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

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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.
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Statement of Assets and Liabilities
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CASH FLOW STATEMENTAnnexure - III(
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2. Reserves and Surplus( in Lakhs)P
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3.1.1 Maturity profile and Rate of
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65th "J" Taxable Non‐Cum. Bonds 8
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starting from 27‐07‐201416th "O
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HDFC Bank Ltd. 8.44%, Fixed 1‐Apr
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Syndicated Foreign Currency Loan‐
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As at30‐09‐2012As at31‐03‐2
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Total FixedAssets 1,721.57 1,707.80
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Balance in Franking Machine 0.34 0.
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18. Other IncomeTotal 268780.41 464
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Office Maintenance Expenses 20.25 3
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Significant Accounting policies and
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y the Reserve Bank of India vide th
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(f) (i) Interest rate variation on
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1 JPY 3 Billion 37.04 Million 1 JPY
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11.a. The Company has not taken on
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Gross Investment in Lease and Prese
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the year plan assetsTotal Gain / (L
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*The above provisions are liabiliti
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A. Significant Accounting PoliciesF
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Further, in terms of Draft Guidelin
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(P.Y. Rs. 4590 Lakhs). After adjust
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No. ofContractsAs at 31-03-2012 As
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10. Expenditure in Foreign Currency
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E. Less Capital Recovery provided u
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Changes in the Fair Value of Plan A
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Actuarial Assumptions:AssumptionsGr
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amortised over the balance tenor of
Page 61 and 62: ) Recognition at the end of Account
Page 63 and 64: Deferred tax expense or benefit is
Page 65 and 66: Finance has exempted the Lease Agre
Page 67 and 68: The foreign currency borrowings out
Page 69 and 70: 10. Expenditure in Foreign Currency
Page 71 and 72: 15. Major components of net deferre
Page 73 and 74: Current Service Cost 3.05 1.63 1.02
Page 75 and 76: Actuarial Assumptions:As on 31-03-2
Page 77 and 78: portion of the future savings in th
Page 81 and 82: 10) Employee BenefitsEmployee Benef
Page 83 and 84: 5. Decrease in liability due to exc
Page 85 and 86: 7. Office Building including parkin
Page 87 and 88: 12. The balances under some items o
Page 89 and 90: Unearned Finance Income 2009322 171
Page 91 and 92: the yearActualReturn onplan assets1
Page 93 and 94: Statementof Profit &LossActuarial A
Page 95 and 96: amortised over the balance tenor of
Page 99 and 100: 10) Employee BenefitsEmployee Benef
Page 101 and 102: amortisation in future, of the amou
Page 103 and 104: As part of hedging strategy, the Co
Page 105 and 106: Since the entire future lease renta
Page 107 and 108: assets assigned during the yearF. C
Page 109 and 110: Benefits Paid - -Fair Value of Plan
Page 111: value Rs. 1,000/- eachc) Earning Pe
Page 115 and 116: and are capable of reversal in one
Page 117 and 118: ForeignCurrency1 JPY 2.65 Billion U
Page 119 and 120: Govt. may from time to time specify
Page 121 and 122: previous Financial YearB. Less valu
Page 123 and 124: 22. Payment to auditors include Rs.
Page 125 and 126: Annexure - VIIStatement of Dividend
Page 127 and 128: Annexure - IXRelated Party Transact
Page 129 and 130: Annexure - XICapitalisation Stateme
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Page 133 and 134: '-. ,,, I__ , __ , _____ ~-~---..
Page 135 and 136: Credit Rating Report 1Indian Railwa
Page 137 and 138: Given IRFC's modest accruals to net
Page 139 and 140: Credit Strengths.. Strong ownership
Page 141 and 142: CREDIT PERSPECTIVEDependence on MOR
Page 143 and 144: Asset quality profile favourableGiv
Page 145 and 146: ANNEXURE 1: RATING DETAILSInstrumen
Page 147 and 148: ICRA Credit PerspectiveIndian Railw
Page 149 and 150: ·PROFIT: & .LOSS ACCOUNT_t'lo of O
Page 151 and 152: This is a system generated report a
Page 155 and 156: Sub : Trade statistics of IRFC N1 f
Page 161 and 162: Sub : Trade statistics of IRFC N2 f
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SCRIP CODE TRADE DATE ABBREVIATEDNA
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Ref. No. :NSE/LIST/2012Date :Decemb
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Sub : Trade Statistics Report from
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ANNXEUREIVCONSENT OF DEBENTURE TRUS
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