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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
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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
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) Recognition at the end of Account
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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 79 and 80: ) Recognition at the end of Account
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 97 and 98: ) Recognition at the end of Account
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 and 112: value Rs. 1,000/- eachc) Earning Pe
Page 113 and 114: Financial Year 2007-08A. Significan
Page 115: and are capable of reversal in one
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
Page 163 and 164: SCRIP CODE TRADE DATE ABBREVIATEDNA
Page 165 and 166: SCRIP CODE TRADE DATE ABBREVIATEDNA
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SCRIP CODE TRADE DATE ABBREVIATEDNA
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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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