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

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(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).
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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
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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 116: and are capable of reversal in one
Page 117: ForeignCurrency1 JPY 2.65 Billion U
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
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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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