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

8. The Company, in terms of Memorandum of Understanding (MOU) for the financial year 2012‐13, entered into with Ministry of Railways and as approved by the Department of PublicEnterprises DPE (MOU Division), Ministry of Heavy Industries and Public Enterprises,Government of India, vide their letter no.F.NO.1(90)/2011/DPE(MOU) dated 24 th March, 2011,has made a provision of Rs. 150 Lakhs towards Corporate Social Responsibility for the half yearended 30 th September, 2012 as required under CSR guidelines.9. Contingent Liabilitiesa. Claims against the Company not acknowledged as debt – Claims by bondholders in theConsumer / Civil Courts: Rs. 50 Lakhs (P.Y. Rs. 50 Lakhs).b. Claims against the Company not acknowledge as debt – relating to service matter pending inHon’ble Delhi High Court and amount not quantifiable.c. The Income Tax assessments of the Company have been completed up to the Assessment Year2009–10. The disputed demand of tax amounting to Rs. 13.37 Lakhs for the Assessment Years2003‐04, 2007‐08 and 2009‐10 has been adjusted by the Department from the refundspertaining to other years. The Company has already filed appeals against the said tax demandsand the same are pending at various appellate levels. Based on decisions of the Appellateauthorities in other similar matters and interpretation of relevant provisions, the Company isconfident that the demands, as adjusted, will be either deleted or substantially reduced andaccordingly no provision is considered necessary.d. The Company does not pay sales tax on purchase of leased assets. In the event of Sales tax onpurchase / lease of rolling stock becoming payable, the same is recoverable from Ministry ofRailways in terms of the lease agreements. Since, there is no sales tax demand and the amountis unascertainable, no provision is made in the accounts.e. The Companies (Second Amendment) Act, 2002 provides for levy of cess, towards rehabilitation/ revival of sick industrial companies, which shall not be less than 0.005% but not more than0.10% of the turnover or the gross receipts as the Central Government may from time to timespecify by notification in the Official Gazette. Since no notification has been issued, provision forcess has not been made.10. Expenditure in Foreign Currency (on payment basis)a) Interest / Swap Cost on Foreign currency borrowings(Net of Amount recovered on account of IRS / IRC andfrom MoF)(Rs. in Lakhs)Half Year ended Year ended30‐09‐2012 31‐03‐201214338.15 30999.18b) Processing Agent / Fiscal Agent / Admin. fee 13.36 765.86c) Underwriting / Arranger fee 0.00 2585.98d) International Credit Rating Agencies Fees 51.38 182.44e) Others 23.35 43.18