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

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.· ~ •. ·, -··. 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.
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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
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The foreign currency borrowings out
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10. Expenditure in Foreign Currency
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15. Major components of net deferre
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Current Service Cost 3.05 1.63 1.02
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Actuarial Assumptions:As on 31-03-2
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portion of the future savings in th
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) Recognition at the end of Account
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10) Employee BenefitsEmployee Benef
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5. Decrease in liability due to exc
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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 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: Given IRFC's modest accruals to net
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 171 and 172: Ref. No. :NSE/LIST/2012Date :Decemb
Page 173 and 174: Sub : Trade Statistics Report from
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Sub : Trade Statistics Report from
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ANNXEUREIVCONSENT OF DEBENTURE TRUS
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