unsecured Considered GoodBridge Loan to Rail Land Development Authority 0 0 0 0 0 6600.00Deposit with NCRDC New Delhi 4.38 4.38 4.38 4.38 0 0Security Deposits 300.00 301.80 0 0.18 0 0Amount Recoverable from MOR 0.00 13120.88 1859.81 14310.22 0 20176.57Advance to Bank for the interest payment on Bonds 5.26 5.26 5.26 0 0 2000.00Tax Refund Receivable 1746.82 1746.82 3418.31 20.64 20.64 20.64Interest Recoverable from IT Department 0 0 202.03 0 1349.10 0Amount Recoverable from Others 3.63 2.21 13.41 1.45 28.00 107.46Prepaid Expenses 194.87 33.38 25.20 27.91 27.72 42.81Advance to Employees 2.61 0.30 0.26 0.47 13.93 0.8116. Other Current AssetsTotal 2257.57 15215.03 5528.66 14365.25 1439.39 28948.29As at30‐09‐2012As at31‐03‐2012As at31‐03‐2011As at31‐03‐2010( in Lakhs)As at As at31‐03‐2009 31‐03‐2008Current Maturities of Long Term Loans and AdvancesLease Receivables from Ministry of Railways 385871.88 344832.61 276483.82 221982.00 174886.00 154171.00Loan to Rail Vikas Nigam Ltd 14050.00 12508.33 10066.67 8066.66 4316.67 0.00Loan to Rail Tel Corporation of India Ltd 1038.00 2080.00 2084.00 2084.00 2084.00 2084.00Loan to Pipavav Railway Corporation Ltd 0 0 385.00 513.33 641.65 513.33Loan to MOF 0 0 0 0 0 1775.80House Building Advance 0.24 0.24 0.24 0.13 0.12 0.12

Advance to Employees 1.05 1.16 0.80 0.34 0.00 0Amount Recoverable from MOR on account of402.60 344.70 156.30 559.14 105.67 16.80Exchange Rate VariationFunded (Net) on account of Gratuity / Leave0 0 1.03 0.00 0.00 0.00EncashmentInterest Accrued but not due on Loans & Deposits 15430.17 12205.33 9105.17 8470.64 9099.43 6403.68Lease Rentals Paid in Advance 5526.99 5257.05 4751.21 4295.51 10339.57 18603.45Interest Restructuring Advance to IDBI 19.64 24.40 35.14 47.38 63.61 108.15Interest Restructuring Advance to LIC 21.11 34.70 66.47 104.27 148.94 201.51Foreign Currency Monetary Item Translation Diff.0 0 0 118.27 3021.36 0AccountShare Registration Charges Capitalised 0 0 0 0 0 20.00Current Maturity of InvestmentsSenior Pass Through Certificates 'D' to 'W' Series of200.39 209.76 229.89 0 0 0NOVO X Trust LocomotivesTotal 422562.07 377498.28 303365.74 246241.67 204707.02 183897.8417. Revenue from OperationsHalf Yearended30‐09‐2012Year ended31‐03‐2012Year ended31‐03‐2011Year ended31‐03‐2010Year ended31‐03‐2009( in Lakhs)Year ended31‐03‐2008Lease Income:‐ On Finance Lease Transactions 242444.53 421437.65 349198.78 307376.10 272645.17 237433.61Interest Income from:‐ Loans 10367.57 20615.46 20128.29 17249.31 14141.74 12044.65‐ Deposits 15547.30 20783.08 12478.05 18736.32 14547.00 8748.17‐ Investments 71.98 147.24 3.40 0 0.00 0.0025986.85 41545.78 32609.74 35985.63 28688.74 20792.82Other Financial Services‐ Gain on Assets Securitization 349.03 1210.74 2135.28 3898.71 936.72 2778.41

18. Other IncomeTotal 268780.41 464194.17 383943.80 347260.44 302270.63 261004.84Half Yearended30‐09‐2012Year ended31‐03‐2012Year ended31‐03‐2011Year ended31‐03‐2010Year ended31‐03‐2009( in Lakhs)Year ended31‐03‐2008Dividend Income 0.00 13.18 10.20 7.54 7.32 64.47Interest on Income Tax Refund 0.00 8.42 202.03 0.00 0.00 0.00Provisions written back 49.66 95.22 4.27 9.43 4.29 4.16Profit on sale of Fixed Assets 0.14 0.00 0.02 0.17 0.00 0.00Total 49.80 116.82 216.52 17.14 11.61 68.6319. Employee BenefitsHalf Yearended30‐09‐2012Year ended31‐03‐2012Year ended31‐03‐2011Year ended31‐03‐2010Year ended31‐03‐2009( in Lakhs)Year ended31‐03‐2008Salaries, Incentives etc. 89.31 165.23 194.07 132.88 132.15 73.08Contribution to Provident and Other Funds 19.85 22.94 8.48 19.88 33.10 19.99Staff Welfare Expenses 0.61 0.05 0.03 2.74 0.89 2.3920. Finance CostTotal 109.77 188.22 202.58 155.50 166.14 95.46Half Yearended30‐09‐2012Year ended31‐03‐2012Year ended31‐03‐2011Year ended31‐03‐2010Year ended31‐03‐2009( in Lakhs)Year ended31‐03‐2008Amortisation of Lease Rentals paid in advance 2561.41 4751.21 4295.51 10339.57 18603.45 16749.39Interest on Bonds 148083.22 265023.03 208832.57 164486.38 119454.65 85989.00Interest on Rupee Term Loans 24108.51 53571.69 51453.46 60066.58 70516.05 74943.18Interest and Swap Cost on Foreign Currency Loans 16043.44 31055.76 19831.20 19554.06 19620.24 19749.96

Interest on delayed payment to MOR 13967.69 1065.60 2680.41 1650.62 6688.68 346.28Interest Payable to Income Tax Authorities 28.47 69.36 103.87 0 0 0Bond Issue Expenses / Expenses on Raising of Loans 101.12 5674.14 6085.36 9342.77 969.25 177.71Bond/Loan/Securitization Servicing Expenses 145.58 405.74 215.25 197.73 185.38 152.28Exchange Rate Variation on Foreign Currencytransaction (Gain)/LossAmortisation of Foreign Currency Monetary ItemTranslational Diff. A/c21. Other Expenses366.79 421.97 (4.85) (1116.10) ‐195.85 ‐1405.000 0 181.04 3455.15 0 0Total 205406.23 362038.50 293673.82 267976.76 235841.85 196702.80Half Yearended30‐09‐2012Year ended31‐03‐2012Year ended31‐03‐2011Year ended31‐03‐2010Year ended31‐03‐2009( in Lakhs)Year ended31‐03‐2008Filing Fee 0.10 0.38 0.70 0.21 0.10 0.03Legal & Professional Charges 30.96 69.85 56.68 67.22 57.65 43.69Commission / Brokerage 0.59 0.77 0 0 0.00 0.00Advertisement & Publicity 7.64 14.24 25.72 7.26 18.53 13.65Printing & Copying Charges 0.84 5.12 3.51 4.40 2.49 3.45Stationery Charges 3.73 7.64 7.30 5.41 5.28 4.23News Paper, Books & Periodicals 1.13 0.69 0.20 0.72 0.68 0.32Conveyance Expenses 4.92 11.68 13.40 9.68 8.00 6.49Travelling – Local‐ Directors 9.75 9.01 9.18 9.16 10.37 8.64‐ Others 5.34 7.55 10.75 6.85 11.64 9.41Travelling – Foreign‐ Directors 10.62 14.51 35.30 20.38 30.27 4.82‐ Others 6.17 13.56 51.35 7.90 6.10 5.85Transport Hire Charges 13.69 22.48 22.69 29.83 22.30 21.64

Office Maintenance Expenses 20.25 39.72 34.08 26.43 22.91 24.84Vehicle Running & Maintenance 1.95 2.50 2.00 1.49 2.54 1.67Office Equipment Maintenance 4.37 7.41 7.77 5.84 6.34 7.50Electricity Charges 8.36 11.30 7.44 9.53 9.54 9.77Loss on Sale of Fixed Assets 0.00 1.49 0.81 0.00 0.61 0.95Postage Charges 0.68 4.47 4.06 5.07 2.23 1.65Telephone Charges 3.88 7.46 11.75 10.21 8.24 8.16Training Expenses 6.71 1.20 2.46 10.71 4.95 4.44Bank Charges 0.89 3.23 0.36 0.13 0.36 0.01Payment to Auditors‐ Audit Fees 3.79 7.51 4.96 2.48 2.48 3.37‐ Tax Audit Fee 0.00 1.26 1.66 0.83 0.83 1.04‐ Quarterly Review 2.08 3.76 4.96 2.48 2.48 3.37‐ Other Certification etc. 0.00 6.89 5.76 0.11 0.77 0.98‐ Reimbursement of Expenses 0.00 1.61 1.43 0.85 0.31 0.08Miscellaneous Expenses 8.49 25.79 19.86 17.43 20.71 25.30Insurance 0.05 0.06 0.29 0.18 0.25 0.10Fees & Subscription 0.68 2.95 16.09 3.12 2.21 8.03Sponsorship/Donation 0.00 0.66 0.60 0.65 200.75 6.55Stipend 0.49 0.30 0.55 0.30 0.10 0.00Ground Rent 0.43 1.15 1.15 1.15 1.01 1.24Property Tax 0.98 1.96 1.96 1.31 1.31 1.31Corporate Social Responsibility 150.00 301.25 24.96 0.00 0.00 0.00Sustainable Development 50.00 100.00 22.57 0.00 0.00 0.00Prior Period Adjustment 5.60 18.81 0 12.28 4.44 166.73Total 365.16 730.22 414.31 281.60 468.78 399.32

22. Earnings Per ShareHalf Yearended30‐09‐2012Year ended31‐03‐2012Year ended31‐03‐2011Year ended31‐03‐2010Year ended31‐03‐2009Year ended31‐03‐2008Basic EPSNet Profit ( in Lakhs) 29926.31 48078.17 48520.40 44269.07 18079.16 42151.33Weighted Average Number of Equity shares 23520000 16935301 13374000 8000658 5000000 5000000outstandingEarnings Per Share () – Basic [Face value of 1,000/‐ 127.24 283.89 362.80 553.32 361.58 843.03per share]Diluted EPSNet Profit ( in Lakhs) 29926.31 48078.17 48520.40 44269.07 18079.16 42151.33Weighted Average Number of Equity shares 23520000 16935301 13374000 8000658 5000000 5000000outstandingAdd: Number of Potential Equity Shares on account of0 6831 0 0 16438 0receipt of Share Application Money Pending AllotmentWeighted Average Number of Equity shares (including 23520000 16942132 13374000 8000658 5016438 5000000Dilutive Equity Share) outstandingEarnings Per Share () – Diluted [Face value of 1,000/‐ per share]127.24 283.78 362.80 553.32 360.40 843.03

Significant Accounting policies and Other Notes on AccountsA. Significant Accounting PoliciesHalf Year Ended 30 th September, 2012Annexure – VI. Basis for preparation of Financial Statementsa) The financial statements are prepared under the historical cost convention, in accordance withthe Generally Accepted Accounting Principles, provisions of the Companies Act, 1956 and theapplicable guidelines issued by the Reserve Bank of India as adopted consistently by theCompany.b) Use of EstimatesPreparation of financial statements in conformity with Generally Accepted Accounting Principlesrequires Management to make estimates and assumptions that affect the reported amounts ofasset and liabilities, disclosure of contingent assets and liabilities at the date of the financialstatements and the reported amounts of revenue and expenses during the reporting period.Examples of such estimates include estimated useful life of fixed assets and estimated useful lifeof leased assets. The Management believes that estimates used in the preparation of financialstatements are prudent and reasonable. Actual results could differ from these estimates.Adjustments as a result of differences between actual and estimates are made prospectively.II. Revenue Recognitiona) Lease Income in respect of assets given on lease (including assets given prior to 01‐04‐2001) isrecognised in 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 to01.04.2001, are accounted for at the rates of lease rentals provided in the agreements with therespective lessors and the sub‐lessee (MOR), on accrual basis, as per the Revised Guidance Noteon accounting for Leases issued by the Institute of Chartered Accountants of India (ICAI).c) Interest Income is recognised on time proportion basis. Dividend Income is recognised when theright to receive payment is established.d) Income relating to non performing assets is recognised on receipt basis in accordance with theguidelines issued by the Reserve Bank of India.III. Foreign Currency Transactionsa) Initial RecognitionInitial recognition is done at the rates prevailing on the date of transaction:i) 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 liabilitiesswapped into Indian Rupees, are reported using the closing exchange rate in accordance with

the provisions of Accounting Standard – 11 (AS 11) issued by the Institute of CharteredAccountants of India.Foreign Currency Liabilities swapped into Indian Rupees are stated at the reference rates fixed inthe swap transactions, and not translated at the year end rate.c) Exchange Differencesi) Exchange differences arising on the actual settlement of monetary assets and liabilities atrates different from those at which they were initially recorded during the year, or reportedin previous financial statements, other than the exchange differences on settlement offoreign currency loans and interest thereon recoverable separately from the lessee underthe lease agreements, are recognised as income or expenses in the year in which they arise.ii) Notional exchange differences arising on reporting of outstanding monetary assets andliabilities at rates different from those at which they were initially recorded during the year,or reported in previous financial statements, other than the exchange differences ontranslation of such monetary assets and liabilities recoverable separately from the lesseeunder the lease agreement, are recognised as income or expenses in the year in which theyarise.iii) In respect of forward exchange contracts, the difference between the forward rate andexchange rate on the date of transaction are recognised as income or expenses over the lifeof the contract.IV. InvestmentsInvestments are classified into long term investments and current investments based on intentof Management at the time of making the investment. Investments intended to be held formore than one year, are classified as long‐term investments.Current investments are valued at the lower of the cost or the market value. Long‐terminvestments are valued at cost unless there is diminution, other than temporary, in their value.V. Leased AssetsLease arrangements where the risks and rewards incidental to ownership of an assetsubstantially vest with the lessee, are recognised as financial leases and are shown asReceivable in the Balance Sheet at an amount equal to the net investment in the lease, inaccordance with Accounting Standard ‐19 ‘Leases’ issued by the Institute of CharteredAccountants of India.VI. Fixed AssetsFixed assets are stated at cost, less accumulated depreciation. Cost includes all expensesincurred to bring the assets to their present location and condition.Depreciation on fixed assets is charged on straight line method at the rates prescribed inSchedule XIV to the Companies Act, 1956, on pro‐rata basis.VII. (a) Securitisation of Lease ReceivablesLease Receivables securitised out to Special Purpose Vehicle in a securitisation transaction arede‐recognised in the balance sheet when they are transferred and consideration has beenreceived by the Company. In terms of the guidelines on Securitisation of Standard Assets issued

y the Reserve Bank of India vide their circular no. DBOD.No.B.P.BC.60/21.04.048/2005‐06dated 1 st February 2006, the Company amortises any profit arising from the securitisation overthe life of the Pass Through Certificates (PTCs) / Securities issued by the Special Purpose Vehicle(SPV). Loss, if any, is recognised immediately in the Profit & Loss Account.Further, in terms of Draft Guideline on minimum holding period and minimum retentionrequirement for securitisation transaction undertaken by NBFCs dated June 3, 2010, thecompany has opted for investment in SPV’s equity tranche of minimum 5% of the book value ofloan being securitised.(b) Assignment of Lease ReceivablesLease Receivables assigned through direct assignment route are de‐recognised in the balancesheet when they are transferred and consideration has been received by the Company. Profit orloss resulting from such assignment is accounted for in the year of transaction.VIII. Bond Issue Expenses and Expenses on Loans, Leases and Securitisation Transactiona) Bond Issue expenses including management fee on issue of bonds (except discount on deepdiscount bonds) are charged to Profit and Loss Account in the year of occurrence. Upfrontdiscount on deep discount bonds is amortised over the tenor of the bonds.b) Documentation, processing & other charges paid on Long Term Loans are charged to the Profit& Loss Account in the year loan is availed.c) Incidental expenses incurred in connection with the Securitisation transaction executed duringthe year are charged to the Profit and Loss Account.IX. Taxes on IncomeTax expense comprises Current Tax and Deferred Tax.Provision for current income tax is made in accordance with the provisions of the Income TaxAct, 1961.Deferred tax expense or benefit is recognised on timing differences, being the differencebetween taxable incomes and accounting income, that originate in one period and are capableof reversal in one or more subsequent periods. Deferred tax assets and liabilities are measuredusing the tax rates and tax laws that have been enacted or substantively enacted by the balancesheet date.X. Employee BenefitsEmployee Benefits are valued and disclosed in the Annual Accounts in accordance withAccounting Standard ‐15 (Revised):a) Short‐term employee benefits are recognised as an expense at the undiscounted amount inthe Profit & Loss Account of the year in which the employees have rendered services entitlingthem to contributions.b) Long‐term employee benefits are recognised as an expense in the Profit & Loss Account forthe year in which the employee has rendered services. The expense is recognised at thepresent value of the amount payable as per actuarial valuations. Actuarial gain and losses inrespect of such benefits are recognised in the Profit and Loss Account.XI. Provisions, Contingent Liabilities and Contingent Assets

The Company recognises provisions when it has a present obligation as a result of a past event.This occurs when it becomes probable that an outflow of resources embodying economicbenefits might be required to settle the obligation and when a reliable estimate of the amountof the obligation can be made.Provisions are determined based on Management estimate required to settle the obligation atthe balance sheet date. These are reviewed at each balance sheet date and adjusted to reflectthe current management estimates. In cases, where the available information indicates that aloss on the contingency is reasonably possible but the amount of loss cannot be reasonablyestimated, a disclosure is made in the financial statements.Contingent Assets, if any, are not recognised in the financial statements since this may result inthe recognition of income that may never be realised.XII.Borrowing CostsBorrowing Cost (net of any income on the temporary investments of these borrowings)attributable to acquisition, construction or production of qualifying assets are capitalized as partof the cost till the assets are ready for use. Any recovery from the prospective lessee (MOR) ofthese assets is reduced from the cost of the qualifying assets. Other borrowing costs arerecognized as expense in the period in which they are incurred.B. Other Notes on Accounts1.(a) As per the Standard Lease Agreement between the Company (Lessor) and MOR (Lessee), theleased assets are reckoned to be acquired and placed on line from the first day of the month oftheir acquisition. As such, lease rental is charged on the assets leased from the first day of themonth in which the assets have been identified and placed on line.(b) Ministry of Railways (MOR) charges interest on the value of the assets identified prior to thepayments made by the company, from the first day of the month in which the assets have beenidentified and placed on line to the first day of the month in which the money is paid to theMOR.(c) No interest is paid by the MOR on the amount paid by the Company in excess of the value ofRolling Stock assets identified by them on monthly basis.(d) During the half year ended 30 th September 2012, the assets have been assumed as acquired andput on line by MOR on monthly pro‐rata basis of the total mandated amount of Rs. 1489600Lakhs for FY 2012‐13. Thus, the total assets assumed as acquired and leased out to MOR duringthe half year ended 30 th September 2012 is Rs. 744800 Lakhs on which lease income of Rs.17378 Lakhs has accrued to the Company.(e) Against the acquisition of assets of Rs. 744800 Lakhs during the half year ended 30 th September2012, the actual amount of funds transferred by the Company to MOR is Rs. 109640 Lakhs. TheCompany has accounted for interest expenditure of Rs. 13968 Lakhs payable to MOR due toshort transfer of funds during the half year period.

(f) (i) Interest rate variation on the floating rate linked rupee borrowings and interest rate andexchange rate variations on interest payments in case of the foreign currency borrowings areadjusted against the Lease Income in terms of the variation clauses in the lease agreementsexecuted with the Ministry of Railways. During the half year, such differential has resulted in anamount of Rs. 4522 Lakhs accruing to the company (P.Y. Rs. 7578 Lakhs), which has beenaccounted for in the Lease Income.(ii) In respect of foreign currency borrowings, which have not been hedged, variation clause havebeen incorporated in the lease agreements specifying notional swap cost adopted for workingout the cost of funds on the leases executed with MOR. Swap cost in respect of these foreigncurrency borrowings is compared with the amount recovered by the company on such accountand accordingly, the same is adjusted against the lease income. During the half year ended 30thSeptember, 2012 in respect of these foreign currency borrowings, the company has recovered asum of Rs. 5563 Lakhs (P.Y. Rs. 11133 Lakhs) on this account from MOR against the actual swapcost payments of Rs. NIL (P.Y. Rs. 2203 Lakhs). After adjusting swap cost, an amount of Rs. 5563Lakhs has been refunded to MOR (P.Y. Rs. 8930 Lakhs refunded to MOR).(iii) Interest expense in respect of interest accrued but not due on foreign currency loans hasbeen considered at base interest / exchange rate and the difference on account of variationbetween base rate and the rate prevailing on the reporting date has been shown as recoverable/ payable to MOR. During the current year, the amount payable to MOR on such account worksout to Rs. 40 Lakhs (P.Y. Rs. 453 Lakhs).2.(a) The Reserve Bank of India has issued Non‐Banking Financial (Non‐Deposit Accepting or Holding)Companies Prudential Norms (Reserve Bank) Directions, 2007 vide notification no.DNBS.193DG(VL)‐2007 dated 22 nd February 2007. The Company, being a Government Company and notaccepting / holding public deposits, these Directions, except the provisions contained inParagraph 19 thereof, are not applicable to the Company. Further, Reserve Bank of India (RBI)vide letter dated 19 th March 2010 has sought a road map from the Company for compliancewith the prudential norms issued by RBI. The Company has asked for certain clarifications fromRBI after which road map for complying with RBI prudential norms will be submitted.(b) In terms of Reserve Bank of India Notification No.DNBC.138/CGM (VSNM) – 2000 dated 13 thJanuary 2000, provisions of Section 45 IC of the Reserve Bank of India Act, 1934 (2 of 1934)regarding creation of Reserve Fund, do not apply to the Company.(c) In terms of Ministry of Corporate Affairs (MCA) circular no.9/2002 dated 18th April, 2002, theCompany, being a Non‐Banking Finance Company registered with RBI, is required to create BondRedemption Reserve equivalent to 50% of the value of the bonds raised through Public issue.The Company has raised Rs.626889 Lacs through public issue of tax free bonds in FY 2011‐12.Accordingly, the entire profit of for the half year ended 30th September, 2012 has beentransferred to Bond Redemption Reserve.3. The Finance Act, 2001 provides for levy of service tax on the finance and interest chargesrecovered through lease rental installments on the Financial Leases entered on or after 16‐07‐2001. The Central Government vide Order No.1/1/2003‐ST dated 30 th April 2003 andsubsequent clarification dated 15‐12‐2006 issued by Ministry of Finance has exempted the Lease

Agreements entered between the Company and Ministry of Railways from levy of Service Taxthereon.With the introduction of Finance Act 2012, the Government of India (GOI) has introduced theconcept of negative list. Besides, specifically exempted services do not attract service tax.Services being provided by IRFC are not covered under negative list and exempted servicesnotifications. However, the Finance Ministry has not withdrawn the above said exemptionorder. As the Standard Lease Agreements provide that Service Tax, if any, payable by theCompany is recoverable from MOR, the Company has brought out the above facts to the noticeof MOR for further necessary action, if any.4. Increase in liability due to exchange rate variation on foreign currency loans for purchase ofleased assets, amounting to Rs. 31607 Lakhs (P.Y. Rs. 96534 Lakhs) has not been charged toStatement of Profit and Loss as the same is recoverable from the Ministry of Railways (lessee)separately as per lease agreements. The exchange rate variation on foreign currency loansrepaid during the year amounting to Rs. 196 Lakhs (P.Y. Rs. 223 Lakhs) has been recovered fromthe Lessee, leaving a balance of Rs. 108170 Lakhs recoverable from MOR as on 31‐03‐2012 (P.Y.Rs. 76759 Lakhs).5. Advance given to Railways for Railway Projects amounting to Rs. 218473.00 Lakhs (PY Rs.210136.50 Lakhs) is inclusive of Capitalized Interest and Finance Charges (net) of Rs. 10623.57lakhs (PY Rs. 2287.07 lakhs) accrued till the Balance Sheet date.6. Derivative InstrumentsThe Company judiciously contracts financial derivative instruments in order to hedge currencyand / or interest rate risk. All derivative transactions contracted by the company are in thenature of hedging instruments with a defined underlying liability. The company does not deployany financial derivative for speculative or trading purposes.a. In respect of certain foreign currency borrowings, the company has executed currency swaps tohedge the exchange rate variation risk on the principal outstanding. The outstanding position ofsuch currency swaps as at 30 th September 2012 is as follows:In respect of following External Commercial Borrowings, the Company has executed currencyswap to hedge the foreign exchange exposure in respect of both principal outstanding andinterest payments:In respect of following External Commercial Borrowings, the Company has executed crosscurrency swap to hedge the foreign exchange exposure in respect of both principal outstandingand interest payments and converted its underlying liability from one foreign currency toanother:As at 30‐09‐2012 As at 31‐03‐2012No. ofContractsBorrowingoutstanding inForeign CurrencyNotional USDEquivalentNo. ofContractsBorrowingoutstanding inForeign CurrencyNotionalUSDEquivalent1 JPY 12 Billion 145.90 Million 1 JPY 12 Billion 145.90Million

1 JPY 3 Billion 37.04 Million 1 JPY 3 Billion 37.04MillionThe foreign currency borrowings outstanding as on 30‐09‐2012, which have not been hedged,are as follows:As at 30‐09‐2012 As at 31‐03‐2012No. ofLoansBorrowingoutstanding inForeign CurrencyNo. ofLoansBorrowingoutstanding inForeign CurrencyRemarks1 USD 28.50 Million 1 USD 30 Million Back to backrecovery ofexchange ratevariation from MOR.2 USD 2.96 Million 2 USD 3.94 Million ‐‐2 USD 225 Million 2 USD 225 Million Back to backrecovery ofexchange ratevariation from MOR.1 USD 450 Million 1 USD 450 Million Back to backrecovery ofexchange ratevariation from MOR.2 USD 550 Million 2 USD 550 Million Back to backrecovery ofexchange ratevariation from MOR1 USD 200 Million 1 USD 200 Million Back to backrecovery ofexchange ratevariation from MORb. The Company has three (P.Y. three) Interest Rate Swap/Cap outstanding in respect of foreigncurrency borrowings to hedge its floating rate linked to LIBOR. The Interest Rate Swap/Cap hasbeen executed on a notional principal of USD 900 Million (P.Y. USD 900 Million).Further, the Company has two floating rate swaps and has converted its liability in Fixed RateJPY to USD LIBOR. The notional principal underlying the floating rate swap is JPY 15 Billion.As part of hedging strategy, the Company has three (P.Y. three) Interest Rate Swaps / CurrencySwaps (coupon only) outstanding on fixed interest rate rupee borrowings by taking benefit ofinterest rate movement. The INR value of the outstanding borrowings on which such Swapshave been executed, is Rs. 62000 Lakhs (P.Y. Rs. 62000 Lakhs).7. Office Building including parking area has been capitalised from the date of taking possession.However, the sale / transfer deed is still pending for execution in favour of the company. Stampduty payable on the registration of office building works out to about Rs. 122 Lakhs (P.Y. Rs. 122Lakhs), which will be accounted for on registration.

8. The Company, in terms of Memorandum of Understanding (MOU) for the financial year 2012‐13, entered into with Ministry of Railways and as approved by the Department of PublicEnterprises DPE (MOU Division), Ministry of Heavy Industries and Public Enterprises,Government of India, vide their letter no.F.NO.1(90)/2011/DPE(MOU) dated 24 th March, 2011,has made a provision of Rs. 150 Lakhs towards Corporate Social Responsibility for the half yearended 30 th September, 2012 as required under CSR guidelines.9. Contingent Liabilitiesa. Claims against the Company not acknowledged as debt – Claims by bondholders in theConsumer / Civil Courts: Rs. 50 Lakhs (P.Y. Rs. 50 Lakhs).b. Claims against the Company not acknowledge as debt – relating to service matter pending inHon’ble Delhi High Court and amount not quantifiable.c. The Income Tax assessments of the Company have been completed up to the Assessment Year2009–10. The disputed demand of tax amounting to Rs. 13.37 Lakhs for the Assessment Years2003‐04, 2007‐08 and 2009‐10 has been adjusted by the Department from the refundspertaining to other years. The Company has already filed appeals against the said tax demandsand the same are pending at various appellate levels. Based on decisions of the Appellateauthorities in other similar matters and interpretation of relevant provisions, the Company isconfident that the demands, as adjusted, will be either deleted or substantially reduced andaccordingly no provision is considered necessary.d. The Company does not pay sales tax on purchase of leased assets. In the event of Sales tax onpurchase / lease of rolling stock becoming payable, the same is recoverable from Ministry ofRailways in terms of the lease agreements. Since, there is no sales tax demand and the amountis unascertainable, no provision is made in the accounts.e. The Companies (Second Amendment) Act, 2002 provides for levy of cess, towards rehabilitation/ revival of sick industrial companies, which shall not be less than 0.005% but not more than0.10% of the turnover or the gross receipts as the Central Government may from time to timespecify by notification in the Official Gazette. Since no notification has been issued, provision forcess has not been made.10. Expenditure in Foreign Currency (on payment basis)a) Interest / Swap Cost on Foreign currency borrowings(Net of Amount recovered on account of IRS / IRC andfrom MoF)(Rs. in Lakhs)Half Year ended Year ended30‐09‐2012 31‐03‐201214338.15 30999.18b) Processing Agent / Fiscal Agent / Admin. fee 13.36 765.86c) Underwriting / Arranger fee 0.00 2585.98d) International Credit Rating Agencies Fees 51.38 182.44e) Others 23.35 43.18

11.a. The Company has not taken on lease any Rolling Stock assets during the year. All the assetstaken on lease were in the years prior to 01‐04‐2001, with aggregate value of Rs. 157082 Lakhs(ownership of the same vests with the lessors) stand sub‐leased to Ministry of Railways. Thecompany has paid future lease rental liability in full on all the above leases as outlined below:Year ofLeaseNo. ofLeasesValue of assetstaken on leaseAmount paid insettlement of futurelease rentals(Rs. in Lakhs)(Rs. in Lakhs)1999‐00 6 102085 374923841355342000‐01 2 54997 2942322302Total 8 157082 152899Year of payment2001‐022002‐032003‐042001‐022003‐04The amount paid in settlement of future lease rentals as above, is being amortised in theaccounts over the remaining period of the leases. During the half year, an amount of Rs. 2561Lakhs (Previous Year Rs. 4751 Lakhs) has been charged to Profit & Loss Account on account ofsuch amortisation.Since the entire future lease rental liability has been paid, there is no liability payable forunexpired lease period (Previous Year‐Rs. Nil).b. During the year 1999 ‐ 2000, the company entered into 6 lease agreements, with select financialinstitutions / banks as lessors, for a primary period of 10 years for an aggregate amount of Rs.102085 Lakhs and sub‐leased the same to MOR for a period of 15 years. The company has paidupfront the future financial liability on all these leases.Even though, there is a mismatch in the tenor of the lease and sub‐lease, there is no overallmismatch in the present value of entire lease rentals payable and receivable. During the halfyear, the company received lease rentals of Rs. 7044 Lakhs (P.Y. Rs. 14088 Lakhs) and amortised(expensed) lease rentals of Rs. Nil (P.Y. Rs. Nil) on these transactions.12.(a) The Company discharges its obligation towards payment of interest and redemption of bonds,for which warrants are issued, by depositing the respective amounts in the designated bankaccounts. Reconciliation of such accounts is an ongoing process and has been completed upto30‐09‐2012. The company does not foresee any additional liability on this account. The totalbalance held in such specified bank accounts as on 30‐09‐2012 is Rs. 234.97 Lakhs (Previous YearRs. 497.79 Lakhs).(b) The Company is required to transfer any amount remaining unclaimed and unpaid in suchinterest and redemption accounts after completion of 7 years to Investor Education ProtectionFund (IEPF) administered by the Ministry of Corporate Affairs, Government of India. Accordingly,during the year, the Company deposited a sum of Rs. Nil (P.Y. Rs. 91.98 Lakhs) in IEPF.

13. Long Term Loans and Advances (Note No.13) include Lease Receivables representing the presentvalue of future Lease Rentals receivable on the finance lease transactions entered into by thecompany since inception as per the Accounting Standard (AS) – 19 issued by the Institute ofChartered Accountants of India.Reconciliation of the Lease Receivable amount on the Gross value of Rolling Stock assets worthRs. 8404014 Lakhs (P.Y. Rs. 7659214 Lakhs) owned by the company and leased to the Ministry ofRailways is as under:(Rs. in Lakhs)ParticularsAs at30‐09‐2012As at31‐03‐2012A. Gross Value of Assets acquired & Leased upto the end 7659214 6398793of previous Financial YearB. Less value of assets securitised/assigned during the‐‐ ‐‐yearC. = (A ‐ B) 7659214 6398793D. Less: Capital Recovery provided upto last Year 2376505 2082976E. Less Capital Recovery provided upto last year on‐‐ ‐‐assets assigned during the yearF. Capital Recovery upto last year (D ‐ E) 2376505 2082976G. Capital Recovery outstanding on leased assets as at 5282709 4315817the end of last year (C ‐ F)H. Add: Gross Value of Assets acquired and Leased 744800 1260421during the yearI.=G+H 6027509 5576238J. Capital Recovery for the year 175387 293529K. Less: Capital Recovery for the year on assets‐‐ ‐‐securitised/assigned during the yearL. =J – K 175387 293529Net investment in Lease Receivables 5852122 5282709The value of contractual maturity of such leases as per AS–19 is as under:‐(Rs. in Lakhs)ParticularsAs at30‐09‐2012As at31‐03‐2012Gross Investment in Lease 9040820 8206425Unearned Finance Income 3188698 2923716Present Value of Minimum Lease Payment (MLP) 5852122 5282709

Gross Investment in Lease and Present value of Minimum Lease Payments (MLP) for each ofthe periods are as under:(Rs. in Lakhs)As at 30‐09‐2012 As at 31‐03‐2012ParticularsGrossInvestmentIn LeasePresentValue ofMLPGrossInvestmentin LeasePresentValue ofMLPNot later than one year 844793 385872 767989 344833Later than one year and 3197808 1595707 2908222 1443740not later than five yearsLater than five years 4998219 3870543 4530214 3494136Total 9040820 5852122 8206425 5282709The unearned finance income as on 30‐09‐2012 is Rs. 3197808 Lakhs (Previous Year Rs. 2923716Lakhs). The unguaranteed residual value accruing to the benefit of the Company at the end oflease period is Rs. Nil (P.Y. Nil).The company has leased rolling stock assets to the Ministry of Railways (MOR). A separate leaseagreement for each year of lease has been executed and as per the terms of the leaseagreements, lease rentals are received half yearly in advance. The leases are non cancellableand shall remain in force until all amounts due under the lease agreements are received.14. The Company, in the earlier years, had executed Asset Securitisation Transactions by securitisingan identified portion of future lease rentals originating on its assets leased to Ministry ofRailways. As part of the securitisation transaction, future lease rentals were transferred to abankruptcy remote Special Purpose Vehicle (SPV) which, in turn, issued Pass ThroughCertificates (PTCs) to the investors. The lease receivables, accordingly, were derecognised in thebooks of account of the company.In terms of the Draft RBI Guidelines on Minimum Retention Requirement issued by the ReserveBank of India as applicable to the Non‐Banking Finance Companies, the company being theoriginator, had opted to retain a minimum of 5% of the book value of the receivables beingsecurtised. Accordingly, the company had invested Rs. 1697.71 Lakhs in the Pass ThroughCertificates (PTCs) issued by the ‘Special Purpose Vehicle’ towards Minimum RetentionRequirement. Out of the amount invested in PTCs, Rs. 337.17 Lakhs have matured till the halfyear ending 30 th Sept‐12, leaving a balance of Rs.1360.54 Lakhs.15. Disclosures with respect to Retirement Benefit Plan as required under AS ‐ 15 (Revised) are asfollows:Defined Benefit PlanChanges in Present Value of Defined Obligations:(Rs. in Lakhs)Gratuity (Funded) Leave Encashment(Funded)LTC(Non‐Funded)30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012Present value of DefinedBenefit Obligation at the39.04 34.64 28.81 18.39 2.82 2.09

eginning of the yearInterest Cost 1.60 2.98 1.15 1.54 0.11 0.16Current Service Cost 2.25 4.63 2.47 4.63 0.31 0.61Benefits Paid ‐‐ ‐‐ ‐1.29 ‐1.06 ‐0.32 ‐0.54Actuarial (Gain) / Loss on 3.84 ‐3.21 0.94 5.31 0.32 0.50obligationsPresent value of DefinedBenefit Obligation at theend of the year46.73 39.04 32.08 28.81 3.25 2.82Changes in the Fair Value of Plan Assets:Gratuity(Funded)Leave Encashment(Funded)(Rs. in Lakhs)LTC(Non‐Funded)30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012Fair Value of Assets at the 41.40 34.97 25.32 24.17 0.00 0.00beginning of the yearExpected Return on plan 1.72 3.06 0.99 1.98 0.00 0.00assetsContributions 3.16 2.99 0 0.00 0.00 0.00Benefits Paid 0.00 0.00 ‐1.29 ‐1.06 0.00 0.00Actuarial Gain / (Loss) on ‐1.72 0.38 ‐0.99 0.23 0.00 0.00plan assetsFair Value of Plan Assets atthe end of the year44.56 41.40 24.03 25.32 0.00 0.00Movement in the net Liability/Asset recognised in the Balance Sheet:Gratuity(Funded)Leave Encashment(Funded)(Rs. in Lakhs)LTC(Non‐Funded)30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012Opening net Liability / ‐2.36 ‐0.33 3.48 ‐5.78 2.82 2.09(Asset) at the beginning ofthe yearExpenses 7.68 0.96 4.57 9.26 0.75 1.27Contribution ‐3.16 ‐2.99 0.00 0.00 ‐0.32 ‐0.54Closing net Liability / (Asset)at the end of the year2.16 ‐2.36 8.05 3.48 3.25 2.82Actuarial Gain / Loss recognised:Gratuity(Funded)Leave Encashment(Funded)(Rs. in Lakhs)LTC(Non‐Funded)30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012Actuarial Gain / (Loss) for (3.84) 3.21 (0.95) (5.30) (0.33) (0.50)the year – obligationActuarial Gain / (Loss) for (1.72) 0.38 (0.98) 0.23 0.00 0.00

the year plan assetsTotal Gain / (Loss) (5.56) 3.59 (1.93) (5.07) (0.33) (0.50)Actuarial Gain / (Loss) (5.56) 3.59 (1.93) (5.07) (0.33) (0.50)recognised in the yearAmount recognised in the Balance Sheet:Gratuity(Funded)Leave Encashment(Funded)(Rs. in Lakhs)LTC(Non‐Funded)30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012Present value of obligations 46.72 39.04 32.08 28.81 3.25 2.82as at the end of the yearFair Value of plan assets ‐44.56 ‐41.40 ‐24.03 ‐25.33 0.00 0.00Liability (assets) 2.16 ‐2.36 8.05 3.48 3.25 2.82Unrecognised Past Service 0.00 0.00 0.00 0.00 0.00 0.00CostLiability (assets) recognisedin the Balance Sheet2.16 ‐2.36 8.05 3.48 3.25 2.82Expenses recognised in statement of Profit & Loss:(Rs. in Lakhs)Gratuity(Funded)Leave Encashment(Funded)LTC(Non‐Funded)30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012Current Service Cost 2.25 4.62 2.47 4.63 0.31 0.61Interest Cost 1.60 2.98 1.15 1.54 0.11 0.16Expected return on plan ‐1.72 ‐3.05 ‐0.99 ‐1.98 0.00 0.00assetsNet Actuarial (Gain) / Loss 5.56 ‐3.59 1.93 5.07 0.33 0.50recognized in the yearPast Service Cost 0.00 0.00 0.00 0.00 0.00 0.00Expenses recognised in 7.69 0.96 4.56 9.26 0.75 1.27Statement of Profit & LossBifurcation of Obligation:ObligationGratuity(Funded)Leave Encashment(Funded)(Rs. in Lakhs)LTC(Non‐Funded)30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012Current 0.00 0.00 1.87 1.12 1.15 1.12Non‐Current 46.73 39.04 30.21 27.69 2.10 1.70Total 46.73 39.04 32.08 28.81 3.25 2.82

Actuarial Assumptions:AssumptionsDiscount Rate 8.18%p.a.Expected Return on PlanAssetsMortalityGratuity(Funded)Leave Encashment(Funded)LTC(Non‐Funded)30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐20128.61%p.a.8.18%p.a.8.61%p.a.8.18%p.a.8.61%p.a8% p.a 8% p.a. 8% p.a 8% p.a. ‐ ‐Indian Assured Lives Mortality (1994‐96) (modified) UltimateFuture Salary Increase 6% p.a. 6% p.a. 6% p.a. 6% p.a. 6% p.a. N/ADisability Nil Nil Nil Nil Nil NilAttrition 0% p.a. 0% p.a. 0% p.a. 0% p.a. 0% p.a. 0% p.a.Retirement 60 yrs. 60 yrs. 60 yrs. 60 yrs. 60 yrs. 60 yrs.The estimates of future salary increase considered in actuarial valuation, take account ofinflation, seniority, promotion and other relevant factors, such as supply and demand in theemployment market.Defined Contribution Plan(Rs. in Lakhs)ParticularsHalf Year ended30‐09‐2012Year ended31‐03‐2012Employers’ Contribution to EPF 6.85 8.4816. In accordance with Accounting Standard 29, particulars of provisions are as under:(Rs. in Lakhs)Half Year ended 30‐09‐2012 Year ended 31‐03‐2012Incentive/PRP*Gratuity &LeaveEncashment*LTC*CSRIncomeTax / FBTIncentives/PRP*Gratuity &LeaveEncashment*LTC*CSRIncomeTax / FBTOpening Bal. 65.35 1.12 2.82 300.00 51785.36 31.00 ‐6.11 2.08 0.00 31442.46Additionduring theyearAmountused /incurredUnusedAmountreversedduring theyearClosingBalance17.17 12.25 0.75 150.00 12596.74 34.35 10.22 1.27 300.00 20342.900.00 ‐3.16 ‐0.32 195.00 ‐116.75 0.00 ‐2.99 ‐0.54 0.00 0.000.00 0.00 0.00 0.00 60.13 0.00 0.00 0.00 0.00 0.0082.52 10.21 3.25 255.00 64205.22 65.35 1.12 2.81 300.00 51785.36

*The above provisions are liabilities in accordance with terms of employment. Payment ofIncentives / Performance Related Pay (PRP) shall be made as and when they became due.Provision for LTC is in accordance with the Accounting Standard 15 (Revised).Further, provision for Income Tax is in terms of Income Tax Act, 1961 and shall be adjusted aftercompletion of assessment.17. The Company is in the business of leasing and financing. As such, there are no separatereportable business segments within the meaning of Accounting Standard (AS)‐17 on‘Segment Reporting’ issued by the Institute of Chartered Accountants of India.18. In line with requirements of Accounting Standard (AS) ‐18 ‘Related Party Disclosures’ issued bythe Institute of Chartered Accountants of India (ICAI), the details are as under:Key Management personnel:a) Sh. Rajiv Datt, Managing Directorb) Sh. D.C. Arya, Director FinanceAmount paid to Key Management Personnel:(Rs. in Lakhs)ParticularsFor the HY ending 2011‐1230‐9‐12Salary / Allowances 15.87 16.77Reimbursement 0.23 0.16Foreign Service Contribution 0.00 0.90Incentive 5.84 11.6819. (a) During the year 2003‐04, the company restructured the rate of interest on certainoutstanding borrowings from LIC and paid Rs.2403 Lakhs as advance, representing a portion ofthe future savings in the interest cost. This advance amount is being amortised over the balancetenor of the borrowings. During the half year, a sum of Rs. 18 Lakhs (P.Y. Rs. 66 Lakhs) has beenamortised, leaving a balance of Rs. 25 Lakhs as on 30‐09‐2012 (P.Y. Rs. 43 Lakhs).(b) During the year 2004‐05, the company restructured the rate of interest on certainoutstanding borrowings from IDBI Ltd. and paid Rs.1378 Lakhs as advance, representing aportion of the future savings in the interest cost. This advance amount is being amortised overthe balance tenor of the borrowings. During the half year, a sum of Rs.13 Lakhs (P.Y. Rs.35 Lakhs)has been amortised, leaving a balance of Rs.35 Lakhs as on 30‐09‐2012 (P.Y. Rs.48 Lakhs).20. Interest on Deposits (Note No.19) includes Tax Deducted at Source amounting to Rs. Nil Lakhs(P.Y. Rs.69 Lakhs). Ministry of Railways has also deducted tax at source amounting to Rs.18418Lakhs (P.Y. Rs. 14824 Lakhs).21. The Company has a system of obtaining balance confirmation from Ministry of Railways at theend of the Financial Year. Therefore, the amount recoverable / payable from / to MOR as on 30 thSeptember 2012 is subject to confirmation and consequential adjustments wherever required.However, in the opinion of management such receivable / payable in the ordinary course ofbusiness will not be less than the value at which they are stated in the Balance Sheet.22. Certain disclosures are required to be made under the Micro, Small and Medium EnterprisesDevelopment Act, 2006. The Company is in the process or compiling relevant information from

its suppliers about their coverage under the Act. As the Company has not received the relevantinformation under the Act till finalisation of accounts, no disclosure has been made in theaccount.23. The Company has a system of physical verification of assets given on lease. The physicalverification is carried out on a sample basis, as 100% physical verification of rolling assets isneither logistically possible nor considered necessary. In addition, Ministry of Railways (Lessee)provides a certificate each year that the leased assets are maintained in good working conditionas per laid down norms, procedures and standards. In the opinion of the management, theaforesaid system is satisfactory considering the fact that the assets are maintained and operatedby the Central Government.24. Accounting Standards ‐30, 31 & 32 pertaining to Financial Instruments‐Recognition &Measurement, Financial Instruments‐Presentation and Financial Instruments‐Disclosure were tobe made mandatory by the Institute of Chartered Accountants of India (ICAI) with effect from1st April, 2011. However, the ICAI has announced indefinite postponement of the application ofAS‐30, 31 and 32 as the provisions contained in AS‐30, 31 and 32 are not expected to continue intheir present form as these Accounting Standards are based on International AccountingStandard–39 (IAS‐39) and International Financial Reporting Standard–9 (IFRS‐9) which arecurrently under review by the International Accounting Standard Board. Further, theseStandards have not been notified by the Ministry of Corporate Affairs (MCA). Accordingly, theCompany has not adopted AS‐30, 31 and 32.25. a) Unless otherwise stated, the figures are Rupees in Lakhs.b) Previous year figures have been regrouped / rearranged, wherever necessary, in order tomake them comparable with the current half year.

A. Significant Accounting PoliciesFinancial Year 2011-12I. Basis for preparation of Financial Statementsa) The financial statements are prepared under the historical cost convention, inaccordance with the Generally Accepted Accounting Principles, provisions of theCompanies Act, 1956 and the applicable guidelines issued by the Reserve Bank of Indiaas adopted consistently by the Company.b) Use of EstimatesPreparation of financial statements in conformity with Generally Accepted AccountingPrinciples requires Management to make estimates and assumptions that affect thereported amounts of asset and liabilities, disclosure of contingent assets and liabilities atthe date of the financial statements and the reported amounts of revenue and expensesduring the reporting period. Examples of such estimates include estimated useful life offixed assets and estimated useful life of leased assets. The Management believes thatestimates used in the preparation of financial statements are prudent and reasonable.Actual results could differ from these estimates. Adjustments as a result of differencesbetween actual and estimates are made prospectively.II. Revenue Recognitiona) Lease Income in respect of assets given on lease (including assets given prior to 01-04-2001) is recognised in accordance with the accounting treatment provided in AccountingStandard -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 theagreements with the respective lessors and the sub-lessee (MOR), on accrual basis, asper the Revised Guidance Note on accounting for Leases issued by the Institute ofChartered Accountants of India (ICAI).c) Interest Income is recognised on time proportion basis. Dividend Income is recognisedwhen the right to receive payment is established.d) Income relating to non performing assets is recognised on receipt basis in accordancewith the guidelines issued by the Reserve Bank of India.III. Foreign Currency Transactionsa) Initial RecognitionInitial recognition is done at the rates prevailing on the date of transaction:i) 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 currencyliabilities swapped into Indian Rupees, are reported using the closing exchange rate in

accordance with the provisions of Accounting Standard – 11 (AS 11) issued by theInstitute of Chartered Accountants of India.Foreign Currency Liabilities swapped into Indian Rupees are stated at the referencerates fixed in the swap transactions, and not translated at the year end rate.c) Exchange Differencesi) Exchange differences arising on the actual settlement of monetary assets andliabilities at rates different from those at which they were initially recorded duringthe year, or reported in previous financial statements, other than the exchangedifferences on settlement of foreign currency loans and interest thereon recoverableseparately from the lessee under the lease agreements, are recognised as income orexpenses in the year in which they arise.ii) In respect of forward exchange contracts, the difference between the forward rateand exchange rate on the date of transaction are recognised as income or expensesover the life of the contract.IV. InvestmentsInvestments are classified into long term investments and current investments based onintent of Management at the time of making the investment. Investments intended to beheld for more than one year, are classified as long-term investments.Current investments are valued at the lower of the cost or the market value. Long-terminvestments are valued at cost unless there is depreciation, other than temporary, in theirvalue.V. Leased AssetsLease arrangements where the risks and rewards incidental to ownership of an assetsubstantially vest with the lessee, are recognised as financial leases and are shown asReceivable in the Balance Sheet at an amount equal to the net investment in the lease, inaccordance with Accounting Standard -19 ‘Leases’ issued by the Institute of CharteredAccountants of India.VI. Fixed AssetsFixed assets are stated at cost, less accumulated depreciation. Cost includes all expensesincurred to bring the assets to their present location and condition.Depreciation on fixed assets is charged on straight line method at the rates prescribed inSchedule XIV to the Companies Act, 1956, on pro-rata basis.VII. (a) Securitisation of Lease ReceivablesLease Receivables securitised out to Special Purpose Vehicle in a securitisation transactionare de-recognised in the balance sheet when they are transferred and consideration hasbeen received by the Company. In terms of the guidelines on Securitisation of StandardAssets issued by the Reserve Bank of India vide their circular no.DBOD.No.B.P.BC.60/21.04.048/2005-06 dated 1 st February 2006, the Company amortisesany profit arising from the securitisation over the life of the Pass Through Certificates(PTCs) / Securities issued by the Special Purpose Vehicle (SPV). Loss, if any, is recognisedimmediately in the Profit & Loss Account.

Further, in terms of Draft Guideline on minimum holding period and minimum retentionrequirement for securitisation transaction undertaken by NBFCs dated June 3, 2010, thecompany has opted for investment in SPV’s equity tranche of minimum 5% of the bookvalue of loan being securitised.(b) Assignment of Lease ReceivablesLease Receivables assigned through direct assignment route are de-recognised in thebalance sheet when they are transferred and consideration has been received by theCompany. Profit or loss resulting from such assignment is accounted for in the year oftransaction.VIII. Bond Issue Expenses and Expenses on Loans, Leases and SecuritisationTransactiona) Bond Issue expenses including management fee on issue of bonds (except discount ondeep discount bonds) incurred during the year are charged to Profit and Loss Account.Upfront discount on deep discount bonds is amortised over the tenor of the bonds.b) Documentation, processing & other charges paid on Long Term Loans are charged tothe Profit & Loss Account in the year loan is sanctioned / availed.c) Incidental expenses incurred in connection with the Securitisation transaction executedduring the year are charged to the Profit and Loss Account.IX. Taxes on IncomeTax expense comprises Current Tax and Deferred Tax.Provision for current income tax is made in accordance with the provisions of the IncomeTax Act, 1961.Deferred tax expense or benefit is recognised on timing differences, being the differencebetween taxable incomes and accounting income, that originate in one period and arecapable of reversal in one or more subsequent periods. Deferred tax assets and liabilitiesare measured using the tax rates and tax laws that have been enacted or substantivelyenacted by the balance sheet date.X. Employee BenefitsEmployee Benefits are valued and disclosed in the Annual Accounts in accordance withAccounting Standard -15 (Revised):a) Short-term employee benefits are recognised as an expense at the undiscountedamount in the Profit & Loss Account of the year in which the employees haverendered services entitling them to contributions.b) Long-term employee benefits are recognised as an expense in the Profit & LossAccount for the year in which the employee has rendered services. The expense isrecognised at the present value of the amount payable as per actuarial valuations.Actuarial gain and losses in respect of such benefits are recognised in the Profit andLoss Account.XI. Provisions, Contingent Liabilities and Contingent AssetsThe Company recognises provisions when it has a present obligation as a result of a pastevent. This occurs when it becomes probable that an outflow of resources embodying

XII.economic benefits might be required to settle the obligation and when a reliable estimateof the amount of the obligation can be made.Provisions are determined based on Management estimate required to settle the obligationat the balance sheet date. These are reviewed at each balance sheet date and adjusted toreflect the current management estimates. In cases, where the available informationindicates that a loss on the contingency is reasonably possible but the amount of losscannot be reasonably estimated, a disclosure is made in the financial statements.Contingent Assets, if any, are not recognised in the financial statements since this mayresult in the recognition of income that may never be realised.Borrowing CostsBorrowing Cost (net of any income on the temporary investments of these borrowings)attributable to acquisition, construction or production of qualifying assets are capitalizedas part of the cost till the assets are ready for use. Other borrowing costs are recognizedas expense in the period in which they are incurred.B. Other Notes on Accounts1.(a) Lease rental is charged on the assets leased from the first day of the month in which theassets have been identified and placed on line.(b) Ministry of Railways (MOR) charges interest on the value of the assets identified prior tothe payments made by the company, from the first day of the month in which the assetshave been identified and placed on line to the first day of the month in which the moneyis paid to the MOR. However, no interest is charged from the MOR on the amount paidby the company prior to identification of Rolling stock by them.(c) (i) Interest rate variation on the floating rate linked rupee borrowings and interest rateand exchange rate variations on interest payments in case of the foreign currencyborrowings are adjusted against the Lease Income in terms of the variation clauses inthe lease agreements executed with the Ministry of Railways. During the year, suchdifferential has resulted in an amount of Rs. 7578 Lakhs accruing to the company (P.Y.Rs. 846 Lakhs), which has been accounted for in the Lease Income.(ii) In respect of foreign currency borrowings, which have not been hedged, variationclause have been incorporated in the lease agreements specifying notional swap costadopted for working out the cost of funds on the leases executed with MOR. Swap costin respect of these foreign currency borrowings is compared with the amount recoveredby the company on such account and accordingly, the same is adjusted against the leaseincome. During the financial year 2011 - 12, in respect of these foreign currencyborrowings, the company has recovered a sum of Rs. 11133 Lakhs (P.Y. Rs. 8920 Lakhs)on this account from MOR against the actual swap cost payments of Rs. 2203 Lakhs

(P.Y. Rs. 4590 Lakhs). After adjusting swap cost, an amount of Rs. 8930 Lakhs has beenrefunded to MOR (P.Y. Rs. 4330 Lakhs refunded to MOR).(iii) Interest expense in respect of interest accrued but not due on foreign currencyloans has been considered at base interest / exchange rate and the difference onaccount of variation between base rate and the rate prevailing on the reporting date hasbeen shown as recoverable / payable to MOR. During the current year, the amountpayable to MOR on such account works out to Rs. 453 Lakhs (P.Y. Rs. 637 Lakhs).2.(a) The Reserve Bank of India has issued Non-Banking Financial (Non-Deposit Accepting orHolding) Companies Prudential Norms (Reserve Bank) Directions, 2007 vide notificationno.DNBS.193 DG(VL)-2007 dated 22 nd February 2007. The Company, being aGovernment Company and not accepting / holding public deposits, these Directions,except the provisions contained in Paragraph 19 thereof, are not applicable to theCompany.(b) In terms of Reserve Bank of India Notification No.DNBC.138/CGM (VSNM) – 2000 dated13 th January 2000, provisions of Section 45 IC of the Reserve Bank of India Act, 1934 (2of 1934) regarding creation of Reserve Fund, do not apply to the Company.3. The Finance Act, 2001 provides for levy of service tax on the finance and interestcharges recovered through lease rental installments on the Financial Leases entered onor after 16-07-2001. The Central Government vide Order No.1/1/2003-ST dated 30 thApril 2003 and subsequent clarification dated 15-12-2006 issued by Ministry of Financehas exempted the Lease Agreements entered between the Company and Ministry ofRailways from levy of Service Tax thereon.4. Increase in liability due to exchange rate variation on foreign currency loans forpurchase of leased assets, amounting to Rs. 96534 Lakhs (P.Y. decrease of Rs. 5698Lakhs) has not been charged to Statement of Profit and Loss as the same is recoverablefrom the Ministry of Railways (lessee) separately as per lease agreements. Theexchange rate variation on foreign currency loans repaid during the year amounting toRs. 223 Lakhs (P.Y. Rs. 271 Lakhs) has been recovered from the Lessee, leaving abalance of Rs. 76759 Lakhs recoverable from MOR as on 31-03-2012 (P.Y. Rs. 19552Lakhs payable to MOR).5. Advance given to Railways for Railway Projects amounting to Rs. 210136.50 Lakhs (PYRs. Nil) is inclusive of Interest and Finance Charges (net) of Rs. 2287.07 lakhs (PY Rs.Nil) accrued till the Balance Sheet date.

6. Derivative InstrumentsThe Company judiciously contracts financial derivative instruments in order to hedgecurrency and / or interest rate risk. All derivative transactions contracted by thecompany are in the nature of hedging instruments with a defined underlying liability.The company does not deploy any financial derivative for speculative or tradingpurposes.a. In respect of certain foreign currency borrowings, the company has executed currencyswaps to hedge the exchange rate variation risk on the principal outstanding. Theoutstanding position of such currency swaps as at 31 st March 2012 is as follows:As at 31-03-2012 As at 31-03-2011No. ofContractsBorrowingoutstandingin foreigncurrencyNotionalINREquivalentNo. ofContractsBorrowingoutstandingin foreigncurrencyNotionalINREquivalentRemarks0 -- -- 1 USD 1.02Million478.89Lakhs--In respect of following External Commercial Borrowings, the Company has executedcurrency swap to hedge the foreign exchange exposure in respect of both principaloutstanding and interest payments:As at 31-03-2012 As at 31-03-2011No. ofContractsBorrowingoutstandingin ForeignCurrencyNotional INREquivalentNo. ofContractsBorrowingoutstanding inForeignCurrencyNotional INREquivalent0 -- -- 1 JPY 15 Billion 54911.79LakhsIn respect of following External Commercial Borrowings, the Company has executedcross currency swap to hedge the foreign exchange exposure in respect of both principaloutstanding and interest payments and converted its underlying liability from oneforeign currency to another:

No. ofContractsAs at 31-03-2012 As at 31-03-2011Borrowing Notional USD No. of Borrowingoutstanding in Equivalent Contracts outstandingForeignin ForeignCurrencyCurrencyNotional USDEquivalent1 JPY 12 Billion 145.90 1 JPY 12 Billion 145.90MillionMillion1 JPY 3 Billion 37.04 Million 1 JPY 3 Billion 37.04 MillionThe foreign currency borrowings outstanding as on 31-03-2012, which have not beenhedged, are as follows:No. ofLoansAs at 31-03-2012 As at 31-03-2011Borrowing No. ofoutstanding in LoansForeign CurrencyBorrowing Remarksoutstanding inForeign Currency1 USD 30 Million 1 USD 33 Million Back to backrecovery ofexchange ratevariation fromMOR.2 USD 3.94 Million 2 USD 6.14 Million --2 USD 225 Million 2 USD 225 Million Back to backrecovery ofexchange ratevariation fromMOR.1 USD 450 Million 1 USD 450 Million Back to backrecovery ofexchange ratevariation fromMOR.2 USD 550 Million 2 USD 550 Million Back to backrecovery ofexchange ratevariation fromMOR1 USD 200 Million -- -- Back to backrecovery ofexchange ratevariation fromMORb. The Company has three (P.Y. three) Interest Rate Swap/Cap outstanding in respect of aforeign currency borrowing to hedge its floating rate linked to LIBOR. The Interest RateSwap/Cap has been executed on a notional principal of USD 900 Million (P.Y. USD 900Million).

Further, the Company has two floating rate swaps and has converted its liability in FixedRate JPY to USD LIBOR. The notional principal underlying the floating rate swap is JPY15 Billion.As part of hedging strategy, the Company has three (P.Y. four) Interest Rate Swaps /Currency Swaps (coupon only) outstanding on fixed interest rate rupee borrowings bytaking benefit of interest rate movement. The INR value of the outstanding borrowingson which such Swaps have been executed, is Rs. 62000 Lakhs (P.Y. Rs. 102000 Lakhs).7. Office Building including parking area has been capitalised from the date of takingpossession. However, the sale / transfer deed is still pending for execution in favour ofthe company. Stamp duty payable on the registration of office building works out toabout Rs. 122 Lakhs (P.Y. Rs. 122 Lakhs), which will be accounted for on registration.8. The Company, in terms of Memorandum of Understanding (MOU) for the financial year2011-12, entered into with Ministry of Railways and as approved by the Department ofPublic Enterprises DPE (MOU Division), Ministry of Heavy Industries and PublicEnterprises, Government of India, vide their letter no.F.NO.1(90)/2011/DPE(MOU) dated24 th March, 2011, has made a provision of Rs. 300 Lakhs towards Corporate SocialResponsibility as required under CSR guidelines.9. Contingent Liabilitiesa. Claims against the Company not acknowledged as debt – Claims by bondholders in theConsumer Courts: Rs. 50 Lakhs (P.Y. Rs. 50 Lakhs).b. The Income Tax assessments of the Company have been completed up to theAssessment Year 2009–10. The disputed demand of tax amounting to Rs. 14.05 Lakhsfor the Assessment Years 2002-03, 2003-04, 2004-05 and 2007-08 has been adjustedby the Department from the refund pertaining to other years. The Company has alreadyfiled appeals against the said tax demand and the same are pending at various appellatelevels. Based on decisions of the Appellate authorities in other similar matters andinterpretation of relevant provisions, the Company is confident that the demands, asadjusted, will be either deleted or substantially reduced and accordingly no provision forearlier years pertaining to this, has been considered necessary.c. The Company does not pay sales tax on purchase of leased assets. In the event of Salestax on purchase / lease of rolling stock becoming payable, the same is recoverable fromMinistry of Railways in terms of the lease agreements. Since, there is no sales taxdemand and the amount is unascertainable, no provision is made in the accounts.d. The Companies (Second Amendment) Act, 2002 provides for levy of cess, towardsrehabilitation / revival of sick industrial companies, which shall not be less than 0.005%but not more than 0.10% of the turnover or the gross receipts as the CentralGovernment may from time to time specify by notification in the Official Gazette. Sinceno notification has been issued, provision for cess has not been made.

10. Expenditure in Foreign Currency (on payment basis)(Rs. in Lakhs)Year ended31-03-2012Year ended31-03-2011a) Interest / Swap Cost on Foreign currencyborrowings (Net of Amount recovered on account ofIRS / IRC and from MoF)30999.18 17828.04b) Processing Agent / Fiscal Agent / Admin. fee 765.86 23.56c) Underwriting / Arranger fee 2585.98 4422.97d) International Credit Rating Agencies Fees 182.44 46.73e) Others 43.18 111.1711.a. The Company has not taken on lease any Rolling Stock assets during the year. All theassets taken on lease were in the years prior to 01-04-2001, with aggregate value of Rs.157082 Lakhs (ownership of the same vests with the lessors) stand sub-leased toMinistry of Railways. The company has paid future lease rental liability in full on all theabove leases as outlined below:Year ofLeaseNo. ofLeasesValue of assetstaken on leaseAmount paid insettlement of futurelease rentals(Rs. in Lakhs)(Rs. in Lakhs)1999-00 6 102085 374923841355342000-01 2 54997 2942322302Total 8 157082 152899Year of payment2001-022002-032003-042001-022003-04The amount paid in settlement of future lease rentals as above, is being amortised inthe accounts over the remaining period of the leases. During the year, an amount of Rs.4751 Lakhs (Previous Year Rs. 4296 Lakhs) has been charged to Profit & Loss Accounton account of such amortisation.Since the entire future lease rental liability has been paid, there is no liability payable forunexpired lease period (Previous Year-Rs. Nil).b. During the year 1999 - 2000, the company entered into 6 lease agreements, with selectfinancial institutions / banks as lessors, for a primary period of 10 years for anaggregate amount of Rs. 102085 Lakhs and sub-leased the same to MOR for a period of15 years. The company has paid upfront the future financial liability on all these leases.

Even though, there is a mismatch in the tenor of the lease and sub-lease, there is nooverall mismatch in the present value of entire lease rentals payable and receivable.During the year, the company received lease rentals of Rs. 14088 Lakhs (P.Y. Rs. 14088Lakhs) and amortised (expensed) lease rentals of Rs. Nil (P.Y. Rs. Nil) on thesetransactions.12. The balances under some items of Loans & Advances and current liabilities are subjectto confirmation and reconciliation and consequential adjustments, wherever applicable.However, in the opinion of the Management, the realisable value of the current assets,loans and advances in the ordinary course of business will not be less than the value atwhich they are stated in the Balance Sheet.13.(a) The Company discharges its obligation towards payment of interest and redemption ofbonds, for which warrants are issued, by depositing the respective amounts in thedesignated bank accounts. Reconciliation of such accounts is an ongoing process andhas been completed upto 31-03-2012. The company does not foresee any additionalliability on this account. The total balance held in such specified bank accounts as on 31-03-2012 is Rs. 497.79 Lakhs (Previous Year Rs. 371.31 Lakhs).(b) The Company is required to transfer any amount remaining unclaimed and unpaid insuch interest and redemption accounts after completion of 7 years to Investor EducationProtection Fund (IEPF) administered by the Ministry of Corporate Affairs, Government ofIndia. Accordingly, during the year, the Company deposited a sum of Rs. 91.98 Lakhs(P.Y. Rs. 605.87 Lakhs) in IEPF.14. Long Term Loans and Advances (Note No.14) include Lease Receivables representingthe present value of future Lease Rentals receivable on the finance lease transactionsentered into by the company since inception as per the Accounting Standard (AS) – 19issued by the Institute of Chartered Accountants of India.Reconciliation of the Lease Receivable amount on the Gross value of Rolling Stock assetsworth Rs. 7659214 Lakhs (P.Y. Rs. 6437259 Lakhs) owned by the company and leasedto the Ministry of Railways is as under:ParticularsA. Gross Value of Assets acquired & Leased upto theend of previous Financial YearB. Less value of assets securitised/assigned duringthe year(Rs. in Lakhs)As atAs at31-03-2012 31-03-20116398793 5469230-- 38466C. = (A - B) 6398793 5430764D. Less: Capital Recovery provided upto last Year 2082976 1850962

E. Less Capital Recovery provided upto last year onassets assigned during the year-- 3269F. Capital Recovery upto last year (D - E) 2082976 1847693G. Capital Recovery outstanding on leased assets asat the end of last year (C - F)H. Add: Gross Value of Assets acquired and Leasedduring the year4315817 35830711260421 968029I.=G+H 5576238 4551100J. Capital Recovery for the year 293529 236811K. Less: Capital Recovery for the year on assetssecuritised/assigned during the year-- 1528L. =J – K 293529 235283Net investment in Lease Receivables 5282709 4315817The value of contractual maturity of such leases as per AS–19 is as under:-(Rs. in Lakhs)Particulars As at 31-03-2012 As at 31-03-2011Gross Investment in Lease 8206425 6637655Unearned Finance Income 2923716 2321838Present Value of Minimum Lease5282709 4315817Payment (MLP)Gross Investment in Lease and Present value of Minimum Lease Payments(MLP) for each of the periods are as under:ParticularsNot later than oneyearLater than one yearand not later than fiveyearsLater than fiveyears(Rs. in Lakhs)As at 31-03-2012 As at 31-03-2011GrossInvestmentIn LeasePresentValue ofMLPGrossInvestmentin LeasePresentValue ofMLP767989 344833 617079 2764842908222 1443740 2380979 12001454530214 3494136 3639597 2839188Total 8206425 5282709 6637655 4315817

The unearned finance income as on 31-03-2012 is Rs. 2923716 Lakhs (Previous Year Rs.2321838 Lakhs). The unguaranteed residual value accruing to the benefit of theCompany at the end of lease period is Rs. Nil (P.Y. Nil).The company has leased rolling stock assets to the Ministry of Railways (MOR). Aseparate lease agreement for each year of lease has been executed and as per theterms of the lease agreements, lease rentals are received half yearly in advance. Theleases are non cancellable and shall remain in force until all amounts due under thelease agreements are received.15. The Company, in the earlier years, had executed Asset Securitisation Transactions bysecuritising an identified portion of future lease rentals originating on its assets leased toMinistry of Railways. As part of the securitisation transaction, future lease rentals weretransferred to a bankruptcy remote Special Purpose Vehicle (SPV) which, in turn, issuedPass Through Certificates (PTCs) to the investors. The lease receivables, accordingly,were derecognised in the books of account of the company.In terms of the Draft RBI Guidelines on Minimum Retention Requirement issued by theReserve Bank of India as applicable to the Non-Banking Finance Companies, thecompany being the originator, had opted to retain a minimum of 5% of the book valueof the receivables being securtised. Accordingly, the company had invested Rs. 1697.71Lakhs in the Pass Through Certificates (PTCs) issued by the ‘Special Purpose Vehicle’towards Minimum Retention Requirement. Out of the amount invested in PTCs, Rs.229.89 Lakhs have matured during the year, leaving a balance of Rs.1467.82 Lakhs.16. Disclosures with respect to Retirement Benefit Plan as required under AS - 15 (Revised)are as follows:Defined Benefit PlanChanges in Present Value of Defined Obligations:Present value of DefinedBenefit Obligation at thebeginning of the yearGratuity (Funded)Leave Encashment(Funded)(Rs. in Lakhs)LTC(Non-Funded)31-03-2012 31-03-2011 31-03-2012 31-03-2011 31-03-2012 31-03-201134.64 30.51 18.39 14.07 2.09 1.61Interest Cost 2.98 2.52 1.54 1.12 0.16 0.05Current Service Cost 4.63 3.05 4.63 1.02 0.61 0.55Benefits Paid -- -- -1.06 -1.01 -0.54 -2.13Actuarial (Gain) / Loss onobligationsPresent value of DefinedBenefit Obligation at theend of the year-3.21 -1.44 5.31 3.19 0.50 2.0139.04 34.64 28.81 18.39 2.82 2.09

Changes in the Fair Value of Plan Assets:Fair Value of Assets at thebeginning of the yearExpected Return on planassetsGratuity(Funded)Leave Encashment(Funded)(Rs. in Lakhs)LTC(Non-Funded)31-03-2012 31-03-2011 31-03-2012 31-03-2011 31-03-2012 31-03-201134.97 25.79 24.17 23.11 0.00 0.003.06 2.43 1.98 1.89 0.00 0.00Contributions 2.99 6.36 0.00 0.00 0.00 0.00Benefits Paid 0.00 0.00 -1.06 -1.01 0.00 0.00Actuarial Gain / (Loss) onplan assetsFair Value of Plan Assetsat the end of the year0.38 0.39 0.23 0.18 0.00 0.0041.40 34.97 25.32 24.17 0.00 0.00Movement in the net Liability/Asset recognised in the Balance Sheet:Gratuity(Funded)Leave Encashment(Funded)(Rs. in Lakhs)LTC(Non-Funded)Opening net Liability /(Asset) at the beginningof the year31-03-2012 31-03-2011 31-03-2012 31-03-2011 31-03-2012 31-03-2011-0.33 4.72 -5.78 -9.04 2.09 1.61Expenses 0.96 1.31 9.26 3.26 1.27 2.61Contribution -2.99 -6.36 0.00 0.00 -0.54 -2.13Closing net Liability /(Asset) at the end of theyearActuarial Gain / Loss recognised:Actuarial Gain / (Loss) forthe year – obligationActuarial Gain / (Loss) forthe year plan assets-2.36 -0.33 3.48 -5.78 2.82 2.09Gratuity(Funded)Leave Encashment(Funded)(Rs. in Lakhs)LTC(Non-Funded)31-03-2012 31-03-2011 31-03-2012 31-03-2011 31-03-2012 31-03-20113.21 1.44 -5.30 -3.19 -0.50 -2.010.38 0.39 0.23 0.18 0.00 0.00

Total Gain / (Loss) 3.59 1.83 -5.07 -3.01 -0.50 -2.01Actuarial Gain / (Loss)recognised in the yearAmount recognised in the Balance Sheet:Present value ofobligations as at the endof the year3.59 1.83 -5.07 -3.01 -0.50 -2.01Gratuity(Funded)Leave Encashment(Funded)(Rs. in Lakhs)LTC(Non-Funded)31-03-2012 31-03-2011 31-03-2012 31-03-2011 31-03-2012 31-03-201139.04 34.64 28.81 18.39 2.82 2.09Fair Value of plan assets -41.40 -34.97 -25.33 -24.17 0.00 0.00Liability (assets) -2.36 -0.33 3.48 -5.78 2.82 2.09Unrecognised Past ServiceCostLiability (assets)recognised in the BalanceSheetExpenses recognised in statement of Profit & Loss:0.00 0.00 0.00 0.00 0.00 0.00-2.36 -0.33 3.48 -5.78 2.82 2.09Gratuity(Funded)Leave Encashment(Funded)(Rs. in Lakhs)LTC(Non-Funded)31-03-2012 31-03-2011 31-03-2012 31-03-2011 31-03-2012 31-03-2011Current Service Cost 4.62 3.05 4.63 1.02 0.61 0.55Interest Cost 2.98 2.52 1.54 1.12 0.16 0.05Expected return on planassetsNet Actuarial (Gain) / Lossrecognized in the year-3.05 -2.43 -1.98 -1.89 0.00 0.00-3.59 -1.83 5.07 3.01 0.50 2.01Past Service Cost 0.00 0.00 0.00 0.00 0.00 0.00Expenses recognised inStatement of Profit & LossBifurcation of Obligation:Obligation0.96 1.31 9.26 3.26 1.27 2.61Gratuity(Funded)Leave Encashment(Funded)(Rs. in Lakhs)LTC(Non-Funded)31-03-2012 31-03-2011 31-03-2012 31-03-2011 31-03-2012 31-03-2011Current 0.00 0.00 1.12 1.03 1.12 1.03Non-Current 39.04 34.64 27.69 17.36 1.70 1.06Total 39.04 34.64 28.81 18.39 2.82 2.09

Actuarial Assumptions:AssumptionsGratuity(Funded)Leave Encashment(Funded)LTC(Non-Funded)31-03-2012 31-03-2011 31-03-2012 31-03-2011 31-03-2012 31-03-2011Discount Rate 8.61%p.a.Expected Return on PlanAssetsMortality8.27%p.a8.61%p.a.8% p.a. 8% p.a. 8%p.a.Future Salary Increase 6% p.a. 6% p.a. 6%p.a.8.27%p.a.8.61%p.a.8.27%p.a8% p.a. - -Indian Assured Lives Mortality (1994-96) (modified)Ultimate6% p.a. 6%p.a.Disability Nil Nil Nil Nil Nil NilAttrition 0% p.a. 0% p.a. 0%p.a.0% p.a. 0%p.a.N/A0% p.a.Retirement 60 yrs. 60 yrs. 60 yrs. 60 yrs. 60 yrs. 60 yrs.The estimates of future salary increase considered in actuarial valuation, take account ofinflation, seniority, promotion and other relevant factors, such as supply and demand inthe employment market.Defined Contribution Plan(Rs. in Lakhs)ParticularsYear ended31-03-2012Year ended31-03-2011Employers’ Contribution to EPF 8.48 10.7117. In accordance with Accounting Standard 29, particulars of provisions are asunder:(Rs. in Lakhs)Incentive/PRP*Year ended 31-03-2012 Year ended 31-03-2011Gratuity& LeaveEncashment*LTC*CSRIncomeTax /FBTIncentives/PRP*Gratuity &LeaveEncashment*LTC*CSRIncomeTax /FBTOpening Bal. 31.00 -6.11 2.08 0.00 31442.46 20.00 -4.32 1.61 0.00 28251.13Additionduring theyearAmount used/ incurred34.35 10.22 1.27 300.00 20096.44 31.00 4.57 2.60 0.00 17923.140.00 -2.99 -0.54 0.00 0.00 31.99 -6.36 2.13 0.00 14681.81

UnusedAmountreversedduring theyearClosingBalance0.00 0.00 0.00 0.00 0.00 -11.99 0.00 0.00 0.00 50.0065.35 1.12 2.81 300.00 51538.9 31.00 -6.11 2.08 0.00 31442.46*The above provisions are liabilities in accordance with terms of employment. Paymentof Incentives / Performance Related Pay (PRP) shall be made as and when they becamedue. Provision for LTC is in accordance with the Accounting Standard 15 (Revised).Further, provision for Income Tax is in terms of Income Tax Act, 1961 and shall beadjusted after completion of assessment.18. The Company is in the business of leasing and financing. As such, there are no separatereportable business segments within the meaning of Accounting Standard (AS)-17on ‘Segment Reporting’ issued by the Institute of Chartered Accountants of India.19. In line with requirements of Accounting Standard (AS) -18 ‘Related Party Disclosures’issued by the Institute of Chartered Accountants of India (ICAI), the details are asunder:Key Management personnel:a) Sh. R. Kashyap, Managing Director (upto 31 st August, 2011)b) Sh. Rajiv Datt, Managing Director (w.e.f. 15 th November, 2011)c) Sh. D.C. Arya, Director Finance (w.e.f. 31 st December, 2011)Amount paid to Key Management Personnel:(Rs. in Lakhs)Particulars 2011-12 2010-11Salary / Allowances 16.77 15.07Reimbursement 0.16 0.17Foreign Service Contribution 0.90 3.21Incentive 11.68 21.5820. (a) During the year 2003-04, the company restructured the rate of interest on certainoutstanding borrowings from LIC and paid Rs.2403 Lakhs as advance, representing aportion of the future savings in the interest cost. This advance amount is beingamortised over the balance tenor of the borrowings. During the year, a sum of Rs. 66Lakhs (P.Y. Rs. 104 Lakhs) has been amortised, leaving a balance of Rs. 43 Lakhs as on31-03-2012 (P.Y. Rs. 109 Lakhs).(b) During the year 2004-05, the company restructured the rate of interest on certainoutstanding borrowings from IDBI Ltd. and paid Rs.1378 Lakhs as advance, representinga portion of the future savings in the interest cost. This advance amount is being

amortised over the balance tenor of the borrowings. During the year, a sum of Rs.35Lakhs (P.Y. Rs.47 Lakhs) has been amortised, leaving a balance of Rs.48 Lakhs as on31-03-2012 (P.Y. Rs.83 Lakhs).21. Interest on Deposits (Note No.19) includes Tax Deducted at Source amounting to Rs. 69Lakhs (P.Y. NIL). Ministry of Railways has also deducted tax at source amounting toRs.14824 Lakhs (P.Y. Rs. 12676 Lakhs).22. Certain disclosures are required to be made under the Micro, Small and MediumEnterprises Development Act, 2006. The Company is in the process or compilingrelevant information from its suppliers about their coverage under the Act. As theCompany has not received the relevant information under the Act till finalisation ofaccounts, no disclosure has been made in the account.23. The Company has a system of physical verification of assets given on lease. The physicalverification is carried out on a sample basis, as 100% physical verification of rollingassets is neither logistically possible nor considered necessary. In addition, Ministry ofRailways (Lessee) provides a certificate each year that the leased assets are maintainedin good working condition as per laid down norms, procedures and standards. In theopinion of the management, the aforesaid system is satisfactory considering the factthat the assets are maintained and operated by the Central Government.24. (a) The financial Statements for the year ended 31 st March 2011 were prepared as perthe then applicable Schedule VI to the Companies Act, 1956. Consequent to thenotification of Revised Schedule VI under the Companies Act, 1956, the financialstatements for the year ended 31 st March, 2012 are prepared as per the RevisedSchedule VI. Accordingly, the previous year figures have been reclassified / regrouped /rearranged wherever necessary to conform to this year’s classification. The adoption ofrevised Schedule VI for previous year figures does not impact recognition andmeasurement principles followed for preparation of financial statements.(b) Unless otherwise stated, the figures are Rupees in Lakhs.

Financial Year 2010-11A. Significant Accounting Policies1) Basis for preparation of Financial Statementsa) The financial statements are prepared under the historical cost convention, inaccordance with the Generally Accepted Accounting Principles, provisions of theCompanies Act, 1956 and the applicable guidelines issued by the Reserve Bank ofIndia as adopted consistently by the Company.b) Use of EstimatesPreparation of financial statements in conformity with Generally Accepted AccountingPrinciples requires Management to make estimates and assumptions that affect thereported amounts of asset and liabilities, disclosure of contingent assets andliabilities at the date of the financial statements and the reported amounts ofrevenue and expenses during the reporting period. Examples of such estimatesinclude estimated useful life of fixed assets and estimated useful life of leased assets.The Management believes that estimates used in the preparation of financialstatements are prudent and reasonable. Actual results could differ from theseestimates. Adjustments as a result of differences between actual and estimates aremade prospectively.2) Revenue Recognitiona) Lease Income in respect of assets given on lease (including assets given prior to 01-04-2001) is recognised in accordance with the accounting treatment provided inAccounting 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 theagreements with the respective lessors and the sub-lessee (MOR), on accrual basis,as per the Revised Guidance Note on accounting for Leases issued by the Institute ofChartered Accountants of India (ICAI).c) Interest Income is recognised on time proportion basis. Dividend Income isrecognised when the right to receive payment is established.d) Income relating to non performing assets is recognised on receipt basis inaccordance with the guidelines issued by the Reserve Bank of India.3) Foreign Currency Transactionsa) Initial RecognitionInitial recognition is done at the rates prevailing on the date of transaction:i) for acquisition of assets, andii) for interest payment on Loans, Commitment Charges and expenses.

) Recognition at the end of Accounting PeriodForeign Currency monetary assets and liabilities, other than the foreign currencyliabilities swapped into Indian Rupees, are reported using the closing exchange ratein accordance with the provisions of Accounting Standard – 11 (AS 11) issued by theInstitute of Chartered Accountants of India.Foreign Currency Liabilities swapped into Indian Rupees are stated at the referencerates fixed in the swap transactions, and not translated at the year end rate.c) Exchange Differencesi) Exchange differences arising on the actual settlement of monetary assets andliabilities at rates different from those at which they were initially recorded duringthe year, or reported in previous financial statements, other than the exchangedifferences on settlement of foreign currency loans and interest thereonrecoverable separately from the lessee under the lease agreements, arerecognised as income or expenses in the year in which they arise.ii) Notional Exchange Differences arising on reporting of outstanding long termforeign currency monetary assets and liabilities at rates different from those atwhich they were initially recorded during the year, or reported in previousfinancial statements, other than the exchange differences on translation offoreign currency loans and interest thereon recoverable separately from thelessee under the lease agreements, are transferred to a ‘Foreign CurrencyMonetary Item Translation Difference Account’ in terms of the notification no. F.No. 17/33/2008/CL-V dated 31 st March 2009 issued by the Government of India,Ministry of Corporate Affairs in modification of AS-11.iii) In respect of forward exchange contracts, the difference between the forwardrate and exchange rate on the date of transaction are recognised as income orexpenses over the life of the contract.4) InvestmentsInvestments are classified into long term investments and current investments basedon intent of Management at the time of making the investment. Investments intendedto be held for more than one year, are classified as long-term investments.Current investments are valued at the lower of the cost or the market value. Longterminvestments are valued at cost unless there is depreciation, other thantemporary, in their value.5) Leased AssetsLease arrangements where the risks and rewards incidental to ownership of an assetsubstantially vest with the lessee, are recognised as financial leases and are shown asReceivable in the Balance Sheet at an amount equal to the net investment in the lease,in accordance with Accounting Standard -19 ‘Leases’ issued by the Institute ofChartered Accountants of India.

6) Fixed AssetsFixed assets are stated at cost, less accumulated depreciation. Cost includes allexpenses incurred to bring the assets to their present location and condition.Depreciation on fixed assets is charged on straight line method at the rates prescribedin Schedule XIV to the Companies Act, 1956, on pro-rata basis.7) (a) Securitisation of Lease ReceivablesLease Receivables securitised out to Special Purpose Vehicle in a securitisationtransaction are de-recognised in the balance sheet when they are transferred andconsideration has been received by the Company. In terms of the guidelines onSecuritisation of Standard Assets issued by the Reserve Bank of India vide their circularno.DBOD.No.B.P.BC.60/21.04.048/2005-06 dated 1 st February 2006, the Companyamortises any profit arising from the securitisation over the life of the Pass ThroughCertificates (PTCs) / Securities issued by the Special Purpose Vehicle (SPV). Loss, ifany, is recognised immediately in the Profit & Loss Account.Further, in terms of Draft Guideline on minimum holding period and minimumretention requirement for securitisation transaction undertaken by NBFCs dated June3, 2010, the company has opted for investment in SPV’s equity tranche of minimum5% of the book value of loan being securitised.(b) Assignment of Lease ReceivablesLease Receivables assigned through direct assignment route are de-recognised in thebalance sheet when they are transferred and consideration has been received by theCompany. Profit or loss resulting from such assignment is accounted for in the year oftransaction.8) Bond Issue Expenses and Expenses on Loans, Leases and Securitisation Transactiona) Bond Issue expenses including management fee on issue of bonds (except discounton deep discount bonds) incurred during the year are charged to Profit and LossAccount. Upfront discount on deep discount bonds is amortised over the tenor of thebonds.b) Documentation, processing & other charges paid on Long Term Loans are charged tothe Profit & Loss Account in the year loan is sanctioned / availed.c) Incidental expenses incurred in connection with the Securitisation transactionexecuted during the year are charged to the Profit and Loss Account.9) Taxes on IncomeTax expense comprises Current Tax and Deferred Tax.Provision for current income tax is made in accordance with the provisions of theIncome Tax Act, 1961.

Deferred tax expense or benefit is recognised on timing differences, being thedifference between taxable incomes and accounting income, that originate in oneperiod and are capable of reversal in one or more subsequent periods. Deferred taxassets and liabilities are measured using the tax rates and tax laws that have beenenacted or substantively enacted by the balance sheet date.10) Employee BenefitsEmployee Benefits are valued and disclosed in the Annual Accounts in accordance withAccounting Standard -15 (Revised):a) Short-term employee benefits are recognised as an expense at the undiscountedamount in the Profit & Loss Account of the year in which the employees haverendered services entitling them to contributions.b) Long-term employee benefits are recognised as an expense in the Profit & LossAccount for the year in which the employee has rendered services. The expense isrecognised at the present value of the amount payable as per actuarial valuations.Actuarial gain and losses in respect of such benefits are recognised in the Profitand Loss Account.11) Provisions, Contingent Liabilities and Contingent AssetsThe Company recognises provisions when it has a present obligation as a result of apast event. This occurs when it becomes probable that an outflow of resourcesembodying economic benefits might be required to settle the obligation and when areliable estimate of the amount of the obligation can be made.Provisions are determined based on Management estimate required to settle theobligation at the balance sheet date. These are reviewed at each balance sheet dateand adjusted to reflect the current management estimates. In cases, where theavailable information indicates that a loss on the contingency is reasonably possiblebut the amount of loss cannot be reasonably estimated, a disclosure is made in thefinancial statements.Contingent Assets, if any, are not recognised in the financial statements since this mayresult in the recognition of income that may never be realised.

B. Notes on Accounts1.(a) Lease rental is charged on the assets leased from the first day of the month in whichthe assets have been identified and placed on line.(b) Ministry of Railways (MOR) charges interest on the value of the assets identified priorto the payments made by the company, from the first day of the month in which theassets have been identified and placed on line to the first day of the month in whichthe money is paid to the MOR. However, no interest is charged from the MOR on theamount paid by the company prior to identification of Rolling stock by them.(c) (i) Interest rate variation on the floating rate linked rupee borrowings and interestrate and exchange rate variations on interest payments in case of the foreigncurrency borrowings are adjusted against the Lease Income in terms of the variationclauses in the lease agreements executed with the Ministry of Railways. During theyear, such differential has resulted in an amount of Rs. 846 Lacs accruing tocompany (P.Y. Rs. 405 Lacs), which has been accounted for in the Lease Income.(ii) In respect of foreign currency borrowings, which have not been hedged, variationclause have been incorporated in the lease agreements specifying notional swap costadopted for working out the cost of funds on the leases executed with MOR. Swapcost in respect of these foreign currency borrowings is compared with the amountrecovered by the company on such account and accordingly, the same is adjustedagainst the lease income. During the year 2010 - 11, in respect of these foreigncurrency borrowings, the company has recovered a sum of Rs. 8920 Lacs (P.Y. Rs.5200 Lacs) on this account from MOR against the actual swap cost payments of Rs.4590 Lacs (P.Y. Rs.4670 Lacs). After adjusting swap cost, an amount of Rs. 4330Lacs has been refunded to MOR (P.Y. Rs. 530 Lacs recovered from MOR).2.(iii) Interest expense in respect of interest accrued but not due on foreign currencyloans has been considered at base interest / exchange rate and the difference onaccount of variation between base rate and the rate prevailing on the reporting datehas been shown as recoverable / payable to MOR. During the current year, theamount payable to MOR on such account works out to Rs. 637 Lacs (P.Y. Rs. 683Lacs).(a) The Reserve Bank of India has issued Non-Banking Financial (Non-Deposit Acceptingor Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 videnotification no.DNBS.193 DG(VL)-2007 dated 22 nd February 2007. The Company,being a Government Company and not accepting / holding public deposits, theseDirections, except the provisions contained in Paragraph 19 thereof, are notapplicable to the Company.(b) In terms of Reserve Bank of India Notification No.DNBC.138/CGM (VSNM) – 2000dated 13 th January 2000, provisions of Section 45 IC of the Reserve Bank of IndiaAct, 1934 (2 of 1934) regarding creation of Reserve Fund, do not apply to theCompany.3. The Finance Act, 2001 provides for levy of service tax on the finance and interestcharges recovered through lease rental instalments on the Financial Leases enteredon or after 16-07-2001. The Central Government vide Order No.1/1/2003-ST dated30 th April 2003 and subsequent clarification dated 15-12-2006 issued by Ministry of

Finance has exempted the Lease Agreements entered between the Company andMinistry of Railways from levy of Service Tax thereon.4. In terms of the Companies (Accounting Standards) Amendment Rules, 2009 issuedby the Government of India, Ministry of Corporate Affairs vide NotificationNo.F.No.17/33/2008/CL-V dated 31 st March 2009, the Company had an unamortizednet notional exchange rate variation loss of Rs.118.27 Lacs at the beginning of theFinancial Year in ‘Foreign Currency Monetary Item Translation Difference Account’.During the financial year 2010–11, the Company has transferred a sum of Rs. 26.35Lacs on account of notional exchange variation gain on revaluation of long termforeign currency monetary items to ‘Foreign Currency Monetary Item TranslationDifference Account’, thus leaving a balance to Rs. 91.92 Lacs in the account.Out of this, the company, in accordance with the aforesaid notification, hasamortised a net sum of Rs.181.04 Lacs (P.Y. Rs.34455.15 Lacs) to Profit & LossAccount and has credited a sum of Rs. 89.12 Lacs to General Reserve. The balancelying in ‘Foreign Currency Monetary Item Translation Difference Account’ as at theend of the year is Nil (P.Y. Rs.118.27 Lacs).5. Decrease in liability due to exchange rate variation on foreign currency loans forpurchase of leased assets, amounting to Rs.5698 Lacs (P.Y. Rs. 35484 Lacs) has notbeen transferred to Foreign Currency Translation Difference Account as the same isrecoverable from the Ministry of Railways (lessee) separately as per leaseagreements. The exchange rate variation on foreign currency loans repaid during theyear amounting to Rs.271 Lacs (P.Y. Rs. 50 Lacs) has been recovered from theLessee, leaving a balance of Rs. 19552 Lacs payable to MOR as on 31-03-2011 (P.Y.Rs.13583 Lacs).6. Derivative InstrumentsThe Company judiciously contracts financial derivative instruments in order to hedgecurrency and / or interest rate risk. All derivative transactions contracted by thecompany are in the nature of hedging instruments with a defined underlying liability.The company does not deploy any financial derivative for speculative or tradingpurposes.(a) In respect of certain foreign currency borrowings, the company has executedcurrency swaps to hedge the exchange rate variation risk on the principaloutstanding. The outstanding position of such currency swaps as at 31 st March 2011is as follows:As on 31-03-2011 As on 31-03-2010No. ofContractsBorrowingoutstanding inforeigncurrencyNotionalINREquivalentNo. ofContractsBorrowingoutstanding inforeigncurrencyNotionalINREquivalentRemarks1 USD 1.02Million478.89Lacs1 USD 3.06Million1436.67Lacs--

In respect of some of its External Commercial Borrowings, the Company hasexecuted cross currency swaps to hedge the principal outstanding and converted itsunderlying liability from one foreign currency to another. The outstanding position ofsuch cross currency swaps as at 31 st March 2011 is as follows:No. ofContractsAs on 31-03-2011 As on 31-03-2010Borrowing Notional No. of Borrowing Notionaloutstanding USD Contracts outstanding USDin Foreign Equivalentin Foreign EquivalentCurrencyCurrency-- -- -- 1 JPY 14.71875BillionUSD 125MillionIn respect of following External Commercial Borrowings, the Company has executedcurrency swap to hedge the foreign exchange exposure in respect of both principaloutstanding and interest payments:As on 31-03-2011 As on 31-03-2010No. ofContractsBorrowingoutstanding inForeignCurrencyNotional INREquivalentNo. ofContractsBorrowingoutstanding inForeignCurrencyNotionalINREquivalent1 JPY 15 Billion 54911.79Lacs1 JPY 15 Billion 54911.79LacsIn respect of following External Commercial Borrowings, the Company has executedcross currency swap to hedge the foreign exchange exposure in respect of bothprincipal outstanding and interest payments and converted its underlying liabilityfrom one foreign currency to another:As on 31-03-2011 As on 31-03-2010No. ofContractsBorrowingoutstanding inForeignCurrencyNotionalUSDEquivalentNo. ofContractsBorrowingoutstanding inForeignCurrencyNotionalINREquivalent1 JPY 12 Billion 145.90Million-- -- --1 JPY 3 Billion 37.04 Million -- -- --

The foreign currency borrowings outstanding as on 31-03-2011, which have notbeen hedged are as follows:No. ofLoansAs on 31-03-2011 As on 31-03-2010Borrowingoutstanding inForeign CurrencyRemarks1 USD 33 Million 1 USD 36 Million Back to backrecovery ofexchange ratevariation fromMOR.2 USD 6.14 Million 2 USD 8.79 Million --2 USD 225 Million 2 USD 225 Million Back to backrecovery ofexchange ratevariation fromMOR.-- -- 1 Euro 1.95 Million --1 USD 450 Million 1 USD 450 Million Back to backrecovery ofexchange ratevariation fromMOR.1 USD 350 Million -- -- Back to backrecovery ofexchange ratevariation fromMOR1 USD 200 Million -- -- Back to backrecovery ofexchange ratevariation fromMOR(b) The Company has three (P.Y. one) Interest Rate Swap/Cap outstanding in respect ofa foreign currency borrowing to hedge its floating rate linked to LIBOR. The InterestRate Swap/Cap has been executed on a notional principal of USD 900 Million (P.Y.JPY 14.718750 Billion).Further, the Company has two floating rate swaps and has converted its liabilitylinked to JPY LIBOR to USD LIBOR. The notional principal underlying the floatingrate swap is JPY 15 BillionAs part of hedging strategy, the Company has four (P.Y. six) Interest Rate Swaps /Currency Swaps (coupon only) outstanding on fixed interest rate rupee borrowingsby taking benefit of interest rate movement. The INR value of the outstandingborrowings on which such Swaps have been executed, is Rs. 102000 Lacs (P.Y. Rs.162000 Lacs).

7. Office Building including parking area has been capitalised from the date of takingpossession. However, the sale / transfer deed is still pending for execution in favourof the company. Stamp duty payable on the registration of office building works outto about Rs.122 Lacs (P.Y. Rs.122 Lacs), which will be accounted for on registration.8. Salary, Allowances and other benefits to Directors of the Company(Rs. inLacs)Particulars 2010 – 11 2009-10a. Salary / Allowances 15.07 28.99b. Reimbursement 0.17 0.74c. Foreign Service Contribution 3.21 4.64b. Incentive* 21.58 Nilc. Sitting fee paid to Non-0.65 0.85Executive Directors* includes a sum of Rs.13.73 Lacs pertaining to the previous yearsIn addition, Managing Director has been allowed use of staff car for personal useupto 1000 kms on payment of Rs.600/- per month, in accordance with thenotification of the Government of India, Ministry of Finance, Department of PublicEnterprises OM No.2(18)/PC/64 dated 20 th November, 1964 as amended.9. Contingent Liabilities(a) Claims against the Company not acknowledged as debt – Claims by bondholders inthe Consumer Courts: Rs.50 Lacs (P.V. Rs.50 Lacs).(b) The Income Tax assessments of the Company have been completed up to theAssessment Year 2009–10. The disputed demand of tax amounting to Rs.14.05 Lacsfor the Assessment Years 2002-03, 2003-04, 2004-05 and 2007-08 has beenadjusted by the Department from the refund pertaining to other years. The Companyhas already filed appeals against the said tax demand and the same are pending atvarious appellate levels. Based on decisions of the Appellate authorities in othersimilar matters and interpretation of relevant provisions, the Company is confidentthat the demands, as adjusted, will be either deleted or substantially reduced andaccordingly no provision for earlier years pertaining to this, has been considerednecessary.(c) The Company does not pay sales tax on purchase of leased assets. In the event ofSales tax on purchase / lease of rolling stock becoming payable, the same isrecoverable from Ministry of Railways in terms of the lease agreements. Since, thereis no sales tax demand and the amount is unascertainable, no provision is made inthe accounts.(d) The Companies (Second Amendment) Act, 2002 provides for levy of cess, towardsrehabilitation / revival of sick industrial companies, which shall not be less than0.005% but not more than 0.10% of the turnover or the gross receipts as theCentral Government may from time to time specify by notification in the OfficialGazette. Since no notification has been issued, provision for cess has not been made.

10. Expenditure in Foreign Currency (on payment basis)11.Particulars 2010-11(Rs. in Lacs)2009-10(Rs. in Lacs)a) Interest / Swap Cost on Foreign currency 17828.04 14671.35borrowings (Net of Amount recovered on account ofIRS / IRC and from MoF)b) Processing Agent / Fiscal Agent / Admin. fee 23.56 18.65c) Underwriting / Arranger fee 4422.97 7555.12d) International Credit Rating Agencies Fees 46.73 57.35e) Others 111.17 70.98(a) The Company has not taken on lease any Rolling Stock assets during the year. Allthe assets taken on lease were in the years prior to 01-04-2001, with aggregatevalue of Rs. 157082 Lacs (ownership of the same vests with the lessors) stand subleasedto Ministry of Railways. The company has paid future lease rental liability infull on all the above leases as outlined below:Year ofLeaseNo. ofLeasesValue of assetstaken on lease(Rs. in Lacs)Amount paid insettlement of futurelease rentals(Rs. in Lacs)1999-00 6 102085 374923841355342000-01 2 54997 2942322302Total 8 157082 152899Year of payment2001-022002-032003-042001-022003-04The amount paid in settlement of future lease rentals as above, is being amortised inthe accounts over the remaining period of the leases. During the year, an amount ofRs.4296 Lacs (Previous Year Rs. 10340 Lacs) has been charged to Profit & LossAccount on account of such amortisation.Since the entire future lease rental liability has been paid, there is no liability payablefor unexpired lease period (Previous Year-Rs. Nil).(b) During the year 1999 - 2000, the company entered into 6 lease agreements, withselect financial institutions / banks as lessors, for a primary period of 10 years for anaggregate amount of Rs. 102085 Lacs and sub-leased the same to MOR for a periodof 15 years. The company has paid upfront the future financial liability on all theseleases.Even though, there is a mismatch in the tenor of the lease and sub-lease, there is nooverall mismatch in the present value of entire lease rentals payable and receivable.During the year, the company received lease rentals of Rs. 14088 Lacs (P.Y.Rs.14088 Lacs) and amortised (expensed) lease rentals of Rs. Nil (P.Y. Rs. 6456.04Lacs) on these transactions.

12. The balances under some items of Loans & Advances and current liabilities aresubject to confirmation and reconciliation and consequential adjustments, whereverapplicable. However, in the opinion of the Management, the realisable value of thecurrent assets, loans and advances in the ordinary course of business will not be lessthan the value at which they are stated in the Balance Sheet.13. (a) The Company discharges its obligation towards payment of interest andredemption of bonds, for which warrants are issued, by depositing the respectiveamounts in the designated bank accounts. Reconciliation of such accounts is anongoing process and has been completed upto 31-03-2011. The company doesnot foresee any additional liability on this account. The total balance held in suchspecified bank accounts as on 31-03-2011 is Rs. 371.31 Lacs (Previous Year Rs.736.57 Lacs).(b) The Company is required to transfer any amount remaining unclaimed and unpaidin such interest and redemption accounts after completion of 7 years to InvestorEducation Protection Fund (IEPF) administered by the Ministry of CorporateAffairs, Government of India. Accordingly, during the year, the Company depositeda sum of Rs. 605.87 Lacs (P.Y. Rs. 31.15 Lacs) in IEPF.14. During the year, the Company executed an Asset Securitisation Transaction bysecuritising an identified portion of future lease rentals of Rs. 53629.99 Lacsoriginating on its assets leased to Ministry of Railways during the year 2007-08. Aspart of the securitisation transaction, future lease rental amount as mentioned abovewas transferred to a bankruptcy remote Special Purpose Vehicle (SPV) which, inturn, issued Pass Through Certificates (PTCs) to the investors and realised a sum ofRs. 33954.23 Lacs. The lease receivables have been derecognised in the books ofaccount of the company. The book value of these future lease receivables wasRs.33668.51 Lacs, resulting in a profit of Rs. 285.72 Lacs for the Company which asper RBI guidelines, is to be amortised over the life of the Pass Trough Certificates(PTCs) issued by the SPV. Out of the profit of Rs.285.72 Lacs, a sum of Rs.9.56 Lacspertaining to the year 2010-11 has been recognised in the Profit and Loss Account,leaving a balance of Rs. 276.18 Lacs as on 31.3.2011 to be recognised over theremaining life of the PTCs.In terms of the Draft RBI Guidelines on Minimum Retention Requirement issued bythe Reserve Bank of India as applicable to the Non-Banking Finance Companies, thecompany being the originator, has opted to retain a minimum of 5% of the bookvalue of the receivables being securtised. The outstanding balance of the leasereceivables securitised during the year is Rs. 33668.51 Lacs. Accordingly, thecompany has invested Rs. 1697.71 Lacs in the Pass Through Certificates (PTCs)issued by the ‘Special Purpose Vehicle’ towards Minimum Retention Requirement.Out of the unrecognised gain of Rs. 4362.53 Lacs (P.Y. Rs. 6431.02 Lacs) in respectof the Securitisation transactions executed during the previous years, a sum ofRs.2125.72 (P.Y. Rs. 3696.38 Lacs) has been recognised during the year 2010-11,leaving a balance of Rs. 2236.81 Lacs (P.Y. Rs. 2734.64 Lacs) as on 31.3.2011 to berecognised over the remaining life of the PTCs.

15. Major components of net deferred tax liability are as under:(Rs. in Lacs)As at31-03-2011As at31-03-2010Liability on account of difference between WDVas per Income Tax Act and Companies Act.544026 494754Less: Deferred Tax Asset on account ofUnabsorbed DepreciationLess: Deferred Tax Asset on Misc. Expenditureto be written off273881 2480482 4Net Deferred Tax Liability 270143 24670216. Long Term Loans & Advances (Schedule 5) include Lease Receivables representingthe present value of future Lease Rentals receivable on the finance leasetransactions entered into by the company since inception as per the AccountingStandard (AS) – 19 issued by the Institute of Chartered Accountants of India.Reconciliation of the Lease Receivable amount on the Gross value of Rolling Stockassets worth Rs. 6437259 Lacs (P.Y. Rs. 5522266 Lacs) owned by the company andleased to the Ministry of Railways is as under:(Rs. in Lacs)ParticularsAs at31-03-11As at31-03-10A. Gross Value of Assets acquired & Leased upto the 5469230 4620488end of previous Financial YearB. Less value of assets securitised/assigned during 38466 53036the yearC = (A - B) 5430764 4567452D. Less: Capital Recovery provided upto last Year 1850962 1665644E. Less Capital Recovery provided upto last year on3269 2941assets assigned during the yearF. Capital Recovery upto last year (D - E) 1847693 1662703G. Capital Recovery outstanding on leased assets as 3583071 2904749at the end of last year (C - F)H. Add: Gross Value of Assets acquired and Leased 968029 901778during the yearI=G+H 4551100 3806527J. Capital Recovery for the year 236811 190173K. Less: Capital Recovery for the year on assets 1528 1914securitised/assigned during the yearL. =J – K 235283 188259Net investment in Lease Receivables 4315817 3618268

The value of contractual maturity of such leases as per AS–19 is as under:-(Rs. in Lacs)Particulars As at 31-03-2011 As at 31-03-2010Gross Investment in Lease 6637655 5627590Unearned Finance Income 2321838 2009322Present Value of Minimum LeasePayment (MLP)4315817 3618268Gross Investment in Lease and Present value of Minimum Lease Payments (MLP) foreach of the periods are as under:(Rs. in Lacs)As at 31-03-2011 As at 31-03-2010ParticularsNot later than oneyearLater than one yearand not later than fiveyearsLater than fiveyearsGrossInvestmentIn LeasePresentValue ofMLPGrossInvestmentin LeasePresentValue ofMLP617079 276484 514084 2219822380979 1200145 2017690 9896483639597 2839188 3095816 2406638Total 6637655 4315817 5627590 3618268The unearned finance income as on 31-03-2011 is Rs. 2321838 Lacs (Previous YearRs. 2009322 Lacs). The unguaranteed residual value accruing to the benefit of theCompany at the end of lease period is Rs. Nil (P.Y. Nil).The company has leased rolling stock assets to the Ministry of Railways (MOR). Aseparate lease agreement for each year of lease has been executed and as per theterms of the lease agreements, lease rentals are received half yearly in advance. Theleases are non cancellable and shall remain in force until all amounts due under thelease agreements are received.17. Disclosures with respect to Retirement Benefit Plan as required under AS - 15(Revised) are as follows:Defined Benefit PlanTable showing changes in Present Value of Defined Obligations as on 31.3.2011:(Rs. in Lacs)Gratuity (Funded) Leave Encashment(Funded)LTC(Non-Funded)Present value of DefinedBenefit Obligation at thebeginning of the year31-03-201131-03-201031-03-201131-03-201031-03-201131-03-201030.51 22.52 14.07 20.88 1.61 1.52Interest Cost 2.52 1.80 1.12 1.67 0.05 0.12

Current Service Cost 3.05 1.63 1.02 1.43 0.55 0.81Benefits Paid - - 1.01 0.71 (2.13) --Actuarial (Gain) / Loss onobligationsPresent value of DefinedBenefit Obligation at theend of the year(1.44) 4.56 3.19 (9.21) 2.01 (0.84)34.64 30.51 18.39 14.07 2.09 1.61Table showing changes in the Fair Value of Plan Assets as on 31.3.2011:(Rs. in Lacs)Gratuity(Funded)Leave Encashment(Funded)LTC(Non-Funded)Fair Value of Assets at thebeginning of the yearExpected Return on planassets31-03-201131-03-201031-03-201131-03-201031-03-201131-03-201025.79 - 23.11 - - -2.43 1.64 1.89 1.50 - -Contributions 6.36 24.15 - 22.32 - -Benefits Paid - - 1.01 0.71 - -Actuarial Gain / (Loss) onplan assetsFair Value of Plan Assetsat the end of the year0.39 - 0.18 - - -34.97 25.79 24.17 23.11 - -Table showing Movement in the net Liability/Asset recognised in the Balance Sheetas on 31.3.2011:(Rs. in Lacs)Gratuity(Funded)Leave Encashment(Funded)LTC(Non-Funded)Opening net Liability /(Asset) at the beginningof the year31-03-201131-03-201031-03-201131-03-201031-03-201131-03-20104.72 22.52 (9.04) 20.88 1.61 1.52Expenses 1.31 6.35 3.26 (7.60) 2.60 0.09Contribution (6.36) (24.15) - 22.32 (2.13) -Closing net (Liability) /Asset at the end of theyear0.33 (4.72) 5.78 9.04 (2.08) (1.61)

Actuarial Gain / Loss recognised as on 31.3.2011:Gratuity(Funded)Leave Encashment(Funded)(Rs. in Lacs)LTC(Non-Funded)Actuarial Gain / (Loss) forthe year – obligationActuarial Gain / (Loss) forthe year plan assets31-03-201131-03-201031-03-201131-03-201031-03-201131-03-20101.44 (4.56) (3.19) 9.21 (2.01) (0.84)0.39 - 0.18 - - -Total Gain / (Loss) 1.83 (4.56) (3.01) 9.21 (2.01) (0.84)Actuarial Gain / (Loss)recognised in the year1.83 (4.56) (3.01) 9.21 (2.01) (0.84)Amount to be recognised in the Balance SheetGratuity(Funded)Leave Encashment(Funded)(Rs. in Lacs)LTC(Non-Funded)31-03-201131-03-201031-03-201131-03-201031-03-201131-03-2010Present value ofobligations as at the endof the year34.64 30.51 18.39 14.07 2.09 1.61Fair Value of plan assets 34.97 25.79 24.17 23.11 - -Funded status 0.33 (4.72) 5.78 9.04 (2.09) (1.61)Net Asset / (Liability)recognised in the BalanceSheet0.33 (4.72) 5.78 9.04 (2.09) (1.61)Expenses recognised in statement of Profit & Loss:Gratuity(Funded)Leave Encashment(Funded)(Rs. in Lacs)LTC(Non-Funded)31-03-201131-03-201031-03-201131-03-201031-03-201131-03-2010Current Service Cost 3.05 1.63 1.02 1.44 0.55 0.81Interest Cost 2.52 1.80 1.12 1.67 0.05 0.12Expected return on planassets2.43 1.64 1.89 1.49 - -Net Actuarial (Gain) / Lossrecognised in the yearExpenses recognised inStatement of Profit & Loss(1.83) 4.56 3.01 (9.21) 2.01 (0.84)1.31 6.35 3.26 (7.60) (2.61) 0.09

Actuarial Assumptions:As on 31-03-2011 As on 31-03-2010Discount rate 8.27% 8%Salary Escalation 6% 6%Expected Return on plan assets 8% --Mortality LIC 1994-96ULTIMATELIC 1994-96ULTIMATEDisability Nil --Attrition 0% --Retirement 60 Year --The estimates of future salary increase considered in actuarial valuation, takeaccount of inflation, seniority, promotion and other relevant factors, such as supplyand demand in the employment market.Defined Contribution PlanParticularsYear endingYear ending31-03-201131-03-2010Employers’ Contribution to EPF Rs. 8.48 Lacs Rs. 7.10 Lacs18. In accordance with Accounting Standard 29, particulars of provisions are as under:(Rs. in Lacs)2010-11 2009-10Incentives/PRP*Gratuity& LeaveEncashment*LTC*IncomeTax / FBTIncentives/PRPGratuity& LeaveEncashmentLTCIncomeTax / FBTOpening Bal. 20.00 (4.32) 1.61 28251.13 12.50 43.40 - 21119.95Additionduring theyear31.00 4.57 2.60 17923.14 20.00 6.35 1.61 13512.50Amount used /incurredUnusedAmountreversedduring theyearClosingBalance31.99 6.36 2.13 14681.81 14.38 46.47 - 6381.32(11.99) - - 50.00 (1.88) 7.60 - -31.00 6.11 2.08 31442.46 20.00 (4.32) 1.61 28251.13*The above provisions are liabilities in accordance with terms of employment.Payment of Incentives / Performance Related Pay (PRP) shall be made as and whenthey became due. Provision for LTC is in accordance with the Accounting Standard15 (Revised).Further, provision for Income Tax is in terms of Income Tax Act, 1961 and shall beadjusted after the completion of assessment.

19. The Company is in the business of leasing and financing. As such, there are noseparate reportable business segments within the meaning of Accounting Standard(AS)-17 on ‘Segment Reporting’ issued by the Institute of Chartered Accountants ofIndia.20. In line with requirement of Accounting Standard (AS) -18 ‘Related Party Disclosures’issued by the Institute of Chartered Accountants of India (ICAI), the details are asunder:Key Management personnel:a) R. Kashyap, Managing DirectorThe payments to key management personnel are given under note no. 8 above.No other transaction except the above has been entered into with any of the keymanagement personnel, their relatives, concerns in which they are interested.21. The calculation of Earnings Per Share as required under Accounting Standard (AS) –20 is as under:Basic EPSYear2010-11 2009-10a) Profit after tax Rs. 48520.40 Lacs Rs. 44269.07 Lacsb) No. of weighted equity sharesof face value Rs. 1,000/- each133,74,000 80,00,658c) Earning Per Share (a/b) Rs. 362.80 Rs. 553.32Diluted EPSYear2010-11 2009-10a) Profit after tax Rs. 48520.40 Lacs Rs. 44269.07 Lacsb) No. of weighted equity sharesof face value Rs. 1,000/- each133,74,000 80,00,658c) Earning Per Share (a/b) Rs. 362.80 Rs. 553.32The reconciliation of weighted number of equity shares is under:Number of shares at the beginning of the year : 109,10,000Number of shares allotted on 21-12-2010 for whichShare Application Money Received on 07-10-2010 : 51,10,000Number of shares at the end of the year : 160,20,000Weighted number of equity shares : 133,74,00022. (a) During the year 2003-04, the company restructured the rate of interest on certainoutstanding borrowings from LIC and paid Rs.2403 Lacs as advance, representing a

portion of the future savings in the interest cost. This advance amount is beingamortised over the balance tenor of the borrowings. During the year, a sum ofRs.104 Lacs (P.Y. Rs.149 Lacs) has been amortised, leaving a balance of Rs.109 Lacsas on 31-03-2011 (P.Y. Rs.214 Lacs).(b) During the year 2004-05, the company restructured the rate of interest on certainoutstanding borrowings from IDBI Ltd. and paid Rs.1378 Lacs as advance,representing a portion of the future savings in the interest cost. This advance amountis being amortised over the balance tenor of the borrowings. During the year, a sumof Rs.47 Lacs (P.Y. Rs.64 Lacs) has been amortised, leaving a balance of Rs.83 Lacsas on 31-03-2011 (P.Y. Rs.131 Lacs).23. Miscellaneous Income includes a sum of Rs. 202 Lacs received from Income TaxAuthorities towards interest on Income Tax Refund.24. Ministry of Railways has deducted tax at source amounting to Rs. 12676 Lacs (P.Y.Rs. 7962.70 Lacs)25. Payment to Statutory Auditors includes a sum of Rs. 1.65 Lacs pertaining to theprevious year.26. The company has shown Long Term Loans, Lease Receivable and Lease Rent paid inadvance separately under the head ‘Long Term Loans & Advances’ (Schedule 5) inorder to provide better disclosure.27. Certain disclosures are required to be made under the Micro, Small and MediumEnterprises Development Act, 2006. The Company is in the process or compilingrelevant information from its suppliers about their coverage under the Act. As theCompany has not received the relevant information under the Act till finalisation ofaccounts, no disclosure has been made in the account.28. The Company has a system of physical verification of assets given on lease. Thephysical verification is carried out on a sample basis, as 100% physical verification ofrolling assets is neither logistically possible nor considered necessary. In addition,Ministry of Railways (Lessee) provides a certificate each year that the leased assetsare maintained in good working condition as per laid down norms, procedures andstandards. In the opinion of the management, the aforesaid system is satisfactoryconsidering the fact that the assets are maintained and operated by the CentralGovernment.29. (a) Unless otherwise stated, the figures are Rupees in Lacs.(b) Previous year figures have been regrouped / rearranged, wherever necessary, inorder to make them comparable with those of the current year.

Financial Year 2009-10A. Significant Accounting Policies1) Basis for preparation of Financial Statementsa) The financial statements are prepared under the historical cost convention, inaccordance with the Generally Accepted Accounting Principles, Provisions of theCompanies Act, 1956 and the applicable guidelines issued by the Reserve Bank ofIndia as adopted consistently by the Company.b) Use of EstimatesThe preparation of financial statements in conformity with Generally AcceptedAccounting Principles requires Management to make estimates and assumptions thataffect the reported amounts of asset and liabilities, disclosure of contingent assetsand liabilities at the date of the financial statements and the reported amounts ofrevenue and expenses during the reporting period. Examples of such estimatesinclude estimated useful life of fixed assets and estimated useful life of leased assets.The Management believes that estimates used in the preparation of financialstatements are prudent and reasonable. Actual results could differ from theseestimates. Adjustments as a result of differences between actual and estimates aremade prospectively.2) Revenue Recognitiona) Lease Income in respect of assets given on lease (including assets given prior to 01-04-2001) is recognised in accordance with the accounting treatment provided inAccounting 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 theagreements with the respective lessors and the sub-lessee (MOR), on accrual basis,as per the Revised Guidance Note on accounting for Leases issued by the Institute ofChartered Accountants of India (ICAI).c) Interest Income is recognised on time proportion basis. Dividend Income isrecognised when the right to receive payment is established.d) Income relating to non performing assets is recognised on receipt basis inaccordance with the guidelines issued by the Reserve Bank of India.3) Foreign Currency Transactionsa) Initial RecognitionInitial recognition is done at the rates prevailing on the date of transactioni) for acquisition of assets, andii) for interest payment on Loans, Commitment Charges and expenses.

) Recognition at the end of Accounting PeriodForeign Currency monetary assets and liabilities, other than the foreign currencyliabilities swapped into Indian Rupees, are reported using the closing exchange ratein accordance with the provisions of AS 11 issued by the Institute of CharteredAccountants of India.Foreign Currency Liabilities swapped into Indian Rupees are stated at the referencerates fixed in the swap transactions, and not translated at the year end rate.c) Exchange Differencesi) Exchange differences arising on the actual settlement of monetary assets andliabilities at rates different from those at which they were initially recorded duringthe year, or reported in previous financial statements, other than the exchangedifferences on settlement of foreign currency loans and interest thereonrecoverable separately from the lessee under the lease agreements, arerecognised as income or expenses in the year in which they arise.ii) Notional Exchange Differences arising on reporting of outstanding long termforeign currency monetary assets and liabilities at rates different from those atwhich they were initially recorded during the year, or reported in previousfinancial statements, other than the exchange differences on translation offoreign currency loans and interest thereon recoverable separately from thelessee under the lease agreements, are transferred to a ‘Foreign CurrencyMonetary Item Translation Difference Account’ in terms of the notification no. F.No. 17/33/2008/CL-V dated 31 st March 2009 issued by the Govt. of India,Ministry of Corporate Affairs in modification of AS-11.iii) In respect of forward exchange contracts, the difference between the forwardrate and exchange rate on the date of transaction are recognised as income orexpenses over the life of the contract.4) InvestmentsInvestments are classified into long term investments and current investments basedon intent of Management at the time of making the investment. Investments intendedto be held for more than one year, are classified as long-term investments.Current investments are valued at the lower of the cost or the market value. Longterminvestments are valued at cost unless there is depreciation, other thantemporary, in their value.5) Leased AssetsLease arrangements where the risks and rewards incidental to ownership of an assetsubstantially vest with the lessee, are recognised as financial leases and are shown asReceivable in the Balance Sheet at an amount equal to the net investment in the lease,in accordance with Accounting Standard -19 ‘Leases’ issued by the Institute ofChartered Accountants of India.

6) Fixed AssetsFixed assets are stated at cost, less accumulated depreciation. Cost include allexpenses incurred to bring the assets to their present location and condition.Depreciation on fixed assets is charged on straight line method at the rates prescribedin Schedule XIV to the Companies Act, 1956, on pro-rata basis.7) (a) Securitisation of Lease ReceivablesLease Receivables securitised out to Special Purpose Vehicle in a securitisationtransaction are de-recognised in the balance sheet when they are transferred andconsideration has been received by the Company. In terms of the guidelines onSecuritisation of Standard Assets issued by the Reserve Bank of India vide their circularno.DBOD.No.B.P.BC.60/21.04.048/2005-06 dated 1 st February 2006, the Companyamortises any profit arising from the securitisation over the life of the Pass ThroughCertificates (PTCs) / Securities issued by the Special Purpose Vehicle (SPV). Loss, ifany, is recognised immediately in the Profit & Loss Account.(b) Assignment of Lease ReceivablesLease Receivables assigned through direct assignment route are de-recognised in thebalance sheet when they are transferred and consideration has been received by theCompany. Profit or loss resulting from such assignment is accounted for in the year oftransaction.8) Bond Issue Expenses and Expenses on Loans, Leases and Securitisation Transactiona) Bond Issue expenses including management fee on issue of bonds (except discounton deep discount bonds) incurred during the year are charged to Profit and LossAccount. Upfront discount on deep discount bonds is amortised over the tenor of thebonds.b) Documentation, processing & other charges paid on Long Term Loans are charged tothe Profit & Loss Account in the year loan is sanctioned / availed.c) Incidental expenses incurred in connection with the Securitisation transactionexecuted during the year are charged to the Profit and Loss Account.9) Taxes on IncomeTax expense comprises of Current Tax and Deferred Tax.Provision for current income tax is made in accordance with the provisions of theIncome Tax Act, 1961.Deferred tax expense or benefit is recognised on timing differences, being thedifference between taxable incomes and accounting income, that originate in oneperiod and are capable of reversal in one or more subsequent periods. Deferred taxassets and liabilities are measured using the tax rates and tax laws that have beenenacted or substantively enacted by balance sheet date.

10) Employee BenefitsEmployee Benefits are valued and disclosed in the Annual Accounts in accordance withAccounting Standard -15 (Revised).a) Short-term employee benefits are recognised as an expense at the undiscountedamount in the Profit & Loss Account of the year in which the employees haverendered services entitling them to contributions.b) Long-term employee benefits are recognised as an expense in the Profit & LossAccount for the year in which the employee has rendered services. The expense isrecognised at the present value of the amount payable as per actuarial valuations.Actuarial gain and losses in respect of such benefits are recognised in the Profitand Loss Account.11) Provisions, Contingent Liabilities and Contingent AssetsThe Company recognises provisions when it has a present obligation as a result of apast event. This occurs when it becomes probable that an outflow of resourcesembodying economic benefits might be required to settle the obligation and when areliable estimate of the amount of the obligation can be made.Provisions are determined based on Management estimate required to settle theobligation at the balance sheet date. These are reviewed at each balance sheet dateand adjusted to reflect the current management estimates. In cases, where theavailable information indicates that the loss on the contingency is reasonably possiblebut the amount of loss cannot be reasonably estimated, a disclosure is made in thefinancial statements.Contingent Assets, if any, are not recognised in the financial statements since this mayresult in the recognition of income that may never be realised.Notes on Accounts1.(a) Lease rental is charged on the assets leased from the first day of the month in whichthe assets have been identified and placed on line.(b) Ministry of Railways (MOR) charges interest on the value of the assets identified priorto the payments made by the company, from the first day of the month in which theassets have been identified and placed on line to the first day of the month in whichthe money is paid to the MOR. However, no interest is charged from the MOR onthe amount paid by the company prior to identification of Rolling stock by them.(c) (i) Interest rate variation on the floating rate linked rupee borrowings and interestrate and exchange rate variations on interest payments in case of the foreigncurrency borrowings are adjusted against the Lease Income in terms of the variationclauses in the lease agreements executed with the Ministry of Railways. During theyear, such differential has resulted in an amount of Rs.405 Lacs accruing to company(P.Y. Rs.8258 Lacs), which has been accounted for in the Lease Income.

(ii) In respect of foreign currency borrowings, which have not been hedged, avariation clause has been incorporated in the lease agreements specifying a notionalswap cost adopted for working out the cost of funds on the leases executed withMOR. Swap Cost in respect of these foreign currency borrowings is compared withthe amount recovered by the company on such account and accordingly, the same isadjusted against the lease income. During the year 2009 - 10, in respect of theseforeign currency borrowings, the company has recovered a sum of Rs.5200 Lacs (P.Y.Rs.3125 Lacs) on this account from MOR against the actual swap cost payments ofRs.4670 Lacs (P.Y. Rs.4737 Lacs). After adjusting swap cost, an amount of Rs.530Lacs has been paid to MOR (P.Y. Rs.1612 Lacs recovered from MOR).2.(iii) Interest expense in respect of interest accrued but not due on foreign currencyloans has been considered at base interest / exchange rate and the difference onaccount of variation between base rate and the rate prevailing on the reporting datehas been shown as recoverable / payable to MOR. During the current year, theamount payable to MOR on such account works out to Rs.683 Lacs (P.Y. recoverableRs.61 lacs).(a) The Reserve Bank of India has issued Non-Banking Financial (Non-Deposit Acceptingor Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 videnotification no.DNBS.193 DG(VL)-2007 dated 22 nd February 2007. The Company,being a Government Company and not accepting / holding public deposits, theseDirections, except the provisions contained in Paragraph 19 thereof, are notapplicable to the Company.(b) In terms of Reserve Bank of India Notification No.DNBC.138/CGM (VSNM) – 2000dated 13 th January 2000, the provisions of Section 45 IC of the Reserve Bank ofIndia Act, 1934 (2 of 1934) regarding creation of Reserve Fund, do not apply to theCompany.3. The Finance Act, 2001 provides for levy of service tax on the finance and interestcharges recovered through lease rental instalments on the Financial Leases enteredon or after 16-07-2001. The Central Government vide Order No.1/1/2003-ST dated30 th April 2003 and subsequent clarification dated 15-12-2006 issued by Ministry ofFinance has exempted the Lease Agreements entered between the Company andMinistry of Railways from levy of Service Tax thereon.4. In terms of the Companies (Accounting Standards) Amendment Rules, 2009 issuedby the Govt. of India, Ministry of Corporate Affairs vide NotificationNo.F.No.17/33/2008/CL-V dated 31 st March 2009, the Company, during the financialyear 2008 – 09, had transferred a net sum of Rs. 3409.48 Lacs to ‘Foreign CurrencyMonetary Item Translation Difference Account’ being the net notional exchange ratevariation loss on revaluation of long term foreign currency items.The company, during the financial year 2009 - 10, has transferred a sum of Rs.643.98 Lacs on account of notional exchange rate variation gain on revaluation oflong term foreign currency items, thus bringing the balance in ‘Foreign CurrencyMonetary Item Translation Difference Account’ down to Rs. 2765.50 Lacs. Further,the company, in accordance with the aforesaid notification, has amortised a net sumof Rs. 3455.15 Lacs to Profit & Loss Account and has credited a sum of Rs. 807.92Lacs to General Reserve, leaving a balance of Rs. 118.27 Lacs for amortisation in thefollowing year.

5. Decrease in liability due to exchange rate variation on foreign currency loans forpurchase of leased assets, amounting to Rs.35484 Lacs (P.Y. increase in liabilityRs.31819 Lacs) has not been transferred to Foreign Currency Translation DifferenceAccount as the same is recoverable from the Ministry of Railways (lessee) separatelyas per lease agreements. The exchange rate variation on foreign currency loansrepaid during the year amounting to Rs.50 Lacs (P.Y. Rs.164 Lacs) has beenrecovered from the Lessee, leaving a balance of Rs.13583 Lacs payable to MOR ason 31-03-2010 (P.Y. Rs.21951 Lacs receivable from MOR).6. Derivative InstrumentsThe Company judiciously contracts financial derivative instruments in order to hedgecurrency and / or interest rate risk. All derivative transactions contracted by thecompany are in the nature of hedging instruments with a defined underlying liability.The company does not deploy any financial derivative for speculative or tradingpurposes.(a) In respect of certain foreign currency borrowings, the company has executedcurrency swaps to hedge the exchange rate variation risk on the principaloutstanding. The outstanding position of such currency swaps as at 31 st March 2010is as follows:As on 31-03-2010 As on 31-03-2009No. ofContractsBorrowingoutstandingin foreigncurrencyNotionalINREquivalentNo. ofContractsBorrowingoutstandingin foreigncurrencyNotionalINREquivalentRemarks1 USD 3.06Million1436.67Lacs2 USD 105.10Million45964.45Lacs---- -- -- 1 JPY 13.00Billion53728.49LacsSwap costrecoverablefrom MOR.In respect of some of its External Commercial Borrowings, the Company hasexecuted cross currency swaps to hedge the principal outstanding and converted itsunderlying liability from one foreign currency to another. The outstanding position ofsuch cross currency swaps as at 31 st March 2010 is as follows:As on 31-03-2010 As on 31-03-2009No. ofContractsBorrowingoutstanding inNotionalUSDNo. ofContractsBorrowingoutstanding inNotional USDEquivalentForeignCurrencyEquivalentForeignCurrency-- -- -- 1 JPY 2.65 USD 25 Million1 JPY 14.71875BillionUSD 125MillionBillion1 JPY 14.71875BillionUSD 125 Million

In respect of following External Commercial Borrowings, the Company has executedcurrency swap to hedge the foreign exchange exposure in respect of both principaloutstanding and interest payments:As on 31-03-2010 As on 31-03-2009No. ofContractsBorrowingoutstanding inForeignCurrencyNotional INREquivalentNo. ofContractsBorrowingoutstanding inForeignCurrencyNotional INREquivalent1 JPY 15 Billion 54911.79Lacs1 JPY 15 Billion 54911.79 LacsThe foreign currency borrowings outstanding as on 31-03-2010, which have notbeen hedged are as follows:No. ofLoansAs on 31-03-2010 As on 31-03-2009Borrowingoutstanding inForeign CurrencyRemarks1 USD 36 Million 1 USD 39 Million Back to backrecovery of exchangerate variation fromMOR.2 USD 8.79 Million 2 USD 13.45 Million --2 USD 225 Million 2 USD 225 Million Back to backrecovery of exchangerate variation fromMOR.1 Euro 1.95 Million 1 Euro 4.88 Million --1 USD 450 Million -- -- Back to backrecovery of exchangerate variation fromMOR.(b) The Company has one (P.Y. one) Interest Rate Cap outstanding in respect of aforeign currency borrowing to hedge its floating rate linked to LIBOR. The InterestRate Cap has been executed on a notional principal of JPY 14.718750 Billion (P.Y.USD 100 Mio)As part of hedging strategy, the Company has six (P.Y. six) Interest Rate Swaps /Currency Swaps (coupon only) outstanding on fixed interest rate rupee borrowingsby taking benefit of interest rate movement. The INR value of the outstandingborrowings on which such Swaps have been executed is Rs.162000 Lacs (P.Y.Rs.162000 Lacs).

7. Office Building including parking area has been capitalised from the date of takingpossession. However, the sale / transfer deed is still pending for execution in favourof the company. Stamp duty payable on the registration of office building works outto about Rs.122 Lacs (P.Y. Rs.91 Lacs), which will be accounted for on registration.8. Salary, Allowances and other benefits to Directors of the Company(Rs. in Lacs)Particulars 2009 – 10 2008-09a. Salary / Allowances 28.99 29.30b. Reimbursement 0.74 Nilc. Foreign Service Contribution 4.64 ---b. Incentive Nil Nilc. Sitting fee paid to Non-Executive Directors0.85 0.75In addition, Managing Director has been allowed use of staff car for personal useupto 1000 kms on payment of Rs.600/- per month, in accordance with thenotification of the Govt. of India, Ministry of Finance, Department of PublicEnterprises OM No.2(18)/PC/64 dated 20 th November, 1964 as amended.9. Contingent Liabilities(a) Claims against the Company not acknowledged as debt – Claims by bondholders inthe Consumer Courts: Rs.50 Lacs (P.V. Rs.50 Lacs).(b) The Income Tax assessments of the Company have been completed up toAssessment Year 2007 - 08. The disputed demand outstanding upto the saidAssessment year is Rs. 1664.27 Lacs against which Rs. 1650.35 Lacs has beendeposited by the Company under protest and the appeals of the company arepending at various appellate levels. Based on decisions of the Appellate authorities inother similar matters and interpretation of other relevant provisions, the Company isconfident that the demands are likely to be either deleted or substantially reducedand accordingly no provision has been considered necessary.(c) The company does not pay sales tax on purchase of leased assets. Sales tax on thepurchase / lease of rolling stock, if it becomes payable, is recoverable from Ministryof Railways in terms of the lease agreements. Since, there is no sales tax demandand the amount is unascertainable, no provision is made in the accounts.(d) The Companies (Second Amendment) Act, 2002 provides for levy of cess, towardsrehabilitation / revival of sick industrial companies, which shall not be less than0.005% but not more than 0.10% of the turnover or the gross receipts as theCentral Govt. may from time to time specify by notification in the Official Gazette.Since no notification has been issued, provision for cess has not been made.

10. Expenditure in Foreign Currency (on payment basis)(Rs. in Lacs)Particulars 2009 - 10 2008 - 09a) Interest / Swap Cost on Foreign currencyborrowings (Net of Amount recovered on account ofIRS / IRC and from MoF)14671.35 13898.17b) Processing Agent / Fiscal Agent / Admn. fee 18.65 13.23c) Underwriting / Arranger fee 7555.12 851.46d) International Credit Rating Agencies Fees 57.35 42.46e) Others 70.98 37.4311.(a) The company has not taken on lease any Rolling Stock assets during the year. All theassets taken on lease were in the years prior to 01-04-2001, with aggregate value ofRs.157082 Lacs (ownership of the same vests with the lessors) stand sub-leased toMinistry of Railways. The company has paid future lease rental liability in full on allthe above leases as outlined below:Year ofLeaseNo. ofLeasesValue of assetstaken on lease(Rs. In Lacs)Amount paid insettlement of futurelease rentals(Rs. in Lacs)1999-00 6 102085 374923841355342000-01 2 54997 2942322302Total 8 157082 152899Year of payment2001-022002-032003-042001-022003-04The amount paid in settlement of future lease rentals as above, is being amortised inthe accounts over the remaining period of the leases. During the year, an amount ofRs.10340 Lacs (Previous Year Rs.18603 Lacs) has been charged to Profit & LossAccount on account of such amortisation.Since the entire future lease rental liability has been paid, there is no liability payablefor unexpired lease period (Previous Year-Rs. Nil).(b) During the year 1999 - 2000, the company entered into 6 lease agreements, with thefinancial institutions / banks as lessors, for a primary period of 10 years for anaggregate amount of Rs.102085 Lacs and sub-leased the same to MOR for a periodof 15 years. The company has paid upfront the future financial liability on all theseleases.Though, there is a mismatch in the tenor of the lease and sub-lease, there is nooverall mismatch in the present value of entire lease rentals payable and receivable.During the year, the company received lease rentals of Rs.14088 Lacs (P.Y. Rs.14088Lacs) and amortised (expensed) lease rentals of Rs.6456.04 Lacs (P.Y. Rs.15092.40Lacs) on these transactions.

12. The balances under some items of Loans & Advances and current liabilities aresubject to confirmation and reconciliation and consequential adjustments, whereverapplicable. However, in the opinion of the Management, the realisable value of thecurrent assets, loans and advances in the ordinary course of business will not be lessthan the value at which they are stated in the Balance Sheet.13. (a) The company discharges its obligation towards payment of interest andredemption of bonds, for which warrants are issued, by depositing the amount inthe designated bank accounts. Reconciliation of such accounts is an ongoingprocess and has been completed upto 31-12-2009. The company does notforesee any additional liability on this account. The total balance held in suchspecified bank accounts as on 31-03-2010 is Rs.736.57 Lacs (Previous Year1153.68 Lacs).(b) The Company is required to transfer any amount remaining unclaimed and unpaidin such interest and redemption accounts after the completion of 7 years toInvestor Education Protection Fund (IEPF) administered by the Ministry ofCorporate Affairs, Government of India. Accordingly, during the year, theCompany deposited a sum of Rs. 31.15 Lacs (P.Y. Rs.412.76 Lacs) in IEPF.14. During the year, the Company executed an Asset Securitisation Transaction bysecuritising an identified portion of future lease rentals of Rs.78715.44 Lacsoriginating on its assets leased to Ministry of Railways during the year 1998 - 99. Aspart of the securitisation transaction, future lease rental amount as mentioned abovewas transferred to a bankruptcy remote Special Purpose Vehicle (SPV) which, inturn, issued Pass Through Certificates (PTCs) to the prospective investors andrealised a sum of Rs.50011.03 Lacs. The lease receivables have been derecognisedin the books of account of the company. The book value of these future leasereceivables was Rs.48180.81 Lacs, resulting in a profit of Rs.1830.22 Lacs for theCompany which as per RBI guidelines, is to be amortised over the life of the PassTrough Certificates (PTCs) issued by the SPV. Out of the profit of Rs.1830.22 Lacs, asum of Rs.202.34 Lacs pertaining to the current year has been recognised in theProfit and Loss Account, leaving a balance of Rs.1627.88 Lacs as on 31.3.2010 to berecognised over the remaining life of the PTCs.Out of the unrecognised gain of Rs.6431.02 Lacs in respect of the Securitisationtransactions executed during the previous year, a sum of Rs.3696.38 Lacs has beenrecognised during the current year, leaving a balance of Rs.2734.64 Lacs as on31.3.2010 to be recognised over the remaining life of the PTCs.15. Major components of net deferred tax liability are as under:(Rs. in Lacs)As at31-03-2010As at31-03-2009Liability on account of difference between WDVas per Income Tax Act and Companies Act.494754 463774Less: Deferred Tax Asset on account ofUnabsorbed DepreciationLess: Deferred Tax Asset on Misc. Expenditureto be written off248048 2381054 5

Less: Deferred Tax Asset on account ofEmployee benefits- 9Net Deferred Tax Liability 246702 22565516. Long Term Loans & Advances (Schedule 5) include Lease Receivables representingthe present value of future Lease Rentals receivable on the finance leasetransactions entered into by the company since inception as per the AccountingStandard (AS) – 19 issued by the Institute of Chartered Accountants of India.The reconciliation of the Lease Receivable amount on the Gross value of RollingStock assets worth Rs.5522266 Lacs (P.Y. Rs.4793863 Lacs) owned by the companyand leased to the Ministry of Railways is as under:(Rs. in Lacs)ParticularsAs at As atA. Gross Value of Assets acquired & Leased upto theend of previous Financial Year31-03-10 31-03-094620488 4094788B. Less value of assets securitised/assigned duringthe year53036 173375C = (A - B) 4567452 3921413D. Less: Capital Recovery provided upto last Year 1665644 1587259E. Less Capital Recovery provided upto last year onassets assigned during the year2941 70814F. Capital Recovery upto last year (D - E) 1662703 1516445G. Capital Recovery Outstanding on leased assets asat the end of last year (C - F)H. Add: Gross Value of Assets acquired and Leasedduring the year2904749 2404968901778 699075I=G+H 3806527 3104043J. Capital Recovery for the year 190173 162919K. Less: Capital Recovery for the year on assetssecuritised/assigned during the year1914 13720L. =J – K 188259 149199Net investment in Lease Receivables 3618268 2954844The value of contractual maturity of such leases as per AS–19 is as under:-(Rs. in Lacs)Particulars As at 31-03-2010 As at 31-03-2009Gross Investment in Lease 5627590 4666575

Unearned Finance Income 2009322 1711731Present Value of Minimum LeasePayment (MLP)3618268 2954844Gross Investment in Lease and Present value of Minimum Lease Payments (MLP) foreach of the periods are as under:(Rs. in Lacs)As at 31-03-2010 As at 31-03-2009ParticularsGrossInvestmentIn LeasePresentValue ofMLPGrossInvestmentin LeasePresentValue ofMLPLess than one year 514084 221982 419891 174886One to five years 2017690 989648 1662584 774285Greater than fiveYears3095816 2406638 2584100 2005673Total 5627590 3618268 4666575 2954844The unearned finance income as on 31-03-2010 is Rs.2009322 Lacs (Previous YearRs.1711731 Lacs).The company has leased rolling stock assets to the Ministry of Railways (MOR). Aseparate lease agreement for each year of lease has been executed and as per theterms of the lease agreements, lease rentals are received half yearly in advance. Theleases are non cancellable and shall remain in force until all amounts due under thelease agreements are received.17. Disclosures with respect to Retirement Benefit Plan as required under AS - 15(Revised) are as follows:Defined Benefit PlanTable showing changes in Present Value of Defined Obligations as on 31.3.2010:(Rs. in Lacs)Presentvalue ofDefinedBenefitObligationat thebeginningof the yearInterestCostCurrentServiceCostGratuity(Funded)31-03-2010Gratuity(Nonfunded)31-03-2009LeaveEncashment(Funded)31-03-2010LeaveEncashment(Non-Funded)31-03-2009LTC(Non-Funded)31-03-2010LTC(Non-Funded)31-03-200922.52 13.94 20.88 12.97 1.52 -1.80 1.12 1.67 1.04 0.12 -1.63 1.09 1.43 0.96 0.81 -

BenefitsPaidActuarial(Gain) /Loss onobligationsPresentvalue ofDefinedBenefitObligationat the endof the year- - 0.71 (0.45) - -4.56 6.37 (9.21) 6.37 (0.84) -30.51 22.52 14.07 20.88 1.61 -Table showing changes in the Fair Value of Plan Assets as on 31.3.2010:(Rs. in Lacs)Gratuity(Funded)31-03-2010Gratuity(Non-Funded)31-03-2009LeaveEncashment(Funded)31-03-2010LeaveEncashment(Non-Funded)31-03-2009LTC(Non-Funded)31-03-2010LTC(Non-Funded)31-03-2009Fair Value ofAssets at thebeginning ofthe year- - - - - -ExpectedReturn onplan assets1.64 - 1.50 - - -Contributions 24.15 - 22.32 - - -Benefits Paid - - 0.71 - - -Actuarial(Gain) / Losson planassetsFair Value ofPlan Assetsat the end ofthe yearNil Nil Nil Nil - -25.79 - 23.11 - - -Table showing Fair Value of Plan Assets as on 31.3.2010:Fair Value ofAssets at thebeginning ofGratuity(Funded)31-03-2010Gratuity(Non-Funded)31-03-2009LeaveEncashment(Funded)31-03-2010LeaveEncashment(Funded)31-03-2009(Rs. in Lacs)LTC LTC(Non-Funded)31-03-2010(Non-Funded)31-03-2009- - - - - -

the yearActualReturn onplan assets1.64 - 1.50 - - -Contributions 24.15 - 22.32 - - -Benefits Paid - - 0.71 - - -Fair Value ofPlan Assetsat the end ofthe yearFundedstatusExcessactual overestimatedreturn onplan assets(Actual rateof return =estimatedrate ofreturn asARD falls on31 st March25.79 - 23.10 - - -(4.72) - 9.04 - (1.61) -Nil Nil Nil Nil Nil NilActuarial Gain / Loss recognised as on 31.3.2010:ActuarialGain /(Loss) forthe year –obligationActuarialGain /(Loss) forthe yearplan assetsTotal(Gain) /LossActuarial(Gain) /Lossrecognisedin the yearGratuity(Funded)31-03-2010Gratuity(Non-Funded)31-03-2009LeaveEncashment(Funded)31-03-2010LeaveEncashment(Non-Funded)31-03-2009(Rs. in Lacs)LTC LTC(Non-Funded)31-03-2010(Non-Funded)31-03-2009(4.56) (6.37) 9.21 (6.37) 0.84 -Nil Nil Nil Nil Nil -4.56 6.37 9.21 6.37 (0.84) -4.56 6.37 9.21 6.37 (0.84) -

Amount to be recognised in the Balance SheetPresentvalue ofobligationsas at theend of theyearFair Valueof planassetsFundedstatusNet Asset /(Liability)recognisedin theBalanceSheetGratuity(Funded)31-03-2010Gratuity(Non-Funded)31-03-2009LeaveEncashment(Funded)31-03-2010LeaveEncashment(Non-Funded)31-03-2009(Rs. in Lacs)LTC LTC(Non-Funded)31-03-2010(Non-Funded)31-03-200930.51 22.52 14.07 20.88 1.61 -25.79 - 23.11 - - -(4.72) (22.52) 9.04 (20.88) (1.61) -4.72 22.52 9.04 20.88 (1.61) -Expenses recognised in statement of Profit & Loss:CurrentServiceCostInterestCostExpectedreturn onplanassetsNetActuarial(Gain) /Lossrecognisedin the yearExpensesrecognisedinGratuity(Funded)31-03-2010Gratuity(Non-Funded)31-03-2009LeaveEncashment(Funded)31-03-2010LeaveEncashment(Non-Funded)31-03-2009(Rs. in Lacs)LTC LTC(Non-Funded)31-03-2010(Non-Funded)31-03-20091.63 1.09 1.44 0.96 0.81 -1.80 1.12 1.67 1.04 0.12 -1.64 - 1.49 - - -4.56 6.37 (9.21) 6.37 (0.84) -6.35 8.58 7.60 8.37 0.09 -

Statementof Profit &LossActuarial Assumptions:(Rs. in Lacs)As on 31-03-2010 As on 31-03-2009Discount rate 8% 8%Salary Escalation 6% 5%The estimates of future salary increase considered in actuarial valuation, takeaccount of inflation, seniority, promotion and other relevant factors, such as supplyand demand in the employment market.Defined Contribution PlanParticularsYear endingYear ending31-03-201031-03-2009Employers’ Contribution to EPF Rs. 7.10 Lacs Rs. 8.18 Lacs18. In accordance with Accounting Standard 29, particulars of provisions are as under:(Rs. in Lacs)2009-10 2008-09Incentives/PRP*Gratuity& LeaveEncashment*LTC*IncomeTax / FBTIncentives/PRPGratuity& LeaveEncashmentLTCIncomeTax / FBTOpening Bal. 12.50 43.40 - 21119.95 5.50 44.17 - 17860.23Additionduring theyearAmount used/ incurredUnusedAmountreversedduring theyearClosingBalance20.00 6.35 1.61 13512.50 12.50 16.94 - 7506.8114.38 46.47 - 6382.83 12.06 0.46 - 4245.56(1.88) 7.60 - - (6.56) 17.25 - 1.5320.00 (4.32) 1.61 28249.62 12.50 43.40 - 21119.95*The above provisions are liabilities in accordance with terms of employment.Payment of Incentives / Performance Related Pay (PRP) shall be made as and whenthey became due. Provision for LTC is in accordance with the Accounting Standard15 (Revised).Further, provision for Income Tax is in terms of Income Tax Act, 1961 and shall beadjusted after the completion of assessment.

19. The Company is in the business of leasing and financing. As such, there are noseparate reportable business segments as per Accounting Standard (AS)-17 on‘Segment Reporting’ issued by the Institute of Chartered Accountants of India.20. As per Accounting Standard (AS) -18 ‘Related Party Disclosures’ issued by theInstitute of Chartered Accountants of India (ICAI), the details are as under:Key Management personnel:a) R. Kashyap, Managing Directorb) S. K. Kaushik, Director Finance (upto 9 th March, 2010)The payments to key management personnel are given under note no. 8 above.No other transaction except the above has been entered into with any of the keymanagement personnel, their relatives, concerns in which they are interested.21. The calculation of Earnings Per Share as required under Accounting Standard (AS) –20 is as under:Basic EPSYear2009-10 2008-09a) Profit after tax Rs. 44269.07 Lacs Rs. 18079.16 Lacsb) No. of equity shares of facevalue Rs. 1,000/- each80,00,658 50,00,000c) Earning Per Share (a/b) Rs. 553.32 Rs. 361.58Diluted EPSYear2009-10 2008-09a) Profit after tax Rs. 44269.07 Lacs Rs. 18079.16 Lacsb) No. of equity shares of facevalue Rs. 1,000/- each80,00,658 50,16,438c) Earning Per Share (a/b) Rs. 553.32 Rs. 360.40The reconciliation of weighted number of equity shares is under:Number of shares at the beginning of the year: 50,00,000Number of shares allotted on 02-06-09 : 30,00,000Number of share allotted on 27-01-10 : 29,10,000Number of shares at the end of the year : 109,10,000Weighted number of equity shares: 80,00,65822. (a) During the year 2003-04, the company restructured the rate of interest on certainoutstanding borrowings from LIC and paid Rs.2403 Lacs as advance, representing aportion of the future savings in the interest cost. This advance amount is being

amortised over the balance tenor of the borrowings. During the year, a sum ofRs.149 Lacs (P.Y. Rs.201 Lacs) has been amortised, leaving a balance of Rs.214 Lacsas on 31-03-2010 (P.Y. Rs.363 Lacs).(b) During the year 2004-05, the company restructured the rate of interest on certainoutstanding borrowings from IDBI Ltd. and paid Rs.1378 Lacs as advance,representing a portion of the future savings in the interest cost. This advance amountis being amortised over the balance tenor of the borrowings. During the year, a sumof Rs.64 Lacs (P.Y. Rs.108 Lacs) has been amortised, leaving a balance of Rs.131Lacs as on 31-03-2010 (P.Y. Rs.194 Lacs).23. Provision for Current Tax includes Rs. 116.75 Lacs towards interest on late deposit ofAdvance Tax u/s 234 B & C of the Income Tax Act., 1961.24. Ministry of Railways has deducted tax at source amounting to Rs.7962.70 Lacs (P.Y.Rs.9133.54 Lacs)25. The company has shown Long Term Loans, Lease Receivable and Lease Rent paid inadvance separately under the head ‘Long Term Loans & Advances’ (Schedule 5) inorder to provide better disclosure.26. Certain disclosures are required to be made under the Micro, Small and MediumEnterprises Development Act, 2006. The Company is in the process or compilingrelevant information from its suppliers about their coverage under the Act. As theCompany has not received the relevant information under the Act till finalisation ofaccounts, no disclosure has been made in the account.27. The Company has a system of physical verification of assets given on lease. Thephysical verification is carried out on a sample basis, as 100% physical verification ofrolling assets is neither logistically possible nor considered necessary. In addition,Ministry of Railways (Lessee) provides a certificate each year that the leased assetsare maintained in good working condition as per laid down norms, procedures andstandards. In the opinion of the management, the aforesaid system is satisfactoryconsidering the fact that the assets are maintained and operated by the CentralGovernment.28. (a) Unless otherwise stated, the figures are in Rupees Lacs.(b) Previous year figures have been regrouped / rearranged, wherever necessary, inorder to make them comparable with those of the current year.

Financial Year 2008-09A. Significant Accounting Policies1) Basis for preparation of Financial Statementsa) The financial statements are prepared under the historical cost convention, inaccordance with the Generally Accepted Accounting Principles, the Provisions of theCompanies Act, 1956 and the applicable guidelines issued by the Reserve Bank ofIndia as adopted consistently by the Company.b) Use of EstimatesThe preparation of financial statements in conformity with Generally AcceptedAccounting Principles requires management to make estimates and assumptions thataffect the reported amounts of asset and liabilities, disclosure of contingent assetsand liabilities at the date of the financial statements and the reported amounts ofrevenue and expenses during the reporting period. Examples of such estimatesinclude estimated useful life of fixed assets and estimated useful life of leased assets.Management believes that estimates used in the preparation of financial statementsare prudent and reasonable. Actual results could differ from these estimates.Adjustments as a result of differences between actual and estimates are madeprospectively.2) Revenue Recognitiona) Lease Income in respect of assets given on lease (including assets given prior to 01-04-2001) is recognised in accordance with the accounting treatment provided inAccounting 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 theagreements with the respective lessors and the sub-lessee (MOR), on accrual basis,as per the Revised Guidance Note on accounting for Leases issued by the Institute ofChartered Accountants of India (ICAI).c) Interest Income is recognised on time proportion basis. Dividend Income isrecognised when the right to receive payment is established.d) Income relating to non performing assets is recognised on receipt basis inaccordance with the guidelines issued 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.

) Recognition at the end of Accounting PeriodForeign Currency monetary assets and liabilities, other than the foreign currencyliabilities swapped into Indian Rupees, are reported using the closing exchange ratein terms of the provisions of AS 11 issued by the Institute of Chartered Accountantsof India.Foreign Currency Liabilities swapped into Indian Rupees are stated at the referencerates fixed in the swap transactions, and not translated at the year end rate.c) Exchange Differencesi) Exchange differences arising on the actual settlement of monetary assets andliabilities at rates different from those at which they were initially recorded duringthe year, or reported in previous financial statements, other than the exchangedifferences on settlement of foreign currency loans and interest thereonrecoverable separately from the lessee under the lease agreements, arerecognised as income or expenses in the year in which they arise.ii) Notional Exchange Differences arising on reporting of outstanding long termforeign currency monetary assets and liabilities at rates different from those atwhich they were initially recorded during the year, or reported in previousfinancial statements, other than the exchange differences on translation offoreign currency loans and interest thereon recoverable separately from thelessee under the lease agreements, are transferred to a ‘Foreign CurrencyMonetary Item Translation Difference Account’ in terms of the notification no. F.No. 17/33/2008/CL-V dated 31 st March 2009 issued by the Govt. of India,Ministry of Corporate Affairs in modification of AS-11.iii) In respect of forward exchange contracts, the difference between the forwardrate and exchange rate on the date of transaction are recognised as income orexpenses over the life of the contract.4) InvestmentsInvestments are classified into long term investments and current investments basedon intent of management at the time of making the investment. Investments intendedto be held for more than one year, are classified as long-term investments.Current investments are valued at lower of cost or market value. Long-terminvestments are valued at cost unless there is depreciation, other than temporary, intheir value.5) Leased AssetsLease arrangements where the risks and rewards incidental to ownership of an assetsubstantially vest with the lessee , are recognised as financial leases and are shown asReceivable in the Balance Sheet at an amount equal to the net investment in the lease,in accordance with Accounting Standard-19 ‘Leases’ issued by the Institute ofChartered Accountants of India.

6) Fixed AssetsFixed assets are stated at cost, less accumulated depreciation. Costs include allexpenses incurred to bring the assets to their present location and condition.Depreciation on fixed assets is charged on straight line method at the rates prescribedin Schedule XIV to the Companies Act, 1956, on pro-rata basis.7) (a) Securitisation of Lease ReceivablesLease Receivables securitised out to Special Purpose Vehicle in a securitisationtransaction are de-recognised in the balance sheet when they are transferred andconsideration has been received by the Company. In terms of the guidelines onSecuritisation of Standard Assets issued by the Reserve Bank of India vide their circularno.DBOD.No.B.P.BC.60/21.04.048/2005-06 dated 1 st February 2006, the Companyamortises any profit arising from the securitisation over the life of the Pass ThroughCertificates (PTCs) / Securities issued by the Special Purpose Vehicle (SPV). Loss, ifany, is recognised immediately in the Profit & Loss Account.(b) Assignment of Lease ReceivablesLease Receivables assigned through direct assignment route are de-recognised in thebalance sheet when they are transferred and consideration has been received by theCompany. Profit or loss resulting from such assignment is accounted for in the year oftransaction.8) Bond Issue Expenses and Expenses on Loans, Leases and Securitisation Transactiona) Bond Issue expenses including management fee on issue of bonds (except discounton deep discount bonds) incurred during the year are charged to Profit and LossAccount. Upfront discount on deep discount bonds is amortised over the tenor of thebonds.b) Documentation, processing & other charges paid on Long Term Loans are charged tothe Profit & Loss Account in the year loan is sanctioned / availed.c) Incidental expenses incurred in connection with the Securitisation transactionexecuted during the year are charged to the Profit and Loss Account.9) Taxes on IncomeTax expense comprises of Current Tax, Deferred Tax and Fringe Benefit Tax.Provision for current income tax and fringe benefit tax is made in accordance with theprovisions of the Income Tax Act, 1961.Deferred tax expense or benefit is recognised on timing differences, being thedifference between taxable incomes and accounting income, that originate in oneperiod and are capable of reversal in one or more subsequent periods. Deferred taxassets and liabilities are measured using the tax rates and tax laws that have beenenacted or substantively enacted by balance sheet date.

10) Employee BenefitsEmployee Benefits are valued and disclosed in the Annual Accounts in accordance withAccounting Standard-15 (Revised).a) Short-term employee benefits are recognised as an expense at the undiscountedamount in the Profit & Loss Account of the year in which the related service isrendered.b) Long-term employee benefits are recognised as an expense in the Profit & LossAccount for the year in which the employee has rendered services. The expense isrecognised at the present value of the amount payable as per actuarial valuations.Actuarial gain and losses in respect of such benefits are recognised in the Profitand Loss Account.11) Provisions, Contingent Liabilities and Contingent AssetsThe Company recognises provisions when it has a present obligation as a result of apast event. This occurs when it becomes probable that an outflow of resourcesembodying economic benefits might be required to settle the obligation and when areliable estimate of the amount of the obligation can be made.Provisions are determined based on management estimate required to settle theobligation at the balance sheet date. These are reviewed at each balance sheet dateand adjusted to reflect the current management estimates. In cases where theavailable information indicates that the loss on the contingency is reasonably possiblebut the amount of loss cannot be reasonably estimated, a disclosure is made in thefinancial statements.Contingent Assets, if any, are not recognised in the financial statements since this mayresult in the recognition of income that may never be realised.Notes on Accounts1.(a) Lease rental has been charged on the assets leased from the first day of the monthin which the assets have been identified and placed on line.(b) Ministry of Railways (MOR) has charged interest on the value of the assets identifiedprior to the payments made by the company, from the first day of the month inwhich the assets have been identified and placed on line to the first day of themonth in which the money is paid to the MOR. However, no interest is charged fromthe MOR on the amount paid by the company prior to the identification of Rollingstock by them.(c) (i) Interest rate variation on the floating rate linked rupee borrowings and interestrate and exchange rate variations on interest payments in case of the foreigncurrency borrowings are adjusted against the Lease Income in terms of the variationclauses in the lease agreements executed with the Ministry of Railways. During theyear, such differential has resulted in an amount of Rs.8258 Lacs accruing toCompany (P.Y. Rs.7773 Lacs), which has been accounted for in the Lease Income.

(ii) In respect of foreign currency borrowings, which have not been hedged, avariation clause has been incorporated in the lease agreements specifying thenotional swap cost adopted for working out the cost of funds on the leases executedwith MOR. Swap Cost in respect of these foreign currency borrowings is comparedwith the amount recovered by the company on such account and accordingly, thesame is adjusted against the lease income. During the year 2008 - 09, in respect ofthese foreign currency borrowings, the company has recovered a sum of Rs.3125Lacs (P.Y. Rs.2980 Lacs) on this account from MOR against the actual swap costpayments of Rs.4737 Lacs (P.Y. Rs.3788 Lacs). After adjusting swap cost, an amountof Rs.1612 Lacs has been recovered from MOR (P.Y. Rs.808 Lacs).2.(iii) Interest expense in respect of interest accrued but not due on the foreigncurrency loans has been considered at base interest / exchange rate and thedifference on account of variation between base rate and the rate prevailing on thereported date has been shown as recoverable / payable to MOR. During the currentyear, the amount recoverable from MOR on such account works out to Rs.61 Lacs(P.Y. Payable Rs.87lacs).(a) Non-Banking Financial (Non-Deposit Accepting or Holding) Companies PrudentialNorms (Reserve Bank) Directions, 2007 has been issued by the Reserve Bank ofIndia vide notification no.DNBS.193 DG(VL)-2007 dated 22 nd February 2007. TheCompany, being a Govt. Company and not accepting / holding public deposits, theseDirections, except the provisions contained in Paragraph 19 of the said directions,are not applicable to the Company.(b) In terms of Reserve Bank of India Notification No.DNBC.138/CGM (VSNM) – 2000dated 13 th January 2000, the provisions of Section 45 IC of the Reserve Bank ofIndia Act, 1934 (2 of 1934) regarding creation of Reserve Fund, do not apply to theCompany.3. The Finance Act, 2001 provides for levy of service tax on the finance and interestcharges recovered through lease rental instalments on the Financial Leases enteredon or after 16-07-2001. The Central Govt., vide Order No.1/1/2003-ST dated 30 thApril 2003 and subsequent clarification dated 15-12-2006 issued by Ministry ofFinance has exempted the Lease Agreements entered between the Company andMinistry of Railways from the levy of Service Tax thereon.4. In terms of the Companies (Accounting Standards) Amendment Rules, 2009 issuedby the Govt. of India, Ministry of Corporate Affairs vide NotificationNo.F.No.17/33/2008/CL-V dated 31 st March 2009, the Company has opted to transferthe notional exchange rate variation loss amounting to Rs.4306.52 Lacs onrevaluation of long term foreign currency items to ‘Foreign Currency Monetary ItemTranslation Difference Account’. Further, the notional exchange rate variation gainamounting to Rs.926.51 Lacs (net of tax) recognised in the Profit and Loss Accountand pertaining to the accounting periods commencing after 7 th Dec 2006 (i.e. for theFinancial Year 2007 - 08) has been reversed and transferred to Foreign CurrencyMonetary Item Translation Difference Account by debiting to General Reserve. Asum of Rs.29.47 Lacs on account of notional exchange rate variation for the yearending 31.03.2008 and pertaining to the principal repayments made in 2008 - 09 hasbeen transferred to General Reserve. The amount of Rs.3409.48 Lacs outstanding inthe ‘Foreign Currency Monetary Item Translation Difference Account’ as on 31 stMarch 2009 will be amortised over the balance tenor of the monetary items to whichthey pertain but not beyond 31 st March 2011. The position with regard to the

amortisation in future, of the amount lying in Foreign Currency Monetary ItemTranslation Difference Account, is as follows:YearAmount (Rs. In Lacs)2009 – 10 3021.372010 – 11 388.115. Increase in liability due to exchange rate variation on foreign currency loans forpurchase of leased assets, amounting to Rs.31819 Lacs (P.Y. decrease in liabilityRs.10800 Lacs) has not been transferred to Foreign Currency Translation DifferenceAccount as the same is recoverable from the Ministry of Railways (lessee) separatelyas per lease agreements. The exchange rate variation on foreign currency loansrepaid during the year amounting to Rs.164 Lacs (P.Y. Rs.169 Lacs) has beenrecovered from the Lessee, leaving a balance of Rs.21951 Lacs receivable from MORas on 31-03-2009 (P.Y. Rs.9704 Lacs payable to MOR).6. Derivative InstrumentsThe Company judiciously contracts financial derivative instruments in order to hedgecurrency and / or interest rate risk. All derivative transactions contracted by thecompany are in the nature of hedging instruments with a defined underlying liability.The company does not deploy any financial derivative for speculative or tradingpurposes.(a) In respect of certain foreign currency borrowings, the company has executedcurrency swaps to hedge the exchange rate variation risk on the principaloutstanding. The outstanding position of such currency swaps as at 31 st March 2009is as follows:As on 31-03-2009 As on 31-03-2008No. ofContractsBorrowingoutstandingin foreigncurrencyNotionalINREquivalentNo. ofContractsBorrowingoutstandingin foreigncurrencyNotionalINREquivalentRemarks2 USD 105.10Million45964.45Lacs3 USD 187.14Million81858.23Lacs--1 JPY 13.00Billion53728.49Lacs1 JPY 13.00Billion53728.49LacsSwap costrecoverablefrom MOR.In respect of some of its External Commercial Borrowings, the Company hasexecuted cross currency swaps to hedge the principal outstanding and converted itsunderlying liability from one foreign currency to another. The outstanding position ofsuch cross currency swaps as at 31 st March 2009 is as follows:

No. ofContractsAs on 31-03-2009 As on 31-03-2008Borrowing Notional No. of Borrowing Notional USDoutstanding in USD Contracts outstanding in EquivalentForeign EquivalentForeignCurrencyCurrencyUSD 25 1 JPY 2.65 USD 25 MillionBillion MillionBillion1 JPY 2.651 JPY 14.71875BillionUSD 125Million1 JPY 14.71875BillionUSD 125 MillionIn respect of the following External Commercial Borrowings, the Company hasexecuted currency swap to hedge the foreign exchange exposure in respect of bothprincipal outstanding and interest payments:As on 31-03-2009 As on 31-03-2008No. ofContractsBorrowingoutstanding inForeignCurrencyNotional INREquivalentNo. ofContractsBorrowingoutstanding inForeignCurrencyNotional INREquivalent1 JPY 15 Billion 54911.79Lacs1 JPY 15 Billion 54911.79 LacsThe foreign currency borrowings outstanding as on 31-03-2009, which have notbeen hedged are as follows:No. ofLoansAs on 31-03-2009 As on 31-03-2008Borrowingoutstanding inForeign CurrencyNo. ofLoansBorrowingoutstanding inForeign CurrencyRemarks1 USD 39 Million 1 USD 42 Million Back to Back recoveryof exchange ratevariation from MOR.2 USD 13.45 Million 2 USD 19.68 Million --2 USD 225 Million 1 USD 125 Million Back to Back recoveryof exchange ratevariation from MOR.1 Euro 4.88 Million 1 Euro 5.86 Million --0 Nil 1 JPY 442.702MillionBack to Back recoveryof exchange ratevariation from MOF.(b) The Company has one (P.Y one) Interest Rate Cap (IRC) outstanding in respect of aforeign currency borrowing to hedge its floating rate liability linked to Libor. IRC hasbeen executed on a notional principal amount of USD 100 Mio. (P.Y. USD 100 Mio.).

As part of hedging strategy, the Company has six (P.Y. six) Interest Rate Swaps /Currency Swaps (coupon only) outstanding on fixed interest rate rupee borrowingsby taking benefit of interest rate movement. The INR value of the outstandingborrowings on which such Swaps have been executed is Rs.162000 Lacs (P.Y.Rs.162000 Lacs).7. Office Building including parking area has been capitalised from the date of takingpossession. However, the sale / transfer deed is still pending for execution in favourof the company. Stamp duty payable on the registration of office building works outto about Rs.91 Lacs (P.Y. Rs.91 Lacs), which will be accounted for on registration.8. Syndicated Japanese Yen Loan on behalf of Ministry of FinanceDuring the year 1998 - 99, the company raised JPY 8854.65 million throughSyndicated Japanese Yen Loan on behalf of Ministry of Finance (MOF) and repaid anoutstanding loan of Exim Bank of Japan through refinancing. The said Syndicatedloan was renegotiated during the year 2002 - 03. The interest as well as repaymentof loan is serviced by the MOF. Full amount of JPY 8854.65 million (P.Y. JPY 8411.95Million) of the refinanced loan has been repaid till date leaving a balance of JPY nil(Rs. Nil) as on 31-03-2009 (P.Y. JPY 442.70 Million or Rs.1776 Lacs). Interestpayment on the loan amounting to Rs.22.44 Lacs (P.Y. Rs.105.78 Lacs) andrecoverable from Ministry of Finance has not been considered as part of expenses /income and the same has not been routed through Profit & Loss Account.9. Salary, Allowances and other benefits to Directors of the Company(Rs. in Lacs)Particulars 2008 – 09 2007 - 08a. Salary / Allowances 29.30 10.05b. Incentive Nil 0.98c. Sitting fee paid to Non-Executive Directors0.75 0.80In addition, Managing Director has been allowed use of staff car for personal useupto 1000 kms on payment of Rs.600/- per month, in accordance with thenotification of the Govt. of India, Ministry of Finance, Department of PublicEnterprises OM No.2(18)/PC/64 dated 20 th November, 1964 as amended.10. Contingent Liabilities(a) Claims against the Company not acknowledged as debts - Claims by bondholders inthe Consumer Courts : Rs.50 Lacs (P.Y. Rs.48 Lacs) and Rs. 30 Lacs against thedamages of property on vacation of old office premises in the Civil Court.(b) The Income Tax assessments of the Company have been completed up toAssessment Year 2006 - 07. The disputed demand outstanding upto the saidAssessment year is Rs. 16.54 crore against which Rs. 16.50 crore has been depositedby the Company under protest and the appeals of the company are pending atvarious appellate levels. Based on decisions of the Appellate authorities in othersimilar matters and the interpretation of other relevant provisions, the Company isconfidant that the demands are likely to be either deleted or substantially reducedand accordingly no provision has been considered necessary.

(c) The company does not pay sales tax on purchase of leased assets. Sales tax on thepurchase / lease of rolling stock, if it becomes payable, is recoverable from Ministryof Railways in terms of the lease agreements. Since, there is no sales tax demandand the amount is unascertainable, no provision is made in the accounts.(d) The Companies (Second Amendment) Act, 2002 provides for levy of cess, towardsrehabilitation / revival of sick industrial companies, which shall not be less than0.005% but not more than 0.10% of the turnover or the gross receipts as theCentral Govt. may from time to time specify by notification in the Official Gazette.Since no notification has been issued, provision for cess has not been made.11. Expenditure in Foreign Currency (on payment basis)Particulars 2008 - 09(Rs. in Lacs)2007 - 08(Rs. in Lacs)a) Interest / Swap Cost on Foreign currencyborrowings (Net of Amount recovered on account ofIRS / IRC and from MoF)13898.17 13959.60b) Processing Agent / Fiscal Agent / Admn. fee (Netof Amount recovered from MoF)13.23 16.42c) Underwriting / Arranger fee 851.46 54.40d) International Credit Rating Agencies Fees 42.46 74.60e) Others 37.43 186.1412.(a) The company has not taken on lease any Rolling Stock assets during the year. All theassets taken on lease were in the years prior to 01-04-2001, worth Rs.157082 Lacs(ownership of the same vests with the lessors) stand sub-leased to Ministry ofRailways. The company has paid future lease rental liability on all the above leasesas detailed below:Year ofLeaseNo. ofLeasesValue of assetstaken on lease(Rs. In Lacs)Amount paid insettlement of futurelease rentals(Rs. in Lacs)1999-00 6 102085 374923841355342000-01 2 54997 2942322302Total 8 157082 152899Year of payment2001-022002-032003-042001-022003-04The amount paid in settlement of future lease rentals as above, is being amortised inthe accounts over the remaining period of the leases. During the year, an amount ofRs.18603 Lacs (Previous Year Rs.16749 Lacs) has been charged to Profit & LossAccount on account of such amortisation.

Since the entire future lease rental liability has been paid, there is no liability payablefor unexpired lease period (Previous Year-Nil).(b) During the year 1999 - 2000, the company entered into 6 lease agreements, with thefinancial institutions / banks as lessors, for a primary period of 10 years for anaggregate amount of Rs.102085 Lacs and sub-leased the same to MOR for a periodof 15 years. The company has paid upfront the future financial liability on all theseleases.Though, there is a mismatch in the tenor of the lease and sub-lease, there is nooverall mismatch in the present value of entire lease rentals payable and receivable.During the year, the company received lease rentals of Rs.14088 Lacs (P.Y. Rs.14088Lacs) and amortised (expensed) lease rentals of Rs.15092.40 Lacs (P.Y. Rs.13575.09Lacs) on these transactions.13. The balances under some items of Loans & Advances and current liabilities aresubject to confirmation and reconciliation and consequential adjustments, whereverapplicable. However, in the opinion of the Management, the realisable value of thecurrent assets, loans and advances in the ordinary course of business will not be lessthan the value at which they are stated in the Balance Sheet.14. (a) The company discharges its obligation towards payment of interest andredemption of bonds, for which warrants are issued, by depositing the amount inthe designated bank accounts. Reconciliation of such accounts is an ongoingprocess and has been completed upto 31-12-2008. The company does notforesee any additional liability on this account. The total balance held in suchspecified bank accounts as on 31-03-2009 is Rs.1153.68 Lacs (Previous YearRs.5209.33 Lacs).(b) The Company is required to transfer any amount remaining unclaimed and unpaidin such interest and redemption accounts after the completion of 7 years toInvestor Education Protection Fund (IEPF) administered by the Ministry ofCorporate Affairs, Govt. of India. Accordingly, during the year, the Companydeposited a sum of Rs.412.76 Lacs (P.Y. Rs.806.61 Lacs) in IEPF.15. During the year, the Company executed an Asset Securitisation Transaction bysecuritising an identified portion of future lease rentals of Rs.116050.65 Lacsoriginating on its assets leased to Ministry of Railways during the year 1998 - 99. Aspart of the securitisation transaction, future lease rental amount as mentioned abovewas transferred to a bankruptcy remote Special Purpose Vehicle (SPV) which, inturn, issued Pass Through Certificates (PTCs) to the prospective investors andrealised a sum of Rs.96208.49 Lacs. The lease receivables have since beenderecognised in the books of accounts of the company. The book value of thesefuture lease receivables was Rs.88840.75 Lacs, resulting in a profit of Rs.7367.74Lacs for the Company which as per RBI guidelines, is to be amortised over the life ofthe Pass Trough Certificates (PTCs) issued by the SPV. Out of the profit ofRs.7367.74 Lacs, a sum of Rs.936.72 Lacs pertaining to the current year has beenrecognised in the Profit and Loss Account, leaving a balance of Rs.6431.02 Lacs ason 31.3.2009 to be recognised over the remaining life of the PTCs.

16. Major components of net deferred tax liability are as under:(Rs. in Lacs)As at31-03-2009As at31-03-2008Liability on account of difference between463774 438028WDV as per Income Tax Act andCompanies Act.Less: Deferred Tax Asset on account ofUnabsorbed DepreciationLess: Deferred Tax Asset on account ofMAT CreditLess: Deferred Tax Asset on Misc.Expenditure to be written offLess: Deferred Tax Asset on account ofEmployee benefits238105 234718- 178305 -9 15Net Deferred Tax Liability 225655 185465The provision for Deferred Tax Liability for the current year is without consideringMinimum Alternative Tax (MAT) credit as Deferred Tax Assets (DTA). Similarly, MATcredit of Rs. 17828 Lakhs considered as DTA during earlier years has also beenreversed and provided as Deferred Tax Liability for earlier years in Profit & LossAccount.17. Long Term Loans & Advances (Schedule 5) include Lease Receivables representingthe present value of future Lease Rentals receivable on the finance leasetransactions entered into by the company since inception as per the AccountingStandard (AS) – 19 issued by the Institute of Chartered Accountants of India.The reconciliation of the Lease Receivable amount on the Gross value of RollingStock assets worth Rs.4793863 Lacs (P.Y. Rs.4198893 Lacs) owned by the companyand leased to the Ministry of Railways is as under:ParticularsA. Gross Value of Assets acquired & Leased upto theend of previous Financial YearB. Less value of assets securitised/assigned duringthe year(Rs. in Lacs)As at As at31-03-09 31-03-084094788 3738412173375 104105C = (A - B) 3921413 3634307D. Less: Capital Recovery provided upto last Year 1587259 1458703E. Less Capital Recovery provided upto last year on 70814 21419

assets assigned during the yearF. Capital Recovery upto last year (D - E) 1516445 1437284G. Capital Recovery Outstanding on leased assets asat the end of last year (C - F)H. Add: Gross Value of Assets acquired and Leasedduring the year2404968 2197023699075 460481I=G+H 3104043 2657504J. Capital Recovery for the year 162919 155440K. Less: Capital Recovery for the year on assetssecuritised/assigned during the year13720 5465L. =J – K 149199 149975Net investment in Lease Receivables 2954844 2507529The value of contractual maturity of such leases as per AS–19 is as under:-(Rs. in Lacs)Particulars As at 31-03-2009 As at 31-03-2008Gross Investment in Lease 4666575 3922010Unearned Finance Income 1711731 1414481Present Value of Minimum LeasePayment (MLP)2954844 2507529Gross Investment in Lease and Present value of Minimum Lease Payments (MLP) foreach of the periods are as under:(Rs. in Lacs)As at 31-03-2009 As at 31-03-2008ParticularsGrossInvestmentIn LeasePresentValue ofMLPGrossInvestmentin LeasePresentValue ofMLPLess than one year 419891 174886 362746 154171One to five years 1662584 774285 1439193 768048Greater than fiveYears2584100 2005673 2120071 1585310Total 4666575 2954844 3922010 2507529The unearned finance income as on 31-03-2009 is Rs.1711731 Lacs (Previous YearRs.1414481 Lacs).

The company has leased rolling stock assets to the Ministry of Railways (MOR). Aseparate lease agreement for each year of lease has been executed and as per theterms of the lease agreements, lease rentals are received half yearly in advance. Theleases are non cancellable and shall remain in force until all amounts due under thelease agreements are received.18. Hitherto, the Actuarial valuation for Gratuity and Leave Encashment was being doneby the company as per the provisions of the payment of Gratuity Act, 1972.However, due to change in Accounting Policies, the method of Actuarial Valuationhas been changed to Projected Unit Credit (PUC) Method.As a result of adopting AS - 15 (Revised) the transitional differences (Net of Tax)amounting to Rs.11.38 Lacs as on 01-04-2008 has been transferred to the openingbalance of General Reserve.Disclosures as required under AS - 15 (Revised) are as follows:Table showing changes in Present Value of Defined Obligations as on 31.3.2009:Gratuity(Non-Funded)(Rs. Lacs)LeaveEncashment(Non-Funded)Present value of Defined Benefit 13.94 12.97Obligation at the beginning of the yearInterest Cost 1.12 1.04Current Service Cost 1.09 0.96Benefits Paid - (0.45)Actuarial (Gain) / Loss on obligations 6.37 6.37Present value of Defined BenefitObligation at the end of the year22.52 20.88Table showing changes in the Fair Value of Plan Assets as on 31.3.2009:(Rs. Lacs)Gratuity(Non-Funded)LeaveEncashment(Non-Funded)Fair Value of Assets at the beginning of- -the yearExpected Return on plan assets - -Contributions - -Benefits Paid - -Actuarial (Gain) / Loss on plan assets Nil NilFair Value of Plan Assets at the end ofthe year- -Table showing Fair Value of Plan Assets as on 31.3.2009:(Rs. Lacs)Gratuity(Non-Funded)LeaveEncashment(Non-Funded)Fair Value of Assets at the beginning of- -the yearActual Return on plan assets - -Contributions - -

Benefits Paid - -Fair Value of Plan Assets at the end of- -the yearFunded status - -Excess actual over estimated return on NilNilplan assets(Actual rate of return = estimated rateof return as ARD falls on 31 st MarchActuarial Gain / Loss recognised as on 31.3.2009:(Rs. Lacs)GratuityLeave(Non-Funded) Encashment(Non-Funded)Actuarial Gain / (Loss) for the year – (6.37) (6.37)obligationActuarial Gain / (Loss) for the year plan NilNilassetsTotal (Gain) / Loss 6.37 6.37Actuarial (Gain) / Loss recognised in theyear6.37 6.37Amount to be recognised in the Balance Sheet(Rs. Lacs)Gratuity(Non-Funded)LeaveEncashment(Non-Funded)Present value of obligations as at the 22.52 20.88end of the yearFair Value of plan assets - -Funded status (22.52) (20.88)Net Asset / (Liability) recognised in theBalance Sheet22.52 20.88Expenses recognised in statement of Profit & Loss:Gratuity(Non-Funded)(Rs. Lacs)LeaveEncashment(Non-Funded)Current Service Cost 1.09 0.96Interest Cost 1.12 1.04Expected return on plan assets - -Net Actuarial (Gain) / Loss recognised inthe yearExpenses recognised in Statement ofProfit & Loss6.37 6.378.58 8.37Actuarial Assumptions:(Rs. Lacs)As on 31-03-2009 As on 31-03-2008Discount rate 8% 8%Salary Escalation 5% 5%

In terms of the transitional provision of AS 15 (Revised), excess liability (Net ofDeferred Tax Assets) appearing in the books of accounts as on 01.04.2008amounting to Rs.11.39 Lacs has been transferred to the opening balance of GeneralReserve Account.19. In accordance with Accounting Standard 29, particulars of provisions are as under:2008-09 2007-08Incentives/PRP Gratuity &LeaveEncashmentIncentives/PRP Gratuity &LeaveEncashmentOpening Bal. 5.50 44.17 4.63 31.96Addition during 12.50 16.94 5.50 13.59the yearAmount used / 12.06 0.46 4.75 1.38incurredUnused Amount (6.56) 17.25 (0.12) -reversed duringthe yearClosing Balance 12.50 43.40 5.50 44.17The above provisions are liabilities in accordance with terms of employment.Payment of Incentives / Performance Related Pay (PRP) shall be made as and whenthey became due. Provision for Gratuity is in accordance with the AccountingStandard 15 (Revised) and that for leave encashment is as per Company’s policy.20. The Company is in the business of leasing and financing. As such, there are noseparate reportable business segments as per Accounting Standard (AS)-17 on‘Segment Reporting’ issued by the Institute of Chartered Accountants of India.21. As per Accounting Standard (AS) -18 ‘Related Party Disclosures’ issued by theInstitute of Chartered Accountants of India (ICAI), the details are as under:Key Management personnel:a) R. Kashyap, Managing Directorb) S. K. Kaushik, Director FinanceThe payments to key management personnel are given under note no. 9 (a) & (b)above.No other transaction except the above has been entered into with any of the keymanagement personnel, their relatives, concerns in which they are interested.22. The calculation of Earnings Per Share as required under Accounting Standard (AS) –20 is as under:Basic EPSYear2008-09 2007-08a) Profit after tax Rs. 18079.16 Lacs Rs. 42151.33 Lacsb) No. of equity shares of face 50,00,000 50,00,000

value Rs. 1,000/- eachc) Earning Per Share (a/b) Rs. 361.58 Rs. 843.03Diluted EPSYear2008-09 2007-08a) Profit after tax Rs. 18079.16 Lacs Rs. 42151.33 Lacsb) No. of equity shares of facevalue Rs. 1,000/- each50,16,438 50,00,000c) Earning Per Share (a/b) Rs. 360.40 Rs. 843.03The reconciliation of weighted number of equity shares is under:Number of shares outstanding during the year: 50,00,000Number of shares for which application money hasbeen received on 30-03-2009: 30,00,000Weighted number of equity shares: 50,16,43823. (a) During the year 2003-04, the company restructured the rate of interest on certainoutstanding borrowings from LIC and paid Rs.2403 Lacs as advance, representing aportion of the future savings in the interest cost. This advance amount is beingamortised over the balance tenor of the borrowings. During the year, a sum ofRs.201 Lacs (P.Y. Rs.263 Lacs) has been amortised, leaving a balance of Rs.363 Lacsas on 31-03-2009 (P.Y. Rs.564 Lacs).(b) During the year 2004-05, the company restructured the rate of interest on certainoutstanding borrowings from IDBI Ltd. and paid Rs.1378 Lacs as advance,representing a portion of the future savings in the interest cost. This advance amountis being amortised over the balance tenor of the borrowings. During the year, a sumof Rs.108 Lacs (P.Y. Rs.167 Lacs) has been amortised, leaving a balance of Rs.194Lacs as on 31-03-2009 (P.Y. Rs303 Lacs).24. The Company has raised fresh capital by offering 30,00,000 Equity shares ofRs.1000/- each at par on private placement basis to its existing shareholder i.e.President of India through Ministry of Railways, Govt. of India. The Company hasreceived the full amount of application money of Rs.300 Crore on 30th March 2009.The allotment in respect of this has, however, been approved in the Board ofDirectors meeting held on 2 nd of June 2009.25. Interest on Loans, Deposits and Advances include a sum of Rs.1349 Lacs receivablefrom Income Tax Department on assessments pertaining to earlier years. (Receivedafter 01-04-2009).26. Ministry of Railways has deducted tax at source amounting to Rs.9133.54 Lacs onthe lease rentals payment to the Company during the year.27. Incentives/PRP includes Rs.6.56 Lacs pertaining to earlier years.

28. Depreciation on Fixed Assets amounting to Rs.8.51 Lacs reversed during the year2008-09 pertains to the amount excess provided in earlier years29. The company has shown Long Term Loans, Lease Receivable and Lease Rent paid inadvance separately under the head ‘Long Term Loans & Advances’ (Schedule 5) inorder to provide better disclosure.30. Certain disclosures are required to be made under the Micro, Small and MediumEnterprises Development Act, 2006. The Company is in the process or compilingrelevant information from its suppliers about their coverage under the Act. As theCompany has not received the relevant information under the Act till finalisation ofaccounts, no disclosure has been made in the account.31. The Company has a system of physical verification of assets given on lease. Thephysical verification is carried out on a sample basis, as 100% physical verification ofrolling assets is neither possible logistically nor considered necessary. In addition,Ministry of Railways (Lessee) provides a certificate each year that the leased assetsare maintained in good working condition as per laid down norms, procedures andstandards. In the opinion of the management, the aforesaid system is satisfactoryconsidering the fact that the assets are maintained and operated by the CentralGovernment.32. a) Changes in Accounting Policies:(i) The Company has opted to adopt Companies (Accounting Standards) AmendmentRules, 2009 issued by the Ministry of Corporate Affairs vide notificationno.F.No.17/33/2008/CL-V dated 31 st March 2009 in terms of which the notionalexchange rate variation loss for the current year and the notional exchange ratevariation gain (net of tax) pertaining to the previous year has been transferred to theForeign Currency Monetary Item Translation Difference Account. This has resulted inthe overstatement of profit before tax to the extent of Rs.4306.52 Lacs,understatement of General Reserve to the extent of Rs.897.04 Lacs andoverstatement of foreign currency monetary item translation difference account byRs.3409.48 Lacs.(ii) The Company has adopted AS 15 (Revised)-2005 with effect from the current year.In Terms of transitional provisions of AS 15 (Revised), excess liability (Net of deferredtax Assets) appearing in the books of Accounts as on 01-04-2008, amounting toRs.11.39 Lacs has been transferred to the opening balance of General ReserveAccount resulting in overstatement of General Reserve by Rs.11.39 Lacs,overstatement of deferred tax liability by Rs.5.87 Lacs and understatement of currentliabilities by Rs.17.25 Lacs.Further, adoption of AS 15(Revised) has resulted in overstatement of profits of thecurrent year by Rs.12.75 Lacs and understatement of current liabilities by the sameamount.b) Deletion of Accounting Policy:Policy regarding amortisation of Miscellaneous Expenditure over a period of fiveyears, being no longer required, has been deleted during the year.33. (a) Unless otherwise stated, the figures are in Rupees Lacs.(b) Previous year figures have been regrouped / rearranged, wherever necessary, inorder to make them comparable with those of the current year.

Financial Year 2007-08A. Significant Accounting Policies :1) Basis for preparation of Financial Statementsa) The financial statements are prepared under the historical cost convention, inaccordance with the Generally Accepted Accounting Principles, the Provisions of theCompanies Act, 1956 and the applicable guidelines issued by the Reserve Bank ofIndia as adopted consistently by the Company.b) Use of EstimatesThe preparation of financial statements in conformity with Generally AcceptedAccounting Principles requires management to make estimates and assumptions thataffect the reported amounts of asset and liabilities, disclosure of contingent assets andliabilities at the date of the financial statements and the reported amounts of revenueand expenses during the reporting period. Examples of such estimates includeestimated useful life of fixed assets and estimated useful life of leased assets.Management believes that estimates used in the preparation of financial statementsare prudent and reasonable. Actual results could differ from these estimates.Adjustments as a result of differences between actual and estimates are madeprospectively.2) Revenue Recognitiona) Lease Income in respect of assets given on lease (including assets given prior to 01-04-2001) is recognised in accordance with the accounting treatment provided inAccounting 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 theagreements with the respective lessors and the sub-lessee (MOR), on accrual basis, asper the Revised Guidance Note on accounting for Leases issued by the Institute ofChartered Accountants of India (ICAI).c) Income is recognised on accrual basis except income relating to non performing assetswhich is recognised on receipt basis in accordance with the guidelines issued by theReserve Bank of India.3) Foreign Currency TransactionsForeign currency transactions are recorded:a) At the rates prevailing on the date of transactioni) for acquisition of assets, andii) for interest payment on Loans, Commitment Charges and expenses.b) At the rate prevailing at the end of the year for foreign currency deposits, leasereceivables, loans and current liabilities as per the provisions of AS 11 issued byInstitute of Chartered Accountants of India.

c) In respect of forward exchange contracts entered into by the company, the differencebetween forward rate and exchange rate on the date of transaction are recognised asincome or expense over the life of the contract.d) The portion of the Foreign Currency Loans swapped into Indian Rupee is stated at thereference rate fixed in the swap transactions, and not translated at the year end rate.e) Increase/Decrease in foreign currency loans and interest liability thereon on accountof exchange rate variation relating to Leased assets, if not recoverable separately fromthe lessee under the lease agreements, is adjusted in the Profit & Loss Account.4) InvestmentsInvestments are classified into long term investments and current investments based onintent of management at the time of making the investment. Investments intended to beheld for more than one year, are classified as long-term investments.Current investments are valued at lower of cost or market value. Long-term investmentsare valued at cost unless there is depreciation, other than temporary, in their value.5) Leased AssetsLease arrangements where the risks and rewards incidental to ownership of an assetsubstantially vest with the lessee , are recognised as financial leases and are shown asReceivable in the Balance Sheet at an amount equal to the net investment in the lease,as per Accounting Standard-19 ‘Leases’ issued by the Institute of CharteredAccountants of India.6) Fixed AssetsFixed assets are stated at cost, less accumulated depreciation. Costs include all expensesincurred to bring the assets to their present location and condition.Depreciation on fixed assets is charged on straight line method at the rates prescribed inSchedule XIV to the Companies Act, 1956, on pro-rata basis.7) Assignment of Lease Receivables:Gain or loss resulting from Assignment of an identified stream of Lease Receivables infavour of an investor is accounted for in the year of transaction.8) Bond Issue Expenses and Expenses on Loans, Leasesa) Bond Issue expenses including management fee on issue of bonds (except discount ondeep discount bonds) incurred during the year are charged to Profit and Loss Account.Upfront discount on deep discount bonds is amortised over the tenor of the bonds.b) Documentation, processing & other charges paid on Long Term Loans are charged tothe Profit & Loss Account in the year loan is sanctioned / availed.9) Taxes on IncomeProvision for current tax is made in accordance with the provisions of the Income TaxAct, 1961.Deferred tax expense or benefit is recognised on timing differences, being thedifference between taxable income and accounting income, that originate in one period

and are capable of reversal in one or more subsequent periods. Deferred tax assets andliabilities are measured using the tax rates and tax laws that have been enacted orsubstantively enacted by balance sheet date.10) Staff Benefitsa) Provision for gratuity is determined on the basis of 15 days last drawn salary for eachcompleted year of service or part thereof in excess of six months, taking month of 26days for all employees.b) Provision for Leave encashment (including half pay leave) is determined on the basisof leave accrued to the respective employees at the close of the year on last drawnsalary taking month of 30 days.11) Miscellaneous ExpenditureMiscellaneous expenditure is amortised over a period of 5 years.B. Notes on Accounts1.(a) Lease rental has been charged on the assets leased from the first day of the month inwhich the assets have been identified and placed on line.(b) Ministry of Railways (MOR) has charged interest on the value of the assets identifiedprior to the payments made by the company, from the first day of the month in whichthe assets have been identified and placed on line to the first day of the month inwhich the money is paid to the MOR. However, no interest is charged from the MORon the amount paid by the company prior to the identification of Rolling stock bythem.(c) (i) Interest rate variation on the floating rate linked rupee borrowings, Interest rate andexchange rate variation on interest payments in case of the foreign currencyborrowings are adjusted against the Lease Income in terms of the variation clauses inthe lease agreements executed with the Ministry of Railways. During the year, suchdifferential has resulted in an amount of Rs. 7773 Lacs accruing to Company, (P.Y.Rs. 44 Lacs benefit to MOR) which has been accounted for in the Lease Income.(ii) In respect of foreign currency borrowings which have not been hedged, avariation clause has been incorporated in the lease agreements specifying the notionalswap cost which has been taken into consideration for working out the cost of fundson the leases executed with MOR. Swap Cost in respect of these foreign currencyborrowings is compared with the amount recovered by the company on such accountand accordingly, the same is adjusted against the lease income. During the year 2007-08, in respect of these foreign currency borrowings, the company has recovered a sumof Rs. 2980 Lacs (P.Y. Rs.2168 Lacs) on this account from MOR against the actualswap cost payments of Rs. 3788 Lacs (P.Y. Rs. 1153 Lacs). After adjusting SwapCost, an amount of Rs. 808 Lacs has been recovered from MOR (P.Y. Rs. 1015 Lacsbenefit passed on to MOR).(iii) Interest expense in respect of interest accrued but not due on the foreign currencyloans has been considered at base interest / exchange rate and the difference onaccount of variation between base rate and rate prevailing on the reported date hasbeen shown as recoverable / payable to MOR. During the current year the amountpayable to MOR on such account works out to Rs. 87 Lacs (P.Y. Rs.89 lacsrecoverable from MOR).

2.(a) In terms of Reserve Bank of India Notification No.DNBS.135/CGM (VSNM) – 2000dated 13th January, 2000, the Non-Banking Financial Companies Prudential Norms(Reserve Bank) Directions, 1998 do not apply to the Company.(b) In terms of Reserve Bank of India Notification No.DNBC.138/CGM (VSNM) – 2000dated 13th January, 2000, the provisions of Section 45 IC of the Reserve Bank ofIndia Act, 1934 (2 of 1934) regarding creation of Reserve Fund, do not apply to theCompany.3. The Finance Act, 2001 provides for levy of service tax on the finance and interestcharges recovered through lease rental instalments on the Financial Leases entered onor after 16-07-2001. The Central Govt. vide Order No.1/1/2003-ST dated 30 th April,2003 and subsequent clarification dated 15-12-2006 issued by Ministry of Finance hasexempted the Lease Agreements entered between the Company and Ministry ofRailways from the levy of Service Tax thereon.4. Decrease in liability due to exchange rate variation on foreign currency loans forpurchase of leased assets, amounting to Rs. 10800 Lacs (P.Y. Rs. 990 Lacs) has notbeen considered as revenue as the same is payable to the Ministry of Railways(lessee) separately as per lease agreements. The exchange rate variation on foreigncurrency loans repaid during the year amounting to Rs. 23 Lacs (P.Y. Rs. 169 Lacs)has been recovered from the Lessee, leaving a balance of Rs. 9704 Lacs payable as on31-03-2008 (P.Y. Rs. 1119 Lacs recoverable from MOR).5. Derivative InstrumentsThe Company judiciously contracts financial derivative instruments in order to hedgecurrency and / or interest rate risk. All derivative transactions contracted by thecompany are in the nature of hedging instruments with a defined underlying liability.The company does not deploy any financial derivative for speculative or tradingpurposes.(a) In respect of certain foreign currency borrowings, the company has executed currencyswaps to hedge the exchange rate variation risk on the principal outstanding. Theoutstanding position of such currency swaps as at 31 st March,08 is as follows:As on 31-03-2008 As on 31-03-2007RemarksNo. ofContractsNo. ofContractsBorrowingoutstanding inforeigncurrency3 USD 187.14Million1 JPY 13.00BillionNotionalINREquivalent81858.23Lacs53728.49LacsBorrowingoutstanding inforeigncurrency4 USD 264.18Million1 JPY 13.00BillionNotionalINREquivalent118471.01Lacs53728.49Lacs--Swap costrecoverablefrom MOR.In respect of some of its External Commercial Borrowings, the Company hasexecuted cross currency swaps to hedge the principal outstanding and converted itsunderlying liability from one foreign currency to another. The outstanding position ofsuch cross currency swaps as at 31 st March’08 is as follows:As on 31-03-2008 As on 31-03-2007No. ofContractsBorrowingoutstanding inNotional USDEquivalentNo. ofContractsBorrowingoutstanding inNotional USDEquivalent

ForeignCurrency1 JPY 2.65 Billion USD 25Million1 JPY 14.71875 USD 125Billion MillionForeignCurrency1 JPY 2.65 Billion USD 25 Million1 JPY 14.71875BillionUSD 125 MillionIn respect of the following external commercial borrowing, the Company hasexecuted currency swap to hedge the foreign exchange exposure in respect of bothprincipal outstanding and interest payments:As on 31-03-2008 As on 31-03-2007No. ofContractsBorrowingoutstanding inForeign CurrencyNotional INREquivalentNo. ofContractsBorrowingoutstanding inForeignCurrencyNotional INREquivalent1 JPY 15 Billion 54911.79 Lacs Nil Nil NilThe foreign currency borrowings outstanding as on 31-03-2008, which have not beenhedged are as follows:As on 31-03-2008 As on 31-03-2007RemarksNo. ofLoansBorrowing outstandingin Foreign CurrencyNo. ofLoansBorrowingoutstanding inForeign Currency1 USD 42 Million 1 USD 45 Million Back to Back recovery ofexchange rate variationfrom MOR.2 USD 19.68 Million 2 USD 25.88 Million --1 USD 125 Million 1 USD 125 Million Back to Back recovery ofexchange rate variationfrom MOR.1 Euro 5.86 Million 1 Euro 7.81 Million --Nil Nil 1 JPY 15 Billion --1 JPY 442.702 Million 1 JPY 1328.17MillionBack to Back recovery ofexchange rate variationfrom MOF.(b) The Company has executed one (P.Y two) Interest Rate Swap (IRS) / Interest RateCap (IRC) in respect of a part of its foreign currency borrowings to hedge its floatingrate liability linked to Libor. IRS / IRC have been executed on a notional principalamount of USD 100 Mio. (P.Y. USD 175 Mio.).As part of hedging strategy, the Company has executed four (P.Y. three) Interest RateSwap/Currency Swap (coupon only) on fixed interest rate rupee borrowings to reducethe cost by taking benefit of interest rate movement. The INR value of the outstandingborrowings on which such Swaps have been executed is Rs. 127000 Lacs (P.Y.Rs.115000 Lacs) as on 31-03-2008.6. Office Building including parking area has been capitalised from the date of takingpossession. However, the sale/transfer deed is still pending for execution in favour ofthe company. Stamp duty payable on the registration of office building as on 31-03-2008 works out to about Rs. 91 Lacs (P.Y. Rs. 122 Lacs) which will be accounted foron registration.7. Syndicated Japanese Yen Loan

(a) During the year 1998-99, the company raised JY 8854.65 million through SyndicatedJapanese Yen Loan on behalf of Ministry of Finance (MOF) and repaid anoutstanding loan of Exim Bank of Japan through refinancing. The said Syndicatedloan was renegotiated during the year 2002-03. The interest as well as repayment ofloan is serviced by the MOF. JPY 8411.95 million (P.Y. JPY 7526.48 Million) of therefinanced loan has been repaid till date leaving a balance of JPY 442.70 million (Rs.1776 Lacs) as on 31-03-2008 (P.Y. JPY 1328.17 Million – Rs. 4897 Lacs). Interestpayable on the loan amounting to Rs. 105.78 Lacs (P.Y. Rs.193.18 Lacs) andrecoverable from Ministry of Finance has not been considered as expenses / incomeand the same has not been routed through Profit & Loss Account.(b) Due to exchange rate variation, the Rupee liability at the year end in respect ofSyndicated Japanese Yen Loan has increased by Rs. 17.94 Lacs (P.Y. decrease Rs.111.48 Lacs) and accordingly, the loan recoverable from the Ministry of Finance hasbeen adjusted.8. Salary, Allowances and other benefits to Directors of the Company:(Rs. in Lacs)Particulars 2007-08 2006-07a. Salary/Allowances 10.05 lacs 7.41 lacsb. Incentive 0.98 lacs 0.57 lacsc. Directors sitting fee 0.80 lacs 0.60 lacsIn addition, Managing Director has been allowed use of staff car for personal use upto1000 kms on payment of Rs. 600/- per month, in accordance with the notification ofthe Govt. of India, Ministry of Finance, Department of Public Enterprises OMNo.2(18)/PC/64 dated 20 th November, 1964 as amended.9. Contingent Liabilities(a) Claims against the Company not acknowledged as debts - Claims by bondholders inthe Consumer Courts : Rs.48 Lacs (P.Y. Rs.48 Lacs).(b) The Income Tax assessments of the Company have been completed up to AssessmentYear 2005-06. The disputed demand outstanding upto the said Assessment year is Rs.32.35 crore against which Rs. 32.31 crore has been deposited by the Company underprotest and the appeals of the company are pending at various appellate levels. Basedon decisions of the Appellate authorities in other similar matters and the interpretationof other relevant provisions, the Company has been advised that the demands arelikely to be either deleted or substantially reduced and accordingly no provision hasbeen made.(c) The company doesn’t pay sales tax on purchase of leased assets, if any demand israised in future, the same is recoverable from MOR. Sales tax on the purchase / leaseof rolling stock, if payable, is recoverable from Ministry of Railways as per the leaseagreements. Since, there is no sales tax demand and the amount is unascertainable, noprovision is made in the accounts.(d) The Companies (Second Amendment) Act, 2002 provides for levy of cess, towardsrehabilitation/revival of sick industrial companies, which shall not be less than0.005% but not more than 0.10% of the turnover or the gross receipts as the Central

Govt. may from time to time specify by notification in the Official Gazette. Since, nonotification has been issued; provision for cess has not been made.(e) The Second Pay Revision Committee which was formed to recommend revision ofpay for the employees of Central Public Sector Undertakings has submitted its report.The pay revision when notified would be effective retrospectively w.e.f. January2007. The company hasn’t made any provision in this respect pending the issuance ofnotification.10. Expenditure in Foreign Currency (on payment basis):-11.Particulars 2007-08(Rs. in lacs)2006-07(Rs. in lacs)a) Interest / Swap Cost on Foreign currency 13959.60 9215.06borrowings (net of Amount recovered on account ofIRS / IRC and from MoF)b) Processing Agent/ Fiscal Agent / Admn. fee (net 16.42 12.97of Amount recovered from MoF)c) Underwriting / Arranger fee 54.40 167.32d) International Credit Rating Agencies-Fees 74.60 51.56e) Others 186.14 134.85(a) The company has not taken on lease any Rolling Stock assets during the year. All theassets taken on lease were in the years prior to 01-04-2001, worth Rs. 197008 Lacs(ownership of the same vests with the lessors) stand sub-leased to Ministry ofRailways. The company has paid the future lease rental liability on all the aboveleases as detailed below:Year ofLeaseNo. ofLeasesValue of assetstaken on lease(Rs. In Lacs)Amount paid insettlement of futurelease rentals(Rs. in Lacs)1996-97 2 39926 1813961681999-00 6 102085 374923841355342000-01 2 54997 2942322302Total 10 197008 152899Year of payment2001-022003-042001-022002-032003-042001-022003-04The amount paid in settlement of future lease rentals as above, is being amortised inthe accounts over the remaining period of the leases. During the year, an amount ofRs. 16749 Lacs (Previous Year Rs. 18257 Lacs) has been charged to Profit & LossAccount on account of such amortisation.Since the entire future lease rental liability has been paid, there is no liability payablefor unexpired lease period (Previous Year-Nil).

(b) During the year 1999-2000, the company entered into 6 lease agreements, with thefinancial institutions / banks as lessors, for a primary period of 10 years for anaggregate amount of Rs. 102085 Lacs and sub-leased the same to MOR for a periodof 15 years. The company has paid upfront the future financial liability on all theseleases.Though, there is a mismatch in the tenor of the lease and sub-lease, there is no overallmismatch in the present value of entire lease rentals payable and receivable. Duringthe year, the company received lease rentals of Rs.14088 Lacs and amortised(expensed) lease rentals of Rs. 13575.09 Lacs on these transactions.12. The balances under some items of Loans & Advances and current liabilities aresubject to confirmation and reconciliation and consequential adjustments, whereverapplicable. However, in the opinion of the Management, the realisable value of thecurrent assets, loans and advances in the ordinary course of business will not be lessthan the value at which they are stated in the Balance Sheet.13. The company discharges its obligation towards payment of interest and redemption ofbonds, for which warrants are issued, by depositing the amount in the designated bankaccounts. Reconciliation of such accounts is an ongoing process and has beencompleted upto 31-12-2007. The company does not foresee any additional liabilityon this account. The total balance held in such specified bank accounts as on 31-03-2008 is Rs. 5209.33 Lacs (Previous Year Rs. 9012.97 Lacs).14. The Company has taken short term loans of Rs. 36350 Lacs (P.Y. Rs. 57145 Lacs)from banks against the pledge of fixed deposits of Rs. 45000 Lacs (P.Y. 65784 Lacs).15. The major components of net deferred tax liability are as under:(Rs. in Lacs)As at 31-03-2008 As at 31-03-2007Liability on account of difference438028 423922between WDV as per Income Tax, Actand Companies Act.Less: Deferred Tax Asset on account234718 242292of Unabsorbed DepreciationLess: Deferred Tax Asset on account17830 10605of MAT CreditLess: Deferred Tax Asset on account15 11of Employee benefitsNet Deferred Tax Liability 185465 17101416. Long Term Loans & Advances (Schedule 5) include Lease Receivables representingthe present value of future Lease Rentals receivable on the finance lease transactionsentered into by the company since inception as per the Accounting Standard(AS) – 19 issued by the Institute of Chartered Accountants of India.The reconciliation of the Lease Receivable amount on the Gross value of RollingStock assets worth Rs. 4198893 Lacs (P.Y. Rs. 3738412 Lacs) owned by the companyand leased to the Ministry of Railways is as under:(Rs. in Lacs)Particulars As at 31-03-08 As at 31-03-07A. Gross Value of Assets acquired & Leased upto the end of 3738412 3321407

previous Financial YearB. Less value of assets assigned during the year 104105 -C=(A-B) 3634307 3321407D. Less: Capital Recovery provided upto last Year 1458703 1301014E. Less Capital Recovery provided upto last year on assets21419 -assigned during the yearF. Capital Recovery upto last year (D-E) 1437284 1301014G. Capital Recovery Outstanding on leased assets as at the 2197023 2020393end of last year (C-F)H. Add: Gross Value of Assets acquired and Leased during 460481 417005the yearI=G+H 2657504 2437398J. Capital Recovery for the year 155440 157689K. Less: Capital Recovery for the year on assets securitised5465 -during the yearL. =J-K 149975 157689Net investment in Lease Receivables as on 31-03-2008 2507529 2279709The value of contractual maturity of such leases as per AS–19 is as under:-(Rs. in Lacs)Particulars As at 31-03-2008 As at 31-03-2007Gross Investment in Lease 3922010 3547854Unearned Finance Income 1414481 1268145Present Value of Minimum LeasePayment (MLP)2507529 2279709Gross Investment in Lease and Present value of Minimum Lease Payments (MLP) foreach of the periods are as under:(Rs. in Lacs)As at 31-03-2008 As at 31-03-2007ParticularsGrossInvestmentin LeasePresentValue ofMLPGrossInvestmentin LeasePresentValue ofMLPLess than one year 362746 154171 335053 149980One to five years 1439193 768048 1268146 660691Greater than fiveYears2120071 1585310 1944655 1469039Total 3922010 2507529 3547854 2279709The unearned finance income as on 31-03-2008 is Rs. 1414481 Lacs (Previous Year Rs.1268145 Lacs).The company has leased rolling stock assets to the Ministry of Railways (MOR). Aseparate lease agreement for each year of lease has been executed and as per the termsof the lease agreements, lease rentals are received half yearly in advance. The leasesare non cancellable and shall remain in force until all amounts due under the leaseagreements are received.17. The Company is in the business of leasing and financing. As such, there are noseparate reportable business segments as per Accounting Standard (AS)-17 on‘Segment Reporting’ issued by the Institute of Chartered Accountants of India.

18. As per Accounting Standard (AS) -18 ‘Related Party Disclosures’ issued by theInstitute of Chartered Accountants of India (ICAI) , the details are as under:Key Management personnel:a) R.Kashyap Managing Directorb) S.K.Kaushik Director Finance w.e.f. 10-09-2007The payments to key management personnel are given under note no. 8 (a)& (b) above.No other transaction except the above has been entered into with any of the key managementpersonnel, their relatives, concerns in which they are interested.19. The calculation of Earning Per Share as required under Accounting Standard (AS) -20 is as under:Basic EPSYear2007-08 2006-07a) Profit after Tax Rs.42151.33 Lacs Rs. 39869.75 Lacsb) No. of equity shares of face50,00,000 23,20,000value Rs. 1,000/- eachc) Earning Per Share (a/b) Rs.843.03 Rs. 1,718.5220.Diluted EPSYear2007-08 2006-07a) Profit after Tax Rs.42151.33 Lacs Rs. 39869.75 Lacsb) No. of equity shares of face50,00,000 24,37,479value Rs. 1,000/- eachc) Earning Per Share (a/b) Rs.843.03 Rs. 1,635.70(a) During the year 2003-04, the company restructured the rate of interest on certainoutstanding borrowings from LIC and paid Rs. 2403 Lacs as advance, representing aportion of the future savings in the interest cost. This advance amount is beingamortised over the balance tenor of the borrowings. During the year, a sum of Rs. 263Lacs (P.Y. Rs. 335 Lacs) has been amortised, leaving a balance of Rs. 564 Lacs as on31-03-2008 (P.Y. Rs. 827 Lacs).(b) During the year 2004-05, the company restructured the rate of interest on certainoutstanding borrowings from IDBI Ltd. and paid Rs. 1378 Lacs as advance,representing a portion of the future savings in the interest cost. This advance amountis being amortised over the balance tenor of the borrowings. During the year, a sum ofRs.167 Lacs (P.Y. Rs. 236 Lacs) has been amortised, leaving a balance of Rs. 303Lacs as on 31-03-2008 (P.Y. Rs 470 Lacs).21. During the year, the company has assigned a portion of future lease receivablesamounting to Rs. 112157 Lacs (present value Rs. 77222 Lacs) and realised a sum ofRs. 80000 Lacs upfront. The receivables has been derecognised and the differenceamounting to Rs. 2778 Lacs has been recognised as Gain on Assignment of LeaseReceivables. The original value of such assets leased during the year 2001-02amounted to Rs. 104105 Lacs.

22. Payment to auditors include Rs. 0.84 Lacs as Audit Fees and Rs. 0.28 Lacs as TaxAudit Fees relating to earlier year.23. Miscellaneous expenditure to the extent not written off includes Rs.20 Lacs which hasbeen incurred in connection with the registration charges for increase in the authorisedshare capital.24. The company has shown Long Term Loans, Lease Receivable and Lease Rent paid inadvance separately under the head ‘Long Term Loans & Advances’ (Schedule 5) inorder to provide better disclosure.25. The Company has a system of physical verification of assets given on lease. Thephysical verification is carried out on a sample basis, as 100% physical verification ofrolling assets is neither possible logistically nor considered necessary. In addition,Ministry of Railways (Lessee) provides a certificate each year that the leased assetsare maintained in good working condition as per laid down norms, procedures andstandards. In the opinion of the management, the aforesaid system is satisfactoryconsidering the fact that the assets are maintained and operated by the CentralGovernment.26.(a) Unless otherwise stated, the figures are in Rupees Lacs.(b) Previous year figures have been regrouped / rearranged, wherever necessary, in orderto make them comparable with those of the current year.

Summary of Accounting Ratios:DescriptionHalf Yearended 30thSept,12*Year ended31st Mar,12Year ended31st Mar,11Year ended31st Mar,10Year ended31st Mar,09Annexure - VI( in Lacs)Year ended31st Mar,08Basic EPS:(a) Net Profit After Tax 29,926.31 48,078.17 48,520.40 44,269.07 18,079.16 42,151.33(b) Weighted number of equity shares offace value of Rs.1000/- outstanding duringthe year23,520,000.00 16,935,301.00 13,374,000.00 8,000,658.00 5,000,000.00 5,000,000.00Basic EPS (a/b) 127.24 283.89 362.80 553.32 361.58 843.03Diluted EPS:(a) Net Profit After Tax 29,926.31 48,078.17 48,520.40 44,269.07 18,079.16 42,151.33(b) Weighted number of equity shares offace value of Rs.1000/- outstanding during 23,520,000.00 16,942,132.00 13,374,000.00 8,000,658.00 5,016,438.00 5,000,000.00the year including dilutive equity shareDiluted EPS (a/b) 127.24 283.78 362.80 553.32 360.40 843.03Return of Net Worth:(a) Net Profit After Tax 29,926.31 48,078.17 48,520.40 44,269.07 18,079.16 42,151.33Net Worth (Shareholders Funds) 569,978.84 540,052.53 428,596.61 340,547.95 278,070.46 242,576.46(b)Average Net Worth 555,015.69 484,324.57 384,572.28 309,309.21 260,323.46 227,350.55Return of Net Worth (a/b): 5.39% 9.93% 12.62% 14.31% 6.94% 18.54%Net Asset Value per Share:(a) Net Worth (Shareholders Funds) 569,978.84 540,052.53 428,596.61 340,547.95 278,070.46 242,576.46(b) Number of equity shares of face value ofRs.1000/- eachat the end of the half year / 23,520,000.00 21,020,000.00 16,020,000.00 10,910,000.00 5,000,000.00 5,000,000.00yearNet Asset Value per Share (In Rs.) (a/b) 2423.38 2569.23 2675.38 3121.43 5561.41 4851.53Debt / Equity Ratio:(a) Long Term debt outstanding (Note 1) 4,655,349.91 4,984,559.05 3,810,122.63 3,215,957.65 2,564,254.97 2,178,756.77(b) Net Worth (Shareholders Funds) 569,978.84 540,052.53 428,596.61 340,547.95 278,070.46 242,556.46Debt / Equity Ratio (a/b) 8.17 9.23 8.89 9.44 9.22 8.98* Not AnnualisedNote1: Long Term Debt Outstanding includes Current Maturities of Long Term Debt

Annexure - VIIStatement of Dividend Paid( in Lacs)DescriptionYear ended 31st Year ended 31st Year ended 31st Year ended 31st Year ended 31stMar,12 Mar,11 Mar,10 Mar,09 Mar,08A-Equity Share Capital 210,200.00 160,200.00 109,100.00 50,000.00 50,000.00B-Profit After Tax 48,078.17 48,520.40 44,269.07 18,079.16 42,151.33C-Amount of Dividend Paid 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00Rate of Dividend (C/A) (%) 4.76% 6.24% 9.17% 20.00% 20.00%Dividend Payout Ratio (C/B) (%) 20.80% 20.61% 22.59% 55.31% 23.72%Corporate Dividend Tax 1,622.25 1,660.87 1,699.50 1,699.50 1,699.50

Annexure - VIIIDetails of Contingent LiabilitiesNature of TransactionClaims not acknowledged as debts (Claims by BondHolders in the Consummer Civil Courts)( in Lacs)Half Year ending Year ending Year ending Year ending Year ending Year ending30-09-12 31-03-12 31-03-11 31-03-10 31-03-09 31-03-0850.00 50.00 50.00 50.00 50.00 48.00Claims not acknowledged as debts (relating to servicematters pending in Hon'ble Delhi High Court)Amount not quantfiableAmount not quantfiableDemand raised by Income Tax Authorities and Amountpaid under protest by the Company for which appealspending at various appellate levels13.37 14.05 14.05 1664.27 1654.00 3235.00Sales TaxThe Company does not paysales tax on purchase ofleased assets. In the event ofsales tax on purchase / leaseof rolling stock becomingpayable, the same isrecoverable from Ministry ofRailways in terms of the leaseagreements. Since, there isno sales tax demand and theamount is unascertainable, noprovision is made in theaccounts.The Company does not paysales tax on purchase ofleased assets. In the event ofsales tax on purchase / leaseof rolling stock becomingpayable, the same isrecoverable from Ministry ofRailways in terms of the leaseagreements. Since, there isno sales tax demand and theamount is unascertainable, noprovision is made in theaccounts.The Company does not paysales tax on purchase ofleased assets. In the event ofsales tax on purchase / leaseof rolling stock becomingpayable, the same isrecoverable from Ministry ofRailways in terms of the leaseagreements. Since, there isno sales tax demand and theamount is unascertainable, noprovision is made in theaccounts.The Company does not paysales tax on purchase ofleased assets. In the event ofsales tax on purchase / leaseof rolling stock becomingpayable, the same isrecoverable from Ministry ofRailways in terms of the leaseagreements. Since, there isno sales tax demand and theamount is unascertainable, noprovision is made in theaccounts.The Company does not paysales tax on purchase ofleased assets. In the event ofsales tax on purchase / leaseof rolling stock becomingpayable, the same isrecoverable from Ministry ofRailways in terms of the leaseagreements. Since, there isno sales tax demand and theamount is unascertainable, noprovision is made in theaccounts.The Company does not paysales tax on purchase ofleased assets. In the event ofsales tax on purchase / leaseof rolling stock becomingpayable, the same isrecoverable from Ministry ofRailways in terms of the leaseagreements. Since, there isno sales tax demand and theamount is unascertainable, noprovision is made in theaccounts.Cess towards rehabilitation / revival of sick industrialcompanies in terms of the Companies (SecondAmendment) Act, 2002No Provision for cess in theabsence of any notificationissued by the CentralGovernmentNo Provision for cess in theabsence of any notificationissued by the CentralGovernmentNo Provision for cess in theabsence of any notificationissued by the CentralGovernmentNo Provision for cess in theabsence of any notificationissued by the CentralGovernmentNo Provision for cess in theabsence of any notificationissued by the CentralGovernmentNo Provision for cess in theabsence of any notificationissued by the CentralGovernment

Annexure - IXRelated Party Transactions:Period ending Name of Party Relationship Nature of TransactionAmount Paid( In Lacs)Rajiv DattManaging DirectorHalf Year ending 30-9-2012 D.C. Arya Director Finance Remuneration 21.94Rajendra Kashyap(upto 31st August,2011) Managing DirectorRajiv Datt(w.e.f. 15th November,2011) Managing DirectorYear ending 31-3-2012 D.C. Arya(w.e.f. 31st December,2011) Director Finance Remuneration 29.51Year ending 31-3-2011 Rajendra Kashyap Managing Director Remuneration 40.03Year ending 31-3-2010 Rajendra Kashyap Managing DirectorS.K. Kaushik (upto 9th March, 2010) Director FinanceYear ending 31-3-2009 Rajendra Kashyap Managing DirectorS.K. KaushikDirector FinanceYear ending 31-3-2008 Rajendra Kashyap Managing DirectorS.K. Kaushik(with effect from 10-9-07) Director FinanceRemuneration 34.37Remuneration 29.30Remuneration 11.03

Annexure - XStatement of Tax Shelter::( in Lacs)Particulars 2011-12 2010-11 2009-10 2008-09 2007-08Profit before Tax (A) 101,388.29 89,938.38 78,828.57 65,768.73 63,834.85(before provision for interest u/s 234 B & C)Tax Rate 32.445% 33.2175% 33.990% 33.990% 33.990%Tax on actual rate on Profits 32,895.43 29,875.28 26,793.83 22,354.79 21,697.47Adjustments::Permanent Differences::Donations 0.60 0.60 0.65 0.75 -Profit(-) / Loss(+) on Disposal of Fixed Assets 1.49 0.81 (0.17) 0.61 -Dividend Income (13.18) (10.20) (7.54) (7.32) (64.47)Prior Period Adjustment 18.81 - - - -Amount actaully paid / Funded to LIC against the liabilityon account of Gratuity & Leave Encashment- - (43.40) (0.45) (1.38)Total Permanent Differences (B) 7.73 (8.79) (50.46) (6.41) (65.85)Timing DifferencesDifference between BookDepreciation and Tax depreciation (237,601.43) (187,326.06) (124,993.60) (75,738.80) (41,505.13)Provision for Gratuity, Leave Encashment & Leave TravelAssistance1.27 2.60 - 16.94 13.59Provision for CSR Expenses 300.00 - - - -Amortisation on account of Misc. Exp u/s 35 D (5.00) (5.00) (5.00) (5.00) -Total Timing Differences (C) (237,305.16) (187,328.46) (124,998.60) (75,726.86) (41,491.54)Taxable Income (A)+(B)+(C) (135,909.14) (97,398.86) (46,220.49) (9,964.54) 22,277.45Unabsorbed Depreciation for previous Year Set off - - - - 22,277.45Tax Liability under Normal Assessment - - - - -Unabsorbed Depreciation Carried Forward 980,048.29 844,139.15 746,740.28 700,519.78 690,555.25Taxable Income as per MAT 101,375.11 89,928.18 78,821.03 65,754.59 63,764.93(Profit Before Tax-Fringe Benefit Tax-Dividend Income)Income Tax as per MAT 20,282.88 17,923.14 13,395.75 7,500.00 7,225.21Interest u/s 234 (b) & (c) 80.64 103.87 116.75 - 1.79Tax Liability under MAT 20,363.52 18,027.01 13,512.50 7,500.00 7,227.00

Annexure - XICapitalisation Statement( in Lacs)DescriptionHalf Yearended 30thSept,12Year ended31st Mar,12Year ended31st Mar,11Year ended31st Mar,10Year ended31st Mar,09Year ended31st Mar,08BorrowingShort Term Debt 50,000.00 40,565.40 2,325.00 144,899.82 174,616.00 231,100.00Current Maturities of Long Term Debt 337,221.47 289,534.12 356,473.49 348,361.25 236,870.63 299,551.53Long Term Debt 4,318,128.44 4,695,024.93 3,453,649.14 2,867,596.40 2,327,384.34 1,879,205.24Total Debt 4,705,349.91 5,025,124.45 3,812,447.63 3,360,857.47 2,738,870.97 2,409,856.77Shareholders' fundsShare Capital-Equity 235,200.00 210,200.00 160,200.00 109,100.00 50,000.00 50,000.00Less: Calls-in-arrears - - - - - -Share Application Money - 25,000.00 - - 30,000.00 --Preference Share Capital - - - - - -Share Premium - - - - - -Reseves & Surplus 334,778.84 304,852.53 268,396.61 231,447.95 198,070.46 192,576.46Less: Revaluation Reserve - - - - - -Less: Miscellaneous Expenditurenot written off - - - - - 20.00Total Shareholders Funds 569,978.84 540,052.53 428,596.61 340,547.95 278,070.46 242,556.46*Long Term Debt/Equity ratio 8.17 9.23 8.89 9.44 9.22 8.98*Long Term Debt includes Current Maturities of Long Term Debt

!. ".ANNXEURE IICREDIT RATINGS'',' ', 0 '.~' atn:ngsRatingsInstrumentMarket Borrowing Programme (FY07)Market BortoWing Pr6gramme· ('FYOR) ·.·. Market Borrowing Programme (FY09)Market Borrowing PrO"granirri~ . (FYl 0) ·Market Borrowing Programme (FYll)'9,170.009,120;0bMarket Borrowing Programme(FY12) ~0,594.~8Rating Rationale. I . .The ratings factor in 100% Governme .t of Indin (Gql) ovvncrship of tRFC, itsstrategic rol~.in providing financ.al assistance to meettli.e ~IanJed ouilaY,,()f,Indiant , . • I. • • ', • -~'::·',··>· :i,''t!\;·1,_\~.~--~ : .. :·:;}:\(:.;.• .,RaJiways, Str~ng intcgratton with pare t, .robust f'man.~~ill!pnofil.~~ Ji~~Jthy assetquality with zero Non 'Pe~forming A ~~ts (NPAs) 1 ·d~~oh'stf~te

------ ----~---------~-- ---~------------------------------~------------·. . ·· ·.. · .. ;. . :: R3t§ RatingsThe operations of IRFC are governed by g~i elines issued by the Deparlq1ent of PublicEnterprises~ IRFC .is reg~stered as Infra.StructFinance Company with RBI.IRFC provides leas~ nri~diti{no M()R for ass t creation. Indian Railways (IR) carries outselection of ~~ · asset sellet, finalization o specifications . aJ:1d proyurement is donedirectly by MoR. Whil6 eCOJlomic ownershiP of' assets vests with MoR, TRFC retains thelegal title cif the asset. MoR pay lease renthl . to IRFC which are· sUfficient to meet the' .debt obligatioJ1s of IRFC.Credit Ri~kA.ssessnien(:. ...• . .. .·. . · · , . i ·. . ·· •·. . . ·Strategic Role in pr()vidlllg financh\1 assf.s anc.e to meet planned outlay of IR: IRFCis the sole armtlger off).nanctr-for MOR an.d-r isesmon(wfrom the market to part financethe planned outlay of the Indian Railways~ R). The resources thus raised are used forpart funding creation of assets (through lease financing) for IR. The company's resourceshave .been pred9minantly. used for acqulsiti n of rolling .stock ru:isets and meeting otherdevelopmental needs ofl~. Apart from lea.s' g a8sets to IR, IRFC tinder the directives ofMoR. also e'

i___ ! -------- ----------- ---------- -- [ .~@g. Ratingsand maintain overall gearing upto 10: I. In F 12, there was capital mfus10n of Rs.750crore resulting in shoring up of its networth to Rs.8,431 crore as 6n Match 31~ 2012.Also, the lease agreements between MOR d IRFC enables ~an#er of int~rest and1 ·., •• I 'exchange risks to MOR reflecting Gol suppb to IRFC. MoR pax l~ase r~nta1:; to IRFCwhich are sufficient to meet the debt obligati ns of IRFC. The leas~ ,P~Y:;n'lent tQ·}~FC is' ., . . ' I . " . -.. I , : ·: , ; •• : ~ : ~ ' :· • ,' 'budgeted every year and is vo~edby the P Jiament as a prut of the R~ilway .Bud gel.:, , ~ ·~ I ·' : . l , ~ ' J I ', , ; , • 1 •Lease payments to IRFC are therefore assure ani'! enjoy a spv~reig11 #is~~ ·' ' I ,' • ~ 'Strong asset quality: IRFC continues toPerforming assets (NPAs) as on. March 31, 2ave. strong asset ,qualitY with zero Non;·.0 '(JFor the year ended/As on March 31I 3,I'~' J.jI

'-. ,,, I__ , __ , _____ ~-~---.. ··----~-·.,-"'--'C'"·--·-·- +----------------·-·-·--------.. --··~-,'• (A)''R3t=1': ' " '' [§'(A) (A)ltattings..I•WorJdng Resul($ " ''·'·" ITotal.Income . 3,484 3,842 4,643PBIDT,''I,;'.' 3,384 3?772 4,573Interellt•.-'·.,· 2,458 2;829 3,512'' ·iLease R~ritals.Pald . ,· :.: i•' ' 103 43 47PAT 443 485 481Total Capital~ll1Plqyed 39,480 45,112 58,679''Equity Share capitalI1,091 1,602 2,1025.871 '6 987 8 431Total Ass'¢ts ·I.·· 40,663 46,690 60,586.Loans and Advances' ! 38,392 45,318 ' 57,020Key Ratlos (o/o)PAT I Toia.l •Iilcot:rie•· 12.71 12:62Intete~t (Leise) Income. I Avg. Lease ! 9.35 8.810.35Receivable · 8.78R.ONW. 8.14 7.54 6.24ROTA 1.2 1.11 0.90ROCE ' 9.42 8.92 8.81iCost of C&pit[\1 .7.16 6 .. 96 6·77NeLSpread ... 2.25 1.95 2.04Interes~ Income/ A.vg. Lease Receivables'( o) 9.35 8.8 .8.78Imerest /'Avg. Borrowe(l Funds 8.06 7.$9 '7.95Interest Spread ': ': 1.29 .0.91 0.83Long Tehn Pebt' Equity ~tio : 5.48 5.46 5.94Overall G~aring (times) (considering 5.72 5.46deferred tax Ma' part ofnetworth)' 5.96Overall Gearllig (tim~s). ( c~)t).siderin.g • 9.87 8.9deferred mx a.S 'a part oftbW liabilities) 9.30Interest Covc:lrage CHri1es> ·.. ,i:I:'" I" ;I~.1 '',,',I.;!Dscl almer"1..38 1.33 1 .. 30CARE's ratings a,re opiniops o,ri Cl'l(dit quality ~h ar e not recommendations to. sanction, renew, disburse orrecall the concerned bnP,k fa~l.lities or to buy,: s 11 or hold any secUrity. CARE has based its ratings oninformation obtained froll)splirces, belieyed. by t to 'be accurate and reliable. CARE' does not, however,guarantee the accuracy, adequacy ~orconipietene s o f any information and .is not: responsible for ahy errorsor omissions or for the resill(s ;obtained froin lie use 'of-Such inforn'uitlon. Most entities whose bankfacilities/ins.trumeilfs an~. rated- by CARE h~t.v~ Jl\id a cr~dit rating fee, based on the amount and type of' ,' ". 'bank facllities/instriJments. ' · ··· ·.' ·.•,,. '4 October 9, 2012'""• j

-------- --------- -------- ------------------------·-- ----r-·---------------. · . . ·. :.._Rj(§ . Ratings·jJ·! -------~--------money from the market to part finance the: lan outlay of Iridian: RailWays (IR). ·Theresources thus raised are used fot part-fundin creation pf rolling stock: ~ssets ·(through·lease financing) for IR and meeting other de elopmental needs of n~ _and other MoRentities, like Rail Vikas Nigam Ltd, Railtel etc, as per the directiv~ 0f MoR~During FY12 (April 2011- March 2012), totincome witnessed ,a growth of20:6% toRs4,643 crore. IRFC booked PAT of Rs.481 crore in FY12 as again!ltRs.4~5 crore inFYll.,.::;~vAnalyst ContactName: Jyotsna GadgilTel: 01'1-23716199Mobile: 9811552926Email: jyotsna.gadgil@careratings.com·. '-CARE has c/assljl(u:l instruments rated b)' it on the b Is of complfxity. fhls c~ass!/!c~tlon ls fw~ilab/e ,qtwww.careratfngs.com. lnyestors!market lntormudlar; slregulators of' .othe~:s.:are: welcome to _wi'ite tocare@careralings.comfor any clarifiaations. ·_ Dls~lainer, , . , ·:· ),, ...... ~ ... _ .CARn'G ratings a!'& opinions ori CNdlt qualily and aN ot rccn .the website of SEBI at e . ~~~- WeB a~ C)II.tfle~ ~ebslt,~s of,the. BookRunning Lend Managers at \ w in e t nentba . kota c . wMy.dspm!,qOrio, .. ww\y.edelcap.com,ww\v. icicisecurities.com, www.jdblcapjtill£2m, a d mvw.sbicaps.com, lny~~~~T$. · sbQtlJU not¢ • thatinvestment in equity shares involves n high degree of risk and for.details rel~tiniiti> 't~q same; sec thesection titled "Risk Factors" of the DRHP." · j , · ·"This press release is not for publication or distribllt 'on to persons in the Unl~ed ~tat\)s, a~ct is, ~~tan offerfor sale within the United States of any equity shares or ariy other seyurity ofCredi.t Analysis linifResearchLimited. Securities of Credit Analysis and Resear h Limited,. including its equity shar~s; nlay not beoffered or sold In the United States ~bsent registra on t~nder l].S. securltie.s laws .b~ UJ1le#: ex¢rp~t ;fromf(~glstration under such laws.'' . ' , _: -! i _ ·· ·.. · :. ' ·1','i.··.,--1 1 irI1I,IT:Octoper~, 4012I ' , ' ~· 1 ·, • ; •;:I

Credit Rating Report 1Indian Railway Finance Corporation Li~ramme@·®f&t-al-short-term-bank-borrowings-and-borroyvingmd-ertl1e-rate-d-·shorE-term debt programme not toexceed Rs.35 billion at any point in time.()Rating Drivers:Strengthso Strategic importance to, and attendant support from, Government of India (Gol)because of its status as the financing arm of Indian Railways (IR)• Strong capitalisation and asset qualityo Adequate resource profileWeakness• Average earnings profileRating sensitivity factor• Ownership by, strategic importance to, and supporl received from, GolOutlook: StableCRISIL believes Umt Indian Railway Finance Cotporation Ltd (IRFC) will continue toderive business and finru1cial support from the Government of India (Gol) because of itsstrategic role in channelling. finance to IR. Support from Go I ensures that IRFC willmaintain its sh·ong credit risk profile. The outlook may be revised to 'Negative' if thereis any reduction in its strategic importance to, or if there is any significru1t decline in( _I suppol't from, Gol.RationaleIRFC was incorporated in 1986 as a public financial institution under the CompaniesAct, 1956, and was granted infrastructure financing non-banking financial company(NBFG·IFC) status in 2010-11 (refers to financial year, Apr:ill to March 31). It is whollyowned by Gol through the Minisb.·y of Railways (MoR). IRFC was set up with thespecific objective of borrowing funds from the capital market to provide rolling stock toIR. IRFC leases rolling stock to IR, which reimburses the company through lease rentals,paid on a half-yearly basis in advance.For 2011-12, IRFC's total income (net of intetest expense) was Rs.10.3 billion and netprofit was Rs.4.8 billion, against total income (net of interest expense) of Rs.9.0 billionand net profit of Rs.4.9 billion for 2010-11.

The ratings reflect IRFC's following strengths:Strategic importance to, and attendant support from, Goi because of its status as thefinancing arm of IRIRFC, wholly owned by Goi thtough MoR, is strategically important to Goi because it isthe financing arm of IR; IRFC provides market funding to about 32 per cent of IR'srolling stock acquisitions. IR, which functions under MoR, constitutes a cmdal part ofIndia's infrastructure. IR' s lease payments to IRFC are part of the annual Railway.Bud.get,...ancLth:us,_get-patliaill@Rt~y.-a.ppt!wal.-GenseqtHmt-ly,lRFG-derives-s-ubs-ta:ntia:lbusinessand financial support from Go!t')IRFC has a close working relationship with IR; MoR's officials serve as directors onIRFC' s board. IRFC is governed by a board of directors, currently consisting of fivemembers: the financial commissioner (Railways) is the ex-officio non-executivechairperson. The five members also include the managing director, two independentdirectors, and one director nominated by Ministry of Finance,IRFC borrows funds at the behest of MoR; as on March 31, 2012, advances to IRconstituted around 97 per cent of IRFC' s total advances. MoR approves IRFC' s annualborrowing limits and proposed borrowings. After the Railway Budget is approved bythe Parliament, IR notifies IRFC about its funding requirements. IRFC raises therequired funds from the market for purchase of rolling stock and extends the same in theform of lease financing to IR. At the end of each financial year, IRFC enters into astandard lease agreement with MoR, wherein lease rentals are fixed at a mark-up overIRFC's average borrowing costs for the year.()The company's importance to IR is also evident from the fact that IRFC also raisesmarket borrowings required by Rail Vikas Nigam Ltd (RVNL), a company whollyowned by Gol, for execution of projects relating to upgrading railway infrastructure.The underlying risk on this exposure is, however, borne by MoR. The proportion ofIRFC' s railway infrastructure-related project financing business is likely to remain smalt.compared with its overall portfolio.Given the large capital expenditure (capex) requirements of IR, CRISIL believes thatIRFC will continue to play a critical role in mobilising funds for IR at competitive rates.IRFC, therefore, is expected to derive significant Gol support, both on an ongoing basisand in the event of distress, if ft!tY·Strong capitalisation and asset quality. IRFC has strong capitalisation. As on March 31 1 2012, its net worth was .around Rs.54billion. Go I has been infusing equity capital at t•egular intervals to support IRFC' s capitalstructure; Gol infused Rs.S.O billion in January 2012 (5.1 billion in 2010-11). The companyhas adequate gearing; however, it increased to 9.3 times as on March 31, 2012 from 8.9times as on March 31,2011.

Given IRFC's modest accruals to net worth, CRISIL believes that Gol will continue toinfuse equity capital at regular intervals to enable IRFC to maintain adequate gearing,while meeting the growing funding requirements of IR, over the medium term.IRFC also has very strong asset quality, as it lends predominantly to IR, which is asovereign entity. Till date, IRFC has had zero non-performing assets (NPAs).Furthermore, IRFC is a public financial institution under Section 4A of the Con1paniesAct of 1956, and has been exempted from Reserve Bank of India's (RBI's) guidelines forsystemically important non-deposit taking non-banking financial companies (NBFC­ND-SI) regarding compliance with single/ group exposure norms to the extent that the-expesures-are--tewards-IR-fGef.()Adequate resource profileIRFC's ability to raise long-term funds at competitive rates is underpinned by its accessto a diversified pool of wholesale investors, including banks, mutual funds, pension andgratuity funds, insurance companies, as well as external commercial borrowings (ECBs).Its borrowing costs at around -8.2 per cent in 2011-12 (refers to financial year, April! toMarch 31) was similar to that in 2010-11, and compares well with that of its peers. IRFChas been permitted to raise funds through tax-free bonds which also support its resourceprofile.CRISIL believes that IRFC will maintain adequate resource profile driven by its strategicimportance, and access to a diverse source of long-term investors.The above-mentioned rating strengths are parHally offset by IRFC's followingweakness:Average earnings profileIRFC' s earnings profile is marked by moderate interest spreads and low operatingexpenses. As IRFC is the funding vehicle for IR, enhancing IRFC' s profitability is not theprimary objective. IRFC' s interest spreads ate preserved by ensuring a mark-up over itscosts of borrowings. Furthermore, the lease agreements with IR protect IRFC' s netinterest margins, and transfer the interest and foreign exchange risks on its borrowingsto IR. Consequently, IRFC' s net ptofitability marginl (NPM; on a yearly average basis)has remained stable at around 0.7 per cent over the past three yeats. However, the costplus model results in a lower NPM compared to other infrastructure financingcompanies.CRISIL believes that while IRFC' s earnings profile is not expected to improvesignificantly over the medium term, IR will ensure that the company remains profitableand generates adequate returns on its assets (RoA; 0.9 per cent'in 2011-12).1 NPM is defined as (Yield on funds deployed)- (Average borrowing costs)- (Operating expense ratio)+(Fee income levels)

.· ~ •. ·, -··. l.. .•INDIAN RAILWAY FINANCE CORPORATION LIMITEDAnalyticalContact:Vibha Batravibha@icraindia.com+91-124-4545 302Puneet Maheshwarlpuneetm@icraindia.com+91-124-4545 348RelationshipContact:Vivek Mathurvivek@icraindia.com+91-124-4545 310Website:www.icrarating_s.comwww.icra.inRatingICRA has assigned IICRAJAM (pronounced ICRA triple A) rating with stable outlookto Long Term Borrowing Programmes of Rs 15,000 crore and (ICRAJA1+(pronounced ICRA A one plus) rating to the enhanced short term borrowingprogramme of Rs 3,500 crore 1 of Indian Railway Finance Corporation Limited(iRFC)t. ICRA also has rating outstanding of IICRAJAM with stable outlook forvarious long term borrowing programmes of IRFC.(Refer Annexure for Rating Details)Key Financial Indicators31.03~ 31.03.2011 31.03.2010 •.Equity Capital 2102 1602 1091Net Worth~54014286 3404Loans & Lease Receivables 7013 45318 38392Total Assels46690 40663Total Income~9i3842 3484Net Interest Income 885 . 745Profil Before Tax898 788Profit After Tax ~ 1 485 443Interest Income/Average TotalAssels ~~8.7% 9.1%Cost of Average Interest .Bearing Funds ~%8.1% 8.5%.Charge-offs/Average TotalAssets f'o.OO% 0.00% 0.00%Expenses/Average TotalAssets(%)' tQb2% 0.02% 0.02%Profit After Tax/Average TotalAssets (reported) 1Enhanced from Rs 2, 750 croret For complete r~Ung scale and dennitions, please refer to ICRA'swebsite www icra.in or other ICRA Rating Publicalions2Total Debt includes both long-la/111 and shorf.ta1111 debt.

Credit Strengths.. Strong ownership arising from being a wholly owned subsidiary of the Ministry of Railways (MoR),Governme'nt of India (GO I)... Strategically Jmportant role as sole arranger of lease finance for MoR results in assured businessvolumes for IRFC... Diversified funding profile, strong financial flexibility and access to low cost subsidised funding sourcesenabling IRFC to maintain low cost of funding... Favourable asset quality, with entire exposures being to the MoR or related entities." Consistent track record of adequate core profitability; trend expected to continue as spreads areprotected by a favourable lease agreement between IRFC and MoR, which also protects IRFC'sbalance sheet against interest rate and currency risks, besides liquidity mismatches.Credit Challenges• Concentration risk significant as IRFC's business hinges on MoR's expansion plan and strategy... High dependence on MoR for capital infusion to fund its growth as well as to keep capital structure at aprudent level... IRFC's ability to maintain asset quality from relatively more risky project financing exposure to RVNL;the risk is mitigated on account of the loans being an indirect exposure to MoR.Rating Rationalelhe ratings factor In lRFC's sovereign ownership, its strategic importance for Ministry of Railways (MoR) as a sole arrangerof lease finance, its stable earnings supported by a favorable lease agreement with MoR and low credit risk profile. Therating also factors ln adequate capitalization and comfortable liquidity profile of the corporation. IRFC is expected to maintaina dominant share in the MoR's Increasing requirement for funding rolling stock on the strength of its ability to mobilize fundsat competitive rates driven by its quasi-sovereign franchise and access to subsidised funding avenue such as tax-freebonds. At the same time, ICRA expects the corporation to report stable earnings in future on the strength of a favorablelease agreement with MoR, which provides it with a positive interest spread and protects it against liquidity, interest rate andexchange rate related risks. Further ICRA has taken note of IRFC's increasing dependence on Ministry of Railway (MoR) forfresh capital infusion in order to maintain the gearing 3 below 10 times, given relatively low internal capital generation andsignificant Increase in business volumes over the years, though capital support from MoR has been forthcoming over theyears (MoR infused equity capital of Rs.1 ,852 crore 4 over last four years, 2008-og to 2011-12). ICRA has also taken note ofIRFC's exposure to Rail Vikas Nigam Limited (RVNL), a special purpose vehicle of the MoR, which undertakes theconstruction of new railway lines, bridges and port connectivity. Loans to RVNL have increased from Rs.968 crore as onMarch 31, 2007 to Rs.1,854 crore as on March 31, 2012 and constitute around 3% of fRFC's credit portfolio and around34% of IRFC's net worth as on March 31, 2012. ICRA expects IRFC's credit risk profile to remain low owing to majority oflending to MoR and the supportive Memorandum of Understanding between RVNL and MoR for the re-payment of RVNL'sborrowings which Is likely to ensure timely re-payment by RVNL to IRFC. The loans extended to RVNL could increase infuture and any material change from such repayment arrangement may entail a review of the assigned ratings.3Excluding short term debt4Including share application money of Rs 250 crore as on Mar-12 for which shares were allotted in 2012-13.

i(ICRA Credit PerspectiveIndian Railway Finance Corporation LimitedSummary Rating RationaleParametersA Business Risk1 Business MixOverall CommentsIRFC's primary activity is to mobilise funds, on behalf of Indian Railways (IR), to providefinance to Railways to procure locomotives, passenger coaches. and wagons.IRFC loan book mainly comprised loans to Ministry of Railways (MaR), accounted for g7%of its loan portfolio as on March 31, 2012, and project finance loans to other MaR entitles.IRFC's loan repayment is made through budgetary allocation by MoR every year.2 Managementand SystemsIRFC has been raising funds at very competitive cost driven by its quasi sovereign statusand strong financial flexibility. IRFC onlends to MoR at predetermined IRRs; IRFC chargesan interest spread of around 50-60 bps over Its funding cost to MoRlRFC Is wholly owned subsidiary of MaR. The managing director of IRFC Is nominated byMaR.lRFC has a lean operating structure because of Its nature of business and entire lendingto MaR and MoR related entities.3 OperatingEnvironmentB Financial Risk1 ProfitabilitySlowdown in economic growth along with persistent high Interest rates has impacted assetquality and portfolio vulnerability of banks and other financial companies. The slowdown ineconomic activity could Impact operating performance of Indian Railways, however sameIs unlikely to have significant Impact on debt repayment capacity of Railways.IRFC enters into a tease agreement with MaR every year; the Interest spread of IRFC Isfixed (around 50-50 bps) and protected throughout the tenure of the loan under terms of thelease agreement. Interest rate and foreign currency risk is also transferred to MoR throughtease agreement.As for reported profitability, supported by adequate net Interest margins (NIMs), relativelylow operating expenses (being a lean operating structure entity) and superior asset quality(nil gross NPAs), the profitability (PBT/ATA) of IRFC has been adequate. However, highertax expenses have Impacted its retum on net on worth to some extent.2 LiquidityIRFC has a well matched asset liability profile given the tenure of Lease Agreements(weighted average tenure around 10 years) and the weighted average maturity of itsborrowings (around 8-12 years over last few years).The liquidity profile (ALM) of IRFC Is also strengthened by strong financial flexibility of IRFC.Moreover, as per lease agreement With MaR, IRFC can seek advance lease rentals fromMaR in case of need.3 Capitalisation4 Asset QualityGearing of IRFC has been around ten times (limit set by Its BoD) over last many years. Totalborrowings of IRFC increased significantly over last few years given sizeable increase Inborrowing programme {which Is fixed by MaR) however at the same MoR has infused capital(Rs.1 ,852 crore5 over last four years, 2008-09 to 2011-12) to enable IRFC to maintain gearing belowten times. Regulatory CRAR of IRFC stands at 195% as on March 31, 2012 as exposure toMoR attracts zero risk weight.Asset quality profile of IRFC is superior with nil gross and net NPAs as on March 31, 2012;the asset quality profile reflects very low credit risk given entire exposure to MoRand relatedentities.5Including share application money of Rs 250 crcre as on Mar-12 for which shares were allotted in 2012-1-=t

CREDIT PERSPECTIVEDependence on MOR for business volumes leads to concentration risk, thoughrole as sole arranger of lease finance for MOR assures business volumesIRFC is wholly owned subsidiary of Ministry of Railways (MoR) and raises funds to finance the MOR'sprocurement of Locomotives, Passenger Coaches & Wagons. IRFC has been mobilizing funds atcompetitive rates primarily toChart 1: Trend of lease disbursement of IRFCon lend these to MoR in theform of leased assets. As on1400012.00%March 31, 2012, around 94%1200010.00% of IRFC's total assets were in100008.00% form of leased assets/loans to8000MoR and long term loans to6.00%6000other MoR agencies like RVNL4.00%4000and Railtel Corporation of India20002.00% Ltd. balance being fixeddeposits with banks and other00.00%assets. On the back of[':f~ ~

ICRA Credit PerspectiveIndian Railway Finance Corporation LimitedIRFC's cost of funds competitive, access to tax free bonds strengthenborrowing profile furtherIRFC's borrowing programme is fixed every year by MoR in the Railway Budget. MoR increased IRFCborrowing plan from Rs.9,120 crore in 2010-11 to Rs.20,594 crore In 2011-12 to meet increase In capital10.00%9.00%8.00%7.00%6.00%5.00%4.00%3.00%2.00%1.00%Chart 2: Competitive cost of funds for IRFC2003-04 2005-06 2000-07 2007 -oo 2008-09 2009-10 201 (} 11 2011-12-+-Average Cost of fu~s to IRFC-e- 10 yr Gsec (average)around Rs 14,000 crore in1 2011-12. As for 2012-13,IRFC's borrowing programme iskept at Rs 15,000 crore,l although tower than 2011-12but remain high compared withborrowing programmes of 2007·Iexpenditure requirement ofRailways however because oflower funds requirement byMoR, IRFC borrowed only08 to 2010-11. In line withIncrease In borrowingrequirement of IRFC, MoR hasbeen infusing capital in IRFC toenable IRFC to maintaingearing at moderate levels.IRFC has been borrowing fundsat competitive rates Vis·a-Vissimilarly rated players on theback of its sovereign ownership,Source: Company, Debtonnet, RBIaccess to diverse sources offunds including low costsubsidised funding avenues (tax-free bonds). IRFC mobilised Rs.14,341 crore in 2011"12 on weightedaverage cost of funds of 8.8% against mobilization of Rs.9,814 crore in 2010·11 on weighted average costof funds of 7.5%. The increase In cost of funds In 2011·12 was mainly led by increase in systemic Interestrates. While on-lending these funds to MoR, IRFC maintains a gross Interest spread of around 50-60 bps(spread ranged 50-60 bps during 2004-05 to 2011-12) which has resulted in stable net interest marginsover the years for the corporation. Going forward, Increasing fund requirement of MoRand IRFC's ability tomobilize the same at competitive rates are likely to ensure adequate business volumes for the companyover medium to long term.

Asset quality profile favourableGiven that mosj of its lending Is to the MoR, IRFC continues to maintain a tow credit risk profile, as evidentfrom its nil non-performing assets (NPAs) as on March 31, 2012. Besides the MaR, tRFC also lends toRVNL, an SPV of the MoR that undertakes construction of new railway lines, bridges, and rail links to port'>IRFC's loans to RVNL Increased from Rs. 968 crore as on March 31, 2007 to Rs. 1,854 crore as on March31, 2012, and accounted for around 34% of IRFC's net worth as on March 31, 2012. However, ICR/\expects IRFC's credit risk profile to remain low owing to majority of lending to MoR and the supportiveMemorandum of Understanding between RVNL and MoR for the re-payment of RVNL's borrowings whicllIs likely to ensure timely re-payment by RVNL to IRFC. Any material change from such repaymentarrangement may entail a review of the assigned ratings.Capital structure likely to remain at prudent level as MOR likely to continuoinfusing capitalIRFC's gearing has been around 10 times (9.3 times as on Mar-12 and 8.9 times as on Mar-11) over lastfew years. Increasing business volumes (increase In lease disbursements to MoR) and low internal capitalgeneration due to high tax rate and dividend payouts has resulted in pressure on capital structure of thecorporation. However, to maintain its gearing levels below 10 times, IRFC has been receiving frequentcapital infusion from MoR (Rs. Rs.1,852 crore 1 over last four years, 2008-09 to 2011-12). Further, given largeborrowing programme in 2012-13, IRFC wilt need further equity infusion from MoR to keep Its gearing atmoderate lever; capital support from MoR has been forthcoming over last few years.In addition. as per Ministry of Finance (MoF) guidelines for Public Sector Entities (PSEs). IRFC is requiredto pay dividend equal to 20% of paid up capital or 20% of net profits, whichever is higher. Whlle during2011·12 IRFC paid dividend of Rs.100 crore (around 20% of PAT or 5% of IRFC's paid up capital) lowerthan the guidelines given IRFC's capital requirement for growth plans and as MaR' has infused capital overlast four years at par value (without any share premium). Going forward, though IRFC does not intend toIncrease dividend payment significantly from the current levels, but if it declares dividend in line with theMoF guidelines, its abfltty to generate capital from internal sources may be significantly impacted. But withthe regular capital Infusion from MoR, JRFC's gearing is not expected to increase from the current levels inthe medium term.Well-diversified borrowing mix a credit positiveHistorically IRFC has been able to raise funds at competitlve cost from domestic and international markets,Its borrowing profile improved further In recent years with access to tax free bonds- around half of freshborrowing of 2011-12 was raised through tax free bonds (interest rate lower by 100-200 bps than taxablebonds). IRFC was given approval to raise tax free bonds of Rs 10,000 crore in 2011·12 of which it raisedRs 7,000 crore in 2011·12. In 2012·13 Budget also IRFC got tax free bonds allocation of Rs. 10,000 croreand Its borrowing programme is Rs 15,000 crore hence sizeable part of current year's borrowings areexpected to met through tax free bonds which will help corporation to keep lower cost of funds.Additionally, IRFC has been raising funds through longer tenure instruments (up to 25 years, weightedaverage maturity of fresh borrowings raised in 2011-12 was around 11 years) which enable it to maintain acomfortable liquidity profile. Overall, IRFC's well-diversified borrowing profile is a credit positive and hashelped the corporation bring down Its cost of funds while keeping its asset-liability mismatches wl1hinmanageable limits.Liquidity profile of IRFC is determined by the tenure of Lease agreement (primary lease period of 15 yearsand weighted average repayment tenure around 9-10 years) against which IRFC borrows for similar tenureliabilities (on an average 8-12 years) which Is likely to result comfortable liquidity profile of IRFC. Further,as regard marginal tenure mismatch in Its assets and liabilities, JRFC has managed to maintain comfortableliquidity profile through principal recoveries from the earlier leases, internal accruals and raising short term:;:,:;(·; .. funds. ICRA expects the corporation to maintain comfortable liquidity profile going forward as well, on the· .'./); :: . ,, strength of its financial flexibility and its focus on increasing the tenure of its borrowings to match its asset·;;::·.;. ,i,>:·' : profile. Further, favorable lease agreement, as per which MOR can make advance lease rental payments'hould lRFC fall short of funds to service Its debt, is an additional liquidity support available to JRFC,. · \:t•;,;f\\;~ugh so far It has never resorted to the same.~~.3.\iot'.:il•".....______~ lnoiVd!Mg 1h01Herm loanslnal.~J[t~ ..•. hart application money of Rs 250 crore as on Mar-12 for which shares were allotted in 2012·13. 'l,-::.·.. ---····. ··~'\)i,

ICRA Credit PerspectiveIndian Railway Finance Corporation limitedAdequate profitability profile, favourable lease agreement to protect againstinterest, foreign exchange and liquidity riskIRFC raise funds and on lend to MoR with a Interest spread of around 50-60 bps. The lease agreement for2011-12 Is signed at an IRR of 9.35% against its incremental cost of funds of 8.85% thus secures anInterest spread of 0.5%, In line with spreads of earlier years (45~60 bps). Interest spread of IRFC remainprotected during the tenure of borrowings as per the !ease agreement, however, marginal tenure mismatchbetween assets and liabilities profile exposes IRFC to Interest rate risk In an increasing Interest ratescenario while the proportion of such mismatches is small. Net interest margins (NIMs) of IRFC have beenstable at around 2% over last many years. Profitability profile of IRFC Is also supported by lower operatingexpenses and zero credit provisioning. Operating expenses of IRFC are very low compare to otherinstitutions due to Its lean structure and lending operations restricted to only one borrower (MaR). Further,IRFC's asset quality Is superior with nil gross and net NPAs as on March 31, 2012 thus zero creditprovisioning. However, IRFC does not create standard asset provisioning as it is exempt from prudentialguidelines for NBFCs. Further, while profitability (PBT/ATA of 1.9% in 2011-12) of IRFC Is adequate, itsreturn on net worth is Impacted to some extent by higher Income tax expenses (tax/PBT of 53% in FY 2012and 46% in FY 2011) as IRFC pays tax under MAT as well as create provision for deferred tax liability.Profit after tax of IRFC declined by 1% in FY 2012 toRs 481 crore; return on average net worth was at9.9% during FY 2012.Further, to lower Its cost of funds, IRFC mobllises funds through foreign currency loans which accountedfor around 17% of its total borrowings as on Mar-12. Foreign exchange risk attached to these borrowingsmostly is either hedged through currency swaps or passed on to MoR through escalation clause in leaseagreement. However, there is some foreign exchange risk attached to a small proportion of borrowingswhich has neither been hedged nor passed on to MoR. ICRA has taken note of such open positron Inforeign currency borrowings, however considering the IRFC's strong net worth and small proportion ofthese borrowings, ICRA does not expect credit profile of IRFC to undergo a change due to these openpositions.Company ProfileIncorporated in 1g86 by the Ministry of Railways (MoR), Government of India, IRFC Is a wholly ownedPublic Sector Undertaking. Its primary activity is to mobilise funds on behalf of Indian Railways (IR) tofinance its procurement of Locomotives, Passenger Coaches & Wagons. Apart from providing finance toMoR, IRFC has also provided loans to two MoR agencies namely Rail Vikas Nigam Limited (RVNL) andRalltel Corporation of India. IRFC Is registered as Infrastructure Finance Company-NBFC (IFC·NBFC) withReserve Bank of India.In 2011-12, IRFC reported a profit after tax of Rs. 481 crore on a total asset base of Rs 60,589 crore asagainst profit after tax of Rs. 485 crore on a total asset base of Rs.46,690 crore during 2010-11. fRFC'sasset quality continues to superior ·with nJI gross and net NPAs as on March 31 , 2012. Capital adequacy ofIRFC is very strong at 195% as on March 31, 2012. In 01 2012-13 IRFC reported profit after tax of Rs.158crore compared with profit after tax of Rs.1 04 crore during same period last year.September 2012

ANNEXURE 1: RATING DETAILSInstrumentLong tf.JI1J) borrowing programme 2012·13Short 'term borrowing programma1\ Enhane€d trom Rs 2,750 croreAmount(Rs crore).:;.·i=w:r.s,d()d croreR$'3 •••• ,f,. iiOO crore"Rating Action Septembar-2012· .. : ;:·. ji¢RA1i!M!l$ta'b,leJ:assJg/jW~~:': fi!.![Yiiff,:1¥,,,Cf?A.JJ{1;((~~s/iine'i/Jt~:i~;lJ!;,1;:t;j;;:r;{~

ICRA limitedAn Associate of Moody's Investors ServiceCORPORATE OFFICEBuilding No.8, 2nd Floor, Tower A; DLF Cyber City, Phase II; Gurgaon 122 002Tel: +91 124 4545300; Fax: +91 124 4545350Email: info@icraindia.com; Website: www.ic•·a.inREGISTERED OFFICE1105, Kailash Building, 11th Floor; 26 Kasturba Gandhi Marg; New Delhi 110001'l'el: +91 11 23357940-50; Fax: +91 ll 23357014Branches: .Mumbai: 'l'el.: + (91 22) 24331046/53/62174/86/87, Fax: + (91 22) 2433 1390 o Chennai: Tel+ (9144) 2434 0043/9659/8080, 2433 0724/3293/3294, Fax+ (9144) 2434 3663 o Kolkata: Tel+ (9133) 22878839/2287 6617/2283 1411/2280 0008, Fax+ (9133) 2287 0728 o Bangalore: Tel+ (9180) 2559 7401/4049Fax+ (91 80) 559 4065 o Ahmedabad: Tel+ (91 79) 2658 4924/5049/2008, Fax+ (91 79) 2658 4924 oHyderabad: Tel +(91 40) 2373 506117251, Fax+ (91 40) 2373 5152 o Pune: Tel+ (9120) 2552 0194/95/96,Fax+ (91 20) 553 9231©Copyright, 2008, lCRA Limited. All Rights Reserved.Contents may b1;1 used fr1o1ely with due-acknowledgement to lORA.ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. lCRA ratings aresubject tO a process of surveillance, which may lead to revision in ratings. Please visit our website (www.icra.in,) orcontact any lCRA office for the latest information on ICRA ratings outstanding. All information contained herein hasbeen obtained by ICRA from sources believed by it to be accurate and reliable. Although reasonable care has been takenw ensure that the information herein is true, such information is provided 'as is' without any warranty of any kind, andICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness orcompleteness of any such information. All information contained herein must be construed solely as statements ofopinion, and ICRA shall not be liable for any losses inc\ured by users from any use of this publication or its contents.

ICRA Credit PerspectiveIndian Railwa}' Finance Corporation LimitedKe•/ FinanCial Ratios . :,1:: ;..:··· Mar-12 Mar-11 ' .. Mar~10 • ·'. Mat~09·•OPERATING RATIOSYield on Average Eaming Assets 8.57% 8.70% 9.14% 9.08%Cost of Averaqe Interest BearinQ Funds 8.09% 8.06% 8.48% 8.43%Gross Interest Spread 0.48% 0.64% 0.66% 0.64%PROFITABILITY RATIOSInterest Income I Avg. Total Assets 8.57% 8.70% 9.14% 9.08%Interest Expense I Avg. Total Assets 6.66% 6.62% 6.99% 6.94%Net Interest MarqiniAvq. Tot Assets 1.91% 2.08% 2.15% 2.13%Fee Based and Other lncomeiAvg. Tot Assets 0.03% 0.05% 0.14% 0.07%Fee based and Other lncomeiOperatlnQ Income 1.44% 2.60% 6.33% 1.71%Op_eratin11 Expenses/Av~. Total Assets 0.02% 0.02% 0.02% 0.06%Operating Profitt Avq. Total Assets 1.89% 2.06% 2.13% 3.91%Provisions I Avq. Total Assets 0.00% 0.00% 0.00% 0.00%Net profit on sale of securities & assets I Ava. Total Assets 0.00% 0.00% 0.00% 0.00%Net profit on sale of securities & assets /Non Interest Income 0.00% 0.00% 0.00% 0.00%Profit before Tax I Average Total Assets 1.89% 2.06% 2.13% 3.91%Net profit on sale of securities & assets IPBT 0.00% 0.00% 0.00% 0.00%Tax I Profit before Tax 52.55% 45.99% 43.84% 72.51%Profit after Tax I Average Total Assets 0.90% 1.11% 1.20% 1.07%Dividend I Profit after Tax 24.17% 24.03% 26.43% 64.71%Profit after Tax I Net worth 9.93% 12.62% 14.39% 13.13%Accretion to rese!Ves/ Avq. total assets 0.68% 0.84% 0.88% 0.38%EFFICIENCY RATIOSFee Based and Other Income I Operating Expenses 783.55% 1164.99% 3235.98% 688.68%Ooerating Cost to OoeraHna Income Ratio 0.93% 1.07% 0.84% 1.45%Emplovee Expenses I Operating Expenses 19.74% 20.81% 23.24% 17.12%CAPITALISATION RATIOSNet Worth/ Total Assets 8.91% 9.18% 8.37% 8.23%Total Debt I Net worth 9.30 8.90 9.87 9.97Net NPAs/Net worth 0.00% 0.00% 0.00% 0.00%LIQUIDITY RATIOSTotal Liquid Assets /Total Liability 2.55% 1.06% 3.71% 3.03%Total Advances/Total Deposits NA NA NA NAASSET QUALITYGross NPA/Gross Advances 0.00% 0.00% 0.00% 0.00%Net NPAINet Advances 0.00% 0.00% 0.00% 0.00%Provisions/Gross NPA 0.00% 0.00% 0.00% 0.00%Gross NPA Generation rate 0.00% 0.00% 0.00% 0.00%

''-'-IC::....:RA...;...._:..-=C-'-re....cd_it....:..P_;:e;.;_rs'-"p-'-'e-"--ct'--'iv:...::e__________,.. ~Jndian Railway Finance Corporation LimitedA nnexure 2 . K ey F' manc1a . I s(in Rs. crore) Mar-12 >:· Mar·h: ·.;,;irViar~1~ ,, ::.Maf~09··.SUMMARY PROFIT & LOSS ACCOUNTAudited .'.';'Audited:..· :·. A(.ldited · ., :~At.fdliaa··Interest Income·-4,628 3,818 3 434 3,013·~~-Interest Exe_~nses .. (3,620) (2,934) (2,689) (2 357)Net Interest Income 1 008 884 745 656Commission Brokerage etc. 0 0 0 0Net Profit on exchange transactions 0 0 0 0Other (including dividend) Income 15 24 50 11Total Fee Based and Other Income 15 24 50 11Operating Income 1,023 908 795 667Employee el

·PROFIT: & .LOSS ACCOUNT_t'lo of Operating fncome) · Mar-12· '•· Mar-11 Mar-10 Mar-09Net Interest Income 99% 97% 94% 98%Commission, Exchange & Brokerage 0% 0% 0% 0%Net Profit on Exchange Transactions 0% 0% 0% 0%Other (Including dividend) Income 1% 3% 6% 2%Total Fee Based Income 1% 3% 6% 2%Operating Income 100% 100% 100% 100%Employee expenses 0% 0% 0% 0%Other Operating expenses -1% -1% -1% -1%Total Operating Expenses -1% -1% -1% -1%Operating Profits 99% 99% 99% 99%Provisions including NPA provisions 0% 0% 0% 0%Operalin~ profits net of provisions 99% 99% 99% 99%Net profit on sale of securities 8 Assets 0% 0% 0% 0%Profits Before Tax 99% 99% 99% 99%Tax -52% -45% -43% -7f%Profits After Tax 47% 53% 56% 27%Preference dividend 0% 0% 0% 0%Equity dividend -11% -13% -15% -18%Accretion to reserves 36% 41% 41% 10%BALANCE SHEETASSETS (% of total assets)Term Loans 94% 97% 94% 95%CC and Loan Repayable on Demand 0% 0% 0% 0%Bills Purchased & Discounted 0% 0% 0% 0%Total Advances 94% 97% 94% 95%Govt. Securities Incl. approved securities 0% 0%' 0% 0%Shares 0% 0% 0% 0%Debentures Bonds 0% 0% 0% 0%Others 0% 0% 0% 0%Total Investments 0% 0% 0% 0%Current Assets incl. cash and CRR 6% 3% 6% 5%Owned fixed assets 0% 0% 0% 0%Deferred Tax Assets 0% 0% 0% 0%Other Assets 0% 0% 0% 0%Total assets 100% 100% 100% 100%LIABILITIES(% oftotalliabilities)EQuity share capital 4% 3% 3% 2%Reserves 5% 6% 6% 6%Net worth 9% 9% 8% 8%Rupee Borrowings 83% 82% 83% 82%Sub Debt 0% 0% 0% 0%Forairm Exchange Borrowings 0% 0% 0% 0%Demand Deposits 0% 0% 0% 0%Saving Deposits 0% 0% 0% 0%Term Deposits 0% 0% 0% 0%Total Deposits 0% 0% 0% 0%Deferred Tax Liability 5% 6% 6% 7%Currant liabilities 3% 3% 3% 3%Total Liabilities 100% 100% 100% 100%

NSE/LIST/Date :04-DEC-2012The Company SecretaryIndian Railway Finance Corporation LimitedUG Floor, East Tower, NBCC PlaceBhisham Pitamah Marg, Pragati ViharLodhi Road NEW DELHI - 110003 .Dear Sir/Madam,Sub : Trade statistics of IRFC N1 from 01-APR-2009 to 30-NOV-2012TradeDatePRICEOpen High Low CloseAvg.TRADEQty(Nos.) Value (Rs. Lacs) Nos.02-MAR-201203-MAR-201205-MAR-201206-MAR-201207-MAR-201209-MAR-201212-MAR-201213-MAR-201214-MAR-201215-MAR-201216-MAR-201219-MAR-201220-MAR-201221-MAR-201222-MAR-201223-MAR-201226-MAR-201227-MAR-201228-MAR-201229-MAR-201230-MAR-201202-APR-201203-APR-201204-APR-201209-APR-201210-APR-201211-APR-20121,010.001,010.001,011.641,003.011,014.601,016.001,013.991,010.011,010.031,011.051,014.351,002.401,005.00998.251,003.001,004.001,002.001,000.001,000.001,001.001,002.001,000.011,006.991,010.721,000.001,008.001,010.001,018.901,016.001,019.001,020.001,018.001,016.001,013.991,013.701,013.001,012.951,015.501,009.991,005.001,004.501,003.001,004.001,003.401,009.001,000.151,001.001,009.991,004.001,007.001,015.001,004.891,015.001,010.001,007.001,010.001,011.641,003.011,010.901,011.001,009.001,010.001,010.001,011.05980.551,001.001,001.50998.251,001.051,001.001,000.00965.00995.001,001.001,002.001,000.001,005.001,005.02996.001,002.001,008.001,015.491,015.831,017.061,016.681,012.341,011.921,009.031,011.961,012.001,012.951,006.341,007.831,003.131,003.711,003.001,001.371,000.681,005.22999.991,001.001,009.991,001.001,007.001,006.01999.881,007.441,008.001,012.461,015.671,016.111,016.741,015.881,013.021,009.121,012.061,011.541,012.291,012.411,003.381,003.281,001.901,002.891,002.601,001.741,002.82999.951,001.001,002.631,000.661,006.871,012.721,000.331,004.961,009.6712281565510462112707501085109319008102904680675812401404639107757026128028850252121215212915602169218001243.456.65106.31114.597.6210.9911.0319.238.192.9447.3867.8112.4414.076.4110.805.7126.1980.288.512.5312.131.5313.0756.0417.0018.1796421918919152824114281824251313165194825451540474This is a system generated report and does not require signaturePage 1 of 12

This is a system generated report and does not require signaturePage 2 of 12Sub : Trade statistics of IRFC N1 from 01-APR-2009 to 30-NOV-201212-APR-201213-APR-201216-APR-201217-APR-201218-APR-201219-APR-201220-APR-201223-APR-201224-APR-201225-APR-201226-APR-201227-APR-201230-APR-201202-MAY-201203-MAY-201204-MAY-201207-MAY-201208-MAY-201209-MAY-201210-MAY-201211-MAY-201214-MAY-201215-MAY-201216-MAY-201217-MAY-201218-MAY-201221-MAY-201222-MAY-201223-MAY-201224-MAY-201225-MAY-201228-MAY-201229-MAY-201230-MAY-201231-MAY-201201-JUN-201204-JUN-201205-JUN-2012TradeDate1,020.201,026.001,030.001,012.011,019.001,017.001,019.001,019.001,015.001,021.991,014.001,016.251,012.501,020.001,021.001,015.001,013.001,020.001,015.101,014.001,023.001,016.621,016.711,016.511,019.001,020.001,025.901,020.001,023.001,025.001,022.991,018.351,025.001,034.901,024.901,025.001,031.051,030.981,025.001,028.001,030.001,025.001,022.001,020.001,020.001,020.001,015.001,025.001,021.001,016.251,018.001,020.001,021.001,017.001,019.001,027.001,020.001,019.001,023.001,019.931,018.501,022.981,022.001,024.001,025.901,025.801,023.001,025.001,023.001,025.001,025.001,034.901,030.001,032.901,031.501,031.001,010.061,020.001,019.951,011.001,018.001,016.001,018.111,012.231,013.001,013.011,014.001,015.951,012.501,020.001,016.001,013.001,013.001,020.001,015.001,014.001,016.101,016.001,016.001,016.511,019.001,017.101,020.001,020.001,018.801,018.501,022.991,018.351,023.001,026.001,024.101,024.011,029.001,029.001,023.801,020.101,020.001,018.391,019.651,018.981,019.061,014.661,014.991,015.671,019.001,015.951,017.501,020.001,016.001,016.001,019.001,026.641,016.141,018.001,016.521,019.931,016.101,017.771,019.461,022.691,021.251,025.181,018.891,018.751,023.001,022.001,025.001,026.001,030.001,032.901,029.831,030.77525887101028765765701495001200433952918518628801498700162517365166952399488144012991620248510394821719156623813702291310501070238391931747695.349.0910.3029.3058.7671.4496.81122.1934.4629.7352.8829.2615.247.1416.5517.635.237.1024.374.9614.6513.2116.4625.3810.5949.297.3616.0524.293.772.3413.380.5111.0124.479.4832.717.9316974119295258124013111611197733251616202714279111413311351111212145PRICEOpen High Low CloseTRADEQty(Nos.) Value (Rs. Lacs) Nos.Avg.1,016.351,025.171,020.021,018.871,019.321,018.521,019.051,017.931,014.931,018.851,019.581,016.011,017.461,020.001,018.321,015.541,013.581,020.961,015.701,015.481,017.481,016.831,016.201,021.141,019.701,022.331,023.141,024.621,020.071,019.831,023.001,021.671,024.921,029.081,026.671,031.511,030.701,030.92

This is a system generated report and does not require signaturePage 3 of 12Sub : Trade statistics of IRFC N1 from 01-APR-2009 to 30-NOV-201206-JUN-201207-JUN-201208-JUN-201211-JUN-201212-JUN-201213-JUN-201214-JUN-201215-JUN-201218-JUN-201219-JUN-201220-JUN-201221-JUN-201222-JUN-201225-JUN-201226-JUN-201227-JUN-201228-JUN-201229-JUN-201202-JUL-201203-JUL-201204-JUL-201205-JUL-201206-JUL-201209-JUL-201210-JUL-201211-JUL-201212-JUL-201213-JUL-201216-JUL-201217-JUL-201218-JUL-201219-JUL-201220-JUL-201223-JUL-201224-JUL-201225-JUL-201226-JUL-201227-JUL-2012TradeDate1,032.001,033.991,034.001,030.031,036.501,047.001,046.991,077.001,037.451,039.001,042.951,045.001,045.001,045.001,045.001,045.001,050.001,054.921,051.101,043.101,049.001,053.251,050.991,048.251,048.501,048.001,047.101,051.991,050.001,052.991,052.741,052.001,046.041,049.001,053.001,051.001,053.991,052.001,034.001,035.001,034.001,036.941,042.001,048.001,047.001,077.001,041.751,040.001,042.961,045.001,048.001,048.001,045.001,047.001,050.001,054.991,051.101,051.001,050.251,053.251,050.991,048.501,048.501,053.251,054.501,051.991,052.941,052.991,052.741,052.561,052.111,053.751,053.001,051.001,054.001,052.001,032.001,033.951,032.001,030.011,036.501,046.991,040.001,042.001,037.451,038.101,039.501,045.001,040.001,041.001,045.001,045.001,046.201,047.501,044.051,043.001,046.001,046.001,045.001,047.501,048.501,048.001,047.101,050.001,050.001,050.501,050.121,049.501,046.041,047.001,050.001,051.001,048.001,048.001,034.001,034.001,032.371,036.501,041.991,046.991,043.391,042.011,038.321,039.271,040.001,045.001,048.001,044.111,045.001,047.001,046.201,049.551,050.001,049.991,050.251,046.001,048.001,047.501,048.501,048.501,054.501,050.001,052.941,050.521,050.591,050.501,051.971,047.721,050.981,051.001,048.001,048.0215016151948213466811002732978290054823876111558416107548142540427832030195122325120134519151300316044180285108036291029192711191435500877550091.5516.7120.1122.086.9311.5328.4810.2130.1157.014.036.3816.284.340.1079.0314.964.2529.2221.2820.4823.3853.6414.0920.08136.3416.8943.972.9911.3738.1810.8220.2511.7715.075.2692.3352.5241319327439213530571814116610111312918205131923614281618142154119PRICEOpen High Low CloseTRADEQty(Nos.) Value (Rs. Lacs) Nos.Avg.1,033.001,034.881,032.251,034.601,036.771,047.861,042.391,044.451,038.201,039.891,041.101,045.001,044.971,043.151,045.001,046.971,049.951,051.121,049.831,048.401,049.521,047.581,047.711,047.871,048.501,048.541,053.061,051.871,050.521,052.811,052.151,051.031,050.971,051.821,050.271,051.001,052.151,048.60

This is a system generated report and does not require signaturePage 4 of 12Sub : Trade statistics of IRFC N1 from 01-APR-2009 to 30-NOV-201230-JUL-201231-JUL-201201-AUG-201202-AUG-201203-AUG-201206-AUG-201207-AUG-201208-AUG-201209-AUG-201210-AUG-201213-AUG-201214-AUG-201216-AUG-201217-AUG-201221-AUG-201222-AUG-201223-AUG-201224-AUG-201227-AUG-201228-AUG-201229-AUG-201230-AUG-201231-AUG-201203-SEP-201204-SEP-201205-SEP-201206-SEP-201207-SEP-201210-SEP-201211-SEP-201212-SEP-201213-SEP-201214-SEP-201217-SEP-201218-SEP-201220-SEP-201221-SEP-201224-SEP-2012TradeDate1,052.701,048.001,049.001,050.001,051.971,050.001,048.051,051.001,052.001,053.991,052.001,052.001,098.901,055.001,053.021,057.001,058.741,058.001,059.501,059.001,062.001,058.111,059.001,059.051,063.001,062.751,063.011,063.001,063.001,062.991,061.501,061.101,060.251,063.001,066.751,070.001,065.751,066.991,052.711,048.011,051.991,051.001,051.971,051.001,051.901,051.981,052.001,054.001,052.001,055.241,099.951,056.971,057.501,057.851,058.751,060.001,061.001,059.001,062.001,062.001,062.451,060.001,063.001,062.751,063.011,064.001,063.751,063.051,062.251,063.951,065.001,068.501,067.301,070.001,066.001,067.251,048.011,046.011,049.001,050.001,049.051,046.001,048.051,050.641,050.111,050.001,051.991,046.011,054.001,054.301,053.011,057.001,056.401,057.001,058.001,057.101,061.001,058.111,059.001,058.52956.001,059.001,062.001,063.001,062.501,060.011,061.001,061.101,060.251,062.001,065.001,065.001,065.001,064.001,050.001,046.891,051.651,050.061,049.051,050.431,051.141,051.811,052.001,052.871,052.001,054.501,055.361,056.001,057.271,057.251,057.851,057.001,058.941,059.001,061.421,061.811,061.491,060.001,062.331,060.751,062.051,063.001,062.931,061.421,062.251,062.251,064.991,065.551,065.001,065.791,065.001,066.56849190393413808752327465500511657916867101952340430427334301479271769383100260073467411948102500110511952733149021011112246417034019132721668.931.9941.3814.499.1924.424.895.2653.826.0917.747.4820.753.5945.4928.904.5515.6528.7873.4032.9127.607.797.1412.448.5926.5711.7512.7129.0315.8222.3411.8426.2618.1542.8214.1423.0664129633981893017251125462610227019171173515181410241726212629201222PRICEOpen High Low CloseTRADEQty(Nos.) Value (Rs. Lacs) Nos.Avg.1,051.541,046.531,051.881,050.061,050.461,049.511,051.341,051.651,051.991,051.791,052.001,053.911,062.951,056.131,056.911,057.391,057.751,058.071,059.311,057.941,061.701,061.511,061.441,058.921,041.761,060.571,062.831,063.431,063.341,062.281,061.781,063.441,064.821,065.581,065.781,065.381,065.301,064.79

This is a system generated report and does not require signaturePage 5 of 12Sub : Trade statistics of IRFC N1 from 01-APR-2009 to 30-NOV-201225-SEP-201226-SEP-201227-SEP-201228-SEP-201201-OCT-201203-OCT-201204-OCT-201205-OCT-201208-OCT-201209-OCT-201210-OCT-201211-OCT-201212-OCT-201215-OCT-201216-OCT-201217-OCT-201218-OCT-201219-OCT-201222-OCT-201223-OCT-201225-OCT-201226-OCT-201229-OCT-201230-OCT-201231-OCT-201201-NOV-201202-NOV-201205-NOV-201206-NOV-201207-NOV-201208-NOV-201209-NOV-201212-NOV-201213-NOV-201215-NOV-201216-NOV-201219-NOV-201221-NOV-2012TradeDate1,064.001,067.501,061.001,025.001,024.001,027.001,030.001,026.501,031.981,034.001,032.251,032.001,033.391,031.001,029.251,032.851,035.001,034.001,034.701,036.001,036.401,037.001,038.001,041.001,040.001,044.751,044.991,044.991,038.011,038.501,044.701,046.001,040.001,055.001,055.001,055.001,054.001,057.501,067.751,068.751,062.001,026.991,028.901,029.551,031.991,030.981,033.001,036.001,032.251,032.991,033.391,032.351,033.901,033.241,120.001,034.001,036.241,036.601,037.001,039.991,041.851,041.991,041.901,044.751,044.991,044.991,040.001,042.501,047.001,048.951,053.901,055.001,057.501,055.001,057.501,058.001,064.001,067.101,022.101,024.001,024.001,027.001,026.551,026.011,031.981,032.001,030.371,030.501,030.001,029.051,029.251,031.301,033.001,032.991,034.701,031.001,035.001,036.251,038.001,040.001,040.001,041.001,039.001,039.001,033.501,037.001,043.511,046.001,040.001,053.901,047.501,051.901,052.511,055.251,067.001,068.581,024.531,024.721,027.001,028.261,026.991,030.681,032.001,032.171,030.761,030.791,030.371,029.111,031.011,032.571,033.321,033.071,036.101,034.631,036.001,037.011,041.851,040.101,041.411,041.111,041.541,039.141,034.941,042.361,046.001,047.011,049.021,054.411,056.771,052.151,053.641,055.63550180017269442928093579110569935113501021613833814578221038930184463376820522135106172322292018982032744204574719324102803533205010831254210034035271440716015.8719.23179.5645.3928.8036.80113.71102.24117.18105.58142.6683.9880.62107.1031.1346.0939.7321.2022.10109.8024.0530.2819.7421.147.7521.3177.7697.00106.5736.7721.4311.3513.1422.1435.9055.4746.5416.91412136573549135332870635557653525104501015550593532132856806942161715619284413PRICEOpen High Low CloseTRADEQty(Nos.) Value (Rs. Lacs) Nos.Avg.1,066.801,068.151,039.761,024.791,025.311,028.341,028.471,029.041,032.461,033.491,031.301,031.091,030.691,030.851,031.461,032.731,054.381,033.351,035.051,034.201,035.941,036.981,040.301,040.411,041.311,042.001,040.771,040.341,036.691,040.781,045.381,047.591,047.841,054.441,055.031,052.361,056.011,056.25

Sub : Trade statistics of IRFC N1 from 01-APR-2009 to 30-NOV-2012TradeDatePRICEOpen High Low CloseAvg.TRADEQty(Nos.) Value (Rs. Lacs) Nos.22-NOV-201223-NOV-201226-NOV-201227-NOV-201229-NOV-201230-NOV-20121,057.001,056.001,056.051,056.201,042.001,057.981,057.001,056.001,057.991,058.501,059.001,057.981,056.101,055.001,056.051,056.201,042.001,056.101,056.151,055.001,057.571,058.501,058.001,057.001,056.501,055.341,056.411,057.001,057.561,056.941200500125134573947512.685.281.3214.227.825.0210349174Total :655155 6753.81 5629This is a system generated report and does not require signaturePage 6 of 12

NSE/LIST/Date :04-DEC-2012The Company SecretaryIndian Railway Finance Corporation LimitedUG Floor, East Tower, NBCC PlaceBhisham Pitamah Marg, Pragati ViharLodhi Road NEW DELHI - 110003 .Dear Sir/Madam,Sub : Trade statistics of IRFC N2 from 01-APR-2009 to 30-NOV-2012TradeDatePRICEOpen High Low CloseAvg.TRADEQty(Nos.) Value (Rs. Lacs) Nos.02-MAR-201203-MAR-201205-MAR-201206-MAR-201207-MAR-201209-MAR-201212-MAR-201213-MAR-201214-MAR-201215-MAR-201216-MAR-201219-MAR-201220-MAR-201221-MAR-201222-MAR-201223-MAR-201226-MAR-201227-MAR-201228-MAR-201229-MAR-201230-MAR-201202-APR-201203-APR-201204-APR-201209-APR-201210-APR-201211-APR-20121,011.001,004.251,007.251,005.901,005.501,003.901,000.101,000.001,000.051,003.901,001.051,000.00998.00998.00993.30994.06995.00998.00996.01996.00998.45997.001,001.00998.001,001.50999.951,000.251,012.001,008.001,007.501,006.251,005.601,004.791,000.301,000.951,003.951,003.901,002.001,000.10999.00999.00995.83998.00999.90999.00999.50999.001,001.001,000.251,002.001,000.991,001.501,002.241,002.501,003.001,004.251,005.021,005.001,004.00999.00999.00999.401,000.001,001.52999.99997.50993.00994.01993.30993.06995.00996.00994.55994.51996.15996.10998.00998.00997.75998.501,000.001,005.611,006.421,005.661,005.081,004.77999.42999.98999.991,003.581,001.871,000.01998.43996.35995.09994.13996.34999.21997.56996.14996.141,000.161,000.07998.79999.96998.221,001.721,002.461,007.981,005.901,005.881,005.601,005.041,002.91999.991,000.021,001.951,002.071,000.55998.79995.71995.33994.63995.67997.67997.69996.69996.851,000.00999.831,000.45999.73999.951,000.381,002.1343079551109032773921757771265052248241912992273916545289277112391157882158528354462168825490354362480184723934985170341179211860805915022255301976443423.491115.572790.231767.611271.422254.781912.982273.96655.79894.621124.521576.911578.48352.80215.71253.80353.532474.44470.83348.75170.34117.90118.6580.57150.21255.40198.06121591028129780447170686132748337634632551414713716513697118104219838011215693175This is a system generated report and does not require signaturePage 7 of 12

This is a system generated report and does not require signaturePage 8 of 12Sub : Trade statistics of IRFC N2 from 01-APR-2009 to 30-NOV-201212-APR-201213-APR-201216-APR-201217-APR-201218-APR-201219-APR-201220-APR-201223-APR-201224-APR-201225-APR-201226-APR-201227-APR-201230-APR-201202-MAY-201203-MAY-201204-MAY-201207-MAY-201208-MAY-201209-MAY-201210-MAY-201211-MAY-201214-MAY-201215-MAY-201216-MAY-201217-MAY-201218-MAY-201221-MAY-201222-MAY-201223-MAY-201224-MAY-201225-MAY-201228-MAY-201229-MAY-201230-MAY-201231-MAY-201201-JUN-201204-JUN-201205-JUN-2012TradeDate1,002.001,006.991,003.101,005.021,008.501,007.971,008.001,007.991,007.261,007.001,009.851,008.501,008.051,008.221,010.901,010.001,013.001,014.901,015.001,019.351,019.951,020.501,022.901,022.001,020.101,021.401,023.001,024.001,025.001,025.001,026.101,026.001,027.851,025.001,027.991,028.991,029.001,028.601,005.001,007.241,008.981,009.801,008.901,008.151,008.001,008.001,008.191,010.001,009.851,009.891,010.001,010.751,011.501,012.001,108.001,015.451,019.701,024.001,023.501,024.891,024.001,023.871,023.401,023.891,026.301,027.581,027.651,027.801,028.001,027.801,028.501,027.991,028.951,031.001,029.001,030.001,001.521,003.101,003.101,005.021,006.001,007.041,005.001,003.001,007.251,007.001,008.091,007.251,007.551,008.221,010.251,010.001,011.511,014.001,015.001,019.351,019.951,020.151,018.001,020.351,020.101,021.031,022.501,023.701,025.001,025.001,026.101,025.221,027.551,025.001,027.551,028.981,028.601,028.451,003.181,006.631,008.001,008.021,007.101,007.541,007.101,007.621,007.931,008.821,008.281,007.731,008.931,010.551,011.471,011.721,013.981,014.841,018.811,022.671,022.871,022.271,018.891,022.101,022.791,023.661,025.691,026.491,026.001,027.001,027.941,026.601,027.691,027.951,028.481,029.721,029.001,029.2425547276837668626905254971740411337290761136713418377117399205731154291552635408114539129581400545611049645793108312751501861102601560300117513171124441885468411290160795390256.12278.30772.31271.13256.93175.38114.20292.71114.57135.3938.03175.49207.49116.6092.5426.6541.37147.57131.92143.1746.64107.4346.7331.7731.9752.6819.05105.3216.0130.8417.9932.54127.9419.3848.17116.25165.4555.51220249221213214166761691221344584108114713947837570526735363240255013401226511525282623PRICEOpen High Low CloseTRADEQty(Nos.) Value (Rs. Lacs) Nos.Avg.1,002.531,005.311,007.111,007.721,007.691,007.691,007.321,006.701,007.891,009.031,008.591,008.641,008.571,010.201,010.801,011.521,013.841,014.971,018.091,022.291,022.671,023.491,020.621,022.151,022.421,022.941,023.811,026.511,026.471,027.591,027.331,026.321,028.121,027.851,028.481,029.631,028.981,029.96

This is a system generated report and does not require signaturePage 9 of 12Sub : Trade statistics of IRFC N2 from 01-APR-2009 to 30-NOV-201206-JUN-201207-JUN-201208-JUN-201211-JUN-201212-JUN-201213-JUN-201214-JUN-201215-JUN-201218-JUN-201219-JUN-201220-JUN-201221-JUN-201222-JUN-201225-JUN-201226-JUN-201227-JUN-201228-JUN-201229-JUN-201202-JUL-201203-JUL-201204-JUL-201205-JUL-201206-JUL-201209-JUL-201210-JUL-201211-JUL-201212-JUL-201213-JUL-201216-JUL-201217-JUL-201218-JUL-201219-JUL-201220-JUL-201223-JUL-201224-JUL-201225-JUL-201226-JUL-201227-JUL-2012TradeDate1,030.001,030.201,036.001,038.001,045.001,139.951,137.001,049.001,049.001,045.001,053.981,052.001,050.001,058.001,052.401,052.251,052.431,054.001,051.011,050.751,051.801,054.001,058.001,054.001,055.001,056.001,059.951,059.001,061.151,060.011,058.001,063.801,062.021,064.991,058.601,064.991,062.141,064.001,033.501,039.901,043.001,049.001,049.001,139.951,137.001,050.001,053.001,050.401,053.981,052.001,052.751,058.001,052.801,052.491,053.951,054.001,052.001,053.881,052.001,055.001,058.001,057.781,057.671,059.001,060.551,062.941,063.981,062.701,063.001,067.001,064.001,064.991,063.601,065.001,065.201,066.001,029.301,030.201,036.001,038.001,045.001,048.601,046.001,047.951,041.051,043.021,049.501,049.001,050.001,051.001,048.251,050.001,050.001,049.671,050.001,049.011,051.501,052.791,053.061,053.101,055.001,054.121,059.001,058.431,060.001,060.001,058.001,060.251,059.001,061.021,058.601,060.011,062.131,064.001,033.071,037.831,041.091,046.361,047.771,049.911,048.331,048.791,042.471,050.001,049.591,050.051,052.021,053.001,048.621,051.991,053.951,050.101,050.991,051.751,051.991,054.501,053.941,054.111,057.031,058.461,060.001,060.381,062.001,061.571,062.951,062.951,063.271,062.091,062.501,063.991,064.001,064.002949214823964488721744782302546009124320021304641921420013666141016323604559112491821914220106815515178131209597696618955088189714992625690366933251369694701379530.45222.2541.2651.1122.7750.2331.8548.2295.60335.97137.2544.00149.33143.8914.8217.1737.9358.74131.2886.45149.59112.5158.0918.7832.95101.5373.8320.1154.0620.1115.9027.9273.2971.123.45145.73100.78146.9238543039344014407564553930231917296113447272551342691312536151832534915455290PRICEOpen High Low CloseTRADEQty(Nos.) Value (Rs. Lacs) Nos.Avg.1,032.661,034.591,040.961,045.791,047.341,050.331,053.011,048.341,047.771,049.841,052.011,049.711,051.601,052.911,051.081,051.861,052.561,050.601,050.981,051.791,051.981,053.351,053.361,054.371,056.221,057.971,059.891,061.041,062.411,060.321,060.811,063.731,061.681,062.581,061.641,064.021,064.211,065.00

This is a system generated report and does not require signaturePage 10 of 12Sub : Trade statistics of IRFC N2 from 01-APR-2009 to 30-NOV-201230-JUL-201231-JUL-201201-AUG-201202-AUG-201203-AUG-201206-AUG-201207-AUG-201208-AUG-201209-AUG-201210-AUG-201213-AUG-201214-AUG-201216-AUG-201217-AUG-201221-AUG-201222-AUG-201223-AUG-201224-AUG-201227-AUG-201228-AUG-201229-AUG-201230-AUG-201231-AUG-201203-SEP-201204-SEP-201205-SEP-201206-SEP-201207-SEP-201210-SEP-201211-SEP-201212-SEP-201213-SEP-201214-SEP-201217-SEP-201218-SEP-201220-SEP-201221-SEP-201224-SEP-2012TradeDate1,060.001,064.001,062.231,062.051,062.211,069.001,063.001,064.901,063.261,066.991,066.751,066.961,067.601,069.481,067.051,067.001,067.991,067.001,067.751,003.601,069.001,069.001,071.361,070.001,066.001,070.351,069.501,072.011,072.001,072.001,075.901,071.501,074.751,079.001,077.001,077.761,076.001,077.001,065.961,064.901,063.001,063.891,065.031,069.001,065.001,065.001,066.511,067.001,066.991,067.501,067.971,069.501,067.291,068.001,067.991,068.251,068.791,069.001,070.001,069.841,071.401,071.001,073.661,070.951,071.951,073.001,072.121,073.031,075.901,074.751,249.001,079.251,077.001,080.001,082.471,080.001,060.001,063.201,060.001,062.011,062.201,062.511,063.001,063.001,063.251,065.501,066.701,066.501,066.511,065.251,066.101,065.001,067.001,067.001,067.75916.001,067.001,068.621,070.001,070.001,066.001,069.501,069.501,069.001,070.661,071.251,071.001,071.501,074.501,077.111,075.501,074.201,075.251,076.251,064.491,064.831,062.001,063.891,063.001,062.801,064.871,063.991,066.191,065.501,066.761,067.501,067.491,066.601,066.441,067.101,067.011,067.991,068.601,068.521,068.871,069.131,071.011,071.001,070.381,069.621,071.171,073.001,071.271,072.051,071.001,074.751,079.541,077.431,076.501,074.321,078.541,078.002464430491292786522492566333791467532103840324125019150211491197190952130149136634680047576233170084615109509282153011397119362630110124498425842802641613600725319019262.3332.46137.309.1923.93272.9235.97156.1434.2040.953.4613.34204.43225.7012.77203.8222.74159.2670.8872.5750.8566.65182.0049.43117.2299.3116.39122.08127.9228.19118.0648.26459.0330.2369.09146.6878.24204.9982323582554313717501011601201811716724690653630949601858443339201402016952881PRICEOpen High Low CloseTRADEQty(Nos.) Value (Rs. Lacs) Nos.Avg.1,064.471,064.511,062.101,062.301,063.921,063.481,064.511,064.011,065.281,066.351,066.761,066.971,067.511,067.181,066.641,067.401,067.661,067.951,068.481,067.281,069.011,069.391,070.091,070.991,070.511,069.961,071.361,071.141,071.701,071.881,072.101,072.881,077.941,078.721,076.831,078.551,078.681,077.81

This is a system generated report and does not require signaturePage 11 of 12Sub : Trade statistics of IRFC N2 from 01-APR-2009 to 30-NOV-201225-SEP-201226-SEP-201227-SEP-201228-SEP-201201-OCT-201203-OCT-201204-OCT-201205-OCT-201208-OCT-201209-OCT-201210-OCT-201211-OCT-201212-OCT-201215-OCT-201216-OCT-201217-OCT-201218-OCT-201219-OCT-201222-OCT-201223-OCT-201225-OCT-201226-OCT-201229-OCT-201230-OCT-201231-OCT-201201-NOV-201202-NOV-201205-NOV-201206-NOV-201207-NOV-201208-NOV-201209-NOV-201212-NOV-201213-NOV-201215-NOV-201216-NOV-201219-NOV-201220-NOV-2012TradeDate1,078.251,080.001,080.001,037.001,038.001,040.001,039.001,041.001,042.001,050.001,048.801,044.611,045.251,044.001,046.001,045.901,050.901,048.251,048.001,050.501,048.741,048.871,049.501,050.901,051.001,051.001,053.471,052.901,050.701,054.981,058.001,057.301,060.001,065.001,064.551,065.991,064.501,066.251,080.001,084.001,080.001,039.301,044.001,040.001,041.071,043.201,058.801,050.001,048.801,046.011,046.501,046.991,048.871,047.401,050.901,048.501,049.981,050.501,048.901,049.251,051.101,050.991,051.001,051.001,054.001,053.001,054.001,059.901,060.501,060.001,063.001,065.251,064.551,065.991,066.901,066.401,076.511,080.001,035.001,034.011,034.991,036.001,039.001,037.001,041.981,041.001,045.001,044.601,043.501,044.001,045.031,045.551,046.301,046.001,047.501,047.011,046.001,048.011,049.501,048.251,049.001,049.501,051.001,050.051,050.011,052.251,057.011,057.301,060.001,065.001,061.351,064.001,063.001,065.021,079.381,083.331,037.371,037.971,036.211,037.591,041.061,042.781,047.591,046.061,046.491,046.011,044.071,044.991,045.171,047.311,047.751,047.201,049.001,047.301,048.871,049.101,050.731,050.751,050.261,050.861,051.471,051.991,052.211,056.381,058.911,059.791,063.001,065.021,062.281,064.031,063.041,066.291490821013981699742397783460157503965322224531258301011650137082163035690280041655153085538289217936400062529466421991054789210240678282230562521112842342604325116.0988.92146.6372.5543.9980.7947.8459.9041.4733.7225.6913.1631.45121.78143.36226.36373.9429.31437.05160.4658.0830.33188.39420.01265.66697.51104.2557.6196.9225.4082.91236.2866.440.121.3645.0927.7234.6614431136956705782842920143354617829945681022916468298918232603024762728506421PRICEOpen High Low CloseTRADEQty(Nos.) Value (Rs. Lacs) Nos.Avg.1,079.551,083.041,048.781,036.821,037.801,037.991,039.871,041.711,045.841,046.591,047.221,045.831,044.781,045.361,045.811,046.521,047.741,046.791,049.221,048.191,048.791,048.921,050.341,049.871,050.271,050.141,051.981,051.691,052.361,055.791,059.131,059.301,062.681,065.021,062.611,064.851,064.691,066.14

Sub : Trade statistics of IRFC N2 from 01-APR-2009 to 30-NOV-2012TradeDatePRICEOpen High Low CloseAvg.TRADEQty(Nos.) Value (Rs. Lacs) Nos.21-NOV-201222-NOV-201223-NOV-201226-NOV-201227-NOV-201229-NOV-201230-NOV-20121,066.301,067.001,068.891,065.001,064.001,060.011,068.001,067.451,067.451,068.891,066.001,064.501,068.001,068.001,064.521,066.901,064.001,062.701,060.001,060.001,065.001,065.581,066.901,064.731,063.501,062.931,067.261,065.301,066.471,067.081,065.651,064.861,063.331,065.721,066.145832363812064034583313733264662.2038.8212.8542.9662.02146.3628.21646130371056318Total :8398411 85073.74 30611This is a system generated report and does not require signaturePage 12 of 12

SCRIP CODE TRADE DATE ABBREVIATEDNAMEOPEN RATE HIGH RATE LOW RATE CLOSE RATE NO OFTRADESNO OF SHARESTRADEDNETTURNOVER (Rs)961731 02/03/2012 8IRFC230222 1012.55 1018.90 1004.00 1016.26 389 94496 95549581961731 03/03/2012 8IRFC230222 1012.00 1015.00 1012.00 1015.00 7 300 304470961731 05/03/2012 8IRFC230222 1020.00 1020.00 1007.00 1014.51 68 7724 7835158961731 06/03/2012 8IRFC230222 1017.86 1020.00 1014.00 1017.31 36 4100 4176588961731 07/03/2012 8IRFC230222 1012.10 1017.00 1012.00 1016.46 28 2149 2182580961731 09/03/2012 8IRFC230222 1015.00 1015.50 1014.00 1014.00 5 199 201892961731 12/03/2012 8IRFC230222 1013.99 1013.99 1011.00 1011.00 18 1425 1444200961731 13/03/2012 8IRFC230222 1010.00 1013.00 1008.00 1013.00 9 670 676435961731 14/03/2012 8IRFC230222 1011.00 1012.50 1011.00 1012.17 12 3185 3223139961731 15/03/2012 8IRFC230222 1013.00 1013.00 1012.00 1012.90 7 1134 1148625961731 16/03/2012 8IRFC230222 1012.00 1013.00 1009.19 1011.06 15 1490 1508557961731 19/03/2012 8IRFC230222 1001.00 1009.00 1001.00 1009.00 15 1167 1171793961731 20/03/2012 8IRFC230222 1008.75 1008.75 1008.75 1008.75 1 50 50437961731 21/03/2012 8IRFC230222 1006.00 1006.00 980.00 1004.50 63 109992 110209110961731 22/03/2012 8IRFC230222 1004.00 1005.00 1001.50 1002.74 19 1612 1616979961731 23/03/2012 8IRFC230222 1004.00 1004.00 1002.00 1002.00 11 688 689441961731 26/03/2012 8IRFC230222 1005.00 1006.99 1002.00 1005.48 24 1275 1281821961731 27/03/2012 8IRFC230222 1002.20 1008.10 1002.20 1007.34 52 3369 3389450961731 28/03/2012 8IRFC230222 1002.05 1002.05 999.95 999.95 14 7155 7162240961731 29/03/2012 8IRFC230222 999.00 1001.00 995.00 1001.00 25 5228 5231020961731 30/03/2012 8IRFC230222 1005.00 1007.99 1005.00 1007.99 9 474 476744961731 02/04/2012 8IRFC230222 1004.00 1004.00 1002.00 1002.00 11 321 322139961731 04/04/2012 8IRFC230222 1005.50 1012.00 1005.50 1008.00 21 1284 1294144961731 09/04/2012 8IRFC230222 1000.00 1008.00 1000.00 1000.05 21 1732 1736792961731 10/04/2012 8IRFC230222 1000.50 1006.69 1000.00 1006.69 13 1900 1900943961731 11/04/2012 8IRFC230222 1005.05 1013.00 1005.05 1011.87 5 250 252590961731 12/04/2012 8IRFC230222 1013.90 1020.00 1013.00 1020.00 31 2217 2253569961731 13/04/2012 8IRFC230222 991.00 1030.00 991.00 1020.00 13 432 443989961731 16/04/2012 8IRFC230222 1015.00 1020.00 1015.00 1016.90 9 445 452447961731 17/04/2012 8IRFC230222 1016.90 1023.00 1016.90 1019.00 16 515 525737961731 18/04/2012 8IRFC230222 1018.00 1022.22 1018.00 1022.22 3 184 187903961731 19/04/2012 8IRFC230222 1021.00 1021.00 1021.00 1021.00 1 50 51050961731 20/04/2012 8IRFC230222 1032.31 1032.31 1020.50 1020.50 2 200 205281961731 23/04/2012 8IRFC230222 1021.00 1021.00 1014.00 1016.00 17 2015 2057240961731 24/04/2012 8IRFC230222 1015.00 1015.00 1015.00 1015.00 2 310 314650961731 25/04/2012 8IRFC230222 1020.00 1024.99 1013.13 1019.80 9 222 226976961731 26/04/2012 8IRFC230222 1019.99 1028.99 1019.99 1021.00 12 762 780133961731 27/04/2012 8IRFC230222 1016.00 1016.00 1016.00 1016.00 6 750 762000961731 30/04/2012 8IRFC230222 1016.00 1016.00 1013.00 1013.00 5 306 310878961731 02/05/2012 8IRFC230222 1019.99 1020.00 1019.99 1020.00 9 2121 2163419961731 03/05/2012 8IRFC230222 1020.00 1022.00 1017.00 1017.00 5 455 464070961731 04/05/2012 8IRFC230222 1017.00 1020.00 1016.00 1020.00 12 916 931816961731 07/05/2012 8IRFC230222 1020.00 1020.00 1020.00 1020.00 2 10 10200961731 08/05/2012 8IRFC230222 1034.45 1034.45 1029.98 1029.98 5 89 91891

SCRIP CODE TRADE DATE ABBREVIATEDNAMEOPEN RATE HIGH RATE LOW RATE CLOSE RATE NO OFTRADESNO OF SHARESTRADEDNETTURNOVER (Rs)961731 09/05/2012 8IRFC230222 1015.04 1022.00 1015.00 1017.50 14 853 866523961731 14/05/2012 8IRFC230222 1020.00 1020.00 1019.00 1020.00 6 370 377250961731 15/05/2012 8IRFC230222 1018.25 1018.25 1018.25 1018.25 1 40 40730961731 16/05/2012 8IRFC230222 1019.40 1027.00 1019.40 1023.90 11 1518 1554454961731 17/05/2012 8IRFC230222 1020.00 1030.00 1020.00 1030.00 4 225 229591961731 18/05/2012 8IRFC230222 1021.00 1034.00 1018.00 1020.08 13 4251 4336149961731 22/05/2012 8IRFC230222 1018.00 1030.00 1018.00 1023.50 12 2125 2169789961731 23/05/2012 8IRFC230222 1024.00 1024.00 1022.75 1022.75 2 52 53245961731 24/05/2012 8IRFC230222 1023.25 1023.25 1019.00 1019.00 4 189 192803961731 28/05/2012 8IRFC230222 1020.00 1020.60 1020.00 1020.60 13 320 326571961731 29/05/2012 8IRFC230222 1021.25 1021.25 1019.30 1019.81 7 244 248871961731 30/05/2012 8IRFC230222 1024.00 1025.00 1024.00 1025.00 4 153 156702961731 01/06/2012 8IRFC230222 1045.00 1190.00 1030.00 1098.38 8 660 701900961731 04/06/2012 8IRFC230222 1030.00 1032.00 1030.00 1032.00 2 273 281590961731 05/06/2012 8IRFC230222 1031.00 1031.00 1031.00 1031.00 7 750 773250961731 06/06/2012 8IRFC230222 1032.00 1034.00 1030.00 1034.00 5 227 234268961731 07/06/2012 8IRFC230222 1033.00 1036.00 1031.26 1031.26 11 1170 1208537961731 08/06/2012 8IRFC230222 1035.90 1036.00 1034.00 1034.60 8 702 725986961731 11/06/2012 8IRFC230222 1038.00 1038.00 1038.00 1038.00 9 500 519000961731 12/06/2012 8IRFC230222 1038.00 1038.00 1038.00 1038.00 9 386 400668961731 13/06/2012 8IRFC230222 1041.00 1042.00 1040.00 1041.00 7 15 15615961731 14/06/2012 8IRFC230222 1036.49 1040.00 1036.49 1040.00 9 620 644564961731 15/06/2012 8IRFC230222 1037.01 1042.00 1037.01 1042.00 7 523 543354961731 18/06/2012 8IRFC230222 1043.50 1043.50 1039.00 1039.00 8 300 312367961731 19/06/2012 8IRFC230222 1039.05 1039.10 1039.05 1039.10 11 985 1023511961731 20/06/2012 8IRFC230222 1038.00 1042.00 1038.00 1040.00 7 705 733499961731 21/06/2012 8IRFC230222 1042.00 1043.00 1042.00 1043.00 6 500 521400961731 26/06/2012 8IRFC230222 1050.00 1050.00 1050.00 1050.00 2 500 525000961731 27/06/2012 8IRFC230222 1047.00 1047.00 1047.00 1047.00 1 100 104700961731 28/06/2012 8IRFC230222 1044.00 1044.00 1044.00 1044.00 1 50 52200961731 29/06/2012 8IRFC230222 1050.00 1050.00 1049.50 1049.50 3 260 272995961731 02/07/2012 8IRFC230222 1075.00 1090.00 1047.52 1047.52 17 2180 2321178961731 03/07/2012 8IRFC230222 1049.50 1050.45 1041.55 1041.91 38 3196 3338834961731 04/07/2012 8IRFC230222 1049.75 1050.55 1046.50 1049.07 14 1400 1469110961731 05/07/2012 8IRFC230222 1047.99 1048.00 1045.10 1048.00 20 561 587920961731 06/07/2012 8IRFC230222 1047.98 1048.00 1047.98 1047.99 6 706 739881961731 10/07/2012 8IRFC230222 1044.00 1048.49 1044.00 1048.49 3 4 4184961731 11/07/2012 8IRFC230222 1048.49 1048.50 1046.01 1047.08 6 966 1011674961731 12/07/2012 8IRFC230222 1053.74 1053.75 1052.99 1052.99 5 191 201193961731 13/07/2012 8IRFC230222 1055.65 1055.65 1048.12 1049.83 18 2131 2239342961731 16/07/2012 8IRFC230222 1050.00 1050.00 1049.55 1049.55 2 1010 1060050961731 17/07/2012 8IRFC230222 1053.00 1054.00 1050.20 1051.30 10 109 114701961731 18/07/2012 8IRFC230222 1051.00 1052.46 1051.00 1052.46 5 191 201005961731 19/07/2012 8IRFC230222 1048.26 1052.00 1048.26 1050.56 7 1423 1494866

SCRIP CODE TRADE DATE ABBREVIATEDNAMEOPEN RATE HIGH RATE LOW RATE CLOSE RATE NO OFTRADESNO OF SHARESTRADEDNETTURNOVER (Rs)961731 20/07/2012 8IRFC230222 1052.48 1055.00 1049.11 1049.25 25 1904 2003934961731 23/07/2012 8IRFC230222 1047.16 1053.00 1047.15 1053.00 4 300 314240961731 24/07/2012 8IRFC230222 1052.97 1052.98 1052.97 1052.98 5 249 262190961731 26/07/2012 8IRFC230222 1053.50 1054.00 1050.00 1050.00 35 10015 10539768961731 27/07/2012 8IRFC230222 1048.29 1051.49 1047.00 1047.93 12 3847 4031823961731 30/07/2012 8IRFC230222 1048.20 1048.20 1048.20 1048.20 1 10 10482961731 31/07/2012 8IRFC230222 1050.00 1050.00 1048.00 1050.00 3 113 118636961731 01/08/2012 8IRFC230222 1047.00 1050.00 1047.00 1047.00 10 210 220158961731 02/08/2012 8IRFC230222 1042.00 1047.00 1042.00 1047.00 31 744 777466961731 06/08/2012 8IRFC230222 1052.00 1053.50 1052.00 1053.50 2 100 105275961731 07/08/2012 8IRFC230222 1051.00 1051.00 1051.00 1051.00 4 408 428808961731 08/08/2012 8IRFC230222 1052.90 1052.90 1051.00 1051.25 5 550 578485961731 09/08/2012 8IRFC230222 1051.99 1052.00 1051.99 1052.00 5 629 661704961731 10/08/2012 8IRFC230222 1050.00 1052.50 1050.00 1052.50 4 110 115724961731 14/08/2012 8IRFC230222 1053.50 1054.50 1053.00 1054.50 11 350 369049961731 16/08/2012 8IRFC230222 1056.00 1056.00 1054.50 1055.00 24 4600 4853569961731 17/08/2012 8IRFC230222 1054.50 1054.50 1054.50 1054.50 1 10 10545961731 21/08/2012 8IRFC230222 1055.00 1056.42 1054.00 1056.42 5 425 448883961731 22/08/2012 8IRFC230222 1057.88 1057.88 1056.00 1057.53 7 530 560526961731 23/08/2012 8IRFC230222 1056.00 1056.00 1054.00 1054.21 8 1352 1425228961731 24/08/2012 8IRFC230222 1058.49 1058.49 1056.00 1057.99 7 106 112116961731 27/08/2012 8IRFC230222 1058.00 1058.97 1058.00 1058.97 4 170 180015961731 28/08/2012 8IRFC230222 1061.25 1061.25 1057.01 1059.20 25 3282 3474584961731 29/08/2012 8IRFC230222 1060.00 1060.00 1060.00 1060.00 4 55 58300961731 30/08/2012 8IRFC230222 1059.00 1061.50 1059.00 1061.50 6 289 306729961731 31/08/2012 8IRFC230222 1061.98 1061.99 1061.90 1061.95 5 80 84956961731 03/09/2012 8IRFC230222 1062.50 1062.50 1062.50 1062.50 1 65 69062961731 04/09/2012 8IRFC230222 1060.00 1060.00 1060.00 1060.00 1 10 10600961731 05/09/2012 8IRFC230222 1062.75 1062.75 1060.00 1062.60 6 1005 1067975961731 06/09/2012 8IRFC230222 1062.00 1062.99 1061.55 1062.75 19 1185 1259457961731 07/09/2012 8IRFC230222 1063.00 1064.05 1062.00 1062.06 23 1865 1982484961731 10/09/2012 8IRFC230222 1062.05 1063.80 1062.00 1063.01 14 2184 2322897961731 11/09/2012 8IRFC230222 1062.00 1062.25 1061.00 1061.52 17 1880 1996014961731 12/09/2012 8IRFC230222 1062.00 1063.00 1062.00 1062.05 19 1745 1854090961731 13/09/2012 8IRFC230222 1065.00 1065.00 1063.50 1063.50 6 430 457455961731 14/09/2012 8IRFC230222 1065.00 1066.99 1063.00 1063.25 14 949 1011592961731 18/09/2012 8IRFC230222 1068.50 1068.50 1065.00 1065.17 33 5456 5820237961731 20/09/2012 8IRFC230222 1065.25 1065.95 1065.00 1065.12 21 2075 2210242961731 21/09/2012 8IRFC230222 1067.25 1067.25 1062.50 1066.15 8 1140 1215484961731 24/09/2012 8IRFC230222 1067.00 1067.00 1067.00 1067.00 1 800 853600961731 25/09/2012 8IRFC230222 1068.50 1068.50 1067.00 1067.01 9 1000 1068101961731 26/09/2012 8IRFC230222 1066.90 1069.00 1066.90 1069.00 7 1141 1218726961731 27/09/2012 8IRFC230222 1068.00 1068.00 1021.00 1021.53 127 15871 16459966961731 28/09/2012 8IRFC230222 1025.00 1026.00 1025.00 1025.00 17 987 1011783

SCRIP CODE TRADE DATE ABBREVIATEDNAMEOPEN RATE HIGH RATE LOW RATE CLOSE RATE NO OFTRADESNO OF SHARESTRADEDNETTURNOVER (Rs)961731 01/10/2012 8IRFC230222 1025.60 1028.99 1025.00 1028.99 9 941 964989961731 03/10/2012 8IRFC230222 1028.75 1030.00 1028.00 1029.68 28 5170 5322801961731 04/10/2012 8IRFC230222 1030.00 1031.00 1027.00 1027.00 18 2397 2466605961731 05/10/2012 8IRFC230222 1026.00 1030.78 1026.00 1030.52 7 1290 1328348961731 08/10/2012 8IRFC230222 1030.00 1033.99 1030.00 1033.99 2 35 36149961731 09/10/2012 8IRFC230222 1033.99 1035.00 1032.00 1033.90 20 1761 1820367961731 10/10/2012 8IRFC230222 1031.50 1033.00 1031.00 1031.00 35 4661 4812182961731 11/10/2012 8IRFC230222 1028.01 1031.49 1028.00 1031.00 11 205 210964961731 12/10/2012 8IRFC230222 1031.50 1031.50 1031.00 1031.25 2 2 2062961731 15/10/2012 8IRFC230222 1032.00 1032.48 1028.10 1028.10 10 1085 1118946961731 16/10/2012 8IRFC230222 1032.75 1032.75 1030.30 1030.85 9 910 938684961731 17/10/2012 8IRFC230222 1032.65 1033.25 1032.10 1033.01 28 4521 4670033961731 18/10/2012 8IRFC230222 1034.45 1034.45 1033.50 1033.50 15 1096 1133138961731 19/10/2012 8IRFC230222 1035.75 1035.75 1034.00 1034.00 4 845 873881961731 22/10/2012 8IRFC230222 1035.35 1036.50 1035.35 1036.33 10 2110 2185657961731 23/10/2012 8IRFC230222 1035.00 1035.00 1035.00 1035.00 1 400 414000961731 25/10/2012 8IRFC230222 1036.50 1037.90 1036.50 1037.90 12 2848 2952970961731 26/10/2012 8IRFC230222 1037.99 1042.97 1037.99 1040.00 9 1220 1267986961731 29/10/2012 8IRFC230222 1041.85 1041.85 1040.25 1040.25 4 160 166523961731 30/10/2012 8IRFC230222 1040.40 1041.05 1040.00 1040.00 14 595 619152961731 31/10/2012 8IRFC230222 1041.60 1042.85 1041.60 1042.60 19 2470 2575250961731 01/11/2012 8IRFC230222 1042.00 1042.00 1042.00 1042.00 1 100 104200961731 02/11/2012 8IRFC230222 1042.00 1042.00 1040.00 1041.35 19 1490 1550880961731 05/11/2012 8IRFC230222 1043.39 1044.00 1039.00 1039.99 24 2928 3045849961731 06/11/2012 8IRFC230222 1041.99 1041.99 1034.90 1035.00 30 3843 3981819961731 07/11/2012 8IRFC230222 1039.70 1042.00 1039.70 1041.72 13 1615 1680323961731 09/11/2012 8IRFC230222 1046.00 1049.00 1046.00 1049.00 4 325 340200961731 12/11/2012 8IRFC230222 1048.00 1053.00 1048.00 1053.00 4 125 131125961731 13/11/2012 8IRFC230222 1053.99 1053.99 1053.50 1053.50 3 250 263439961731 15/11/2012 8IRFC230222 1051.00 1056.85 1051.00 1056.85 8 800 844125961731 16/11/2012 8IRFC230222 1050.01 1054.70 1050.01 1054.70 15 1972 2075530961731 19/11/2012 8IRFC230222 1054.75 1056.50 1054.00 1054.00 10 1185 1250527961731 20/11/2012 8IRFC230222 1059.00 1059.00 1053.00 1054.89 18 1930 2035898961731 21/11/2012 8IRFC230222 1055.80 1056.99 1055.20 1055.23 8 1070 1129994961731 22/11/2012 8IRFC230222 1056.00 1056.00 1055.00 1055.00 8 1350 1424475961731 23/11/2012 8IRFC230222 1056.00 1056.00 1056.00 1056.00 2 100 105600961731 26/11/2012 8IRFC230222 1056.40 1058.35 1056.40 1058.29 4 47 49730961731 27/11/2012 8IRFC230222 1056.30 1057.00 1056.20 1057.00 5 150 158460961732 02/03/2012 810IRFC2327 1009.00 1010.16 1003.00 1005.63 5345 1689005 1702435360961732 03/03/2012 810IRFC2327 1004.55 1007.97 1004.55 1006.14 235 48529 48815039961732 05/03/2012 810IRFC2327 1007.90 1008.00 1005.00 1005.65 560 181775 182790573961732 06/03/2012 810IRFC2327 1006.00 1006.20 1005.00 1005.05 323 70606 71007232961732 07/03/2012 810IRFC2327 1005.50 1005.87 1004.00 1004.16 366 93643 94097608961732 09/03/2012 810IRFC2327 1003.25 1004.01 999.00 999.58 578 97817 97981330

SCRIP CODE TRADE DATE ABBREVIATEDNAMEOPEN RATE HIGH RATE LOW RATE CLOSE RATE NO OFTRADESNO OF SHARESTRADEDNETTURNOVER (Rs)961732 12/03/2012 810IRFC2327 999.00 1000.40 999.00 1000.00 365 158922 158908460961732 13/03/2012 810IRFC2327 1000.00 1000.39 999.50 999.60 132 57564 57563953961732 14/03/2012 810IRFC2327 999.50 1003.60 999.50 1003.12 191 45699 45776281961732 15/03/2012 810IRFC2327 1002.25 1002.89 1001.00 1001.94 167 33058 33116456961732 16/03/2012 810IRFC2327 1005.00 1005.00 1000.00 1000.06 119 70544 70754013961732 19/03/2012 810IRFC2327 1002.00 1002.00 997.00 998.49 126 17486 17461708961732 20/03/2012 810IRFC2327 998.00 998.00 991.01 996.42 210 53855 53562838961732 21/03/2012 810IRFC2327 992.50 996.35 992.50 995.55 39 10610 10562135961732 22/03/2012 810IRFC2327 998.50 998.50 990.35 994.00 48 7910 7860672961732 23/03/2012 810IRFC2327 996.00 997.00 992.00 995.91 49 6102 6074469961732 26/03/2012 810IRFC2327 996.00 999.90 995.00 999.31 135 32393 32303805961732 27/03/2012 810IRFC2327 996.05 1001.89 996.05 998.81 108 26523 26483769961732 28/03/2012 810IRFC2327 996.00 999.95 995.10 998.75 70 19850 19831093961732 29/03/2012 810IRFC2327 998.00 999.50 995.00 997.00 40 3762 3756686961732 30/03/2012 810IRFC2327 995.01 1002.50 995.01 1000.95 100 16401 16416239961732 02/04/2012 810IRFC2327 1000.95 1000.95 995.50 1000.50 29 4972 4973271961732 03/04/2012 810IRFC2327 1000.50 1000.95 998.00 998.39 60 10779 10785689961732 04/04/2012 810IRFC2327 997.00 999.50 995.50 998.99 58 19269 19230798961732 09/04/2012 810IRFC2327 999.00 1000.89 995.50 996.20 51 5977 5961303961732 10/04/2012 810IRFC2327 996.25 1002.00 996.25 1001.09 66 12673 12681425961732 11/04/2012 810IRFC2327 1002.73 1002.73 999.70 1000.97 38 19165 19210347961732 12/04/2012 810IRFC2327 1002.00 1004.00 1002.00 1003.48 57 10355 10384852961732 13/04/2012 810IRFC2327 1005.00 1025.00 1003.00 1006.84 131 27408 27569789961732 16/04/2012 810IRFC2327 1007.00 1008.50 1004.60 1008.02 62 33185 33437692961732 17/04/2012 810IRFC2327 1010.09 1010.09 1005.25 1008.10 102 68545 69193097961732 18/04/2012 810IRFC2327 1008.01 1009.20 1006.75 1007.70 38 7747 7807421961732 19/04/2012 810IRFC2327 1007.00 1009.85 1007.00 1007.48 65 12877 12979119961732 20/04/2012 810IRFC2327 1007.50 1008.35 1007.00 1007.08 21 2316 2333151961732 23/04/2012 810IRFC2327 1007.00 1007.49 1005.00 1006.83 68 14342 14434433961732 24/04/2012 810IRFC2327 1007.50 1007.50 1005.00 1007.00 22 2100 2113558961732 25/04/2012 810IRFC2327 1009.90 1010.09 1007.50 1009.28 95 13386 13507706961732 26/04/2012 810IRFC2327 1009.60 1009.80 1008.20 1008.91 25 10846 10946187961732 27/04/2012 810IRFC2327 1008.00 1008.99 1007.00 1007.14 30 8636 8703216961732 28/04/2012 810IRFC2327 1005.00 1009.45 1005.00 1008.60 14 2940 2963455961732 30/04/2012 810IRFC2327 1003.50 1010.00 1003.50 1008.91 52 22768 22968927961732 02/05/2012 810IRFC2327 1008.00 1011.00 1008.00 1010.42 39 7942 8022406961732 03/05/2012 810IRFC2327 1009.90 1012.00 1009.90 1011.63 44 3940 3983881961732 04/05/2012 810IRFC2327 1012.00 1012.95 1010.00 1010.45 40 9971 10080678961732 07/05/2012 810IRFC2327 1012.99 1015.95 1011.00 1015.53 21 2935 2979757961732 08/05/2012 810IRFC2327 1015.00 1016.00 1012.55 1014.50 16 1685 1710398961732 09/05/2012 810IRFC2327 1012.00 1018.51 1012.00 1017.07 36 8285 8430910961732 10/05/2012 810IRFC2327 1015.00 1023.90 1015.00 1023.64 43 9854 10075543961732 11/05/2012 810IRFC2327 1015.00 1025.65 1015.00 1022.70 43 31308 32052014961732 14/05/2012 810IRFC2327 1023.90 1024.90 1021.75 1023.44 23 6189 6333416

SCRIP CODE TRADE DATE ABBREVIATEDNAMEOPEN RATE HIGH RATE LOW RATE CLOSE RATE NO OFTRADESNO OF SHARESTRADEDNETTURNOVER (Rs)961732 15/05/2012 810IRFC2327 1021.25 1022.80 1020.50 1020.50 10 521 532070961732 16/05/2012 810IRFC2327 1021.10 1022.00 1020.00 1020.26 24 3091 3155553961732 17/05/2012 810IRFC2327 1022.00 1023.00 1020.50 1021.36 24 3640 3719764961732 18/05/2012 810IRFC2327 1021.00 1024.00 1020.10 1023.79 27 3062 3130439961732 21/05/2012 810IRFC2327 1023.90 1025.89 1023.25 1025.89 19 3928 4023670961732 22/05/2012 810IRFC2327 1024.00 1026.99 1024.00 1025.39 27 2267 2325099961732 23/05/2012 810IRFC2327 1025.99 1027.95 1025.00 1025.00 17 1816 1862566961732 24/05/2012 810IRFC2327 1027.40 1027.99 1025.05 1025.20 14 2410 2474568961732 25/05/2012 810IRFC2327 1025.90 1028.50 1025.90 1028.23 8 1058 1087615961732 28/05/2012 810IRFC2327 1027.00 1027.50 1026.75 1027.14 13 3219 3306718961732 29/05/2012 810IRFC2327 1028.00 1028.95 1026.75 1027.30 23 5288 5433386961732 30/05/2012 810IRFC2327 1026.00 1028.00 1026.00 1027.99 7 1102 1132843961732 31/05/2012 810IRFC2327 1027.00 1028.95 1027.00 1027.82 16 2035 2093447961732 01/06/2012 810IRFC2327 1028.00 1029.99 1025.05 1029.99 23 8941 9201993961732 04/06/2012 810IRFC2327 1029.00 1029.00 1028.10 1029.00 37 4445 4573637961732 05/06/2012 810IRFC2327 1029.00 1030.00 1028.20 1029.81 29 11221 11555918961732 06/06/2012 810IRFC2327 1032.00 1032.00 1028.50 1031.50 20 2060 2124324961732 07/06/2012 810IRFC2327 1032.00 1042.50 1032.00 1041.97 40 6186 6427442961732 08/06/2012 810IRFC2327 1039.50 1044.00 1039.50 1041.85 27 3262 3397861961732 11/06/2012 810IRFC2327 1044.00 1046.69 1041.55 1045.01 29 1766 1846103961732 12/06/2012 810IRFC2327 1045.00 1050.00 1045.00 1049.73 21 1426 1495123961732 13/06/2012 810IRFC2327 1050.01 1050.01 1049.00 1049.00 2 70 73480961732 14/06/2012 810IRFC2327 1051.90 1054.00 1048.05 1052.98 6 551 578652961732 15/06/2012 810IRFC2327 1047.25 1048.90 1047.00 1048.77 6 1000 1048312961732 18/06/2012 810IRFC2327 1049.00 1049.00 1046.50 1047.00 30 5150 5396216961732 19/06/2012 810IRFC2327 1044.00 1049.01 1044.00 1049.00 7 576 603593961732 20/06/2012 810IRFC2327 1051.50 1051.50 1048.00 1049.66 23 12998 13647224961732 21/06/2012 810IRFC2327 1058.00 1058.00 1047.00 1050.14 15 3716 3902481961732 22/06/2012 810IRFC2327 1048.00 1052.80 1048.00 1052.76 5 550 576638961732 25/06/2012 810IRFC2327 1053.98 1053.98 1050.00 1050.44 20 1570 1649816961732 26/06/2012 810IRFC2327 1052.00 1053.95 1051.25 1051.25 5 400 421276961732 27/06/2012 810IRFC2327 1053.50 1053.99 1050.61 1051.10 12 20529 21627540961732 28/06/2012 810IRFC2327 1048.00 1050.00 1048.00 1050.00 5 676 708950961732 29/06/2012 810IRFC2327 1051.01 1053.45 1044.00 1049.99 45 10791 11321290961732 02/07/2012 810IRFC2327 1049.99 1049.99 1049.99 1049.99 1 45 47249961732 03/07/2012 810IRFC2327 1052.43 1052.48 1048.00 1050.02 59 35918 37780107961732 04/07/2012 810IRFC2327 1050.00 1053.00 1050.00 1052.80 5 890 935622961732 05/07/2012 810IRFC2327 1050.00 1057.99 1050.00 1057.89 28 14790 15588924961732 06/07/2012 810IRFC2327 1054.00 1054.00 1053.25 1053.87 10 1860 1960268961732 09/07/2012 810IRFC2327 1053.31 1057.00 1053.30 1055.79 10 777 820374961732 10/07/2012 810IRFC2327 1055.75 1057.00 1055.65 1056.99 10 6400 6758403961732 11/07/2012 810IRFC2327 1056.75 1058.40 1056.70 1058.24 9 1415 1496140961732 12/07/2012 810IRFC2327 1058.23 1060.40 1058.23 1058.62 12 2800 2966633961732 13/07/2012 810IRFC2327 1060.99 1061.73 1060.99 1061.69 12 1675 1777726

SCRIP CODE TRADE DATE ABBREVIATEDNAMEOPEN RATE HIGH RATE LOW RATE CLOSE RATE NO OFTRADESNO OF SHARESTRADEDNETTURNOVER (Rs)961732 16/07/2012 810IRFC2327 1060.00 1063.98 1059.00 1060.01 23 2120 2249795961732 17/07/2012 810IRFC2327 1061.20 1062.58 1060.00 1060.01 30 5649 5988562961732 18/07/2012 810IRFC2327 1061.00 1063.00 1061.00 1062.82 51 21855 23222158961732 19/07/2012 810IRFC2327 1064.00 1067.00 1061.56 1062.77 35 12421 13199942961732 20/07/2012 810IRFC2327 1062.76 1062.77 1060.00 1062.23 10 1312 1392925961732 23/07/2012 810IRFC2327 1062.00 1063.50 1062.00 1062.04 11 5960 6330682961732 24/07/2012 810IRFC2327 1065.99 1065.99 1065.29 1065.29 13 440 468900961732 25/07/2012 810IRFC2327 1065.11 1065.11 1063.00 1063.99 20 5254 5590046961732 26/07/2012 810IRFC2327 1063.50 1065.75 1063.50 1064.00 33 12522 13326322961732 27/07/2012 810IRFC2327 1064.50 1065.60 1064.25 1065.00 12 2450 2609033961732 30/07/2012 810IRFC2327 1064.00 1064.50 1064.00 1064.42 14 7065 7520671961732 31/07/2012 810IRFC2327 1064.87 1066.90 1062.08 1064.58 19 1672 1780555961732 01/08/2012 810IRFC2327 1063.10 1063.95 1060.75 1061.99 29 13224 14046088961732 02/08/2012 810IRFC2327 1065.00 1065.00 1062.56 1063.98 20 1702 1810998961732 03/08/2012 810IRFC2327 1063.00 1065.90 1063.00 1065.14 29 4970 5293778961732 06/08/2012 810IRFC2327 1065.00 1066.00 1062.75 1062.79 115 48225 51290550961732 07/08/2012 810IRFC2327 1064.97 1065.00 1064.97 1065.00 21 3879 4131102961732 08/08/2012 810IRFC2327 1064.00 1065.00 1064.00 1065.00 3 102 108628961732 09/08/2012 810IRFC2327 1066.54 1066.55 1065.00 1066.04 19 3629 3868899961732 10/08/2012 810IRFC2327 1066.00 1066.74 1066.00 1066.00 5 306 326230961732 13/08/2012 810IRFC2327 1064.56 1065.50 1064.55 1065.46 8 2109 2246932961732 14/08/2012 810IRFC2327 1067.25 1067.49 1065.75 1065.97 19 2598 2769004961732 16/08/2012 810IRFC2327 1067.75 1067.75 1067.49 1067.49 4 560 597911961732 17/08/2012 810IRFC2327 1067.00 1067.88 1066.00 1066.40 57 17410 18567806961732 21/08/2012 810IRFC2327 1064.00 1067.00 1064.00 1066.51 12 730 778455961732 22/08/2012 810IRFC2327 1067.00 1067.60 1065.55 1066.50 37 4942 5271869961732 23/08/2012 810IRFC2327 1067.85 1067.85 1067.50 1067.80 3 1669 1782157961732 24/08/2012 810IRFC2327 1068.25 1068.25 1067.00 1067.21 13 2410 2573918961732 27/08/2012 810IRFC2327 1068.69 1069.00 1067.00 1067.80 17 1935 2067067961732 28/08/2012 810IRFC2327 1069.00 1069.00 1068.00 1068.71 29 7450 7963154961732 29/08/2012 810IRFC2327 1069.59 1069.87 1068.35 1068.35 10 7920 8464304961732 30/08/2012 810IRFC2327 1068.00 1070.00 1068.00 1069.00 26 7790 8331292961732 31/08/2012 810IRFC2327 1070.20 1071.00 1070.20 1070.65 12 1680 1798705961732 03/09/2012 810IRFC2327 1070.00 1070.00 1070.00 1070.00 1 1 1070961732 04/09/2012 810IRFC2327 1070.51 1071.00 1069.00 1069.00 19 1280 1370431961732 05/09/2012 810IRFC2327 1070.00 1070.00 1069.01 1069.50 7 1502 1606639961732 06/09/2012 810IRFC2327 1071.00 1072.00 1071.00 1071.97 7 310 332309961732 07/09/2012 810IRFC2327 1072.00 1075.99 1070.10 1073.00 35 5621 6022122961732 10/09/2012 810IRFC2327 1069.30 1072.50 1069.30 1071.45 29 5904 6325338961732 11/09/2012 810IRFC2327 1072.72 1073.00 1071.01 1071.36 19 3090 3310697961732 12/09/2012 810IRFC2327 1073.00 1073.00 1071.00 1071.00 32 4288 4595033961732 13/09/2012 810IRFC2327 1071.50 1073.50 1071.50 1073.50 19 6151 6596837961732 14/09/2012 810IRFC2327 1078.98 1080.00 1074.50 1079.00 30 4262 4591770961732 17/09/2012 810IRFC2327 1075.00 1080.00 1075.00 1078.95 12 2112 2278841

SCRIP CODE TRADE DATE ABBREVIATEDNAMEOPEN RATE HIGH RATE LOW RATE CLOSE RATE NO OFTRADESNO OF SHARESTRADEDNETTURNOVER (Rs)961732 18/09/2012 810IRFC2327 1075.55 1077.00 1075.00 1075.00 11 5111 5503793961732 20/09/2012 810IRFC2327 1078.95 1078.95 1074.01 1074.71 27 4351 4681179961732 21/09/2012 810IRFC2327 1073.50 1081.95 1073.50 1077.51 11 2421 2607448961732 24/09/2012 810IRFC2327 1075.00 1080.00 1075.00 1080.00 19 3262 3515779961732 25/09/2012 810IRFC2327 1080.00 1080.00 1075.60 1077.28 14 640 688828961732 26/09/2012 810IRFC2327 1080.00 1084.00 1080.00 1082.63 26 5501 5956676961732 27/09/2012 810IRFC2327 1077.00 1077.00 1036.00 1036.21 42 13829 14479251961732 28/09/2012 810IRFC2327 1038.99 1038.99 1034.00 1036.93 36 16239 16811939961732 01/10/2012 810IRFC2327 1038.90 1039.00 1038.90 1039.00 3 340 353256961732 03/10/2012 810IRFC2327 1039.00 1040.00 1036.00 1037.00 34 4267 4427838961732 04/10/2012 810IRFC2327 1035.26 1041.50 1035.25 1041.00 28 2479 2575127961732 05/10/2012 810IRFC2327 1038.63 1041.94 1038.62 1040.50 13 673 700303961732 08/10/2012 810IRFC2327 1046.99 1050.00 1045.00 1049.54 9 1280 1340848961732 09/10/2012 810IRFC2327 1046.00 1046.00 1044.00 1045.00 6 720 752800961732 10/10/2012 810IRFC2327 1047.00 1048.00 1043.02 1044.40 7 252 263644961732 11/10/2012 810IRFC2327 1046.99 1046.99 1046.99 1046.99 2 205 214632961732 12/10/2012 810IRFC2327 1046.00 1048.00 1044.15 1044.23 37 10263 10735017961732 15/10/2012 810IRFC2327 1045.20 1047.00 1043.15 1043.87 16 2773 2899318961732 16/10/2012 810IRFC2327 1047.00 1047.00 1045.00 1045.00 4 365 381725961732 17/10/2012 810IRFC2327 1045.00 1047.50 1044.00 1047.31 15 2690 2815577961732 18/10/2012 810IRFC2327 1048.75 1048.99 1046.55 1047.75 20 3970 4161049961732 19/10/2012 810IRFC2327 1046.62 1047.00 1046.00 1046.00 9 1181 1236043961732 22/10/2012 810IRFC2327 1049.95 1049.95 1047.25 1048.23 17 1323 1387836961732 23/10/2012 810IRFC2327 1048.50 1049.00 1046.50 1047.36 27 5251 5499622961732 25/10/2012 810IRFC2327 1049.30 1049.30 1047.00 1048.65 18 1895 1987593961732 26/10/2012 810IRFC2327 1049.00 1050.00 1049.00 1049.20 31 14987 15725750961732 29/10/2012 810IRFC2327 1049.50 1050.50 1047.00 1048.77 30 8158 8559597961732 30/10/2012 810IRFC2327 1050.00 1051.00 1049.55 1050.50 34 7347 7715899961732 31/10/2012 810IRFC2327 1050.00 1050.50 1050.00 1050.00 34 7323 7689706961732 01/11/2012 810IRFC2327 1049.05 1050.99 1049.05 1050.01 12 1686 1769831961732 02/11/2012 810IRFC2327 1051.50 1051.99 1051.50 1051.98 15 1901 1999693961732 05/11/2012 810IRFC2327 1050.00 1053.14 1050.00 1052.00 63 16121 16966802961732 06/11/2012 810IRFC2327 1054.00 1054.70 1052.15 1052.50 25 5007 5274689961732 07/11/2012 810IRFC2327 1054.40 1057.73 1052.01 1057.00 17 1580 1666643961732 08/11/2012 810IRFC2327 1060.00 1060.00 1055.01 1059.27 28 4185 4431896961732 09/11/2012 810IRFC2327 1059.00 1060.00 1058.95 1059.99 61 43650 46230416961732 12/11/2012 810IRFC2327 1064.65 1065.00 1061.55 1061.84 24 5825 6197053961732 13/11/2012 810IRFC2327 1066.25 1066.25 1066.00 1066.08 3 300 319825961732 15/11/2012 810IRFC2327 1067.00 1067.00 1061.76 1062.15 8 1398 1485395961732 16/11/2012 810IRFC2327 1065.00 1066.00 1062.31 1063.34 21 3050 3245934961732 19/11/2012 810IRFC2327 1063.00 1065.78 1063.00 1063.04 10 629 668900961732 20/11/2012 810IRFC2327 1066.73 1066.73 1065.50 1065.70 23 1238 1319840961732 21/11/2012 810IRFC2327 1066.45 1067.45 1065.50 1065.74 33 2466 2628602961732 22/11/2012 810IRFC2327 1067.00 1067.60 1065.50 1066.00 24 1715 1829104

SCRIP CODE TRADE DATE ABBREVIATEDNAMEOPEN RATE HIGH RATE LOW RATE CLOSE RATE NO OFTRADESNO OF SHARESTRADEDNETTURNOVER (Rs)961732 23/11/2012 810IRFC2327 1066.51 1066.51 1065.00 1065.45 13 2064 2199092961732 26/11/2012 810IRFC2327 1065.50 1066.00 1064.00 1064.00 12 2242 2386092961732 27/11/2012 810IRFC2327 1064.00 1064.00 1062.00 1062.00 13 1395 1483310

Ref. No. :NSE/LIST/2012Date :December 4, 2012The Company SecretaryIndian Railway Finance CorporationUG, Floor, East Tower,NBCC Place, Bhisham Pitamah Marg,Pragati Vihar, Lodhi Road,New Delhi - 110 003Dear Sir/Madam,Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.The details of the securities issued by you and traded on the Wholesale Debt Market segment of the Exchange from01-Apr-2009 to 30-Nov-2012 are as follows:IssueDescriptionIRFC 6.10% 2010(S-45D)IRFC 10.70% 2023(S-61A)IRFC 10.60% 2018(S-61)IRFC 10.60% 2018(S-61)IRFC 10.60% 2018(S-61)IRFC 10.60% 2018(S-61)IND RLYFIN8.49% 2014 (S-64)IND RLYFIN8.49% 2014 (S-64)IND RLYFIN8.49% 2014 (S-64)IND RLYFIN8.49% 2014 (S-64)IND RLY FINSecTypePTPTPTPTPTPTPTPTPTPTPTSecurityIRFC10IRFC23IRFC18IRFC18IRFC18IRFC18IRFC14IRFC14IRFC14IRFC14IRFC25IssueName6.10%10.70%10.60%10.60%10.60%10.60%8.49%8.49%8.49%8.49%8.65%Trade Date20-OCT-200921-APR-200902-APR-200916-APR-200907-JUL-200917-JUL-200921-MAY-200905-OCT-200921-SEP-201112-SEP-201209-MAR-2010No. ofTrades11111211111TradedVolume(Rs.Lakhs)1000100025002000970200010005003000500100MaxPrice(Rs.)100.2905118.1111.31113.9117113.41113.6621102.9199100.884598.382699.476998.74MinPrice(Rs.)100.2905118.1111.31113.9117113.41113.6293102.9199100.884598.382699.476998.74This is a system generated report and does not require signature.Page 1 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)8.65% 2025 (S -67AIND RLY FIN8.55% 2020 (S -67)IRFC 9.81%2017(S-54)IRFC 9.76% 2012(S-56)IRFC 9.76% 2012(S-56)IRFC 9.76% 2012(S-56)IRFC 9.76% 2012(S-56)IRFC 9.76% 2012(S-56)IRFC 9.68% 2012(S-56C)IRFC 9.68% 2012(S-56C)IRFC 9.68% 2012(S-56C)IRFC 9.68% 2012(S-56C)IRFC 9.68% 2012(S-56C)IRFC 9.68% 2012(S-56C)IRFC 9.68% 2010(S-56B)IRFC 9.57% 2021(S-77)IRFC 9.57% 2021(S-77)IRFC 9.57% 2021(S-77)IRFC 9.57% 2021(S-77)PTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTIRFC20IRFC17IRFC12IRFC12IRFC12IRFC12IRFC12IRFC12IRFC12IRFC12IRFC12IRFC12IRFC12IRFC10IRFC21IRFC21IRFC21IRFC21IRFC218.55%9.81%9.76%9.76%9.76%9.76%9.76%9.68%9.68%9.68%9.68%9.68%9.68%9.68%9.57%9.57%9.57%9.57%9.57%07-MAY-201026-AUG-200907-SEP-201002-DEC-201009-DEC-201115-MAR-201209-MAY-201221-SEP-201018-JUL-201101-AUG-201125-NOV-201114-MAR-201230-MAR-201221-APR-200917-JUN-201119-JUL-201120-JUL-201119-DEC-201120-DEC-2011This is a system generated report and does not require signature.Page 2 of 54121111111211111371550015005001000100010001000650015004500300050005500300030002000500050010500100.1972106.3438103.483101.6864100.239499.612999.9417103.2918100.3573100.3429100.109699.589899.8116104.5799101.1793103.2071103.0815103.5238104.0213100.1972106.3438103.483101.6864100.239499.612999.9417103.2918100.3573100.3429100.109699.589899.8116104.5799101.1793103.0815102.6428103.5238

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 9.57% 2021(S-77)103.8319IRFC 9.57% 2021(S-77)PTIRFC219.57%30-DEC-20111116000102.9081102.6595IRFC 9.57% 2021(S-77)PTIRFC219.57%05-JAN-201276500103.547103.517IRFC 9.57% 2021(S-77)PTIRFC219.57%09-JAN-201233500104.1906103.2691IRFC 9.57% 2021(S-77)PTIRFC219.57%29-MAR-201233500102.4835102.3054IRFC 9.57% 2021(S-77)PTIRFC219.57%18-JUL-201232000103.8017103.8017IRFC 9.47% 2031(SR-76-B)PTIRFC319.47%22-MAY-201212500102.6935102.6935IRFC 9.27% 2021(SR-76)PTIRFC219.27%13-DEC-201111000101.0374101.0374IRFC 8.95% 2025(S-69)PTIRFC258.95%06-APR-201011000102.1692102.1692IRFC 8.95% 2025(S-69)PTIRFC258.95%25-MAY-2011150096.991696.9916IRFC 8.83% 2012(S-58)PTIRFC128.83%16-MAR-2011150099.408199.4081IRFC 8.75% 2013(S-59A)PTIRFC138.75%01-MAR-20111200098.919398.9193IRFC 8.75% 2013(S-59A)PTIRFC138.75%23-DEC-20111200099.453999.4539IRFC 8.69% 2011(S-59)PTIRFC118.69%27-JUL-200912000103.4277103.4277IRFC 8.69% 2011(S-59)PTIRFC118.69%19-MAR-201011500102.0643102.0643IRFC 8.69% 2011(S-59)PTIRFC118.69%23-JUN-201012500101.1937101.1937IRFC 8.69% 2011(S-59)PTIRFC118.69%16-AUG-20101500100.5215100.5215IRFC 8.69% 2011(S-59)PTIRFC118.69%21-SEP-201014000100.4191100.4191IRFC 8.69% 2011(S-59)PTIRFC118.69%26-NOV-201013000100.0687100.0687This is a system generated report and does not require signature.Page 3 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.55% 2019(S-63A)PTIRFC198.55%15-APR-200998500100.6834100.368IRFC 8.55% 2019(S-63A)PTIRFC198.55%17-APR-200963000102.0197101.5707IRFC 8.55% 2019(S-63A)PTIRFC198.55%23-APR-2009136720103.708102.4478IRFC 8.55% 2019(S-63A)PTIRFC198.55%04-MAY-200921000101.8796101.8796IRFC 8.55% 2019(S-63A)PTIRFC198.55%15-MAY-200921000101.4268101.1078IRFC 8.55% 2019(S-63A)PTIRFC198.55%22-MAY-20091500100.8521100.8521IRFC 8.55% 2019(S-63A)PTIRFC198.55%02-JUN-2009150099.78899.788IRFC 8.55% 2019(S-63A)PTIRFC198.55%11-JUN-2009150099.724699.7246IRFC 8.55% 2019(S-63A)PTIRFC198.55%18-JUN-200932000100.0948100.0018IRFC 8.55% 2019(S-63A)PTIRFC198.55%19-JUN-200942500100.3426100.2804IRFC 8.55% 2019(S-63A)PTIRFC198.55%30-JUN-200942500100.839100.6518IRFC 8.55% 2019(S-63A)PTIRFC198.55%23-JUL-200984500100.8349100.7727IRFC 8.55% 2019(S-63A)PTIRFC198.55%03-AUG-200942500100.277100.2154IRFC 8.55% 2019(S-63A)PTIRFC198.55%06-AUG-20091100099.847299.8472IRFC 8.55% 2019(S-63A)PTIRFC198.55%10-AUG-20091100099.664499.6644IRFC 8.55% 2019(S-63A)PTIRFC198.55%14-AUG-200946000100.093899.8489IRFC 8.55% 2019(S-63A)PTIRFC198.55%31-AUG-2009150099.366699.3666IRFC 8.55% 2019(S-63A)PTIRFC198.55%03-SEP-20097750099.3799.2269IRFC 8.55% 2019(S-63A)PTIRFC198.55%20-NOV-200931500101.383101.3507This is a system generated report and does not require signature.Page 4 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.55% 2019(S-63A)PTIRFC198.55%17-DEC-200952500100.3409100.2808IRFC 8.55% 2019(S-63A)PTIRFC198.55%05-JAN-20101500100.3375100.3375IRFC 8.55% 2019(S-63A)PTIRFC198.55%13-JAN-201011000100.277100.277IRFC 8.55% 2019(S-63A)PTIRFC198.55%05-MAY-201011000100.2705100.2705IRFC 8.50% 2020(S-72)PTIRFC208.50%27-JUL-20101100099.660599.6605IRFC 8.50% 2020(S-72)PTIRFC208.50%09-SEP-2010150099.905699.9056IRFC 8.50% 2020(S-72)PTIRFC208.50%05-JAN-2011150098.401398.4013IRFC 8.46% 2014(S-63)PTIRFC148.46%20-APR-200921000103.8047103.7659IRFC 8.46% 2014(S-63)PTIRFC148.46%04-MAY-200944500103.5047103.5027IRFC 8.46% 2014(S-63)PTIRFC148.46%05-MAY-200921500103.4643103.4643IRFC 8.46% 2014(S-63)PTIRFC148.46%13-MAY-200921000103.2937103.2937IRFC 8.46% 2014(S-63)PTIRFC148.46%20-MAY-200953000103.5465103.4704IRFC 8.46% 2014(S-63)PTIRFC148.46%21-MAY-200984000103.3165102.9002IRFC 8.46% 2014(S-63)PTIRFC148.46%03-JUN-2009118500102.058101.7249IRFC 8.46% 2014(S-63)PTIRFC148.46%19-JUN-200911000102.1102102.1102IRFC 8.46% 2014(S-63)PTIRFC148.46%27-AUG-200921000100.7379100.7379IRFC 8.46% 2014(S-63)PTIRFC148.46%07-SEP-200932000100.6669100.6322IRFC 8.46% 2014(S-63)PTIRFC148.46%09-OCT-200942500100.308100.2403IRFC 8.46% 2014(S-63)PTIRFC148.46%21-OCT-20091500100.4705100.4705This is a system generated report and does not require signature.Page 5 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.46% 2014(S-63)PTIRFC148.46%27-NOV-200932000102.4636102.2891IRFC 8.46% 2014(S-63)PTIRFC148.46%09-DEC-200942000101.6698101.6698IRFC 8.46% 2014(S-63)PTIRFC148.46%25-JAN-20101500101.9144101.9144IRFC 8.46% 2014(S-63)PTIRFC148.46%05-FEB-20101500101.5809101.5809IRFC 8.46% 2014(S-63)PTIRFC148.46%10-MAR-20101500100.6427100.6427IRFC 8.46% 2014(S-63)PTIRFC148.46%20-APR-20101500101.4851101.4851IRFC 8.46% 2014(S-63)PTIRFC148.46%04-JUN-20101500102.4244102.4244IRFC 8.46% 2014(S-63)PTIRFC148.46%01-JUL-20101500102.7942102.7942IRFC 8.46% 2014(S-63)PTIRFC148.46%14-DEC-20101750099.321299.3212IRFC 8.46% 2014(S-63)PTIRFC148.46%23-MAR-2011123098.5898.58IRFC 8.46% 2014(S-63)PTIRFC148.46%13-JUN-20112250097.918597.8985IRFC 8.46% 2014(S-63)PTIRFC148.46%29-JUN-2011150098.05598.055IRFC 8.46% 2014(S-63)PTIRFC148.46%02-NOV-201131150098.667998.6679IRFC 8.46% 2014(S-63)PTIRFC148.46%09-NOV-201121150098.712498.7124IRFC 8.45% 2018(S-62A)PTIRFC188.45%18-MAY-200921000101.0916101.0816IRFC 8.40% 2013(S-62)PTIRFC138.40%27-APR-2011150098.093298.0932IRFC 8.20% 2015(S-65F)PTIRFC158.20%07-MAR-20111200096.785596.7855IRFC 8.20% 2014(S-65E)PTIRFC148.20%30-APR-20121200098.278298.2782IRFC 8.20% 2013(S-65D)PTIRFC138.20%04-NOV-200912000100.9791100.9791This is a system generated report and does not require signature.Page 6 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.20% 2011(S-65B)PTIRFC118.20%22-FEB-201012500101.5602101.5602IRFC 8.20% 2011(S-65B)PTIRFC118.20%23-SEP-201012500100.4254100.4254IRFC 8.19% 2019(S-65AA)PTIRFC198.19%21-AUG-20092450097.274297.2081IRFC 7.45% 2014(S-65)PTIRFC147.45%29-JUL-20091250098.429498.4294IRFC 7.45% 2014(S-65)PTIRFC147.45%02-AUG-2010150097.40297.402IRFC 7.45% 2014(S-65)PTIRFC147.45%25-JUL-2011150096.115996.1159IRFC 7.45% 2014(S-65)PTIRFC147.45%15-SEP-20111100096.0496.04IRFC 7.45% 2014(S-65)PTIRFC147.45%16-OCT-2012150098.637898.6378IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%09-JUL-201021000100.8595100.8595IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%12-JUL-201021000100.8593100.8367IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%16-JUL-20101500100.7228100.7228IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%22-JUL-201032000100.5871100.5871IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%23-JUL-201011000100.5868100.5868IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%24-AUG-201011000100.4071100.4071IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%13-OCT-201032000100.5983100.5978INDRAIL FIN8.60% 2019 (S-66PTIRFC198.60%30-JUN-20091500101.2315101.2315INDRAIL FIN8.60% 2019 (S-66PTIRFC198.60%27-JUL-200923000101.1538101.1538INDRAIL FIN8.60% 2019 (S-66PTIRFC198.60%30-AUG-20101500100.1514100.1514IRFC 6.10% 2010(S-45D)PTIRFC106.10%20-APR-200911000100.1936100.1936This is a system generated report and does not require signature.Page 7 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 10.70% 2023(S-61A)PTIRFC2310.70%14-SEP-20091500114.997114.997IRFC 10.70% 2023(S-61A)PTIRFC2310.70%15-MAR-201212500111.2406111.2406IRFC 10.60% 2018(S-61)PTIRFC1810.60%03-JUL-200921500114.2639114.0735IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%14-MAY-200935500103.4033103.4033IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%21-JUL-200911000102.4498102.4498IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%22-JAN-201025000101.7387101.7387IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%12-MAY-20101500102.5749102.5749IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%16-JUN-201011000102.196102.196IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%27-SEP-2011150098.346998.3469IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%24-AUG-2012150099.340999.3409IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%16-OCT-20121500100.1064100.1064IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%18-OCT-201211000100.1307100.1307IND RLY FIN8.80% 2030 (S -67BPTIRFC308.80%14-JUL-201117095.9995.99IND RLY FIN8.55% 2020 (S -67)PTIRFC208.55%17-JAN-20111250098.325698.3256IRFC 9.76% 2012(S-56)PTIRFC129.76%18-AUG-200923500105.8189105.8093This is a system generated report and does not require signature.Page 8 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 9.76% 2012(S-56)PTIRFC129.76%06-OCT-200933500105.668105.2165IRFC 9.76% 2012(S-56)PTIRFC129.76%24-SEP-201013000103.347103.347IRFC 9.68% 2012(S-56C)PTIRFC129.68%03-JUL-200923000106.8826106.8826IRFC 9.68% 2012(S-56C)PTIRFC129.68%17-AUG-20101500103.5337103.5337IRFC 9.68% 2012(S-56C)PTIRFC129.68%22-FEB-201111000100.5683100.5683IRFC 9.68% 2012(S-56C)PTIRFC129.68%16-MAR-201114500100.4218100.4218IRFC 9.68% 2012(S-56C)PTIRFC129.68%04-JUL-201111500100.3271100.3271IRFC 9.68% 2012(S-56C)PTIRFC129.68%22-DEC-201122500100.2283100.2234IRFC 9.68% 2012(S-56C)PTIRFC129.68%15-MAR-20121500099.589899.5898IRFC 9.68% 2010(S-56B)PTIRFC109.68%20-APR-200911500104.3167104.3167IRFC 9.68% 2010(S-56B)PTIRFC109.68%24-NOV-200912500102.6395102.6395IRFC 9.57% 2021(S-77)PTIRFC219.57%26-JUL-201121000103.0141103.0141IRFC 9.57% 2021(S-77)PTIRFC219.57%03-AUG-20111500102.1996102.1996IRFC 9.57% 2021(S-77)PTIRFC219.57%09-AUG-201121500103.5677103.5048IRFC 9.57% 2021(S-77)PTIRFC219.57%21-SEP-201142000102.5063102.5063IRFC 9.57% 2021(S-77)PTIRFC219.57%07-JUN-20121500103.4213103.4213IRFC 9.57% 2021(S-77)PTIRFC219.57%08-JUN-20121500103.597103.597IRFC 9.57% 2021(S-77)PTIRFC219.57%15-JUN-20121500103.6499103.6499IRFC 9.57% 2021(S-77)PTIRFC219.57%29-JUN-20121500103.6367103.6367This is a system generated report and does not require signature.Page 9 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 9.47% 2031(SR-76-B)PTIRFC319.47%01-JUN-20111137099.4699.46IRFC 9.47% 2031(SR-76-B)PTIRFC319.47%01-JUL-20111500100.5189100.5189IRFC 9.33% 2026(SR-76-A)PTIRFC269.33%26-MAY-20111500100100IRFC 9.27% 2021(SR-76)PTIRFC219.27%19-JUL-201211000101.8969101.8969IRFC 9.09% 2026(S-74)PTIRFC269.09%26-APR-201112000100.45100.45IRFC 8.95% 2025(S-69)PTIRFC258.95%19-APR-20101500101.6817101.6817IRFC 8.83% 2012(S-58)PTIRFC128.83%09-SEP-20111500099.312499.3124IRFC 8.75% 2013(S-59A)PTIRFC138.75%14-MAY-20091500104.3349104.3349IRFC 8.75% 2013(S-59A)PTIRFC138.75%28-MAY-20091500102.7582102.7582IRFC 8.75% 2013(S-59A)PTIRFC138.75%16-MAR-20111200099.122399.1223IRFC 8.75% 2013(S-59A)PTIRFC138.75%19-MAR-20122635099.395899.3958IRFC 8.75% 2013(S-59A)PTIRFC138.75%30-OCT-201212500100.0159100.0159IRFC 8.69% 2011(S-59)PTIRFC118.69%15-MAY-20091500103.9592103.9592IRFC 8.69% 2011(S-59)PTIRFC118.69%07-JUL-200911500103.5525103.5525IRFC 8.69% 2011(S-59)PTIRFC118.69%09-SEP-200911000102.3559102.3559IRFC 8.69% 2011(S-59)PTIRFC118.69%30-MAR-201022000101.816101.816IRFC 8.55% 2019(S-63A)PTIRFC198.55%20-APR-200942000102.0832101.762IRFC 8.55% 2019(S-63A)PTIRFC198.55%06-MAY-200921000102.3935102.3291IRFC 8.55% 2019(S-63A)PTIRFC198.55%27-MAY-200985900100.3493100.15This is a system generated report and does not require signature.Page 10 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.55% 2019(S-63A)PTIRFC198.55%28-MAY-20093150099.665299.5416IRFC 8.55% 2019(S-63A)PTIRFC198.55%29-MAY-2009150099.974499.9744IRFC 8.55% 2019(S-63A)PTIRFC198.55%10-JUN-20091500099.910399.9103IRFC 8.55% 2019(S-63A)PTIRFC198.55%01-JUL-200942000101.0944100.7765IRFC 8.55% 2019(S-63A)PTIRFC198.55%07-JUL-2009117500100.5262100.402IRFC 8.55% 2019(S-63A)PTIRFC198.55%08-JUL-200911000100.6503100.6503IRFC 8.55% 2019(S-63A)PTIRFC198.55%25-AUG-20092100099.303699.183IRFC 8.55% 2019(S-63A)PTIRFC198.55%26-AUG-2009150099.622899.6228IRFC 8.55% 2019(S-63A)PTIRFC198.55%01-DEC-20091500101.0108101.0108IRFC 8.55% 2019(S-63A)PTIRFC198.55%16-DEC-200953000100.281100.2211IRFC 8.55% 2019(S-63A)PTIRFC198.55%23-DEC-20091500100.3396100.3396IRFC 8.55% 2019(S-63A)PTIRFC198.55%27-AUG-2010150099.970999.9709IRFC 8.55% 2019(S-63A)PTIRFC198.55%01-MAR-20111150097.741297.7412IRFC 8.50% 2020(S-72)PTIRFC208.50%12-JUL-2010150099.981699.9816IRFC 8.50% 2020(S-72)PTIRFC208.50%21-SEP-20103250099.856999.8569IRFC 8.46% 2014(S-63)PTIRFC148.46%06-MAY-20091500103.8848103.8848IRFC 8.46% 2014(S-63)PTIRFC148.46%19-MAY-200942500103.5887103.4724IRFC 8.46% 2014(S-63)PTIRFC148.46%22-JUN-200942500101.9253101.852IRFC 8.46% 2014(S-63)PTIRFC148.46%30-JUN-200942000102.4656102.1718This is a system generated report and does not require signature.Page 11 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.46% 2014(S-63)PTIRFC148.46%01-JUL-200921000102.5761102.5761IRFC 8.46% 2014(S-63)PTIRFC148.46%08-JUL-200974000101.9814101.9085IRFC 8.46% 2014(S-63)PTIRFC148.46%15-JUL-200953500102.8151102.8137IRFC 8.46% 2014(S-63)PTIRFC148.46%17-JUL-200944000102.625102.625IRFC 8.46% 2014(S-63)PTIRFC148.46%28-JUL-200931500102.3228102.2504IRFC 8.46% 2014(S-63)PTIRFC148.46%31-AUG-20091900100.4243100.4243IRFC 8.46% 2014(S-63)PTIRFC148.46%01-SEP-200953500100.2857100.1473IRFC 8.46% 2014(S-63)PTIRFC148.46%14-OCT-200931500100.3067100.2723IRFC 8.46% 2014(S-63)PTIRFC148.46%15-OCT-20091500100.3737100.3737IRFC 8.46% 2014(S-63)PTIRFC148.46%11-DEC-20091500101.7321101.7321IRFC 8.46% 2014(S-63)PTIRFC148.46%07-JAN-20101500101.6391101.6391IRFC 8.46% 2014(S-63)PTIRFC148.46%19-JAN-201021000101.8892101.8892IRFC 8.46% 2014(S-63)PTIRFC148.46%10-MAY-20101500102.5309102.5309IRFC 8.46% 2014(S-63)PTIRFC148.46%19-MAY-201021000102.8213102.8213IRFC 8.46% 2014(S-63)PTIRFC148.46%24-JUN-201031500103.0497103.0497IRFC 8.46% 2014(S-63)PTIRFC148.46%16-JUL-20101500102.259102.259IRFC 8.46% 2014(S-63)PTIRFC148.46%05-AUG-201021000101.222101.1067IRFC 8.46% 2014(S-63)PTIRFC148.46%19-OCT-201021000100.3755100.3755IRFC 8.46% 2014(S-63)PTIRFC148.46%21-OCT-201023000100.3741100.3741This is a system generated report and does not require signature.Page 12 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.46% 2014(S-63)PTIRFC148.46%22-NOV-20101500100.4857100.4857IRFC 8.46% 2014(S-63)PTIRFC148.46%05-JAN-20111250099.480199.4801IRFC 8.46% 2014(S-63)PTIRFC148.46%24-SEP-20121350099.761999.7619IRFC 8.46% 2014(S-63)PTIRFC148.46%25-SEP-20123400099.761999.7619IRFC 8.46% 2014(S-63)PTIRFC148.46%08-OCT-20121250099.851799.8517IRFC 8.46% 2014(S-63)PTIRFC148.46%27-NOV-2012150099.798599.7985IRFC 8.45% 2018(S-62A)PTIRFC188.45%20-APR-200942500101.4804101.4804IRFC 8.45% 2018(S-62A)PTIRFC188.45%16-JUL-200921500100.1279100.1279IRFC 8.45% 2018(S-62A)PTIRFC188.45%09-SEP-20091100098.62398.623IRFC 8.45% 2018(S-62A)PTIRFC188.45%21-APR-20101250099.093399.0933IRFC 8.40% 2013(S-62)PTIRFC138.40%07-JUL-200911500101.4159101.4159IRFC 8.34% 2011(S-53)PTIRFC118.34%28-FEB-2011150099.292499.2924IRFC 8.20% 2014(S-65E)PTIRFC148.20%22-OCT-20092200099.408599.4085IRFC 8.20% 2014(S-65E)PTIRFC148.20%18-NOV-200922500101.1012101.1004IRFC 8.20% 2013(S-65D)PTIRFC138.20%25-AUG-20091150099.997299.9972IRFC 8.20% 2011(S-65B)PTIRFC118.20%17-SEP-201012500100.3312100.3312IRFC 8.20% 2011(S-65B)PTIRFC118.20%09-MAR-20111250099.79399.793IRFC 8.20% 2010(S-65A)PTIRFC108.20%14-SEP-200913500101.2442101.2442IRFC 8.20% 2010(S-65A)PTIRFC108.20%29-SEP-200912500101.5702101.5702This is a system generated report and does not require signature.Page 13 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.19% 2019(S-65AA)PTIRFC198.19%26-MAY-20091100097.858497.8584IRFC 8.19% 2019(S-65AA)PTIRFC198.19%19-JUN-2009150097.923997.9239IRFC 8.19% 2019(S-65AA)PTIRFC198.19%13-NOV-2009150097.978697.9786IRFC 8% 2015 (S-42M)PTIRFC158%13-NOV-2009150098.936898.9368IRFC 7.63% 2014(S-43LL)PTIRFC147.63%23-SEP-2010150098.144398.1443IRFC 7.63% 2012(S-43JJ)PTIRFC127.63%23-SEP-20111150098.19898.198IRFC 7.63% 2012(S-43JJ)PTIRFC127.63%27-AUG-20121150099.808399.8083IRFC 7.45% 2014(S-65)PTIRFC147.45%22-OCT-20091150096.74196.741IRFC 7.45% 2014(S-65)PTIRFC147.45%26-OCT-20092250096.78296.782IRFC 7.45% 2014(S-65)PTIRFC147.45%16-JUN-20112100095.252495.2524IRFC 7.45% 2014(S-65)PTIRFC147.45%09-OCT-20121150098.449598.4495IRFC 7.45% 2014(S-65)PTIRFC147.45%02-NOV-20122250098.481198.4811IRFC 6.98% 2010(S-44GG)PTIRFC106.98%02-APR-200911000100.0123100.0123IRFC 6.98% 2010(S-44GG)PTIRFC106.98%17-APR-200911000100.9252100.9252IRFC 6.20% 2013(S-46DD)PTIRFC136.20%31-JAN-2011150093.472393.4723IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%17-JUN-201032500100.8203100.7751IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%21-JUN-20101500100.6835100.6835IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%01-SEP-20101500100.4976100.4976INDRAIL FIN8.60% 2019 (S-66PTIRFC198.60%23-JUN-20091500100.787100.787This is a system generated report and does not require signature.Page 14 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 6.10% 2010(S-45D)IRFC 10.70% 2023(S-61A)IRFC 10.60% 2018(S-61)IRFC 10.60% 2018(S-61)IRFC 10.60% 2018(S-61)IND RLYFIN8.49% 2014 (S-64)IND RLYFIN8.49% 2014 (S-64)IND RLY FIN8.80% 2030 (S -67BIND RLY FIN8.55% 2020 (S -67)IND RLY FIN8.55% 2020 (S -67)IRFC 9.76% 2012(S-56)IRFC 9.76% 2012(S-56)IRFC 9.68% 2012(S-56C)IRFC 9.68% 2012(S-56C)IRFC 9.68% 2012(S-56C)IRFC 9.68% 2012(S-56C)IRFC 9.68% 2012(S-56C)IRFC 9.68% 2012(S-56C)PTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTIRFC10IRFC23IRFC18IRFC18IRFC18IRFC14IRFC14IRFC30IRFC20IRFC20IRFC12IRFC12IRFC12IRFC12IRFC12IRFC12IRFC12IRFC12IRFC126.10%10.70%10.60%10.60%10.60%8.49%8.49%8.80%8.55%8.55%9.76%9.76%9.68%9.68%9.68%9.68%9.68%9.68%9.68%04-SEP-200927-MAY-200921-APR-200914-MAY-200906-JUL-200917-JAN-201229-OCT-201219-FEB-201008-JUN-201029-JUN-201013-JAN-201008-APR-201023-APR-200909-JUN-200926-OCT-200907-SEP-201017-SEP-201020-SEP-201019-SEP-2011This is a system generated report and does not require signature.Page 15 of 54113111111211111111310003020001000500250015005002000100050015001000200025005003000650011500100.2082117.5855115.931114.0225113.336298.642999.960899.84100.6575100.2146105.3369105.3266107.5971106.4884104.8743103.3498103.4153103.3025100.3719100.2082117.5855114.6593114.0225113.336298.642999.960899.84100.6575100.2146105.3369105.3266107.5971106.4884104.8743103.3498103.4153103.3025

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 9.68% 2012(S-56C)100.3299IRFC 9.68% 2012(S-56C)PTIRFC129.68%21-DEC-201121500100.2248100.2248IRFC 9.68% 2012(S-56C)PTIRFC129.68%09-MAY-20121500099.9399.93IRFC 9.68% 2010(S-56B)PTIRFC109.68%22-APR-200923500104.6855104.3984IRFC 9.68% 2010(S-56B)PTIRFC109.68%06-MAY-20091500104.2597104.2597IRFC 9.57% 2021(S-77)PTIRFC219.57%16-JUN-2011511500101.1813100.7532IRFC 9.57% 2021(S-77)PTIRFC219.57%22-JUN-201153000101.0553101.0546IRFC 9.57% 2021(S-77)PTIRFC219.57%28-JUN-20111500101.0509101.0509IRFC 9.57% 2021(S-77)PTIRFC219.57%14-JUL-201112000102.6161102.6161IRFC 9.57% 2021(S-77)PTIRFC219.57%05-OCT-20111600101.7493101.7493IRFC 9.57% 2021(S-77)PTIRFC219.57%12-DEC-20111500102.677102.677IRFC 9.57% 2021(S-77)PTIRFC219.57%29-DEC-201121000102.9099102.9099IRFC 9.57% 2021(S-77)PTIRFC219.57%02-JAN-201232500103.0846102.9076IRFC 9.57% 2021(S-77)PTIRFC219.57%24-APR-201232500102.9904102.9904IRFC 9.57% 2021(S-77)PTIRFC219.57%07-MAY-201222500103.0954103.0954IRFC 9.57% 2021(S-77)PTIRFC219.57%01-JUN-201222000103.0421103.0394IRFC 9.27% 2021(SR-76)PTIRFC219.27%23-DEC-20111500101.6412101.6412IRFC 9.27% 2021(SR-76)PTIRFC219.27%30-DEC-201111000101.0316101.0316IRFC 9.09% 2026(S-74)PTIRFC269.09%03-MAY-20122100099.849299.8492This is a system generated report and does not require signature.Page 16 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.83% 2012(S-58)PTIRFC128.83%22-FEB-2011150099.406399.4063IRFC 8.83% 2012(S-58)PTIRFC128.83%12-MAR-20121500099.117199.1171IRFC 8.83% 2012(S-58)PTIRFC128.83%29-MAR-20121500099.213399.2133IRFC 8.75% 2013(S-59A)PTIRFC138.75%02-APR-200921000102.0704102.0085IRFC 8.75% 2013(S-59A)PTIRFC138.75%17-APR-20091500105.049105.049IRFC 8.75% 2013(S-59A)PTIRFC138.75%28-APR-200911000105.0211105.0211IRFC 8.75% 2013(S-59A)PTIRFC138.75%04-AUG-200938000103.4995103.441IRFC 8.75% 2013(S-59A)PTIRFC138.75%06-AUG-200914500103.4998103.4998IRFC 8.75% 2013(S-59A)PTIRFC138.75%06-JAN-20101500103.1964103.1964IRFC 8.75% 2013(S-59A)PTIRFC138.75%28-JAN-20101500103.3943103.3943IRFC 8.75% 2013(S-59A)PTIRFC138.75%09-SEP-201111650099.247299.2472IRFC 8.75% 2013(S-59A)PTIRFC138.75%20-SEP-201111650099.326299.3262IRFC 8.75% 2013(S-59A)PTIRFC138.75%12-JAN-2012150099.52999.529IRFC 8.75% 2013(S-59A)PTIRFC138.75%31-JAN-20121250099.376699.3766IRFC 8.75% 2013(S-59A)PTIRFC138.75%13-SEP-20121635099.899799.8997IRFC 8.75% 2013(S-59A)PTIRFC138.75%01-NOV-201213500100.0147100.0147IRFC 8.69% 2011(S-59)PTIRFC118.69%22-JUN-200911000103.0845103.0845IRFC 8.69% 2011(S-59)PTIRFC118.69%01-SEP-20091500102.5708102.5708IRFC 8.69% 2011(S-59)PTIRFC118.69%14-SEP-200911500102.5923102.5923This is a system generated report and does not require signature.Page 17 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.69% 2011(S-59)PTIRFC118.69%23-NOV-200946500103.2358103.2066IRFC 8.69% 2011(S-59)PTIRFC118.69%22-FEB-201011000101.6403101.6403IRFC 8.69% 2011(S-59)PTIRFC118.69%03-DEC-201011000100.0362100.0362IRFC 8.57% 2016(S-53 A)PTIRFC168.57%28-APR-20091500102.6708102.6708IRFC 8.55% 2019(S-63A)PTIRFC198.55%21-APR-200963500103.3155102.0824IRFC 8.55% 2019(S-63A)PTIRFC198.55%24-APR-200931500102.7891102.7242IRFC 8.55% 2019(S-63A)PTIRFC198.55%29-APR-200921000102.2013102.137IRFC 8.55% 2019(S-63A)PTIRFC198.55%11-MAY-200996500101.1111100.6064IRFC 8.55% 2019(S-63A)PTIRFC198.55%12-MAY-200932500101.1127100.7947IRFC 8.55% 2019(S-63A)PTIRFC198.55%14-MAY-200965500101.4264100.9849IRFC 8.55% 2019(S-63A)PTIRFC198.55%26-MAY-200942500100.6100.4747IRFC 8.55% 2019(S-63A)PTIRFC198.55%29-JUN-200921000100.5013100.5013IRFC 8.55% 2019(S-63A)PTIRFC198.55%11-AUG-20098600099.909299.6646IRFC 8.55% 2019(S-63A)PTIRFC198.55%12-AUG-200973500100.031999.8481IRFC 8.55% 2019(S-63A)PTIRFC198.55%24-AUG-20094250099.303699.1826IRFC 8.55% 2019(S-63A)PTIRFC198.55%08-SEP-20094850099.309399.249IRFC 8.55% 2019(S-63A)PTIRFC198.55%09-SEP-20093300099.309399.2498IRFC 8.55% 2019(S-63A)PTIRFC198.55%14-JAN-20102800100.42100.2173IRFC 8.55% 2019(S-63A)PTIRFC198.55%23-APR-2010150099.985299.9852This is a system generated report and does not require signature.Page 18 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.55% 2019(S-63A)PTIRFC198.55%25-AUG-20101500100.0266100.0266IRFC 8.55% 2019(S-63A)PTIRFC198.55%26-AUG-20101500100.9967100.9967IRFC 8.50% 2020(S-72)PTIRFC208.50%23-JUL-20107500099.850599.8505IRFC 8.50% 2020(S-72)PTIRFC208.50%30-JUL-2010150099.188199.1881IRFC 8.50% 2020(S-72)PTIRFC208.50%06-SEP-20101100099.9699.96IRFC 8.46% 2014(S-63)PTIRFC148.46%17-APR-200984000103.8047103.4567IRFC 8.46% 2014(S-63)PTIRFC148.46%21-APR-20091500103.9964103.9964IRFC 8.46% 2014(S-63)PTIRFC148.46%28-APR-200966000104.094104.0165IRFC 8.46% 2014(S-63)PTIRFC148.46%07-MAY-200931500104.2685104.2661IRFC 8.46% 2014(S-63)PTIRFC148.46%05-JUN-200985000101.8313101.682IRFC 8.46% 2014(S-63)PTIRFC148.46%18-JUN-200921000102.1138101.9665IRFC 8.46% 2014(S-63)PTIRFC148.46%29-JUN-20091500102.0642102.0642IRFC 8.46% 2014(S-63)PTIRFC148.46%03-JUL-200921000102.8653102.8653IRFC 8.46% 2014(S-63)PTIRFC148.46%22-JUL-200921500102.4024102.4024IRFC 8.46% 2014(S-63)PTIRFC148.46%12-AUG-2009107000101.3419101.3418IRFC 8.46% 2014(S-63)PTIRFC148.46%18-AUG-20091500101.1615101.1615IRFC 8.46% 2014(S-63)PTIRFC148.46%04-SEP-200923000100.459100.459IRFC 8.46% 2014(S-63)PTIRFC148.46%20-OCT-200921000100.4036100.3698IRFC 8.46% 2014(S-63)PTIRFC148.46%18-NOV-20091500102.306102.306This is a system generated report and does not require signature.Page 19 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.46% 2014(S-63)PTIRFC148.46%26-NOV-200935500102.5317102.4436IRFC 8.46% 2014(S-63)PTIRFC148.46%08-DEC-200932500101.7726101.7714IRFC 8.46% 2014(S-63)PTIRFC148.46%19-APR-20101500101.4865101.4865IRFC 8.46% 2014(S-63)PTIRFC148.46%12-MAY-20101500102.527102.527IRFC 8.46% 2014(S-63)PTIRFC148.46%14-MAY-20101500102.6794102.6794IRFC 8.46% 2014(S-63)PTIRFC148.46%21-MAY-201077500102.696102.5978IRFC 8.46% 2014(S-63)PTIRFC148.46%27-OCT-201011500100.4233100.4233IRFC 8.46% 2014(S-63)PTIRFC148.46%23-NOV-201021500100.4058100.4058IRFC 8.46% 2014(S-63)PTIRFC148.46%06-DEC-2010150099.702499.7024IRFC 8.46% 2014(S-63)PTIRFC148.46%20-JAN-20112100098.529798.5297IRFC 8.46% 2014(S-63)PTIRFC148.46%22-MAR-20112800098.348398.3483IRFC 8.46% 2014(S-63)PTIRFC148.46%28-MAR-20111100098.35398.353IRFC 8.46% 2014(S-63)PTIRFC148.46%05-OCT-20112250098.637698.6376IRFC 8.46% 2014(S-63)PTIRFC148.46%12-SEP-20121100099.517399.5173IRFC 8.46% 2014(S-63)PTIRFC148.46%07-NOV-20121150099.649799.6497IRFC 8.46% 2014(S-63)PTIRFC148.46%12-NOV-20122400099.850699.8399IRFC 8.45% 2018(S-62A)PTIRFC188.45%11-SEP-20092200098.503598.5035IRFC 8.45% 2018(S-62A)PTIRFC188.45%19-FEB-20103250098.266798.2667IRFC 8.40% 2013(S-62)PTIRFC138.40%01-MAR-20112350098.068498.0454This is a system generated report and does not require signature.Page 20 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.40% 2013(S-62)PTIRFC138.40%08-NOV-20111150098.590498.5904IRFC 8.40% 2013(S-62)PTIRFC138.40%21-AUG-2012150099.315599.3155IRFC 8.20% 2013(S-65D)PTIRFC138.20%23-SEP-200911500100.1972100.1972IRFC 8.20% 2012(S-65C)PTIRFC128.20%11-JUN-20091500102.3572102.3572IRFC 8.20% 2012(S-65C)PTIRFC128.20%15-DEC-20112200099.636299.6115IRFC 8.20% 2011(S-65B)PTIRFC118.20%11-JUN-20091500102.6173102.6173IRFC 8.20% 2011(S-65B)PTIRFC118.20%29-OCT-200922000102.4542102.3852IRFC 8.20% 2011(S-65B)PTIRFC118.20%12-NOV-200912500102.8627102.8627IRFC 8.20% 2011(S-65B)PTIRFC118.20%23-DEC-200911000102.4555102.4555IRFC 8.20% 2011(S-65B)PTIRFC118.20%30-MAR-201012500101.8409101.8409IRFC 8.20% 2010(S-65A)PTIRFC108.20%01-JUL-200911500102.1089102.1089IRFC 7.63% 2012(S-43JJ)PTIRFC127.63%09-SEP-20111150098.070198.0701IRFC 7.45% 2014(S-65)PTIRFC147.45%14-JUL-20092100098.606298.3813IRFC 7.45% 2014(S-65)PTIRFC147.45%23-JUL-200921000098.42598.425IRFC 7.45% 2014(S-65)PTIRFC147.45%13-AUG-20102100097.810397.8103IRFC 7.45% 2014(S-65)PTIRFC147.45%14-NOV-2011150095.896995.8969IRFC 7.45% 2014(S-65)PTIRFC147.45%15-NOV-2012150098.431198.4311IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%08-JUL-201011000100.9506100.9506IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%02-SEP-20101500100.4976100.4976This is a system generated report and does not require signature.Page 21 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%22-SEP-201021500100.6121100.6114IRFC 10.70% 2023(S-61A)PTIRFC2310.70%02-APR-20091500114.8332114.8332IRFC 10.70% 2023(S-61A)PTIRFC2310.70%21-MAR-201211000110.9184110.9184IRFC 10.60% 2018(S-61)PTIRFC1810.60%24-APR-200911000115.2397115.2397IRFC 10.60% 2018(S-61)PTIRFC1810.60%02-JUN-200911000112.6425112.6425IRFC 10.60% 2018(S-61)PTIRFC1810.60%16-JUN-200921500112.7351112.7351IRFC 10.60% 2018(S-61)PTIRFC1810.60%31-MAR-201022500111.5946111.5337IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%17-APR-200915000103.7717103.7717IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%18-SEP-200911500100.9701100.9701IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%03-JAN-2012150098.308198.3081IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%09-JAN-20121200098.731498.7314IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%20-JAN-20122100098.73298.7136IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%04-JUL-20121150098.862398.8623IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%05-NOV-2012140099.971499.9714IND RLY FIN8.80% 2030 (S -67BPTIRFC308.80%27-APR-2011110097.597.5IND RLY FIN8.80% 2030 (S -67BPTIRFC308.80%17-JUN-20111309595This is a system generated report and does not require signature.Page 22 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IND RLY FIN8.65% 2025 (S -67APTIRFC258.65%02-MAR-2010150099.067899.0678IND RLY FIN8.65% 2025 (S -67APTIRFC258.65%11-MAR-20101100098.131498.1314IND RLY FIN8.55% 2020 (S -67)PTIRFC208.55%31-AUG-201021000100.6899.971IND RLY FIN8.55% 2020 (S -67)PTIRFC208.55%28-SEP-201032500100.3431100.3125IRFC 9.76% 2012(S-56)PTIRFC129.76%23-APR-20091500107.5376107.5376IRFC 9.76% 2012(S-56)PTIRFC129.76%29-APR-20101500105.9133105.9133IRFC 9.76% 2012(S-56)PTIRFC129.76%16-SEP-2010110000103.6449103.6449IRFC 9.76% 2012(S-56)PTIRFC129.76%06-MAR-20121100099.537599.5375IRFC 9.68% 2012(S-56C)PTIRFC129.68%21-MAY-200932000107.4234107.4234IRFC 9.68% 2012(S-56C)PTIRFC129.68%29-JUN-200932000106.5738106.5415IRFC 9.68% 2012(S-56C)PTIRFC129.68%29-APR-201012500105.7467105.7467IRFC 9.68% 2012(S-56C)PTIRFC129.68%15-DEC-201111000100.1819100.1819IRFC 9.68% 2012(S-56C)PTIRFC129.68%03-JAN-201215000100.1817100.1817IRFC 9.68% 2012(S-56C)PTIRFC129.68%06-MAR-20121500099.512799.5127IRFC 9.68% 2012(S-56C)PTIRFC129.68%18-MAY-20121550099.952799.9527IRFC 9.68% 2010(S-56B)PTIRFC109.68%07-SEP-200912500102.7101102.7101IRFC 9.68% 2010(S-56B)PTIRFC109.68%09-SEP-200924500102.7488102.6159IRFC 9.68% 2010(S-56B)PTIRFC109.68%15-SEP-200934000102.6486102.609IRFC 9.57% 2021(S-77)PTIRFC219.57%24-JUN-201132500101.1134101.1134This is a system generated report and does not require signature.Page 23 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 9.57% 2021(S-77)PTIRFC219.57%06-JUL-201184500101.7844101.4147IRFC 9.57% 2021(S-77)PTIRFC219.57%08-JUL-201141500101.8448101.6577IRFC 9.57% 2021(S-77)PTIRFC219.57%12-JUL-201153000102.6489102.5241IRFC 9.57% 2021(S-77)PTIRFC219.57%13-JUL-201111000102.5241102.5241IRFC 9.57% 2021(S-77)PTIRFC219.57%12-JAN-20121500104.0648104.0648IRFC 9.57% 2021(S-77)PTIRFC219.57%26-MAR-201245500103.0252103.024IRFC 9.57% 2021(S-77)PTIRFC219.57%30-MAR-201211000102.2428102.2428IRFC 9.57% 2021(S-77)PTIRFC219.57%10-MAY-201242500102.9744102.914IRFC 9.57% 2021(S-77)PTIRFC219.57%14-JUN-20121500103.9521103.9521IRFC 9.47% 2031(SR-76-B)PTIRFC319.47%03-JUN-20111100099.711699.7116IRFC 9.47% 2031(SR-76-B)PTIRFC319.47%17-OCT-201111000102.5554102.5554IRFC 9.47% 2031(SR-76-B)PTIRFC319.47%01-JUN-201225000103.3022103.3022IRFC 9.43% 2018(S-60)PTIRFC189.43%11-DEC-20091500105.4208105.4208IRFC 9.27% 2021(SR-76)PTIRFC219.27%27-MAY-201111000100.7885100.7885IRFC 9.27% 2021(SR-76)PTIRFC219.27%23-JAN-20121500102.5693102.5693IRFC 9.09% 2026(S-74)PTIRFC269.09%04-JUL-2011150097.472497.4724IRFC 9.09% 2026(S-74)PTIRFC269.09%29-JUL-20111100098.595598.5955IRFC 8.95% 2025(S-69)PTIRFC258.95%25-MAR-20101500101.1382101.1382IRFC 8.83% 2012(S-58)PTIRFC128.83%30-MAR-20121500099.234299.2342This is a system generated report and does not require signature.Page 24 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.75% 2013(S-59A)PTIRFC138.75%26-FEB-20101500102.7206102.7206IRFC 8.75% 2013(S-59A)PTIRFC138.75%10-JUN-201011000103.3849103.3849IRFC 8.75% 2013(S-59A)PTIRFC138.75%22-FEB-20111200099.229399.2293IRFC 8.69% 2011(S-59)PTIRFC118.69%30-JUL-200932000103.5155103.5155IRFC 8.69% 2011(S-59)PTIRFC118.69%04-AUG-200911500103.4633103.4633IRFC 8.69% 2011(S-59)PTIRFC118.69%02-SEP-20091500102.5808102.5808IRFC 8.69% 2011(S-59)PTIRFC118.69%16-SEP-200911000102.6473102.6473IRFC 8.69% 2011(S-59)PTIRFC118.69%23-FEB-201011000101.6232101.6232IRFC 8.69% 2011(S-59)PTIRFC118.69%18-JUN-201025000101.0887101.0887IRFC 8.55% 2019(S-63A)PTIRFC198.55%22-APR-2009159220104.0388103.511IRFC 8.55% 2019(S-63A)PTIRFC198.55%18-MAY-200921500102.4471102.2542IRFC 8.55% 2019(S-63A)PTIRFC198.55%20-MAY-20091400102.2535102.2535IRFC 8.55% 2019(S-63A)PTIRFC198.55%04-JUN-200931500100.6593100.5342IRFC 8.55% 2019(S-63A)PTIRFC198.55%16-JUN-200953500100.033199.9093IRFC 8.55% 2019(S-63A)PTIRFC198.55%22-JUL-200911000100.7728100.7728IRFC 8.55% 2019(S-63A)PTIRFC198.55%18-AUG-20097500099.849199.758IRFC 8.55% 2019(S-63A)PTIRFC198.55%01-SEP-2009150099.276399.2763IRFC 8.55% 2019(S-63A)PTIRFC198.55%17-NOV-200942000101.0785101.0175IRFC 8.55% 2019(S-63A)PTIRFC198.55%18-NOV-200946000101.2101.017This is a system generated report and does not require signature.Page 25 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.55% 2019(S-63A)PTIRFC198.55%03-DEC-20091500100.7673100.7673IRFC 8.55% 2019(S-63A)PTIRFC198.55%15-JAN-20101500100.1577100.1577IRFC 8.55% 2019(S-63A)PTIRFC198.55%18-JAN-201021500100.3363100.3363IRFC 8.55% 2019(S-63A)PTIRFC198.55%19-APR-2010150099.464899.4648IRFC 8.55% 2019(S-63A)PTIRFC198.55%19-OCT-20102150099.885599.8855IRFC 8.50% 2023(S-62B)PTIRFC238.50%31-JUL-2009150099.707199.7071IRFC 8.50% 2020(S-72)PTIRFC208.50%13-JUL-2010150099.981399.9813IRFC 8.50% 2020(S-72)PTIRFC208.50%24-AUG-201021000100.1617100.1617IRFC 8.50% 2020(S-72)PTIRFC208.50%24-SEP-201021500100.1379100.1065IRFC 8.50% 2020(S-72)PTIRFC208.50%19-OCT-20101100099.407699.4076IRFC 8.46% 2014(S-63)PTIRFC148.46%29-APR-200921500104.0166103.9005IRFC 8.46% 2014(S-63)PTIRFC148.46%14-MAY-200915000103.2918103.2918IRFC 8.46% 2014(S-63)PTIRFC148.46%15-MAY-20091500103.4764103.4764IRFC 8.46% 2014(S-63)PTIRFC148.46%28-MAY-200953000101.7685101.7685IRFC 8.46% 2014(S-63)PTIRFC148.46%12-JUN-200931500101.4568101.3836IRFC 8.46% 2014(S-63)PTIRFC148.46%14-JUL-200921500102.6684102.6684IRFC 8.46% 2014(S-63)PTIRFC148.46%23-JUL-200931500102.4024102.4012IRFC 8.46% 2014(S-63)PTIRFC148.46%30-JUL-200921000101.9955101.9955IRFC 8.46% 2014(S-63)PTIRFC148.46%31-JUL-200942000101.7053101.7053This is a system generated report and does not require signature.Page 26 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.46% 2014(S-63)PTIRFC148.46%14-AUG-20091500101.3042101.3042IRFC 8.46% 2014(S-63)PTIRFC148.46%18-SEP-200965500101.0097100.665IRFC 8.46% 2014(S-63)PTIRFC148.46%16-OCT-200921000100.3367100.3367IRFC 8.46% 2014(S-63)PTIRFC148.46%30-OCT-200931500100.7989100.7684IRFC 8.46% 2014(S-63)PTIRFC148.46%04-NOV-20091500100.8984100.8984IRFC 8.46% 2014(S-63)PTIRFC148.46%13-NOV-20091500101.6305101.6305IRFC 8.46% 2014(S-63)PTIRFC148.46%13-JAN-20101500101.666101.666IRFC 8.46% 2014(S-63)PTIRFC148.46%17-FEB-20101500100.7412100.7412IRFC 8.46% 2014(S-63)PTIRFC148.46%18-FEB-201023000100.6778100.6778IRFC 8.46% 2014(S-63)PTIRFC148.46%11-MAR-201021000100.9244100.9244IRFC 8.46% 2014(S-63)PTIRFC148.46%16-APR-201033500101.5525101.4865IRFC 8.46% 2014(S-63)PTIRFC148.46%23-APR-201032500102.7169102.5608IRFC 8.46% 2014(S-63)PTIRFC148.46%26-MAY-201032000102.6552102.59IRFC 8.46% 2014(S-63)PTIRFC148.46%08-JUN-201021000102.4457102.4457IRFC 8.46% 2014(S-63)PTIRFC148.46%30-JUN-201055000102.7343102.6744IRFC 8.46% 2014(S-63)PTIRFC148.46%03-AUG-20101500100.9362100.9362IRFC 8.46% 2014(S-63)PTIRFC148.46%23-AUG-201034000103.0393101.0393IRFC 8.46% 2014(S-63)PTIRFC148.46%20-SEP-20101500101.142101.142IRFC 8.46% 2014(S-63)PTIRFC148.46%20-OCT-201021000100.2944100.2944This is a system generated report and does not require signature.Page 27 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.46% 2014(S-63)PTIRFC148.46%25-OCT-201012500100.4112100.4112IRFC 8.46% 2014(S-63)PTIRFC148.46%06-JAN-20111250099.480199.4801IRFC 8.46% 2014(S-63)PTIRFC148.46%11-FEB-201191800098.221998.1554IRFC 8.46% 2014(S-63)PTIRFC148.46%18-FEB-2011120098.304498.3044IRFC 8.46% 2014(S-63)PTIRFC148.46%10-MAR-2011150098.432298.4322IRFC 8.46% 2014(S-63)PTIRFC148.46%30-AUG-20112600098.4598.43IRFC 8.46% 2014(S-63)PTIRFC148.46%19-OCT-20111250098.464298.4642IRFC 8.46% 2014(S-63)PTIRFC148.46%21-OCT-20111250098.469698.4696IRFC 8.45% 2018(S-62A)PTIRFC188.45%22-APR-20091500102.768102.768IRFC 8.40% 2013(S-62)PTIRFC138.40%12-AUG-200911500100.9352100.9352IRFC 8.20% 2017(S-65H)PTIRFC178.20%29-OCT-2010150098.376398.3763IRFC 8.20% 2014(S-65E)PTIRFC148.20%04-NOV-2009150099.794699.7946IRFC 8.20% 2012(S-65C)PTIRFC128.20%07-JAN-20101500102.0529102.0529IRFC 8.20% 2012(S-65C)PTIRFC128.20%22-JAN-20101500102.3555102.3555IRFC 8.20% 2011(S-65B)PTIRFC118.20%25-AUG-200912500102.343102.343IRFC 8.20% 2011(S-65B)PTIRFC118.20%04-NOV-200911000102.4812102.4812IRFC 8.20% 2011(S-65B)PTIRFC118.20%29-DEC-200911000102.4755102.4755IRFC 8.19% 2019(S-65AA)PTIRFC198.19%11-AUG-20091150098.4298.42IRFC 8% 2015 (S-42M)PTIRFC158%05-OCT-2009150097.718197.7181This is a system generated report and does not require signature.Page 28 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8% 2015 (S-42M)IRFC 7.63% 2016(S-43NN)IRFC 7.63% 2012(S-43JJ)IRFC 7.45% 2014(S-65)IRFC 7.45% 2014(S-65)IRFC 7.45% 2014(S-65)IRFC 7.45% 2014(S-65)IRFC 6.98% 2011(S-44HH)IRF 8.79% 2030 (S-70 'AA')IRF 8.79% 2030 (S-70 'AA')INDRAIL FIN8.60% 2019 (S-66INDRAIL FIN8.60% 2019 (S-66IRF 6% 2015 TXFR BDS (S-68)IRFC 10.70% 2023(S-61A)IRFC 10.60% 2018(S-61)IRFC 10.60% 2018(S-61)IND RLYFIN8.49% 2014 (S-64)IND RLYFIN8.49% 2014 (S-64)PTPTPTPTPTPTPTPTPTPTPTPTPFPTPTPTPTPTPTIRFC15IRFC16IRFC12IRFC14IRFC14IRFC14IRFC14IRFC11IRFC30IRFC30IRFC19IRFC19IRFC15IRFC23IRFC18IRFC18IRFC14IRFC14IRFC148%7.63%7.63%7.45%7.45%7.45%7.45%6.98%8.79%8.79%8.60%8.60%6%10.70%10.60%10.60%8.49%8.49%8.49%22-NOV-201209-DEC-201130-MAR-201213-JUL-200927-OCT-200918-NOV-200912-SEP-201108-DEC-200919-JUL-201007-FEB-201105-AUG-200902-SEP-200924-NOV-201131-JUL-200915-APR-200915-JUL-200908-APR-200901-JUN-200904-SEP-2009This is a system generated report and does not require signature.Page 29 of 54111111111211112122120020015005005001000500305002000500500100500150010001000250050098.29593.861198.583298.11996.835498.515595.88599.816100.767898.4683100.514299.596.1117.5523113.3134113.5087102.5973101.5922100.471198.29593.861198.583298.11996.835498.515595.88599.816100.767898.4683100.514299.596.1117.5523113.2468113.5087102.5973101.5922

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IND RLYFIN8.49% 2014 (S-64)100.4711IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%20-JAN-201015000101.7237101.7237IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%17-APR-20121150098.849198.8491IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%06-JUL-20121150099.009799.0097IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%17-AUG-20121150099.324999.3249IND RLY FIN8.55% 2020 (S -67)PTIRFC208.55%20-JUN-2011150095.207695.2076IRFC 9.76% 2012(S-56)PTIRFC129.76%08-DEC-201111000100.2117100.2117IRFC 9.76% 2012(S-56)PTIRFC129.76%14-MAR-20121100099.612999.6129IRFC 9.68% 2012(S-56C)PTIRFC129.68%06-OCT-20091500105.022105.022IRFC 9.68% 2012(S-56C)PTIRFC129.68%15-JUL-201012500104.3087104.3087IRFC 9.68% 2012(S-56C)PTIRFC129.68%02-SEP-201013500103.1739103.1739IRFC 9.68% 2012(S-56C)PTIRFC129.68%01-DEC-20101500101.5702101.5702IRFC 9.68% 2012(S-56C)PTIRFC129.68%01-MAR-201124500100.3501100.314IRFC 9.68% 2012(S-56C)PTIRFC129.68%09-SEP-201115500100.2733100.2733IRFC 9.68% 2012(S-56C)PTIRFC129.68%09-NOV-201113000100.1403100.1403IRFC 9.68% 2012(S-56C)PTIRFC129.68%23-DEC-201115000100.164100.164IRFC 9.68% 2012(S-56C)PTIRFC129.68%29-MAR-20121550099.802799.8027This is a system generated report and does not require signature.Page 30 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 9.68% 2010(S-56B)PTIRFC109.68%17-AUG-20091500103.1184103.1184IRFC 9.57% 2021(S-77)PTIRFC219.57%23-JUN-201121000100.9928100.9905IRFC 9.57% 2021(S-77)PTIRFC219.57%23-FEB-201211000104.9628104.9628IRFC 9.57% 2021(S-77)PTIRFC219.57%29-FEB-201211000104.1903104.1903IRFC 9.57% 2021(S-77)PTIRFC219.57%10-APR-201211500102.4707102.4707IRFC 9.27% 2021(SR-76)PTIRFC219.27%26-MAR-20121500101.1788101.1788IRFC 9.09% 2026(S-74)PTIRFC269.09%05-MAY-20111100099.134899.1348IRFC 9.09% 2026(S-74)PTIRFC269.09%25-MAY-2011150097.994697.9946IRFC 8.95% 2025(S-69)PTIRFC258.95%29-MAR-20101500101.6168101.6168IRFC 8.83% 2012(S-58)PTIRFC128.83%23-SEP-20111500099.396399.3963IRFC 8.75% 2013(S-59A)PTIRFC138.75%12-MAY-200921500104.1821104.1821IRFC 8.75% 2013(S-59A)PTIRFC138.75%13-MAY-200911000104.4962104.4962IRFC 8.75% 2013(S-59A)PTIRFC138.75%15-MAY-200912500104.4782104.4782IRFC 8.75% 2013(S-59A)PTIRFC138.75%21-MAY-20091500104.4652104.4652IRFC 8.75% 2013(S-59A)PTIRFC138.75%02-FEB-201023000103.3577103.3577IRFC 8.75% 2013(S-59A)PTIRFC138.75%15-SEP-2010415000102.0014101.9434IRFC 8.75% 2013(S-59A)PTIRFC138.75%30-DEC-20111200099.330599.3305IRFC 8.75% 2013(S-59A)PTIRFC138.75%21-MAR-20122750099.396899.3968IRFC 8.69% 2011(S-59)PTIRFC118.69%09-APR-200912500103.5462103.5462This is a system generated report and does not require signature.Page 31 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.69% 2011(S-59)PTIRFC118.69%27-APR-200922500104.0175104.0175IRFC 8.69% 2011(S-59)PTIRFC118.69%13-MAY-200921000103.9084103.8622IRFC 8.69% 2011(S-59)PTIRFC118.69%14-MAY-20091560103.97103.97IRFC 8.69% 2011(S-59)PTIRFC118.69%26-AUG-20091500102.7502102.7502IRFC 8.69% 2011(S-59)PTIRFC118.69%08-MAR-201011500101.8641101.8641IRFC 8.69% 2011(S-59)PTIRFC118.69%06-DEC-20101500100.0155100.0155IRFC 8.55% 2019(S-63A)PTIRFC198.55%16-APR-2009127000101.2538100.8093IRFC 8.55% 2019(S-63A)PTIRFC198.55%03-JUL-20091500101.5913101.5913IRFC 8.55% 2019(S-63A)PTIRFC198.55%10-JUL-200953000100.5933100.4634IRFC 8.55% 2019(S-63A)PTIRFC198.55%13-JUL-200932000100.5932100.5875IRFC 8.55% 2019(S-63A)PTIRFC198.55%17-JUL-200931500101.0225100.9601IRFC 8.55% 2019(S-63A)PTIRFC198.55%21-AUG-20092100099.485299.4852IRFC 8.55% 2019(S-63A)PTIRFC198.55%15-DEC-200911000100.6121100.6121IRFC 8.55% 2019(S-63A)PTIRFC198.55%23-FEB-2010250098.988598.9885IRFC 8.55% 2019(S-63A)PTIRFC198.55%06-JAN-20111250098.886198.8861IRFC 8.55% 2019(S-63A)PTIRFC198.55%31-JAN-2011150098.250398.2503IRFC 8.50% 2020(S-72)PTIRFC208.50%10-AUG-2010150099.437799.4377IRFC 8.50% 2020(S-72)PTIRFC208.50%11-AUG-20104250099.531899.5003IRFC 8.50% 2020(S-72)PTIRFC208.50%16-AUG-2010150099.53199.531This is a system generated report and does not require signature.Page 32 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.50% 2020(S-72)PTIRFC208.50%18-AUG-2010150099.46899.468IRFC 8.50% 2020(S-72)PTIRFC208.50%21-APR-20111700097.001797.0017IRFC 8.46% 2014(S-63)PTIRFC148.46%09-APR-20091500102.7848102.7848IRFC 8.46% 2014(S-63)PTIRFC148.46%18-MAY-200953000104.0861103.8561IRFC 8.46% 2014(S-63)PTIRFC148.46%01-JUN-200975000101.764101.5793IRFC 8.46% 2014(S-63)PTIRFC148.46%26-JUN-200921000101.8123101.7362IRFC 8.46% 2014(S-63)PTIRFC148.46%16-JUL-200931500102.9959102.9959IRFC 8.46% 2014(S-63)PTIRFC148.46%20-JUL-200932500102.4426102.2593IRFC 8.46% 2014(S-63)PTIRFC148.46%10-SEP-200943500100.5283100.5283IRFC 8.46% 2014(S-63)PTIRFC148.46%06-OCT-200911000100.737100.737IRFC 8.46% 2014(S-63)PTIRFC148.46%23-OCT-200911000100.5015100.5015IRFC 8.46% 2014(S-63)PTIRFC148.46%16-NOV-200942000101.9685101.7987IRFC 8.46% 2014(S-63)PTIRFC148.46%03-DEC-200911000101.7786101.7786IRFC 8.46% 2014(S-63)PTIRFC148.46%24-FEB-201021000100.8342100.7394IRFC 8.46% 2014(S-63)PTIRFC148.46%11-AUG-20101500101.2168101.2168IRFC 8.46% 2014(S-63)PTIRFC148.46%17-AUG-201012000101.1273101.1273IRFC 8.46% 2014(S-63)PTIRFC148.46%31-AUG-201022000101.147101.147IRFC 8.46% 2014(S-63)PTIRFC148.46%22-OCT-201025000100.4814100.479IRFC 8.46% 2014(S-63)PTIRFC148.46%14-FEB-2011150098.155498.1554This is a system generated report and does not require signature.Page 33 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.46% 2014(S-63)PTIRFC148.46%13-SEP-20111250098.505498.5054IRFC 8.46% 2014(S-63)PTIRFC148.46%27-SEP-2011150098.419898.4198IRFC 8.46% 2014(S-63)PTIRFC148.46%19-JUL-20122400099.313899.3138IRFC 8.45% 2018(S-62A)PTIRFC188.45%08-MAY-200935000102.2996100.8977IRFC 8.45% 2018(S-62A)PTIRFC188.45%15-JUL-200911000100.097100.097IRFC 8.40% 2013(S-62)PTIRFC138.40%05-MAY-20111100097.62797.627IRFC 8.40% 2013(S-62)PTIRFC138.40%24-JUL-2012150099.212999.2129IRFC 8.40% 2013(S-62)PTIRFC138.40%23-NOV-20121100099.843999.8439IRFC 8.20% 2023(S-65N)PTIRFC238.20%16-APR-2012150093.762393.7623IRFC 8.20% 2015(S-65F)PTIRFC158.20%19-NOV-200912000100.6743100.6743IRFC 8.20% 2014(S-65E)PTIRFC148.20%14-MAY-200922500102.2815102.2035IRFC 8.20% 2014(S-65E)PTIRFC148.20%09-OCT-20121100099.514799.5147IRFC 8.20% 2013(S-65D)PTIRFC138.20%19-JAN-201021500101.4111101.4111IRFC 8.20% 2013(S-65D)PTIRFC138.20%11-SEP-20121200099.6299.62IRFC 8.20% 2012(S-65C)PTIRFC128.20%15-JUL-200921000103.1381103.1381IRFC 8.20% 2011(S-65B)PTIRFC118.20%20-JUL-200911000103.3669103.3669IRFC 8.20% 2011(S-65B)PTIRFC118.20%08-APR-201012500102.0256102.0256IRFC 8.20% 2010(S-65A)PTIRFC108.20%13-MAY-200922000102.183102.183IRFC 8.20% 2010(S-65A)PTIRFC108.20%22-JUN-200913500101.7705101.7705This is a system generated report and does not require signature.Page 34 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.19% 2019(S-65AA)IRFC 7.45% 2014(S-65)IRFC 7.45% 2014(S-65)IRFC 7.45% 2014(S-65)IRFC 6.20% 2013(S-46DD)IRF 8.79% 2030 (S-70 'AA')IRF 8.79% 2030 (S-70 'AA')IRF 8.79% 2030 (S-70 'AA')IRF 8.79% 2030 (S-70 'AA')IRF 8.79% 2030 (S-70 'AA')IRF 8.79% 2030 (S-70 'AA')IRF 8.79% 2030 (S-70 'AA')IRF 8.79% 2030 (S-70 'AA')INDRAIL FIN8.60% 2019 (S-66INDRAIL FIN8.60% 2019 (S-66IRFC 10.70% 2023(S-61A)IRFC 10.60% 2018(S-61)IRFC 10.60% 2018(S-61)IND RLYFIN8.49% 2014 (S-64)PTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTIRFC19IRFC14IRFC14IRFC14IRFC13IRFC30IRFC30IRFC30IRFC30IRFC30IRFC30IRFC30IRFC30IRFC19IRFC19IRFC23IRFC18IRFC18IRFC148.19%7.45%7.45%7.45%6.20%8.79%8.79%8.79%8.79%8.79%8.79%8.79%8.79%8.60%8.60%10.70%10.60%10.60%8.49%20-AUG-200916-JUL-200917-JUN-201113-SEP-201118-AUG-201122-JUN-201014-JUL-201011-AUG-201031-AUG-201009-SEP-201024-SEP-201029-SEP-201030-JUN-201107-JUL-200913-JAN-201121-MAY-200920-AUG-200926-MAR-201011-SEP-2012This is a system generated report and does not require signature.Page 35 of 544211111112212411321700010005005005005005005005001500150050010003000500050087705000250097.269298.794695.252495.88594.7236100.864100.7234100.3616100.4526100.589100.7883100.875794.498100.779798.7458119.0218112.2497111.115199.436397.208198.794695.252495.88594.7236100.864100.7234100.3616100.4526100.589100.6556100.875794.498100.715998.7458119.0218112.2497111.115199.4363

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IND RLY FIN8.55% 2020 (S -67)PTIRFC208.55%01-SEP-20101100099.97199.971IND RLY FIN8.55% 2020 (S -67)PTIRFC208.55%21-SEP-201012500100.1947100.1947IRFC 9.76% 2012(S-56)PTIRFC129.76%09-JUN-200933500106.7045106.7045IRFC 9.76% 2012(S-56)PTIRFC129.76%07-OCT-200912000105.3374105.3374IRFC 9.68% 2012(S-56C)PTIRFC129.68%10-AUG-201023000103.5618103.5618IRFC 9.68% 2012(S-56C)PTIRFC129.68%30-JUN-201111500100.3292100.3292IRFC 9.68% 2012(S-56C)PTIRFC129.68%27-JUL-201111000100.1383100.1383IRFC 9.68% 2012(S-56C)PTIRFC129.68%24-OCT-201113000100.1805100.1805IRFC 9.68% 2012(S-56C)PTIRFC129.68%12-MAR-20121550099.820299.8202IRFC 9.68% 2010(S-56B)PTIRFC109.68%24-APR-200921500104.4167104.3016IRFC 9.68% 2010(S-56B)PTIRFC109.68%17-SEP-200912500102.6392102.6392IRFC 9.57% 2021(S-77)PTIRFC219.57%13-JUN-20111500100.6934100.6934IRFC 9.57% 2021(S-77)PTIRFC219.57%11-JUL-201142500102.4002102.2137IRFC 9.57% 2021(S-77)PTIRFC219.57%15-JUL-201132000102.9577102.8348IRFC 9.57% 2021(S-77)PTIRFC219.57%27-JUL-201187500101.9565101.8322IRFC 9.57% 2021(S-77)PTIRFC219.57%28-JUL-20111500102.0794102.0794IRFC 9.57% 2021(S-77)PTIRFC219.57%22-SEP-20111500102.69102.69IRFC 9.57% 2021(S-77)PTIRFC219.57%13-OCT-201132500101.1461101.1452IRFC 9.57% 2021(S-77)PTIRFC219.57%20-OCT-201112500102.0471102.0471This is a system generated report and does not require signature.Page 36 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 9.57% 2021(S-77)PTIRFC219.57%31-MAY-201211500102.9829102.9829IRFC 9.57% 2021(S-77)PTIRFC219.57%05-JUL-20121500103.6567103.6567IRFC 9.57% 2021(S-77)PTIRFC219.57%19-JUL-201212500103.7417103.7417IRFC 9.57% 2021(S-77)PTIRFC219.57%01-NOV-20121500104.3278104.3278IRFC 9.47% 2031(SR-76-B)PTIRFC319.47%09-JUN-20111500100100IRFC 9.47% 2031(SR-76-B)PTIRFC319.47%30-JUN-201131450100.5189100.4761IRFC 9.27% 2021(SR-76)PTIRFC219.27%26-MAY-20111100099.989499.9894IRFC 9.27% 2021(SR-76)PTIRFC219.27%12-DEC-201122000101.1535101.0332IRFC 9.09% 2026(S-74)PTIRFC269.09%30-AUG-20112150099.587299.5863IRFC 8.83% 2012(S-58)PTIRFC128.83%16-SEP-2010510000102.1924102.1581IRFC 8.75% 2013(S-59A)PTIRFC138.75%24-APR-200922000104.9647104.9597IRFC 8.75% 2013(S-59A)PTIRFC138.75%30-JAN-20122200099.376699.3766IRFC 8.75% 2013(S-59A)PTIRFC138.75%23-FEB-20121450099.303599.3035IRFC 8.75% 2013(S-59A)PTIRFC138.75%12-MAR-201221300099.192898.8388IRFC 8.69% 2011(S-59)PTIRFC118.69%11-JUN-200953500103.0653102.9927IRFC 8.69% 2011(S-59)PTIRFC118.69%19-FEB-201012500101.7516101.7516IRFC 8.69% 2011(S-59)PTIRFC118.69%25-FEB-201012500101.7249101.7249IRFC 8.69% 2011(S-59)PTIRFC118.69%22-MAR-201015000102.0423102.0423IRFC 8.69% 2011(S-59)PTIRFC118.69%17-JUN-201012500101.1317101.1317This is a system generated report and does not require signature.Page 37 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.69% 2011(S-59)PTIRFC118.69%25-AUG-201013500100.4514100.4514IRFC 8.55% 2019(S-63A)PTIRFC198.55%05-MAY-20091500101.8789101.8789IRFC 8.55% 2019(S-63A)PTIRFC198.55%07-MAY-200911000102.3291102.3291IRFC 8.55% 2019(S-63A)PTIRFC198.55%21-MAY-200911000101.5494101.5494IRFC 8.55% 2019(S-63A)PTIRFC198.55%09-JUN-200932000100.3454100.1898IRFC 8.55% 2019(S-63A)PTIRFC198.55%12-JUN-20093250099.662499.5392IRFC 8.55% 2019(S-63A)PTIRFC198.55%17-JUN-20093150099.909199.8473IRFC 8.55% 2019(S-63A)PTIRFC198.55%24-JUL-200942000100.8349100.7724IRFC 8.55% 2019(S-63A)PTIRFC198.55%28-JUL-200942500100.7722100.7101IRFC 8.55% 2019(S-63A)PTIRFC198.55%13-AUG-2009150099.940299.9402IRFC 8.55% 2019(S-63A)PTIRFC198.55%26-OCT-2009150099.27699.276IRFC 8.55% 2019(S-63A)PTIRFC198.55%13-NOV-200942000100.5323100.1708IRFC 8.55% 2019(S-63A)PTIRFC198.55%19-NOV-200911000101.383101.383IRFC 8.55% 2019(S-63A)PTIRFC198.55%25-NOV-200963000101.5327101.4408IRFC 8.55% 2019(S-63A)PTIRFC198.55%26-NOV-200932500101.7469101.6855IRFC 8.50% 2023(S-62B)PTIRFC238.50%22-OCT-2009150098.273498.2734IRFC 8.50% 2020(S-72)PTIRFC208.50%16-JUL-20106300099.91697.9477IRFC 8.50% 2020(S-72)PTIRFC208.50%02-AUG-20103150099.094399.0941IRFC 8.50% 2020(S-72)PTIRFC208.50%05-AUG-2010150099.093899.0938This is a system generated report and does not require signature.Page 38 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.50% 2020(S-72)PTIRFC208.50%23-AUG-20103100099.467899.4052IRFC 8.50% 2020(S-72)PTIRFC208.50%17-JAN-20112350097.948797.9487IRFC 8.46% 2014(S-63)PTIRFC148.46%08-APR-200963500102.708101.8301IRFC 8.46% 2014(S-63)PTIRFC148.46%22-APR-2009117500105.6784104.4222IRFC 8.46% 2014(S-63)PTIRFC148.46%04-JUN-200974500101.9827101.7608IRFC 8.46% 2014(S-63)PTIRFC148.46%15-JUN-200921000101.6024101.6024IRFC 8.46% 2014(S-63)PTIRFC148.46%23-JUN-200921000101.7777101.7777IRFC 8.46% 2014(S-63)PTIRFC148.46%25-JUN-200911000101.7574101.7574IRFC 8.46% 2014(S-63)PTIRFC148.46%02-JUL-20091500102.5392102.5392IRFC 8.46% 2014(S-63)PTIRFC148.46%09-JUL-200921500102.3465102.2356IRFC 8.46% 2014(S-63)PTIRFC148.46%06-AUG-200931500101.4522101.4166IRFC 8.46% 2014(S-63)PTIRFC148.46%02-SEP-200974000100.459100.3203IRFC 8.46% 2014(S-63)PTIRFC148.46%03-SEP-200931500100.4243100.3897IRFC 8.46% 2014(S-63)PTIRFC148.46%21-JAN-201032500101.9853101.9525IRFC 8.46% 2014(S-63)PTIRFC148.46%03-MAR-20101270100.7065100.7065IRFC 8.46% 2014(S-63)PTIRFC148.46%06-MAY-20101500102.8492102.8492IRFC 8.46% 2014(S-63)PTIRFC148.46%28-MAY-201031500102.4013102.3404IRFC 8.46% 2014(S-63)PTIRFC148.46%02-SEP-201022000101.0621101.0621IRFC 8.46% 2014(S-63)PTIRFC148.46%26-OCT-20101500100.5043100.5043This is a system generated report and does not require signature.Page 39 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.46% 2014(S-63)PTIRFC148.46%21-FEB-20111150098.19198.191IRFC 8.46% 2014(S-63)PTIRFC148.46%29-AUG-201121000098.448198.4281IRFC 8.46% 2014(S-63)PTIRFC148.46%20-OCT-20111250098.841298.8412IRFC 8.46% 2014(S-63)PTIRFC148.46%23-OCT-20121100099.959599.9595IRFC 8.46% 2014(S-63)PTIRFC148.46%08-NOV-20121500099.839799.8397IRFC 8.45% 2018(S-62A)PTIRFC188.45%09-APR-200921000100.280296.05IRFC 8.45% 2018(S-62A)PTIRFC188.45%08-SEP-2009150098.59298.592IRFC 8.45% 2018(S-62A)PTIRFC188.45%19-NOV-20091500100.7425100.7425IRFC 8.45% 2018(S-62A)PTIRFC188.45%30-NOV-20091500100.622100.622IRFC 8.40% 2013(S-62)PTIRFC138.40%31-OCT-20111150098.433698.4336IRFC 8.20% 2013(S-65D)PTIRFC138.20%25-SEP-20121250099.704499.7044IRFC 8.20% 2011(S-65B)PTIRFC118.20%02-JUL-200911500103.4283103.4283IRFC 8.20% 2011(S-65B)PTIRFC118.20%21-JUL-200911500103.1985103.1985IRFC 8.20% 2011(S-65B)PTIRFC118.20%08-SEP-200911500102.2226102.2226IRFC 8.20% 2011(S-65B)PTIRFC118.20%24-SEP-20091500102.4462102.4462IRFC 8.20% 2011(S-65B)PTIRFC118.20%13-NOV-200912500102.8411102.8411IRFC 8.19% 2019(S-65AA)PTIRFC198.19%22-MAY-2009150098.10998.109IRFC 8.19% 2019(S-65AA)PTIRFC198.19%31-AUG-20092150097.032996.9108IRFC 7.63% 2012(S-43JJ)PTIRFC127.63%16-MAR-2011150097.618397.6183This is a system generated report and does not require signature.Page 40 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 7.45% 2014(S-65)IRFC 7.45% 2014(S-65)IRFC 7.45% 2014(S-65)IRFC 7.45% 2014(S-65)IRF 8.79% 2030 (S-70 'AA')IRF 8.79% 2030 (S-70 'AA')IRF 8.79% 2030 (S-70 'AA')IRF 8.79% 2030 (S-70 'AA')IRF 8.79% 2030 (S-70 'AA')IRF 8.79% 2030 (S-70 'AA')IRF 8.79% 2030 (S-70 'AA')IRFC 10.70% 2023(S-61A)IRFC 10.70% 2023(S-61A)IRFC 10.60% 2018(S-61)IRFC 10.60% 2018(S-61)IND RLYFIN8.49% 2014 (S-64)IND RLYFIN8.49% 2014 (S-64)IND RLY FIN8.65% 2025 (S -67APTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTPTIRFC14IRFC14IRFC14IRFC14IRFC30IRFC30IRFC30IRFC30IRFC30IRFC30IRFC30IRFC23IRFC23IRFC18IRFC18IRFC14IRFC14IRFC25IRFC207.45%7.45%7.45%7.45%8.79%8.79%8.79%8.79%8.79%8.79%8.79%10.70%10.70%10.60%10.60%8.49%8.49%8.65%8.55%22-JUN-200921-APR-201007-APR-201112-SEP-201209-JUN-201014-JUN-201017-SEP-201006-OCT-201018-OCT-201019-OCT-201003-NOV-201019-MAR-201013-MAR-201220-APR-200912-JUN-200925-JAN-201024-JUN-201031-MAR-201019-OCT-2010This is a system generated report and does not require signature.Page 41 of 54113111211121114111350050010000100010001000100010001500150020005001500500200025001500500150097.839798.308395.777797.9039100.9136100.5954100.5238100.6921100.5061100.5061100.5877114.7189111.2206114.8424112.4139101.9582103.288399.457699.935897.839798.308395.77797.9039100.9136100.5954100.5238100.6921100.5061100.5061100.5877114.7189111.2206114.8424112.4139101.9582103.288399.4576

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IND RLY FIN8.55% 2020 (S -67)99.8146IND RLY FIN8.55% 2020 (S -67)PTIRFC208.55%05-JAN-2011150098.790698.7906IRFC 9.81%2017(S-54)PTIRFC179.81%24-AUG-200913500106.3465106.3465IRFC 9.76% 2012(S-56)PTIRFC129.76%31-JUL-200911000106.5393106.5393IRFC 9.76% 2012(S-56)PTIRFC129.76%09-MAR-201012500104.483104.483IRFC 9.76% 2012(S-56)PTIRFC129.76%17-AUG-20101500103.6711103.6711IRFC 9.68% 2010(S-56B)PTIRFC109.68%24-SEP-200911000102.794102.794IRFC 9.68% 2010(S-56B)PTIRFC109.68%09-FEB-201012500101.4769101.4769IRFC 9.68% 2010(S-56B)PTIRFC109.68%23-FEB-201032000101.1664101.1581IRFC 9.68% 2010(S-56B)PTIRFC109.68%09-MAR-201011000101.2105101.2105IRFC 9.57% 2021(S-77)PTIRFC219.57%05-JUL-2011128500101.7844101.3533IRFC 9.57% 2021(S-77)PTIRFC219.57%07-JUL-201152500101.9067101.722IRFC 9.57% 2021(S-77)PTIRFC219.57%19-OCT-201122000101.1408101.1404IRFC 9.57% 2021(S-77)PTIRFC219.57%05-DEC-201121000102.5569102.5569IRFC 9.57% 2021(S-77)PTIRFC219.57%03-JAN-201255000103.5177103.4564IRFC 9.57% 2021(S-77)PTIRFC219.57%10-JAN-201211000104.3143104.3143IRFC 9.57% 2021(S-77)PTIRFC219.57%04-MAY-201221000102.9806102.9775IRFC 9.57% 2021(S-77)PTIRFC219.57%15-MAY-20121500102.9684102.9684IRFC 9.57% 2021(S-77)PTIRFC219.57%24-MAY-20121330102.96102.96This is a system generated report and does not require signature.Page 42 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 9.57% 2021(S-77)PTIRFC219.57%11-SEP-201211000104.0622104.0622IRFC 9.57% 2021(S-77)PTIRFC219.57%07-NOV-20121500104.9048104.9048IRFC 9.47% 2031(SR-76-B)PTIRFC319.47%05-DEC-20111500102.0082102.0082IRFC 9.27% 2021(SR-76)PTIRFC219.27%16-DEC-201112500101.5824101.5824IRFC 9.27% 2021(SR-76)PTIRFC219.27%05-JAN-20121500101.6317101.6317IRFC 8.83% 2012(S-58)PTIRFC128.83%09-AUG-2012150099.986499.9864IRFC 8.75% 2013(S-59A)PTIRFC138.75%16-APR-20091500104.4128104.4128IRFC 8.75% 2013(S-59A)PTIRFC138.75%26-AUG-200912000102.0228102.0228IRFC 8.75% 2013(S-59A)PTIRFC138.75%12-JUL-20111200099.353399.3533IRFC 8.75% 2013(S-59A)PTIRFC138.75%01-AUG-20111200099.31299.312IRFC 8.75% 2013(S-59A)PTIRFC138.75%19-SEP-20111200099.465499.4654IRFC 8.75% 2013(S-59A)PTIRFC138.75%14-SEP-20121100099.910799.9107IRFC 8.69% 2011(S-59)PTIRFC118.69%20-APR-20091500104.0678104.0678IRFC 8.69% 2011(S-59)PTIRFC118.69%12-APR-201022000101.9521101.9521IRFC 8.69% 2011(S-59)PTIRFC118.69%21-JUN-201037500101.2123101.1146IRFC 8.55% 2019(S-63A)PTIRFC198.55%09-APR-2009118000101.1293100.1833IRFC 8.55% 2019(S-63A)PTIRFC198.55%13-APR-20091410500100.821997.4713IRFC 8.55% 2019(S-63A)PTIRFC198.55%27-APR-20091500102.4966102.4966IRFC 8.55% 2019(S-63A)PTIRFC198.55%08-MAY-200942500102.0675101.5562This is a system generated report and does not require signature.Page 43 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.55% 2019(S-63A)PTIRFC198.55%19-MAY-200932500102.254101.36IRFC 8.55% 2019(S-63A)PTIRFC198.55%25-MAY-20091500100.6004100.6004IRFC 8.55% 2019(S-63A)PTIRFC198.55%09-JUL-200931500100.6558100.5571IRFC 8.55% 2019(S-63A)PTIRFC198.55%21-JUL-20091500100.7108100.7108IRFC 8.55% 2019(S-63A)PTIRFC198.55%27-JUL-20091500100.8033100.8033IRFC 8.55% 2019(S-63A)PTIRFC198.55%29-JUL-20091500100.7722100.7722IRFC 8.55% 2019(S-63A)PTIRFC198.55%20-AUG-20091250099.545199.5451IRFC 8.55% 2019(S-63A)PTIRFC198.55%11-SEP-20092150099.130899.1308IRFC 8.55% 2019(S-63A)PTIRFC198.55%27-OCT-2009150099.57599.575IRFC 8.55% 2019(S-63A)PTIRFC198.55%09-NOV-200954300100.11299.9313IRFC 8.55% 2019(S-63A)PTIRFC198.55%21-DEC-20091500100.28100.28IRFC 8.55% 2019(S-63A)PTIRFC198.55%06-JAN-20101500100.3375100.3375IRFC 8.55% 2019(S-63A)PTIRFC198.55%03-MAR-20102100098.93498.8761IRFC 8.50% 2020(S-72)PTIRFC208.50%29-JUL-2010150099.345399.3453IRFC 8.50% 2020(S-72)PTIRFC208.50%22-OCT-20101200099.467899.4678IRFC 8.50% 2020(S-72)PTIRFC208.50%27-OCT-2010150099.373999.3739IRFC 8.50% 2020(S-72)PTIRFC208.50%14-JAN-2011150098.00798.007IRFC 8.50% 2020(S-72)PTIRFC208.50%14-MAR-20111200097.214597.2145IRFC 8.46% 2014(S-63)PTIRFC148.46%13-APR-200922500102.391999.6273This is a system generated report and does not require signature.Page 44 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.46% 2014(S-63)PTIRFC148.46%22-MAY-20091500102.6694102.6694IRFC 8.46% 2014(S-63)PTIRFC148.46%08-JUN-200911000101.646101.646IRFC 8.46% 2014(S-63)PTIRFC148.46%10-JUN-200945000101.644101.644IRFC 8.46% 2014(S-63)PTIRFC148.46%17-JUN-200931500101.6738101.5639IRFC 8.46% 2014(S-63)PTIRFC148.46%21-JUL-2009119000102.3309102.2382IRFC 8.46% 2014(S-63)PTIRFC148.46%03-AUG-200921000101.777101.7053IRFC 8.46% 2014(S-63)PTIRFC148.46%26-AUG-20091500100.808100.808IRFC 8.46% 2014(S-63)PTIRFC148.46%08-SEP-200922500100.6322100.6322IRFC 8.46% 2014(S-63)PTIRFC148.46%26-OCT-200931500100.6357100.5682IRFC 8.46% 2014(S-63)PTIRFC148.46%12-NOV-20091500101.4647101.4647IRFC 8.46% 2014(S-63)PTIRFC148.46%17-NOV-200921000102.1371102.1371IRFC 8.46% 2014(S-63)PTIRFC148.46%02-DEC-20091500101.8808101.8808IRFC 8.46% 2014(S-63)PTIRFC148.46%14-DEC-200921500101.7643101.7643IRFC 8.46% 2014(S-63)PTIRFC148.46%15-DEC-20091500101.6965101.6965IRFC 8.46% 2014(S-63)PTIRFC148.46%12-MAR-201011000101.049101.049IRFC 8.46% 2014(S-63)PTIRFC148.46%07-MAY-201035500102.8492102.8492IRFC 8.46% 2014(S-63)PTIRFC148.46%25-MAY-201021500102.6552102.6552IRFC 8.46% 2014(S-63)PTIRFC148.46%01-SEP-20101500101.147101.147IRFC 8.46% 2014(S-63)PTIRFC148.46%02-AUG-2012150099.331299.3312This is a system generated report and does not require signature.Page 45 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.46% 2014(S-63)PTIRFC148.46%09-OCT-20121250099.964399.9643IRFC 8.46% 2014(S-63)PTIRFC148.46%22-OCT-201211500100.0149100.0149IRFC 8.45% 2018(S-62A)PTIRFC188.45%27-APR-20091500101.7313101.7313IRFC 8.45% 2018(S-62A)PTIRFC188.45%28-MAY-2009150098.77298.772IRFC 8.40% 2013(S-62)PTIRFC138.40%09-JUL-200911000101.6665101.6665IRFC 8.40% 2013(S-62)PTIRFC138.40%17-AUG-200911000101.0378101.0378IRFC 8.40% 2013(S-62)PTIRFC138.40%12-NOV-200912500101.4752101.4752IRFC 8.40% 2013(S-62)PTIRFC138.40%12-AUG-201022500101.1648101.1648IRFC 8.40% 2013(S-62)PTIRFC138.40%21-NOV-20121100099.794199.7941IRFC 8.20% 2017(S-65H)PTIRFC178.20%18-JUN-20091100098.162798.1627IRFC 8.20% 2015(S-65F)PTIRFC158.20%29-JUN-200911000100.14100.14IRFC 8.20% 2013(S-65D)PTIRFC138.20%28-FEB-2012150098.692798.6927IRFC 8.20% 2012(S-65C)PTIRFC128.20%12-JUN-20091500102.3505102.3505IRFC 8.20% 2012(S-65C)PTIRFC128.20%23-FEB-20111100098.670998.6709IRFC 8.20% 2012(S-65C)PTIRFC128.20%06-MAR-20121100099.54899.548IRFC 8.20% 2011(S-65B)PTIRFC118.20%01-DEC-200911500102.5906102.5906IRFC 8.20% 2011(S-65B)PTIRFC118.20%10-FEB-201012500101.6008101.6008IRFC 8.20% 2011(S-65B)PTIRFC118.20%21-SEP-201012500100.3274100.3274IRFC 8.20% 2010(S-65A)PTIRFC108.20%04-JUN-200913500101.7479101.7479This is a system generated report and does not require signature.Page 46 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.19% 2019(S-65AA)PTIRFC198.19%28-AUG-20091250096.910896.9108IRFC 7.63% 2012(S-43JJ)PTIRFC127.63%22-FEB-2011150097.589197.5891IRFC 7.63% 2012(S-43JJ)PTIRFC127.63%29-MAR-20121150098.567298.5672IRFC 7.45% 2014(S-65)PTIRFC147.45%23-FEB-2010150096.771596.7715IRFC 7.45% 2014(S-65)PTIRFC147.45%19-JUL-20121150097.568897.5688IRFC 7.45% 2014(S-65)PTIRFC147.45%23-JUL-20121200097.65897.658IRFC 6.98% 2010(S-44GG)PTIRFC106.98%11-DEC-200931000100.9294100.9294IRFC 6.85% 2010(S-48D)PTIRFC106.85%22-OCT-20091500100.7276100.7276IRFC 6.85% 2009(S-48C)PTIRFC096.85%23-APR-200912000100.8537100.8537IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%12-AUG-20101500100.4064100.4064IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%16-SEP-201021500100.5255100.4105IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%13-APR-2012150097.202197.2021INDRAIL FIN8.60% 2019 (S-66PTIRFC198.60%25-JUN-200932000100.7859100.7539INDRAIL FIN8.60% 2019 (S-66PTIRFC198.60%29-JUN-200921500100.9117100.7838INDRAIL FIN8.60% 2019 (S-66PTIRFC198.60%14-JUL-200922500101.1601101.1601INDRAIL FIN8.60% 2019 (S-66PTIRFC198.60%12-NOV-20091500100.4923100.4923INDRAIL FIN8.60% 2019 (S-66PTIRFC198.60%23-NOV-200912500101.6133101.6133IRFC 6.05% 2015(S-73 TAX FREEPFIRFC156.05%18-MAR-20111150095.549795.5497IRFC 10.70% 2023(S-61A)PTIRFC2310.70%27-APR-200911000118.1118.1This is a system generated report and does not require signature.Page 47 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 10.60% 2018(S-61)PTIRFC1810.60%08-APR-200956500112.6716111.4829IRFC 10.60% 2018(S-61)PTIRFC1810.60%14-JAN-20101500112.5747112.5747IRFC 10.60% 2018(S-61)PTIRFC1810.60%15-SEP-201133000107.0481107.0481IRFC 10.60% 2018(S-61)PTIRFC1810.60%18-MAY-20121500106.8881106.8881IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%25-JUN-201011500104.7233104.7233IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%14-MAR-20121150098.3598.35IND RLYFIN8.49% 2014 (S-64)PTIRFC148.49%25-APR-2012150098.791698.7916IND RLY FIN8.80% 2030 (S -67BPTIRFC308.80%27-APR-20102500100.3236100.3236IRFC 9.95%2022(S-54A)PTIRFC229.95%27-MAR-201211000105.53105.53IRFC 9.81%2017(S-54)PTIRFC179.81%29-MAY-20121500102.6126102.6126IRFC 9.76% 2012(S-56)PTIRFC129.76%06-JUL-200913000107.0948107.0948IRFC 9.76% 2012(S-56)PTIRFC129.76%22-JAN-20101500105.6457105.6457IRFC 9.76% 2012(S-56)PTIRFC129.76%28-JAN-201011000105.5397105.5397IRFC 9.76% 2012(S-56)PTIRFC129.76%10-AUG-2010512500103.7003103.7003IRFC 9.68% 2012(S-56C)PTIRFC129.68%12-MAY-201012500105.4581105.4581IRFC 9.68% 2012(S-56C)PTIRFC129.68%08-DEC-20101500101.5756101.5756IRFC 9.68% 2012(S-56C)PTIRFC129.68%08-SEP-20111500100.3618100.3618IRFC 9.68% 2012(S-56C)PTIRFC129.68%24-NOV-201113000100.12100.12This is a system generated report and does not require signature.Page 48 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 9.68% 2010(S-56B)PTIRFC109.68%27-APR-200911000104.3503104.3503IRFC 9.68% 2010(S-56B)PTIRFC109.68%05-MAY-20091500104.2122104.2122IRFC 9.68% 2010(S-56B)PTIRFC109.68%11-SEP-200911500102.5755102.5755IRFC 9.57% 2021(S-77)PTIRFC219.57%14-JUN-201111500100.9373100.9373IRFC 9.57% 2021(S-77)PTIRFC219.57%15-JUN-2011813500100.9373100.6921IRFC 9.57% 2021(S-77)PTIRFC219.57%21-JUN-20111500101.4862101.4862IRFC 9.57% 2021(S-77)PTIRFC219.57%22-JUL-201154500102.8271102.8271IRFC 9.57% 2021(S-77)PTIRFC219.57%15-SEP-20111500102.6999102.6999IRFC 9.57% 2021(S-77)PTIRFC219.57%16-DEC-20111500103.1633103.1633IRFC 9.57% 2021(S-77)PTIRFC219.57%21-DEC-201136000103.8967103.8928IRFC 9.57% 2021(S-77)PTIRFC219.57%27-DEC-201111000102.7841102.7841IRFC 9.57% 2021(S-77)PTIRFC219.57%06-JAN-20121500103.6984103.6984IRFC 9.57% 2021(S-77)PTIRFC219.57%02-NOV-20121500104.9092104.9092IRFC 9.47% 2031(SR-76-B)PTIRFC319.47%13-JUN-20111500100.312100.312IRFC 9.47% 2031(SR-76-B)PTIRFC319.47%06-JUN-201211000104.1855104.1855IRFC 9.47% 2031(SR-76-B)PTIRFC319.47%12-JUL-20121500104.083104.083IRFC 9.27% 2021(SR-76)PTIRFC219.27%21-DEC-201131500102.0055101.9447IRFC 9.27% 2021(SR-76)PTIRFC219.27%04-JAN-20121500101.6317101.6317IRFC 8.83% 2012(S-58)PTIRFC128.83%27-AUG-20121500099.98499.984This is a system generated report and does not require signature.Page 49 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.75% 2013(S-59A)PTIRFC138.75%20-APR-200922000105.049105.049IRFC 8.75% 2013(S-59A)PTIRFC138.75%29-JUN-20091500103.2914103.2914IRFC 8.75% 2013(S-59A)PTIRFC138.75%13-NOV-200911000103.0788103.0788IRFC 8.75% 2013(S-59A)PTIRFC138.75%15-DEC-20091500102.9131102.9131IRFC 8.75% 2013(S-59A)PTIRFC138.75%08-SEP-2010516000101.9756101.9575IRFC 8.75% 2013(S-59A)PTIRFC138.75%18-JAN-2012150099.483299.4832IRFC 8.75% 2013(S-59A)PTIRFC138.75%21-FEB-20121450099.291199.2911IRFC 8.69% 2011(S-59)PTIRFC118.69%21-MAY-200921440104.0963103.9331IRFC 8.69% 2011(S-59)PTIRFC118.69%18-AUG-200911000102.7751102.7751IRFC 8.69% 2011(S-59)PTIRFC118.69%31-AUG-20091500102.7246102.7246IRFC 8.69% 2011(S-59)PTIRFC118.69%07-OCT-200911500102.7308102.7308IRFC 8.69% 2011(S-59)PTIRFC118.69%09-NOV-200911000103.0818103.0818IRFC 8.69% 2011(S-59)PTIRFC118.69%07-SEP-20101500100.4092100.4092IRFC 8.68% 2021(S-53 B)PTIRFC218.68%04-AUG-2009119099.2599.25IRFC 8.55% 2019(S-63A)PTIRFC198.55%08-APR-200955500100.246299.6199IRFC 8.55% 2019(S-63A)PTIRFC198.55%28-APR-200931500102.3988102.302IRFC 8.55% 2019(S-63A)PTIRFC198.55%03-JUN-200943000100.472100.1602IRFC 8.55% 2019(S-63A)PTIRFC198.55%02-JUL-200974500101.4713101.1208IRFC 8.55% 2019(S-63A)PTIRFC198.55%06-JUL-200921000100.4642100.2781This is a system generated report and does not require signature.Page 50 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.55% 2019(S-63A)PTIRFC198.55%15-JUL-200953000100.8985100.8361IRFC 8.55% 2019(S-63A)PTIRFC198.55%16-JUL-200932500100.8983100.8983IRFC 8.55% 2019(S-63A)PTIRFC198.55%28-AUG-20095780099.245399.2453IRFC 8.55% 2019(S-63A)PTIRFC198.55%05-NOV-20093150099.812199.8121IRFC 8.55% 2019(S-63A)PTIRFC198.55%06-NOV-20091100099.841199.8411IRFC 8.55% 2019(S-63A)PTIRFC198.55%26-MAY-20101500101.2557101.2557IRFC 8.50% 2023(S-62B)PTIRFC238.50%11-JUN-2009150098.612298.6122IRFC 8.50% 2020(S-72)PTIRFC208.50%19-JUL-20104200099.979199.9791IRFC 8.50% 2020(S-72)PTIRFC208.50%07-OCT-20101500100.0983100.0983IRFC 8.50% 2020(S-72)PTIRFC208.50%19-JAN-2012150097.873697.8736IRFC 8.46% 2014(S-63)PTIRFC148.46%02-APR-2009128000101.0779100.8151IRFC 8.46% 2014(S-63)PTIRFC148.46%16-APR-200923000103.1544102.8855IRFC 8.46% 2014(S-63)PTIRFC148.46%23-APR-200944000104.3003104.3003IRFC 8.46% 2014(S-63)PTIRFC148.46%24-APR-200942000104.2929104.0212IRFC 8.46% 2014(S-63)PTIRFC148.46%29-MAY-2009106000101.8762101.6542IRFC 8.46% 2014(S-63)PTIRFC148.46%02-JUN-200942500101.6521101.3942IRFC 8.46% 2014(S-63)PTIRFC148.46%13-AUG-20091500101.3419101.3419IRFC 8.46% 2014(S-63)PTIRFC148.46%20-AUG-20091500100.9853100.9853IRFC 8.46% 2014(S-63)PTIRFC148.46%20-NOV-200932000102.3727102.3679This is a system generated report and does not require signature.Page 51 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.46% 2014(S-63)PTIRFC148.46%23-NOV-200922000102.3679102.2982IRFC 8.46% 2014(S-63)PTIRFC148.46%25-NOV-20091500102.2272102.2272IRFC 8.46% 2014(S-63)PTIRFC148.46%30-NOV-20091500102.2552102.2552IRFC 8.46% 2014(S-63)PTIRFC148.46%15-JAN-20101500101.7276101.7276IRFC 8.46% 2014(S-63)PTIRFC148.46%20-JAN-201021500101.8892101.8881IRFC 8.46% 2014(S-63)PTIRFC148.46%03-FEB-201033000101.7112101.5817IRFC 8.46% 2014(S-63)PTIRFC148.46%22-APR-201011000102.0995102.0995IRFC 8.46% 2014(S-63)PTIRFC148.46%31-MAY-20101500102.3404102.3404IRFC 8.46% 2014(S-63)PTIRFC148.46%06-JUL-20101500102.7994102.7994IRFC 8.46% 2014(S-63)PTIRFC148.46%15-OCT-201031500100.7813100.7302IRFC 8.46% 2014(S-63)PTIRFC148.46%17-FEB-20114350098.185998.1385IRFC 8.46% 2014(S-63)PTIRFC148.46%22-FEB-2011150098.182698.1826IRFC 8.46% 2014(S-63)PTIRFC148.46%25-FEB-20113450098.156198.1507IRFC 8.46% 2014(S-63)PTIRFC148.46%10-JUN-20111150097.893297.8932IRFC 8.46% 2014(S-63)PTIRFC148.46%24-OCT-20111250098.844598.8445IRFC 8.46% 2014(S-63)PTIRFC148.46%04-JAN-20121920098.937998.9379IRFC 8.45% 2018(S-62A)PTIRFC188.45%22-MAY-2009150099.825799.8257IRFC 8.45% 2018(S-62A)PTIRFC188.45%01-SEP-2009150098.558398.5583IRFC 8.45% 2018(S-62A)PTIRFC188.45%11-FEB-20111250097.206597.2065This is a system generated report and does not require signature.Page 52 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 8.40% 2013(S-62)PTIRFC138.40%21-AUG-20091500100.7574100.7574IRFC 8.40% 2013(S-62)PTIRFC138.40%10-SEP-200912500100.4116100.4116IRFC 8.40% 2013(S-62)PTIRFC138.40%23-APR-201033000102.7394102.4924IRFC 8.40% 2013(S-62)PTIRFC138.40%06-MAY-20101500103.0851103.0851IRFC 8.40% 2013(S-62)PTIRFC138.40%13-AUG-201024000101.2211101.2189IRFC 8.20% 2017(S-65H)PTIRFC178.20%07-MAY-2010150098.794698.7946IRFC 8.20% 2015(S-65F)PTIRFC158.20%14-NOV-2011150096.643296.6432IRFC 8.20% 2015(S-65F)PTIRFC158.20%04-MAY-2012150097.529797.5297IRFC 8.20% 2015(S-65F)PTIRFC158.20%28-MAY-2012125097.597.5IRFC 8.20% 2015(S-65F)PTIRFC158.20%25-SEP-2012125098.770298.7702IRFC 8.20% 2011(S-65B)PTIRFC118.20%23-SEP-200912500102.4754102.4754IRFC 8.20% 2011(S-65B)PTIRFC118.20%16-DEC-20091500102.5535102.5535IRFC 8.19% 2019(S-65AA)PTIRFC198.19%18-MAY-20091100099.955199.9551IRFC 8.19% 2019(S-65AA)PTIRFC198.19%28-MAY-20091250097.050697.0506IRFC 7.63% 2012(S-43JJ)PTIRFC127.63%08-SEP-20102300099.760999.7404IRFC 7.63% 2012(S-43JJ)PTIRFC127.63%12-MAR-20121150098.417598.4175IRFC 7.45% 2014(S-65)PTIRFC147.45%16-SEP-20091250096.984196.9841IRFC 7.45% 2014(S-65)PTIRFC147.45%06-JAN-20111100096.438296.4382IRFC 7.45% 2014(S-65)PTIRFC147.45%20-JAN-20121100096.604296.6042This is a system generated report and does not require signature.Page 53 of 54

Sub : Trade Statistics Report from 01-Apr-2009 to 30-Nov-2012 for the securities issued byIndian Railway Finance Corporation.IssueDescriptionSecTypeSecurityIssueNameTrade DateNo. ofTradesTradedVolume(Rs.Lakhs)MaxPrice(Rs.)MinPrice(Rs.)IRFC 7.45% 2014(S-65)PTIRFC147.45%04-JUN-20121250096.80796.807IRFC 7.45% 2014(S-65)PTIRFC147.45%03-SEP-20121100097.776697.7766IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%11-JUN-2010118500100.5957100.5055IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%24-JUN-20101500100.7956100.7956IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%07-JUL-20101500100.9508100.9508IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%21-JUL-20101500100.5874100.5874IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%10-AUG-201012500100.3168100.3168IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%08-SEP-201012000100.5657100.5657IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%08-NOV-201012000100.5855100.5855IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%01-JUN-2011150093.5293.52IRF 8.79% 2030 (S-70 'AA')PTIRFC308.79%16-NOV-2011150094.316394.3163INDRAIL FIN8.60% 2019 (S-66PTIRFC198.60%21-APR-201015000100.1713100.1713This is a system generated report and does not require signature.Page 54 of 54

ANNXEUREIVCONSENT OF DEBENTURE TRUSTEESBICAP TrusteeCompany ltd.No.0250g /STCL/Legal/PSS/DT/2012-13 December 04, 2012Indian Railway Finance Corporation LimitedUG - floor, East Tower, NBCC Place,Pragati Vihar, Lodi Road,New Delhi - 110003Dear Sir/Madam,Attn: Mr. T. Dehera, General Manager, (Bonds)Sub: Public Issue by Indian Railway Finance Corporntion Limited ("Company" or"Issuer") of Tax Free Bonds of Face Value of INR 1,000 each, in the nature of Secured,Redeemable, Non-Convertible Debentures, having benefits under section 10(15)(iv)(h) ofthe Inc~me Tax Act, 1961, as amendec:ll, ("Bonds") up to INR 10,000 cr~!:~~-t_~s':l_~_,")'--.---We, the undersigned, do hereby consent to act as Debenture Trustee in accordance withRegulation 4 ( 4) of the Securities and Exchange Board Of India (Issue and Listing of DebtSecurities) Regulations, 2008 as amended with respect to the Issue and to our name beingincluded as Debenture Trustee of the Company in the Draft Shelf Prospectus intended to be filedby the Company with the Securities and Exchange Board of India (the "SEBI"), the BSELimited and the National Stock Exchange of India Limited (together the "Stock Exchanges")and the Shelf Prospectus, Tranche Prospectus(es) and any other document intended to be filed bythe Company with the SEBI, the Stock Exchanges and the Registrar of Companies, NationalCapital Territory of Delhi and Haryana (the "RoC") in respect of the Issue. The following detailswith respect to us may be disclosed:NameAddressTelephone No.Fax No.E-mailWebsiteContact PersonSEBI Registration No.: IND000000536: SBICAP Trustee Company Limited:8, Khetan Bhavan, 5 1 h Floor198, J.T. Road, Churchgate, Mumbai- 400 20.: 022-43025555:022- 43025550: corporate@sbicaptrustee.com: www.sbicaptrustee.com: Mrs. Rupali Patil (Assistant Vice President- Operation)Tel No. 022- 430 25501Mr. Ajit Joshi (Company Secretary/Compliance Officer)·rei. No. 022- 43025503We enclose a copy of our registration certificate. We conti1m that we arc registered with theSEBI and that such registration is valid and that we have not been prohibited from SEBI to act asan intermediary in capital market issues. We further confirm that no enquiry I investigationis/was being conducted by SEBI on us.Further, we confirm that we will immediately inform the Company of any change, additions ordeletions in respect of the matters covered in this certificate till the date when the Bonds offered,he tan Bhavan, 5th Floor, 198, J. Tala Road, Churchgate, Mumbai- 400 020. Tel.: 91-22-4302 5555 Fax: 91-22-4302 5500A wholly owned Subsidiary of SBI Capital Markets Ltd.

, SBICAP Trustee. Company Ltd.issued and allotted pursuant to the Issue, are admitted for tl'ading 011 the Stock Exchanges. In theabsence of any such communication from us, the above information should be taken as updatedinformation until the listing and trading of Bonds on the Stock ExchangesWe also authorize you to deliver a copy of this letter of consent to the RoC, pursuant to theprovisions of Sections 60 and 60B of the Companies Act, 1956, as amended, and to the StockExchanges or any other regulatory authorities as required by law.Thanking you.CiT faithfully,~~cooPlace: MumbaiDate: 04.12.2012En cI : As CLbau.Q....

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