Annual Report English.pmd - Indian Railway Finance Corporation Ltd.

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Company to improve the quality of electronic connectivity. A website of the Company is presently underconstruction and will be launched shortly.Human Resource DevelopmentYour Company has been performing consistently well despite the constraint of total manpower strengthbeing limited to 15. While difficulties associated with such lean workforce are to an extent being overcomeby outsourcing various activities, your Company is in the process of marginally augmenting the organisationstrength to take on more challenges in the days to come.Official LanguageDuring the year under review, four quarterly meetings of the Official Language Implementation Committeewere held, and two Hindi Workshop were conducted.Your Company has progressively increased use of Hindi in accordance with the Official Language Policyof the Government. Letters received in Hindi are replied to in Hindi. Press Releases, including AdvertisementCampaigns, are published in Hindi also. Section 3 (3) of Official Language Act is invariably complied with.The Annual Report of the Company is also concurrently published in Hindi. Officers and staff possessworking knowledge of Hindi.Conservation of Energy & and Technology absorptionBeing a Finance Company, the provisions of Section 217(1) and (2-A) of the Companies Act, 1956 asamended by the Companies Amendment Act, 1988 in respect of Conservation of Energy and Technologyabsorption are not applicable to your Company.Particulars of EmployeesThere was no employee of the Company who received remuneration in excess of the limits prescribedunder Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees)Rule, 1975.Women EmployeesYour Company has a very small organisational setup, comprising 15 employees in all. Out of these, threeemployees are in the category of Senior Assistants, which include one woman employee.Meetings of the Board of DirectorsNine meetings of the Board of Directors were held during the financial year 2004-05.Board of DirectorsDuring the financial year 2004-05 and up to the date of the Report, the following Directors held office :-Smt. Vijayalakshmi ViswanathanChairpersonFrom 29-11-2002 onwardsShri S.BalachandranManaging DirectorFrom 23-2-2001 onwardsShri R.SivadasanDirectorFrom 25.9.2001 onwardsShri R.KashyapDirector FinanceFrom 31.1.2002 onwardsShri R.C.SaxenaDirector From 12.2.2002 to 30.09.2004Shri P. K. DebDirectorFrom 22.07.2003 onwards9
Shri T.K.BiswasDirectorProf. R.NarayanaswamyDirectorFrom 03.11.2004 onwardsFrom 08.02.2005 onwardsStatutory AuditorsM/s Vinod Kumar & Associates, Chartered Accountants, were re-appointed by the Comptroller & AuditorGeneral of India to audit the accounts of the Company for the year 2004-05.Remarks on the Qualifications of the Statutory Auditors on the Accounts for the year under review areplaced at Annexure ‘II’.Comments of the Comptroller & Auditor General of IndiaThere are nil comments from the Comptroller & Auditor General of India, on the Accounts of the Companyfor the year ended 31st March, 2005.AcknowledgementsYour Company is grateful to Ministry of Railways, Ministry of Finance, Department of Public Enterprisesand other Departments, including the Reserve Bank of India, for their co-operation and continuedassistance, active & timely support and guidance received. The Company is also thankful to all the Bondholders,Banks, Financial Institutions and Life Insurance Corporation of India for reposing their confidenceand trust in the Company. The Company looks forward to their continued support and encouragementfrom time-to-time. The Company is also thankful to the Comptroller & Auditor General of India, the StatutoryAuditors and the Internal Auditors for their valuable support.The Board of Directors express their deep appreciation for the valuable contribution made by the Company’ssmall team of officers and employees, which has enabled the Company to consistently secure “Excellent”rating from the Government of India, and also consolidate its position as one of the vibrant public financialinstitutions in the country.For and on behalf of Board of DirectorsPlace : New DelhiDated : 29 September, 2005.Vijayalakshmi ViswanathanChairperson10
Page 1 and 2: Directors’ ReportGentlemen,Your D
Page 3 and 4: As regards JPY 2.65 billion borrowi

Annual Report English.pmd - Indian Railway Finance Corporation Ltd.

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