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

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Further, the Company has two floating rate swaps and has converted its liability in FixedRate JPY to USD LIBOR. The notional principal underlying the floating rate swap is JPY15 Billion.As part of hedging strategy, the Company has three (P.Y. four) Interest Rate Swaps /Currency Swaps (coupon only) outstanding on fixed interest rate rupee borrowings bytaking benefit of interest rate movement. The INR value of the outstanding borrowingson which such Swaps have been executed, is Rs. 62000 Lakhs (P.Y. Rs. 102000 Lakhs).7. Office Building including parking area has been capitalised from the date of takingpossession. However, the sale / transfer deed is still pending for execution in favour ofthe company. Stamp duty payable on the registration of office building works out toabout Rs. 122 Lakhs (P.Y. Rs. 122 Lakhs), which will be accounted for on registration.8. The Company, in terms of Memorandum of Understanding (MOU) for the financial year2011-12, entered into with Ministry of Railways and as approved by the Department ofPublic Enterprises DPE (MOU Division), Ministry of Heavy Industries and PublicEnterprises, Government of India, vide their letter no.F.NO.1(90)/2011/DPE(MOU) dated24 th March, 2011, has made a provision of Rs. 300 Lakhs towards Corporate SocialResponsibility as required under CSR guidelines.9. Contingent Liabilitiesa. Claims against the Company not acknowledged as debt – Claims by bondholders in theConsumer Courts: Rs. 50 Lakhs (P.Y. Rs. 50 Lakhs).b. The Income Tax assessments of the Company have been completed up to theAssessment Year 2009–10. The disputed demand of tax amounting to Rs. 14.05 Lakhsfor the Assessment Years 2002-03, 2003-04, 2004-05 and 2007-08 has been adjustedby the Department from the refund pertaining to other years. The Company has alreadyfiled appeals against the said tax demand and the same are pending at various appellatelevels. Based on decisions of the Appellate authorities in other similar matters andinterpretation of relevant provisions, the Company is confident that the demands, asadjusted, will be either deleted or substantially reduced and accordingly no provision forearlier years pertaining to this, has been considered necessary.c. The Company does not pay sales tax on purchase of leased assets. In the event of Salestax on purchase / lease of rolling stock becoming payable, the same is recoverable fromMinistry of Railways in terms of the lease agreements. Since, there is no sales taxdemand and the amount is unascertainable, no provision is made in the accounts.d. The Companies (Second Amendment) Act, 2002 provides for levy of cess, towardsrehabilitation / revival of sick industrial companies, which shall not be less than 0.005%but not more than 0.10% of the turnover or the gross receipts as the CentralGovernment may from time to time specify by notification in the Official Gazette. Sinceno notification has been issued, provision for cess has not been made.
10. Expenditure in Foreign Currency (on payment basis)(Rs. in Lakhs)Year ended31-03-2012Year ended31-03-2011a) Interest / Swap Cost on Foreign currencyborrowings (Net of Amount recovered on account ofIRS / IRC and from MoF)30999.18 17828.04b) Processing Agent / Fiscal Agent / Admin. fee 765.86 23.56c) Underwriting / Arranger fee 2585.98 4422.97d) International Credit Rating Agencies Fees 182.44 46.73e) Others 43.18 111.1711.a. The Company has not taken on lease any Rolling Stock assets during the year. All theassets taken 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 toMinistry of Railways. The company has paid future lease rental liability in full on all theabove 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 inthe accounts over the remaining period of the leases. During the year, an amount of Rs.4751 Lakhs (Previous Year Rs. 4296 Lakhs) has been charged to Profit & Loss Accounton account of such 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 selectfinancial institutions / banks as lessors, for a primary period of 10 years for anaggregate amount of Rs. 102085 Lakhs and sub-leased the same to MOR for a period of15 years. The company has paid upfront the future financial liability on all these leases.
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 and 46: Further, in terms of Draft Guidelin
Page 47 and 48: (P.Y. Rs. 4590 Lakhs). After adjust
Page 49: No. ofContractsAs at 31-03-2012 As
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 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
Page 99 and 100: 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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