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

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its suppliers about their coverage under the Act. As the Company has not received the relevantinformation under the Act till finalisation of accounts, no disclosure has been made in theaccount.23. The Company has a system of physical verification of assets given on lease. The physicalverification is carried out on a sample basis, as 100% physical verification of rolling assets isneither logistically possible nor considered necessary. In addition, Ministry of Railways (Lessee)provides a certificate each year that the leased assets are maintained in good working conditionas per laid down norms, procedures and standards. In the opinion of the management, theaforesaid system is satisfactory considering the fact that the assets are maintained and operatedby the Central Government.24. Accounting Standards ‐30, 31 & 32 pertaining to Financial Instruments‐Recognition &Measurement, Financial Instruments‐Presentation and Financial Instruments‐Disclosure were tobe made mandatory by the Institute of Chartered Accountants of India (ICAI) with effect from1st April, 2011. However, the ICAI has announced indefinite postponement of the application ofAS‐30, 31 and 32 as the provisions contained in AS‐30, 31 and 32 are not expected to continue intheir present form as these Accounting Standards are based on International AccountingStandard–39 (IAS‐39) and International Financial Reporting Standard–9 (IFRS‐9) which arecurrently under review by the International Accounting Standard Board. Further, theseStandards have not been notified by the Ministry of Corporate Affairs (MCA). Accordingly, theCompany has not adopted AS‐30, 31 and 32.25. a) Unless otherwise stated, the figures are Rupees in Lakhs.b) Previous year figures have been regrouped / rearranged, wherever necessary, in order tomake them comparable with the current half year.
A. Significant Accounting PoliciesFinancial Year 2011-12I. Basis for preparation of Financial Statementsa) The financial statements are prepared under the historical cost convention, inaccordance with the Generally Accepted Accounting Principles, provisions of theCompanies Act, 1956 and the applicable guidelines issued by the Reserve Bank of Indiaas adopted consistently by the Company.b) Use of EstimatesPreparation of financial statements in conformity with Generally Accepted AccountingPrinciples requires Management to make estimates and assumptions that affect thereported amounts of asset and liabilities, disclosure of contingent assets and liabilities atthe date of the financial statements and the reported amounts of revenue and expensesduring the reporting period. Examples of such estimates include estimated useful life offixed assets and estimated useful life of leased assets. The Management believes thatestimates used in the preparation of financial statements are prudent and reasonable.Actual results could differ from these estimates. Adjustments as a result of differencesbetween actual and estimates are made prospectively.II. Revenue Recognitiona) Lease Income in respect of assets given on lease (including assets given prior to 01-04-2001) is recognised in accordance with the accounting treatment provided in AccountingStandard -19.b) Lease Rentals on assets taken on lease and sub-leased to Ministry of Railways (MOR)prior to 01.04.2001, are accounted for at the rates of lease rentals provided in theagreements with the respective lessors and the sub-lessee (MOR), on accrual basis, asper the Revised Guidance Note on accounting for Leases issued by the Institute ofChartered Accountants of India (ICAI).c) Interest Income is recognised on time proportion basis. Dividend Income is recognisedwhen the right to receive payment is established.d) Income relating to non performing assets is recognised on receipt basis in accordancewith the guidelines issued by the Reserve Bank of India.III. Foreign Currency Transactionsa) Initial RecognitionInitial recognition is done at the rates prevailing on the date of transaction:i) for acquisition of assets, andii) for interest payment on Loans, Commitment Charges and expenses.b) Recognition at the end of Accounting PeriodForeign Currency monetary assets and liabilities, other than the foreign currencyliabilities swapped into Indian Rupees, are reported using the closing exchange rate in
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 and 36: 11.a. The Company has not taken on
Page 37 and 38: Gross Investment in Lease and Prese
Page 39 and 40: the year plan assetsTotal Gain / (L
Page 41: *The above provisions are liabiliti
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
Page 87 and 88: 12. The balances under some items o
Page 89 and 90: Unearned Finance Income 2009322 171
Page 91 and 92: 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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