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

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