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

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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
11.a. The Company has not taken on lease any Rolling Stock assets during the year. All the assetstaken on lease were in the years prior to 01‐04‐2001, with aggregate value of Rs. 157082 Lakhs(ownership of the same vests with the lessors) stand sub‐leased to Ministry of Railways. Thecompany has paid future lease rental liability in full on all the above leases as outlined below:Year ofLeaseNo. ofLeasesValue of assetstaken on leaseAmount paid insettlement of futurelease rentals(Rs. in Lakhs)(Rs. in Lakhs)1999‐00 6 102085 374923841355342000‐01 2 54997 2942322302Total 8 157082 152899Year of payment2001‐022002‐032003‐042001‐022003‐04The amount paid in settlement of future lease rentals as above, is being amortised in theaccounts over the remaining period of the leases. During the half year, an amount of Rs. 2561Lakhs (Previous Year Rs. 4751 Lakhs) has been charged to Profit & Loss Account on account ofsuch amortisation.Since the entire future lease rental liability has been paid, there is no liability payable forunexpired lease period (Previous Year‐Rs. Nil).b. During the year 1999 ‐ 2000, the company entered into 6 lease agreements, with select financialinstitutions / banks as lessors, for a primary period of 10 years for an aggregate amount of Rs.102085 Lakhs and sub‐leased the same to MOR for a period of 15 years. The company has paidupfront the future financial liability on all these leases.Even though, there is a mismatch in the tenor of the lease and sub‐lease, there is no overallmismatch in the present value of entire lease rentals payable and receivable. During the halfyear, the company received lease rentals of Rs. 7044 Lakhs (P.Y. Rs. 14088 Lakhs) and amortised(expensed) lease rentals of Rs. Nil (P.Y. Rs. Nil) on these transactions.12.(a) The Company discharges its obligation towards payment of interest and redemption of bonds,for which warrants are issued, by depositing the respective amounts in the designated bankaccounts. Reconciliation of such accounts is an ongoing process and has been completed upto30‐09‐2012. The company does not foresee any additional liability on this account. The totalbalance held in such specified bank accounts as on 30‐09‐2012 is Rs. 234.97 Lakhs (Previous YearRs. 497.79 Lakhs).(b) The Company is required to transfer any amount remaining unclaimed and unpaid in suchinterest and redemption accounts after completion of 7 years to Investor Education ProtectionFund (IEPF) administered by the Ministry of Corporate Affairs, Government of India. Accordingly,during the year, the Company deposited a sum of Rs. Nil (P.Y. Rs. 91.98 Lakhs) in IEPF.
Page 1 and 2: Statement of Assets and Liabilities
Page 3 and 4: CASH FLOW STATEMENTAnnexure - III(
Page 5 and 6: 2. Reserves and Surplus( in Lakhs)P
Page 7 and 8: 3.1.1 Maturity profile and Rate of
Page 9 and 10: 65th "J" Taxable Non‐Cum. Bonds 8
Page 11 and 12: starting from 27‐07‐201416th "O
Page 13 and 14: HDFC Bank Ltd. 8.44%, Fixed 1‐Apr
Page 15 and 16: Syndicated Foreign Currency Loan‐
Page 17 and 18: As at30‐09‐2012As at31‐03‐2
Page 19 and 20: Total FixedAssets 1,721.57 1,707.80
Page 21 and 22: Balance in Franking Machine 0.34 0.
Page 23 and 24: 18. Other IncomeTotal 268780.41 464
Page 25 and 26: Office Maintenance Expenses 20.25 3
Page 27 and 28: Significant Accounting policies and
Page 29 and 30: y the Reserve Bank of India vide th
Page 31 and 32: (f) (i) Interest rate variation on
Page 33: 1 JPY 3 Billion 37.04 Million 1 JPY
Page 37 and 38: Gross Investment in Lease and Prese
Page 39 and 40: the year plan assetsTotal Gain / (L
Page 41 and 42: *The above provisions are liabiliti
Page 43 and 44: A. Significant Accounting PoliciesF
Page 45 and 46: Further, in terms of Draft Guidelin
Page 47 and 48: (P.Y. Rs. 4590 Lakhs). After adjust
Page 49 and 50: No. ofContractsAs at 31-03-2012 As
Page 51 and 52: 10. Expenditure in Foreign Currency
Page 53 and 54: E. Less Capital Recovery provided u
Page 55 and 56: Changes in the Fair Value of Plan A
Page 57 and 58: Actuarial Assumptions:AssumptionsGr
Page 59 and 60: amortised over the balance tenor of
Page 61 and 62: ) Recognition at the end of Account
Page 63 and 64: 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
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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
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Statementof Profit &LossActuarial A
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amortised over the balance tenor of
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) Recognition at the end of Account
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10) Employee BenefitsEmployee Benef
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amortisation in future, of the amou
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As part of hedging strategy, the Co
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Since the entire future lease renta
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assets assigned during the yearF. C
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Benefits Paid - -Fair Value of Plan
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value Rs. 1,000/- eachc) Earning Pe
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Financial Year 2007-08A. Significan
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and are capable of reversal in one
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ForeignCurrency1 JPY 2.65 Billion U
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Govt. may from time to time specify
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previous Financial YearB. Less valu
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22. Payment to auditors include Rs.
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Annexure - VIIStatement of Dividend
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Annexure - IXRelated Party Transact
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Annexure - XICapitalisation Stateme
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'-. ,,, I__ , __ , _____ ~-~---..
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Credit Rating Report 1Indian Railwa
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Given IRFC's modest accruals to net
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Credit Strengths.. Strong ownership
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CREDIT PERSPECTIVEDependence on MOR
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Asset quality profile favourableGiv
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ANNEXURE 1: RATING DETAILSInstrumen
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ICRA Credit PerspectiveIndian Railw
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·PROFIT: & .LOSS ACCOUNT_t'lo of O
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This is a system generated report a
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Sub : Trade statistics of IRFC N1 f
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Sub : Trade statistics of IRFC N2 f
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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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