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

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(ii) In respect of foreign currency borrowings, which have not been hedged, avariation clause has been incorporated in the lease agreements specifying a notionalswap cost adopted for working out the cost of funds on the leases executed withMOR. Swap Cost in respect of these foreign currency borrowings is compared withthe amount recovered by the company on such account and accordingly, the same isadjusted against the lease income. During the year 2009 - 10, in respect of theseforeign currency borrowings, the company has recovered a sum of Rs.5200 Lacs (P.Y.Rs.3125 Lacs) on this account from MOR against the actual swap cost payments ofRs.4670 Lacs (P.Y. Rs.4737 Lacs). After adjusting swap cost, an amount of Rs.530Lacs has been paid to MOR (P.Y. Rs.1612 Lacs recovered from MOR).2.(iii) Interest expense in respect of interest accrued but not due on foreign currencyloans has been considered at base interest / exchange rate and the difference onaccount of variation between base rate and the rate prevailing on the reporting datehas been shown as recoverable / payable to MOR. During the current year, theamount payable to MOR on such account works out to Rs.683 Lacs (P.Y. recoverableRs.61 lacs).(a) The Reserve Bank of India has issued Non-Banking Financial (Non-Deposit Acceptingor Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 videnotification no.DNBS.193 DG(VL)-2007 dated 22 nd February 2007. The Company,being a Government Company and not accepting / holding public deposits, theseDirections, except the provisions contained in Paragraph 19 thereof, are notapplicable to the Company.(b) In terms of Reserve Bank of India Notification No.DNBC.138/CGM (VSNM) – 2000dated 13 th January 2000, the provisions of Section 45 IC of the Reserve Bank ofIndia Act, 1934 (2 of 1934) regarding creation of Reserve Fund, do not apply to theCompany.3. The Finance Act, 2001 provides for levy of service tax on the finance and interestcharges recovered through lease rental instalments on the Financial Leases enteredon or after 16-07-2001. The Central Government vide Order No.1/1/2003-ST dated30 th April 2003 and subsequent clarification dated 15-12-2006 issued by Ministry ofFinance has exempted the Lease Agreements entered between the Company andMinistry of Railways from levy of Service Tax thereon.4. In terms of the Companies (Accounting Standards) Amendment Rules, 2009 issuedby the Govt. of India, Ministry of Corporate Affairs vide NotificationNo.F.No.17/33/2008/CL-V dated 31 st March 2009, the Company, during the financialyear 2008 – 09, had transferred a net sum of Rs. 3409.48 Lacs to ‘Foreign CurrencyMonetary Item Translation Difference Account’ being the net notional exchange ratevariation loss on revaluation of long term foreign currency items.The company, during the financial year 2009 - 10, has transferred a sum of Rs.643.98 Lacs on account of notional exchange rate variation gain on revaluation oflong term foreign currency items, thus bringing the balance in ‘Foreign CurrencyMonetary Item Translation Difference Account’ down to Rs. 2765.50 Lacs. Further,the company, in accordance with the aforesaid notification, has amortised a net sumof Rs. 3455.15 Lacs to Profit & Loss Account and has credited a sum of Rs. 807.92Lacs to General Reserve, leaving a balance of Rs. 118.27 Lacs for amortisation in thefollowing year.
5. Decrease in liability due to exchange rate variation on foreign currency loans forpurchase of leased assets, amounting to Rs.35484 Lacs (P.Y. increase in liabilityRs.31819 Lacs) has not been transferred to Foreign Currency Translation DifferenceAccount as the same is recoverable from the Ministry of Railways (lessee) separatelyas per lease agreements. The exchange rate variation on foreign currency loansrepaid during the year amounting to Rs.50 Lacs (P.Y. Rs.164 Lacs) has beenrecovered from the Lessee, leaving a balance of Rs.13583 Lacs payable to MOR ason 31-03-2010 (P.Y. Rs.21951 Lacs receivable from MOR).6. Derivative InstrumentsThe Company judiciously contracts financial derivative instruments in order to hedgecurrency and / or interest rate risk. All derivative transactions contracted by thecompany are in the nature of hedging instruments with a defined underlying liability.The company does not deploy any financial derivative for speculative or tradingpurposes.(a) In respect of certain foreign currency borrowings, the company has executedcurrency swaps to hedge the exchange rate variation risk on the principaloutstanding. The outstanding position of such currency swaps as at 31 st March 2010is as follows:As on 31-03-2010 As on 31-03-2009No. ofContractsBorrowingoutstandingin foreigncurrencyNotionalINREquivalentNo. ofContractsBorrowingoutstandingin foreigncurrencyNotionalINREquivalentRemarks1 USD 3.06Million1436.67Lacs2 USD 105.10Million45964.45Lacs---- -- -- 1 JPY 13.00Billion53728.49LacsSwap costrecoverablefrom MOR.In respect of some of its External Commercial Borrowings, the Company hasexecuted cross currency swaps to hedge the principal outstanding and converted itsunderlying liability from one foreign currency to another. The outstanding position ofsuch cross currency swaps as at 31 st March 2010 is as follows:As on 31-03-2010 As on 31-03-2009No. ofContractsBorrowingoutstanding inNotionalUSDNo. ofContractsBorrowingoutstanding inNotional USDEquivalentForeignCurrencyEquivalentForeignCurrency-- -- -- 1 JPY 2.65 USD 25 Million1 JPY 14.71875BillionUSD 125MillionBillion1 JPY 14.71875BillionUSD 125 Million
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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
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Total FixedAssets 1,721.57 1,707.80
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Balance in Franking Machine 0.34 0.
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18. Other IncomeTotal 268780.41 464
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Office Maintenance Expenses 20.25 3
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Significant Accounting policies and
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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 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: 10) Employee BenefitsEmployee Benef
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
Page 121 and 122: previous Financial YearB. Less valu
Page 123 and 124: 22. Payment to auditors include Rs.
Page 125 and 126: Annexure - VIIStatement of Dividend
Page 127 and 128: Annexure - IXRelated Party Transact
Page 129 and 130: 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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