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

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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;{~
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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
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12. The balances under some items o
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Unearned Finance Income 2009322 171
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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
Page 131 and 132: ------ ----~---------~-- ---~------
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: Asset quality profile favourableGiv
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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