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

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XII.economic benefits might be required to settle the obligation and when a reliable estimateof the amount of the obligation can be made.Provisions are determined based on Management estimate required to settle the obligationat the balance sheet date. These are reviewed at each balance sheet date and adjusted toreflect the current management estimates. In cases, where the available informationindicates that a loss on the contingency is reasonably possible but the amount of losscannot be reasonably estimated, a disclosure is made in the financial statements.Contingent Assets, if any, are not recognised in the financial statements since this mayresult in the recognition of income that may never be realised.Borrowing CostsBorrowing Cost (net of any income on the temporary investments of these borrowings)attributable to acquisition, construction or production of qualifying assets are capitalizedas part of the cost till the assets are ready for use. Other borrowing costs are recognizedas expense in the period in which they are incurred.B. Other Notes on Accounts1.(a) Lease rental is charged on the assets leased from the first day of the month in which theassets have been identified and placed on line.(b) Ministry of Railways (MOR) charges interest on the value of the assets identified prior tothe payments made by the company, from the first day of the month in which the assetshave been identified and placed on line to the first day of the month in which the moneyis paid to the MOR. However, no interest is charged from the MOR on the amount paidby the company prior to identification of Rolling stock by them.(c) (i) Interest rate variation on the floating rate linked rupee borrowings and interest rateand exchange rate variations on interest payments in case of the foreign currencyborrowings are adjusted against the Lease Income in terms of the variation clauses inthe lease agreements executed with the Ministry of Railways. During the year, suchdifferential has resulted in an amount of Rs. 7578 Lakhs accruing to the company (P.Y.Rs. 846 Lakhs), which has been accounted for in the Lease Income.(ii) In respect of foreign currency borrowings, which have not been hedged, variationclause have been incorporated in the lease agreements specifying notional swap costadopted for working out the cost of funds on the leases executed with MOR. Swap costin respect of these foreign currency borrowings is compared with the amount recoveredby the company on such account and accordingly, the same is adjusted against the leaseincome. During the financial year 2011 - 12, in respect of these foreign currencyborrowings, the company has recovered a sum of Rs. 11133 Lakhs (P.Y. Rs. 8920 Lakhs)on this account from MOR against the actual swap cost payments of Rs. 2203 Lakhs
(P.Y. Rs. 4590 Lakhs). After adjusting swap cost, an amount of Rs. 8930 Lakhs has beenrefunded to MOR (P.Y. Rs. 4330 Lakhs refunded to MOR).(iii) Interest expense in respect of interest accrued but not due on foreign currencyloans has been considered at base interest / exchange rate and the difference onaccount of variation between base rate and the rate prevailing on the reporting date hasbeen shown as recoverable / payable to MOR. During the current year, the amountpayable to MOR on such account works out to Rs. 453 Lakhs (P.Y. Rs. 637 Lakhs).2.(a) The Reserve Bank of India has issued Non-Banking Financial (Non-Deposit Accepting orHolding) Companies Prudential Norms (Reserve Bank) Directions, 2007 vide notificationno.DNBS.193 DG(VL)-2007 dated 22 nd February 2007. The Company, being aGovernment Company and not accepting / holding public deposits, these Directions,except the provisions contained in Paragraph 19 thereof, are not applicable to theCompany.(b) In terms of Reserve Bank of India Notification No.DNBC.138/CGM (VSNM) – 2000 dated13 th January 2000, provisions of Section 45 IC of the Reserve Bank of India Act, 1934 (2of 1934) regarding creation of Reserve Fund, do not apply to the Company.3. The Finance Act, 2001 provides for levy of service tax on the finance and interestcharges recovered through lease rental installments on the Financial Leases entered onor after 16-07-2001. The Central Government vide Order No.1/1/2003-ST dated 30 thApril 2003 and subsequent clarification dated 15-12-2006 issued by Ministry of Financehas exempted the Lease Agreements entered between the Company and Ministry ofRailways from levy of Service Tax thereon.4. Increase in liability due to exchange rate variation on foreign currency loans forpurchase of leased assets, amounting to Rs. 96534 Lakhs (P.Y. decrease of Rs. 5698Lakhs) has not been charged to Statement of Profit and Loss as the same is recoverablefrom the Ministry of Railways (lessee) separately as per lease agreements. Theexchange rate variation on foreign currency loans repaid during the year amounting toRs. 223 Lakhs (P.Y. Rs. 271 Lakhs) has been recovered from the Lessee, leaving abalance of Rs. 76759 Lakhs recoverable from MOR as on 31-03-2012 (P.Y. Rs. 19552Lakhs payable to MOR).5. Advance given to Railways for Railway Projects amounting to Rs. 210136.50 Lakhs (PYRs. Nil) is inclusive of Interest and Finance Charges (net) of Rs. 2287.07 lakhs (PY Rs.Nil) accrued till the Balance Sheet date.
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 and 42: *The above provisions are liabiliti
Page 43 and 44: A. Significant Accounting PoliciesF
Page 45: Further, in terms of Draft Guidelin
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
Page 93 and 94: Statementof Profit &LossActuarial A
Page 95 and 96: 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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