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

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13. Long Term Loans and Advances (Note No.13) include Lease Receivables representing the presentvalue of future Lease Rentals receivable on the finance lease transactions entered into by thecompany since inception as per the Accounting Standard (AS) – 19 issued by the Institute ofChartered Accountants of India.Reconciliation of the Lease Receivable amount on the Gross value of Rolling Stock assets worthRs. 8404014 Lakhs (P.Y. Rs. 7659214 Lakhs) owned by the company and leased to the Ministry ofRailways is as under:(Rs. in Lakhs)ParticularsAs at30‐09‐2012As at31‐03‐2012A. Gross Value of Assets acquired & Leased upto the end 7659214 6398793of previous Financial YearB. Less value of assets securitised/assigned during the‐‐ ‐‐yearC. = (A ‐ B) 7659214 6398793D. Less: Capital Recovery provided upto last Year 2376505 2082976E. Less Capital Recovery provided upto last year on‐‐ ‐‐assets assigned during the yearF. Capital Recovery upto last year (D ‐ E) 2376505 2082976G. Capital Recovery outstanding on leased assets as at 5282709 4315817the end of last year (C ‐ F)H. Add: Gross Value of Assets acquired and Leased 744800 1260421during the yearI.=G+H 6027509 5576238J. Capital Recovery for the year 175387 293529K. Less: Capital Recovery for the year on assets‐‐ ‐‐securitised/assigned during the yearL. =J – K 175387 293529Net investment in Lease Receivables 5852122 5282709The value of contractual maturity of such leases as per AS–19 is as under:‐(Rs. in Lakhs)ParticularsAs at30‐09‐2012As at31‐03‐2012Gross Investment in Lease 9040820 8206425Unearned Finance Income 3188698 2923716Present Value of Minimum Lease Payment (MLP) 5852122 5282709
Gross Investment in Lease and Present value of Minimum Lease Payments (MLP) for each ofthe periods are as under:(Rs. in Lakhs)As at 30‐09‐2012 As at 31‐03‐2012ParticularsGrossInvestmentIn LeasePresentValue ofMLPGrossInvestmentin LeasePresentValue ofMLPNot later than one year 844793 385872 767989 344833Later than one year and 3197808 1595707 2908222 1443740not later than five yearsLater than five years 4998219 3870543 4530214 3494136Total 9040820 5852122 8206425 5282709The unearned finance income as on 30‐09‐2012 is Rs. 3197808 Lakhs (Previous Year Rs. 2923716Lakhs). The unguaranteed residual value accruing to the benefit of the Company at the end oflease period is Rs. Nil (P.Y. Nil).The company has leased rolling stock assets to the Ministry of Railways (MOR). A separate leaseagreement for each year of lease has been executed and as per the terms of the leaseagreements, lease rentals are received half yearly in advance. The leases are non cancellableand shall remain in force until all amounts due under the lease agreements are received.14. The Company, in the earlier years, had executed Asset Securitisation Transactions by securitisingan identified portion of future lease rentals originating on its assets leased to Ministry ofRailways. As part of the securitisation transaction, future lease rentals were transferred to abankruptcy remote Special Purpose Vehicle (SPV) which, in turn, issued Pass ThroughCertificates (PTCs) to the investors. The lease receivables, accordingly, were derecognised in thebooks of account of the company.In terms of the Draft RBI Guidelines on Minimum Retention Requirement issued by the ReserveBank of India as applicable to the Non‐Banking Finance Companies, the company being theoriginator, had opted to retain a minimum of 5% of the book value of the receivables beingsecurtised. Accordingly, the company had invested Rs. 1697.71 Lakhs in the Pass ThroughCertificates (PTCs) issued by the ‘Special Purpose Vehicle’ towards Minimum RetentionRequirement. Out of the amount invested in PTCs, Rs. 337.17 Lakhs have matured till the halfyear ending 30 th Sept‐12, leaving a balance of Rs.1360.54 Lakhs.15. Disclosures with respect to Retirement Benefit Plan as required under AS ‐ 15 (Revised) are asfollows:Defined Benefit PlanChanges in Present Value of Defined Obligations:(Rs. in Lakhs)Gratuity (Funded) Leave Encashment(Funded)LTC(Non‐Funded)30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012 30‐09‐2012 31‐03‐2012Present value of DefinedBenefit Obligation at the39.04 34.64 28.81 18.39 2.82 2.09
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 and 34: 1 JPY 3 Billion 37.04 Million 1 JPY
Page 35: 11.a. The Company has not taken on
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
Page 85 and 86: 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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