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

portion of the future savings in the interest cost. This advance amount is beingamortised over the balance tenor of the borrowings. During the year, a sum ofRs.104 Lacs (P.Y. Rs.149 Lacs) has been amortised, leaving a balance of Rs.109 Lacsas on 31-03-2011 (P.Y. Rs.214 Lacs).(b) During the year 2004-05, the company restructured the rate of interest on certainoutstanding borrowings from IDBI Ltd. and paid Rs.1378 Lacs as advance,representing a portion of the future savings in the interest cost. This advance amountis being amortised over the balance tenor of the borrowings. During the year, a sumof Rs.47 Lacs (P.Y. Rs.64 Lacs) has been amortised, leaving a balance of Rs.83 Lacsas on 31-03-2011 (P.Y. Rs.131 Lacs).23. Miscellaneous Income includes a sum of Rs. 202 Lacs received from Income TaxAuthorities towards interest on Income Tax Refund.24. Ministry of Railways has deducted tax at source amounting to Rs. 12676 Lacs (P.Y.Rs. 7962.70 Lacs)25. Payment to Statutory Auditors includes a sum of Rs. 1.65 Lacs pertaining to theprevious year.26. The company has shown Long Term Loans, Lease Receivable and Lease Rent paid inadvance separately under the head ‘Long Term Loans & Advances’ (Schedule 5) inorder to provide better disclosure.27. Certain disclosures are required to be made under the Micro, Small and MediumEnterprises Development Act, 2006. The Company is in the process or compilingrelevant information from its suppliers about their coverage under the Act. As theCompany has not received the relevant information under the Act till finalisation ofaccounts, no disclosure has been made in the account.28. The Company has a system of physical verification of assets given on lease. Thephysical verification is carried out on a sample basis, as 100% physical verification ofrolling assets is neither logistically possible nor considered necessary. In addition,Ministry of Railways (Lessee) provides a certificate each year that the leased assetsare maintained in good working condition as per laid down norms, procedures andstandards. In the opinion of the management, the aforesaid system is satisfactoryconsidering the fact that the assets are maintained and operated by the CentralGovernment.29. (a) Unless otherwise stated, the figures are Rupees in Lacs.(b) Previous year figures have been regrouped / rearranged, wherever necessary, inorder to make them comparable with those of the current year.