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

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12. The balances under some items of Loans & Advances and current liabilities aresubject to confirmation and reconciliation and consequential adjustments, whereverapplicable. However, in the opinion of the Management, the realisable value of thecurrent assets, loans and advances in the ordinary course of business will not be lessthan the value at which they are stated in the Balance Sheet.13. (a) The Company discharges its obligation towards payment of interest andredemption of bonds, for which warrants are issued, by depositing the respectiveamounts in the designated bank accounts. Reconciliation of such accounts is anongoing process and has been completed upto 31-03-2011. The company doesnot foresee any additional liability on this account. The total balance held in suchspecified bank accounts as on 31-03-2011 is Rs. 371.31 Lacs (Previous Year Rs.736.57 Lacs).(b) The Company is required to transfer any amount remaining unclaimed and unpaidin such interest and redemption accounts after completion of 7 years to InvestorEducation Protection Fund (IEPF) administered by the Ministry of CorporateAffairs, Government of India. Accordingly, during the year, the Company depositeda sum of Rs. 605.87 Lacs (P.Y. Rs. 31.15 Lacs) in IEPF.14. During the year, the Company executed an Asset Securitisation Transaction bysecuritising an identified portion of future lease rentals of Rs. 53629.99 Lacsoriginating on its assets leased to Ministry of Railways during the year 2007-08. Aspart of the securitisation transaction, future lease rental amount as mentioned abovewas transferred to a bankruptcy remote Special Purpose Vehicle (SPV) which, inturn, issued Pass Through Certificates (PTCs) to the investors and realised a sum ofRs. 33954.23 Lacs. The lease receivables have been derecognised in the books ofaccount of the company. The book value of these future lease receivables wasRs.33668.51 Lacs, resulting in a profit of Rs. 285.72 Lacs for the Company which asper RBI guidelines, is to be amortised over the life of the Pass Trough Certificates(PTCs) issued by the SPV. Out of the profit of Rs.285.72 Lacs, a sum of Rs.9.56 Lacspertaining to the year 2010-11 has been recognised in the Profit and Loss Account,leaving a balance of Rs. 276.18 Lacs as on 31.3.2011 to be recognised over theremaining life of the PTCs.In terms of the Draft RBI Guidelines on Minimum Retention Requirement issued bythe Reserve Bank of India as applicable to the Non-Banking Finance Companies, thecompany being the originator, has opted to retain a minimum of 5% of the bookvalue of the receivables being securtised. The outstanding balance of the leasereceivables securitised during the year is Rs. 33668.51 Lacs. Accordingly, thecompany has invested Rs. 1697.71 Lacs in the Pass Through Certificates (PTCs)issued by the ‘Special Purpose Vehicle’ towards Minimum Retention Requirement.Out of the unrecognised gain of Rs. 4362.53 Lacs (P.Y. Rs. 6431.02 Lacs) in respectof the Securitisation transactions executed during the previous years, a sum ofRs.2125.72 (P.Y. Rs. 3696.38 Lacs) has been recognised during the year 2010-11,leaving a balance of Rs. 2236.81 Lacs (P.Y. Rs. 2734.64 Lacs) as on 31.3.2011 to berecognised over the remaining life of the PTCs.
15. Major components of net deferred tax liability are as under:(Rs. in Lacs)As at31-03-2011As at31-03-2010Liability on account of difference between WDVas per Income Tax Act and Companies Act.544026 494754Less: Deferred Tax Asset on account ofUnabsorbed DepreciationLess: Deferred Tax Asset on Misc. Expenditureto be written off273881 2480482 4Net Deferred Tax Liability 270143 24670216. Long Term Loans & Advances (Schedule 5) include Lease Receivables representingthe present value of future Lease Rentals receivable on the finance leasetransactions entered into by the company since inception as per the AccountingStandard (AS) – 19 issued by the Institute of Chartered Accountants of India.Reconciliation of the Lease Receivable amount on the Gross value of Rolling Stockassets worth Rs. 6437259 Lacs (P.Y. Rs. 5522266 Lacs) owned by the company andleased to the Ministry of Railways is as under:(Rs. in Lacs)ParticularsAs at31-03-11As at31-03-10A. Gross Value of Assets acquired & Leased upto the 5469230 4620488end of previous Financial YearB. Less value of assets securitised/assigned during 38466 53036the yearC = (A - B) 5430764 4567452D. Less: Capital Recovery provided upto last Year 1850962 1665644E. Less Capital Recovery provided upto last year on3269 2941assets assigned during the yearF. Capital Recovery upto last year (D - E) 1847693 1662703G. Capital Recovery outstanding on leased assets as 3583071 2904749at the end of last year (C - F)H. Add: Gross Value of Assets acquired and Leased 968029 901778during the yearI=G+H 4551100 3806527J. Capital Recovery for the year 236811 190173K. Less: Capital Recovery for the year on assets 1528 1914securitised/assigned during the yearL. =J – K 235283 188259Net investment in Lease Receivables 4315817 3618268
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Statement of Assets and Liabilities
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CASH FLOW STATEMENTAnnexure - III(
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2. Reserves and Surplus( in Lakhs)P
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3.1.1 Maturity profile and Rate of
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65th "J" Taxable Non‐Cum. Bonds 8
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starting from 27‐07‐201416th "O
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HDFC Bank Ltd. 8.44%, Fixed 1‐Apr
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Syndicated Foreign Currency Loan‐
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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
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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: 10. Expenditure in Foreign Currency
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
Page 105 and 106: Since the entire future lease renta
Page 107 and 108: assets assigned during the yearF. C
Page 109 and 110: Benefits Paid - -Fair Value of Plan
Page 111 and 112: value Rs. 1,000/- eachc) Earning Pe
Page 113 and 114: Financial Year 2007-08A. Significan
Page 115 and 116: and are capable of reversal in one
Page 117 and 118: ForeignCurrency1 JPY 2.65 Billion U
Page 119 and 120: 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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