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

The unearned finance income as on 31-03-2012 is Rs. 2923716 Lakhs (Previous Year Rs.2321838 Lakhs). The unguaranteed residual value accruing to the benefit of theCompany at the end of lease period is Rs. Nil (P.Y. Nil).The company has leased rolling stock assets to the Ministry of Railways (MOR). Aseparate lease agreement for each year of lease has been executed and as per theterms of the lease agreements, lease rentals are received half yearly in advance. Theleases are non cancellable and shall remain in force until all amounts due under thelease agreements are received.15. The Company, in the earlier years, had executed Asset Securitisation Transactions bysecuritising an identified portion of future lease rentals originating on its assets leased toMinistry of Railways. As part of the securitisation transaction, future lease rentals weretransferred to a bankruptcy remote Special Purpose Vehicle (SPV) which, in turn, issuedPass Through Certificates (PTCs) to the investors. The lease receivables, accordingly,were derecognised in the books of account of the company.In terms of the Draft RBI Guidelines on Minimum Retention Requirement issued by theReserve Bank of India as applicable to the Non-Banking Finance Companies, thecompany being the originator, had opted to retain a minimum of 5% of the book valueof the receivables being securtised. Accordingly, the company had invested Rs. 1697.71Lakhs in the Pass Through Certificates (PTCs) issued by the ‘Special Purpose Vehicle’towards Minimum Retention Requirement. Out of the amount invested in PTCs, Rs.229.89 Lakhs have matured during the year, leaving a balance of Rs.1467.82 Lakhs.16. Disclosures with respect to Retirement Benefit Plan as required under AS - 15 (Revised)are as follows:Defined Benefit PlanChanges in Present Value of Defined Obligations:Present value of DefinedBenefit Obligation at thebeginning of the yearGratuity (Funded)Leave Encashment(Funded)(Rs. in Lakhs)LTC(Non-Funded)31-03-2012 31-03-2011 31-03-2012 31-03-2011 31-03-2012 31-03-201134.64 30.51 18.39 14.07 2.09 1.61Interest Cost 2.98 2.52 1.54 1.12 0.16 0.05Current Service Cost 4.63 3.05 4.63 1.02 0.61 0.55Benefits Paid -- -- -1.06 -1.01 -0.54 -2.13Actuarial (Gain) / Loss onobligationsPresent value of DefinedBenefit Obligation at theend of the year-3.21 -1.44 5.31 3.19 0.50 2.0139.04 34.64 28.81 18.39 2.82 2.09