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

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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
Changes in the Fair Value of Plan Assets:Fair Value of Assets at thebeginning of the yearExpected Return on planassetsGratuity(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 31-03-201134.97 25.79 24.17 23.11 0.00 0.003.06 2.43 1.98 1.89 0.00 0.00Contributions 2.99 6.36 0.00 0.00 0.00 0.00Benefits Paid 0.00 0.00 -1.06 -1.01 0.00 0.00Actuarial Gain / (Loss) onplan assetsFair Value of Plan Assetsat the end of the year0.38 0.39 0.23 0.18 0.00 0.0041.40 34.97 25.32 24.17 0.00 0.00Movement in the net Liability/Asset recognised in the Balance Sheet:Gratuity(Funded)Leave Encashment(Funded)(Rs. in Lakhs)LTC(Non-Funded)Opening net Liability /(Asset) at the beginningof the year31-03-2012 31-03-2011 31-03-2012 31-03-2011 31-03-2012 31-03-2011-0.33 4.72 -5.78 -9.04 2.09 1.61Expenses 0.96 1.31 9.26 3.26 1.27 2.61Contribution -2.99 -6.36 0.00 0.00 -0.54 -2.13Closing net Liability /(Asset) at the end of theyearActuarial Gain / Loss recognised:Actuarial Gain / (Loss) forthe year – obligationActuarial Gain / (Loss) forthe year plan assets-2.36 -0.33 3.48 -5.78 2.82 2.09Gratuity(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 31-03-20113.21 1.44 -5.30 -3.19 -0.50 -2.010.38 0.39 0.23 0.18 0.00 0.00
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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 and 50: No. ofContractsAs at 31-03-2012 As
Page 51 and 52: 10. Expenditure in Foreign Currency
Page 53: E. Less Capital Recovery provided u
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
Page 101 and 102: amortisation in future, of the amou
Page 103 and 104: 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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