(Hkkjr ljdkj dk miØe) Rail Vikas Nigam...

Rail Vikas Nigam Limited(A Government of India Enterprise)

(Hkkjr ljdkj dk miØe)

1st Floor, August Kranti BhawanBhikaji Cama Place, New Delhi - 110 066

Tel: +91-11-26738195 Fax: +91-11-26182957Website: www.rvnl.org C

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Contentsfo"k;&lwph1. Management Team 1 - 3 çca/u Vhe

2. Chairman's Address 4 - 7 vè;{kh; lacks/u

3. Directors' Report 8 - 29 funs'kdks dh fjiksVZ Report on Corporate Governance 30 - 37 dkjiksjsV xous±l fjiksVZ Management Discussion and Analysis Report 38 - 41 izca/u cgl ,oa fo'ys"k.k fjiksVZ

4. Addendum to Directors' Report 42 - 43 funs'kdks dh fjiksVZ dk ifjf'k"V

5. Certifi cate of Compliance on Corporate Governance 44 - 45 dkjiksjsV xous±l ij vuqikyu dk izek.ki=k

6. Annual Accounts 46 - 77 okf"kZd ys[ks a. Balance Sheet d- rqyu i=k b. Profi t and Loss Account [k- ykHk ,oa gkfu ys[kk c. Schedules ‘1’ to ‘16’ of Annual Accounts x- okf"kZd ys[kksa dh vuqlwph ^1* ls ^16* rd d. Signifi cant Accounting Policies – Schedule ‘17’ ?k- çeq[k ys[kkdj.k uhfr;k¡&vuqlwph ^17* e. Explanatory Notes to Accounts – Schedule ‘18’ Ä ys[kksa ij O;k[;kRed fVIi.kh&vuqlwph &^18*

7. Balance Sheet abstract and Company's Profi le 78 - 79 laf{kIr rqyu i=k ,oa dEiuh dh :ijs[kk

8. Auditors' Report 80 - 85 ys[kkijh{kdksa dh fjiksVZ

9. C&AG Comments and Management Replies 86 - 89 fu;a=kd ,oa egkys[kk ijh{kd dh fVIif.k;k¡ vkSj çca/u dk mÙkj

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1. Mr. S.K. Vij, Member Engineering/Rly. Board,

Chairman (Part-time Offi cial)

Jh ,l-ds- fot] lnL; bZaftfu;fjax@jsyos cksMZ] vè;{k (va'kdkfyd in/kjh)2. Mr. D.C. Mitra, Managing Director (Whole-time Directors)

Jh Mh- lh- fe=kk] çca/ funs'kd (iw.kZdkfyd funs'kd)3. Mr. Ranjan Kumar Jain, Director (Operations),

(Whole-time Directors)

Jh jatu dqekj tSu] funs'kd (ifjpkyu)] (iw.kZdkfyd funs'kd)

4. Mr. Harish Chandra, Director (Finance),


Jh gjh'k pUnzk] funs'kd (foÙk)] (iw.kZdkfyd funs'kd)5. Mr. Satish Agnihotri, Director (Projects),


Jh lrh'k vfXugks=kh] funs'kd (ifj;kstuk)] (iw.kZdkfyd funs'kd)6. Mr. S.K. Malik, Advisor (Works)/Rly. Board

Jh ,l- ds- efyd] lykgdkj (fuekZ.k)@jsyos cksMZ 7. Mr. S. Murali, Part-time Director (Non-offi cial)

Jh ,l- eqjyh] va'kdkfyd funs'kd (xSj&ljdkjh)

8. Mr. D.P. Tripathi, Part-time Director (Non-offi cial)

Jh Mh-ih- f=kikBh] va'kdkfyd funs'kd (xSj&ljdkjh)9. Dr. V.K. Koshy, Part-time Director (Non-offi cial)

MkW- oh-ds- dks'kh] va'kdkfyd funs'kd (xSj&ljdkjh)10. Dr. T.T. Ram Mohan, Part-time Director (Non-offi cial)

MkW- Vh-Vh- jke eksgu] va'kdkfyd funs'kd (xSj&ljdkjh)11. Ms. Suman Kalra, Company Secretary

Jhefr lqeu dkyjk] dEiuh lfpo

Management Team çca/u VheBoard of Directors funs'kd eaMy

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Rail Vikas Nigam Limited606, Swapnalok Complex,Sarojini Devi Road,Secunderabad - 500 003

Rail Vikas Nigam LimitedMetro House,Vani Vihar Chhak, 4th Floor,Bhubaneshwar

Rail Vikas Nigam LimitedMeazzanine Floor, Thirumalai,Railway Station,MTP Field Offi ce, MylaporeChennai - 400 004

Rail Vikas Nigam LimitedOffi ce Block No. B-1, 3rd Floor,FMC Fortuna Building234/3A, AJC Bose Road,Kolkata - 700 020

Rail Vikas Nigam Limited36, Parijat Raj Kishore Nagar,Bilaspur - 495 006

Rail Vikas Nigam LimitedShop No. 3, CasablancaPlot No. 45, Sector 11,C.B.D. Belapur, Navi Mumbai - 440 614

Rail Vikas Nigam Limited434, Shekhawat Mansingh Block,Neemisagar Colony,Queens Road, Vaishali Nagar, Jaipur

Rail Vikas Nigam Limited1st Floor, August Kranti Bhawan, Bhikaji Cama Place, R.K. Puram,New Delhi - 110 066

Rail Vikas Nigam Limited7, Kesharkunj, Shankar Nagar,Near Pragati Petrol Pump,Habib Ganj, Bhopal - 462 024

Registered & Corporate Offi ce

Project Implementing Units

1st Floor, August Kranti Bhawan, Bhikaji Cama Place, R.K. Puram, New Delhi-110066

Arun Singh & Co., Chartered AccountantsF-7, Lajpat Nagar-IIINew Delhi-110 024

State Bank of IndiaICICI BankUnion Bank of IndiaCorporation BankAxis Bank

Statutory Auditors

3

Bankers

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Distinguished Shareholders,

On the occasion of the Fifth Annual General Meeting of RVNL, I heartily welcome all of you on behalf of the Board of Directors of Rail Vikas Nigam Limited. The report of the Board of Directors and audited statements of annual accounts of the Company for the year ending 31st March, 2008 together with reports of Auditors and comments of Comptroller and Auditor General of India have already been circulated to you, and with your permission, I take them as read.

I am happy to report that the growth in project execution during 2007-08 accelerated further with project expenditure crossing Rs.1600 Cr mark. It is no mean achievement for a small and new organization facing several challenges on various fronts. The company achieved turnover of Rs.1618 Cr against the previous year’s performance of Rs.1236 Cr achieving growth of nearly 31%. There are high expectations from the company. One of the foremost expectations is to have delivery of high quality infrastructure on fast track. As the company is executing large number of operationally important projects, the tolerance to delays is extremely narrow. On this front the company has done exceedingly well. The gauge conversion of Rewari-Phulera-Ajmer project was sanctioned by Ministry of Railways on 21st July, 2005. Despite a number of issues, gauge conversion of Rewari to Phulera, a distance of 220 km has been commissioned for freight traffi c recently in a time frame of nearly 3 years. The project for the fi rst time has installed Solid State Interlocking Signaling at 26 stations at a stretch on Indian Railways. Similarly, another operationally signifi cant and technically challenging project of construction of 2nd bridge over river Mahanadi near Cuttack, a length of 2.1 km was commissioned in a time frame of 3 years, without any time or cost overrun. The project uses a new technology, for the fi rst time in the country. Special type of Switch expansion joints have been used on every pier of the bridge in which wheel does not traverse on the gap, but it glides over a continuous rail. For the fi rst time a bridge does not have fi sh plated joints and the journey over the bridge is smooth & noiseless. This reduces maintenance considerably and high level safety is ensured. Doubling of Pakni to Mohol and Pakni to Solapur were also commissioned in less than 3 years time frame without compromising on quality. In this project signifi cant raising of running track was done under traffi c for easing gradients in the yard. The track was opened at full speed of 105 KMPH. The project was handed over complete in all respect with full ballasted cushion and allied facilities. Even after nearly one year of commissioning not a single failure of signaling has been reported. This proves the capability of the company in meeting with the expectations of shareholders.

There are few projects which have not done so well due to various constraints. Here it is important to note that company‘s performance is dependant on a number of extraneous factors beyond its control. The company requires approval at different stages of project execution from the Zonal Railways. It requires cooperation for movement of material and taking possession of running railway system for integrating the project railway with the existing railway system. RVNL needs material such as sleepers, which can be allocated by the railways within the overall priority vis-à-vis other projects of the railways. Recent exorbitant rise in prices of steel and cement also retarded the progress of some of the projects. The company’s performance therefore is inextricably linked to a number of factors on which it has no control. I feel that there is need to build strong institutional arrangement to address some of the issues.

There are also impressions in some quarters about RVNL implementing projects at higher cost. Every implementation structure has its own cost parameters. The cost is only one dimension of the project delivery. The time frame, the quality and the level of mechanization are other parameters. One factor cannot be evaluated and examined in isolation. Your company is fully conscious of the need to deliver the project at the most competitive cost. And the only mantra to achieve this is to ensure adequate competition at bidding stage. I am happy to inform that generally RVNL is getting 6 to 8 bidders at bidding stage which ensures enough competition to achieve most competitive rates.

In addition to projects already mentioned, your company will commission Tiruvallur-Arakkonam 3rd line and is ready to commission Pullampet-Bakrapet doubling, Venkatachalam-Krishnapatnam new line, Khurja to Ghaziabad 3rd line, Bhatapara-Hatbandh 3rd line, Bhildi-Samdari Gauge Conversion, Maiyladutrai-Villupuram Gauge Conversion projects. The construction quality in Tiruvallur-Arakkonam project has been very much appreciated by Southern Railway.

I am happy to report that recognizing the good performance of your company, Railway Board has decided to transfer 10 more projects to RVNL involving capital expenditure of about Rs.5800 Cr, laying new line and doubling of about 1150 km. Three of these projects will be funded through second ADB loan, which is currently under processing. The importance being given to the company can be gauged from the fact that the project which are considered diffi cult from execution point of view are being given to RVNL.

It is evident that your Company is going to be a long term Railway Infrastructure Development Organization, so the need for creation of Permanent cadre is of immense importance.

Chairman’s Address

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pwfda ykHkksa esa o`f¼ ds dkj.k dEiuh ds lafpr vkjf{kr fuf/;ksa esa O;kid o`f¼ gqbZ gS] funs'kd eaMy us 'ks;j/kjdksa ds fopkjkFkZ 5 djksM+ :i, ds ykHkka'k dh flQkfj'k dh gS.

dEiuh us gfjnkliqj&ikjknhi ubZ ykbu] vkscqykofjiYyh&d`".kkiÙkue ubZ ykbu rFkk Hk:p&ngst vkeku ifjorZu ifj;kstukvksa ds fu"iknu ds fy, la;qDr m|e ds :i esa fo'ks"k iz;ksftr m|e dks iw.kZr% izpkyfud fd;k gS. gfjnkliqj ikjk}hi jsyos dEiuh fy- esa lHkh lk>snkjksa ls bfDoVh iwath dks iw.kZr olwy dj fy;k x;k gS. vU; fo'ks"k iz;ksftr m|e (,l ih oh) esa bfDoVh dk vko';drk vk/kfjr iwathdj.k Hkh fd;k x;k gS. foÙkh; lEiw.kZrk dks izkIr djus ds fy, bu ,l ih oh esa xSj&lalk/u ½.k izkIr djus ds Hkh dne mBk, x, gSa. dEiuh us vaxqy&lqfdUnk ubZ ykbu] isu&jsokl ubZ ykbu rFkk bankiqj&fn?kh ubZ ykbu ifj;kstukvksa ds dk;kZUo;u ds fy, u, ,l ih oh ds l`tu dh Lohd`fr Hkh iznku dh gS. jsy ifj;kstukvksa ds fy, futh bfDoVh iwath rFkk cktkj ½.kksa dks tqVkus ds fy, ;s egRoiw.kZ dne gSa. dEiuh us foÙk o"kZ ds nkSjku vkbZ vkj ,Q lh ls 240 djksM+ :i, dk ½.k fy;k gS. fnukad 31 ekpZ 2008 dks vkbZ vkj ,Q lh ls fy;k x;k dqy ½.k 1208 djksM+ :i, gSa.

foÙk o"kZ 2007&08 ds fy, vkbZ vkj ,Q lh ½.k ij C;kt nj 9-99% gS. vkidh dEiuh us u, mÙkj&nf{k.k] iwoZ&if'pe] iwoZ&rVh;

rFkk nf{k.kh {ks=k ds lefiZr ekyHkkM+k xfy;kjksa ds fy, iwoZ&O;ogk;Zrk vè;;u dks lQyrkiwoZd iwjk dj fy;k gS. bu fjiksVks± dh mPp xq.koÙkk dh ljkguk dh xbZ gS. pwfda fuekZ.k ifj;kstukvksa rFkk ifj;kstuk LFkyksa esa o`f¼ gqbZ gS rFkk HkkSxksfyd n`f"V ls dk;Z{ks=k O;kid gqvk gS] blfy, csgrj izca/u o ifj;kstukvksa dks le; ls iwjk djus ds fy, geus Hkksiky rFkk gqcyh esa ubZ ifj;kstuk dk;kZUo;u bdkb;ka LFkkfir dh gS.

o"kZ dh ,d vU; egRoiw.kZ ?kVuk gS] jsy ea=kky; ds lkFk le>kSrk Kkiu (,evks;w) ij gLrk{kj fd;k tkuk] ftlds vUrxZr o"kZ 2008&09 ds nkSjku 557-6 fd-eh- dh ykbu fcNkus rFkk 90 fd-eh- jsy fo|qrhdj.k dk;Z ds fy, jsy fodkl fuxe fy- dks fo'ks"k izfrc¼rk iznku dh xbZ gS. bu y{;ksa dh izkfIr jsy fodkl fuxe fy- ds ifj;kstuk izca/u dkS'kyksa dh ijh{kk leku gS.

;g vR;ar larks"k dk fo"k; gS fd vUrr% jsy fodkl fuxe fy- jsyos {ks=k esa vxz.kh volajpuk miyC/drkZ ds :i esa ifjiDo gks x;k gS. eq>s vk'kk gS rFkk eSa dkeuk djrk gw¡ fd jsy fodkl fuxe fy- vius izca/u dkS'ky dks vkSj vf/d fodflr djsa rFkk dq'kyrk] ifj;kstukvksa dks le; ij iwjk djus ds {ks=k esa u, dhfrZeku LFkkfir djsa rFkk foÙk o"kZ ds vUr esa le>kSrk Kkiu ds y{;ksa dh rqyuk esa jsy fodkl fuxe fy- dh miyfC/;ksa esa vkSj vf/d o`f¼ gksxh. eq>s ;g lwfpr djrs gq, Hkh g"kZ gks jgk gS fd twu 2007 esa dsUnzh; lkoZtfud {ks=k m|e ij lkoZtfud m|e foHkkx }kjk tkjh fn'kkfunsZ'kksa ds vuqlkj vkidh dEiuh us foÙk o"kZ 2007&08 dh okf"kZd fjiksZV esa dkjiksjsV xous±l rFkk izca/u fopkj&foe'kZ ,oa fo'ys"k.k fjiksVZ dks 'kkflr djus ds fy, dne mBk, gS.

vUr esa] bl volj ij eSa vius lHkh lgdfeZ;ksa fo'ks"k :i ls Lora=k funs'kd tks 3 vDrwcj 2008 dks viuk dk;Zdky iwjk dj jgs gSa dks gkfnZd /U;okn nsuk pkgrk gw¡ rFkk vkHkkj O;Dr djrk gw¡. mUgksaus fu.kZ; ysus dh izfØ;k dks O;kolf;d :i iznku djus esa egRoiw.kZ Hkwfedk vnk dh gS rFkk fofHkUu eqn~nksa nj fo'kq¼ n`f"Vdks.k miyC/ djk;k gS.

eSa] jsy ea=kky;] foÙk ea=kky; ds vf/dkfj;ksa] jkT; ljdkjksa] ,Mhch] {ks=kh; jsyksa] fofHkUu jsy ifj;kstukvksa esa LVsd/kjdksa] foÙkh; laLFkkuksa] cSadksa rFkk jk"Vªh; o vUrjjk"Vªh; Bsdsnkjksa dks jsy fodkl fuxe fy- esa muds vfojy lg;ksx ds fy, gkfnZd /U;okn O;Dr djuk pkgrk gw¡. bl Lrj ij eSa jsy fodkl fuxe fy- ds lHkh deZpkfj;ksa] ftUgksaus fofHkUu dfBukb;ksa rFkk vojks/ksa ds ckotwn vPNs ifj.kkeksa ds fy, fujUrj iz;kl fd;k] ds leiZ.k rFkk fu"Bk ds fy, iz'kalk djuk pkgrk gw¡.

eq>s iw.kZ fo'okl gS fd dEiuh jsyos ifj;kstuk fodkl ,oa fu"iknu ds bfrgkl esa u, dhfrZeku LFkkfir djus ds fy, lHkh 'ks;j/kjdksa ls lg;ksx o leFkZu izkIr djrh jgsxh.

ubZ fnYyh ,l- ds- fotfnukad % 19-09-2008 (vè;{k)

fVIi.kh % bls okf"kZd vke cSBd dh dk;Zokgh dk Hkkx u le>k tk,.


7

AN

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07

-08

RVNL’s Board has already taken decision to formulate the Absorption Policy along with Recruitment and Promotion rules.

Your company is aiming to leap forward in project expenditure during the current fi nancial year to a level of Rs.2000 Cr and stabilize to a level of Rs.3000 Cr in future years. This level of achievement is being realized with only 248 regular/re-employed personnel on roll. It is an extremely thin organization and exemplifi es the dedication and effi ciency of staff and offi cers. RVNL continued to economize on project management cost by further restricting it to 3.85% as against 4% achieved in the previous year and Railway Board norm of 9.13% for new lines, 6.43% for other than new lines, 9.58% for S&T and 13.56% for RE works. This has been possible by adoption of effi cient work processes and shouldering of a lot of additional responsibilities by all the offi cers and staff. I am confi dent that the management of the company can be further incentivized to reduce the D&G expenditure, if Railway Board considers favourably, the company’s request of allowing to retain full savings in D&G charges, as income, against one percent allowed at present.

Your company has added another feather in its cap by achieving quantum jump in gross profi ts from Rs.18.2 Cr in the previous year to Rs.46.78 Cr in the current fi nancial year. As a result the earning per share has increased from Rs.0.12 in 2006-07 to Rs.0.21 in 2007-08. As the accumulative reserves of the company increased signifi cantly on account of increased profi ts, the Board of Directors has recommended a dividend amounting to Rs.5 Cr for consideration by the shareholders.

The company fully operationalised the Joint Venture Special Purpose Vehicles created for execution of Haridaspur-Paradip New Line, Obulavaripalle-Krishnapatnam New Line and Bharuch-Dahej Gauge Conversion projects. Equity capital from all the partners was fully realized in Haridaspur Paradip Railway Company Limited. Need based capitalization of equity in other SPVs was also done. Steps have also been initiated to raise non-recourse debt in these SPVs to achieve fi nancial closure. The company also approved creation of new SPVs for implementation of Angul-Sukinda New Line, Pen-Rewas New Line and Indapur-Dighi New Line projects. These are important steps in mobilizing private equity capital and market debt for railway projects. The company borrowed Rs.240 Cr from IRFC during the fi nancial year. The total IRFC borrowing as on 31st March, 2008 stands at Rs.1208 Cr. The interest rate on IRFC borrowing has been advised at 9.99% for the fi nancial year 2007-08. Your company also successfully completed pre-feasibility studies of new North-South, East-West, East Coast and Southern Dedicated Freight Corridors. The high quality of these reports has been generally appreciated.

As the number of construction projects and project sites are increasing and the geographical spread is widening, for better management and timely completion of projects, we have set up new project implementation units at Bhopal and Hubli.

Another signifi cant event of the year was signing of Memorandum of Understanding (MOU) with Ministry of Railways, wherein specifi c commitment has been given by RVNL for laying of 557.6 km of lines and 90 km of Railway Electrifi cation during the year 2008-09. The achievement of these targets would put to test the project management skills of RVNL.

It is a matter of great satisfaction that RVNL has fi nally matured as a leading infrastructure provider in railway sector. I hope and sincerely wish that RVNL will hone up its management skills further and will set new benchmark of effi ciency, timely delivery of projects and will come out with fl ying colours when the achievements of RVNL are reckoned vis-à-vis MOU targets during the end of the fi nancial year. I am also happy to inform that as per the guidelines issued by Department of Public Enterprises on Corporate Governance for Central Public Sector Enterprises in June 2007, your Company took the step to incorporate Report on Corporate Governance and Management Discussion & Analysis Report in the Annual Report for the fi nancial year 2007-08.

Last but not the least, on this occasion, I must take the opportunity to express my sincere thanks and gratitude towards all my colleagues, particularly the independent Directors, who are completing their term on 3rd October, 2008. They have made immense contribution in professionalizing the decision making process and provided refreshing insight to various issues. I express sincere thanks to offi cials of Ministry of Railways, Ministry of Finance, the State Governments, ADB, the Zonal Railways, the stakeholders in various railway projects, fi nancial institutions, banks and national and international contractors for their unstinted cooperation to RVNL. At this stage, I also want to place on record my deep appreciation of the dedication and devotion of all the employees of RVNL, who have made tireless efforts to deliver the output despite various diffi culties and obstacles.

I am confi dent that the company will continue to get the support and cooperation from all the stakeholders to set new land marks in the history of railway project development and delivery.

New Delhi S.K. VijDt.: 19.09.2008 (Chairman)

Note : This does not purport to form part of the proceedings of Annual General Meeting.

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2006-07 2007-08

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¾ÖÂÖÔ � êú ¤üÖî¸üÖ −Ö »ÖÖ³Ö 15.25 39.34

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Distinguished Shareholders, The Directors of your company feel great pleasure to present the Fifth Annual Report of the Company along with Audited Annual accounts for the year 2007-08. It contains “Report on Corporate Governance” (Annexure-A) and “Management Discussion and Analysis Report” (Annexure-B) in accordance with the guidelines on Corporate Governance laid down by Department of Public Enterprises in June 2007. It has also an Addendum to the Directors’ Report containing Management replies to the observations made by auditors’ in their report. RVNL was created with twin objectives of raising non-budgetary resources for rail capacity projects and implement them on fast track basis. The Company has gone far ahead and has created a niche for itself by achieving various milestones in very short span of time. It has grown out of infancy and has established itself as a major developer of fi xed rail infrastructure projects. The Company has caught attention of one and all by executing and commissioning some of the most challenging works of Railways assigned to it, in time bound manner with the use of most innovative technology. One of these projects is Ajmer- Phulera -Rewari, which was sanctioned in August 2005 and is expected to be commissioned in August 2008 from Rewari to Phulera (220 kms). Similarly, the second bridge over river Mahanadi (2.1 kms) was commissioned in nearly three years. The growth of RVNL is refl ected from the fact that the Company has continuous infl ow of the projects, not only from Railways but from private sector as well as on nomination basis. RVNL also established new norms of effi ciency by maintaining low overheads cost. The detailed Directors’ Report is produced below:

1. FINANCIAL PERFORMANCE

The Company has made a change in the methodology adopted for presentation of Accounts in order to refl ect a clearer picture of the operations of the Company in the fi eld of development of rail infrastructure. The turnover along with direct expenditure of the Company from project execution has been refl ected on the face of the Profi t and Loss account. Keeping in line with the instructions of the Ministry of Railways on the transfer of completed projects to Zonal Railways and reclassifi cation of capital work-in-progress from Fixed Assets to Current assets, the interest earned from Bank Deposits has now been shown separately in the Profi t & Loss Account in place of adjusting the same against the work-in-progress. The presentation of Accounts for 2006-07 has also been modifi ed to make them comparable with the current year.

a. Financial Highlights(Figure in crore)

2006-07 2007-08Net Worth 1676.00 2119.09

(Figure in crore)2006-07 2007-08

Project Expenditure 1236.24 1618.73Income from project execution 3.59 19.67Profi t during the year 15.25 39.34EPS (Figure in rupees) 0.12 0.21

2500.00

2000.00

1500.00

1000.00

500.00

2006-07

Net Worth

Project Expenditure

2007-08

0.00

(Figure in crore)2006-07 2007-08

Income from project execution 3.59 19.67Profi t during the year 15.25 39.34

Income from project execution

Profit during the year

45

2006-07 2007-08

40

35

30

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20

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b. Turnover The fi nancial results of the year under review indicate

a signifi cant improvement in the overall performance of RVNL. The turnover of the Company from Project Execution has continued on its path of growth and has reached a fi gure of Rs.1618.73 crore registering an increase of 30.94% over the previous year. This includes expenditure incurred on SPV projects and on behalf of other authorities like Cochin Port Trust under the Ministry of Shipping.

Directors’ Report

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The expenditure on project monitoring and supervision (D&G charges) as a percentage of total expenses in 2007-08 has been restricted to 3.85% as against 6.43% to over 13% for different departments in the estimates of Railway construction projects.

c. Profi t The increase in gross profi t during the year from

Rs.18.20 to Rs.46.78 crore is a major achievement and reassures us about the future of the organization. The amount of profi t before tax has increased to Rs.39.34 crore in the year 2007-08 from Rs.15.25 crore in 2006-07.

As a result there has been an increase of 75% in the earning per share (EPS) from Rs.0.12 per share in 2006-07 to Rs.0.21 per share in 2007-08.

d. Dividend With the increase in accumulated reserves, the

Directors are happy to recommend a dividend amounting to Rs. 5 crore on equity, for the consideration by the shareholders.

The amount of profi t taken to Reserve and Surplus during 2008-09 after taking into account the proposed dividend & provision for dividend distribution tax is Rs.22.58 crore against Rs.11.27 crore in the previous year. The accumulated surplus of RVNL at the end of the year 2008 stands at Rs.35.08 crore. For the fi nancial year 2007-08, out of the profi ts, the Company has proposed to transfer Rs. 5 crores to General Reserves.

e. Net Worth The Net Worth of the company has also registered an

increase from Rs.1676 crore to Rs.2119.09 crore in the current year.

f. Capital Structure The Authorized Share Capital of the Company stands

at Rs.3000 crore as on 31st March, 2008. During the year the paid-up share capital of the company increased from Rs.1150.02 crore to Rs.2015.02 crore. This is due to the increase in equity contribution from the Ministry of Railways, Government of India who holds the entire paid up share capital of the Company.

g. Financial Resource Mobilization In addition to the infusion of equity by the Ministry of

Railways, RVNL has also obtained funds through loan for project execution from the Ministry of Railways, borrowings from IRFC, mobilization of private funds through Special Purpose Vehicles created for specifi c projects under PPP initiative. While borrowings from IRFC have increased by Rs.240 crore from Rs.968 crore to Rs.1208 crore, the cumulative amount received from MOR for project execution has increased from Rs.472 crore to Rs.1167 crore. The rate of interest on the IRFC borrowings has been advised at 9.99% by IRFC for the fi nancial year 2007-08. The Ministry of Railways has undertaken

to bear the re-payment liability of principal and cost of borrowing (interest & processing charges) on the entire sum of the borrowed funds.

The Joint Venture SPVs of RVNL, namely Haridaspur Paradip Railway Company Limited and Krishnapatnam Railway Company Ltd. have been able to raise equity of Rs.350 crore for execution of the projects as on date of report, which includes Rs. 194.3 crore of non-RVNL equity. Kutch Railway Company Limited, the fi rst Joint Venture SPV of RVNL has already mobilized fi nancial resources to the tune of Rs. 500 crore i.e Rs. 200 crore as equity and Rs. 300 as debt. Project Advance of Rs. 105 crore has also been received from Cochin Port Trust for execution of their project.

h. Bank Interest With effective cash management, the income from

Bank Interest from short term deposits of surplus funds available with RVNL increased from Rs. 11.66 crore to Rs.19.67 crore.

i. Payment of Direct Tax Liability Due to the increase in the level of activity of RVNL and

the execution of projects on behalf of parties other than the Ministry of Railways, during the year 2007-08 RVNL has paid Rs.11.08 crore as direct taxes. In comparison, the total expenditure on direct taxes in the previous year was Rs. 3.98 crore.

j. Reimbursement against ADB Loan During the year 2007, the process of raising claims

for reimbursement against ADB funded projects was substantially streamlined and claims amounting to over US$ 50 million (Rs. 205 crore) were accepted by ADB. The ADB has expressed satisfaction with the project planning, execution systems developed by RVNL and streamlining of the reimbursement procedure and is now considering extending a second loan for improvement of rail infrastructure in the country.

2. PROJECT DEVELOPMENT & PUBLIC PRIVATE PARTNERSHIP

a. Parliamentary Committee review RVNL has been successful in establishing confi dence

among various stakeholders about the leading role being played by it in creation of rail capacity and removal of capacity bottlenecks in the country. In recognition of the same, the Consultative Committee of Members of Parliament for Ministry of Railways reviewed the role and performance of Rail Vikas Nigam Limited in a special meeting held on 9th January, 2008 at Udaipur. The meeting was chaired by the Hon’ble Minister for Railways, Shri Lalu Prasad Yadav. The Consultative Committee highly appreciated the performance and the technological innovations adopted by RVNL. There was a general consensus among Members of the Committee that more projects should be assigned to RVNL.

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13

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b. Projects transferred During the year, in addition to already sanctioned

projects, Ministry of Railways decided to transfer nine more projects as per details given below, involving capital expenditure of Rs.5600 Cr and laying of new line and doubling of 1138 km length.

S. N.

Name of Project Type of Project Length (km) Project Cost (Rs. in Cr.)

1. Sambalpur-Titlagarh Doubling 182 608.002. Raipur-Titlagarh Doubling 203 614.353. Hospet-Vasco Doubling 345 1900.004. Goelkera-Manoharpur 3rd Line Doubling 40 283.005. Banaspani-Jakhpura Doubling 180 836.006. Jakhpura-Haridaspur 3rd Line 25 244.007. Dalli-Rajhara-Rawghat New Line 95 304.008. Dighi Port Port connectivity 41.6 360.09 9. Rewas Port Port connectivity 26.1 370.03

The Company has been able to won general appreciation from all quarters. It is proven by the fact that wherever the project implementation is considered diffi cult, the railways are recommending their implementation through RVNL.

c. Project Development and Bankability Studies RVNL successfully completed the process of project

development and examination of bankability of all the projects in hand. These include rail connectivity to Dighi Port, rail connectivity to Rewas Port, doubling of Banspani to Jakhpura. On the basis of bankability studies conducted by RVNL, Ministry of Railways approved Daund-Gulbarga Doubling, Pune-Guntakal Railway Electrifi cation and Banspani-Jakhpura doubling projects. Based on the report prepared by RVNL, Railway Board also decided to proceed with doubling of Hospet to Vasco, partly through ADB funding and partly through PPP route.

d. New Projects and Assignments Railway Board has assigned a number of new projects

and additional activities to RVNL. Gauge conversion of Samni-Jambusar-Vishwamitri line for serving a new port on the West Coast near Dahej through PPP route was assigned for initial examination. Railway Board also assigned prestigious Dedicated Freight Corridor studies for the four new corridors, namely, North-South (Delhi-Chennai), East-West (Kolkata-Mumbai), East Coast (Kharagpur-Vijaywada) & Southern (Chennai-Vasco). RVNL delivered these studies within the target date through global consultancy fi rms; Wilbur Smith Associates and Deloitte. The quality of these studies has been highly appreciated by the Ministry of Railways. Railway Board had also assigned the task of development of a policy paper and bidding document for award of PPP Concessions for development of an Agri Retail Logistics Chain on surplus railway land. RVNL issued an Expression of Interest seeking information from the prospective bidders on various parameters to facilitate formulation

of an appropriate policy and bidding document. The same has been forwarded to Railway Board for a decision on various policy related issues.

e. Multilateral Funding RVNL has successfully implemented projects using

the fi rst loan of ADB. RVNL has internalized the ADB procurement procedures, R&R policy, Environmental Mitigation Plans, Project Monitoring Methods and Project Review Mechanism. For the fi rst time on Indian Railways, Rehabilitation and Resettlement of Project Affected Persons has been successfully carried out following ADB’s policy of involuntary resettlement by appointing NGOs. The seven projects under implementation through ADB funding achieved various milestones in their journey to completion. The 2nd bridge over river Mahanadi was commissioned in June, 2008 and opened for traffi c in July, 2008. Thiruvallur-Arakkonam 3rd line project is planned for commissioning by end of August, 2008. Part of Gooty-Pullampet doubling project and Bhatapara-Urkura 3rd line project are in advance stage of commissioning. RVNL achieved the target of disbursement of ADB loan to the tune of US $ 50 million in the calendar year 2007. RVNL hopes to achieve disbursement to the tune of US $ 80 million in the calendar year 2008.

Buoyed by the success of utilization of multilateral funds for fi xed infrastructure projects for the fi rst time, Government has proceeded with the process of sanction of the second loan from ADB. RVNL has been decided to be Implementation Agency for the projects being funded under the second loan.

ADB has appointed a consultant under Technical Assistance for project preparatory studies. RVNL has provided offi ce accommodation and other equipments to the team of consultants in the RVNL’s offi ce. RVNL has also commenced the advance action based on ADB’s Project Preparedness Checklist, for procurement of civil contracts for these projects by awarding the contracts for Final Location Survey, preparation of land plans, preparation of detailed estimates and bidding documents etc.

f. Joint Venture Special Purpose Vehicles The fi rst operational SPV of RVNL, Kutch Railway

Company Limited has shown outstanding performance by transporting 15 MT of traffi c in the fi rst year of operation of the full length of the project. The actual performance is several notches higher than the projections. Haridaspur Paradip Railway Company Limited, Krishnapatnam Railway Company Limited & Bharuch Dahej Railway Company Limited, the other SPVs set up by RVNL for port connectivity projects became fully operational during the year. The Concession Agreements for these SPVs were approved by Ministry of Railways and were signed. The Traffi c Guarantee Agreement between East Coast Railway, Haridaspur Paradip Railway

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Company Limited and the users of the line was approved by Ministry of Railways and was signed. Equity contribution was made by the shareholders. Construction activity commenced on Haridaspur-Paradip line and Obulavaripalle-Krishnapatnam line and as a result Venkatachalam to Krishnapatnam new line portion, a length of 23 km is expected to be commissioned by September, 2008. This will provide vital rail connectivity to the newly developed port of Krishnapatnam.

Hon’ble Minister for Railways laid the foundation stone for Bharuch-Dahej Gauge Conversion project through SPV on 29.06.2008. This project is being planned to be commissioned by December, 2009. It will not only provide vital rail connectivity to the port under construction at Dahej but will also serve host of industries in Dahej area and special economic zone. To facilitate movement of traffi c through rail mode of transportation, the SPV in coordination with Gujarat Industrial Development Corporation will also develop a multimodal logistics park at Dahej.

Ministry of Railways also approved the Concession Agreement for implementation of Angul-Sukinda new line project through SPV. RVNL has further developed port connectivity projects of Rewas & Dighi Ports through SPV route. Expression of Interest for equity partnership in these SPVs has been invited. It is anticipated that these three SPVs will be formed during the fi nancial year 2008-09.

3. PROJECT EXECUTION:

RVNL is presently having 55 projects broadly classifi ed under two heads as under:

Strengthening of Golden Quadrilateral and Diagonals - 29 projects

Provision of Port connectivity and corridors to hinterland - 26 projects

a. Physical Size of the Projects : The above 55 projects constitute following 4 categories

of works as shown below in pie chart:

The locations of these projects have been distributed throughout the country and hence the Project Implementation Units (PIUs) have been established not only at the four major metropolitans viz. New Delhi , Mumbai , Kolkata and Chennai but also in the state capitals / important cities viz. Secunderabad , Bhubaneshwar, Bilaspur, Bhopal and Jaipur.

During the fi nancial year, 74.28 Km of Doubling, 103 Km of Gauge Conversion & 53 Km of Railway Electrifi cation, have been completed. RVNL has till now completed 155 Kms. of new lines, 898 Kms. of gauge conversion 350 Kms. of doubling and 1007 Kms. of Railway Electrifi cation, Thus as on 31.03.08, approx 36% of the total length (6686 km) of 55 projects assigned to RVNL, have been completed.

The status of 55 projects is as under:Projects completed upto March 31st 2008 -- 16Projects under implementation -- 31Projects under sanction -- 8b. Projects completed during 2007-08 :- The following projects have been completed during

2007-08:-

S. No.

Project Name Length Completed (Kms)

1. 2nd Bridge on River Mahanadi 3

2. Pakni-Solapur Doubling 16.28

3. Pakni Mohol Doubling 17

4. Part Section of Thanjavur-Villupuram GC 20

5. Diva-Kalyan 5th and 6th Line Doubling 11

6. Part section of Hospet-Guntakal Doubling 15

7. Part section of Attipattu-Korukkepet 3rd Line Doubling

12

8. Balance section of Cuddalore-Salem GC 83

9. Balance Sec. of Kharagpur - Bhubaneshwar RE

53

c. Projects under implementationS. No.

Name of the project

1. Khurda Road - Barang 3rd Line Doubling2. Cuttack - Barang Doubling3. Rajatgarh - Barang Doubling4. Haridaspur - Paradip New Line5. New Delhi - Tilak Bridge 5th & 6th Line Doubling6. Palwal - Bhuteswar 3rd Line Doubling7. Aligarh - Ghaziabad 3rd Line Doubling8. Bhildi - Samdari Gauge Conversion9. Ajmer - Phulera - Ringus - Rewari Gauge Conversion10. Balance section of Thanjavur - Villupuram Gauge Conversion

(remaining section of 102 kms)11. Pattabiram - Triuvallur 4th Line & Tiruvallur - Arakkonam 3rd Line

Doubling12. Attipattu - Korukkupet 3rd Line Doubling13. Vallarpadam - Idapally New Line14. Gooty - Renigunta Patch Doubling

RE, 2071Km

GaugeConversion, 1585Km

Doubling, 2374Km

Total Length :- 6686 Km

New Line, 656 Km

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15. Obulavaripalle - Krishnapatnam New Line

16. Balance section of Hospet - Guntakal Doubling (4 km)

17. Raichur - Guntakal Doubling18. Tikiapara - Santragachi Doubling

19. Bilaspur - Urkura 3rd Line Doubling

20. Renigunta - Guntakal – RE

21. Tomka -Banaspani – RE22. Bharuch - Samni – Dahej Gauge Conversion23. Angul - Sukinda New Line24. Salka Road - Annuppur Doubling25. Sambalpur - Titlagarh Doubling26. Raipur - Titlagarh - Doubling27. Panskura - Kharagpur 3rd Line Doubling28. Bhopal - Bina 3rd Line Doubling29. Jakhpura- Haridaspur 3rd Line Doubling30. Dalli - Rajhara - Raoghat New Line31. Goelkera - Manoharpur 3rd Line Doubling

d. Projects under sanction1. Hospet - Tinaighat - Doubling2. Daund - Gulbarga Doubling3. Pune - Guntakal Rly Elect.4. Panskura - Haldia Ph II Doubling5. Surat - Hajira New Line6. Banaspani - Jakhpura – Doubling7. Digi Port 8. Rewas Port

e. Projects handed over to Railways: The following projects were handed over to Zonal

Railways during 2007-08:

1. Pakni-Solapur Doubling , 2. Pakni Mohol Doubling ,3. Diva-Kalyan 5th and 6th Line Doubling ,4. Vridhhachalam - Attur (83 KMs) section of Cuddalore-Salem

f. ADB funded projects For the fi rst time in Indian Railways history, RVNL

is implementing 12 projects with ADB funding (7 in progress and 5 in the development stage) which requires compliance of various loan covenants on resettlement and rehabilitation of project affected persons, procurement of works and stores following international competitive bidding and implementation of plans for mitigating of social and environmental impacts. RVNL has fully utilized disbursement target of Rs.200 Cr. during the calendar year 2007 and the target for 2008 is Rs. 345 Cr. On basis of performance of RVNL, Railway Board has transferred the following fi ve projects under ADB phase-II loan to RVNL for execution:

1. Sambalpur - Titlagarh - Doubling ,2. Raipur - Titlagarh - Doubling ,3. Daund - Gulbarga Doubling , 4. Pune - Guntakal Rly Elect.5. Hospet - Tinaighat - Doubling

g. Contracts awarded during 2007-08 :-

The following contracts were awarded by the Company during the year under review:

• Construction of Roadbed including Major & Minor Bridges, Facilities and General Electrifi cation in connection with construction of New BG line between Haridaspur & Paradip in East Coast Railway in the State of Orissa, India (276 Cr)

• OHE works of Obulavaripalle-Krishanapatnam New line phase-1(15 cr)

• Railway Electrifi cation of Tomka-Jaroli single line section of Khurda road division of East coast railway (50 Cr)

• Telecommunication works of Bhildi Samdari GC Project (4 Cr)

• Construction of major bridges and Misc. works of Ajmer – Rewari GC Project ( 63 Cr)

• Manufacture and supply of PSC sleepers (77 Cr)

• Fabrication and erection of welded girders and strengthening of existing bridges and Misc. works for Bhildi-Samadari GC project (36 Cr)

• Roadbed, track and general electrifi cation for Guntakal-Raichur Doubling (94 Cr)

h. Important contracts awarded after the closure of Financial year

After the closure of the Financial year and as on date of report, following contracts have been awarded:-

• Signaling works of Bhildi Samdari GC Project (22 Cr).

• Construction of Roadbed, bridges and track linking and S&T works in connection with doubling between Salka Road - Khongsara (25.8 Km) and Khodri - Anupur (61.6 Km) on Bilaspur Division (178 Cr).

• S&T work in connection with Route setting panel interlocking at 5 stations from Venkatachalam – Krishnapatnam (11 Cr).

• Supply of solar panel charging system and DG sets for Ajmer – Rewari GC project (4 Cr).

i. Technological Innovations :• RVNL is constructing one of the longest railway

bridges (4.6 km. length) near Cochin to serve International Container Terminal at Vallarpadam. This bridge is having 4 curves ranging from 2o to 2.5o and will be provided with complete ballasted deck. The launching girder to launch the main PSC girders requires equipment with specifi c technical requirements which has been imported at a cost of Rs.6.00 Cr.

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Piling works in progress on bargesctjk ij ikbfyax dk;Z izxfr ij

Piling works in progress platformsIysVQkeks± ij ikbfyax dk;Z izxfr ij

Sleeper LayerLyhij fcNkuk

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Boom Erection During Night Traffi c Block;k=kh ;krk;kr vojks/ ds nkSjku cwe dk fuekZ.k



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Ready mix concrete plant at sitedk;ZLFky ij jsMhfeDl dØhV la;a=k

Pile concreting in progressikbZy dØhV dk;Z izxfr ij

U girder, getting ready for concretingdØhV fcNkus gsrq ;w xMZj dks rS;kj fd;k tkuk

Plat form used for Piling works in the Backwatersvizokgh ty esa ikbfyax dk;Z gsrq IysVQkeZ dk mi;ksx

Mahanadi Bridge Under Construction (an ADB Funded Project)fuekZ.kk/hu egkunh iqy (, Mh ch }kjk foÙkiksf"kr ifj;kstuk)

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• êü×¾Ö× −Ö×»Ö �úß ÃÖ³Öß × −Ö´ÖÖÔ�Ö ¯Ö× üµÖÖê•Ö −ÖÖ†Öë ´Öë °»ÖêÓ¿Ö ²Ö™ü ¾ÖêÜ»›ü�Ö �êú ×»Ö‹ †− Öê�ú ´ÖÖê²ÖÖ‡»Ö ÃÖÓµÖÓ¡Ö ¿Öãºþ ×�ú‹ �Ö‹ Æïü. ‡ÃÖ ÃÖ´ÖµÖ ×¾Ö×³Ö®Ö ¯Ö× üµÖÖê•Ö −ÖÖ†Öë ´Öë ‹êÃÖê 8 ÃÖÓµÖÓ¡Ö �úÖµÖÔ �ú ü üÆêü Æïü, ‡ÃÖÃÖê ¯Ö× üÃÖÓ Ö×¢ÖµÖÖë �úß ×¾ÖÀ¾ÖÃÖ −ÖßµÖŸÖÖ ´Öë ´ÖÆüŸ¾Ö¯Öæ�ÖÔ ÃÖã¬ÖÖ ü ÆüÖê�ÖÖ †Öî ü ˆÃÖ�êú ¯Ö× ü�ÖÖ´ÖÃ¾Öºþ¯Ö ÃÖÓ ü�ÖÖ ´Öë ³Öß ÃÖã¬ÖÖ ü ÆüÖê�ÖÖ.

• ×�Ö×¼üµÖÖë �úß �Öã�Ö¾Ö¢ÖÖ, �ÖÏê›êü¿Ö −Ö †Öî¸ü ³ÖÖ¸üß ´ÖÖÓ�Ö ´Öë ÃÖã¬ÖÖ¸ü »ÖÖ− Öê ÆêüŸÖã ×¾Ö×³Ö®Ö ¯Ö×¸üµÖêÖ•Ö −ÖÖ �úÖµÖÔÃ£ÖÖ»ÖÖë ¯Ö¸ü ×¾Ö¿ÖÖ»Ö †Ö�úÖ¸ü �êú �Îú¿Ö¸ü »Ö�ÖÖ‹ �Ö‹ Æïü.

• ³ÖÖ¸üŸÖßµÖ ¸êü»Ö ¯Ö¸ü ¯ÖÆü»Öß ²ÖÖ¸ü ¸êü×¾Ö× −Ö×»Ö ¯Ö×¸üµÖÖê•Ö −ÖÖ†Öë ´Öë µÖÖÓ×¡Ö�éúŸÖ ¸êü»Ö¯Ö£Ö ÃÖÓ¯Ö�Ôú �úÖê ²Ö›Íêü ¯Öî´ÖÖ− Öê ¯Ö¸ü †¯Ö −ÖÖµÖÖ �ÖµÖÖ Æîü, ×•ÖÃÖ�êú ¯Ö×¸ü�ÖÖ´ÖÃ¾Öºþ¯Ö ¸êü»Ö¯Ö£Ö ×²Ö”ûÖ− Öê �êú ´ÖÖ −Ö�úÖë ´Öë ÃÖã¬ÖÖ¸ü Æãü†Ö Æîü.

• ¸êü×¾Ö× −Ö×»Ö ¯Ö×¸üµÖÖê•Ö −ÖÖ†Öë ´Öë ´ÖÖê™êü ¾Öê²Ö ÛÃ¾Ö“Ö ³ÖÖ¸üß ´ÖÖ¡ÖÖ ´Öë ´ÖãÆîüµÖÖ �ú¸üÖ‹ •ÖÖ ¸üÆêü Æïü †Öî¸ü ‡ÃÖÃÖê •Öß¾Ö™ü †ÖµÖã »ÖÖ�ÖŸÖ ŸÖ£ÖÖ ÃÖÓ¸ü�ÖÖ ¯ÖÆü»Öã†Öë ´Öë ÃÖã¬ÖÖ¸ü ÆüÖê�ÖÖ.

• 89.3 ´Öß. »ÖÓ²Öê ÆüÖ‡Ô ™êü −ÖÃÖÖ‡»Ö Ã™üß»Ö ¾ÖêÛ»›ü›ü �Ö›Ôü ü »Ö�ÖÖ‹ •ÖÖ üÆêü Æïü. 89.3 ´Öß. »ÖÓ²ÖÖ ‹�ú �Ö›Ôü ü ¯ÖÆü»Öê Æüß »Ö�ÖÖµÖÖ •ÖÖ “Öã�úÖ Æîü †Öî ü †.†.´ÖÖ.ÃÖÓ. − Öê ˆÃÖê ¯ÖÖÃÖ �ú ü ×¤üµÖÖ Æîü. ×¾Ö¿Öã ü �úÖµÖÔ ¯ÖÏ�ÖÖ»Öß ŸÖ£ÖÖ �ú›Íüß �Öã�Ö¾Ö¢ÖÖ × −ÖµÖÓ¡Ö�Ö ¯ÖÏ�ÖÖ»Öß †¯Ö −ÖÖ‹ •ÖÖ− Öê �êú �úÖ ü�Ö, �Ö›Ôü üÖë �úÖ ¾ÖÖÃŸÖ×¾Ö�ú �îú´²Ö ü ÃÖî üÖÓ×ŸÖ�ú ºþ¯Ö ÃÖê �Ö�Ö −ÖÖ ×�ú‹ �Ö‹ �îú´²Ö ü �êú ×²Ö»�ãú»Ö ²Ö üÖ²Ö ü üÆüŸÖÖ Æîü. ¯ÖÏŸµÖê�ú �úÖµÖÔÃ£Ö»Ö ¯Ö ü ¯ÖÏ×ŸÖ ´ÖÖÆü »Ö�Ö³Ö�Ö 550 ´Öß. ™−ü Ö Ã™üß»Ö �úÖ × −Ö´ÖÖÔ�Ö ×�úµÖÖ •ÖÖ üÆüÖ Æîü.ú

• ¯ÖÆü»Öß ²ÖÖ¸ü, êü×¾Ö× −Ö×»Ö − Öê 30 ™ü −Ö ¬Öã¸üÖ ³ÖÖ¸ü ¾ÖÖ»Öê 45 Öß. »ÖÓ²Öê ÖßÃÖß‹ÃÖ �Ö›Ôü¸ü Ã¯Öî −Ö �úÖê †¯Ö −ÖÖµÖÖ Æîü. ‡ −Ö �Ö›Ôü¸üÖë (¯ÖÏŸµÖê�ú 660 ´Öß. ™ü −Ö ¾Ö•Ö −Ö) �úÖ × −Ö´ÖÖÔ�Ö �úÆüà †Öî¸ü ×�úµÖÖ •ÖÖŸÖÖ Æîü †Öî¸ü »ÖÖÓØ“Ö�Ö �Ö›Ôü¸ü �êú «üÖ¸üÖ ‡− Æëü Ã£ÖÖ×¯ÖŸÖ ×�úµÖÖ •ÖÖŸÖÖ Æîü. ›ÒüÖ‡Ó�Ö ¸êü×¾Ö× −Ö×»Ö «üÖ¸üÖ ²Ö− ÖÖ‡Ô �Ö‡Ô Æîü †Öî¸ü †.†.´ÖÖ.ÃÖÓ. «üÖ¸üÖ ‡ÃÖ�úÖ † −Öã´ÖÖê¤ü −Ö ×�úµÖÖ �ÖµÖÖ Æîü.

• ¯ÖÖ‡Ø»Ö�Ö �úÖµÖÔ �êú ×»Ö‹ †ÖµÖÖ×ŸÖŸÖ ¸üÖê™ü¸üß Ø¸ü�ÃÖ »Ö�ÖÖ‹ �Ö‹ Æïü. ‡ −Ö Ø¸ü�ÖÖë �úÖ ˆ¯ÖµÖÖê�Ö ¯ÖÆü»Öê �êú¾Ö»Ö ´Öê™ÒüÖê × −Ö´ÖÖÔ�Ö �úÖµÖÔ ´Öë ×�úµÖÖ �ÖµÖÖ Æîü.

• ²»Öë�úØ™ü�Ö ÃÖÖ´Ö�ÖÏß �úß ““Ö �Öã�Ö¾Ö¢ÖÖ ÃÖã× −ÖÛ¿“ÖŸÖ �ú¸ü− Öê �êú ×»Ö‹ Öæ¾ÖÔ-×− Ö¬ÖÖÔ×¸üŸÖ †− Öã¯ÖÖŸÖ ´Öë �ÖÏê −Öã»Ö¸ü ÃÖÖ´Ö�ÖÏß ×´Ö×ÁÖŸÖ �ú¸ü− Öê �êú ×»Ö‹ ¯Ö�Ö ×´Ö»Öë »Ö�ÖÖ‡Ô �Ö‡Ô Æïü.

• ¯Öæ�ÖÔ ÃÖ‘Ö− ÖŸÖÖ, ‹�ú ÃÖ´ÖÖ −Ö œüÖ»Ö ‹¾ÖÓ �ÖÏê›ü ¯ÖÏÖ¯ŸÖ �ú¸ü− Öê �êú ×»Ö‹ ×´Ö¼üß ÃÖÓ²ÖÓ¬Öß �úÖµÖÔ �êú¾Ö»Ö ´Ö¿Öß −ÖÖë «üÖ¸üÖ ×�úµÖÖ •ÖÖ ¸üÆüÖ Æîü. ¯ÖÏŸµÖê�ú �úÖµÖÔÃ£Ö»Ö ¯Ö¸ü ¾ÖÖ‡Ô²ÖÎê™ü¸üß ¸üÖê»Ö¸ü �ÖÏê›ü¸ü †Öî¸ü ÆüÖ‡Ô †Öˆ™ü¯Öã™ü ›üÖê•Ö¸ü »Ö�ÖÖ‹ �Ö‹ Æïü. ×´Ö¼üß �êú ³ÖÖî×ŸÖ�ú ŸÖŸ¾ÖÖë �úß •ÖÖÓ“Ö �ú¸ü− Öê †Öî¸ü ²»Öê�êúØ™ü�Ö ÃÖÖ´Ö�ÖÏß �úß �Öã�Ö¾Ö¢ÖÖ ÃÖã× −ÖÛ¿“ÖŸÖ �ú¸ü− Öê �êú ×»Ö‹ ¯ÖÏŸµÖê�ú �úÖµÖÔÃ£Ö»Ö ¯Ö¸ü ´Öé¤üÖ •ÖÖÓ“Ö ¯ÖÏµÖÖê�Ö¿ÖÖ»ÖÖ‹Ó Ã£ÖÖ×¯ÖŸÖ �úß �Ö‡Ô Æîü.

• ´ÖÆüÖ− Ö¤üß ¯Ö¸ü ¤æüÃÖ¸Ö ¯Öã»Ö ×•ÖÃÖ�úÖ Ã¯Öî −Ö Ã™üß»Ö �êú �Ö›Ôü¸ü �úÖ Æîü, ¾ÖÆüÖÓ ‹“Ö ²Öß´Ö Ã»Öß¯Ö¸ü ŸÖ£ÖÖ ¿Öæ −µÖ ™üÖê ³ÖÖ¸ü •Ö×›ÍüŸÖ ¯ÖÏ�ÖÖ»Öß ÃÖ×ÆüŸÖ ‹�ú ¯ÖÖ‹ ÃÖê ¤æüÃÖ¸êü ¯ÖÖ‹ ŸÖ�ú

‹»Ö›ü²»µÖæ†Ö¸ü ÖãÆîüµÖÖ �ú¸üÖµÖÖ �ÖµÖÖ Æîü, ×•ÖÃÖÃÖê ÃÖ�êú † −Öã¸ü�Ö�Ö Öë �úÖê‡Ô ²ÖÖ¬ÖÖ − ÖÆüà ÆüÖê�Öß †Öî¸ü ¯Ö™ü¸üß ´Öë ¤ü¸üÖ¸ü †Ö− Öê ŸÖ£ÖÖ ¯Öë“ÖÖë �êú �Öã»Ö− Öê �úß ÃÖÓ³ÖÖ¾Ö −ÖÖ ´Öë �ú´Öß ÆüÖê�Öß †Öî¸ü ¯Ö×¸ü�ÖÖ´ÖÃ¾Öºþ¯Ö ¯Ö×¸üÃÖÓ¯Ö×¢Ö ×¾ÖÀ¾ÖÃÖ− ÖßµÖŸÖÖ ´Öë ÃÖã¬ÖÖ¸ü ÆüÖê�ÖÖ.

• ¸êü×¾Ö× −Ö×»Ö ¯Ö×¸üµÖÖê•Ö −ÖÖ†Öë ´Öë ÃÖÖ×»Ö›ü Ã™êü™ü †ÓŸÖ¯ÖÖÔ¿Ö− Ö �úÖê ³ÖÖ¸üß ¯Öî´ÖÖ− Öê ¯Ö¸ü †¯Ö −ÖÖµÖÖ �ÖµÖÖ Æîü, ×•ÖÃÖ�êú ¯Ö×¸ü�ÖÖ´ÖÃ¾Öºþ¯Ö ¸êü»Ö¾Öê �úß �úÖµÖÔ�ãú¿Ö»ÖŸÖÖ ´Öë ÃÖã¬ÖÖ¸ü ÆüÖê�ÖÖ †Öî¸ü µÖÖ›Ôü �êú ÃÖã¬ÖÖ¸ü/†Ö¬Öã×− Ö�úß�ú¸ü�Ö ¯Ö¸ü − µÖæ −ÖŸÖ´Ö »ÖÖ�ÖŸÖ †Ö‹�Öß. ‹êÃÖê 17 ‹ÃÖ‹ÃÖ†Ö‡Ô »Ö�ÖÖ‹ •ÖÖ “Öã�êú Æïü †Öî¸ü †�Ö»Öê ¾ÖÂÖÔ �êú ¤üÖî¸üÖ −Ö 50 †Öî¸ü »Ö�ÖÖ‹ •ÖÖ− Öê �úß ÃÖÓ³ÖÖ¾Ö −ÖÖ Æîü. †.†.´ÖÖ.ÃÖÓ. �êú † −Öã´ÖÖê¤ü −Ö ÃÖê ¸êü×¾Ö× −Ö×»Ö «üÖ¸üÖ ‡ÃÖ �Öê¡Ö ´Öë †×¬Ö�ú ÃÖê †×¬Ö�ú − Ö‹ ×¾Ö�ÎêúŸÖÖ†Öë �úÖê »ÖÖµÖÖ •ÖÖ ¸üÆüÖ Æîü.

• ‡ÃÖ�êú †×ŸÖ×¸üŒŸÖ ¸êü×¾Ö× −Ö×»Ö †¯Ö− Öê ¯Ö×¸üµÖÖê•Ö −ÖÖ �úÖµÖÖÔ −¾ÖµÖ −Ö �êú ³ÖÖ�Ö �êú ºþ¯Ö ´Öë Ã™êü¿Ö −ÖÖë ¯Ö¸ü ×ÃÖ�Ö −Ö»ÖÖë �êú ¯Ö×¸ü“ÖÖ»Ö −Ö �êú ×»Ö‹ ÃÖÖò×»Ö›ü Ã™êü™ü †ÓŸÖ¯ÖÖÔ¿Ö− Ö ¯ÖÏ�ÖÖ»Öß, ‡¾Öë™ü †Öî¸ü ›üÖ™üÖ »ÖÖòØ�Ö�Ö ¯ÖÏ�ÖÖ»Öß, ¾Öß›üßµÖæ �úÖ †×¬Ö�ú ÃÖê †×¬Ö�ú ˆ¯ÖµÖÖê�Ö �ú¸ü ¸üÆüÖ Æîü. ¯Öæ¾ÖÔ ŸÖ™ü ¸êü»Ö¾Öê �êú ¤îüŸÖÖ¸üß-²ÖÖÓÃÖ¯ÖÖ− Öß •ÖîÃÖê ¤æü¸üÃ£Ö �úÖµÖÔÃ£Ö»ÖÖë ¯Ö¸ü ³Öß †ÖÛ¯™ü�ú»Ö ±úÖ‡²Ö¸ü ²Öî�ú²ÖÖê −Ö ¯Ö¸ü ‹�úß�éúŸÖ × −ÖµÖÓÓ¡Ö�Ö ÃÖÓ“ÖÖ¸ü ¯ÖÏ�ÖÖ»Öß ˆ¯Ö»Ö²¬Ö �ú¸üÖ‡Ô �Ö‡Ô Æîü.

4. �úÖÙ´Ö�ú ×¾Ö�úÖÃÖ

¸êü»Ö †¾ÖÃÖÓ¸ü“Ö −ÖÖ ´Öë �Ö´ÖŸÖÖ †¾Ö¸üÖê¬ÖÖë �úÖê ¤æü¸ü �ú¸ü− Öê �êú ×»Ö‹ ¸êü»Ö ´ÖÓ¡ÖÖ»ÖµÖ «üÖ¸üÖ ¸êü×¾Ö× −Ö×»Ö �úÖ ÃÖé•Ö −Ö ×�úµÖÖ �ÖµÖÖ Æîü. †¯Ö− Öê ×− Ö�Ö×´ÖŸÖ »Ö�µÖÖë �úÖê ¯Öæ¸üÖ �ú¸ü− Öê �êú ×»Ö‹ †¯Öê×�ÖŸÖ ¯ÖÏ×ŸÖ³ÖÖ¾ÖÖ−Ö ‹¾ÖÓ † −Öã³Ö¾Öß •Ö− Ö¿ÖÛŒŸÖ �úÖê ¯ÖÏÖ¯ŸÖ �ú¸ü −ÖÖ, ˆ− Æëü †¯Ö− Öê µÖÆüÖÓ ²Ö −ÖÖ‹ ¸ü�Ö− ÖÖ ŸÖ£ÖÖ ˆ −Ö�úÖ ×¾Ö�úÖÃÖ �ú¸ü −ÖÖ Æüß �Óú¯Ö −Öß �úÖ ´Öã�µÖ ×²Ö ¤ãü Æîü. ¸êü×¾Ö× −Ö×»Ö �úß •Ö −Ö¿ÖÛŒŸÖ − Öß×ŸÖ ´Öë ‹�ú ”ûÖê™êü ÃÖÓ�Öšü −Ö ¯Ö¸ü ×¾Ö“ÖÖ¸ü ×�úµÖÖ �ÖµÖÖ Æîü, ×•ÖÃÖ´Öë Ã¾Öß�éúŸÖ 360 Ö¤üÖë �úß ÃÖÓ�µÖÖ �êú ³ÖßŸÖ¸ü Æüß �úÖ¯ÖÖì¸êü™üü �úÖµÖÖÔ»ÖµÖ †Öî¸ü Ö×¸üµÖÖê•Ö −ÖÖ �úÖµÖÖÔ −¾ÖµÖ−Ö ‡�úÖ‡ÔµÖÖë ´Öë †Ö¾Ö¿µÖ�úŸÖÖ †Ö¬ÖÖ×¸üŸÖ �ú´ÖÔ“ÖÖ×¸üµÖÖë �úß ŸÖî −ÖÖŸÖß �ú¸ü −ÖÖ ¿ÖÖ×´Ö»Ö Æîü. †Ö•Ö �úß ŸÖÖ¸üß�Ö ´Öë �Óú¯Ö −Öß ´Öë 248 ×− ÖµÖ×´ÖŸÖ/¯Öã −Ö: ×− ÖµÖãŒŸÖ �ú´ÖÔ“ÖÖ¸üß �úÖ´Ö �ú¸ü ¸üÆêü Æïü. ´Ö×Æü»ÖÖ �ú´ÖÔ“ÖÖ×¸üµÖÖë �úß �ãú»Ö ÃÖÓ�µÖÖ 13 Æïü, ×•Ö −Ö´Öë ÃÖê 3 ‹�•ÖßŒµÖæ×™ü¾Ö Æïü. × −Ö¤êü¿Ö�ú ´ÖÓ›ü»Ö «üÖ¸üÖ † −Öã´ÖÖê×¤üŸÖ − Öß×ŸÖ �êú † −ÖãÃÖÖ¸ü, ¯ÖÏŸµÖ�Ö ÃÖÖ�ÖÖŸ�úÖ¸ü �êú ´ÖÖ¬µÖ´Ö «üÖ¸üÖ ²ÖÖÆü¸ü ÃÖê ŸÖ�ú −Öß�úß †ÆÔüŸÖÖ ¯ÖÏÖ¯ŸÖ ¾µÖÛŒŸÖµÖÖë �úß × −ÖµÖãÛŒŸÖ �úß •ÖÖŸÖß Æîü. ¸êü»Ö ´ÖÓ¡ÖÖ»ÖµÖ «üÖ¸üÖ ÃÖÖï¯Öß �Ö‡Ô �ãú”û †Öî¸ü − Ö‡Ô ¯Ö×¸üµÖÖê•Ö −ÖÖ†Öë ŸÖ£ÖÖ �úÖê»Ö�úÖŸÖÖ †Öî¸ü Æãü²Ö»Öß ´Öë ¤üÖê − Ö‡Ô ¯Ö×¸üµÖÖê•Ö −ÖÖ‹Ó ¿Öãºþ ×�ú‹ •ÖÖ− Öê �êú �úÖ¸ü�Ö ²ÖœÍêü Æãü‹ †×ŸÖ×¸üŒŸÖ �úÖµÖÔ³ÖÖ¸ü �úÖê × −Ö¯Ö™üÖ− Öê �êú ×»Ö‹ ÃÖÓ�Öšü −Ö �úß ´ÖÖî•Öæ¤üÖ •Ö− Ö¿ÖÛŒŸÖ �Ö´ÖŸÖÖ �úß ÃÖ´Öß�ÖÖ �úß •ÖÖ ¸üÆüß Æîü.

¸êü×¾Ö× −Ö×»Ö �úÖê ¯ÖÏÖ¸Óü³Ö ´Öë »Ö�Ö³Ö�Ö 1200 �ú¸üÖê›Íü ¹ý. �úß 46 ¯Ö×¸üµÖÖê•Ö −ÖÖ‹Ó ÆüÃŸÖÖÓŸÖ×¸üŸÖ �úß �Ö‡Ô £Öß. ‡ÃÖ ²Öß“Ö, ¸êü»Ö¾Öê ²ÖÖê›Ôü − Öê ´ÖÆüŸ¾Ö¯Öæ�ÖÔ ÃÖÓ³ÖÖ¾Ö −ÖÖ†Öë †Öî¸ü »ÖÖ�ÖŸÖ ¾ÖÖ»Öß 9 †×ŸÖ×¸üŒŸÖ ¯Ö×¸üµÖÖê•Ö −ÖÖ‹Ó ¸êü×¾Ö× −Ö×»Ö �úÖê ÆüÃŸÖÖÓŸÖ×¸üŸÖ �ú¸ü ¤üß Æïü. ¸êü»Ö ´ÖÓ¡ÖÖ»ÖµÖ «üÖ¸üÖ ÆüÖ»Ö Æüß ´Öë �úß �Ö‡Ô ¸êü×¾Ö× −Ö×»Ö �úß × −ÖÂ¯ÖÖ¤ü −Ö �Ö´ÖŸÖÖ �úß ÃÖ´Öß�ÖÖ ´Öë, ‡ÃÖ ²ÖÖŸÖ ¯Ö¸ü •ÖÖê¸ü ×¤üµÖÖ �ÖµÖÖ Æîü ×�ú ¸êü×¾Ö× −Ö×»Ö �úÖê µÖê ¯Ö×¸üµÖÖê•Ö −ÖÖ‹Ó Ÿ¾Ö×¸üŸÖ †Ö¬ÖÖ¸ü ¯Ö¸ü ¯Öæ¸üß �ú¸ü −Öß ÆüÖë�Öß. ¸êü×¾Ö× −Ö×»Ö ÃÖê ‡ÃÖ †Ö¿ÖÖ �úß ¯ÖæÙŸÖ ŸÖ³Öß �úß •ÖÖ ÃÖ�úŸÖß Æîü, •Ö²Ö ‡ÃÖ�úß ÃÖÓ�Öšü −Ö ¿ÖÛŒŸÖ �úÖê †Öî¸ü ´Ö•Ö²ÖæŸÖ ×�úµÖÖ •ÖÖ‹. ‡ÃÖ�úß ÃÖÓ�Öšü −Ö ¿ÖÛŒŸÖ �úÖê ÃÖã¥üœÍü �ú¸ü− Öê �êú ×»Ö‹ ¸êü×¾Ö× −Ö×»Ö �êú ²ÖÖê›Ôü − Öê ‡ÃÖ ÃÖÓ²ÖÓ¬Ö ´Öë †¯Ö− Öê Ã¾ÖµÖÓ �êú ÃÖÓ¾Ö�ÖÔ �úÖ ÃÖé•Ö −Ö �ú¸ü− Öê †Öî¸ü ¸êüü×¾Ö× −Ö×»Ö �úß ×¾Ö»ÖµÖ− Ö †Öî¸ü ³ÖŸÖá ‹¾ÖÓ ¯Ö¤üÖê®Ö×ŸÖ − Öß×ŸÖ �úÖ �Öšü −Ö ×�ú‹ •ÖÖ− Öê �úÖ † −Öã´ÖÖê¤ü −Ö ×�úµÖÖ Æîü. †¯Ö −Öß ÃÖã¥üœÍüŸÖÖ ¯ÖÏ´ÖÖ×�ÖŸÖ �ú¸ü− Öê �êú ×»Ö‹ �Óú¯Ö −Öß − Öê ¸êü»Ö¾Öê ÃÖê ²ÖÖÆü¸ü �úß ¯Ö×¸üµÖÖê•Ö −ÖÖ†Öë �úÖê †¯Ö −ÖÖ− Öê �úÖ ³Öß ÃÖÓ�ú»¯Ö ×»ÖµÖÖ Æîü.


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• To ensure quality of concrete, complete automated batching plants of up to 60 cum/hour capacity have been installed at sites. Specifi c required grade of concrete for different usages is ensured with an advanced electronically controlled system.

• Flash Butt Welding by using mobile plants introduced in a big way in all RVNL construction projects. At present 8 plants are working in different projects, this will greatly improve reliability of assets and result into improvement in safety.

• To improve quality, gradation and huge requirement of ballast, large size crushers have been installed at different project sites.

• Mechanized track linking adopted in big way in RVNL projects for the fi rst time in Indian railways, resulting into improvement in track laying parameters.

• Thick Web Switches are being provided on a large scale on RVNL projects and this will improve life cycle cost and safety aspects.

• High tensile Steel Welded girders steel have been introduced upto span of 89.3M. One girder of 89.3M has already been erected and RDSO has cleared the same. Due to precision working and stringent quality control adopted, the actual camber of girders is closely tallying with the calculated theoretical values. Around 550 MT of steel is being fabricated at each site per month.

• First time, RVNL has adopted the PSC girder span of 45.00 metre with 30T axle load. The girders (weighing 660 MT each) are to be precast and launched through launching girder. Drawing has been developed by RVNL and approved by RDSO.

• Imported Rotary Rigs have been deployed for piling work. These rigs were earlier used in metro constructions only.

• Pug mills have been installed for mixing of granular materials in pre-determined proportions for achieving best quality of gradations for blanketing material.

• To obtain full compaction, uniform slope and grade, earthwork is being executed by machines only. Vibratory rollers, Graders and High Output dozers are deployed at each site. Soil Testing Laboratories have been established at all sites to monitor the physical properties of the soil and quality of blanketing material.

• On 2nd bridge over river Mahanadi having steel girder spans, LWR has been provided from pier to pier with H Beam sleeper and zero toe load

fastening system which will facilitate trouble free maintenance and reduce possibility of rail fracture and shearing of bolts, thereby improving asset reliability.

• Solid state Interlocking has been adopted in big way on RVNL projects which will result in improvement of effi ciency and facilitate future improvement/modifi cation of yard at minimal cost. 17 Nos. of such SSIs have already been installed and another 50 Nos. are likely to be installed during next year. More and more new venders are being introduced in this area by RVNL with the approval of RDSO.

• Moreover, RVNL is extensively deploying Solid State Interlocking systems, Event and Data Logging systems, VDU’s for operations of signals at stations as part of its project execution. Integrated control communication on optical fi bre backbone has been provided even at remote locations like Daitari – Banspani section of East Coast Railway.

4. PERSONNEL DEVELOPMENT:

RVNL has been created by the Ministry of Railways to remove the capacity bottlenecks in rail infrastructure. Acquiring the required talented and experienced manpower, retaining and developing them have been the key focus area in the company for achieving its corporate objectives. Manpower policy of RVNL envisages a lean organization with need-based deployment of staff in Corporate offi ce and Project Implementation Units within the sanctioned strength of 360 posts. As on date the Company has 248 regular/re-employed personnel on its roll. The total number of women employees is 13, out of which 3 are executives. As per the policy approved by the Board of Directors, technically qualifi ed persons have been inducted from the open market through walk in interview. The existing manpower strength of the organization is being reviewed to cope with the additional workload arising due to assigning of a few more projects by the Ministry of Railways and opening of two new Project Units at Kolkata and Hubli.

RVNL was initially transferred 46 projects costing about Rs.12,000 crore. Meanwhile, Railway Board has transferred 9 additional projects with signifi cant scope and cost to RVNL. In the recent reviews of performance of RVNL taken by the Ministry of Railways, it has emphasized that RVNL has to complete projects on a fast track basis. The expectations from RVNL can be met only by signifi cant strengthening of organization. For strengthening of organization, the Board of RVNL has approved for creating its own cadre and for formulation of RVNL’s Absorption and Recruitment & Promotion Policy to this effect. The Company has also resolved to go ahead with the projects outside Railways as well for establishing its sustainability.

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ˆŒŸÖ �êú †»ÖÖ¾ÖÖ, �êú ¦üßµÖ ÃÖŸÖ�ÔúŸÖÖ †ÖµÖÖê�Ö †Öî¸ü ¸êü»Ö¾Öê ²ÖÖê›Ôü «üÖ¸üÖ •ÖÖ¸üß †− Öã¤êü¿ÖÖë �úÖê ³Öß ¯Ö×¸ü¯Ö×¡ÖŸÖ ×�úµÖÖ �ÖµÖÖ. �ãú”û ´ÖÆüŸ¾Ö¯Öæ�ÖÔ † Öã¤êü¿ÖÖë ´Öë × −Ö´−Ö×»Ö×�ÖŸÖ ¿ÖÖ×´Ö»Ö £Öê. -‡Ô- ³Öã�ÖŸÖÖ− Ö ‹¾ÖÓ ‡Ô-¯ÖÏÖ¯Ö�Ö «üÖ¸üÖ ¯ÖÖ¸ü¤üÙ¿ÖŸÖÖ ´Öë ¾Öé×¨ü �ú¸ü −ÖÖ †Öî¸ü ¤êü¸üß ´Öë �ú´Öß �ú¸−ü ÖÖ, ¯ÖÏÖîªÖê×�Ö�úß �úÖê ˆ®ÖŸÖ �ú¸ü�êú †Öî¸ü ×− ÖµÖÖ´Ö�úÖë �êú ×− Ö¾ÖÔÆü −Ö ´Öë ¾Öê²ÖÃÖÖ‡™üüÖë �úÖ �ãú¿Ö»ÖŸÖÖ¯Öæ¾ÖÔ�ú ˆ¯ÖµÖÖê�Ö �ú¸ü�êú ÃÖŸÖ�ÔúŸÖÖ ¯ÖÏ¿ÖÖÃÖ− Ö ´Öë ÃÖã¬ÖÖ¸ü �ú¸−ü ÖÖ, ¯ÖÏ¾ÖŸÖÔ −Ö †Öî¸ü ÃÖ¸ü�úÖ¸üß ÃÖÓ�Öšü −ÖÖë �êú † −µÖ �úÖµÖÔ, ´ÖÖ− Ö�ú ×¾Ö×¿ÖÛÂ™üµÖÖë ¾ÖÖ»Öê ˆŸ¯ÖÖ¤üÖë �úÖ ˆ¯ÖµÖÖê�Ö, − ÖÖ´ÖÖÓ�ú− Ö †Ö¬ÖÖ¸ü ¯Ö¸ü ¯ÖÏ¤üÖ −Ö �úß �Ö‡Ô �ÎúµÖ ÃÖÓ×¾Ö¤üÖ†Öë ´Öë ¯ÖÖ¸ü¤üÙ¿ÖŸÖÖ †Öî¸ü × −Ö×¾Ö¤üÖ ¯ÖÏ×�ÎúµÖÖ-‹»Ö-1 �êú ÃÖÖ£Ö ÃÖ´Ö—ÖÖîŸÖÖ ¾ÖÖŸÖÖÔ.

�Óú¯Ö −Öß − Öê 12 − Ö¾Ö´²Ö¸ü, 2007 ÃÖê 16 −Ö¾Ö´²Ö¸ü, 2007 �êú ²Öß“Ö ÃÖŸÖ�ÔúŸÖÖ •ÖÖ�Öºþ�úŸÖÖ ÃÖ¯ŸÖÖÆü ÃÖ±ú»ÖŸÖÖ¯Öæ¾ÖÔ�ú ´Ö −ÖÖµÖÖ. �úÖµÖÔ�Îú´Ö �úß ¿Öãºþ†ÖŸÖ ¯ÖÏ²ÖÓ¬Ö × −Ö¤êü¿Ö�ú/¸êü×¾Ö× −Ö×»Ö �úß †¬µÖ�ÖŸÖÖ ´Öë ¿Ö¯Ö£Ö �ÖÏÆü�Ö ÃÖ´ÖÖ¸üÖêÆü ÃÖê �úß �Ö‡Ô, ×•ÖÃÖ´Öë �Óú¯Ö −Öß �êú ÃÖ³Öß †×¬Ö�úÖ×¸üµÖÖë/�ú´ÖÔ“ÖÖ×¸üµÖÖë �úÖê ¿Ö¯Ö£Ö ×¤ü»ÖÖ‡Ô �Ö‡Ô. ¸êü×¾Ö× −Ö×»Ö �úÖµÖÖÔ»ÖµÖ ´Öë ÃÖŸÖ�ÔúŸÖÖ •ÖÖ�Öºþ�úŸÖÖ ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ ²Öî −Ö¸ü †Öî¸ü ¯ÖÖêÃ™ü¸ü ³Öß »Ö�ÖÖ‹ �Ö‹.

15.11.2007 �úÖê ÁÖß †Ö¸ü.†Ö¸ü. •ÖÖºþÆüÖ¸ü, ¯Öæ¾ÖÔ ÃÖ¤üÃµÖ ‡Ó•Öß×− ÖµÖ¸üß/¸êü»Ö¾Öê ²ÖÖê›Ôü − Öê ‘‘ÃÖÓ×¾Ö¤üÖ ¯ÖÏ¤üÖ −Ö �ú¸ü− Öê’’ ¯Ö¸ü ‹�ú ³ÖÖÂÖ�Ö ‹¾ÖÓ ¯Ö¸üÃ¯Ö¸ü ¾ÖÖŸÖÖÔ ÃÖ¡Ö �úÖ †ÖµÖÖê•Ö −Ö ×�úµÖÖ. ‡ÃÖ ³ÖÖÂÖ�Ö ‹¾ÖÓ ¯Ö¸üÃ¯Ö¸ü ¾ÖÖŸÖÖÔ ÃÖ¡Ö ´Öë ÁÖß ‹.�êú. ˆ¯ÖÖ¬µÖÖµÖ, ÃÖ»ÖÖÆü�úÖ¸ü/ÃÖŸÖ�ÔúŸÖÖ/¸êü»Ö¾Öê ²ÖÖê›Ôü �Ö�Ö´ÖÖ µÖ ¾ÖŒŸÖÖ £Öê †Öî¸ü ˆ− Ö�êú ³ÖÖÂÖ�Ö �úÖê ÃÖ³Öß − Öê ÃÖ¸üÖÆüÖ.


23

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Since its inception, the organization has been emphasizing on employees’ motivation by providing them a hygienic and healthy work environment with modern infrastructure. To enhance and develop the skill and ability of the employees, a number of offi cers and staff were deputed for various seminars and training programmes on the subjects of project management, infrastructure fi nance, railway engineering, Labour Laws, Arbitration, etc. RVNL is also a Corporate member of various trade and industry organizations, such as CII, ASSOCHAM, and CIDC and keep close liaison with them.

Steps were initiated to have multi- disciplinary medical facilities for the employees of the Company in the offi ce premises by arranging the services of Allopathic, Ayurvedic and Homeopathic doctor thrice a week.

The Company celebrated its Foundation Day on 29th February, 2008 with elegance. Member Engineering/Railway Board and Chairman/ RVNL, Mr. S.K. Vij apprised the audiences about the progress of RVNL including new initiatives, which were well received. The Hon’ble Union Minister of State for Railways, Shri R.Velu graced the function. The other distinguished guests included Chairman and Members of Railway Board and senior dignitaries from Railways and Railway PSUs. Deserving employees were honored with plaque and cash awards for their outstanding contribution to the Company. Artists of Song & Drama Division of Ministry of Information & Broadcasting were invited by RVNL to present the rich heritage of India by way of various folk songs and dances of different states.

a. Particulars of Employees under Section 217 (2A) of Companies Act, 1956

None of the employees of the Company has drawn remuneration exceeding the limits laid down under the provisions of section 217(2A) of the Companies Act read with Companies (Particulars of Employees) Rules, 1975 as amended from time to time.

b. Memorandum of Understanding

During the year, the Company signed a Memorandum of Understanding (MoU) with Ministry of Railways depicting its physical and fi nancial targets for the year 2008-09. RVNL has committed to achieve 240 kms of Gauge Conversion, 260 kms of Doubling, 80 kms of Railway Electrifi cation and 5 kms of New Line works. The achievements of these targets would entail a fi nancial expenditure of around Rs. 1725 crores. The Company is expected to get its fi rst MoU rating by Department of Public Enterprise shortly on the basis of the achievement of the committed targets for the year 2007-08. In order to devise an incentive Scheme/PLB to the employees based on the MOU entered between RVNL and Ministry of Railways, the services of National Productivity Council have been availed.

5. COMPLIANCES

a. Industrial Relations

During the year, Industrial relations remained harmonious.

b. Vigilance

The Vigilance organization in RVNL consists of a Part time CVO and two Assistant Managers reporting to CVO. The major thrust of Vigilance Department in RVNL is preventive intervention through educating the offi cers and employees about procedures and guidelines. A number of instructions have been issued by Vigilance Department which include:

1. movement of classifi ed documents within offi ce,

2. guidelines and instructions on opening of Tenders, preparation of Comparative Statement, Briefi ng Note & custody of tender documents and tender fi les.

3. vigilance clearance for RVNL’s employees as well as for offi cer/offi cials on deputation to RVNL.

4. acceptance of downloaded bid documents for bid submission.

5. terms and conditions of engagement of retired Government/PSU offi cials in RVNL as Advisers/Consultants.

In addition of above, the instructions issued from Central Vigilance Commission and Railway Board were also circulated. Some of the important instructions issued included , increasing transparency and cutting delays by e-payments and e-receipt, improving vigilance administration by leveraging technology and increasing transparency through effective use of websites in discharges of regulatory, enforcement and other functions of Govt. organizations, use of products with standard specifi cations, transparency in purchase contracts awarded on nomination basis and tendering process- Negotiations with L-1

The Company celebrated successfully the Vigilance Awareness Week, 2007 during 12th November, 2007 to 16th November, 2007. The function was started with a pledge taking ceremony chaired by Managing Director/RVNL, during which the pledge was administered to all the offi cers/staff of the Company. Banners/posters relating to vigilance awareness were also displayed in the RVNL’s offi ce.

A lecture cum interactive session on “Award of Contracts” was delivered by Shri R. R. Jaruhar, Ex. Member Engineering/Railway Board on 15.11.2007. Shri A. K. Upadhyay, Adviser/Vigilance/Railway Board was the distinguished speaker on the lecture cum interactive session which was highly appreciated by all.

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24

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2007-08 �êú ¤üÖî¸üÖ −Ö �úÖê‡Ô †¬µÖ�ÖßµÖ × −Ö¤êü¿Ö •ÖÖ¸üß − ÖÆüà ×�ú‹ �Ö‹ Æïü.

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(i) ‰ú•ÖÖÔ ÃÖÓ¸ü�Ö�Ö ‹¾ÖÓ ¯ÖÏÖîªÖê×�Ö�úß †Ö´Öê»Ö− Ö:-

ÃÖ´Ö�ÖÏ ºþ¯Ö ÃÖê ‰ú•ÖÖÔ �úß �ú´Öß �úß ÛÃ£Ö×ŸÖ ´Öë �Óú¯Ö −Öß ‰ú•ÖÖÔ ÃÖÓ¸ü�Ö�Ö �êú ¤üÖ×µÖŸ¾Ö �êú ¯ÖÏ×ŸÖ ¯Öæ�ÖÔ ºþ¯Ö ÃÖê ÃÖ•Ö�Ö Æîü. �úÖµÖÖÔ»ÖµÖ �úÖ ×›ü•ÖÖ‡ −Ö †×¬Ö�úÖ×¬Öü�ú ‰ú•ÖÖÔ-†− Öã�æú»Ö ŸÖ¸üß�êú ÃÖê ²Ö− ÖÖ�ú¸ü �Óú¯Ö −Öß �úÖµÖÖÔ»ÖµÖ ´Öë ×²Ö•Ö»Öß ‰ú•ÖÖÔ �úÖ †×¬Ö�úÖ×¬Ö�ú ÃÖÓ¸ü�Ö�Ö ×�úµÖÖ •ÖÖ ¸üÆüÖ Æîü. �úÖµÖÖÔ»ÖµÖ ³Ö¾Ö −Ö ´Öë �úÖ±úß •Ö�ÖÆü Æîü †Öî¸ü “ÖÖ¸üÖë ŸÖ¸ü±ú ×�Ö›Íü×�úµÖÖÓ Æïü, ×•Ö −Ö�úÖ ˆ¯ÖµÖÖê�Ö �úÖµÖÖÔ»ÖµÖ, �ú´Ö¸üÖë †Öî¸ü “Öê´²Ö¸üÖë �êú ¯ÖÏ¤üß¯Ö�Ö �êú ×»Ö‹ ÃÖæµÖÔ �úß ¸üÖê¿Ö− Öß ¯ÖÏÖ¯ŸÖ �ú¸ü− Öê ÆêüŸÖã ×�úµÖÖ •ÖÖŸÖÖ Æîü. �úÖµÖÖÔ»ÖµÖ ÃÖ´ÖµÖ �êú ¤üÖî¸üÖ −Ö †Öî¸ü ²ÖÖ¤ü ´Öë ³Öß ×²Ö•Ö»Öß ²Ö“ÖÖ− Öê �êú ×»Ö‹ µÖÓ¡Ö »Ö�ÖÖ‹ �Ö‹ Æïü.

(ii) ×¾Ö¤êü¿Öß ´Öã¦üÖ †•ÖÔ −Ö ‹¾ÖÓ ¾µÖµÖ

×¾Ö¢Ö ¾ÖÂÖÔ 2007-08 �êú ¤üÖî¸üÖ −Ö, ÃÖÓ�ÖÖêÛÂšüµÖÖë †Ö×¤ü ´Öë ³ÖÖ�Ö »Öê− Öê �êú ×»Ö‹ ¸êü×¾Ö× −Ö×»Ö †×¬Ö�úÖ×¸üµÖÖë �úß ×¾Ö¤êü¿Ö µÖÖ¡ÖÖ†Öë ¯Ö¸ü �Óú¯Ö −Öß − Öê 0.76 »ÖÖ�Ö ¹ý. �úß ×¾Ö¤êü¿Öß ´Öã¦üÖ �Ö“ÖÔ �úß. ‹›üß²Öß «üÖ¸üÖ ×¾Ö¢Ö¯ÖÖê×ÂÖŸÖ ¯Ö×¸üµÖÖê•Ö−ÖÖ†ÖêÓ (¯Öî�êú•Ö-1, ˆ¯Ö ¯Ö×¸üµÖÖê•Ö −ÖÖ‹Ó) �úß ˆ¯Ö ¯Ö×¸üµÖÖê•Ö −ÖÖ†Öë †£ÖÖÔŸÖ ¯Öæ¾ÖÔ ŸÖ™ü ¸êü»Ö¾Öê ´Öã�µÖ »ÖÖ‡ −Ö �êú �ú™ü�ú- −Öß¸üÖ�ÖãÓ›üß �ÖÓ›ü ¯Ö¸ü ´ÖÆüÖ−Ö¤üß ¯Ö¸ü ¤æüÃÖ¸üÖ ¯Öã»Ö �úß ´ÖÖò−Öß™üØ¸ü�Ö �êú ×»Ö‹ ¯Ö¸üÖ´Ö¿ÖÔ ÃÖê¾ÖÖ†Öë ¯Ö¸ü ³Öß �Óú¯Ö −Öß − Öê 49.07 »ÖÖ�Ö ¹ý. �úß ×¾Ö¤êü¿Öß ´Öã¦üÖ �Ö“ÖÔ �úß. µÖª×¯Ö �Óú¯Ö −Öß − Öê �úÖê‡Ô ×¾Ö¤êü¿Öß ´Öã¦üÖ †Ù•ÖŸÖ − ÖÆüà �úß.

6. ¯Öã¸üÃ�úÖ¸ü/ÃÖ´´ÖÖ −Ö

ÃÖ´Öß�ÖÖ ¾ÖÂÖÔ �êú ¤üÖî¸üÖ −Ö, ´ÖÖ −Ö −ÖßµÖ ¸êü»Ö ´ÖÓ¡Öß ÁÖß »ÖÖ»Öæ ¯ÖÏÃÖÖ¤ü µÖÖ¤ü¾Ö − Öê 7 †ŒŸÖæ²Ö¸ü, 2007 �úÖê ×¤ü»»Öß-×¸ü¾ÖÖ›Íüß �ÖÓ›ü †Ö´ÖÖ −Ö ¯Ö×¸ü¾ÖŸÖÔ −Ö �êú ÃÖ±ú»ÖŸÖÖ¯Öæ¾ÖÔ�ú ¯Öæ¸üÖ ÆüÖê •ÖÖ− Öê ¯Ö¸ü ˆ¤Ëü‘ÖÖ™ü −Ö ÃÖ´ÖÖ¸üÖêÆü ´Öë ¸êü×¾Ö× −Ö×»Ö �ú´ÖÔ“ÖÖ×¸üµÖÖë �êú ×»Ö‹ 10 »ÖÖ�Ö ¹ý. �êú


25

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RVNL has brought out the second Vigilance Bulletin during the Vigilance awareness week. This was released by Shri A.K.Upadhyay, Adviser/Vigilance/Railway Board during a lecture cum interactive session held on 15/11/2007.

c. Right to Information Act, 2005

Right to Information Act, 2005 has been enacted by the Parliament of India to provide for setting out the practical regime of right to information for citizens to secure access to information under the control of public authorities, in order to promote transparency and accountability in the working of every public authority.

As per the provisions of RTI Act, 2005, Rail Vikas Nigam limited, being a wholly owned Government company and covered under it, has nominated a Central Public Information Offi cer and one state level Public Information Offi cer for each of the Project Implementing Unit of the Company. The details of the offi cers nominated under the Act have been uploaded on the website of RVNL to facilitate information about the affairs of the Company.

d. MCA 21

Ministry of Corporate Affairs (MCA) had taken an initiative in the year 2006 for electronic fi ling of all documents related to Company matters on the Ministry of Company Affairs portal. MCA21 is an e-Governance initiative that builds on the Government’s vision to introduce a service oriented approach in the design and delivery of Government services, moving from the traditional paper based operation to a near paperless environment.

Under the pilot launch of the fl agship e-governance programme of the Ministry of Corporate Affairs , the Company has been duly fi ling all its forms and returns online since September, 2006. The Company has in place Director Identifi cation Number (DIN) of all its Directors and Digital Signatures of Managing Director, Director/Operations, Director/Finance and Company Secretary has already been obtained.

e. Rajbhasha (Offi cial Language)

Implementation of Rajbhasha (Offi cial Language) is being closely monitored under strict supervision of Mukhya Rajbhasha Adhikari, Upa Mukhya Rajbhasha Adhikari and experienced Translators/Executives. All the directives issued by the Committee of Parliament on Offi cial Language, which reviewed the progress of implementation of Rajbhasha in RVNL during 2006, are receiving due attention at all levels and progressively implemented. To encourage effective implementation of Rajbhasha, essay competitions in Hindi were held for employees of RVNL on the occasion of Hindi Diwas and Quami Ekta Diwas. Also an elocution contest was held during the last fi nancial year, when a large number of employees

of the organization participated in all these events. Apart from this, Stenographers willing to acquire expertise in Hindi Shorthand and Typing are being progressively nominated for classes being held by the Hindi Tankan Aur Ashulipi Prashikshan Sansthan of Rajbhasha Vibagh under Griha Mantralaya.

To keep abreast with the directives of the Government of India regarding implementation of Rajbhasha and also to advise the progress of implementation of Rajbhasha in RVNL, meetings are held with representatives of the Rajbhasha Directorate of Ministry of Railways at regular intervals.

The company has also set up a Reading room–cum-library with fi ne collection of books in Hindi and RVNL staff is being benefi ted from these books, newspapers and periodicals. The website of the Company has the Hindi version uploaded also.

f. Presidential Directive

No Presidential Directive has been issued to the Company during 2007-08.

g. Particulars Relating To Conservation Of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo etc.

(i) Conservation of Energy and Technology Absorption

The Company is fully aware of the responsibility to conserve energy in an overall energy shortage situation. The preservation of electric energy in the offi ce premises of the Company is being achieved by designing the offi ce lay out in the most energy-friendly manner. The offi ce building is having open spaces and windows on all sides and full use has been made to utilize sunlight for illumination of offi ce accommodation, rooms and chambers. Systems are also in place to conserve electricity during and after offi ce hours.

(ii) Foreign Exchange Earnings and Outgo

During the fi nancial year 2007-08, the Company spent Rs. 0.76 lakhs in foreign currency towards foreign travel of RVNL offi cials for attending seminars. The Company also spent Rs. 49.07 lakhs in foreign currency towards consultancy services for monitoring of sub-projects implementation of ADB funded projects (Package-I, sub projects) 2nd Bridge over river Mahanadi on Cuttack- Neragunadi section of East Coast Railway Main Line. The Company though did not earn any foreign exchange.

6. AWARDS/APPRECIATION

During the year under review, Hon’ble Minister of Railways, Shri Lalu Prasad Yadav announced a cash award of Rs. 10 lakhs for the employees of RVNL at the inaugural

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“´Öã—Öê µÖÆü •ÖÖ− Ö�ú¸ü �Öã¿Öß Æãü‡Ô Æîü ×�ú êü×¾Ö× −Ö×»Ö − Öê �ú™ü�ú �êú × −Ö�ú™ü ÖÆüÖ− Ö¤üß Ö¸ü ¤æüÃÖ¸üÖ ¯Öã»Ö ÃÖ±ú»ÖŸÖÖ¯Öæ¾ÖÔ�ú ŸÖ£ÖÖ ÃÖ´ÖµÖ ¯Öæ¾ÖÔ ¯Öæ¸üÖ �ú¸ü ×»ÖµÖÖ Æîü, •ÖÖê ×�ú ‹�ú ´ÖÆüŸ¾Ö¯Öæ�ÖÔ ˆ¯Ö»ÖÛ²¬Ö Æîü. ¸êü×¾Ö× −Ö×»Ö ¾ÖÂÖÔ 2007-08 �êú ¤üÖî¸üÖ −Ö 221 ×�ú.´Öß. − Ö‡Ô »ÖÖ‡ −Ö, †Ö´ÖÖ−Ö ¯Ö×¸ü¾ÖŸÖÔ −Ö, ¤üÖêÆü¸üß�ú¸ü�Ö †Öî¸ü ¸êü»Ö ×¾ÖªãŸÖß�ú¸ü�Ö �úÖµÖÔ ¾ÖÖÃŸÖ¾Ö ´Öë ¯Öæ¸üÖ �ú¸ü− Öê ´Öë ÃÖ�Ö´Ö Æãü†Ö Æîü. “ÖÖ»Öæ ×¾Ö¢Ö ¾ÖÂÖÔ �êú ×»Ö‹ ŸÖµÖ ×�ú‹ �Ö‹ »Ö�µÖ †Öî¸ü †×¬Ö�ú “Ö−ãÖÖî×ŸÖ¯Öæ�ÖÔ Æïü ŒµÖÖë×�ú ¸êü×¾Ö× −Ö×»Ö �úÖê †²Ö 2008-09�êú ¤üÖî¸üÖ −Ö 863 ×�ú.´Öß. �úÖµÖÔ ¯Öæ¸êü �ú¸−ü Öê ÆüÖë�Öê.

µÖÖÓ×¡Ö�úß�ú ü�Ö †Öî ü Ã¾Ö“ÖÖ×»ÖŸÖ ²ÖîØ“Ö�Ö ÃÖÓµÖÓ¡ÖÖë �úÖ ˆ¯ÖµÖÖê�Ö, ´ÖÖê²ÖÖ‡»Ö °»Öî¿Ö ²Ö™ü ¾ÖêÜ»›ü�Ö ÃÖÓµÖÓ¡Ö, µÖÖÓ×¡Ö�éúŸÖ êü»Ö¯Ö£Ö ÃÖÓ Ö�Ôú, ´ÖÖê™êü ¾Öê²Ö ÛÃ¾Ö“ÖÖë �úÖ ˆ¯ÖµÖÖê�Ö, ¯ÖÖ‡Ø»Ö�Ö �úÖµÖÖí �êú ×»Ö‹ †ÖµÖÖ×ŸÖŸÖ üÖê™ü üß × ü�ÖÖë �úÖ ¯ÖµÖÖê�Ö, �ÖÏê −Öã»Ö ü ÃÖÖ´Ö�ÖÏß �êú ×´ÖÁÖ�Ö �êú ×»Ö‹ ¯Ö�Ö ×´Ö»ÖÖë �úÖ ˆ¯ÖµÖÖê�Ö, ¾ÖÖ‡²ÖÎê™ü üß üÖê»Ö üÖë �úÖ ˆ¯ÖµÖÖê�Ö †Öî ü ²Ö›Íêü ¯Öî ÖÖ− Öê ¯Ö ü ÃÖÖò×»Ö›ü Ã™êü™ü †ÓŸÖ¯ÖÖÔ¿Ö −Ö �úÖ ˆ¯ÖµÖÖê�Ö �ú ü�êú êü×¾Ö×−Ö×»Ö × −Ö´ÖÖÔ�Ö �úÖµÖÖí ´Öë �Öã�Ö¾Ö¢ÖÖ »ÖÖ− Öê ´Öë ÃÖ�Ö´Ö Æãü†Ö Æîü. ´Öï †Ö¿ÖÖ �ú üŸÖÖ ÆæÓü ×�ú “ÖÖ»Öæ ×¾Ö¢Ö ¾ÖÂÖÔ ´Öë êü×¾Ö× −Ö×»Ö «üÖ üÖ ×�ú‹ •ÖÖ üÆêü �úÖµÖÖí �úß �Öã�Ö¾Ö¢ÖÖ †Öî ü �úÖµÖÔ �ú ü− Öê �úß �Ö×ŸÖ ´Öë ´ÖÆüŸ¾Ö¯Öæ�ÖÔ ¾Öé× ü ÆüÖê�Öß”

7. × −Ö¤êü¿Ö�úÖë � êú ˆ¢Ö¸ü¤üÖ×µÖŸ¾Ö �úÖ ×¾Ö¾Ö¸ü�Ö

‹ŸÖ¤Ëü «üÖ¸üÖ µÖ£ÖÖ ÃÖÓ¿ÖÖê×¬ÖŸÖ �Óú¯Ö −Öß †×¬Ö× −ÖµÖ´Ö 1956 �úß ¬ÖÖ¸üÖ 217 (2�ú �ú) �êú †− ÖãÃÖÖ¸ü �Óú¯Ö −Öß �úÖ × −Ö¤êü¿Ö�ú ´ÖÓ›ü»Ö ‡ÃÖ ²ÖÖŸÖ �úß ¯ÖãÛÂ™ü �ú¸üŸÖÖ Æîü ×�ú:

I. ¾ÖÖÙÂÖ�ú »Öê�Öê ŸÖîµÖÖ¸ü �ú¸ü− Öê ´Öë, ˆ¯ÖµÖãŒŸÖ Ã¯ÖÂ™üß�ú¸ü�Ö ÃÖ×ÆüŸÖ ÃÖ³Öß »ÖÖ�Öæ »Öê�ÖÖ ´ÖÖ− Ö�úÖë �úÖ †− ÖãÃÖ¸ü�Ö ×�úµÖÖ �ÖµÖÖ Æîü †Öî¸ü ×�úÃÖß ¯ÖÏ�úÖ¸ü �úÖ ¾ÖÃŸÖã¯Ö¸ü�ú ×¾Ö“Ö»Ö− Ö − ÖÆüà Æîü.

II. ‹êÃÖß »Öê�ÖÖ −Öß×ŸÖµÖÖë �úÖ “ÖµÖ −Ö ×�úµÖÖ �ÖµÖÖ †Öî¸ü ˆ −Æëü »ÖÖ�Öæ ×�úµÖÖ �ÖµÖÖ ŸÖ£ÖÖ ‹êÃÖê × −Ö�ÖÔµÖ ×»Ö‹ �Ö‹ †Öî¸ü ‹êÃÖê †− Öã´ÖÖ− Ö »Ö�ÖÖ‹ �Ö‹ •ÖÖê 31 ´ÖÖ“ÖÔ 2008 �úÖê ÃÖ´ÖÖ¯ŸÖ ¾ÖÂÖÔ �êú ×»Ö‹ �Óú¯Ö −Öß �úß ÛÃ£Ö×ŸÖ †Öî¸ü �Óú¯Ö −Öß �úß »ÖÖ³Ö-ÆüÖ×− Ö �úß Ã¯ÖÂ™ü ‹¾ÖÓ ¾ÖÖÃŸÖ×¾Ö�ú ŸÖÃ¾Öß¸ü ¤ü¿ÖÖÔ− Öê �êú ×»Ö‹ ¾µÖ¾ÖÆüÖ×¸ü�ú †Öî¸ü ×¾Ö¾Öê�ú¯Öæ�ÖÔ ÆüÖêŸÖê Æïü.

III. �Óú¯Ö −Öß �úß ¯Ö×¸üÃÖÓ¯Ö×¢ÖµÖÖë �úß ¸ü�ÖÖ �êú ×»Ö‹ †Öî¸ü ¬ÖÖê�ÖÖ¬Ö›Íüß ŸÖ£ÖÖ † −µÖ †×− ÖµÖ×´ÖŸÖŸÖÖ†Öë �úÖê ¸üÖê�ú− Öê ‹¾ÖÓ ˆ −Ö�úÖ ¯ÖŸÖÖ »Ö�ÖÖ− Öê �êú ×»Ö‹ �Óú¯Ö −Öß †×¬Ö×−ÖµÖ´Ö, 1956 �êú ˆ¯Ö²ÖÓ¬ÖÖë �êú †− ÖãÃÖÖ¸ü ¯ÖµÖÖÔ¯ŸÖ »Öê�ÖÖ ×¸ü�úÖ›üÖí �êú ¸ü�Ö-¸ü�ÖÖ¾Ö �êú ×»Ö‹ ˆ¯ÖµÖãŒŸÖ ‹¾ÖÓ µÖ£ÖêÂ™ü ÃÖÖ¾Ö¬ÖÖ −Öß ²Ö¸üŸÖß �Ö‡Ô Æîü.

IV. ¾ÖÖÙÂÖ�ú »Öê�Öê ¾ÖŸÖÔ ÖÖ− Ö ÃÖ´ÖÃµÖÖ†Öë �úÖê ¬µÖÖ− Ö ´Öë ü�ÖŸÖê Æãü‹ü ŸÖîµÖÖ ü ×�ú‹ �Ö‹ Æïü.

8. × −Ö¤êü¿Ö�ú ´ÖÓ›ü»Ö

ÃÖ´Öß�ÖÖ ¾ÖÂÖÔ �êú ¤üÖî¸üÖ −Ö, ¸êü×¾Ö× −Ö×»Ö ²ÖÖê›Ôü �êú �Öšü −Ö ´Öë ×− ÖµÖãÛŒŸÖµÖÖë/¯Ö¤ü ÃÖ´ÖÖÛ¯ŸÖµÖÖë �êú �úÖ¸ü�Ö ×− Ö´− ÖÖ− ÖãÃÖÖ¸ü �ãú”û ¯Ö×¸ü¾ÖŸÖÔ −Ö Æãü‹ Æïü:

ÁÖß ÃÖŸÖß¿Ö †Û�− ÖÆüÖê¡Öß − Öê 04.07.2007 (¯Öæ¾ÖÖÔ ÆüË−Ö) �úÖê ¸êü×¾Ö× −Ö×»Ö ²ÖÖê›Ôü ´Öë × −Ö¤êü¿Ö�ú/¯Ö×¸üµÖÖê•Ö −ÖÖ �úÖ �úÖµÖÔ³ÖÖ¸ü �ÖÏÆü�Ö ×�úµÖÖ.

ÁÖß ‹.�êú. �Öã»ÖÖ™üß − Öê 25.11.2007 �úÖê †¯Ö −ÖÖ �úÖµÖÔ �úÖ»Ö ¯Öæ¸üÖ ÆüÖê •ÖÖ− Öê ¯Ö¸ü ¸êü×¾Ö×−Ö×»Ö ²ÖÖê›Ôü ÃÖê × −Ö¤êü¿Ö�ú/�úÖÙ´Ö�ú �êú ¯Ö¤ü ÃÖê †¯Ö −ÖÖ ¯Ö¤ü³ÖÖ¸ü ŸµÖÖ�Ö ×¤üµÖÖ.

ÁÖß ‹ÃÖ.¯Öß. ¾ÖŸÃÖ, †¯Ö¸ü ÃÖ¤üÃµÖ (× −Ö´ÖÖÔ�Ö) − Öê ¸êü»Ö ´ÖÓ¡ÖÖ»ÖµÖ �êú ×¤ü −ÖÖÓ�ú 22.07.2008 �êú †Ö¤êü¿Ö ÃÖÓ. 2003/¯Ößl/92/7 �êú ŸÖÆüŸÖ 22.07.2008 ÃÖê ¸êü×¾Ö× −Ö×»Ö ²ÖÖê›Ôü ÃÖê †Ó¿Ö�úÖ×»Ö�ú ÃÖ¸ü�úÖ¸üüß × −Ö¤êü¿Ö�ú �úÖ ¯Ö¤ü ŸµÖÖ�Ö ×¤üµÖÖ.

ÁÖß ‹ÃÖ. �êú ´Ö×»Ö�ú, ÃÖ»ÖÖÆü�úÖ¸ü (× −Ö´ÖÖÔ�Ö), ¸êü»Ö¾Öê ²ÖÖê›Ôü �úÖê ÁÖß ‹ÃÖ.¯Öß. ¾ÖŸÃÖ �êú Ã£ÖÖ−Ö Ö¸ü 22.07.2008 ÃÖê êü×¾Ö× −Ö×»Ö ²ÖÖê›Ôü �úÖ †Ó¿Ö�úÖ×»Ö�ú (ÃÖ¸ü�úÖ¸üß) × −Ö¤êü¿Ö�ú − ÖÖ×´ÖŸÖ ×�úµÖÖ �ÖµÖÖ Æîü.

×¸ü¯ÖÖê™Ôü ŸÖîµÖÖ¸ü ×�ú‹ •ÖÖ− Öê �úß ŸÖÖ¸üß�Ö �úÖê, �Óú¯Ö −Öß ´Öë 10 × −Ö¤êü¿Ö�ú Æïü, ×•Ö −Ö´Öë ¯ÖÏ²ÖÓ¬Ö × −Ö¤êü¿Ö�ú, ¤üÖê †Ó¿Ö�úÖ×»Ö�ú ÃÖ¸ü�úÖ¸üß × −Ö¤êü¿Ö�ú ŸÖ£ÖÖ †Ó¿Ö�úÖ×»Ö�ú (ÃÖ¸ü�úÖ¸üß) †¬µÖ�Ö †Öî¸ü “ÖÖ¸ü Ã¾ÖŸÖÓ¡Ö × −Ö¤êü¿Ö�ú ¿ÖÖ×´Ö»Ö Æïü.

†¯ÖÏî»Ö, 2007 ÃÖê ´ÖÖ“ÖÔ, 2008 �êú ¤üÖî¸üÖ −Ö, × −Ö¤êü¿Ö�ú ´ÖÓ›ü»Ö «üÖ¸üÖ 6 ²Öîšü�ëú †ÖµÖÖê×•ÖŸÖ �úß �Ö‡Ô, ×•Ö −Ö´Öë •Öæ −Ö, 2007, ×ÃÖŸÖ´²Ö¸ü,2007, ×¤üÃÖ´²Ö¸ü, 2007 �úÖê ÃÖ´ÖÖ¯ŸÖ ¯ÖÏŸµÖê�ú ×ŸÖ´ÖÖÆüß ´Öë ‹�ú ²Öîšü�ú ŸÖ£ÖÖ ´ÖÖ“ÖÔ, 2008 �úÖê ÃÖ´ÖÖ¯ŸÖ ×ŸÖ´ÖÖÆüß ´Öë ŸÖß −Ö ²Öîšü�ëú †ÖµÖÖê×•ÖŸÖ �úß �Ö‡Ô.

×¾Ö¢Ö ¾ÖÂÖÔ 2007-08 �êú ¤üÖî¸üÖ −Ö, × −Ö´ −Ö×»Ö×�ÖŸÖ × −Ö¤êü¿Ö�ú ´ÖÆüÖê¤üµÖ − Öê ¸êü×¾Ö× −Ö×»Ö ²ÖÖê›Ôü ´Öë �úÖµÖÔ³ÖÖ¸ü ÃÖÓ³ÖÖ»ÖÖ.

ÁÖß ÃÖŸÖß¿Ö †Û�− ÖÆüÖê¡Öß, -- 04.07.2007 (¯Öæ¾ÖÖÔ ÆüË−Ö) ÃÖê †Ö�Öê× −Ö¤êü¿Ö�ú (¯Ö×¸üµÖÖê•Ö− ÖÖ)

× −Ö´ −Ö×»Ö×�ÖŸÖ × −Ö¤êü¿Ö�ú ´ÖÆüÖê¤üµÖ − Öê ×¾Ö¢Ö ¾ÖÂÖÔ 2007-08 �úß ÃÖ´ÖÖÛ¯ŸÖ �êú ¯Ö¿“ÖÖŸÖË ¸êü×¾Ö× −Ö×»Ö ²ÖÖê›Ôü ´Öë �úÖµÖÔ³ÖÖ¸ü �ÖÏÆü�Ö ×�úµÖÖ

ÁÖß ‹ÃÖ.�êú. ´Ö×»Ö�ú, -- 22.07.2008 ÃÖê †Ö�ÖêÃÖ»ÖÖÆü�úÖ¸ü (× −Ö´ÖÖÔ�Ö)/¸êü»Ö¾Öê ²ÖÖê›Ôü ‹¾ÖÓ × −Ö¤êü¿Ö�ú/¸êü×¾Ö× −Ö×»Ö (†Ó¿Ö�úÖ×»Ö�ú ÃÖ¸ü�úÖ¸üß)

× −Ö´ −Ö×»Ö×�ÖŸÖ × −Ö¤êü¿Ö�ú ´ÖÆüÖê¤üµÖ − Öê ×¾Ö¢Ö ¾ÖÂÖÔ 2007-08 �êú ¤üÖî¸üÖ −Ö ¯Ö¤ü³ÖÖ¸ü ŸµÖÖ�Ö ×¤µÖÖ:

ÁÖß ‹.�êú. �Öã»ÖÖ™üß -- 25.11.2004 (†¯Ö¸üÖÅ− Ö) ÃÖê × −Ö¤êü¿Ö�ú (�úÖÙ´Ö�ú) 25.11.2007 ŸÖ�ú �úÖµÖÔ³ÖÖ¸ü ÃÖÓ³ÖÖ»ÖÖ

× −Ö´ −Ö×»Ö×�ÖŸÖ × −Ö¤êü¿Ö�ú ´ÖÆüÖê¤üµÖ − Öê ×¾Ö¢Ö ¾ÖÂÖÔ 2007-08 �úß ÃÖ´ÖÖÛ¯ŸÖ �êú ¯Ö¿“ÖÖŸÖ ¯Ö¤ü³ÖÖ¸ü ŸµÖÖ�Ö ×¤µÖÖ:

ÁÖß ‹ÃÖ.¯Öß ¾ÖŸÃÖ, -- 09.02.2007 ÃÖê 22.07.2008†¯Ö¸ü ÃÖ¤üÃµÖ (× −Ö´ÖÖÔ�Ö)/ ¸êü»Ö¾Öê ²ÖÖê›Ôü ŸÖ�ú �úÖµÖÔ³ÖÖ¸ü ÃÖÓ³ÖÖ»ÖÖ‹¾ÖÓ × −Ö¤êü¿Ö�ú/¸êü×¾Ö× −Ö×»Ö (†Ó¿Ö�úÖ×»Ö�ú ÃÖ¸ü�úÖ¸üß)

×¸ü¯ÖÖê™Ôü �úß ŸÖÖ¸üß�Ö �úÖê × −Ö´ −Ö×»Ö×�ÖŸÖ × −Ö¤êü¿Ö�ú ´ÖÆüÖê¤üµÖ �úÖµÖÔ³ÖÖ¸ü ÃÖÓ³ÖÖ»Ö ¸üÆêü Æïü:-

1. ÁÖß ‹ÃÖ.�êú. ×¾Ö•Ö -- 09.02.2007 ÃÖê †Ö�Öê ÃÖ¤üÃµÖ ‡Ó•Öß× −ÖµÖ¸üß /¸êü»Ö¾Öê ²ÖÖê›Ôü ‹¾ÖÓ †¬µÖ�Ö/¸êü×¾Ö× −Ö×»Ö(†Ó¿Ö�úÖ×»Ö�ú ÃÖ¸ü�úÖ¸üß)

2. ÁÖß ›üß.ÃÖß. ×´Ö¡ÖÖ -- 05.07.2006 (¯Öæ¾ÖÖÔÅ −Ö) ÃÖê †Ö�Öê ¯ÖÏ²ÖÓ¬Ö × −Ö¤êü¿Ö�ú/¸êü×¾Ö× −Ö×»Ö

3. ÁÖß ¸Óü•Ö− Ö �úã´ÖÖ¸ •Öî −Ö -- 30.12.2004 (†¯Ö¸üÖÅ −Ö) ÃÖê †Ö�Öê × −Ö¤êü¿Ö�ú (¯Ö×¸ü“ÖÖ»Ö −Öú)/¸êü×¾Ö× −Ö×»Ö


27

AN

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RE

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RT

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07

-08

function of Gauge Conversion of Delhi-Rewari section on 7th October, 2007, after its successful commissioning and Rs. 1 lakh was given by Hon’ble Minister of State for Railways, Shri. R. Velu on completion of Salem-Attur project.

Ministry of Railways appreciated the excellent performance of RVNL and Chairman/Railway Board communicated the same through a letter, which reads as under:

“I am happy to note that RVNL has successfully commissioned 2nd bridge over river Mahanadi near Cuttack ahead of schedule, which is a remarkable feat. RVNL has been able to physically commission new line, gauge conversion, doubling and RE works of 221 km in 2007-08. Targets set for the current fi nancial year are more challenging and as RVNL is now targeted to commission 863 kms of works during 2008-09.

RVNL has been able to bring quality in construction activities through mechanization and use of automated batching plants, mobile fl ash butt welding plants, mechanized track linking, provision of thick web switches, use of imported rotary rigs for pilling work, use of pug mills for mixing of granular material, use of vibrated rollers and large scale introduction of Solid State Interlocking. I expect that the quality and pace of work in RVNL shall witness a quantum jump in current year.”

7. DIRECTORS’ RESPONSIBILITY STATEMENT

The Board of Directors of the Company in pursuance of section 217 (2AA) of the Companies Act, 1956 as amended hereby confi rms:I. that in the preparation of the annual accounts, all the

applicable accounting standards alongwith proper explanation have been followed and there has been no material departure.

II. that such accounting policies were selected and applied consistently and such judgments and estimates were made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company and Profi t & Loss of the Company for the year ended on 31st March 2008.

III. that proper and suffi cient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

IV. that the Annual Accounts have been prepared on a going concern basis.

8. BOARD OF DIRECTORS

During the year under review, the composition of Board of RVNL has undergone some changes due to appointments/cessations as mentioned below:Mr. Satish Agnihotri assumed the charge of Director/Projects on the Board of RVNL on 04.07.2007 (FN).

Mr. A.K. Gulati ceased to become Director/Personnel the Board of RVNL due to completion of his tenure w.e.f 25.11.2007.Mr. S.P. Vatsa , Additional Member(Works) ceased to be a part-time offi cial Director on the Board of RVNL w.e.f 22.07.2008 as communicated vide Ministry of Railways Order No. 2003/PL/92/7 dated 22.07.2008.Mr. S. K. Malik, Adviser (Works), Railway Board has been nominated as part-time (offi cial) Director on the Board of RVNL w.e.f 22.07.2008 vice Mr. S.P. Vatsa.On the date of report, the strength of the Company is ten Directors comprising of four functional directors including Managing Director, two part-time offi cial directors including part-time (offi cial) Chairman and four independent directors.During April 2007 to March 2008, six meetings of the Board of Directors were held with one meeting each in quarters ending June 2007, September 2007, December 2007 and three in quarter ending March 2008.The following Director joined Board of RVNL during fi nancial year 2007-08.Mr. Satish Agnihotri -- From 04.07.2007 (FN) Director (Projects) onwardsThe following Director joined Board of RVNL after the closure of fi nancial year 2007-08.Mr. S.K. Malik, -- From 22.07.2008 onwardsAdviser(Works)/Rly. Bd. &, Director/RVNL (Part-time offi cial)The following Directors ceased to hold the offi ce during the fi nancial year 2007-08:Mr. A.K. Gulati -- Held offi ce fromDirector (Personnel) 25.11.2004 (AN) onwards to 25.11.2007The following Directors ceased to hold the offi ce after the closure of the fi nancial year 2007-08:Mr. S.P. Vatsa, -- Held offi ce fromAM(Works)/Rly. Bd. &, 09.02.2007 to 22.07.2008Director/RVNL (Part-time offi cial)The following Directors are holding offi ce as on the date of the report:-1. Mr.S. K. Vij -- From 09.02.2007 Member Engineering/ onwards Rly. Bd. &, Chairman/RVNL (Part-time offi cial)2. Mr.D.C.Mitra -- From Managing Director/ 05.07.2006 (FN) RVNL onwards3. Mr. Ranjan K. Jain -- From Director (Operations)/RVNL 30.12.2004 (AN) onwards4. Mr. Harish Chandra, -- From

Director (Finance)/RVNL 11.03.2005 (AN) onwards

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28

4. ÁÖß Æü¸üß¿Ö “Ö− ¦Ö -- 11.03.2005 (†¯Ö¸üÖÅ− Ö) ÃÖê †Ö�Öê × −Ö¤êü¿Ö�ú (×¾Ö¢Ö)/¸êü×¾Ö× −Ö×»Ö

5. ÁÖß ÃÖŸÖß¿Ö †Û�− ÖÆüÖê¡Öß, -- 04.07.2007 (¯Öæ¾ÖÖÔÅ −Ö) ÃÖê †Ö�Öê × −Ö¤êü¿Ö�ú(¯Ö×¸üµÖÖê•Ö −ÖÖ)/ ¸êü×¾Ö× −Ö×»Ö

6. ÁÖß ‹ÃÖ.�êú. ´Ö×»Ö�ú, -- 22.07.2008 ÃÖê †Ö�Öê ÃÖ»ÖÖÆü�úÖ¸ü(× −Ö´ÖÖÔ�Ö)/ ¸êü»Ö¾Öê ²ÖÖê›Ôü ‹¾ÖÓ × −Ö¤êü¿Ö�ú/¸êü×¾Ö× −Ö×»Ö(†Ó¿Ö�úÖ×»Ö�ú ÃÖ¸ü�úÖ¸üß)

7. ÁÖß ‹ÃÖ. ´Öã¸ü»Öß -- 04.10.2005 ÃÖê †Ö�Öê (†Ó¿Ö�úÖ×»Ö�ú �Öî¸ü ÃÖ¸ü�úÖ¸üß × −Ö¤êü¿Ö�ú)

8. ÁÖß ›üß.¯Öß. ×¡Ö¯ÖÖšüß -- 04.10.2005 ÃÖê †Ö�Öê (†Ó¿Ö�úÖ×»Ö�ú �Öî¸ü ÃÖ¸ü�úÖ¸üß × −Ö¤êü¿Ö�ú)

9. ›üÖ. ¾Öß. �êú. �úÖê¿Öß -- 04.10.2005 ÃÖê †Ö�Öê (†Ó¿Ö�úÖ×»Ö�ú �Öî¸ü ÃÖ¸ü�úÖ¸üß × −Ö¤êü¿Ö�ú)

10. ›üÖ. ™üß.™üß. ¸üÖ´Ö ´ÖÖêÆ−ü Ö -- 04.10.2005 ÃÖê †Ö�Öê (†Ó¿Ö�úÖ×»Ö�ú �Öî¸ü ÃÖ¸ü�úÖ¸üß × −Ö¤êü¿Ö�ú)

9. »Öê�ÖÖ ¯Ö¸üß�Ö�ú

³ÖÖ¸üŸÖ �êú × −ÖµÖÓ¡Ö�ú ‹¾ÖÓ ´ÖÆüÖ»Öê�ÖÖ ¯Ö¸üß�Ö�ú − Öê 31 ´ÖÖ“ÖÔ, 2008 �úÖê ÃÖ´ÖÖ¯ŸÖ ¾ÖÂÖÔ �êú ×»Ö‹ ´ÖîÃÖÃÖÔ †ºþ�Ö ØÃÖÆü ‹�›ü �Óú¯Ö −Öß, “ÖÖ™ìü›ü »Öê�ÖÖ�úÖ¸üÖë �úÖê �Óú¯Ö −Öß �êú ¾Öî¬ÖÖ×−Ö�ú »Öê�ÖÖ ¯Ö¸üß�Ö�ú �êú ºþ¯Ö ´Öë × −ÖµÖãŒŸÖ ×�úµÖÖ Æîü. ÃÖ´Öß�ÖÖ †¾Ö×¬Ö �êú ×»Ö‹ »Öê�ÖÖ ¯Ö¸üß�ÖÖ �êú ¤üÖî¸üÖ −Ö ˆ− Ö�êú «üÖ¸üÖ ¯ÖÏ¤üÖ −Ö �úß �Ö‡Ô ÃÖê¾ÖÖ†Öë �êú ×»Ö‹ ²ÖÖê›Ôü ˆ− Æëü ¬Ö− µÖ¾ÖÖ¤ü ¤ê−ü ÖÖ “ÖÖÆüŸÖÖ Æîü.

10. †Ö³ÖÖ¸ü

Æü´Ö ¸êü»Ö ´ÖÓ¡ÖÖ»ÖµÖ, ×¾Ö¢Ö ´ÖÓ¡ÖÖ»ÖµÖ, ×¾Ö×³Ö®Ö ²ÖîêÓ�úÖë, �Öê¡ÖßµÖ ¸êü»ÖÖë, ¸üÖ‡™ËüÃÖ, ‡¸ü�úÖò −Ö «üÖ¸üÖ �Óú¯Ö −Öß �êú ¯ÖÏ×ŸÖ ÃÖŸÖŸÖË ×¤ü»Ö“ÖÃ¯Öß ‹¾ÖÓ ×¤ü‹ �Ö‹ ÃÖÆüµÖÖê�Ö �êú ×»Ö‹ ˆ −Ö�úÖ †Ö³ÖÖ¸ü ¾µÖŒŸÖ �ú¸üŸÖê Æïü †Öî¸ü ˆ− Æëü ¬Ö −µÖ¾ÖÖ¤üü ¤êüŸÖê Æïü.

Æü´Ö ‡ÃÖ †¾ÖÃÖ¸ü ¯Ö¸ü �Óú¯Ö −Öß �êú ÃÖ³Öß ÃŸÖ¸ü �êú �ú´ÖÔ“ÖÖ×¸üµÖÖë, •ÖÖê ×�ú ‡ÃÖ �Óú¯Ö −Öß �êú ¿ÖÛŒŸÖ ÃŸÖÓ³Ö Æïü, «üÖ¸üÖ �Óú¯Ö −Öß �úß ÃÖ´Öé×¨ü ÆêüŸÖã ×¤ü‹ �Ö‹ †´Öæ»µÖ µÖÖê�Ö¤üÖ− Ö �êú ×»Ö‹ ŸÖÖ×»ÖµÖÖÓ ²Ö•ÖÖ�ú¸ü ˆ −Ö�úÖ †Ö³ÖÖ¸ü ¾µÖŒŸÖ �ú¸üŸÖê Æïü.

Æü´Ö ³ÖÖ¸üŸÖ �êú ×− ÖµÖÓ¡Ö�ú ‹¾ÖÓ ´ÖÆüÖ»Öê�ÖÖ ¯Ö¸üß�Ö�ú �êú †×¬Ö�úÖ×¸üµÖÖë �úÖê ³Öß ÃÖ´Öß�ÖÖ †¾Ö×¬Ö �êú ¤üÖî¸üÖ −Ö ×¤ü‹ �Ö‹ ÃÖÆüµÖÖê�Ö ‹¾ÖÓ ´ÖÖ�ÖÔ¤ü¿ÖÔ −Ö �êú ×»Ö‹ ¬Ö −µÖ¾ÖÖ¤ü ¤êü −ÖÖ “ÖÖÆüŸÖê Æïü.

‡ÃÖ †¾ÖÃÖ¸ü ¯Ö¸ü, Æü´Ö ÃÖ³Öß ¯Öæ¾ÖÖÔ×¬Ö�úÖ×¸üµÖÖë �úÖ ³Öß †³ÖÖ¸ü ¾µÖŒŸÖ �ú¸üŸÖê Æïü, •ÖÖê ¸êü×¾Ö× −Ö×»Ö ÃÖê ÃÖÓ²Ö¨ü ¸üÆêü †Öî¸ü ×•Ö −Ö�êú ¯ÖÏµÖÖÃÖÖë �úß ²Ö¤üÖî»ÖŸÖ �Óú¯Ö −Öß †Ö•Ö ‡ÃÖ ´Öã�úÖ´Ö ¯Ö¸ü ¯ÖÆÓüã“Öß Æîü †Öî¸ü ×•Ö −ÆüÖë− Öê ÃÖ³Öß �Öê¡ÖÖë ´Öë �Óú¯Ö −Öß �êú ˆ§êü¿µÖÖë †Öî¸ü »Ö�µÖÖë �úÖê ¯ÖÏÖ¯ŸÖ �ú¸ü− Öê ´Öë ´Öã�µÖ ³Öæ×´Ö�úÖ ×−Ö³ÖÖ‡Ô.

× −Ö¤êü¿Ö�ú ´ÖÓ›ü»Ö � êú ×»Ö‹ ‹¾ÖÓ ˆ− Ö�úß †Öê¸ü ÃÖê

(›üß.ÃÖß. ×´Ö¡ÖÖ) (Æü¸üß¿Ö “ÖÓ¦üÖ) ¯ÖÏ²ÖÓ¬Ö × −Ö¤êü¿Ö�ú × −Ö¤êü¿Ö�ú/×¾Ö¢Ö

− Ö‡Ô ×¤ü»»Öß,×¤ü −ÖÖÓ�ú : 07.08.2008


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5. Mr. Satish Agnihotri, -- From Director(Projects)/RVNL 04.07.2007 (FN) onwards

6. Mr. S.K. Mailk, -- From 22.07.2008 Adviser(Works)/Rly. Bd. &, onwards Director/RVNL (Part-time offi cial)

7. Mr. S. Murali -- From 04.10.2005 (Part-time non-offi cial onwards Director)

8. Mr. D.P. Tripathi -- From 04.10.2005 (Part-time non-offi cial onwards Director)

9. Dr. V.K. Koshy -- From 04.10.2005 (Part-time non-offi cial onwards Director)

10. Dr. T.T. Ram Mohan -- From 04.10.2005 (Part-time non-offi cial onwards Director)

9. AUDITORS

The Comptroller & Auditor General of India has appointed M/s Arun Singh & Co., Chartered Accountants as Statutory Auditors of the Company for the year ended 31st March, 2008. The Board would like to thank them for the services rendered during the audit of accounts under review.

10. ACKNOWLEDGEMENTS

We record our appreciation and thanks to Ministry of Railways (MoR), Ministry of Finance, various banks, the Zonal Railways, RITES, IRCON for their continued interest and support to the Company.

We take this opportunity to applaud the employees of the Company at all levels, which are the pillar of strength of the Company, for their invaluable contribution to the growth of the Company.

We would also like to thank the offi cials of Comptroller & Auditor General of India for their co-operation and guidance during the year under review.

On this occasion, we would also like to acknowledge the contribution made by all the predecessors, who have been associated with RVNL and whom efforts have brought the Company to its present status and have played key role in attainment of the Company’s aims and goals in all spheres.

For and on behalf of Board of Directors

(D.C.Mitra) (Harish Chandra) Managing Director Director/Finance

New DelhiDt : 07-08-2008

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1. �úÖ¯ÖÖì¸êü™ü �Ö¾Ö− ÖêÕÃÖ ¯Ö¸ü � Óú¯Ö −Öß �úÖ �úÖê›ü

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8. ÃÖ»ÖÖÆü�úÖ¸ü (× −Ö´ÖÖÔ�Ö)¸êü»Ö¾Öê ²ÖÖê›Ôü

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1. Company’s Code on Corporate Governance

RVNL's Code of Corporate Governance is “To act in accordance with the highest standards of professional integrity, honesty, ethical conduct and to be profi cient, professional and profi table by upholding and promoting transparency and accountability.” Values of RVNL

• Zeal to attain excellence in performance;• Act as a team;• Honesty and justice in dealings;• Firm obedience in commitments undertaken; • Timely completion of work; • Respect for dignity and potential of individuals;• Devotion and pride towards RVNL.

2. Board of Directors

On the date of report, the strength of the Board of Directors of the Company is ten comprising of four whole-time directors, two Government nominee part-time offi cial Directors including the part- time offi cial Chairman and four part-time non-offi cial Independent directors.

The appointment of a Director in the company is approved by the President of India in terms of its Articles of Association. During the year, Mr. Satish Agnihotri assumed the charge of Director (Projects) of RVNL on 04.07.2007(FN). Further, Mr. Anil Kumar Gulati, Director (Personnel), ceased to become director on the Board of RVNL w.e.f. 25.11.2007 consequent upon completion of his tenure. The interview for the post of Director (Personnel), RVNL has been held and the same is expected to be fi lled up shortly. Mr. S.P. Vatsa, ceased to become part-time offi cial Director on the Board of Company w.e.f 22.07.2008, in terms of Railway Board’s Order No. 2003/PL/92/7 dated 22.07.2008. Mr. S. K. Malik, Adviser (Works), Railway Board has been nominated as part-time (offi cial) Director on the Board of RVNL w.e.f 22.07.2008 vice Mr. S.P. Vatsa.The composition of the Board of RVNL, on the date of report, alongwith directorships held by them and their attendance in the Board meetings held during the fi nancial year 2007-08 and last Annual General Meeting is reproduced in the table below:

S. No.

Category of Directors Name of Directors Number of Directorships/ Chairmanships in public companies including RVNL and excluding private companiesa

Total No. of Committee Memberships/ chairmanships in public companies including RVNL and excluding private companiesd

No. of Board meetings attended

Last AGM attended

(I) Chairman (Part-time offi cial) b

1. Member Engineering Railway Board

Mr. S.K. Vij 3 Nil 5 Yes

(II) Whole-time Director

2. Managing Director Mr. D.C. Mitra 1 N.A. 6 Yes3. Director (Operations) Mr. Ranjan K. Jain 2 Nil 6 Yes4. Director (Finance) Mr. Harish

Chandra2 Nil 6 Yes

5. Director (Personnel) Mr. A.K. Gulati * 1 N.A. 3 yes6. Director (Projects) Mr. S.C. Agnihotri # 1 N.A. 5 Yes

(III) Director ( Part-time offi cial) b

7. Addl. Member(Works)Railway Board

Mr. S.P. Vatsa $ 5 Nil 6 Yes

8. Adviser (Works)Railway Board

Mr. S.K. Malik @ 1 Nil Nil N.A.

Annexure “A”

Report on Corporate Governance

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33

AN

NU

AL

RE

PO

RT

20

07

-08

S. No.

Category of Directors Name of Directors Number of Directorships/ Chairmanships in public companies including RVNL and excluding private companiesa

Total No. of Committee Memberships/ chairmanships in public companies including RVNL and excluding private companiesd

No. of Board meetings attended

Last AGM attended

(IV) Director ( Part-time non-offi cial) c

9.

Independent Directors

Mr. S. Murali 2 As Chairman- 2As Member - Nil

5 Yes

10. Mr. D.P. Tripathi 3 As Chairman - NilAs Member -2

6 No

11. Dr.V.K.Koshy 3 As Chairman- 1As Member -2

3 No

12. Dr.T.T.Rammohan 5 As Chairman – NilAs Member - 4

4 No

*Mr. A.K. Gulati ceased to hold offi ce as Director (Personnel) w.e.f 25.11. 2007 on completion of tenure.#Mr. S.C. Agnihotri joined as Director (Projects) on 04.07.2007$ Mr. S.P. Vatsa ceased to become Director on the Board of RVNL as communicated vide MoR’s letter No. 2003/PL/92/7 dated 22.07.2008@Nominated as Part-time offi cial (Government Nominee) Director on the Board of RVNL w.e.f 22.07.2008 vice Mr. S.P. Vatsa.

Notes :

a. The Directorships and memberships in the Committees being held by the Directors are within the limits laid down under Companies Act, 1956.

b. The term “part-time offi cial” indicates the Government (Ministry of Railways) nominated Directors on the Board of RVNL who are offi cials of Ministry of Railways.

c. The term “part-time non-offi cial” indicates the Directors who are independent and do not hold any offi ce in the Government.

d. The membership in the Audit Committee, Shareholders’ Grievance Committee and Remuneration Committee are being considered for counting the number of memberships.

During the fi nancial year 2007-08, the Board of Directors met six times to transact the business with one meeting each in quarter ending June 2007, September 2007, December 2007 and three meetings in quarter ending March 2008. All the meetings of the Board of Directors were held at the registered offi ce of the Company except 33rd Board meeting which was held at Ministry of Railways, Rail Bhawan, New Delhi. In all cases of absence of Director, Leave of Absence was granted under clause (g) of sub-section (1) of section 283 of the Companies Act, 1956. Details of the dates of the meeting of Board of RVNL are mentioned below: 29th meeting of Board of Directors 18.06.200730th meeting of Board of Directors 02.08.200731st meeting of Board of Directors 02.11.200732nd meeting of Board of Directors 24.01.200833rd meeting of Board of Directors 07.02.200834th meeting of Board of Directors 25.03.2008

3. Brief resume of Directors appointed during/after the closure of fi nancial year

i) Mr. Satish Agnihotri, Director(Projects), RVNL, w.e.f 04.07.2007(FN)

Mr. Satish Agnihotri, M.E. (Structures) and B.E. (Civil) from IIT, Roorkee, joined the Indian Railway Service of Engineers in 1984. Before joining as Director (Projects) of the company on 4th July 2007, he headed the Metro Project Directorate of Ministry of Railways dealing with upcoming metro lines in metropolitan cities. While working as OSD to Member Engineering, he was involved in laying down the policies, standards, planning, implementation and monitoring of infrastructure projects all over Indian Railways. As Executive Director (Corporate Coordination) & OSD/Chairman Railway Board, he was engaged in substantive decision making in the Ministry of Railways. In his career, spanning over 24 years, he worked on important projects including construction of a double line bridge over river Ganga, doubling of tracks, major yard remodelings, etc. He worked on the Rajdhani Route of Allahabad Division, the most prestigious track on Indian Railways, as Maintenance Engineer progressively as Assistant Engineer, Divisional & Senior Divisional Engineer. He was largely responsible for raising the speed potential of Rajdhani route from 130 to 160/180 KMPH by upgrading the track geometry and strengthening of track. He was also deputed to Japan for undergoing training in Tunnel and Tunneling organized by Japan International Corporation Agency (JICA). Through UNDP, he was deputed to Germany, France and

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34

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¯Ö× üµÖÖê•Ö−ÖÖ × ü ÖÖê™Ôü ŸÖîµÖÖ ü �ú ü− Öê �êú ×»Ö‹ ¾Öê ˆ¢Ö ü¤üÖµÖß üÆêü. ³ÖÖ üŸÖßµÖ êü»Ö ¯Ö ü 36 ¾ÖÂÖÖí ÃÖê ³Öß †×¬Ö�ú �êú †− Öã³Ö¾Ö ´Öë, ˆ −ÆüÖë− Öê ³ÖÖ üŸÖ ŸÖ£ÖÖ ×¾Ö¤êü¿ÖÖë ´Öë ×¾Ö×³Ö®Ö ¯ÖÏ×¿Ö�Ö�Ö �úÖµÖÔ�Îú´ÖÖë ´Öë ×ÆüÃÃÖÖ ×»ÖµÖÖ †Öî ü �ú‡Ô ¯Ö× üµÖÖê•Ö −ÖÖ†Öë �êú ŸÖ�ú −Öß�úß �úÖ�Ö•ÖÖŸÖ ŸÖîµÖÖ ü ×�ú‹. ¾ÖÂÖÔ 2001 ´Öë ‡Ó•Öß× −ÖµÖ¸ß ÃÖÓÃ£ÖÖ −Ö «üÖ üÖ ˆ −Æëü ˆŸ�éúÂ™ü ‡Ó•Öß× −ÖµÖ ü �êú ¯Öã üÃ�úÖ ü ÃÖê ÃÖ´´ÖÖ×− ÖŸÖ ×�úµÖÖ �ÖµÖÖ. ÃÖÖêÃÖÖ‡™üß − Öê¿Ö− Ö»Ö ™ÒüÖÓÃÖ¯ÖÖê™Ôü ±ú¾ÖÔ ü (‹ÃÖ‹ −Ö™üß‹±ú), †»•Öß× üµÖÖ, •ÖÆüÖÓ �úß üÖ•Ö³ÖÖÂÖÖ ±Ïëú“Ö Æîü, �êú ×»Ö‹ †»•Öß× üµÖÖ ´Öë −Ö‡Ô »ÖÖ‡ −Ö × −Ö´ÖÖÔ�Ö �úÖµÖÔ ´Öë ¯Öã»Ö ×¾Ö¿ÖêÂÖ–Ö �êú ºþ¯Ö ´Öë × −ÖµÖãÛŒŸÖ ÆüÖê −Öê �êú �úÖ ü�Ö ¾Öê ±Ïëú“Ö ³ÖÖÂÖÖ ×»Ö�Ö− Öê ¾Ö ²ÖÖê»Ö− Öê ´Öë ¯Öæ�ÖÔ ºþ¯Ö ÃÖê × −Ö¯Öã�Ö Æïü.

4. »Öê�ÖÖ ¯Ö¸üß�ÖÖ ÃÖ×´Ö×ŸÖ:

¸êü×¾Ö× −Ö×»Ö �úÖ ¥üœÍü ×¾ÖÀ¾ÖÖÃÖ Æîü ×�ú ×�úÃÖß ³Öß ¾µÖ¾ÖÃÖÖµÖ �úÖ †Ö¬ÖÖ¸ü †Ö“ÖÖ¸ü ÃÖÓ×ÆüŸÖÖ ÆüÖêŸÖß Æîü †Öî¸ü ¤üß‘ÖÖÔ¾Ö×¬Ö × −Ö�Ö×´ÖŸÖ ˆ§êü¿µÖÖë �úÖê ¯ÖÏÖ¯ŸÖ �ú¸ü− Öê ŸÖ£ÖÖ ´Öæ»µÖ ÃÖÓ¾Ö¬ÖÔ −Ö ´Öë

ˆÃÖ�úß ´ÖÆüŸ¾Ö¯Öæ�ÖÔ ³Öæ×´Ö�úÖ ÆüÖêŸÖß Æîü. ‡ÃÖ ¥üÛÂ™ü ÃÖê, �Óú¯Ö −Öß ´Öë × −Ö¤êü¿Ö�ú ´ÖÓ›ü»Ö �úß ‹�ú †ÆÔüŸÖÖ ¯ÖÏÖ¯ŸÖ †Öî¸ü Ã¾ÖŸÖÓ¡Ö »Öê�ÖÖ ¯Ö¸üß�ÖÖ ÃÖ×´Ö×ŸÖ Æîü, ×•ÖÃÖ´Öë ÃÖ³Öß �Öî¸ü-�úÖµÖÔ�úÖ¸üß Ã¾ÖŸÖÓ¡Ö × −Ö¤êü¿Ö�ú Æïü †Öî¸ü ˆ −Æëü ×¾Ö¢Ö ‹¾ÖÓ ¯ÖÏ²ÖÓ¬Ö −Ö �êú �Öê¡Ö ´Öë �ÖÖÃÖÖ †− Öã³Ö¾Ö ¯ÖÏÖ¯ŸÖ Æîü. ¸êü×¾Ö× −Ö×»Ö �êú �úÖµÖÖí �úÖê �ãú¿Ö»ÖŸÖÖ¯Öæ¾ÖÔ�ú ×− Ö¯Ö™üÖ− Öê �êú ×»Ö‹ ‡ÃÖ ÃÖ×´Ö×ŸÖ −Öê ´ÖÆüŸ¾Ö¯Öæ�ÖÔ µÖÖê�Ö¤üÖ −Ö ×¤üµÖÖ.

×¸ü¯ÖÖê™Ôü �úß ŸÖÖ¸üß�Ö ŸÖ�ú »Öê�ÖÖ ¯Ö¸üß�ÖÖ ÃÖ×´Ö×ŸÖ ´Öë ×− Ö´− Ö×»Ö×�ÖŸÖ ÃÖ¤üÃµÖ Æïü:

1. ÁÖß ‹ÃÖ. ´Öã¸ü»Öß2. ÁÖß ›üß.¯Öß. ×¡Ö¯ÖÖšüß3. ›üÖ. ¾Öß. �êú. �úÖê¿Öß4. ›üÖ. ™üß.™üß. ¸üÖ´Ö´ÖÖêÆ−ü Ö

ÁÖß ‹ÃÖ. ´Öã¸ü»Öß ‡ÃÖ ÃÖ×´Ö×ŸÖ �êú †¬µÖ�Ö Æïü.

ÁÖß´ÖŸÖß ÃÖã´Ö −Ö �úÖ»Ö¸üÖ, �Óú¯Ö −Öß ÃÖ×“Ö¾Ö ‡ÃÖ �ú´Öê™üß �úß ÃÖ×“Ö¾Ö Æïü.

ÃÖ×´Ö×ŸÖ �Óú¯Ö −Öß †×¬Ö×− ÖµÖ´Ö †Öî¸ü ÃÖÖ¾ÖÔ•Ö× −Ö�ú ˆª´Ö ×¾Ö³ÖÖ�Ö «üÖ¸üÖ ˆÛ»»Ö×�ÖŸÖ �úÖ¯ÖÖì¸êü™ü �Ö¾Ö− ÖìÓÃÖ �êú ×¤ü¿ÖÖ-× −Ö¤ìü¿ÖÖë �êú †ÓŸÖ�ÖÔŸÖ × −Ö×ÆüŸÖ ×¾Ö“ÖÖ¸üÖ£ÖÔ ×¾ÖÂÖµÖÖë �êú †− ÖãÃÖÖ¸ü �úÖµÖÔ �ú¸üŸÖß Æîü. ÃÖ×´Ö×ŸÖ �úÖ �úÖµÖÔ �Öê¡Ö ‡ÃÖ ¯ÖÏ�úÖ¸ü Æîü:

• �Óú¯Ö −Öß �úß ×¾Ö¢ÖßµÖ ×¸ü¯ÖÖêÚ™ü�Ö ¯ÖÏ×�ÎúµÖÖ �úÖê ¤êü�Ö−ÖÖ †Öî¸ü ‡ÃÖ�úß ×ÃÖ±úÖ×¸ü¿Ö ²ÖÖê›Ôü �úÖê �ú¸− ÖÖ;

• ¯ÖÏ²ÖÓ¬Ö −Ö �êú ÃÖÖ£Ö •Öã›Íêü ¾Öî¬ÖÖ× −Ö�ú »Öê�ÖÖ ¯Ö¸üß�Ö�úÖë �úß »Öê�ÖÖ ¯Ö¸üß�ÖÖ ±úßÃÖ �úÖ × −Ö¬ÖÖÔ¸ü�Ö �ú¸−ü ÖÖ;

• †ÖÓŸÖ×¸ü�ú »Öê�ÖÖ ¯Ö¸üß�Ö�úÖë �úß × −ÖµÖãÛŒŸÖ �ú¸−ü ÖÖ;

• ²ÖÖê›Ôü �úÖê † −Öã´ÖÖê¤ü −Ö ÆêüŸÖã ¯ÖÏÃŸÖãŸÖ �ú¸ü− Öê ÃÖê ¯Öæ¾ÖÔ †¬ÖÔ ¾ÖÖÙÂÖ�ú ‹¾ÖÓ ¾ÖÖÙÂÖ�ú ×¾Ö¢ÖßµÖ ×¾Ö¾Ö¸ü�Ö ¯Ö¸ü ×¾Ö“ÖÖ¸ü �ú¸ü −ÖÖ;

• »Öê�ÖÖ ÃÖÓ²ÖÓ¬Öß − Öß×ŸÖµÖÖë ‹¾ÖÓ ¯ÖÏ×�ÎúµÖÖ†Öë ´Öë ¯Ö×¸ü¾ÖŸÖÔ −ÖÖë ¯Ö¸ü �úÖ¸ü�ÖÖë ÃÖ×ÆüŸÖ ×¾Ö“ÖÖ¸ü �ú¸−ü ÖÖ ŸÖ£ÖÖ ×¾Ö¢ÖßµÖ ×¾Ö¾Ö¸ü�Ö ´Öë ×�ú‹ �Ö‹ ´ÖÆüŸ¾Ö¯Öæ�ÖÔ ÃÖ´ÖÖ¿ÖÖê¬Ö −ÖÖë ¯Ö¸ü ×¾Ö“ÖÖ¸ü �ú¸−ü ÖÖ;

• »Öê�ÖÖ ¯Ö¸üß�ÖÖ ×¸ü¯ÖÖê™Ôü �êú ¯ÖÏÖºþ¯Ö ´Öë †ÆÔüŸÖÖ†Öë ¯Ö¸ü “Ö“ÖÖÔ �ú¸−ü ÖÖ;

• †ÖÓŸÖ×¸ü�ú × −ÖµÖÓ¡Ö�Ö ¯ÖÏ×�ÎúµÖÖ ´Öë ˆ¯ÖµÖãŒŸÖŸÖÖ �úß ÃÖ´Öß�ÖÖ �ú¸−ü ÖÖ.

ÃÖ×´Ö×ŸÖ − Öê ×¾Ö¢Ö ¾ÖÂÖÔ 2007-08 �êú ¤üÖî¸üÖ −Ö 04.04.2007, 18.06.2007, 02.08.2007, 18.12.2007 †Öî¸ü 25.03.2008 �úÖê ¯ÖÓÖ“Ö ²ÖÖ¸ü ²Öîšü�ëú �úß †Öî¸ü ÃÖ×´Ö×ŸÖ �êú ÃÖ¤üÃµÖÖë �úß ˆ¯ÖÛÃ£Ö×ŸÖ �úÖ ×¾Ö¾Ö¸ü�Ö − Öß“Öê ×¤üµÖÖ �ÖµÖÖ Æîü:

ÃÖ¤üÃµÖ ¯Ö¤ü †ÖµÖÖê×•ÖŸÖ ²Öîšü� ëú ²Öîšü�úÖë ´Öë ˆ¯ÖÛÃ£Ö×ŸÖÁÖß ‹ÃÖ. ´Öã¸ü»Öß †¬µÖ�Ö 5 5ÁÖß ›üß.¯Öß. ×¡Ö¯ÖÖšüß ÃÖ¤üÃµÖ 5 5›üÖ. ¾Öß.�êú. �úÖê¿Öß ÃÖ¤üÃµÖ 5 4›üÖ. ™üß.™üß. ¸üÖ´Ö´ÖÖêÆ−ü Ö ÃÖ¤üÃµÖ 5 4

5. × −Ö¤êü¿Ö�úÖë �úÖ ¯ÖÖ×¸üÁÖ×´Ö�ú

¸êü×¾Ö× −Ö×»Ö, �Óú¯Ö −Öß †×¬Ö× −ÖµÖ´Ö �êú †ÓŸÖ�ÖÔŸÖ ‹�ú ¯Öæ�ÖÔŸÖ: ÃÖ¸ü�úÖ¸üß Ã¾ÖÖ×´ÖŸ¾Ö ¾ÖÖ»Öß �Óú¯Ö−Öß ÆüÖê −Öê �êú �úÖ¸ü�Ö ‡ÃÖ´Öë ¯ÖÏµÖÖê•Ö −Ö´Öæ»Ö�ú × −Ö¤êü¿Ö�úÖë �úß × −ÖµÖãÛŒŸÖ ³ÖÖ¸üŸÖ �êú ¸üÖÂ™Ò¯Ö×ŸÖ «üÖ¸üÖ ¸êü»Ö ´ÖÓ¡ÖÖ»ÖµÖ �êú ´ÖÖ¬µÖ´Ö ÃÖê �úß •ÖÖŸÖß Æîü. ‡ÃÖ ¯ÖÏ�úÖ¸ü × −ÖµÖãŒŸÖ ¯ÖÏµÖÖê•Ö−Ö´Öæ»Ö�ú × −Ö¤êü¿Ö�ú, †ÖîªÖê×�Ö�ú ´ÖÆÓü�ÖÖ‡Ô ³Ö¢ÖÖ (†Ö‡Ô›üß‹) ¯Öî™ü −ÖÔ �êú ¾ÖêŸÖ −Ö´ÖÖ −Ö


35

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Austria for extensive training on maintenance of high speed track and upkeep of track machines. While working as Executive Director/Track Machine, he visited Germany, France, Italy and Russia as the team leader for development of high output track machines. Along with Chairman, Railway Board, he attended the Conference of Chief Executives of world railways in Japan, organized by UIC.

Mr. Agnihotri has also keen interest in sports and was adjudged as best in sport and studies amongst all branches of Engineering at IIT, Roorkee and was awarded Sarojini Naidu Cup for Work and Play.

(ii) Mr. S. K. Malik, Adviser (Works), Ministry of Railways and Part-time (offi cial) Director w.e.f. 22.07.2008

Mr. S.K. Malik, Adviser (Works), Railway Board has been nominated as part-time offi cial Director on the Board of RVNL w.e.f. 22.07.2008. Born on 15.11.1950, he is an IRSE offi cer of 1973 batch and joined Indian Railways on 11.11.1974. He held various prestigious positions in Indian Railways including CAO (Const.)/NCR, Allahabad, CAO (Const.)/ NWR, Jaipur, CAO (Const.)/ECoR, Hajipur, ED/ Vigilance (Engg.),Railway Board, DRM/ Central Railway, Bhusawal and Chief Engineer/Construction/Northern Railway. As DRM/ Central Railway, Bhusawal, he was incharge for operations as well as maintenance and development of infrastructure of Bahusawal Division extending over 727 kms. of BG, 244 kms. of NG and involved management of approximately 23000 staff as well as Railway users, maintenance of Industrial Relations and controlling of Budget etc. During his tenure of two years as DRM/ Central Railway, apart from shields of Operating, Commercial, Civil Engineering, Security, Safety, Medical, Personnel, Accounts and other sub-shields, the inter-divisional effi ciency shields were awarded to division in both years. As Chief Engineer (Const), he was responsible for drawing of Detailed Project Report of Udampur-Katra-Baramulla new Railway Broad Gauge New Line(290 kms long), which is among the most challenging projects of Indian Railways. In over 36 years of experience in Indian Railways, he has undergone various trainings in India and abroad and has many technical papers on projects to his credit. He was honoured with Outstanding Engineers’ Award by the Institution of Engineers in 2001. He is profi cient in both written and spoken French owing to his assignment as Expert Bridges in the construction of new line in Algeria for SOCIETE NATIONALE TRANSPORT FEROVIOR (SNTF), where offi cial language is French.

4. Audit Committee:

RVNL fi rmly believes that ethics is the foundation stone of any business, and play a signifi cant role for attainment of the long term corporate objectives and in value addition. In view of this, the Company has in place a qualifi ed and

independent Audit Committee of the Board of Directors, which includes all non-executive independent directors with expertise in the areas of fi nance and management. The Committee contributed signifi cantly RVNL in performing its functions effi ciently.

The following are the members of the Audit Committee as on date of report:1. Mr. S. Murali2. Mr. D.P. Tripathi3. Dr. V.K. Koshy4. Dr. T. T. RamMohan

Mr. S. Murali is the Chairman of the Committee. Ms. Suman Kalra, Company Secretary is Secretary of the

Committee. The Committee acts in accordance with the terms

of reference under Companies Act and guidelines of Corporate Governance laid down by Department of Public Enterprises. The scope of the Committee is to:• oversee the Company’s fi nancial reporting process

and recommending to the Board; • fi x the audit fees of statutory auditors with the

management;• appoint internal auditor; • consider the half yearly and annual fi nancial

statements before submission to the Board for approval;

• Consider changes in accounting policies and practices with reasons thereof, signifi cant adjustments made in fi nancial statements;

• discuss about qualifi cations in the draft audit report etc;

• review about the adequacy of internal controls procedures.

The Committee met fi ve times during the fi nancial year 2007-08 on 04.04.2007, 18.06.2007, 02.08.2007, 18.12.2007 and 25.03.2008 and attendance of the members of the Committee is produced below:

Member Position Meetings held

Meetings attended

Mr. S. Murali Chairman 5 5Mr. D.P. Tripathi Member 5 5Dr. V.K. Koshy Member 5 4Dr. T. T. Ram Mohan Member 5 4

5. Remuneration of Directors

RVNL, being a wholly owned Government Company under Companies Act, the Functional Directors of the Company are appointed by President of India through Ministry of Railways. The Functional Directors so appointed, draw remuneration under Industrial Dearness Allowance (IDA) pattern of pay scale and as per the terms and conditions issued by Government of India from time to time.

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36

ŸÖ£ÖÖ ÃÖ´ÖµÖ-ÃÖ´ÖµÖ ¯Ö¸ü ³ÖÖ¸üŸÖ ÃÖ¸ü�úÖ¸ü «üÖ¸üÖ •ÖÖ¸üß × −Ö²ÖÓ¬Ö −ÖÖë ‹¾ÖÓ ¿ÖŸÖÖí �êú †ÓŸÖ�ÖÔŸÖ ¯ÖÖ×¸üÁÖ×´Ö�ú ¯ÖÏÖ¯ŸÖ �ú¸üŸÖê Æîü.

�Óú¯Ö −Öß ²ÖÖê›Ôü ´Öë �úÖµÖÔ¸üŸÖ †Ó¿Ö�úÖ×»Ö�ú ÃÖ¸ü�úÖ¸üß (ÃÖ¸ü�úÖ¸ü «üÖ¸üÖ − ÖÖ×´ÖŸÖ) × −Ö¤êü¿Ö�ú �Óú¯Ö −Öß ÃÖê �úÖê‡Ô ¯ÖÖ×¸üÁÖ×´Ö�ú −ÖÆüà »ÖêŸÖê. ¾Öê �êú¾Ö»Ö ÃÖ¸ü�úÖ¸ü ÃÖê ÃÖ¸ü�úÖ¸üß †×¬Ö�úÖ¸üß �êú ºþ¯Ö ´Öë ¯ÖÖ×¸üÁÖ×´Ö�ú ¯ÖÏÖ¯ŸÖ �ú¸üŸÖê Æïü.

�Óú¯Ö −Öß ²ÖÖê›Ôü ´Öë �úÖµÖÔ¸üŸÖ †Ó¿Ö�úÖ×»Ö�ú �Öî¸ü-ÃÖ¸ü�úÖ¸üß (Ã¾ÖŸÖÓ¡Ö) × −Ö¤êü¿Ö�úÖë �úÖê ¯ÖÏŸµÖê�ú ²Öîšü�ú �êú ×»Ö‹, ×•ÖÃÖ´Öë ¾Öê ³ÖÖ�Ö »ÖêŸÖê Æïü, 8,000/- ¹ý. ×ÃÖØ™ü�Ö ¿Öã»�ú ¯ÖÏ¤üÖ −Ö ×�úµÖÖ •ÖÖŸÖÖ Æîü.

6. ¯ÖÏ�ú™ü −Ö

I. ‹êÃÖß �úÖê‡Ô ÃÖÖ´Ö�ÖÏß ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ �Ö´ÖŸÖÖ¾ÖÖ− Ö ¯ÖÖ™üá − ÖÆüà Æîü, ×•ÖÃÖ�úÖ —Öã�úÖ¾Ö �Óú¯Ö −Öß �úß †Öê¸ü ÆüÖë.

II. ×¯Ö”û»Öê ŸÖß −Ö ¾ÖÂÖÖí �êú ¤üÖî¸üÖ −Ö, �úÖ− Öæ −Ö �úß † −Öã¯ÖÖ»Ö −Ö − Ö �ú¸ü− Öê �êú �úÖ¸ü�Ö ×�úÃÖß ³Öß ¾Öî¬ÖÖ× −Ö�ú ¯ÖÏÖ×¬Ö�ú¸ü�Ö «üÖ¸üÖ �Óú¯Ö −Öß ¯Ö¸ü �úÖê‡Ô •Öã´ÖÖÔ− ÖÖ †Ö¸üÖê×¯ÖŸÖ − ÖÆüà ×�úµÖÖ �ÖµÖÖ Æîü.

III. ÃÖÖ¾ÖÔ•Ö× −Ö�ú ˆª´Ö ×¾Ö³ÖÖ�Ö (›üß¯Öß‡Ô) «üÖ¸üÖ •ÖÖ¸üß �úÖ¯ÖÖì¸êü™ü �Ö¾Ö− ÖíÃÖ ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ ×¤ü¿ÖÖ× −Ö¤ìü¿ÖÖë �úÖ ¯ÖÖ»Ö− Ö �ú¸ü− Öê �úÖ �Óú¯Ö −Öß − Öê ³Ö¸üÃÖ�ú ¯ÖÏµÖÖÃÖ ×�úµÖÖ Æîü. ×¤ü¿ÖÖ-×− Ö¤ìü¿ÖÖë �êú †− ÖãÃÖÖ¸ü, �Óú¯Ö −Öß − Öê †¯Ö− Öê ²ÖÖê›Ôü �êú ÃÖ¤üÃµÖÖë ŸÖ£ÖÖ ¾Ö×¸üÂšü ¯ÖÏ²ÖÓ¬Ö −Ö †×¬Ö�úÖ×¸üµÖÖë �êú ×»Ö‹ ¾µÖÖ¾ÖÃÖÖ×µÖ�ú †Ö“Ö¸ü�Ö ÃÖÓ×ÆüŸÖÖ ŸÖ£ÖÖ †Ö“ÖÖ¸ü-ÃÖÓ×ÆüŸÖÖ �úÖ × −Ö´ÖÖÔ�Ö ×�úµÖÖ Æîü †Öî¸ü ×¾Ö¢Ö ¾ÖÂÖÔ 2007-08 �úß × −Ö¤êü¿Ö�úÖë �úß ×¸ü¯ÖÖê™Ôü ´Öë �úÖ¯ÖÖì¸êü™ü �Ö¾Ö− ÖíÃÖ ŸÖ£ÖÖ ¯ÖÏ²ÖÓ¬Ö −Ö ²ÖÆüÃÖ †Öî¸ü ×¾Ö¿»ÖêÂÖ�Ö ×¸ü¯ÖÖê™Ôü �úÖê ³Öß ¿ÖÖ×´Ö»Ö ×�úµÖÖ Æîü.

IV. �Óú¯Ö −Öß − Öê ×¾Ö¢Ö ¾ÖÂÖÔ 2007-08 �êú ¤üÖî¸üÖ −Ö �úÖê‡Ô †¬µÖ�ÖßµÖ × −Ö¤êü¿Ö ¯ÖÏÖ¯ŸÖ − ÖÆüà ×�ú‹ Æïü.

V. ¸êü×¾Ö× −Ö×»Ö �úß »Öê�ÖÖ ¯ÖãÃŸÖ�úÖë ´Öë − ÖÖ´Öê �úß �Ö‡Ô ¾µÖµÖ ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ ÃÖ³Öß ´Ö¤ëü ¸êü×¾Ö× −Ö×»Ö �úÖê ÃÖÖï¯Öß �Ö‡Ô ¯Ö×¸üµÖÖê•Ö −ÖÖ†Öë �êú × −ÖÂ¯ÖÖ¤ü −Ö �êú ¯ÖÏµÖÖê•Ö −Ö ÃÖê Æïü †Öî¸ü ¯Ö×¸üµÖÖê•Ö −ÖÖ ¾µÖµÖ ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ Æïü.

VI. × −ÖµÖãÛŒŸÖ �úß ÃÖÓ×¾Ö¤üÖ�ÖŸÖ ²ÖÖ¬µÖŸÖÖ†Öë �êú ×− Ö²ÖÓ¬Ö −ÖÖë �úÖê ”ûÖê›Íü�ú¸ü × −Ö¤êü¿Ö�ú ´ÖÓ›ü»Ö ¯Ö¸ü ×�úÃÖß ³Öß ¯ÖÏ�úÖ¸ü �úÖ × −Ö•Öß ¾µÖµÖ − ÖÆüà ×�úµÖÖ �ÖµÖÖ Æîü.

VII. ×¾Ö¢ÖßµÖ ¾µÖµÖ �êú ¯ÖÏ×ŸÖ¿ÖŸÖ �êú ºþ¯Ö ´Öë ¯ÖÏ¿ÖÖÃÖ×− Ö�ú ¾µÖµÖ ‘Ö™ü�ú¸ü ¾ÖÂÖÔ 2006-07 �êú 3.93% ÃÖê 2007-08 ´Öë 3.85% ¸üÆü �ÖµÖÖ Æîü. µÖÆü �ú´Öß �úÖµÖÔ �êú ²ÖœÍü− Öê †Öî¸ü Ö×¸ü�ÖÖ´ÖÃ¾Öºþ¯Ö êü×¾Ö× −Ö×»Ö Öë ÖµÖÔ¾Öê�Ö�Ö ŸÖ£ÖÖ �ú´ÖÔ“ÖÖ×¸üµÖÖë �úß ÃÖ¤üÃµÖŸÖÖ �úß ´ÖÖÓ�Ö ´Öë ¾Öé×¨ü �êú ²ÖÖ¾Ö•Öæ¤ü †Ö‡Ô Æîü.

7. ÃÖÓ“ÖÖ¸ü � êú ÃÖÖ¬Ö −Ö

»Öê�ÖÖ Ö¸üß�ÖÖ ¾ÖÖÙÂÖ�ú ×¾Ö¢ÖßµÖ Ö×¸ü�ÖÖ´Ö †Öî¸ü ¾ÖÖÙÂÖ�ú ×¸ü¯ÖÖê™Ôü êü×¾Ö× −Ö×»Ö �úß ¾Öê²ÖÃÖÖ‡™ü, www.rvnl.org. ¯Ö¸ü ¯ÖÏ¤üÙ¿ÖŸÖ �úß �Ö‡Ô Æîü. ×¾Ö×³Ö®Ö ×¾Ö³ÖÖ�ÖÖë �úß × −Ö×¾Ö¤üÖ‹Ó, ¯ÖÏ¤üÖ −Ö �úß �Ö‡Ô × −Ö×¾Ö¤üÖ‹Ó/ÃÖÓ×¾Ö¤üÖ‹Ó, † −µÖ ÃÖ¸ü�úÖ¸üß ÃÖ´ÖÖ“ÖÖ¸ü ×¾Ö–ÖÛ¯ŸÖµÖÖë ÃÖ×ÆüŸÖ ¸êü×¾Ö× −Ö×»Ö �úß ³ÖÖî×ŸÖ�ú ‹¾ÖÓ ×¾Ö¢ÖßµÖ µÖÖê•Ö −ÖÖ†Öë �úÖê ³Öß ¸êü×¾Ö× −Ö×»Ö �úß ¾Öê²ÖÃÖÖ‡™ü ¯Ö¸ü †¯Ö»ÖÖê›ü ×�úµÖÖ �ÖµÖÖ Æîü. ´Öã�µÖ ¸êü»Ö †¾ÖÃÖÓ¸ü“Ö− ÖÖ ¯ÖÏ¤üÖŸÖÖ �êú ºþ¯Ö ´Öë ³Öæ×´Ö�úÖ × −Ö³ÖÖŸÖê Æãü‹

¸êü×¾Ö× −Ö×»Ö − Öê �úÖ¯ÖÖì¸êü™ü ÃÖÓ“ÖÖ¸ü ´Öë ÃÖã¬ÖÖ¸ü �êú ×»Ö‹ �ú‡Ô ˆ¯ÖÖµÖ ×�ú‹. ¾Öê²ÖÃÖÖ‡™ü ´Öë ¯Öæ¸üß ŸÖ¸üÆü ÃÖê ²Ö¤ü»ÖÖ¾Ö ×�úµÖÖ �ÖµÖÖ †Öî¸ü ‡ÃÖ´Öë ØÆü¤üß ºþ¯ÖÖ ŸÖ¸ü ³Öß •ÖÖê›ÍüÖ �ÖµÖÖ. ¤æü¸ü¤ü¿ÖÔ −Ö �êú ´ÖÖ¬µÖ´Ö ÃÖê ‹�ú �úÖ¯ÖÖì¸êü™ü ×±ú»´Ö �úß ³Öß ¿ÖæØ™ü�Ö �úß �Ö‡Ô.

8. »Öê�ÖÖ ¯Ö¸üß�ÖÖ †ÆÔü�úŸÖÖ:

× −Ö¸üÆÔü�ú ×¾Ö¢ÖßµÖ ×¾Ö¾Ö¸ü�Ö ÃÖã× −ÖÛ¿“ÖŸÖ �ú¸ü− Öê �êú ×»Ö‹ �Óú¯Ö −Öß ¯Öæ�ÖÔ ¯ÖÏµÖÖÃÖ �ú¸ü ¸üÆüß Æîü †Öî¸ü �úÖê‡Ô ´ÖÆüŸ¾Ö¯Öæ�ÖÔ †ÆÔü�úŸÖÖ − ÖÆüà Æîü.

9. ²ÖÖê›Ôü � êú ÃÖ¤üÃµÖÖë �úÖ ¯ÖÏ×¿Ö�Ö�Ö

¸êü×¾Ö× −Ö×»Ö, �úÖ¯ÖÖì¸êü™ü �Ö¾Ö− ÖíÃÖ �êú ×ÃÖ¨üÖÓŸÖÖë �êú †− ÖãÃÖÖ¸ü, †¯Ö− Öê ²ÖÖê›Ôü �êú ÃÖ¤üÃµÖÖë �úÖê ¸êü×¾Ö× −Ö×»Ö �êú ¾µÖ¾ÖÃÖÖµÖ ´ÖÖò›ü»Ö, •ÖÖê×�Ö´Ö ¯ÖÏÖê±úÖ‡»Ö †Öî¸ü ÃÖ²ÖÃÖê ˆ¯ÖµÖãŒŸÖ ŸÖ¸üß�úÖë ×•Ö −Ö´Öë ¾Öê †¯Ö− Öê ˆ¢Ö¸ü¤üÖ×µÖŸ¾Ö �úÖ ×− Ö¾ÖÔÅ −Ö ²Ö�Öæ²Öß �ú¸ü ÃÖ�ëú, ¯ÖÏ×¿Ö�Ö�Ö ×¤ü»ÖÖŸÖÖ Æîü. ‹�ú Ö¨ü×ŸÖ �êú †− ÖãÃÖÖ¸ü ²ÖÖê›Ôü Öë ×�úÃÖß − Ö‹ × −Ö¤êü¿Ö�ú «üÖ¸üÖ �úÖµÖÔ³ÖÖ¸ü �ÖÏÆü�Ö �ú¸ü− Öê Ö¸ü, ˆÃÖê ¾ÖÖÙÂÖ�ú ×¸ü¯ÖÖê™Ôü –ÖÖ¯Ö −Ö ŸÖ£ÖÖ ÃÖÓÃ£ÖÖ �êú †ÓŸÖÙ− ÖµÖ´Ö, ¸êü×¾Ö× −Ö×»Ö †Öî¸ü ¸êü»Ö ´ÖÓ¡ÖÖ»ÖµÖ �êú ²Öß“Ö Æãü‹ ÃÖ´Ö—ÖÖîŸÖÖ –ÖÖ¯Ö −Ö †Ö×¤ü ÃÖ×ÆüŸÖ �Óú¯Ö −Öß ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ ¤üÃŸÖÖ¾Öê•Ö ˆ¯Ö»Ö²¬Ö �ú¸üÖ‹ •ÖÖŸÖê Æïü. ²ÖÖê›Ôü �êú ÃÖ¤üÃµÖÖë †Öî¸ü ¾Ö×¸üÂšü ¯ÖÏ²ÖÓ¬Ö −Ö †×¬Ö�úÖ×¸üµÖÖë �êú ×»Ö‹ ˆ− Ö�úß ›ü¶æ×™üµÖÖë �úÖê ¤ü¿ÖÖÔŸÖê Æãü‹ êü×¾Ö× −Ö×»Ö − Öê Ö�êú ×»Ö‹ ¾µÖÖ¾ÖÃÖÖ×µÖ�ú †Ö“Ö¸ü�Ö ÃÖÓ×ÆüŸÖÖ ŸÖ£ÖÖ †Ö“ÖÖ¸ü ¿ÖÖÃ¡Ö �úÖ �Öšü −Ö ³Öß ×�úµÖÖ Æîü.

10. ×¾ÖÃÖ»Ö ²»ÖÖê†¸ü − Öß×ŸÖ

‡ÃÖ ÃÖ´ÖµÖ, ´Öã�µÖ ÃÖŸÖ�ÔúŸÖÖ †ÖµÖãŒŸÖ �êú ×¤ü¿ÖÖ× −Ö¤ìü¿ÖÖë �êú † −ÖãÃÖÖ¸ü, �Óú¯Ö −Öß «üÖ¸üÖ †¯Ö− Öê ÃÖ³Öß �ú´ÖÔ“ÖÖ×¸üµÖÖë †Öî¸ü �ÖÏÖÆü�úÖë �êú ×»Ö‹ ‹�ú ŸÖÓ¡Ö �úß Ã£ÖÖ¯Ö −ÖÖ �úß �Ö‡Ô Æîü, ×•ÖÃÖ�êú † −ÖãÃÖÖ¸ü ×�úÃÖß ³Öß ¯ÖÏ�úÖ¸ü �êú †− Öß×ŸÖ¯Öæ�ÖÔ ¾µÖ¾ÖÆüÖ¸ü, ¾ÖÖÃŸÖ×¾Ö�ú µÖÖ ÃÖÓ³ÖÖ×¾ÖŸÖ ¬ÖÖê�ÖÖ¬Ö›Íüß �úß ×¸ü¯ÖÖê™Ôü ÃÖß¬Öê ´Öã�µÖ ÃÖŸÖ�ÔúŸÖÖ †×¬Ö�úÖ¸üß µÖÖ ¯ÖÏ²ÖÓ¬Ö × −Ö¤êü¿Ö�ú ÃÖê �úß •ÖÖ‹. ²ÖÆü¸üÆüÖ»Ö, ‡ÃÖ ÃÖÓ²ÖÓ¬Ö ´Öë �Óú¯Ö −Öß × −Ö¤êü¿Ö�ú ´ÖÓ›ü»Ö �êú † −Öã´ÖÖê¤ü −Ö ÃÖê ‹�ú †Öî¯Ö“ÖÖ×¸ü�ú ×¾ÖÃÖ»Ö ²»ÖÖê†¸ü − Öß×ŸÖ �úÖ ×− Ö¬ÖÖÔ¸ü�Ö �ú¸êü�Öß.

11. ¾µÖÖ¾ÖÃÖÖ×µÖ�ú †Ö“ÖÖ¸ü ÃÖÓ×ÆüŸÖÖ ‹¾ÖÓ †Ö“ÖÖ¸ü-¿ÖÖÃ¡Ö

ÃÖÖ¾ÖÔ•Ö× −Ö�ú ˆª´Ö ×¾Ö³ÖÖ�Ö �êú ×¤ü¿ÖÖ×− Ö¤ìü¿ÖÖë �êú †− ÖãÃÖÖ¸ü, ¸êü×¾Ö× −Ö×»Ö �êú × −Ö¤êü¿Ö�ú ´ÖÓ›ü»Ö �êú † −Öã´ÖÖê¤ü −Ö �êú ¯Ö¿“ÖÖŸÖ, �Óú¯Ö −Öß − Öê ²ÖÖê›Ôü �êú ÃÖ¤üÃµÖÖë †Öî¸ü ¾Ö×¸üÂšü ¯ÖÏ²ÖÓ¬Ö −Ö �úÙ´ÖµÖÖë �êú ×»Ö‹ ¸êü×¾Ö× −Ö×»Ö �úß ´Öã�µÖ ´ÖÖ −µÖŸÖÖ†Öë ÃÖ×ÆüŸÖ ¾µÖÖ¾ÖÃÖÖ×µÖ�ú †Ö“ÖÖ¸ü ÃÖÓ×ÆüŸÖÖ ‹¾ÖÓ †Ö“ÖÖ¸ü-¿ÖÖÃ¡Ö �úÖ × −Ö¬ÖÖÔ¸ü�Ö ×�úµÖÖ Æîü. †Ö“ÖÖ¸ü ÃÖÓ×ÆüŸÖÖ �úÖê �Óú¯Ö −Öß �úß ¾Öê²ÖÃÖÖ‡Ô™ü, www.rvnl.org ¯Ö¸ü ³Öß ›üÖ»ÖÖ �ÖµÖÖ Æîü.

×¾Ö¢Ö ¾ÖÂÖÔ 2007-08 �êú ×»Ö‹ ²ÖÖê›Ôü �êú ÃÖ¤üÃµÖÖë ŸÖ£ÖÖ ¾Ö×¸üÂšü ¯ÖÏ²ÖÓ¬Ö −Ö �úÙ´ÖµÖÖë ÃÖê ¯ÖÏÖ¯ŸÖ ¯ÖãÛÂ™ü �êú †Ö¬ÖÖ¸ü ¯Ö¸ü †Ö“ÖÖ¸ü ÃÖÓ×ÆüŸÖÖ �êú † −Öã¯ÖÖ»Ö −Ö �úß †×³Ö¯ÖãÛÂ™ü �ú¸ü ¤üß �Ö‡Ô Æîü.

12. † −Öã¯ÖÖ»Ö −Ö ¯ÖÏ´ÖÖ�Ö ¯Ö¡Ö

ÃÖÖ¾ÖÔ•Ö× −Ö�ú ˆª´Ö ×¾Ö³ÖÖ�Ö «üÖ¸üÖ •ÖÖ¸üß ×¤ü¿ÖÖ× −Ö¤ìü¿ÖÖë �êú †− ÖãÃÖÖ¸ü �úÖ¯ÖÖì¸êü™ü �Ö¾Ö −ÖíÃÖ �úß ¿ÖŸÖÖí �êú † −Öã¯ÖÖ»Ö −Ö �êú ÃÖÓ²ÖÓ¬Ö ´Öë ‹�ú ¯Öê¿Öê¾Ö¸ü �Óú¯Ö −Öß ÃÖ×“Ö¾Ö ÃÖê ¯ÖÏÖ¯ŸÖ ¯ÖÏ´ÖÖ�Ö ¯Ö¡Ö �úÖê ¾ÖÖÙÂÖ�ú ×¸ü¯ÖÖê™Ôü ´Öë ¿ÖÖ×´Ö»Ö ×�úµÖÖ �ÖµÖÖ Æîü.


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-08

The part-time offi cial (Government nominee) Directors on the Board of the Company do not draw any remuneration from the company. They draw remuneration from the Government only as Government offi cials.

The part-time non-offi cial (independent) Directors on the Board of the Company are paid a sitting fee of Rs.8,000/- per meeting attended by them.

6. Disclosures

I. There has not been any materially signifi cant related party transaction having potential interest with the Company at large.

II. The Company has not been imposed penalty by any statutory authority owing to non-compliance under laws, during the last three years.

III. The Company has taken full initiatives to comply with the guidelines on Corporate Governance issued by Department of Public Enterprises (DPE). In accordance with the guidelines, RVNL evolved a Code of Business Conduct and Ethics for its Board members and senior management personnel and has also included Corporate Governance and Management Discussion and Analysis Report in the Directors Report for the fi nancial year 2007-08.

IV. The Company has not received any Presidential directive during the fi nancial year 2007-08.

V. All items of expenditure debited in the books of Accounts of RVNL are for the purpose of project execution entrusted to RVNL and are related to project expenditure.

VI. There are no personal expenses incurred for the Board of Directors except which are as per terms of appointment as contractual obligations.

VII. Details of Administrative and offi ce expenses as a percentage of total expenses vis-à-vis fi nancial expenses and reasons for increase –The administrative expenses as a percentage of total expenses have decreased from 3.93% in 2006-07 to 3.85% in 2007-08. This decrease is despite the rise in volume of activity and consequent increase in requirement of supervision and staff strength of RVNL.

7. Means of Communication

The audited annual fi nancial results and Annual Report are displayed on RVNL website, www.rvnl.org. Tenders of various departments, details of tenders/contracts awarded, Physical and Financial Plan of RVNL alongwith other offi cial news releases are also uploaded on the website of RVNL. In line with the role as leading rail infrastructure provider RVNL took steps to improve Corporate Communication. The website was completely revamped and Hindi Version

was added. A corporate fi lm has also been shot through Doordarshan.

8. Audit Qualifi cations:

The Company has been putting all the efforts towards ensuring a regime of unqualifi ed fi nancial statements and there have been no signifi cant qualifi cations.

9. Training of Board Members

RVNL, as per the principles of Corporate Governance takes initiatives to train its Board members about RVNL’s business model, risk profi le and the most appropriate ways, in which they can discharge their responsibilities. As a practice, on the joining of a new Director on the Board, the documents related to the Company are provided to him/her, including Annual Reports, Memorandum and Articles of Association, MoU between RVNL and Ministry of Railways etc.,. The Company has also framed a Code of Business Conduct and Ethics for its Board members and senior management refl ecting their duties.

10. Whistle Blower Policy

At present, as per CVC guidelines, a mechanism has been established in the Company for all its employees and clients to report about any unethical behaviour, actual or suspected fraud to the CVO or the Managing Director directly. The Company will, however, lay down a formal whistle blower policy with approval of the Board of Directors in this regard.

11. Code Of Business Conduct And Ethics

As per the guidelines of Department of Public Enterprises, after approval of the Board of Directors of RVNL, the Company has laid down its Code of Business Conduct and Ethics along with RVNL’s Key Values for the Board Members and Senior Management Personnel. The Code of Conduct is also posted on the website of the Company, www.rvnl.org.

The Compliance of the Code of Conduct has been affi rmed on the basis of confi rmation received from the Board members and senior management personnel for the fi nancial year 2007-08.

12. Compliance Certifi cate

Certifi cate obtained from a Practicing Company Secretary regarding compliance of the conditions of Corporate Governance in accordance with the guidelines issued by Department of Public Enterprises has been included in the Annual Report.

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Industry Structure and DevelopmentRailways are the main artery of inland transport in an economy. They are an energy-effi cient mode of transportation, ideally suitable for large scale movement of manpower, bulk commodities and for long distance travel. They are the lifeline of the country and hold great importance in its socio-economic development. In order to strengthen, modernise and expand such a network, the Government of India seeks to attract private capital as well as State funding in several categories of rail projects for enhancement of capacity, like projects for port connectivity, gauge conversion, doubling, providing connectivity to remote/backward areas, laying new lines, electrifi cation, etc.The Indian construction industry is very large and contributes to the health of various sectors of the economy. It employs about 31 million persons – second only to agriculture in terms of employment. It consumes 40-50% of the National Plan outlay and contributes 20% of GDP. The present size of Construction Industry in terms of annual monetary values is estimated at Rs. 310,000 crores (including Public & Private Investments), with an employment status of 31 million man-years/year. As stated earlier, due to the conscious thrust of the Government to improve the state of physical infrastructure, the Construction Industry is experiencing a surge in the quantum of the work load, and has grown at the rate of over 10% annually during last fi ve years.Rail Vikas Nigam Limited (RVNL) is a Special Purpose Vehicle created to undertake project development, mobilization of fi nancial resources and implement projects pertaining to strengthening of Golden Quadrilateral and Port Connectivity. It is the fi rst major non-budgetary initiative for creating rail transport capacity ahead of demand on a commercial format. RVNL is a schedule-A company under Ministry of Railways. With a projected investment of Rs.2,50,000 crores in Rail Infrastructure in the 11th Plan, RVNL has signifi cant role to play.

StrengthsRVNL has built a positive image among stakeholders and in the market as an organization having institutional capacity to develop, fi nance and execute large sized projects in a time bound manner. The Company by way of adoption of international bidding document and procurement practices has been able to develop Contractors having fi nancial capacity and organization strength to provide construction support to execute large sized railway project within most optimum time frame and. RVNL has introduced large scale mechanization in all aspects of construction to achieve high quality output and has adopted latest technology in civil construction, welding, signaling and electric traction. RVNL is the sole organization on Indian Railways, which has institutionalized the Public Private Partnership model in implementation of infrastructure projects in rail sector. RVNL is the only Railway PSU which has requisite skills and experience to implement projects following ADB procedure of procurement of civil and consultancy contracts and ensuring Resettlement and Rehabilitation of Project Affected Persons displaced by land acquisition.

WeaknessesThe weakness of RVNL include some natural disadvantages, viz Railway projects require intense coordination with the zonal Railways at all stages. RVNL has not been notifi ed as Zonal Railways and therefore does not have authority to approve drawings, design, etc. Business performance of RVNL can be seriously affected on account of delays in getting the approvals. Construction projects being linear in nature reduce business effi ciency. The Company is also affected by the acute shortage of manpower as Railways are not in a position to supply the required trained manpower and Skilled manpower is not available in the market. Retired staff is mostly unequal to the task. Changing skills requirements in certain areas may accentuate the skills gap. Hence, there is need to improve long-term career prospects to encourage staff retention and new entrants. Further, due to construction boom the construction capacity in the market is short of demand more so for railway construction.

Opportunities During the current buoyancy in capital investment in Railways, proposed tripling of capital investment in the 11th fi ve year plan period offers a large scale opportunity for rail construction industry in general and RVNL in particular. RVNL has the opportunity to have gathered a large shelf of projects for development and execution. The Renaissance of Railways the world over offers huge opportunity for Railway projects abroad. Future construction opportunities are expected as a continued high rate of economic growth will continue to offer new projects which in turn will result in higher growth. Moreover, implementation of Public sector projects through Public Private Partnerships will bring further opportunities. Port connectivity projects offer lucrative opportunity to develop multimodal logistics parks, which can be executed through Port-connectivity SPVs. The Company can improve the capacity of the industry by taking appropriate actions to induct new entrants to the industry. Positive industry image has helped RVNL in getting large number of offers from private sector for construction of rail projects on nomination basis.

ThreatsCompeting railway construction facilities may bring pressure to reduce the workload of RVNL.

Strategies The company needs to have a positive image by timely delivery of projects. An appropriate recruitment and training programme should be designed to develop competent manpower. A suitably skilled and qualifi ed workforce is required to be prepared. Efforts should be made to transfer of skills and best practices from other infrastructure sectors and retraining in acquiring rail related skills.

Operational and Financial PerformanceDuring the year 2007-08, the Company completed nine projects of 231 km approx of length. The Company incurred

Annexure “B”

Management Discussion and Analysis Report

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40

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�Óú¯Ö −Öß − Öê ÃÖ´ÖµÖ-ÃÖ´ÖµÖ ¯Ö¸ü ×¾Ö×³Ö®Ö ¸êü»Ö¾Öê ‹¾ÖÓ �Öî¸ü-¸êü»Ö¾Öê �ú»µÖÖ�Ö �úÖµÖÖí, ¾µÖÖ¾ÖÃÖÖ×µÖ�ú ŸÖ£ÖÖ �Öê»Ö ÃÖÓ�Öšü −ÖÖë/‹ÃÖÖê×ÃÖ‹¿Ö −ÖÖë �úÖê ¯ÖÏÖêŸÃÖÖ×ÆüŸÖ �ú¸ü− Öê �êú ×»Ö‹ ×¾Ö×³Ö®Ö ×�ÎúµÖÖ�ú»ÖÖ¯ÖÖë �úÖê ¯ÖÏ¾ÖŸÖÔ�ú ˆ¯Ö»Ö²¬Ö �ú¸üÖ− Öê •ÖîÃÖê �ú‡Ô ˆ¯ÖÖµÖ ×�ú‹ Æïü.


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a total expenditure of Rs. 1468.03 crore on these projects till date. While achieving a turnover of Rs. 1618.73 crore the administrative expenses as a percentage of total expenses in 2007-08 has been restricted to 3.85% against 6.43% to over 13% for different departments provided for in Railway construction projects. The percentage of expenditure on Employee remuneration is 0.64%, administrative expenses other than PMC is 1.17% and on Project Management Consultancy is 2.02%. The gross profi t during the year increased from Rs. 18.20 crores in 2006-07 to Rs. 46.78 crore in the current year and the amount of profi t before tax has increased to Rs. 39.34 crore in the current year and the amount of profi t taken to Reserve and Surplus during 2007-08 is Rs. 22.57 crore. The surplus of RVNL at the end of the year 2008 stands at Rs. 35.07 crore. As a result there has been an increase of 75% in the earning per share (EPS) from Rs.0.12 per share in 2006-07 to Rs. 0.21 per share in 2007-08. The Joint Venture SPVs of RVNL namely Haridaspur Paradip Railway Company Limited, Krishnapatnam Railway Company Limited & Bharuch Dahej Railway Company Limited, set up for port connectivity projects became fully operational during the year. In addition, Kutch Railway Company limited, the fi rst Joint Venture SPV, has shown excellent performance by transporting 15 MT of traffi c in the fi rst year of operation of the full length of the project.

OutlookAs per the MoU between RVNL and Ministry of Railways for the year 2008-09, RVNL has committed to achieve 240 kms of Gauge Conversion, 260 kms of Doubling, 80 kms of Railway Electrifi cation and 5 kms of New Line works. The achievements of these targets would entail a fi nancial expenditure of around Rs. 1725 crores. The Company aims to gradually build capacity to incur the expenditure of Rs. 3,000 crores an year on projects. The Mission, Vision and Objectives of the Company as per the MoU are as mentioned below:

Mission:Creating state of art rail transport capacity to meet growing demand.

Vision:To emerge as most effi cient rail infrastructure provider with sound fi nancial base and global construction practices for timely completion of projects.

Objectives:a. To undertake and execute successfully the project

development pertaining to ‘Strengthening of Golden Quadrilateral, Port and Hinterland connectivity and other viable Railway projects.

b. To mobilize fi nancial and human resources for project implementation.

c. Timely execution of projects.d. To maintain a cost effective organizational set up.e. To encourage public private participation in rail related

projects managed by RVNL.

f. To be an infrastructure Project Management Company committed to sustainable development and environment friendly construction of rail related projects in the country.

g. To acquire, purchase, license, concession or assign rail infrastructure assets including contractual rights and obligations.

ConcernsThe main concern being faced by RVNL in the implementation of projects is the risk of cost increase mainly on account of increase in cost of inputs, site conditions and the requirements presented by the users, i.e. the Zonal Railways. This affects both the bankability of the project and the credibility of RVNL for the speedy implementation of projects within the anticipated cost.

Internal control systemsAs the main activity of RVNL is the execution of projects, the Company has put into place an effective internal control system for monitoring the implementation of projects including periodic review of physical and fi nancial progress, evaluation of effi ciency of cost control measures based on inputs of both the Technical and Finance Departments. The Finance and Accounts Department also conducts reviews of the progress and nature of expenditure and submits reports thereon to Management. Budgetary Reviews are also conducted. A system of internal audit by external fi rms ensures the affectivity of the control systems and also submission of comments on the appropriateness of incurrence of expenditure and their accounting by the Company. The reports of the internal auditor and comments of the statutory auditor and the Comptroller and Auditor General of India are also reviewed by Audit Committee of the Board of Directors and implementation of recommendations are monitored

Human Resource Development and Industrial RelationsThe Company aspires to develop the capabilities of its employees by creating the most congenial environment in which team work and cooperation among the employees contribute to their growth and development individually and for RVNL as a Company also.The Company has fi rmly established itself and recognizing the need for strengthening of the organization, to deliver projects on fast track, RVNL has decided to form its own permanent cadre by formulating Absorption Policy alongwith Recruitment & Promotion Policy with the approval of the Board of Directors of RVNL. The Company has also resolved to take projects from outside the railways including overseas projects for overall sustainability. Industrial Relations remained harmonious and cordial during the year and no mandays were lost.

Corporate Social ResponsibilityThe Company from time to time has taken initiatives for encouragement of various Railways and Non-railway welfare, professional and sports organizations/associations by providing sponsorship to various activities.

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4 ¯Öî¸üÖ “Ö (iv) ¸êü»Ö¾Öê ²ÖÖê›Ôü �êú †Ö¤êü¿ÖÖë �êú †− ÖãÃÖÖ¸ü, ‹êÃÖß Ö×¸üµÖêÖ•Ö −ÖÖ‹Ó •ÖÖê ÆüÃŸÖÖÓŸÖ¸ü�Ö �êú ÃÖ´ÖµÖ ÖÆü»Öê ÃÖê Æüß “Ö»ÖÖ‡Ô •ÖÖ üÆüßÓ £Öß − Æëü �êú¾Ö»Ö ¿ÖêÂÖ �úÖµÖÔ �úÖê ¯Öæ¸üÖ �ú¸ü− Öê �êú ×»Ö‹ ¸êü×¾Ö× −Ö×»Ö �úÖê ÆüÃŸÖÖÓŸÖ×¸üŸÖ ×�úµÖÖ �ÖµÖÖ. ŸÖ¤Ëü −ÖãÃÖÖ¸ü, ÆüÃŸÖÖÓŸÖ¸ü�Ö ÃÖê ¯Öæ¾ÖÔ †£ÖÖÔŸÖË ´ÖÖ“ÖÔ, 2003 ÃÖê ¯ÖÆü»Öê ×�ú‹ �Ö‹ ¾µÖµÖ �úÖê ¸êü×¾Ö× −Ö×»Ö «üÖ¸üÖ »Öê�ÖÖë ´Öë ¤ü¿ÖÖÔ‹ •ÖÖ− Öê �úß †Ö¾Ö¿µÖ�úŸÖÖ − ÖÆüà Æîü.

5 ¯Öî¸üÖ “Ö (v) ¸êü»Ö ´ÖÓ¡ÖÖ»ÖµÖ �êú ×¤ü− ÖÖÓ�ú 24.4.2006 �êú ¯Ö¡Ö ÃÖÓ. 2004/›ü²»µÖæ-1/¸êü×¾Ö× −Ö×»Ö/15 �êú † −ÖãÃÖÖ¸ü, “µÖÆü ×¾Ö× −Ö¿“ÖµÖ ×�úµÖÖ �ÖµÖÖ Æîü ×�ú ¸êü×¾Ö× −Ö×»Ö «üÖ¸üÖ ¯Ö×¸üµÖÖê•Ö −ÖÖ ¯Öæ¸üß �ú¸ü ×»Ö‹ •ÖÖ− Öê �êú ²ÖÖ¤ü, ¯Ö×¸üÃÖÓ¯Ö×¢ÖµÖÖÓ ÃÖß¬Öê ÃÖÓ²ÖÓ×¬ÖŸÖ �Öê¡ÖßµÖ ¸êü»Ö¾Öê �úÖê ÆüÃŸÖÖÓŸÖ×¸üŸÖ �ú¸ü ¤üß •ÖÖ− Öß “ÖÖ×Æü‹, •ÖÖê ×�ú ‡ −Ö ÃÖé×•ÖŸÖ ¯Ö×¸üÃÖÓ¯Ö×¢ÖµÖÖë �úÖê †¯Ö− Öê ²»ÖÖ�ú »Öê�Öê ´Öë •ÖÖê›Íü »Öê�Öß.” ¸êü×¾Ö× −Ö×»Ö − Öê �Öê¡ÖßµÖ êü»ÖÖë �úÖê Ö×¸üµÖÖê•Ö −ÖÖ‹Ó ÆüÃŸÖÖÓŸÖ×¸üŸÖ �ú¸ü− Öê �êú ×»Ö‹ †− Öã�ú¸ü�Ö �ú¸ü− Öê ÆêüŸÖã ×¤ü¿ÖÖ-× −Ö¤ìü¿ÖÖë �êú ºþ¯Ö Öë †Ö¾Ö¿µÖ�ú †− Öã¤êü¿Ö •ÖÖ¸üß �ú¸ü− Öê �êú ×»Ö‹ ¸êü»Ö¾Öê ²ÖÖê›Ôü ÃÖê ÃÖÓ¯Ö�Ôú ×�úµÖÖ Æîü.

6 ¯Öî¸üÖ “Ö (vi) ×¯Ö”û»Öê ¾ÖÂÖÔ �êú »Öê�ÖÖë �úÖê †Ó×ŸÖ´Ö ºþ¯Ö ¤êüŸÖê ÃÖ´ÖµÖ µÖÆüß ´Öã§üÖ ¾Öî¬ÖÖ×− Ö�ú »Öê�ÖÖ ¯Ö¸üß�Ö�ú «üÖ¸üÖ ˆšüÖµÖÖ �ÖµÖÖ £ÖÖ. ¸êü×¾Ö× −Ö×»Ö ¯ÖÏ²ÖÓ¬Ö −Ö «üÖ¸üÖ ¯ÖÏÖ¯ŸÖ ´ÖŸÖ �êú † −ÖãÃÖÖ¸ü, �ú¸ü ¤üÖ×µÖŸÖÖ �úÖ ³ÖÖ¸ü �ÖÏÆü�Ö ¤êüµÖ − ÖÆüà Æîü. ¾ÖŸÖÔ´ÖÖ −Ö ¯ÖÏÖ¯ŸÖ ´ÖŸÖ �êú † −ÖãÃÖÖ¸ü, ¬ÖÖ¸üÖ 801 �ú �êúú †ÓŸÖ�ÖÔŸÖ �ú™üÖîŸÖß �Óú¯Ö −Öß �úÖê ¤êüµÖ Æîü †Öî¸ü ‡ÃÖ×»Ö‹ �Óú¯Ö −Öß − Öê ŸÖ¤Ëü −ÖãÃÖÖ¸ü »Öê�ÖÖë �úÖê †Ó×ŸÖ´Ö ºþ¯Ö ¤êü ×¤üµÖÖ Æîü.(¯ÖÏ�ú™ü)

7 ¯Öî¸üÖ (vii) �úÖ¯ÖÖì¸êü™ü �úÖµÖÖÔ»ÖµÖ ³Ö¾Ö− Ö �úÖ ×�ú¸üÖµÖÖ Æü›Ëü�úÖê ÃÖê ¯ÖÏÖ¯ŸÖ ¯ÖÏÃŸÖÖ¾Ö �êú †Ö¬ÖÖ¸ü ¯Ö¸ü †¤üÖ ×�úµÖÖ •ÖÖ ¸üÆüÖ Æîü, ×•ÖÃÖê ¸êü×¾Ö× −Ö×»Ö «üÖ¸üÖ Ã¾Öß�úÖ¸ü �ú¸ü ×»ÖµÖÖ �ÖµÖÖ Æîü. ‡ÃÖ ÃÖÓ²ÖÓ¬Ö ´Öë ¸êü×¾Ö× −Ö×»Ö ŸÖ£ÖÖ Æü›Ëü�úÖê �êú ²Öß“Ö �úÖê‡Ô ×¾Ö¾ÖÖ¤ü − ÖÆüà Æîü. ‡ÃÖ ×¾ÖÂÖµÖ ´Öë †Öî¯Ö“ÖÖ×¸ü�ú ¯Ö¼üÖ �ú¸üÖ¸ü �ú¸−ü Öê �êú ×»Ö‹ ¸êü×¾Ö× −Ö×»Ö Æü›Ëü�úÖê ÃÖê † −Öã¸üÖê¬Ö �ú¸ü ¸üÆüÖ Æîü.

× −Ö¤êü¿Ö�ú ´ÖÓ›ü»Ö �êú ×»Ö‹ ‹¾ÖÓ ˆ −Ö�úß †Öê¸ü ÃÖê,

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− Ö‡Ô ×¤ü»»Öß,×¤ü −ÖÖÓ�ú : 07.08.2008


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Addendum to Directors’ Report(Management Replies to Comments in Auditors’ Report)

S.No. Reference to Auditors’ Main Report Para No.

Management Reply

1 Para f (i) Letters to debtors and creditors had been dispatched twice for confi rmation of balance directly to the address of the Statutory Auditors. In some cases response is still awaited.

2 Para f (ii) FA&CAOs of all Zonal Railways had been requested to confi rm the balances of RVNL of that Railway as on 31.03.2008. In some cases response is still awaited.

3 Para f (iii) As envisaged in the MOU between Ministry of Railways and RVNL dated 16.10.2003 the ownership of assets “created by RVNL would vest in it until it transfer to Zonal Railways on mutually agreed terms. However, ownership of the land and other assets belonging to Zonal Railways and lease to RVNL on terms to be mutually agreed upon would continue to be with the Railways.” However, vide Railway Board’s letter dated 24.4.2006 Railway Board later advised that “after physical completion of a project by RVNL, the asset should be straightaway transferred to the concerned Zonal Railway who will add the value of the created assets in the block account.” As such, in the circumstances, the need to enter into a lease agreement with Railways will not arise. Accordingly, no provision has been made in the Accounts and this fact has been disclosed in the Notes to the Accounts.

4 Para f (iv) In terms of Railway Board’s orders certain projects which were already under implementation at the time of transfer, were transferred to RVNL for only the balance scope of work. Accordingly, expenditure incurred before transfer i.e. March 2003 is not required to be taken into Accounts by RVNL.

5 Para f (v) As per the letter of Ministry of Railway dated 24.4.2006 No.2004/W-1/RVNL/15, “It has been decided that after physical completion of a project by RVNL, the asset should be straight away transferred to the concerned Zonal Railway who will add the value of the created asset in their block account.” RVNL has approached Railway Board to issue necessary instructions as to the modalities to be followed for transfer of projects to the Zonal Railways.

6 Para f (vi) The same issue had been raised by the Statutory Auditor while fi nalizing the accounts for the previous year. As per opinions obtained by RVNL Management, the incurrence of the tax liability is not due. As per present opinion received the deduction under Section 80 I A is admissible to the Company and, therefore, the company has fi nalized the accounts accordingly. (Disclosed)

7 Para (vii) The rent for the Corporate Offi ce building is being paid on the basis of offer received from HUDCO which in turn has been accepted by RVNL. There has been no dispute in this regard between RVNL and HUDCO. RVNL has been requesting HUDCO to enter into a formal lease agreement in this regard.


(D.C.Mitra) (Harish Chandra) Managing Director Director/FinanceNew DelhiDated : 07.08.2008

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Æü´Ö µÖÆü ˆ»»Öê�Ö �ú¸üŸÖê Æïü ×�ú �Óú¯Ö −Öß �êú ×¸ü�úÖ›Ôü �êú †− ÖãÃÖÖ¸ü ×¯Ö”û»Öê ¾ÖÂÖÔ �êú ¤üÖî¸üÖ −Ö �Óú¯Ö −Öß �êú ×�Ö»ÖÖ±ú ×�úÃÖß ³Öß × −Ö¾Öê¿Ö�ú �úß �úÖê‡Ô ×¿Ö�úÖµÖŸÖ − ÖÆüà Æîü. Æü´Ö µÖÆü ³Öß ×™ü¯¯Ö�Öß �ú¸üŸÖê Æïü ×�ú ‹êÃÖÖ †− Öã�ú¸ü�Ö − Ö ŸÖÖê �Óú¯Ö −Öß �úß ³ÖÖ¾Öß ¾µÖ¾ÖÆüÖµÖÔŸÖÖ �úÖ †ÖÀ¾ÖÖÃÖ− Ö Æîü †Öî¸ü − Ö Æüß �úÖµÖÔ�ãú¿Ö»ÖŸÖÖ †Öî¸ü ¯ÖÏ³ÖÖ¾Ö¿Öß»ÖŸÖÖ �úÖ ×•ÖÃÖ�êú ÃÖÖ£Ö ¯ÖÏ²ÖÓ¬Ö −Ö − Öê �Óú¯Ö −Öß �êú �úÖµÖÖí �úÖ ÃÖÓ“ÖÖ»Ö −Ö ×�úµÖÖ Æîü.

Æü´ÖÖ¸êü ×¾Ö“ÖÖ¸ü ÃÖê ŸÖ£ÖÖ •ÖÆüÖÓ ŸÖ�ú Æü´Öë •ÖÖ −Ö�úÖ¸üß Æîü †Öî¸ü Æü´ÖÖ¸êü «üÖ¸üÖ �úß �Ö‡Ô ÃÖ´Öß�ÖÖ �êú †Ö¬ÖÖ¸ü ¯Ö¸ü ŸÖ£ÖÖ Æü´Öë ˆ¯Ö»Ö²¬Ö �ú¸üÖ‡Ô �Ö‡Ô ÃÖæ“Ö −ÖÖ †Öî¸ü Ã¯ÖÂ™üß�ú¸ü�ÖÖë �êú †− ÖãÃÖÖ¸ü, Æü´Ö µÖÆü ¯ÖÏ´ÖÖ×�ÖŸÖ �ú¸üŸÖê Æïü ×�ú �úÖ¯ÖÖì¸êü™ü �Ö¾Ö− ÖíÃÖ �úß †×− Ö¾ÖÖµÖÔ †¯Öê�ÖÖ†Öë �úÖ �Óú¯Ö −Öß − Öê Æü¸ü ¯ÖÏ�úÖ¸ü ÃÖê † −Öã¯ÖÖ»Ö −Ö ×�úµÖÖ Æîü.

×¾Ö− ÖÖê¤ü � ãú´ÖÖ¸ü ‹Ó›ü ‹ÃÖÖê×ÃÖ‹™ËüÃÖ � êú ×»Ö‹ � Óú¯Ö −Öß ÃÖ×“Ö¾Ö

×¾Ö− ÖÖê¤ü � ãú´ÖÖ¸ü ÃÖß.¯Öß. 5740

×¤ü −ÖÖÓ�ú : 07.08.2008Ã£ÖÖ −Ö : ×¤ü»»Öß

×¾Ö− ÖÖê¤ü � ãú´ÖÖ¸ü ‹Ó›ü ‹ÃÖÖê×ÃÖ‹™ËüÃÖ �Óú¯Ö −Öß ÃÖ×“Ö¾ÖÃÖß/23, ×«üŸÖßµÖ ŸÖ»Ö, − µÖã ¸üÖêÆüŸÖ�úú¸üÖê›ü, �ú¸üÖê»Ö²ÖÖ�Ö, − Ö‡Ô ×¤ü»»Öß-110005 ´ÖÖê. − ÖÓ. 9212477250, 9313977250, 9212677250, 09215377250


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CERTIFICATE OF COMPLIANCE WITH THE CONDITIONS OF CORPORATE GOVERNANCE

ToThe Members ofRAIL VIKAS NIGAM LIMITEDNew Delhi

In respect of the compliance of the conditions of Corporate Governance for the year ended 31st March, 2008, by RAIL VIKAS NIGAM LIMITED, a Government Company under section 617 of the Companies Act, 1956, as stipulated in the company’s code on corporate governance.

We have studied the Report on Corporate Governance of the said Company as approved by its Board of Directors. We have also examined the relevant records and documents maintained by the Company and furnished to us for our review in this regard.

The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was limited to a review of procedures and implementation thereof adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the fi nancial statement of the Company.

We state that there has been no investor grievance during the year against the Company as per the records maintained by the Company. We further comment that such compliance is neither an assurance as to the future viability of the Company nor the effi ciency or effectiveness with which the Management has conducted the affairs of the Company.

In our opinion and to the best of our information and on the basis of our review and according to the information and explanations given to us, we certify that the Company has complied with the mandatory requirements of Corporate Governance as stipulated in Company’s code of corporate governance in all material respects.

For Vinod Kumar & AssociatesCompany Secretaries

Date : 07-08-2008 Vinod KumarPlace : Delhi C.P. 5740

VINOD KUMAR & ASSOCIATESCOMPANY SECRETARIESC/23, SECOND FLOOR, NEW ROHTAK ROAD, KAROL BAGH, NEW DELHI - 110005CELL NO. 9212477250, 9313977250, 9212677250, 09215377250

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µÖÆü ¾ÖÆü ŸÖã»Ö −Ö ¯Ö¡Ö Æîü, ×•ÖÃÖ�úÖ Æü´ÖÖ¸üß ÃÖ´ÖÃÖÓ�µÖ�ú ×¤ü− ÖÖÓ�ú �úß ‰ú¯Ö¸ü ÃÖÓ¤üÙ³ÖŸÖ †− ÖãÃÖæ×“ÖµÖÖÓ ŸÖã»Ö −Ö ¯Ö¡Ö �úÖ †×³Ö®Ö †Ó�Ö Æïü.×¸ü¯ÖÖê™Ôü ´Öë Æü¾ÖÖ»ÖÖ ×¤üµÖÖ �ÖµÖÖ Æîü †ºþ�Ö ØÃÖÆü ‹Ó›ü � Óú¯Ö −Öß ²ÖÖê›Ôü �úß †Öê¸ü ÃÖê“ÖÖ™ìü›ü »Öê�ÖÖ�úÖ¸ü ¸üÖ•Öß¾Ö ØÃÖÆü ›üß.ÃÖß. ×´Ö¡ÖÖ Æü¸üß¿Ö “Ö− ¦üÖ³ÖÖ�Öß¤üÖ¸ü ¯ÖÏ²ÖÓ¬Ö × −Ö¤êü¿Ö�ú × −Ö¤êü¿Ö�ú ×¾Ö¢Ö‹´Ö. ÃÖÓ. ‹±ú 93735 Ã£ÖÖ −Ö: − Ö‡Ô ×¤ü»»Öß ×¤ü −ÖÖÓ�ú: 07.08.2008 ÃÖã´Ö −Ö �úÖ»Ö¸üÖ �Óú¯Ö −Öß ÃÖ×“Ö¾Ö

31.3.2008 ŸÖ�ú �úÖ ŸÖã»Ö− Ö ¯Ö¡Ö

†− ÖãÃÖæ“Öß 31.3.2008 �úÖê 31.3.2007 �úÖê »ÖÖ�Ö ¹ý. »ÖÖ�Ö ¹ý. »ÖÖ�Ö ¹ý. »ÖÖ�Ö ¹ý.

×− Ö×¬ÖµÖÖë � êú ÄÖÖêŸÖ¿ÖêµÖ¸ü¬ÖÖ¸ü�úÖë �úß ×− Ö×¬ÖµÖÖÓ ¿ÖêµÖ¸ü ¯ÖæÓ•Öß 1 201502.01 115002.01

†Ö¾ÖÓ™ü −Ö �êú ×»Ö‹ »ÖÓ×²ÖŸÖ ¿ÖêµÖ¸ü †Ö¾Öê¤ü −Ö ¸üÖ×¿Ö 7000.00 208502.01 51500.00 166502.01

†Ö¸ü×�ÖŸÖ ‹¾ÖÓ †×¬Ö¿ÖêÂÖ × −Ö×¬ÖµÖÖÓ 2 3508.30 1250.34

Šú�Ö ×− Ö×¬ÖµÖÖÓ †¯ÖÏÖ¯ŸÖ Šú�Ö 3 237500.00 143800.00

•ÖÖê›Íü 449,510.31 311552.35

×− Ö×¬ÖµÖÖë �úÖ †Ö¾Öê¤ü −Ö×− Ö¬ÖÖÔ×¸üŸÖ ¯Ö×¸üÃÖÓ¯Ö×¢ÖµÖÖÓ ÃÖ�ú»Ö ²»ÖÖò�ú 712.81 504.79

‘Ö™üÖ‹Ó: ´Öæ»µÖÈüÖÃÖ/Šú�Ö “Öã�úÖî×ŸÖ 383.78 208.00

¿Öã¨ü ²»ÖÖò�ú 4 329.03 296.79

×− Ö¾Öê¿Ö 5 18917.50 10007.50

†ÖÃ£Ö×�ÖŸÖ �ú¸ü ¯Ö×¸üÃÖÓ¯Ö×¢Ö 50.85

¾ÖŸÖÔ´ÖÖ −Ö ¯Ö×¸üÃÖÓ¯ÖÛ¢ÖµÖÖÓ, Šú�Ö ŸÖ£ÖÖ †×�ÖÏ´Ö ¯Ö×¸üµÖÖê•Ö −ÖÖ �úÖµÖÔ ¯ÖÏ�Ö×ŸÖ ¯Ö¸ü 6 364899.41 235652.90

•ÖÖê›Íü: ¯Ö×¸üµÖÖê•Ö −ÖÖ ¾µÖµÖ �êú ×»Ö‹ †×�ÖÏ´Ö 38518.46 21718.14 403417.87 257371.04

− Ö�ú¤üß ‹¾ÖÓ ²Öï�ú ´Öë •Ö´ÖÖ ¸üÖ×¿Ö 7 41008.14 52494.50

×¾Ö×¾Ö¬Ö �ú•ÖÔ¤üÖ¸ü 8 3385.42 6002.36

Šú�Ö ‹¾ÖÓ †×�ÖÏ´Ö 9 18108.80 7970.07465920.23 323837.97

‘Ö™üÖ‹Ó: ¾ÖŸÖÔ´ÖÖ− Ö ¤üÖ×µÖŸÖÖ‹Ó ‹¾ÖÓ ¯ÖÏÖ¾Ö¬ÖÖ −Ö ¤üÖ×µÖŸÖÖ‹Ó 10 34019.78 22262.37

¯ÖÏÖ¾Ö¬ÖÖ− Ö 11 1788.80 479.4735808.58 22741.84

¿Öã¨ü ¾ÖŸÖÔ´ÖÖ −Ö ¯Ö×¸üÃÖÓ¯Ö×¢ÖµÖÖÓ 430111.65 301096.13

×¾Ö×¾Ö¬Ö ¾µÖµÖ(‡ÃÖ ´ÖÖ¡ÖÖ ŸÖ�ú �úß ¸üÖ×¿Ö �úÖê ´ÖÖ±ú µÖÖ ÃÖ´ÖÖµÖÖê×•ÖŸÖ − ÖÆüà ×�úµÖÖ �ÖµÖÖ)

12 101.28 151.93

•ÖÖê›Íü 449510.31 311552.35

´ÖÆüŸ¾Ö¯Öæ�ÖÔ »Öê�ÖÖ −Öß×ŸÖµÖÖÓ 17

»Öê�ÖÖë ¯Ö¸ü ×™ü¯¯Ö�Öß 18


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Sch As at March 31, 2008

As at March 31, 2007

Rs. lakh Rs. lakh Rs. lakh Rs. lakh SOURCES OF FUNDSShareholders’ Funds

Share Capital 1 201502.01 115002.01 Share Application money pending allotment 7000.00 208502.01 51500.00 166502.01 Reserves and Surplus 2 3508.30 1250.34

Loan FundsUnsecured Loans 3 237500.00 143800.00

TOTAL 449,510.31 311552.35 APPLICATION OF FUNDSFixed Assets

Gross Block 712.81 504.79 Less: Depreciation/amortisation-to-date 383.78 208.00 Net Block 4 329.03 296.79

Investments 5 18917.50 10007.50 Deferred Tax Asset 50.85 Current Assets, Loans and Advances

Project Work-in-Progress 6 364899.41 235652.90 Add: Advances for Project Expenditure 38518.46 21718.14

403417.87 257371.04Cash and Bank Balances 7 41008.14 52494.50Sundry Debtors 8 3385.42 6002.36Loans and Advances 9 18108.80 7970.07

465920.23 323837.97Less: Current Liabilities and Provisions

Liabilities 10 34019.78 22262.37Provisions 11 1788.80 479.47

35808.58 22741.84Net Current Assets 430111.65 301096.13Miscellaneous Expenditure 12 101.28 151.93(To the extent not written off or adjusted)TOTAL 449510.31 311552.35Signifi cant Accounting Policies 17Notes to the Accounts 18

Balance Sheet as at March 31st, 2008

This is the Balance Sheet referred to in our The schedules referred to above form an integralreport of even date part of the Balance Sheet

Arun Singh & Company ON BEHALF OF THE BOARDChartered Accountants

Rajiv Singh D. C. Mitra Harish ChandraPartner Managing Director Director FinanceM.No. F93735

Place : New Delhi Suman KalraDate : 07-08-2008 Company Secretary

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31.3.2008 �úÖê ÃÖ´ÖÖ¯ŸÖ ¾ÖÂÖÔËÓ � êú ×»Ö‹ »ÖÖ³Ö ‹¾ÖÓ ÆüÖ× −Ö »Öê�ÖÖ†− ÖãÃÖæ“Öß ¾ÖŸÖÔ´ÖÖ −Ö ¾ÖÂÖÔ ×¯Ö”û»ÖÖ ¾ÖÂÖÔ

»ÖÖ�Ö ¹ý. »ÖÖ�Ö ¹ý. »ÖÖ�Ö ¹ý. »ÖÖ�Ö ¹ý.†Ö´Ö¤ü −Öß™−ü ÖÔ†Öê¾Ö¸ü - ¯ÖÏ�Ö×ŸÖ¿Öß»Ö × −Ö´ÖÖÔ�Ö �úÖµÖÖí ÃÖê (¯Ö×¸üµÖÖê•Ö− ÖÖ ×�ÎúµÖÖ�ú»ÖÖ¯Ö) 13 142311.46 98525.67²µÖÖ•Ö ÃÖê †Ö´Ö¤ü −Öß- ²Öï�ú -ÃÖ�ú»Ö (ÄÖÖêŸÖ ÃÖê �ú¸ü �ú™üÖîŸÖß (™üß›üß‹ÃÖ) 4,55,94,655, ×¯Ö”û»Öê ¾ÖÂÖÔ. 2,23,90,462 ¹ý.)

1966.84 1165.86

- † −µÖ 360.99 214.51× −Ö×¾Ö¤üÖ ¯ÖÏ×�ÎúµÖÖ ¿Öã»�ú 18.02 31.25†− µÖ †Ö´Ö¤−ü Öß 6.81 2.86

385.82 248.62‘Ö™üÖ‹Ó : ¯Öæ¾ÖÔ †¾Ö×¬Ö ÃÖ´ÖÖµÖÖê•Ö −Ö (ÃÖÓ‘Ö™ü −Ö †×�ÖÏ´Ö ¯Ö¸ü ²µÖÖ•Ö) 0.00 93.71

385.82 154.91‘Ö™üÖ‹Ó: × −Ö´ÖÖÔ�Ö †¾Ö×¬Ö �êú ¤üÖî¸üÖ −Ö †Ö�úÛÃ´Ö�ú ¾µÖµÖ �úÖê Ã£ÖÖ −ÖÖÓŸÖ×¸üŸÖ- †− ÖãÃÖæ“Öß 6 385.82 0.00 154.91 0.00

144278.30 99691.53¾µÖµÖ:×− Ö´ÖÖÔ�Ö ‹¾ÖÓ ¯Ö×¸üµÖÖê•Ö −ÖÖ ÃÖÓ²ÖÓ¬Öß �úÖµÖÔ �ú»ÖÖ¯ÖÖë ¯Ö¸ü ¯ÖÏŸµÖ�Ö ¾µÖµÖ 14 139600.38 97871.31ÃÖ�ú»Ö »ÖÖ³Ö 4677.92 1820.22†¯ÖÏŸµÖ�Ö ¾µÖµÖ�ú´ÖÔ“ÖÖ×¸üµÖÖë �úÖ ¯ÖÖ×¸üÁÖ×´Ö�ú ‹¾ÖÓ ×ÆüŸÖ 15 144.85 16.12¯ÖÏ¿ÖÖÃÖ× −Ö�ú ¾µÖµÖ 16 497.98 159.67´Öæ»µÖÈüÖÃÖ 177.73 207.34‘Ö™üÖ‹Ó: × −Ö´ÖÖÔ�Ö †¾Ö×¬Ö �êú ¤üÖî¸üÖ− Ö †Ö�úÛÃ´Ö�ú ¾µÖµÖ �úÖê Ã£ÖÖ −ÖÖÓŸÖ×¸üŸÖ-†− ÖãÃÖæ“Öß - 6 127.54 50.19 138.23 69.11

²Ö¼êü �ÖÖŸÖê ´Öë ›üÖ»Öê �Ö‹ ¯ÖÏÖ¸Óü×³Ö�ú �Ö“Öì 50.65 50.65²µÖÖ•Ö: ³ÖÖ¸üŸÖßµÖ ¸êü»Ö ×¾Ö¢Ö × −Ö�Ö´Ö �úÖê ¤êüµÖ 9972.64 5421.72‘Ö™üÖ‹Ó: ¸êü»Ö ´ÖÓ¡ÖÖ»ÖµÖ ÃÖê ¾ÖÃÖæ»Ö −ÖßµÖ 9972.64 0.00 5421.72 0.00

743.67 295.55¾ÖÂÖÔ � êú ¤üÖî¸üÖ −Ö �ú¸ü ¯Öæ¾ÖÔ »ÖÖ³Ö 3934.25 1524.67 - †ÖµÖ�ú¸ü ¾ÖŸÖÔ´ÖÖ −Ö 1126.60 398.00 †ÖÃ£Ö×�ÖŸÖ �ú¸ü •Ö´ÖÖ -50.85 0.00 ×¯Ö”û»Öê ¾ÖÂÖÖí ´Öë 9.80 0.00

1085.55 398.00 -ÃÖß´ÖÖÓŸÖ »ÖÖ³Ö �ú¸ü 21.92 15.19‘Ö™üÖ‹Ó: × −Ö´ÖÖÔ�Ö †¾Ö×¬Ö �êú ¤üÖî¸üÖ −Ö †Ö�úÛÃ´Ö�ú ¾µÖµÖ �úÖê Ã£ÖÖ −ÖÖÓŸÖ×¸üŸÖ-†− ÖãÃÖæ“Öß - 6 16.16 5.76 15.19 0.00

1091.31 398.00�ú¸ü ¯Ö¿“ÖÖŸÖ »ÖÖ³Ö 2842.94 1126.67•ÖÖê›Íêü: ×¯Ö”û»Öê ¾ÖÂÖÔËÓ �úÖ †�ÖÏê×ÂÖŸÖ ¿ÖêÂÖ 1250.34 123.67×¾Ö× −ÖµÖÖê�Ö �êú ×»Ö‹ ˆ¯Ö»Ö²¬Ö »ÖÖ³Ö 4093.28 1250.34ÃÖÖ´ÖÖ −µÖ †Ö¸ü×�ÖŸÖ × −Ö×¬Ö ´Öë Ã£ÖÖ− ÖÖÓŸÖ×¸üŸÖ �úÖê ‘Ö™üÖ‹Ó 500.00 0.00×¾ÖŸÖ¸ü�Ö �êú ×»Ö‹ ˆ¯Ö»Ö²¬Ö »ÖÖ³Ö 3593.28 1250.34¯ÖÏÃŸÖÖ×¾ÖŸÖ »ÖÖ³ÖÖÓ¿Ö 500.00 0.00»ÖÖ³ÖÖÓ¿Ö ¯Ö¸ü †×ŸÖ×¸üŒŸÖ �ú¸ü 84.98 0.00†×¬Ö¿ÖêÂÖ »ÖÖ³Ö ×•ÖÃÖê ¾ÖÂÖÔ �êú ¤üÖî¸üÖ −Ö †Ö¸ü×�ÖŸÖ ‹¾ÖÓ †×¬Ö¿ÖËîêÂÖ ×− Ö×¬Ö ´Öë †�ÖÏê×ÂÖŸÖ ×�úµÖÖ �ÖµÖÖ 3008.30 1250.34

´Öæ»Ö ‡Ô¯Öß‹ÃÖ 0.21 0.12

µÖÆü ¾ÖÆü »ÖÖ³Ö ‹¾ÖÓ ÆüÖ× −Ö »Öê�ÖÖ Æîü, ×•ÖÃÖ�úÖ Æü´ÖÖ¸üß ÃÖ´ÖÃÖÓ�µÖ�ú ×¤ü −ÖÖÓ�ú �úß ‰ú¯Ö¸ü ÃÖÓ¤üÙ³ÖŸÖ †− ÖãÃÖæ×“ÖµÖÖÓ »ÖÖ³Ö ‹¾ÖÓ ÆüÖ×− Ö »Öê�ÖÖ �úÖ †×³Ö®Ö †Ó�Ö Æïü×¸ü¯ÖÖê™Ôü ´Öë Æü¾ÖÖ»ÖÖ ×¤üµÖÖ �ÖµÖÖ Æîü †ºþ�Ö ØÃÖÆü ‹Ó›ü � Óú¯Ö− Öß ²ÖÖê›Ôü �úß †Öê¸ü ÃÖê“ÖÖ™ìü›ü »Öê�ÖÖ�úÖ¸ü ¸üÖ•Öß¾Ö ØÃÖÆü ›üß.ÃÖß. ×´Ö¡ÖÖ Æü¸üß¿Ö “Ö− ¦üÖ³ÖÖ�Öß¤üÖ¸ü ¯ÖÏ²ÖÓ¬Ö × −Ö¤êü¿Ö�ú × −Ö¤êü¿Ö�ú ×¾Ö¢Ö‹´Ö. ÃÖÓ. ‹±ú 93735 Ã£ÖÖ −Ö: − Ö‡Ô ×¤ü»»Öß ×¤ü− ÖÖÓ�ú: 07.08.2008 ÃÖã´Ö −Ö �úÖ»Ö¸üÖ �Óú¯Ö −Öß ÃÖ×“Ö¾Ö


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Sch Current Year Previous Year Rs. lakh Rs. lakh Rs. lakh Rs. lakh

INCOMETurnover- From construction work in progress (project activity) 13 142311.46 98525.67Interest Income - Banks - Gross (TDS deducted Rs 4,55,94,655, Previous Year Rs. 2,23,90,462) 1966.84 1165.86- Others 360.99 214.51Tender Processing Fees 18.02 31.25Other Income 6.81 2.86

385.82 248.62Less: Prior Period Adjustment (Interest on Mobilization Advance) 0.00 93.71

385.82 154.91Less : Transferred to Incidental Expenditure during construction period - Schedule - 6 385.82 0.00 154.91 0.00

144278.30 99691.53EXPENDITURE:Direct expenses on construction and project related activity 14 139600.38 97871.31GROSS PROFIT 4677.92 1820.22INDIRECT EXPENDITUREEmployees’ Remuneration and Benefi ts 15 144.85 16.12Administrative Expenses 16 497.98 159.67Depreciation 177.73 207.34Less : Transferred to Incidental Expenditure during construction period - Schedule - 6 127.54 50.19 138.23 69.11Preliminary Expenses Written off 50.65 50.65Interest - Payable to Indian Railway Finance Corporation 9972.64 5421.72Less: Recoverable from Ministry of Railway 9972.64 0.00 5421.72 0.00

743.67 295.55Profi t for the year before tax 3934.25 1524.67

- Income TaxCurrent 1126.60 398.00Deferred Tax credit -50.85 0.00Earlier years 9.80 0.00

1085.55 398.00- Fringe Benefi t Tax 21.92 15.19

Less : Transferred to Incidental Expenditure during construction period - Schedule - 6 16.16 5.76 15.19 0.00

1091.31 398.00 Profi t After Tax 2842.94 1126.67Add: Balance b/fd from previous year 1250.34 123.67Profi t Available for Appropriation 4093.28 1250.34Less Transfer to General Reserve 500.00 0.00Profi t Available for Distribution 3593.28 1250.34Proposed Dividend 500.00 0.00Additional Tax on Dividend 84.98 0.00Surplus Profi t carried forward during the year to Reserve & Surplus 3008.30 1250.34Basic EPS 0.21 0.12 Signifi cant accounting policies 17Notes to the accounts 18

Profi t & Loss Account for the Year Ended March 31st, 2008

This is the Profi t & Loss Account referred to in our The schedules referred to above form an integralreport of even date part of the Profti & Loss Account




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31 ´ÖÖ“ÖÔ, 2008 �úÖê ÃÖ´ÖÖ¯ŸÖ ¾ÖÂÖÔËÓ � êú ×»Ö‹ »Öê�ÖÖ ¯Ö¸üß×�ÖŸÖ − Ö�ú¤üß ¯ÖÏ¾ÖÖÆü �úÖ ×¾Ö¾Ö¸ü�Ö�Îú.ÃÖÓ. ×¾Ö¾Ö¸ü�Ö 2007-2008

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•ÖÖê›Íêü : ×− Ö´− Ö×»Ö×�ÖŸÖ �êú ×»Ö‹ ÃÖ´ÖÖµÖÖê•Ö −Ö �ú¸ëü:´Öæ»µÖÈüÖÃÖ 50.19 69.11

²µÖÖ•Ö ÃÖê †ÖµÖ (1966.84) (1165.86)

²Ö¼êü �ÖÖŸÖê ´Öë ›üÖ»Öê �Ö‹ ¯ÖÏÖ¸Óü×³Ö�ú �Ö“Öì 50.65 50.65

× −Ö´ÖÖÔ�Ö ¯ÖæÓ•Öß ´Öë ¯Ö×¸ü¾ÖŸÖÔ −Ö ÃÖê ¯Öæ¾ÖÔ ¯Ö×¸ü“ÖÖ»Ö× −Ö�ú »ÖÖ³Ö 2068.25 478.57

× −Ö´ÖÖÔ�Ö ¯ÖæÓ•Öß ´Öë ¯Ö×¸ü¾ÖŸÖÔ −Ö � êú ×»Ö‹ ÃÖ´ÖÖµÖÖê•Ö −Ö:† −µÖ ¯ÖÏÖÛ¯ŸÖµÖÖë ´Öë (¾Öé×¨ü) (153568.62) (116,332.57)

¾ÖŸÖÔ´ÖÖ− Ö ¤üÖ×µÖŸÖÖ†Öë ´Öë ¾Öé×¨ü 11757.41 14,345.41

¯ÖÏÖ¾Ö¬ÖÖ− Ö ´Öë ¾Öé×¨ü 1309.33 230.91

†ÖÃ£Ö×�ÖŸÖ �ú¸ü ¤üÖ×µÖŸÖÖ ´Öë (�ú´Öß) (50.85) 0.00

¯Ö×¸ü“ÖÖ»Ö −Ö ÃÖê ˆŸÃÖÙ•ÖŸÖ − Ö�ú¤üß (138484.48) (101,277.68)

³Öã�ÖŸÖÖ −Ö ×�ú‹ �Ö‹/¯ÖÏÖ¯ŸÖ ¯ÖÏŸµÖ�Ö �ú¸ü (™üß›üß‹ÃÖ �úÖ ¿Öã¨ü) (1091.31) (398.00)

¯Ö×¸ü“ÖÖ»Ö −Ö ÃÖê − Ö�ú¤üß ¯ÖÏ¾ÖÖÆü (�ú) (139575.79) (139575.79) (101675.68) (101675.68)

2 × −Ö¾Öê¿Ö �Ö×ŸÖ×¾Ö×¬ÖµÖÖë ÃÖê − Ö�ú¤üß :-× −Ö¬ÖÖÔ×¸üŸÖ ¯Ö×¸üÃÖÓ¯Ö×¢ÖµÖÖë �úß �Ö¸üß¤ü (82.43) (87.65)

²µÖÖ•Ö ÃÖê †Ö´Ö¤ü −Öß (¸üÖ•ÖÃ¾Ö) 1966.84 1165.86

× −Ö¾Öê¿Ö �Ö×ŸÖ×¾Ö×¬ÖµÖÖë ÃÖê ˆŸÃÖÙ•ÖŸÖ/ (´Öë ¯ÖÏµÖãŒŸÖ) ¿Öã¨ü −Ö�ú¤üß (�Ö) 1884.41 1884.41 1078.21 1078.21 3 ×¾Ö¢ÖßµÖ �Ö×ŸÖ×¾Ö×¬ÖµÖÖë ÃÖê − Ö�ú¤üß ¯ÖÏ¾ÖÖÆü :-

0.00

¿ÖêµÖ¸ü ¯ÖæÓ•Öß (¿ÖêµÖ¸ü †Ö¾Öê¤ü −Ö ¸üÖ×¿Ö ÃÖ×ÆüŸÖ •ÖÖ¸üß �ú¸ü Öê ÃÖê ¯ÖÏÖÛ¯ŸÖµÖÖÓ) 42000.00 51500.00

¤üß‘ÖÖÔ¾Ö×¬Ö Šú�ÖÖë ÃÖê ¯ÖÏÖÛ¯ŸÖµÖÖÓ 93700.00 92000.00

ˆ− Ö ¯Ö¸ü ¯ÖÏÃŸÖÖ×¾ÖŸÖ »ÖÖ³ÖÖÓ¿Ö ‹¾ÖÓ �ú¸ü (584.98)

× −Ö¾Öê¿Ö (8910.00)

×¾Ö¢ÖßµÖ �Ö×ŸÖ×¾Ö×¬ÖµÖÖë ÃÖê ˆŸÃÖÙ•ÖŸÖ/ (´Öë ¯ÖÏµÖãŒŸÖ) ¿Öã¨ü − Ö�ú¤üß (�Ö) 126205.02 126205.02 143500.00 143500.00 −Ö�ú¤üß ‹¾ÖÓ −Ö�ú¤üß ÃÖ´ÖŸÖã»µÖ ´Öë ¿Öã¨ü ¾Öé×¨ü/�ú´Öß (�ú+�Ö+�Ö) (11486.36) 42902.53 ¾ÖÂÖÔ � êú †Ö¸Óü³Ö ´Öë −Ö�ú¤üß ‹¾ÖÓ − Ö�ú¤üß ÃÖ´ÖŸÖã»µÖ 52494.50 9591.97 ¾ÖÂÖÔ �úß ÃÖ´ÖÖÛ¯ŸÖ ¯Ö¸ü − Ö�ú¤üß ‹¾ÖÓ − Ö�ú¤üß ÃÖ´ÖŸÖã»µÖ 41008.14 52494.50 − Ö�ú¤üß ‹¾ÖÓ − Ö�ú¤üß ÃÖ´ÖŸÖã»µÖ ´Öë ¯Ö×¸ü¾ÖŸÖÔ −Ö 11486.36 (42902.53) − Ö�ú¤üß ‹¾ÖÓ “Öî�ú ‡− Ö Æïü›ü ÃÖ×ÆüŸÖ − Ö�ú¤üß ‹¾ÖÓ − Ö�ú¤üß ÃÖ´ÖŸÖã»µÖ 3.16 15.23 †×¬ÖÃÖæ×“ÖŸÖ ²Öï�úÖë ´Öë ¿ÖêÂÖ “ÖÖ»Öæ �ÖÖŸÖê ´Öë 6004.98 236.84 ÃÖÖ¾Ö×¬Ö �ÖÖŸÖê ´Öë 35000.00 52242.43

×™ü¯¯Ö�Öß :ˆŒŸÖ −Ö�ú¤üß ¯ÖÏ¾ÖÖÆü ×¾Ö¾Ö¸ü�Ö ³ÖÖ¸üŸÖßµÖ “ÖÖ™ìü›ü »Öê�ÖÖ�úÖ¸ü ÃÖÓÃ£ÖÖ −Ö «üÖ¸üÖ •ÖÖ¸üß ‹‹ÃÖ-3 ´Öë × −Ö¬ÖÖÔ×¸üŸÖ †¯ÖÏŸµÖ�Ö ×¾Ö×¬Ö �êú † ŸÖ�ÖÔŸÖ ŸÖîµÖÖ¸ü ×�úµÖÖ �ÖµÖÖ Æîü.- ×¯Ö”û»Öê ¾ÖÂÖÔ �êú †ÖÓ�ú›ÍüÖë �úÖê, •ÖÆüÖÓ �úÆüà †Ö¾Ö¿µÖ�ú £ÖÖ, ¯Öã −ÖÃÖÔ´Öæ×ÆüŸÖ ŸÖ£ÖÖ ¯Öã −Ö¾µÖÔ¾µÖÛÃ£ÖŸÖ ×�úµÖÖ �ÖµÖÖ.


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S. N.

PARTICULARS 2007-2008 2006-2007 Amount

Rs. lakh Amount

Rs. lakh Amount

Rs. lakh Amount

Rs. lakh 1 Cash Flow from Operating Activities

Net profi t before taxation, and extraordinary items 3934.25 1524.67 Add: Adjustment for :Depreciation 50.19 69.11 Interest Income (1966.84) (1165.86)Preliminary expenses written off 50.65 50.65 Operating profi t before Working Capital changes 2068.25 478.57 Adjustments for changes in Working Capital:(Increase) in other receivables (153568.62) (116332.57)Increase in current liabilities 11757.41 14345.11Increase in Provision 1309.33 230.91(Decrease) in Deferred Tax liability (50.85) 0.00Cash Generated from Operations (138484.48) (101277.68)Direct Taxes paid/Received (Net of TDS) (1091.31) (398.00)Cash fl ow from Operations (A) (139575.79) (139575.79) (101675.68) (101675.68)

2 Cash from Investment Activities :-Purchase of Fixed assets (82.43) (87.65)Interest income (Revenue) 1966.84 1165.86 Net Cash generated from / (used in)Investing activities (B) 1884.41 1884.41 1078.21 1078.21

3 Cash fl ow from Financing Activities :-Proceeds from issuance of share capital (including share application money)

42000.00 51500.00

Proceeds from long term borrowings 93700.00 92000.00 Proposed Dividend and tax thereon (584.98)Investment (8910.00)Net Cash generated from / (used in)Financing activities (C) 126205.02 126205.02 143500.00 143500.00 Net Increase/(Decrease) in cash &cash equivalent (A+B+C) (11486.36) 42902.53 Cash & Cash equivalent at the beginning of the year 52494.50 9591.97 Cash & Cash equivalent at the closing of the year 41008.14 52494.50 Change in Cash & Cash equivalent 11486.36 (42902.53)Cash and Cash equivalents comprise

Cash and Cheques in Hand 3.16 15.23 Balance with Scheduled Banks

On Current Account 6004.98 236.84 On term Deposit Account 35000.00 52242.43

Audited Cash Flow Statement for the Year Ended March 31st, 2008

Notes :The above Cash fl ow statement has been prepared under the indirect method setout in AS-3 issued by The Institute of Chartered Accountants of India.- Previous year’s fi gures have been regrouped and rearranged, wherever necessary.

This is the Cash Flow Statement referred to in ourreport of even date




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31.3.2008 ÛúÖê 31.3. 2007 ÛúÖê

»ÖÖÜÖ ºþ. »ÖÖÜÖ ºþ. »ÖÖÜÖ ºþ. »ÖÖÜÖ ºþ.

†®ÖãÃÖæ“Öß 1¯ÖæÓ•ÖßÝÖŸÖ ¿ÖêµÖ¸ü

¯ÖÏÖ×¬ÖÛéúŸÖ ¯ÖæÓ•Öß

10 ¹ý. ´Öæ»µÖ Ûêú 3,000,000,000 (×¯Ö”û»Öê ¾ÖÂÖÔ 3,00,00,00,000) ‡×Œ¾Ö™üß ¿ÖêµÖ¸ü 300000.00 300000.00

•ÖÖ¸üß, •Ö´ÖÖ †Öî¸ü “ÖãÛúŸÖÖ ¯ÖæÓ•Öß

10 ¹ý. ´Öæ»µÖ Ûêú 198,76,70,000 (×¯Ö”û»Öê ¾ÖÂÖÔ 112,26,70,000) ¯ÖæÞÖÔ “ÖãÛúŸÖÖ

¿ÖêµÖ¸ü

198767.00 112267.00

®ÖÝÖ¤üß Ûêú †×ŸÖ×¸üŒŸÖ ×¾Ö“ÖÖ¸ü ÆêüŸÖã •ÖÖ¸üß 2,73,50,100 (×¯Ö”û»Öê ¾ÖÂÖÔ 2,73,50,100) ‡×Œ¾Ö™üß ¿ÖêµÖ¸ü

2735.01 2735.01

•ÖÖê›Íü 201502.01 115002.01

†®ÖãÃÖæ“Öß 2†Ö¸ü×õÖŸÖ †Öî¸ü †×¬Ö¿ÖêÂÖ

ÃÖÖ´ÖÖ®µÖ †Ö¸ü×õÖŸÖ ¬Ö®Ö¸üÖ×¿Ö 500.00

»ÖÖ³Ö ‹¾ÖÓ ÆüÖ×®Ö »ÖêÜÖÖ

×¯Ö”û»Öê/ŸÖã»Ö®Ö ¯Ö¡Ö Ûêú †®ÖãÃÖÖ¸ü 1250.34 123.67

¾ÖÂÖÔ Ûêú ¤üÖî¸üÖ®Ö-»ÖÖ³Ö 1757.96 3008.30 1126.67 1250.34

•ÖÖê›Íü 3508.30 1250.34

†®ÖãÃÖæ“Öß 3¯ÖÏ×ŸÖ³Öæ×ŸÖ¸ü×ÆüŸÖ ŠúÞÖ

†®µÖ ŠúÞÖ †Öî¸ü †×ÝÖÏ´Ö-†®µÖ *

¯ÖÏÖ¸ü×´³ÖÛú †×¬Ö¿ÖêÂÖ 143800.00 51800.00

¾ÖÂÖÔ Ûêú ¤üÖî¸üÖ®Ö †Öî¸ü ×ÛúÃÖß ÜÖ“ÖÔ ÛúÖ ÆüÖê®ÖÖ 93700.00 92000.00

†®ŸÖ¿ÖêÂÖ 237500.00 143800.00

•ÖÖê›Íü 237500.00 143800.00

*¸êü»Ö ´ÖÓ¡ÖÖ»ÖµÖ ÃÖê ¯ÖÏÖ¯ŸÖ ŠúÞÖ ÃÖ×ÆüŸÖ 1167 Ûú¸üÖê›Íü ¹ý. (×¯Ö”û»Öê ¾ÖÂÖÔ - 470 Ûú¸üÖê›Íü ¹ý.)]

31.3.2008 ŸÖÛú Ûêú ŸÖã»Ö®Ö ¯Ö¡Ö ÛúÖ ±úÖÚ´ÖÝÖ ¯ÖÖ™Ôü †Öî¸ü ÃÖÓ»ÖÝ®Ö †®ÖãÃÖæ“Öß


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As at March31, 2008

As at March31, 2007

Rs. lakh Rs. lakh Rs. lakh Rs. lakh

SCHEDULE 1SHARE CAPITALAuthorized capital3,00,00,00,000 (previous year 3,000,000,000) equity shares of Rs 10/- each 300000.00 300000.00Issued, subscribed and paid up capital198,76,70,000 (Previous year 112,26,70,000) equity shares of Rs 10/- each fully paid up

198767.00 112267.00

2,73,50,100 (Previous year 2,73,50,100) equity shares issued for consideration other than cash

2735.01 2735.01

TOTAL 201502.01 115002.01

SCHEDULE 2RESERVES AND SURPLUSGeneral Reserve 500.00Profi t & Loss AccountAs Per last Balance Sheet 1250.34 123.67---Profi t for the year 1757.96 3008.30 1126.67 1250.34TOTAL 3508.30 1250.34

SCHEDULE 3UNSECURED LOANSOther Loans and Advances - Others*Opening Balance 143800.00 51800.00Addition during the year 93700.00 92000.00Closing balance 237500.00 143800.00TOTAL 237500.00 143800.00* including Loan from Ministry of Railway Rs. 1167 crore (Previous Year - 470 crore)]

Schedules Attached to and forming part of Balance Sheet as at March 31st, 2008

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¯Ö×¸üÃÖÓ¯Ö×¢ÖµÖÖë ÛúÖ ²»ÖÖòÛú ÃÖÛú»Ö ²»ÖÖòÛú ´Öæ»µÖ ÈüÖÃÖ ®Öê™ü ²»ÖÖòÛú

31.3.2007 ŸÖÛú Ûúß »ÖÖÝÖŸÖ

¾ÖÂÖÔ Ûêú ¤üÖî¸üÖ®Ö Æãü‡Ô ²ÖœÍüÖêŸÖ¸üß

¾ÖÂÖÔ Ûêú ¤üÖî¸üÖ®Ö ×¾Ö»ÖÖê¯Ö®Ö/

ÃÖ´ÖÖµÖÖê•Ö®Ö

31.3.2008 ŸÖÛúúÛúß »ÖÖÝÖŸÖ

31.3.2007 ŸÖÛúúÛúß »ÖÖÝÖŸÖ

¾ÖÂÖÔ Ûêú ¤üÖî¸üÖ®Ö ´Öæ»µÖÈüÖÃÖ*

×²ÖÛÎúß/ÃÖ´ÖÖµÖÖê•Ö®ÖÖë ÛúÖ

´Öæ»µÖÈüÖÃÖ

31.3.2008 ŸÖÛú

31.3.2008 ÛúÖê 31.3.2007 ÛúÖê

»ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë

Ûú šüÖêÃÖ ¯Ö×¸üÃÖÓ¯Ö×¢Ö

¯Ö¼êü ´Öë ÃÖã¬ÖÖ¸ü 99.39 56.54 0.00 155.93 19.33 45.92 0.00 65.25 90.68 80.06

±ú®Öá“Ö¸ü ‹¾ÖÓ ×±úŒ“Ö¸ü 99.74 29.76 0.08 129.42 40.63 25.51 0.02 66.12 63.30 59.11

ÛÓú¯µÖæ™ü¸ü 200.95 41.50 1.20 241.25 112.19 67.15 1.14 178.20 63.05 88.76

ÛúÖµÖÖÔ»ÖµÖ ˆ¯ÖÛú¸üÞÖ 96.15 65.05 1.44 159.76 31.01 31.91 0.79 62.13 97.63 65.14

ÜÖ †×ŸÖÃÖæõÖ´Ö ¯Ö×¸üÃÖÓ¯Ö×¢Ö

ÃÖÖ°™ü¾ÖêµÖ¸ü 8.56 17.89 0.00 26.45 4.84 7.24 0.00 12.08 14.37 3.72

•ÖÖê›Íü 504.79 210.74 2.72 712.81 208.00 177.73 1.95 383.78 329.03 296.79

×¯Ö”û»Öê ¾ÖÂÖÔ 370.72 226.08 92.01 504.79 92.47 207.34 91.82 208.00 296.79


†®ÖãÃÖæ“Öß :4†“Ö»Ö ¯Ö×¸üÃÖÓ¯Ö×¢Ö

31.3.2008 ÛúÖê 31.3. 2007 ÛúÖê

»ÖÖÜÖ ºþ. »ÖÖÜÖ ºþ. »ÖÖÜÖ ºþ. »ÖÖÜÖ ºþ.

†®ÖãÃÖæ“Öß 5

×®Ö¾Öê¿Ö

¤üß‘ÖÖÔ¾Ö×¬Ö ™Òêü›ü ×®Ö¾Öê¿Ö-†®ÖÛúÖê™êü›ü »ÖÖÝÖŸÖ

ÃÖÓÃ£ÖÖ×¯ÖŸÖ ÃÖÓµÖãŒŸÖ ˆª´ÖÖë ´Öë ¯ÖæÞÖÔ “ÖãÛúŸÖÖ ‡×Œ¾Ö™üß ¿ÖêµÖ¸ü

Ûú“”û ¸êü»Ö¾Öê ÛÓú¯Ö®Öß ×»Ö×´Ö™êü›ü ´Öë 10 ¹ý. ´Öæ»µÖ Ûêú ¯ÖÏŸµÖêÛú 10,00,00,000 (×¯Ö”û»Öê ¾ÖÂÖÔ- 10,00,00,000) ‡×Œ¾Ö™üß ¿ÖêµÖ¸ü

10000.00 10000.00

Æü×¸ü¤üÖÃÖ¯Öã¸ü ¯ÖÖ¸üÖ¤üß¯Ö ¸êü»Ö¾Öê ÛÓú¯Ö®Öß ×»Ö. ´Öë 10 ¹ý. ´Öæ»µÖ Ûêú ¯ÖÏŸµÖêÛú 25,000

(×¯Ö”û»Öê ¾ÖÂÖÔ- 25,000) ¯ÖæÞÖÔ “ÖãÛúŸÖÖ ‡×Œ¾Ö™üß

2.50 2.50

ÛéúÂÞÖ¯Ö¢Ö®Ö´Ö ¸êü»Ö¾Öê ÛÓú¯Ö®Öß ×»Ö. ´Öë 10 ¹ý. ´Öæ»µÖ Ûêú ¯ÖÏŸµÖêÛú 25,000


2.50 2.50

³Öºþ“Ö ¤üÖÆêü•Ö ¸êü»Ö¾Öê ÛÓú¯Ö®Öß ×»Ö. ´Öë 10 ¹ý. ´Öæ»µÖ ¯ÖÏŸµÖêÛú 25,000


2.50 2.50

†Ö¾ÖÓ™ü®Ö Ûêú ×»Ö‹ »ÖÓ×²ÖŸÖ ¿ÖêµÖ¸ü †Ö¾Öê¤ü®Ö ¬Ö®Ö¸üÖ×¿Ö*:

ÛéúÂÞÖ¯Ö¢Ö®Ö´Ö ¸êü»Ö¾Öê ÛÓú¯Ö®Öß ×»Ö×´Ö™êü›ü 2250.00 0.00

-Æü×¸ü¤üÖÃÖ¯Öã¸ü ¯ÖÖ¸üÖ¤üß¯Ö ¸êü»Ö¾Öê ÛÓú¯Ö®Öß ×»Ö. 6660.00 8910.00 0.00 0.00

•ÖÖê›Íü 18917.50 10007.50

* ¿ÖêµÖ¸ü ´Ö®Öß ÛúÖ»ÃÖ Ûêú ×»Ö‹ 125.50 Ûú¸üÖê›Íü ¹ý. (×¯Ö”û»Öê ¾ÖÂÖÔÓ-¿Öæ®µÖ) Ûúß ÃÖã¯Öã¤ÔüÝÖß ¸üÖ×¿Ö †³Öß ¯ÖÏÖ¯ŸÖ Ûúß •ÖÖ®Öß Æîü.


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BLOCK OF ASSETS GROSS BLOCK DEPRECIATION NET BLOCK

Cost up to March 31,

2007

Additions during the

year

Deletions / adjustments

during the year

Cost up to March 31,

2008

Up to March

31, 2007

Depreciation during the

year*

Depreciation on sale /

adjustments

Up to March 31,

2008



Rs. lakh Rs. lakh Rs. lakh Rs. lakh Rs. lakh Rs. lakh Rs. lakh Rs. lakh Rs. lakh Rs. lakh

A. Tangible AssetsLease hold improvements 99.39 56.54 0.00 155.93 19.33 45.92 0.00 65.25 90.68 80.06 Furniture and fi xtures 99.74 29.76 0.08 129.42 40.63 25.51 0.02 66.12 63.30 59.11 Computers 200.95 41.50 1.20 241.25 112.19 67.15 1.14 178.20 63.05 88.76 Offi ce equipments 96.15 65.05 1.44 159.76 31.01 31.91 0.79 62.13 97.63 65.14

B. Intangible AssetsSoftwares 8.56 17.89 0.00 26.45 4.84 7.24 0.00 12.08 14.37 3.72

TOTAL 504.79 210.74 2.72 712.81 208.00 177.73 1.95 383.78 329.03 296.79 Previous year 370.72 226.08 92.01 504.79 92.47 207.34 91.82 208.00 296.79 * change in rates and method of depreciation/amortisation has resulted in additional depreciation of Rs. 25375 provided for earlier years.

Schedules Attached to and forming part of Balance Sheet as at March 31st, 2008SCHEDULE 4FIXED ASSETS

As at March31, 2008

As at March31, 2007


SCHEDULE 5INVESTMENTSLong term trade investment - unquoted at cost Fully paid equity shares in incorporated joint ventures10,00,00,000 (Previous Year - 10,00,00,000) Equity Shares of Rs. 10 each fully paid - Equity in Kutch Railway Company Limited

10000.00 10000.00

25,000 (Previous Year - 25,000) Equity Shares of Rs. 10 each fully paid - Equity in Haridaspur Paradip Railway Company Limited

2.50 2.50

25,000 (Previous Year - 25,000) Equity Shares of Rs. 10 each fully paid - Equity in Krishnapatnam Railway Company Limited

2.50 2.50

25,000 (Previous Year - 25,000) Equity Shares of Rs. 10 each fully paid - Equity in Bharuch Dahej Railway Company Limited

2.50 2.50

Share application money pending allotment*:-Krishnapatnam Railway Company Limited 2250.00 0.00-Haridaspur Paradip Railway Company Limited 6660.00 8910.00 0.00 0.00TOTAL 18917.50 10007.50* Amount committed towards share money calls to be received: Rs. 125.50 crores (Previous Year Rs. Nil)

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31.3. 2008 ÛúÖê 31.3. 2007 ÛúÖê »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë

†®ÖãÃÖæ“Öß 6“ÖÖ»Öæ ¯Ö×¸üµÖÖê•Ö®ÖÖ ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ1 ×ÃÖ×¾Ö»Ö ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ

×²ÖÎ•Ö 54303.64 28191.74 ÛúÖµÖÔ Ã£Ö»Ö ¯Ö¸ü Ã™üÖê¸ü ÛúÖ ×®Ö´ÖÖÔÞÖ 34045.41 12182.75 ¯ÖÏÖ¸Óü×³ÖÛú ¯Ö×¸üµÖÖê•Ö®ÖÖ ¾µÖµÖ 2851.03 2415.35 ˆ¯ÖÃÛú¸ü, ÃÖÓµÖÓ¡Ö †Öî¸ü ´Ö¿Öß®Ö¸üß 4692.36 3563.46 ¯Öî¤ü»Ö ‰ú¯Ö¸üß ¯Öã»Ö 894.77 519.47 ×®Ö´ÖÖÔÞÖ/²Ö®ÖÖ¾Ö™ü 25269.53 14232.21 ³Öæ×´Ö 6212.08 4679.05 ¸êü»Ö¯Ö£Ö (¯Ö¸ü´ÖÖ®Öë™ü ¾Öê) 152548.94 98309.82 ×¤ü®Ö ´Öë Æãü‹ ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ Ûúß ¤ü¸ü ÃÖæ“Öß 8.36 1.59 ×¿Ö¸üÖê¯Ö×¸ü/³Öæ×´ÖÝÖŸÖ ÃÖ´Ö¯ÖÖ¸ü ÛúÖ Ã£ÖÖ®ÖÖÓŸÖ¸üÞÖ 422.84 100.03 Ã™êü¿Ö®Ö Ûúß ‡´ÖÖ¸üŸÖë 12621.95 7059.80

293870.91 171255.27 2 ×ÃÖÝÖ®Ö»Ö ‹¾ÖÓ ¤æü¸üÃÖÓ“ÖÖ¸ü ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ

×¾ÖÃŸÖéŸÖ ×›ü•ÖÖ‡®Ö †Öî¸ü ‡Ó•Öß×®ÖµÖ¸üß 176.37 ×ÃÖÝÖ®Ö»Ö ¾µÖ¾ÖÃ£ÖÖ 18700.59 13251.18 ¤æü¸üÃÖÓ“ÖÖ¸ü ¾µÖ¾ÖÃ£ÖÖ 2670.25 2490.54 ×ÃÖÝÖ®Ö»Ö ‹¾ÖÓ ¤æü¸üÃÖÓ“ÖÖ¸ü ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ 11633.06 33180.27 4043.35 19785.07

3 ×¾ÖªãŸÖ ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ‡´ÖÖ¸üŸÖÖë ÛúÖ ×¾ÖªãŸÖßÛú¸üÞÖ 8340.58 1912.72 ÃÖ²Ö-Ã™êü¿Ö®Ö †Öî¸ü †®µÖ ˆ¯ÖÃÛú¸ü 3439.80 2929.05 ×¿Ö¸üÖê¯Ö×¸ü ×¾ÖªãŸÖ ˆ¯ÖÃÛú¸ü 17736.92 29517.30 13841.86 18683.63

4 ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ †¾Ö×¬Ö Ûêú ¤üÖî¸üÖ®Ö †ÖÛú×Ã´ÖÛú ¾µÖµÖ¯ÖÏÖ¸Óü×³ÖÛú ¸üÖêÛúÞÖ 3509.29 608.62 •ÖÖê›Íü: †ÓŸÖ¸üÞÖÛú´ÖÔ“ÖÖ×¸üµÖÖë Ûêú ¯ÖÖ×¸üÁÖ×´ÖÛú †Öî¸ü »ÖÖ³Ö (†®ÖãÃÖæ“Öß 15) 651.82 523.05 ¯ÖÏ¿ÖÖÃÖ×®ÖÛú ¾µÖµÖ (†®ÖãÃÖæ“Öß 16) 3482.23 2379.11 ´Öæ»µÖÈüÖÃÖ (»ÖÖ³Ö ‹¾ÖÓ ÆüÖ×®Ö »ÖêÜÖÖ) 127.54 138.23 Ûú¸ü (™îüŒÃÖ) ¾µÖµÖ (»ÖÖ³Ö ‹¾ÖÓ ÆüÖ×®Ö »ÖêÜÖÖ) 16.16 15.19

7787.04 3664.20 ‘Ö™üÖ‹Ó:†Ù•ÖŸÖ †ÖµÖ -»ÖÖ³Ö ‹¾ÖÓ ‘ÖÖ™üÖ »ÖêÜÖê ÛúÖ †ÓŸÖ¸ÞÖ 385.82 154.91 Ûãú»Ö ¯Ö×¸üµÖÖê•Ö®ÖÖ ¾µÖµÖ Ûúß ŸÖã»Ö®ÖÖ ´Öë ¯ÖÏŸµÖêÛú ¯Ö×¸üµÖÖê•Ö®ÖÖ ¯Ö¸ü Æãü‹ ×®Ö´ÖÖÔÞÖ ¾µÖµÖ Ûêú

†Ö¬ÖÖ¸ü ¯Ö¸ü ¯Ö×¸üµÖÖê•Ö®ÖÖ†Öë ÛúÖê ÃÖÓ×¾Ö³ÖÖ×•ÖŸÖ Ûú¸ü®ÖÖ.

7401.22 3509.29

5 †®µÖ»ÖÓ×²ÖŸÖ †Ö¾ÖÓ™ü®Ö ¾µÖµÖ 11169.05 27310.70 ¿Öã¨ü ¯Ö×¸üµÖÖê•Ö®ÖÖ ü×ÛÏúµÖÖ®¾ÖµÖ®Ö †ÖµÖ 2247.42 1119.11

377386.17 241663.07 ‘Ö™üÖ‹Ó : •Ö´ÖÖ ´Öë ÃÖê ×®Ö´ÖãÔŒŸÖ ÃÖÖ´ÖÝÖÏß 9.97 7.81 †®ÖãÃÖæ“Öß 14 ´Öë Ã£ÖÖ®ÖÖÓŸÖ×¸üŸÖ ×¾Ö×¿ÖÂ™ü ¯ÖÏµÖÖê•Ö®Ö ˆª´Ö (‹ÃÖ¯Öß¾Öß) ¯Ö¸ü Æãü‹ ¾µÖµÖ ÛúÖê

‘Ö™üÖ‹Ó

12476.79 6002.36

•ÖÖê›Íü 364899.41 235652.90



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Rs. lakh Rs. lakh Rs. lakh Rs. lakh SCHEDULE 6PROJECT WORK IN PROGRESS1 Civil Works

Bridges 54303.64 28191.74 Construction Stores at site 34045.41 12182.75 Preliminary project expenditure 2851.03 2415.35 Equipments, plants and machinery 4692.36 3563.46 Foot Over Bridge 894.77 519.47 Formation 25269.53 14232.21 Land 6212.08 4679.05 Permanent way 152548.94 98309.82 Schedule of Day Works rates 8.36 1.59 Shifting of overhead / underground crossing 422.84 100.03 Station buildings 12621.95 7059.80

293870.91 171255.27 2 S & T Works

Detail Design & Engineering 176.37 Signaling arrangement 18700.59 13251.18 Telecommunication Arrangements 2670.25 2490.54 Signaling & Telecom Works 11633.06 33180.27 4043.35 19785.07

3 Electrical WorksElectrifi cation of building 8340.58 1912.72 Sub-station and other equipments 3439.80 2929.05 Overhead electric equipment 17736.92 29517.30 13841.86 18683.63

4 Incidental Expenditure During Construction PeriodOpening balance 3509.29 608.62 Add: transferred fromEmployees’ remuneration and benefi ts (Schedule 15) 651.82 523.05 Administrative expenses (Schedule 16) 3482.23 2379.11 Depreciation (Profi t & Loss Account) 127.54 138.23 Tax expenses (Profi t & Loss Account) 16.16 15.19

7787.04 3664.20 Less: Income earned - transferred from Profi t & Loss Account 385.82 154.91 Apportioned to Projects in the ratio of spending on individual projects to total project expenditure

7401.22 3509.29

5 OthersExpenditure Pending Allocation 11169.05 27310.70 Net Project Execution Income 2247.42 1119.11

377386.17 241663.07 Less: Credit from release material 9.97 7.81 Less: to date expenditure incurred on SPVs transferred to Schecule 14

12476.79 6002.36

TOTAL 364899.41 235652.90


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31.3. 2008 ÛúÖê 31.3. 2007 ÛúÖê

»ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë

†®ÖãÃÖæ“Öß 7Ûîú¿Ö †Öî¸ü ²ÖïÛú ¿ÖêÂÖ

1. ®ÖÝÖ¤üß ¿ÖêÂÖ

Ûîú¿Ö †Öî¸ü “ÖîÛú ‡®Ö Æïü›ü 0.05 11.76

†ÝÖÏ¤üÖµÖ »ÖêÜÖÖ 3.11 3.47

3.16 15.23

2. †×¬ÖÃÖæ×“ÖŸÖ ²ÖïÛúÖë ´Öë ¿ÖêÂÖ ¸üÖ×¿Ö

“ÖÖ»Öæ »ÖêÜÖÖ ´Öë 6004.98 236.84

ÃÖÖ¾Ö×¬Ö •Ö´ÖÖ ´Öë 35000.00 52242.43

41004.98 52479.27

•ÖÖê›Íü (Ûú) 41008.14 52494.50

†®ÖãÃÖæ“Öß 8×¾Ö×¾Ö¬Ö ŠúÞÖß (×¾Ö×¿ÖÂ™ü ¯ÖÏµÖÖê×•ÖŸÖ ˆª´Ö)

”û: ´ÖÖÆü ÃÖê •µÖÖ¤üÖ 31.86 0.00

†®µÖ 3353.56 6002.36

3385.42 6002.36

†®ÖãÃÖæ“Öß 9ŠúÞÖ ‹¾ÖÓ †×ÝÖÏ´Ö

(†¯ÖÏÖ¯µÖ †“”ûÖ ´ÖÖ®ÖÖ •ÖÖŸÖÖ Æîü)

®ÖÝÖ¤ü †£Ö¾ÖÖ ×ÛúÃÖß †®µÖ ¯ÖÏÛúÖ¸ü ÃÖê ¾ÖÃÖæ»Öß •ÖÖ®Öê ¾ÖÖ»Öß †×ÝÖÏ´Ö ¬Ö®Ö¸üÖ×¿Ö

¸êü»Ö ´ÖÓ¡ÖÖ»ÖµÖ ÃÖê ¾ÖÃÖæ»Öß •ÖÖ®Öê ¾ÖÖ»Öß ¸üÖ×¿Ö (²µÖÖ•Ö ‹¾ÖÓ ÃÖÓÃÖÖ¬Ö®Ö ¿Öã»Ûú) 16485.74 6513.10

ÃÖÖ¾Ö×¬Ö •Ö´ÖÖ †Öî¸ü ÃÖÓÃÖÖ¬Ö®ÖÖë ÃÖê ¯ÖÏÖ¯ŸÖ ²µÖÖ•Ö 200.59 559.57

¯ÖÏ×ŸÖ³ÖËîæ×ŸÖ •Ö´ÖÖ ¸üÖ×¿Ö 243.38 214.74

†×ÝÖÏ´Ö Ûú¸ü †Öî¸ü Ûãú»Ö •Ö´ÖÖ ¸üÖ×¿Ö/¬Ö®Ö¸üÖ×¿Ö ¯Ö¸ü Ûú¸ü Ûú™üÖîŸÖß 703.56 350.96

†®µÖ 475.53 331.70

•ÖÖê›Íü (²Öß) 18108.80 7970.07

†×ÝÖÏ´Ö ×•ÖÃÖ´Öë ×®Ö´®Ö×»Ö×ÜÖŸÖ ÛúÖê ¤êüµÖ ¸üÖ×¿Ö ÃÖ×´´Ö×»ÖŸÖ Æîü

(i) ÛÓú¯Ö®Öß Ûêú ×®Ö¤êü¿ÖÛú 0.57 1.28

[¾ÖÂÖÔ Ûêú ¤üÖî¸üÖ®Ö †×¬ÖÛúŸÖ´Ö ¤êüµÖ 1.28 »ÖÖÜÖ ¹ý. (×¯Ö”û»Öê ¾ÖÂÖÔ 1.89 »ÖÖÜÖ ¹ý.)]



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As at March31, 2008

As at March31, 2007

Rs. lakh Rs. lakh Rs. lakh Rs. lakh SCHEDULE 7CASH AND BANK BALANCES1. Cash balances

Cash and cheques in hand 0.05 11.76Imprest accounts 3.11 3.47

3.16 15.232. Balance with scheduled banks

On Current Account 6004.98 236.84On Fixed Deposit 35000.00 52242.43

41004.98 52479.27TOTAL (A) 41008.14 52494.50

SCHEDULE 8SUNDRY DEBTORS (SPVs)More than six months 31.86 0.00Others 3353.56 6002.36

3385.42 6002.36

SCHEDULE 9LOANS AND ADVANCES(Unsecured, considered good)Advances recoverable in cash or in kind or for value to be receivedRecoverable from Ministry of Railways (Interest & processing fee)

16485.74 6513.10

Interest accrued on fi xed deposits and mobilisation advances 200.59 559.57Security deposit 243.38 214.74Advance Tax and Tax deducted at source 703.56 350.96Others 475.53 331.70TOTAL (B) 18108.80 7970.07Advances include amounts due by (i) Directors of the Company 0.57 1.28

[Maximum due during the year Rs. 1.28 lakh (Previous Year Rs 1.89 lakh)]


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†®ÖãÃÖæ“Öß 10“ÖÖ»Öæ ¤üÖ×µÖŸÖÖ

×¾Ö×¾Ö¬Ö ŠúÞÖ¤üÖŸÖÖ*

”ûÖê™êü †ÖîªÖê×ÝÖÛú ˆ¯ÖÛÎú´ÖÖë Ûêú †»ÖÖ¾ÖÖ †®µÖ ŠúÞÖ¤üÖŸÖÖ†Öë ÛúÖ

¤êüµÖ Ûãú»Ö ²ÖÛúÖµÖÖ ¸üÖ×¿Ö

5553.50 7128.68

¯Öê¿ÖÝÖß ¬Ö®Ö †Öî¸ü ¯ÖÏ×ŸÖ³Öæ×ŸÖ •Ö´ÖÖ ¬Ö®Ö¸üÖ×¿Ö 4683.68 1742.71

†®µÖ ¤üÖ×µÖŸÖÖ/¤êüµÖŸÖÖ 738.01 569.25

²ÖãÛú †Öê¾Ö¸ü›ÒüÖ°™ü** 1597.89 3431.17

ÝÖÏÖÆüÛúÖë Ûêú ×›ü¯ÖÖê×•Ö™ü ÃÖê ¯ÖÏÖ¯ŸÖ †×ÝÖÏ´Ö ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ (†®µÖ) 4960.96 2877.46

¯ÖÏÖ¯ŸÖ ²µÖÖ•Ö ØÛúŸÖã ŠúÞÖ ¯Ö¸ü †¤êüµÖ 16385.74 6413.10

³ÖÖ¸üŸÖßµÖ ¸êü»Ö ×¾Ö¢Ö ×®ÖÝÖ´Ö ÃÖê ×»Ö‹ ÝÖ‹ ŠúÞÖ ¯Ö¸ü ³ÖãÝÖŸÖÖ®Ö ×Ûú‹ •ÖÖ®Öê ¾ÖÖ»ÖÖ ÃÖÓÃÖÖ¬Ö®Ö ¿Öã»Ûú

100.00 100.00

•ÖÖê›Íü 34019.78 22262.37

*‹êÃÖÖ ÛúÖê‡Ô ”ûÖê™üÖ ˆ¯ÖÛÎú´Ö ®ÖÆüà Æîü ×•ÖÃÖÃÖê ÛÓú¯Ö®Öß ®Öê 1 »ÖÖÜÖ ¹ý. µÖÖ ‡ÃÖÃÖê †×¬ÖÛú Ûúß ¸üÛú´Ö ¯ÖÏÖ¯ŸÖ Ûúß ÆüÖê †Öî¸ü 30 ×¤ü®Ö ÃÖê †×¬ÖÛú †¾Ö×¬Ö ŸÖÛú ²ÖÛúÖµÖÖ ³ÖãÝÖŸÖÖ®Ö »ÖÓ×²ÖŸÖ ÆüÖê.

**“ÖÖ»Öæ »ÖêÜÖÖë ´Öë ¿ÖêÂÖ ¬Ö®Ö¸üÖ×¿Ö ÛúÖ ™üÖ‡´Ö ×›ü¯ÖÖê×•Ö™ü ÃÖê ÃÖÓ²Ö¨ü ÆüÖê®Öê Ûêú ÛúÖ¸üÞÖ ²ÖãÛú †Öê¾Ö¸ü›ÒüÖ°™ü ÆüÖêê ÝÖµÖÖ ŒµÖÖë×Ûú •ÖÖ¸üß ×Ûú‹ ÝÖ‹ “ÖêÛúÖë ´Öë ÃÖê 55,06,85,639 (×¯Ö”û»Öê ¾ÖÂÖÔ 39,21,56,336 ¹ý.) Ûêú “ÖêÛúÖë ÛúÖê ³ÖãÝÖŸÖÖ®Ö ÆêüŸÖã ¯ÖÏÃŸÖãŸÖ Æüß ®ÖÆüà ×Ûú‹ ÝÖ‹.

†®ÖãÃÖæ“Öß 11¯ÖÏÖ¾Ö¬ÖÖ®Ö

ÃÖê¾ÖÖ×®Ö¾Öé×¢Ö »ÖÖ³Ö ÆêüŸÖã ¯ÖÏÖ¾Ö¬ÖÖ®Ö

¯ÖÏÖ¸Óü×³ÖÛú ¸üÖêÛúÞÖ 1.19 0.82

•ÖÖê›Íü: ¾ÖÂÖÔ Ûêú ¤üÖî¸üÖ®Ö ¾Öé×¨ü 0.98 0.85

‘Ö™üÖ‹Ó: ¾ÖÖÃŸÖ×¾ÖÛú ´Öæ»µÖÖÓÛú®Ö Ûêú †®ÖãÃÖÖ¸ü ×¸ü™êü®Ö ²ÖîÛú 0.48 1.69 0.48 1.19

Ûú¸ü ÛúÖ ¯ÖÏÖ¾Ö¬ÖÖ®Ö 1153.38 398.48

»ÖÖ³ÖÖÓ¿Ö ÛúÖ ³ÖãÝÖŸÖÖ®Ö 500.00

‡ŸÖ¸ü ÃÖê¾ÖÖ†Öë Ûêú ×»Ö‹ †Ó¿Ö¤üÖ®Ö ÛúÖ ¯ÖÏÖ¾Ö¬ÖÖ®Ö

¯ÖÏÖ¸Óü×³ÖÛú ¸üÖêÛúÞÖ 79.80 45.52

•ÖÖê›Íü: ¾ÖÂÖÔ Ûêú ¤üÖî¸üÖ®Ö ¾Öé×¨ü 122.06 79.00

‘Ö™üÖ‹Ó: ¾ÖÖÃŸÖ×¾ÖÛú ´Öæ»µÖÖÓÛú®Ö Ûêú †®ÖãÃÖÖ¸ü ×¸ü™êü®Ö ²ÖîÛú 68.13 133.73 44.72 79.80

•ÖÖê›Íü 1788.80 479.47

†®ÖãÃÖæ“Öß 12×¾Ö×¾Ö¬Ö ¾µÖµÖ

×¯Ö”û»Öê ŸÖã»Ö®Ö ¯Ö¡Ö Ûêú †®ÖãÃÖÖ¸ü ¿ÖêÂÖ ¸üÖ×¿Ö 151.93 202.58

‘Ö™üÖ‹Ó: ¾ÖÂÖÔ Ûêú ¤üÖî¸üÖ®Ö Ûãú»Ö ÆüÖ×®Ö 50.65 101.28 50.65 151.93

101.28 151.93



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As at March31, 2007

Rs. lakh Rs. lakh Rs. lakh Rs. lakh SCHEDULE 10CURRENT LIABILITIESSundry Creditors*

Total outstanding dues of creditors other than small scale industrial undertakings

5553.50 7128.68

Earnest money and security deposit 4683.68 1742.71Other liabilities 738.01 569.25Book Overdraft** 1597.89 3431.17Advance received from Customers against deposit work (others) 4960.96 2877.46Interest accrued but not due on loans 16385.74 6413.10Processing fees payable on loan from IRFC 100.00 100.00TOTAL 34019.78 22262.37*There are no small scale undertakings to which the Company owe Rs. 1 lakh or more, which are outstanding for more than 30 days.**Balance in current accounts linked with time deposits have resulted in book overdraft due to cheques issued but not presented amounting to Rs.55,06,85,639 (Previous year Rs. 39,21,56,336)

SCHEDULE 11PROVISIONSProvision for retirement benefi tsOpening Balance 1.19 0.82Add: Additions during the year 0.98 0.85Less: Written Back as per actuarial valuation 0.48 1.69 0.48 1.19Provision for tax 1153.38 398.48Dividend Payable 500.00Provision for foreign service contributionOpening Balance 79.80 45.52Add: Additions during the year 122.06 79.00Less: Written Back/Utilization during the year 68.13 133.73 44.72 79.80TOTAL 1788.80 479.47

SCHEDULE 12MISCELLANEOUS EXPENDITUREBalance as per last balance sheet 151.93 202.58Less: Written off during the year 50.65 101.28 50.65 151.93

101.28 151.93


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31.3. 2008 ÛúÖê 31.3. 2007 ÛúÖê



“ÖÖ»Öæ ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ ÛúÖ ™ü®ÖÔ†Öê¾Ö¸ü (¯Ö×¸üµÖÖê•Ö®ÖÖ ÛúÖµÖÔÛú»ÖÖ¯Ö)

- ‹®Ö†Ö¸ü¾Öß¾ÖÖ‡Ô (¸êü»Ö ´ÖÓ¡ÖÖ»ÖµÖ) Ûêú ŸÖÆüŸÖ ¯Ö×¸üµÖÖê•Ö®ÖÖ‹Ó 129246.51 90759.35

- ×›ü¯ÖÖê×•Ö™ü ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ ÃÖê - ‹ÃÖ¯Öß¾Öß ÆêüŸÖã ¯Ö×¸üµÖÖê•Ö®ÖÖ‹Ó 7608.45 6002.36

- ×›ü¯ÖÖê×•Ö™ü ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ ÃÖê - †®µÖ Ûêú ×»Ö‹ ¯Ö×¸üµÖÖê•Ö®ÖÖ‹Ó 5456.50 1763.96

142311.46 98525.67


¯Ö×¸üµÖÖê•Ö®ÖÖ ÃÖÓ²ÖÓ¬ÖËÓß ÛúÖµÖÖí †Öî¸ü ×®Ö´ÖÖÔÞÖ ¯Ö¸ü Æãü†Ö ¯ÖÏŸµÖõÖ ¾µÖµÖ

¯Ö×¸üµÖÖê•Ö®ÖÖ†Öë (‹´Ö†Öê†Ö¸ü) ¯Ö¸ü ¯ÖÏŸµÖõÖ ¾µÖµÖ 128118.20 90104.99

×›ü¯ÖÖê×•Ö™ü ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ ¯Ö¸ü Æãü‹ ¯ÖÏŸµÖõÖ ¾µÖµÖ-¯Ö×¸üµÖÖê•Ö®ÖÖ‹Ó (‹ÃÖ¯Öß¾Öß) (†®ÖãÃÖæ“Öß 6 ¤êüÜÖê)

6474.43 6002.36

×›ü¯ÖÖê×•Ö™ü ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ ¯Ö¸ü Æãü‹ ¯ÖÏŸµÖõÖ ¾µÖµÖ- †®µÖ Ûêú ×»Ö‹ ¯Ö×¸üµÖÖê•Ö®ÖÖ‹Ó 5007.75 1763.96

139600.38 97871.31



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As at March31, 2008

As at March31, 2007


SCHEDULE 13Turnover from Construction Work in Progress (Project Activity)- From project under NRVY(MOR) 129246.51 90759.35- From deposit work - project for SPV 7608.45 6002.36- From deposit work - project for others 5456.50 1763.96

142311.46 98525.67

SCHEDULE 14Direct expenses on construction and project related activityDirect expenditure incurred on projects (MOR) 128118.20 90104.99Direct expenditure incurred on deposit work - projects (SPV) (refer Schedule 6)

6474.43 6002.36

Direct expenditure incurred on deposit work - projects for others 5007.75 1763.96139600.38 97871.31


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31.03.2008 ÛúÖê ÃÖ´ÖÖ¯ŸÖ ¾ÖÂÖÔ Ûêú ×»Ö‹ »ÖÖ³Ö ‹¾ÖÓ ÆüÖ×®Ö »ÖêÜÖÖ ÛúÖ ±úÖÚ´ÖÝÖ ¯ÖÖ™Ôü †Öî¸ü ÃÖÓ»ÖÝ®Ö †®ÖãÃÖæ“Ößºþ¯ÖµÖê

»ÖÖ³Ö ‹¾ÖÓ ÆüÖ×®Ö »ÖêÜÖÖ ¯Ö¸ü ¯ÖÏ³ÖÖ×¸üŸÖ ¾µÖµÖ ×®Ö´ÖÖÔÞÖ Ûêú ¤üÖî¸üÖ®Ö Æãü‹ †ÖÛú×Ã´ÖÛú ¾µÖµÖ Ûãú»Ö ¾µÖµÖ

1.4.07 ÃÖê 31.03.08 ŸÖÛúú Ûúß †¾Ö×¬Ö Ûêú

×»Ö‹

»ÖÖÜÖ ºþ. ´Öë

31.3. 2007 ÛúÖê ÃÖ´ÖÖ¯ŸÖ ¾ÖÂÖÔ Ûêúú×»Ö‹


1.4.07 ÃÖê 31.03.08 ŸÖÛúúÛúß †¾Ö×¬Ö Ûêú

×»Ö‹


31.3. 2007 ÛúÖê ÃÖ´ÖÖ¯ŸÖ ¾ÖÂÖÔ Ûêúú

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1.4.07 ÃÖê 31.03.08 ŸÖÛúúÛúß †¾Ö×¬Ö Ûêú

×»Ö‹


31.3. 2007 ÛúÖê ÃÖ´ÖÖ¯ŸÖ ¾ÖÂÖÔ Ûêú ×»Ö‹


†®ÖãÃÖæ“Öß 15 »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë »ÖÖÜÖ ºþ. ´Öë

Ûú´ÖÔ“ÖÖ×¸üµÖÖë ÛúÖ ¯ÖÖ×¸üÁÖ×´ÖÛú ‹¾ÖÓ »ÖÖ³Ö¾ÖêŸÖ®Ö ‹¾ÖÓ ³Ö¢Öê 131.63 11.21 596.24 484.72 727.87 495.93³Ö×¾ÖÂµÖ ×®Ö×¬Ö ‹¾ÖÓ †®µÖ ×®Ö×¬ÖµÖÖë ´Öë †Ó¿Ö¤üÖ®Ö 0.41 0.31 1.15 1.05 1.56 1.36Ûú´ÖÔ“ÖÖ¸üß Ûú»µÖÖÞÖ 12.81 4.60 54.43 37.28 67.24 41.88

144.85 16.12 651.82 523.05 796.67 539.17

†®ÖãÃÖæ“Öß16¯ÖÏ¿ÖÖÃÖ×®ÖÛú ¾µÖµÖ¯Öê¿Öê¾Ö¸ü ¯Ö¸üÖ´Ö¿Öá ¿Öã»Ûú 12.21 11.30 57.44 59.18 69.65 70.48¯Ö×¸üµÖÖê•Ö®ÖÖ ¯ÖÏ²ÖÓ¬Ö®Ö ¯Ö¸üÖ´Ö¿Öá 183.71 0.00 2338.77 1484.67 2522.48 1484.67×¾Ö–ÖÖ¯Ö®Ö ‹¾ÖÓ ¾µÖÖ¯ÖÖ¸ü ˆ®®ÖµÖ®Ö 10.39 16.30 34.64 40.83 45.03 57.13µÖÖ¡ÖÖ ¾µÖµÖ 19.28 11.15 119.06 113.30 138.34 124.45¯Ö×¸ü¾ÖÆü®Ö ¾µÖµÖ 34.22 13.13 187.79 133.44 222.01 146.57ÃÖÓ“ÖÖ¸ü 15.27 8.24 72.69 55.11 87.96 63.35×Ûú¸üÖµÖÖ 116.43 68.79 448.90 309.78 565.33 378.57†Ö¸ü†ÖêÃÖß ¿Öã»Ûú ‹¾ÖÓ Ã™ïü¯Ö ›ü¶æ™üß 51.62 3.38 0.04 16.82 51.66 20.20´Ö¸ü´´ÖŸÖ ‹¾ÖÓ †®Öã¸üõÖÞÖ-†®µÖ 21.04 8.74 101.21 73.48 122.25 82.22Ø¯ÖÏØ™üÝÖ ‹¾ÖÓ »ÖêÜÖ®Ö ÃÖÖ´ÖÝÖÏß 8.67 4.24 43.60 34.93 52.27 39.17×¾Ö¬ÖãŸÖ 13.05 6.19 47.62 32.23 60.67 38.42×¾Ö×¬ÖÛú †Öî¸ü ¾µÖÖ¾ÖÃÖÖ×µÖÛú ¯ÖÏ³ÖÖ¸ü 4.98 3.54 13.99 11.65 18.97 15.19¯ÖãÃŸÖÛú ‹¾ÖÓ ¯Ö×¡ÖÛúÖ‹Ó 1.06 0.54 3.94 2.99 5.00 3.53×®Ö¤êü¿ÖÛú ×ÃÖØ™üÝÖ ¿Öã»Ûú 3.04 2.13 0.00 0.00 3.04 2.13»ÖêÜÖÖ ¯Ö¸üßõÖÛú ¯ÖÖ×¸üÁÖ×´ÖÛú (ÃÖê¾ÖÖ ¯ÖÏ³ÖÖ¾Ö ÃÖ×ÆüŸÖ) 0.00 - »ÖêÜÖÖ ¯Ö¸üßõÖÖ ¿Öã»Ûú 0.16 0.22 1.09 0.43 1.25 0.65 - ¯ÖÖÛêú™ü ÃÖê ×ÛúµÖÖ ÝÖµÖÖ ÜÖ“ÖÔ 0.15 0.11 1.04 0.22 1.19 0.33(×¾Ö¤êü¿Öß ´Öã¦üÖ ×¾Ö×®Ö´ÖµÖ ¤ü¸ü ´Öë Æãü‹ ²Ö¤ü»ÖÖ¾Ö Ûêú ÛúÖ¸üÞÖ 46779 ¹ý. Ûêú »ÖÖ³Ö ÃÖ×ÆüŸÖ) (×¯Ö”û»Öê ¾ÖÂÖÔ-¿Öã®µÖ) †Öî¸ü 20983 ¹ý. (×¯Ö”û»Öê ¾ÖÂÖÔ-¿Öã®µÖ) Ûêú †“Ö»Ö ¯Ö×¸üÃÖÓ¯Ö×¢ÖµÖÖë Ûúß ×²ÖÛÎúß ¯Ö¸ü Æãü‹ ÆüÖ×®Ö ÃÖ×ÆüŸÖ ×¾Ö×¾Ö¬Ö ¾µÖµÖ

2.70 1.27 10.41 7.02 13.11 8.29

×¯Ö”û»Öê ¾ÖÂÖÔ ÛúÖ ¾µÖµÖ 0.00 0.40 0.00 3.03 3.43[®ÖÖê™ü 1.Ûú´ÖÔ“ÖÖ¸üß Ûêú ¯ÖÖ×¸üÁÖ×´ÖÛú ‹¾ÖÓ »ÖÖ³Ö-¿Öæ®µÖ, (×¯Ö”û»Öê ¾ÖÂÖÔ 78,602 ¹ý.). 2. ¯ÖÏ¿ÖÖÃÖ×®ÖÛú ÜÖ“ÖÔ-¿Öæ®µÖ (×¯Ö”û»Öê ¾ÖÂÖÔ 2,64,211 ¹ý.)]

497.98 159.67 3482.23 2379.11 3980.21 2538.78

ÃÖß´ÖÖÓŸÖ »ÖÖ³Ö Ûú¸ü 5.76 0.00 16.16 15.19 21.92 15.19


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RupeesExpenditure Charged to Profi t & Loss Account

Incidental Expenditure during Construction

Total Expenses

For the period from 1.4.07 to 31.03.08

For the year ended March

31, 2007



31, 2007



31, 2007 Rs. lakh Rs. lakh Rs. lakh Rs. lakh Rs. lakh Rs. lakh

SCHEDULE 15Employees’ Remuneration & Benefi tsSalaries and allowances 131.63 11.21 596.24 484.72 727.87 495.93Contribution to Provident and other funds

0.41 0.31 1.15 1.05 1.56 1.36

Staff welfare 12.81 4.60 54.43 37.28 67.24 41.88144.85 16.12 651.82 523.05 796.67 539.17

SCHEDULE 16Administrative ExpensesProfessional consultancy fees 12.21 11.30 57.44 59.18 69.65 70.48Project management Consultancy 183.71 0.00 2338.77 1484.67 2522.48 1484.67Advertisement and business promotion 10.39 16.30 34.64 40.83 45.03 57.13Travelling expenses 19.28 11.15 119.06 113.30 138.34 124.45Conveyance expenses 34.22 13.13 187.79 133.44 222.01 146.57Communication 15.27 8.24 72.69 55.11 87.96 63.35Rent 116.43 68.79 448.90 309.78 565.33 378.57ROC Fee & Stamp duty 51.62 3.38 0.04 16.82 51.66 20.20Repairs and maintenance - others 21.04 8.74 101.21 73.48 122.25 82.22Printing and stationery 8.67 4.24 43.60 34.93 52.27 39.17Electricity 13.05 6.19 47.62 32.23 60.67 38.42Legal and professional charges 4.98 3.54 13.99 11.65 18.97 15.19Books and periodicals 1.06 0.54 3.94 2.99 5.00 3.53Director sitting fees 3.04 2.13 0.00 0.00 3.04 2.13Auditor Remuneration (including service tax)

0.00

- Audit Fees 0.16 0.22 1.09 0.43 1.25 0.65- Out of pocket expenses 0.15 0.11 1.04 0.22 1.19 0.33

Miscellaneous expenses (includes gain on foreign exchange fl uctuation Rs. 46779 (previous year Rs. Nil) and loss on sale of fi xed assets Rs. 20983 (previous Year Rs. Nil)

2.70 1.27 10.41 7.02 13.11 8.29

Prior year expenses 0.00 0.40 0.00 3.03 3.43[Note 1. Employees Remuneration and Benefi ts Rs. Nil, (P.Y. Rs. 78,602). 2. Administrative Expenses Rs NIL (P. Y. Rs. 2,64,211)]

497.98 159.67 3482.23 2379.11 3980.21 2538.78Fringe Benefi t Tax 5.76 0.00 16.16 15.19 21.92 15.19

Schedule Attached to and forming part of Profi t & Loss Account for the Year Ended March 31st, 2008

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×¾Ö¢ÖßµÖ ×¾Ö¾Ö¸ÞÖ, ÛÓú¯Ö®Öß †×¬Ö×®ÖµÖ´Ö, 1956 Ûê †®Öãºþ¯Ö ¯ÖÎÃŸÖãŸÖßÛú¸ÞÖ Ûê ×»Ö‹ †Ö¾Ö¿µÖÛú ¿ÖŸÖÖêÕ ÃÖ×ÆŸÖ ÃÖÓ³Öæ×ŸÖ †Ö¬ÖÖ¸ †Öî¸ ‹×ŸÖÆÖ×ÃÖÛú »ÖÖÝÖŸÖ ¯Ö¸´¯Ö¸Ö†ÖêÓ †Öî¸ ÛÓú¯Ö®Öß ×®ÖµÖ´Ö (»ÖêÜÖÖ ×¾Ö×¬Ö ´ÖÖ®ÖÛú ×®ÖµÖ´Ö) 2006 ´ÖêÓ ×¾Ö×®Ö×¤ÔÂ™ ÃÖ³Öß ¯ÖÎ“Ö×»ÖŸÖ »ÖêÜÖÖ-×¾Ö×¬Ö ´ÖÖ®ÖÛúÖêÓ Ûê †®ÖãÃÖÖ¸ ŸÖîµÖÖ¸ ×Ûú‹ •ÖÖŸÖê ÆîÓ. ŸÖ£ÖÖ×¯Ö Ûãú” ¾Öé×¨ ‹¾ÖÓ †®µÖ ¤Ö¾ÖêÓ ×•Ö®ÖÛúÖ ×®Ö¿“ÖµÖ ÝÖÎÖÆÛúÖêÓ «Ö¸Ö ®ÖÆßÓ ÆÖê ¯ÖÖŸÖÖ, ÛúÖê »ÖêÜÖÖ ´ÖêÓ ¿ÖÖ×´Ö»Ö ®ÖÆßÓ ×ÛúµÖÖ ÝÖµÖÖ Æî.

×¾Ö¢ÖßµÖ ×¾Ö¾Ö¸ÞÖ ŸÖîµÖÖ¸ Ûú¸®Öê ´ÖêÓ ÃÖÖ´ÖÖ®µÖ Ã¾ÖßÛéúŸÖ »ÖêÜÖÖ-×¾Ö×¬Ö ×ÃÖ¨ÖÓŸÖÖêÓ Ûê †®ÖãÃÖÖ¸ †ÖµÖ †Öî¸ ¾µÖµÖ Ûúß ¸Ö×¿Ö ÛúÖ †®Öã´ÖÖ®Ö †Öî¸ ŸÖÛú®ÖßÛúß †Öî¸ †®µÖ ¯Öã¾ÖÖÔ®Öã´ÖÖ®Ö ¯ÖÎ²ÖÓ¬Ö®Ö «Ö¸Ö »ÖÝÖÖ‹ •ÖÖŸÖê ÆîÓ. ¾ÖÖÃŸÖ×¾ÖÛú ¯ÖÎ×ŸÖ±ú»Ö †Öî¸ †®Öã´ÖÖ®Ö Ûê †®ŸÖ¸ Ûúß ¯ÖÆ“ÖÖ®Ö ×®Ö¬ÖÖÔ¸ÞÖ Ûúß †¾Ö×¬Ö ´ÖêÓ Æß Ûúß •ÖÖŸÖß Æî.

ÛÓú¯Ö®Öß «Ö¸Ö †¯Ö®ÖÖ‡Ô ÝÖ‡Ô ´ÖÆŸ¾Ö¯ÖæÞÖÔ »ÖêÜÖÖ-×¾Ö×¬Ö ×ÃÖ¨ÖÓŸÖÖêÓ ÛúÖ ˆ»»ÖêÜÖ ®Öß“Öê ×ÛúµÖÖ ÝÖµÖÖ Æî:

1. †“Ö»Ö ¯Ö×¸ÃÖÓ¯Ö×¢Ö

(i) †“Ö»Ö ¯Ö×¸ÃÖÓ¯Ö×¢Ö Ûê ´ÖÖ´Ö»Öê ´ÖêÓ †ÖÓÓŸÖ×¸Ûú ¯Ö×¸¾ÖÆ®Ö, ¿Öã»Ûú †Öî¸ ™îŒÃÖ ÃÖ×ÆŸÖ †×¬ÖÝÖÎÆÞÖ ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ †ÖÛú×Ã´ÖÛú ¾µÖµÖ ÛúÖ ˆ»»ÖêÜÖ †×¬ÖÝÖÎÆÞÖ »ÖÖÝÖŸÖ ´ÖêÓ ×ÛúµÖÖ •ÖÖŸÖÖ Æî. ¾µÖµÖ ´ÖêÓ ˆ¬ÖÖ¸ »Öê®Öê Ûúß »ÖÖÝÖŸÖ ³Öß ÃÖ×´´Ö×»ÖŸÖ ÆÖêŸÖß Æî.

(ii) šÖêÃÖ ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ ´ÖêÓ »ÖÖ‡ÃÖêÓÃÖ ¿Öã»Ûú, ÃÖÖ°™¾ÖêµÖ¸ Ûê ×»Ö‹ †®µÖ ×ÛÎµÖÖ®¾ÖµÖ®Ö »ÖÖÝÖŸÖ †Öî¸ ‡®Ö ÆÖˆÃÖ ˆ¯ÖµÖÖêÝÖ ÆêŸÖã ÃÖÖ°™¾ÖêµÖ¸ Ûê †®µÖ †×¯»ÖÛê¿Ö®Ö ÛúÖ †×¬ÖÝÖÎÆÞÖ ÃÖ×´´Ö×»ÖŸÖ Æî. »ÖÖÝÖŸÖ ÛúÖ ¯ÖæÓ•Öß ´ÖêÓ ¯Ö×¸ÞÖŸÖ ˆÃÖ ¾ÖÂÖÔ ´ÖêÓ ÆÖêŸÖÖ Æî ×•ÖÃÖ´ÖêÓ ¯ÖÎÖÃÖÓ×ÝÖÛú ÃÖÖ°™¾ÖêµÖ¸ ÛúÖ ˆ¯ÖµÖÖêÝÖ ×ÛÎµÖÖ×®¾ÖŸÖ ×ÛúµÖÖ ÝÖµÖÖ.

2. ´Öæ»µÖÈÖÃÖ

(i) ¯ÖÎŸµÖêÛú 5,000/- ¹ý. ŸÖÛú Ûúß ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ ÛúÖ ¯ÖæÞÖÔ ´Öæ»µÖÈÖÃÖ †×¬ÖÝÖÎÆÞÖ Ûê ¾ÖÂÖÔ ´ÖêÓ Æß ÆÖê •ÖÖŸÖÖ Æî.

(ii) ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ Ûê ´Öæ»µÖÈÖÃÖ Ûúß ÝÖÞÖ®ÖÖ ÃÖß¬Öß ¯Ö¨×ŸÖ ÃÖê ˆ®ÖÛê ˆ¯ÖµÖÖêÝÖß †¾Ö×¬Ö Ûê †®Öã´ÖÖ®Ö Ûúê µÖ£ÖÖ®Öã¯ÖÖŸÖ Ûê †Ö¬ÖÖ¸ ¯Ö¸ ×®Ö´®ÖÖ®ÖãÃÖÖ¸ Ûúß •ÖÖŸÖß Æî.

±ú×®ÖÔ“Ö¸ ‹¾ÖÓ ×±úŒ“Ö¸ 23.75%

ÛúÓ¯µÖæ™¸ 31.67%

ÛúÖµÖÖÔ»ÖµÖ ˆ¯ÖÛú¸ÞÖ 19.00%

(iii) »Öß•ÖÆÖê»› ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ ´ÖêÓ ²Ö¤»ÖÖ¾Ö »Öß•Ö †¾Ö×¬Ö Ûê ˆÃÖß ¾ÖÂÖÔ ´ÖêÓ ×ÛúµÖÖ •ÖÖŸÖÖ Æî, ×•ÖÃÖ ¾ÖÂÖÔ ´ÖêÓ ‹êÃÖê ²Ö¤»ÖÖ¾Ö ÆêŸÖã ¯ÖæÓ•Öß ¯Ö×¸ÞÖŸÖ Æã†Ö Æî.

(iv) ‹êÃÖê ´ÖÖ´Ö»ÖÖêÓ ´ÖêÓ •ÖÆÖÓ †®Öã´ÖÖ×®ÖŸÖ ˆ¯ÖµÖÖêÝÖß ‡ÛúÖê®ÖÖ×´ÖÛú †ÖµÖã ŸÖß®Ö ¾ÖÂÖÔ ÃÖê Ûú´Ö ÆÖêŸÖß Æî, ÛúÖê ”Öê›ÍÛú¸ ÃÖÖ°™¾ÖêµÖ¸ »ÖÖÝÖŸÖÖêÓ ÛúÖ ¯ÖæÓ•Öß ¯Ö×¸ÞÖŸÖ 3 ¾ÖÂÖÖêÕ Ûúß †¾Ö×¬Ö ´ÖêÓ ×ÛúµÖÖ •ÖÖŸÖÖ Æî.

3. ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ Ûúß õÖ×ŸÖ

•Ö²Ö ×ÛúÃÖß ‘Ö™®ÖÖ †£Ö¾ÖÖ ¯Ö×¸×Ã£Ö×ŸÖµÖÖêÓ ´ÖêÓ ¯Ö×¸¾ÖŸÖÔ®Ö ÃÖê ‹êÃÖÖ ¯ÖÎŸÖßŸÖ ÆÖê ×Ûú ¤¿ÖÖÔ‡Ô ÝÖ‡Ô (Ûúî×¸‡ÓÝÖ ¬Ö®Ö¸Ö×¿Ö) ¸Ö×¿Ö Ûúß ¾ÖÃÖæ»Öß ÃÖÓ³Ö¾Ö ®ÖÆßÓ Æî ŸÖÖê ÃÖÓ¯Ö×¢Ö ÃÖæ“Öß Ûê †»ÖÖ¾ÖÖ †®µÖ ÃÖê ³Öß ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ, ×®Ö¾Öê¿Ö †Öî¸ ¯Ö×¸¾Ö×ŸÖÔŸÖ Ûú¸®Öê ¾ÖÖ»Öß ¯Ö×¸ÃÖÓ¯Ö×¢Ö ´ÖêÓ Æã‡Ô õÖ×ŸÖ Ûúß ÃÖ´ÖßõÖÖ Ûúß •ÖÖŸÖß

Æî. ×•Ö®Ö ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ Ûúß ¯ÖÎ¤×¿ÖÔŸÖ ¸Ö×¿Ö ´Öæ»µÖ ˆ®ÖÛúß ¾ÖÃÖæ»Öß ¸Ö×¿Ö ÃÖê †×¬ÖÛú ÆÖêŸÖß Æî ŸÖÖê ˆ®Ö¯Ö¸ ¾ÖÃÖæ»Öß µÖÖêÝµÖ ¸Ö×¿Ö ×»ÖÜÖß •ÖÖŸÖß Æî.

4. ×®Ö¾Öê¿Ö

²µÖÖ•Ö ÃÖ×ÆŸÖ ¤ß‘ÖÖÔ¾Ö×¬Ö ×®Ö¾Öê¿Ö ÃÖÓµÖãŒŸÖ ×®ÖµÖÓ×¡ÖŸÖ Æ×ÃŸÖ (•ÖêÃÖß‡Ô) ´ÖêÓ Ûúî×¸› ÛúÖÃ™ ¯Ö¸ ´Öæ»µÖ ´ÖêÓ ×ÛúÃÖß ¯ÖÎÛúÖ¸ Ûúß Ûú´Öß ÛúÖ •ÖÖµÖ•ÖÖ »Öê®Öê Ûê ²ÖÖ¤ Æß ×ÛúµÖÖ •ÖÖŸÖÖ Æî. ÈÖÃÖ Ûúß ¯ÖÎÛéú×ŸÖ †Ã£ÖÖ‡Ô ÆÖê®Öê ¯Ö¸ Æß ‡ÃÖ ¯ÖÎÛúÖ¸ Ûúß ¾µÖ¾ÖÃ£ÖÖ †¯Ö®ÖÖ‡Ô •ÖÖŸÖß Æî. †»¯ÖÖ¾Ö×¬Ö ×®Ö¾Öê¿Ö, ²ÖÖ•ÖÖ¸ ´Öæ»µÖ †£Ö¾ÖÖ »ÖÖê¾Ö¸ ÛúÖÃ™ ¯Ö¸ ×ÛúµÖÖ •ÖÖŸÖÖ Æî. ‡ÃÖ ¯ÖÎÛúÖ¸ Ûê ×®Ö¾Öê¿ÖÖêÓ ´ÖêÓ »ÖÝÖÖ‡Ô •ÖÖ®Öê ¾ÖÖ»Öß ¬Ö®Ö¸Ö×¿Ö ÛúÖ ×¾Ö×®Ö¿“ÖµÖ ×¾Ö×¿ÖÂ™ ¯ÖÆ“ÖÖ®Ö Ûê †Ö¬ÖÖ¸ ¯Ö¸ ×ÛúµÖÖ •ÖÖŸÖÖ Æî.

5. ÃÖÓ¯Ö×¢Ö ÃÖæ“Öß

“ÖÖ»Öæ ¯Ö×¸µÖÖê•Ö®ÖÖ ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ ÛúÖ ´Öæ»µÖÖÓÛú®Ö ×®Ö×¾Ö¤Ö ¤¸ †Öî¸ ×®Ö´ÖÖÔÞÖ Ã£Ö»Ö ¯Ö¸ ˆ¯Ö»Ö²¬Ö ×®Ö´ÖÖÔÞÖ ÃÖÖ´ÖÝÖÎß Ûúß »ÖÖÝÖŸÖ Ûê †Ö¬ÖÖ¸ ¯Ö¸ ×ÛúµÖÖ •ÖÖŸÖÖ Æî. •ÖÖê®Ö»Ö ¸ê»ÖÖêÓ ÛúÖê ³Öæ×´Ö †×¬ÖÝÖÎÆÞÖ ÆêŸÖã ×ÛúµÖÖ ÝÖµÖÖ ³ÖãÝÖŸÖÖ®Ö “ÖÖ»Öæ ¯Ö×¸µÖÖê•Ö®ÖÖ ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ Ûê »ÖÖÝÖŸÖ ´ÖêÓ ÃÖ×´´Ö×»ÖŸÖ ÆÖêŸÖÖ Æî.

6. ¸Ö•ÖÃ¾Ö Ûúß ¯ÖÆ“ÖÖ®Ö

¸Ö•ÖÃ¾Ö Ûúß ¯ÖÆ“ÖÖ®Ö ÛúÖµÖÔ Ûúß ¯ÖÎÛéú×ŸÖ Ûê †Ö¬ÖÖ¸ ¯Ö¸ ×ÛúµÖÖ •ÖÖŸÖÖ Æî. µÖ×¤ ¯ÖÎ×ŸÖ±ú»Ö ×®ÖÛúÖ»Ö®Öê ÛúÖ ÃÖÆß ¯Öî´ÖÖ®ÖÖ †¯Ö®ÖÖµÖÖ •ÖÖ‹ ŸÖÖê ×®Ö×¿“ÖŸÖ ŸÖÖî¸ ¯Ö¸ ‡ÃÖÛúß ¾ÖÃÖæ»Öß ÃÖÓ³Ö¾Ö Æî. ×®Ö´ÖÖÔÞÖ/¯Ö×¸µÖÖê•Ö®ÖÖ ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ ÛúÖµÖÔ ÃÖê ¸Ö•ÖÃ¾Ö ¯ÖÎÖ×¯ŸÖ Ûê ŸÖ¸ßÛúÖêÓ Ûúß ¯ÖÆ“ÖÖ®Ö ×®Ö´®Ö×»Ö×ÜÖŸÖ ŸÖ¸Æ ÃÖê ×Ûú‹ •ÖÖŸÖê ÆîÓ.

(i) ¸ê»Ö ´ÖÓ¡ÖÖ»ÖµÖ ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ ¯Ö×¸µÖÖê•Ö®ÖÖ‹Ó ¯Ö×¸µÖÖê•Ö®ÖÖ ×ÛÏúµÖÖ®¾ÖµÖ®Ö ÃÖê ¯ÖÎÖ¯ŸÖ ÆÖê®Öê ¾ÖÖ»Öê ¸Ö•ÖÃ¾Ö ÛúÖ ×¾Ö×®Ö¿“ÖµÖ Ûãú»Ö »ÖÖÝÖŸÖ ´ÖêÓ †×ŸÖ×¸ŒŸÖ ÜÖ“ÖÔ ÛúÖê •ÖÖê›ÍÛú¸ ×ÛúµÖÖ •ÖÖ ÃÖÛúŸÖÖ Æî ×•ÖÃÖ ¯Ö¸ ¸ê»Ö ´ÖÓ¡ÖÖ»ÖµÖ ÃÖÆ´ÖŸÖ ÆÖê †Öî¸ ‡ÃÖ ÃÖÓ²ÖÓ¬Ö ´ÖêÓ ²ÖÖ¤ ´ÖêÓ ÛúÖê‡Ô Ã¯ÖÂ™ßÛú¸ÞÖ •ÖÖ¸ß Æã†Ö ÆÖê.

(ii) ×¾Ö¿ÖêÂÖ ¯ÖÎµÖÖê×•ÖŸÖ ˆª´Ö †Öî¸ †®µÖ Ûê ºþ¯Ö ´ÖêÓ •Öê.ÃÖß.‡Ô ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ ×›¯ÖÖê×•Ö™ ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ ÃÖÓ×¾Ö¤Ö ¸Ö•ÖÃ¾Ö ÛúÖ ×¾Ö×®Ö¿“ÖµÖ Ûãú»Ö »ÖÖÝÖŸÖ ´ÖêÓ †×ŸÖ×¸ŒŸÖ ÜÖ“ÖÔ (¯Ö×¸“ÖÖ»Ö®Ö ‹¾ÖÓ ÃÖÖ´ÖÖ®µÖ ¯ÖÎ³ÖÖ¸) ÛúÖê •ÖÖê›ÍÛú¸ ¯ÖŸÖÖ »ÖÝÖÖµÖÖ •ÖÖ ÃÖÛúŸÖÖ Æî, •ÖÖê ÝÖÎÖÆÛú «Ö¸Ö ÃÖÆ´ÖŸÖ ×®Ö¬ÖÖÔ×¸ŸÖ ¯ÖÎ×ŸÖ¿ÖŸÖ ¯Ö¸ †Ö¬ÖÖ×¸ŸÖ ÆÖêŸÖÖ Æî.

(iii) ˆÃÖ ¾ÖÂÖÔ ´ÖêÓ ¤Ö¾ÖÖêÓ Ûúß ÝÖÞÖ®ÖÖ †Ö´Ö¤®Öß Ûê ºþ¯Ö ´ÖêÓ Ûúß •ÖÖŸÖß Æî ×•ÖÃÖ´ÖêÓ ¤Ö¾ÖÖÛúŸÖÖÔ «Ö¸Ö ¤Ö¾ÖÖ Ûúß ÝÖ‡Ô ¸Ûú´Ö ¯ÖÎÖ¯ŸÖ ÆÖêŸÖß Æî †£Ö¾ÖÖ Ã¾ÖßÛúÖ¸ ×Ûú‹ •ÖÖ®Öê ÛúÖ ÃÖÖõµÖ ¯ÖÎÖ¯ŸÖ ÆÖêŸÖÖ Æî.

(iv) ×®Ö¾Öê¿Ö ¯Ö¸ ²µÖÖ•Ö Ûúß ÝÖÞÖ®ÖÖ ¯ÖÎÖ×¯ŸÖµÖÖêÓ Ûê †Ö¬ÖÖ¸ ¯Ö¸ Ûúß •ÖÖŸÖß Æî, ×•ÖÃÖ´ÖêÓ ÃÖÓ²ÖÓ×¬ÖŸÖ ÄÖÖêŸÖ ¯Ö¸ Ûú¸ Ûú™ÖîŸÖß ³Öß ¿ÖÖ×´Ö»Ö ÆÖêŸÖß Æî.

(v) †ÖµÖ Ûê †®µÖ ´Ö¤ÖêÓ Ûúß ÝÖÞÖ®ÖÖ ŸÖ²Ö Ûúß •ÖÖŸÖß Æî •Ö²Ö ¯ÖÎÖ¯ŸÖ Ûú¸®Öê Ûúß ×Ã£Ö×ŸÖ ˆŸ¯Ö®®Ö ÆÖêŸÖß Æî.

7. Ûú´ÖÔ“ÖÖ¸ß »ÖÖ³Ö

Ûú) †»¯ÖÖ¾Ö×¬Ö Ûú´ÖÔ“ÖÖ¸ß »ÖÖ³Ö

¾Öê ÃÖ³Öß Ûú´ÖÔ“ÖÖ¸ß »ÖÖ³Ö ×•Ö®ÖÛúÖ ¯ÖæÞÖÔ ³ÖãÝÖŸÖÖ®Ö ÃÖê¾ÖÖ Ûê 12 ´ÖÖÆ Ûê †®¤¸ ×ÛúµÖÖ •ÖÖŸÖÖ Æî, ÛúÖê †»¯ÖÖ¾Ö×¬Ö Ûú´ÖÔ“ÖÖ¸ß »ÖÖ³Ö Ûê ºþ¯Ö ´ÖêÓ ¾ÖÝÖßÔÛéúŸÖ ×ÛúµÖÖ ÝÖµÖÖ Æî. ¾ÖêŸÖ®Ö ŸÖ®ÖÜ¾ÖÖÆ †Öî¸ †»¯ÖÖ¾Ö×¬Ö õÖ×ŸÖ¯Öæ×¸ŸÖ †®Öã¯Ö×Ã£Ö×ŸÖ ‡ŸµÖÖ×¤ •ÖîÃÖê »ÖÖ³Ö ˆÃÖ †¾Ö×¬Ö Ûê ´ÖÖ®Öê •ÖÖŸÖê ÆîÓ ×•ÖÃÖ´ÖêÓ Ûú´ÖÔ“ÖÖ¸ß «Ö¸Ö ÃÖÓ²ÖÓ×¬ÖŸÖ ÃÖê¾ÖÖ ¯ÖÎ¤Ö®Ö Ûúß ÝÖ‡Ô £Öß.


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Basis of AccountingThe fi nancial statements are prepared on an accrual basis and under historical cost convention and in accordance with all applicable accounting standards specifi ed in Companies (Accounting Standard Rules) 2006 including relevant presentation requirements of the Companies Act,1956. However, certain escalation and other claims, which are not ascertainable /acknowledged by customers, are not taken into account.Management makes estimates and technical and other assumptions regarding the amounts of income and expenses in accordance with Generally Accepted Accounting Principles (GAAP) in the preparation of the fi nancial statements. The difference between the actual results and estimates are recognised in the period in which determined.The signifi cant accounting policies adopted by the Company are given below.1. Fixed Assets

(i) Fixed assets are stated at cost of acquisition inclusive of inward freight, duties and taxes and incidental expenses related to acquisition. The expenses also include applicable borrowing cost.

(ii) Intangible assets comprise of license fees, other implementation cost for software and other application software acquired for in-house use. The costs are capitalized in the year in which the relevant software is implemented for use.

2. Depreciation (i) Assets, costing individually up to Rs 5,000, are fully

depreciated in the year of acquisition. (ii) Depreciation is provided on pro-rata basis on the

straight-line method over the estimated useful lives of the assets determined as follows:

Furniture and Fixture 23.75% Computers 31.67% Offi ce Equipments 19.00%

(iii) Leasehold improvements are amortized over period of lease from the year in which such improvements are capitalized.

(iv) Capitalised software costs are amortized over a period of three years except where the estimated useful economic life is less than three years.

3. Impairment of assets All assets other than inventories, investments and deferred

tax asset are reviewed for impairment, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets whose carrying amount value exceeds their recoverable amount are written down to the recoverable amount.

4. Investments Long-term investments including interests in incorporated

Jointly Controlled Entities (JCEs) are carried at cost, after providing for any diminution in value, if such diminution is of other than temporary nature. Short-term investments are carried at lower of cost or market value. The determination of carrying amount of such investments is done on the basis of specifi c identifi cation.

5. Inventories Project Work-in-Progress is valued at the contract rates

and construction material at site is stated at cost. Payments made to Zonal Railways for acquiring land included in project Work-in-Progress is stated at cost.

6. Revenue recognition Revenue is recognised based on the nature of activity,

when consideration can be reasonably measured and there exists reasonable certainty of its recovery. Revenue from construction/project related activity is recognized as follows:(i) Projects related to Ministry of Railways (MOR):

Revenue from project execution is determined by adding aggregate cost plus margin agreed with MOR and any subsequent clarifi cation received in this respect.

(ii) Deposit works (cost plus contract) related to JCEs (Jointly Controlled Entities in the form of Special Purpose Vehicles and others): Contract revenue is determined by adding the aggregate cost plus proportionate margin (Direction & General Charges) based on fi xed percentage as agreed with the customer.

(iii) Claims are accounted as income in the year of acceptance by client or evidence of acceptance received.

(iv) Interest on investment is accounted on accrual basis, inclusive of related tax deducted at source.

(v) Other items of income are accounted as and when the right to receive arises.

7. Employee Benefi tsa) Short term employee benefi ts All employee benefi ts payable wholly within twelve

months of rendering the service are classifi ed as short term employee benefi ts. Benefi ts such as salaries, wages, and short- term compensated absences, etc. are recognized in the period which the employee renders the related service.

b) Post employment benefi tsi. Defi ned contribution plans: The Company makes

defi ned contribution to Regional Provident Fund Commissioner in respect of provident

Schedule 17Signifi cant Accounting Policies

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(ÜÖ) ×®ÖµÖÖê•Ö®Ö ¯Ö¿“ÖÖŸÖ »ÖÖ³Ö

(i) ¯Ö×¸³ÖÖ×ÂÖŸÖ †Ó¿Ö¤Ö®Ö µÖÖê•Ö®ÖÖ : ³Ö×¾ÖÂµÖ ×®Ö×¬Ö µÖÖê•Ö®ÖÖ †Öî¸ Ûú´ÖÔ“ÖÖ¸ß ¸Ö•µÖ •Öß¾Ö®Ö ²Öß´ÖÖ µÖÖê•Ö®ÖÖ Ûê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ ÛÓú¯Ö®Öß õÖê¡ÖßµÖ ³Ö×¾ÖÂµÖ ×®Ö×¬Ö †ÖµÖãŒŸÖ ÛúÖê ×®Ö¬ÖÖÔ×¸ŸÖ †Ó¿Ö¤Ö®Ö ¯ÖÎ¤Ö®Ö Ûú¸ŸÖß Æî. ‡®Ö µÖÖê•Ö®ÖÖ†ÖêÓ Ûê †¬Öß®Ö ×Ûú‹ ÝÖ‹ †Ó¿Ö¤Ö®Ö ÛúÖ ³ÖãÝÖŸÖÖ®Ö ˆÃÖ †¾Ö×¬Ö Ûê ×»Ö‹ ´ÖÖ®µÖ ÆÖêŸÖÖ Æî ×•ÖÃÖ´ÖêÓ Ûú´ÖÔ“ÖÖ¸ß «Ö¸Ö ÃÖÓ²ÖÓ×¬ÖŸÖ ÃÖê¾ÖÖ ¯ÖÎ¤Ö®Ö Ûúß •ÖÖŸÖß Æî.

(ii) ¯Ö×¸³ÖÖ×ÂÖŸÖ »ÖÖ³Ö µÖÖê•Ö®ÖÖ : ˆ¯Ö¤Ö®Ö ‹Ûú ×®ÖµÖÖê•Ö®Ö ¯Ö¿“ÖÖŸÖ ¯Ö×¸³ÖÖ×ÂÖŸÖ »ÖÖ³Ö µÖÖê•Ö®ÖÖ Æî. ŸÖã»Ö®Ö ¯Ö¡Ö ´ÖêÓ ˆ×»»Ö×ÜÖŸÖ ¤êµÖŸÖÖ ‡ÃÖ´ÖêÓ ×®Ö¬ÖÖÔ×¸ŸÖ »ÖÖ³Ö ¤Ö×µÖŸÖÖ Ûê ¾ÖŸÖÔ´ÖÖ®Ö ´Öæ»µÖ ÃÖê µÖÖê•Ö®ÖÖÝÖŸÖ ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ Ûê ˆ×“ÖŸÖ ´Öæ»µÖ ÛúÖê Ûú´Ö Ûú¸Ûê ×®ÖÛúÖ»ÖÖ •ÖÖŸÖÖ Æî. ×®Ö¬ÖÖÔ×¸ŸÖ »ÖÖ³Ö ¤êµÖŸÖÖ Ûúß ÝÖÞÖ®ÖÖ ¾ÖÖ×ÂÖÔÛú ºþ¯Ö ÃÖê ‹Ûú Ã¾ÖŸÖÓ¡Ö ‹Œ“Öã¾Ö¸ß µÖæ×•ÖÓÝÖ ¯ÖÎÖê•ÖêŒ™ê› µÖæ×®Ö™-ÛÎêú×›™ (¯ÖßµÖæÃÖß) ¯Ö¨×ŸÖ «Ö¸Ö Ûúß •ÖÖŸÖß Æî. ²Öß´ÖÖ×ÛúÓÛú »ÖÖ³Ö ‹¾ÖÓ ÆÖ×®Ö ÛúÖ ˆ»»ÖêÜÖ ŸÖã¸ÓŸÖ »ÖÖ³Ö ‹¾ÖÓ ÆÖ×®Ö »ÖêÜÖêÓ ´ÖêÓ ×ÛúµÖÖ •ÖÖŸÖÖ Æî.

(ÝÖ) ¤ß‘ÖÖÔ¾Ö×¬Ö Ûú´ÖÔ“ÖÖ¸ß »ÖÖ³Ö

¤ß‘ÖÖÔ¾Ö×¬Ö õÖ×ŸÖ¯Öæ×¸ŸÖ †®Öã¯Ö×Ã£Ö×ŸÖ •ÖîÃÖê ¤ß‘ÖÖÔ¾Ö×¬Ö Ûú´ÖÔ“ÖÖ¸ß »ÖÖ³Ö ¤êµÖŸÖÖ Ûúß ¯ÖÆ“ÖÖ®Ö ˆÃÖß ŸÖ¸ßÛê ÃÖê ×ÛúµÖÖ •ÖÖŸÖÖ Æî •ÖîÃÖê ˆ¯ÖµÖãÔŒŸÖ ˆ×»»Ö×ÜÖŸÖ (ÜÖ)(ii) ÖêÓ Ö×¸³ÖÖ×ÂÖŸÖ »ÖÖ³Ö µÖÖê•Ö®ÖÖ Ûê ÖÖ´Ö»Öê ÖêÓ ×ÛúµÖÖ ÝÖµÖÖ Æî.

(‘Ö) ¯ÖÎ×ŸÖ×®ÖµÖã×ŒŸÖ Ûê †Ö¬ÖÖ¸ ¯Ö¸ ×®ÖµÖãŒŸÖ Ûú´ÖÔ“ÖÖ×¸µÖÖêÓ Ûê ×¸™ÖµÖ¸´ÖêÓ™ »ÖÖ³Ö Ûúß ÝÖÞÖ®ÖÖ ¸ê»Ö ´ÖÓ¡ÖÖ»ÖµÖ «Ö¸Ö •ÖÖ¸ß ×¤¿ÖÖ-×®Ö¤êÔ¿Ö Ûê †Ö¬ÖÖ¸ ¯Ö¸ ×ÛúµÖÖ •ÖÖŸÖÖ Æî.

8. ×¾Ö¤ê¿Öß ´Öã¦Ö ™ÒÖÓ•ÖêŒÃÖ®Ö

×¾Ö¤ê¿Öß ´Öã¦Ö ÃÖÖî¤Ö Ûúß ÝÖÞÖ®ÖÖ ÃÖÖî¤ê Ûê ŸÖÖ¸ßÜÖ Ûê ¯ÖÎ“Ö×»ÖŸÖ ×¾Ö×®Ö´ÖµÖ ¤¸ Ûê †Ö¬ÖÖ¸ ¯Ö¸ ×ÛúµÖÖ •ÖÖŸÖÖ Æî. ³ÖãÝÖŸÖÖ®Ö Ûê ¯Ö¿“ÖÖŸÖ ÆÖê®Öê ¾ÖÖ»Öê »ÖÖ³Ö/ÆÖ×®Ö ÛúÖê »ÖÖ³Ö ‹¾ÖÓ ÆÖ×®Ö »ÖêÜÖê ´ÖêÓ ¯ÖÎ³ÖÖ×¸ŸÖ/ÛÎêú×›™ Ûú¸ ×¤µÖÖ •ÖÖŸÖÖ Æî.

9. ˆ¬ÖÖ¸ »ÖÖÝÖŸÖ

ˆ¬ÖÖ¸ß »ÖÖÝÖŸÖ, •ÖÖê ³Öæ×´Ö †×¬ÖÝÖÎÆÞÖ †ÆÔÛúÖ¸ß ¯Ö×¸ÃÖÓ¯Ö×¢Ö Ûê ×®Ö´ÖÖÔÞÖ †£Ö¾ÖÖ ˆŸ¯ÖÖ¤®Ö ¯Ö¸ †Ö¸Öê¯µÖ Æî, ÛúÖê ‡ÃÖ ¯ÖÎÛúÖ¸ Ûúß ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ Ûê ¯ÖæÓ•Öß ¯Ö×¸ÞÖŸÖ »ÖÖÝÖŸÖ Ûê ×ÆÃÃÖê Ûê ºþ¯Ö ´ÖêÓ ŸÖ²Ö ŸÖÛú ´ÖÖ®ÖÖ •ÖÖŸÖÖ Æî •Ö²Ö ŸÖÛú ×Ûú ¯Ö×¸ÃÖÓ¯Ö×¢Ö ³ÖÖ¾Öß ˆ¯ÖµÖÖêÝÖ Ûê ×»Ö‹ ŸÖîµÖÖ¸ ®Ö ÆÖê •ÖÖ‹. †ÆÔÛúÖ¸ß ¯Ö×¸ÃÖÓ¯Ö×¢Ö ˆÃÖ ¯Ö×¸ÃÖÓ¯Ö×¢Ö ÛúÖê ÛúÆŸÖê ÆîÓ ×•ÖÃÖê ³ÖÖ¾Öß ˆ¯ÖµÖÖêÝÖ Ûê ×»Ö‹ ŸÖîµÖÖ¸ ÆÖê®Öê ´ÖêÓ ÛúÖ±úß •µÖÖ¤Ö ÃÖ´ÖµÖ Ûúß †Ö¾Ö¿µÖÛúŸÖÖ ¯Ö›ÍŸÖß Æî. †®µÖ ÃÖ³Öß ˆ¬ÖÖ¸ß »ÖÖÝÖŸÖ ÛúÖê ˆÃÖ †¾Ö×¬Ö ÛúÖ ÜÖ“ÖÔ ´ÖÖ®ÖÖ •ÖÖŸÖÖ Æî ×•ÖÃÖ´ÖêÓ µÖÆ ¾µÖµÖ Æã†Ö ÆÖêŸÖÖ Æî.

10. †ÖµÖ ¯Ö¸ Ûú¸

“ÖÖ»Öæ ¾ÖÂÖÔ ÖêÓ †ÖµÖÛú¸ Ûúß ÝÖÞÖ®ÖÖ †ÖµÖÛú¸ †×¬Ö×®ÖµÖ´Ö, 1961 Ûê ÖÎÖ¾Ö¬ÖÖ®ÖÖêÓ Ûê †Ö¬ÖÖ¸ ¯Ö¸ Ûú¸ µÖÖêÝµÖ †ÖµÖ †Öî¸ ™îŒÃÖ ÛÎêú×›™ Ûê †Ö¬ÖÖ¸ ¯Ö¸ ×ÛúµÖÖ

•ÖÖŸÖÖ Æî, •ÖÖê Ûú¸ ×®Ö¬ÖÖÔ¸ÞÖ/†¯Öß»Ö Ûê †®Öã´ÖÖ×®ÖŸÖ ×®ÖÂÛúÂÖÔ ¯Ö¸ †Ö¬ÖÖ×¸ŸÖ ÆÖêŸÖÖ Æî.

†ÖÃ£Ö×ÝÖŸÖ Ûú¸ Ûúß ÖÆ“ÖÖ®Ö ¾ÖÂÖÔ Ûê ‹ÛúÖˆ×™ÓÝÖ Ûú¸ †Öî Ûú¸ µÖÖêÝµÖ †ÖµÖ Ûê †®ŸÖ¸ Ûê †Ö¬ÖÖ¸ ¯Ö¸ ×ÛúµÖÖ •ÖÖŸÖÖ Æî †Öî ²Öî»ÖêÓÃÖ ÃÖß™-›ê™ Ûê †®ÖãÃÖÖ¸ ¯ÖÎµÖãŒŸÖ ™îŒÃÖ ¤¸ÖêÓ †Öî ×®ÖµÖ´ÖÖêÓ ÛúÖ ×¾Ö×¬ÖÛú¸ÞÖ Ûú¸ ×¤µÖÖ •ÖÖŸÖÖ Æî.

¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ Ûê †ÃÖ´ÖÖ×¾ÖÂ™ ´Öæ»µÖÈÖÃÖ/†ÝÖÎê×ÂÖŸÖ ÆÖ×®Ö ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ †ÖÃ£Ö×ÝÖŸÖ Ûú¸ Ûúß ¯ÖÆ“ÖÖ®Ö ˆÃÖ ´ÖÖ¡ÖÖ ŸÖÛú Ûúß •ÖÖŸÖß Æî •ÖÆÖÓ ³Ö×¾ÖÂµÖ ´ÖêÓ ¯ÖµÖÖÔ¯ŸÖ Ûú¸ µÖÖêÝµÖ †Ö´Ö¤®Öß ˆ¯Ö»Ö²¬Ö ÆÖê®Öê Ûúß ÃÖÓ³ÖÖ¾Ö®ÖÖ ÆÖêŸÖß Æî, ×•Ö®ÖÃÖê †ÖÃ£Ö×ÝÖŸÖ Ûú¸ Ûúß ¾ÖÃÖæ»Öß Ûúß •ÖÖ ÃÖÛê.

†®µÖ †ÖÃ£Ö×ÝÖŸÖ Ûú¸ ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ Ûúß ¯ÖÆ“ÖÖ®Ö Ûúß ÝÖ‡Ô Æî †Öî¸ ˆ®ÆêÓ ˆÃÖ ¯Ö×¸ÞÖÖ´Ö ŸÖÛú Ûî¸ß ±úÖ¸¾Ö›Ô ×ÛúµÖÖ ÝÖµÖÖ Æî ×Ûú ×®Ö×¿“ÖŸÖ ŸÖÖî¸ ¯Ö¸ ³Ö×¾ÖÂµÖ ´ÖêÓ †ÖµÖ µÖÖêÝµÖ Ûú¸ ˆ¯Ö»Ö²¬Ö ÆÖêÝÖß ×•Ö®ÖÃÖê ‡ÃÖ ¯ÖÎÛúÖ¸ Ûê †ÖÃ£Ö×ÝÖŸÖ Ûú¸ ÛúÖê ¾ÖÃÖæ»ÖÖ •ÖÖ ÃÖÛê.

11. ¾µÖ¾ÖÃ£ÖÖ †Öî¸ †ÖÛú×Ã´ÖÛúŸÖÖ‹Ó

¯ÖÆ»Öê Ûúß ‘Ö™®ÖÖ†ÖêÓ Ûê ¯Ö×¸ÞÖÖ´ÖÃ¾Öºþ¯Ö ¾ÖŸÖÔ´ÖÖ®Ö ¤êµÖŸÖÖ ÛúÖê “ÖãÛúÖ®Öê Ûê ×»Ö‹ ÛÓú¯Ö®Öß ®Öê ‹Ûú ¾µÖ¾ÖÃ£ÖÖ Ûúß Æî ×•ÖÃÖ´ÖêÓ ÃÖÓÃÖÖ¬Ö®ÖÖêÓ ÛúÖ †Öˆ™°»ÖÖêÓ ²Ö®ÖÖ‹ ÜÖ®ÖÖ †Öî¸ ¤êµÖ Ö×¿Ö ÛúÖ ×¾ÖÀ¾ÖÃÖ®ÖßµÖ ŸÖ¸ßÛêú ÃÖê †®Öã´ÖÖ®Ö »ÖÝÖÖµÖÖ •ÖÖ®ÖÖ †Ö¾Ö¿µÖÛú ÆÖêŸÖÖ Æî. †ÖÛú×Ã´ÖÛú ¤êµÖŸÖÖ Ûúß •ÖÖ®ÖÛúÖ¸ß ŸÖ²Ö ¤ß •ÖÖŸÖß Æî •Ö²Ö ¤êµÖŸÖÖ ÛúÖ ³ÖãÝÖŸÖÖ®Ö ×Ûú‹ •ÖÖ®Öê Ûúß ÃÖÓ³ÖÖ¾Ö®ÖÖ ÆÖêŸÖß Æî †Öî¸ ‡ÃÖÛê ×»Ö‹ ÃÖÓÃÖÖ¬Ö®ÖÖêÓ ÛúÖ †Öˆ™°»ÖÖêÓ †Ö¾Ö¿µÖÛú ®Ö ÆÖê †£Ö¾ÖÖ ¤êµÖŸÖÖ ÛúÖ ×¾ÖÀ¾ÖÃÖ®ÖßµÖ ŸÖ¸ßÛê ÃÖê †®Öã´ÖÖ®Ö »ÖÝÖÖ ¯ÖÖ®ÖÖ ÃÖÓ³Ö¾Ö ®Ö ÆÖêÓ.

12. ×¾Ö×¾Ö¬Ö ¾µÖµÖ

×•ÖÃÖ ¾ÖÂÖÔ ´ÖêÓ ¾µÖ¾ÖÃÖÖ×µÖÛú ¯Ö×¸“ÖÖ»Ö®Ö ¿Öãºþþ ÆÖêŸÖÖ Æî ˆÃÖÛê ²ÖÖ¤ Ûê 5 ¾ÖÂÖÖêÕ ´ÖêÓ ¯ÖÎÖ¸Ó×³ÖÛú ¾µÖµÖ ÛúÖ “ÖãÛúÖµÖÖ •ÖÖ®ÖÖ †Ö¾Ö¿µÖÛú ÆÖêŸÖÖ Æî.

13. ¯Ö¼Ö ×Ûú¸ÖµÖÖ

»ÖÖ³Ö †Öî¸ ÆÖ×®Ö »ÖêÜÖê ÖêÓ Ö×¸“ÖÖ»Ö×®ÖÛú Ö¼ê Ûê ÃÖÓ²ÖÓ¬Ö ÖêÓ »Öß•Ö êÓ™»Ö “ÖÖ»Öæ ¯Ö×¸µÖÖê•Ö®ÖÖ ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ †Öî¸ ÖÎ¿ÖÖÃÖ×®ÖÛú ¾µÖµÖ Ö¸ ÖÎ³ÖÖ×¸ŸÖ ×ÛúµÖÖ ÝÖµÖÖ Æî.

×®Ö¤ê¿ÖÛú ´ÖÓ›»Ö Ûê ×»Ö‹ ŸÖ£ÖÖ ˆ®ÖÛúß †Öê¸ ÃÖê

›ß.ÃÖß. ×´Ö¡ÖÖ¯ÖÎ²ÖÓ¬Ö ×®Ö¤ê¿ÖÛú

ÃÖã´Ö®Ö ÛúÖ»Ö¸ÖÛÓú¯Ö®Öß ÃÖ×“Ö¾Ö

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fund scheme and employee state insurance scheme. The contribution paid/payable under the schemes is recognized during the period in which the employee renders the related service.

ii. Defi ned benefi t plans: Gratuity is a post employment defi ned benefi t plans. The liability recognized in the balance sheet is the present value of the defi ned benefi t obligation at the balance sheet date less fair value of plan assets. The defi ned benefi t obligation is calculated annually by an independent actuary using projected unit credit (PUC) method. Actuarial gains and losses are recognised immediately in the Profi t & Loss Account.

c) Long Term Employee Benefi ts The obligation for long-term employee benefi ts such

as long-term compensated absences, is recognized in the same manner as in the case of defi ned benefi t plans as mentioned in (b) (ii) above

d) Retirement benefi ts of the ‘staff on deputation’ have been accounted for on the basis of the guidelines of the Ministry of Railways.

8. Foreign currency transactions Transactions in foreign currency are accounted for at

the exchange rate prevailing on the date of transactions. Gains/Losses arising out of settlement is charged/credited to the profi t and loss account.

9. Borrowing cost Borrowing cost that are attributable to the acquisition,

construction or production of a qualifying asset are capitalised as part of cost of such asset till such time as the asset is ready for its intended use. A qualifying asset is an asset that necessarily requires a substantial period of time to get ready for its intended use. All other borrowing costs are recognised as an expense in the period in which they are incurred.

10. Taxes on Income Tax on income for the current year is determined on

the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961, and based on the expected outcome of the assessment/appeals.

Deferred tax is recognized on timing differences between the accounting income and the taxable income for the year and quantifi ed using the tax rates and laws substantially enacted as on the balance sheet date.

Deferred tax assets in respect of unabsorbed depreciation/brought forward losses are recognized to the extent there is virtual certainty that suffi cient future taxable income will be available against which such deferred tax assets can be realized.

Other deferred tax assets are recognized and carried forward to the extent that there is a reasonable certainty that suffi cient future taxable income will be available against which such deferred tax assets can be realized

11. Provisions and contingencies The company creates a provision when there is present

obligation as a result of a past event that probably requires an outfl ow of resources and a reliable estimate can be made of the amount of obligation. A disclosure of a contingent liability is made where there is a possible obligation that probably will not require an outfl ow of resources or where a reliable estimate of the obligation can not be made.

12. Miscellaneous Expenditure Preliminary expenses are amortized over a period of

fi ve years from the year of commencement of Business operations.

13. Lease Rental Lease rental in respect of operating lease is charged to

project work in progress and administrative expenses in the profi t and loss account.

For and on behalf of the Board

D.C.MitraManaging Director

Suman KalraCompany Secretary

Harish ChandraDirector Finance

New Delhi 7th August, 2008

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(iii) ×›¯ÖÖê×•Ö™ ×®Ö´ÖÖÔÞÖ ÛúÖµÖÖêÕ ¯Ö¸ Æã‹ ¾µÖµÖ :

31 ´ÖÖ“ÖÔ, 2008 ÛúÖê ÃÖ´ÖÖ¯ŸÖ ¾ÖÂÖÔ »ÖÖÜÖ ¹ý. ´ÖêÓ


×›¯ÖÖê×•Ö™ ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ ¯Ö¸ Æã‹ ¾µÖµÖ

11482.17 7766.32*

†×³Ö–ÖÖŸÖ »ÖÖ³Ö/ÆÖ×®Ö 1582.77 ¿Öæ®µÖ

¾µÖµÖ Æã‡Ô †ÖîÃÖŸÖ ¸Ö×¿Ö ‹¾ÖÓ †×³Ö–ÖÖŸÖ »ÖÖ³Ö/ÆÖ×®Ö

19248.491582.77

7766.32¿Öæ®µÖ

¯ÖÎÖ¯ŸÖ †×ÝÖÎ´Ö ¸Ö×¿Ö 4960.96 2877.46

ÝÖÎÖÆÛúÖêÓ ÛúÖê ¤êµÖ ÃÖÛú»Ö ¸Ö×¿Ö 3385.42 6002.36

*- ‡ÃÖ ¸Ö×¿Ö ´ÖêÓ ‹ÃÖ¯Öß¾Öß Ûê ¯Ö×¸µÖÖê•Ö®ÖÖ ×ÛÏúµÖÖ®¾ÖµÖ®Ö ¯Ö¸ Æã‹ 60.02 Ûú¸Öê›Í ¹ý. Ûúê ÜÖ“ÖÔ ÃÖ×´´Ö×»ÖŸÖ Æî.

4. ÛÓú¯Ö®Öß ®Öê ³ÖÖ¸ŸÖßµÖ ¸ê»Ö ×¾Ö¢Ö ×®ÖÝÖ´Ö (†Ö‡Ô†Ö¸‹±úÃÖß) ÃÖê »ÖÝÖ³ÖÝÖ 1208 Ûú¸Öê›Í ¹ý. ÛúÖ ŠúÞÖ ¯ÖÎÖ¯ŸÖ ×ÛúµÖÖ Æî. †Ö‡Ô †Ö¸‹±úÃÖß Ûúê ×¤®ÖÖÓÛú 21.05.2007 Ûê ¯Ö¡Ö ÃÖÓ. †Ö‡Ô†Ö¸‹±úÃÖß/†Ö¸¾Öß‹®Ö‹»Ö/2007-08 Ûúê †®ÖãÃÖÖ¸ ×¾Ö¢Ö ¾ÖÂÖÔ 2005-06 Ûê ×»Ö‹ 7.90 ¯ÖÎ×ŸÖ¿ÖŸÖ †Öî¸ ×¾Ö¢Ö ¾ÖÂÖÔ 2006-07 Ûê ×»Ö‹ 9.50 ÖÎ×ŸÖ¿ÖŸÖ Ûúß ¤¸ ÃÖê ²µÖÖ•Ö ¤Ö×µÖŸÖÖ ÛúÖ †ÖÛú»Ö®Ö ×ÛúµÖÖ ÝÖµÖÖ Æî. ×¾Ö¢Ö ¾ÖÂÖÔ 2007-08 Ûê ×»Ö‹ †Ö‡Ô†Ö¸‹±úÃÖß ®Öê 9.99 ¯ÖÎ×ŸÖ¿ÖŸÖ ²µÖÖ•Ö Ûúß ¤¸ ×®Ö¬ÖÖÔ×¸ŸÖ Ûúß Æî. ¸ê»Ö ´ÖÓ¡ÖÖ»ÖµÖ ®Öê ÃÖÓ¯ÖæÞÖÔ ŠúÞÖ Ûúß ´Öæ»Ö ¸Ö×¿Ö ‹¾ÖÓ ˆ¬ÖÖ¸ß »ÖÖÝÖŸÖ (²µÖÖ•Ö ‹¾ÖÓ ¯ÖÎÖÃÖê×ÃÖÓÝÖ ¯ÖÎ³ÖÖ¸) Ûúê ³ÖãÝÖŸÖÖ®Ö Ûúß ¯Öæ¸ß ×•Ö´´Öê¾ÖÖ¸ß »Öê®Öê ÛúÖ ×®ÖÞÖÔµÖ ¯ÖÆ»Öê Æß Ûú¸ ×»ÖµÖÖ Æî. »ÖÖ³Ö ‹¾ÖÓ ÆÖ×®Ö »ÖêÜÖÖ ´ÖêÓ ²µÖÖ•Ö ¯ÖÎ³ÖÖ¸ ÛúÖê ¯ÖÖÃÖ £ÖÎæ ™ÒÖÓ•ÖêŒ¿Ö®Ö Ûê ºþ¯Ö ´ÖêÓ ¤¿ÖÖÔµÖÖ ÝÖµÖÖ Æî ŒµÖÖêÓ×Ûú ‡®ÆêÓ ¸ê»Ö ´ÖÓ¡ÖÖ»ÖµÖ ÃÖê ¾ÖÃÖæ»Ö ×ÛúµÖÖ •ÖÖ®ÖÖ Æî. ŸÖã»Ö®Ö ¯Ö¡Ö ´ÖêÓ ¾ÖÃÖæ»Ö Ûúß •ÖÖ®Öê ¾ÖÖ»Öß ¸Ö×¿Ö ÛúÖê ŠúÞÖ ‹¾ÖÓ †×ÝÖÎ´Ö ¿ÖßÂÖÔ †Öî¸ ³ÖãÝÖŸÖÖ®Ö Ûúß ÝÖ‡Ô ¸Ö×¿Ö ÛúÖê ×¾Ö×¾Ö¬Ö ŠúÞÖ¤ÖŸÖÖ ¿ÖßÂÖÔ Ûê ŸÖÆŸÖ ¾ÖÝÖßÔÛéúŸÖ ×ÛúµÖÖ ÝÖµÖÖ Æî.

5. ÛÓú¯Ö®Öß ÛúÖê ‡×Œ¾Ö™ß ¯ÖæÓ•Öß Ûê ºþ¯Ö ´ÖêÓ ¸ê»Ö ´ÖÓ¡ÖÖ»ÖµÖ, ³ÖÖ¸ŸÖ ÃÖ¸ÛúÖ¸ ÃÖê ¯ÖÎÖ¯ŸÖ ×®Ö×¬Ö ÛúÖ ¯ÖÎµÖÖêÝÖ ¸ÖÂ™ÒßµÖ ¸ê»Ö ×¾ÖÛúÖÃÖ µÖÖê•Ö®ÖÖ ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ ¯Ö×¸µÖÖê•Ö®ÖÖ†ÖêÓ Ûê ×ÛÏúµÖÖ®¾ÖµÖ®Ö ¯Ö¸ ¾µÖµÖ ×ÛúµÖÖ •ÖÖŸÖÖ Æî. ¯Ö×¸µÖÖê•Ö®ÖÖ Ûê ¯ÖæÞÖÔ ÆÖê®Öê ¯Ö¸ ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ ÛúÖê ÃÖÓ²ÖÓ×¬ÖŸÖ õÖê¡ÖßµÖ ¸ê»Ö¾Öê ÛúÖê ÆÃŸÖÖÓŸÖ×¸ŸÖ Ûú¸ ×¤µÖÖ •ÖÖŸÖÖ Æî •ÖÖê †¯Ö®Öê ²»ÖÖòÛú »ÖêÜÖÖ ´ÖêÓ ‡®Ö ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ Ûê ´Öæ»µÖ ÛúÖê •ÖÖê›Í ¤êÝÖß. ‡ÃÖ ¯ÖÎÛúÖ¸ Ûúß ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ Ûê ÆÃŸÖÖÓŸÖ¸ÞÖ Ûê Ã¾Öºþ¯Ö


»ÖêÜÖÖ ®ÖÖê™


71

AN

NU

AL

RE

PO

RT

20

07

-08

1. Inventories i. Land cost included in Project Work in Progress

represents payments made to various Zonal Railways for the purpose of acquisition of land. The total payment made amounts to Rs.62.12 crore (Previous year: Rs.46.79 crore).

ii. As per the MOU between Ministry of Railways (MOR) and the company, land and building were to be leased to the later for project execution. However, the land is still in the possession of respective Zonal Railways and the lease agreement is yet to be entered into. The lease rental, if any, payable is not accounted for.

iii. The Company is executing fi nancially viable projects identifi ed by MOR under two components viz. Golden Quadrilateral Strengthening and Port connectivity of National Rail Vikas Yojna (NRVY). In some of the projects, initially transferred to the Company, work was already in progress and some of the Zonal Railways had incurred expenditure on those projects prior to their transfer to the Company. The expenditure made by the concerned Railways prior to the formation of the Company has not been taken into account. The policy regarding liability of the Company for such expenditure, which took place prior to formation of the Company, will be decided after the assets are handed over to the Company.

2. Revenue i. The Company has accounted for income from Project

Execution @ 1% on the expenditure done by it on MOR projects which are being directly implemented by the Company as per the directions of the MOR vide their letter No. 2004\W-I\RVNL\15 dated 24th April 2006.

ii. Expenditure on work in progress against contracts awarded by the Company is recognized on completion of measurements and testing certifi ed by the Engineer.

iii. Execution done by the Zonal Railways on behalf of the Company on MOR projects is accounted for on the basis of statement of estimated expenditure received from respective Zonal Railways and shall be adjusted as and when the fi nal expenditure statement is received.

iv. Expenditure against advances given to various agencies including Zonal Railways for execution of works on cost plus basis as deposit works is accounted for on the basis of statement of estimated expenditure received from the concerned agency and is adjusted as and when the fi nal expenditure statement is received.

3. DEPOSIT WORKS (SPVs and others)i. Works being executed for SPVs and others are

treated as a deposit work. The advance received is

disclosed under Current Liabilities and the amount recoverable on account of project execution under Sundry debtors.

ii. The Company is executing some of projects for SPVs of the Company and other parties as deposit work either directly or through different Zonal Railways. Project work in progress shown under Profi t & Loss Account and the corresponding current assets and liabilities in respect of such projects have been recognized on the basis of expenditure incurred plus D& G charges as agreed. Execution done by the Zonal Railways is accounted for on the basis of statement of estimated expenditure received from respective Zonal Railways and shall be adjusted as and when the fi nal expenditure statement is received.

iii. Costs incurred for Deposit Works:

Year ended March 31, 2008

Rs. in lakh


Rs. in lakh

Costs incurred for Deposit Works

11482.17 7766.32 *

Recognized Profi t/Loss 1582.77 Nil

Aggregate amount of Costs incurred and recognized Profi t/Loss

19248.491582.77

7766.32 Nil

Advance received 4960.96 2877.46

Gross Amount due from Customers

3385.42 6002.36

* -This amount includes expenditure incurred on project execution for SPV amounting to Rs.60.02 crore.

4. The Company has borrowed funds aggregating to Rs. 1208 crore from Indian Railway Finance Corporation (IRFC). The interest liability has been assessed @ 7.90% for the fi nancial year 2005-2006 and @ 9.50% for the fi nancial year 2006-2007 vide IRFC letter dated 21.5.2007 No. IRFC/RVNL/2007-2008. For 2007-08, the rate has been advised by IRFC to 9.99% The MOR has already decided to bear full responsibility of the payment of principal and cost of borrowing (interest & processing charges) on the entire sum of the borrowed funds. The interest charges have been shown in the Profi t & Loss Account as pass through transaction since they are recoverable from MOR. In the Balance Sheet, the recoverable amount has been classifi ed under the head Loan and Advances and payable amount under the head Sundry creditors.

5. Funds received by the Company from Government of India, MOR as equity capital are meant for executing projects of National Rail Vikas Yojna. After physical completion of a project, the assets are to be transferred to the concerned zonal railway who would add the value of assets in their block account. The modalities of transfer of such assets are being worked out with the Ministry

Schedule 18Notes to the Accounts

okf"kZd

fjiksVZ 2

007&08


72

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6. ÛÓú¯Ö®Öß ®Öê ÃÖæõ´Ö, »Ö‘Öã †Öî¸ ´Ö—ÖÖê»Öê ˆª´Ö ×¾ÖÛúÖÃÖ †×¬Ö×®ÖµÖ´Ö, 2005 Ûê †£ÖÖÔŸÖË “†Ö¯Öæ×ŸÖÔÛúŸÖÖÔ†ÖêÓ” ÃÖê ˆ®ÖÛúß ×Ã£Ö×ŸÖ Ûúß •ÖÖ®ÖÛúÖ¸ß ¯ÖÎÖ¯ŸÖ ®ÖÆßÓ Ûúß Æî †Öî¸ ‡ÃÖ×»Ö‹ ‡ÃÖ †×¬Ö×®ÖµÖ´Ö Ûê ŸÖÆŸÖ ¾ÖÂÖÔ Ûê †ÓŸÖ ´ÖêÓ •Ö´ÖÖ ²µÖÖ•Ö/•Ö´ÖÖ ×Ûú‹ •ÖÖ®Öê ¾ÖÖ»Öß ¸Ö×¿Ö ÃÖ×ÆŸÖ †®Ö¯Öê› ¸Ö×¿Ö µÖ×¤ ÛúÖê‡Ô ÆÖê, Ûúß •ÖÖ®ÖÛúÖ¸ß ®ÖÆßÓ ¤ß ÝÖ‡Ô Æî.

7. ÛÓú¯Ö®Öß ®Öê ¸ê»Ö ´ÖÓ¡ÖÖ»ÖµÖ Ûúß 3,648.98 Ûú¸Öê›Í ¹ý. (×¯Ö”»Öê ¾ÖÂÖÔ 2,356.52 Ûú¸Öê›Í ¹ý.) Ûúß »ÖÖÝÖŸÖ ¾ÖÖ»Öß Ûãú»Ö ¯Ö×¸µÖÖê•Ö®ÖÖ‹Ó ×ÛÏúµÖÖ×®¾ÖŸÖ Ûúß Æî. ‡ÃÖ´ÖêÓ ÃÖê 1,371 Ûú¸Öê›Í ¹ý. (×¯Ö”»Öê ¾ÖÂÖÔ 1,196 Ûú¸Öê›Í ¹ý.) ´Öæ»µÖ ÛúÖ ×ÛÏúµÖÖ®¾ÖµÖ®Ö ÛÓú¯Ö®Öß Ûúß †Öê¸ ÃÖê õÖê¡ÖßµÖ ¸ê»ÖÖêÓ «Ö¸Ö ×ÛúµÖÖ ÝÖµÖÖ. ˆÃÖß ¯ÖÎÛúÖ¸ ¸ê»Ö ´ÖÓ¡ÖÖ»ÖµÖ Ûúê 24 †¯ÖÎî»Ö, 2006 Ûúê ¯Ö¡Ö ÃÖÓ. 2004/›²»µÖæ-I/†Ö¸¾Öß‹®Ö‹»Ö/15 Ûê †®ÖãÃÖÖ¸ ÛÓú¯Ö®Öß «Ö¸Ö ¸ê»Ö ´ÖÓ¡ÖÖ»ÖµÖ Ûúß ¯Ö×¸µÖÖê•Ö®ÖÖ†ÖêÓ Ûê ÃÖß¬Öê ŸÖÖî¸ ¯Ö¸ ×ÛÏúµÖÖ®¾ÖµÖ®Ö ÆêŸÖã 2,278 Ûú¸Öê›Í ¹ý. (×¯Ö”»Öê ¾ÖÂÖÔ 1,133 Ûú¸Öê›Í ¹ý.) Ûê ¯Ö×¸¾µÖµÖ ¯Ö¸ 1 ¯ÖÎ×ŸÖ¿ÖŸÖ Ûúß ¤¸ ÃÖê ÛÓú¯Ö®Öß Ûúß †Ö´Ö¤®Öß ´ÖÖ®Öß •ÖÖ‹ÝÖß.

8. ×±úŒÃ› ×›¯ÖÖê×•Ö™ ¯Ö¸ †×•ÖÔŸÖ ²µÖÖ•Ö Ûúê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ ÛÓú¯Ö®Öß ®Öê »ÖêÜÖÖ ®Öß×ŸÖ ´ÖêÓ ¯Ö×¸¾ÖŸÖÔ®Ö ×ÛúµÖÖ Æî. ×¯Ö”»Öê ¾ÖÂÖÔ †ÖµÖ ÛúÖê “ÖÖ»Öæ ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ ´ÖêÓ »ÖÝÖÖ ×¤µÖÖ ÝÖµÖÖ £ÖÖ. ²ÖÆ¸ÆÖ»Ö, ‡ÃÖ ¾ÖÂÖÔ ÃÖê ‡ÃÖê ¯Öß ‹Ó› ‹»Ö »ÖêÜÖÖ Ûê †»ÖÝÖ ¿ÖßÂÖÔ ´ÖêÓ ¤¿ÖÖÔµÖÖ ÝÖµÖÖ Æî. ‡ÃÖÛê ¯Ö×¸ÞÖÖ´ÖÃ¾Öºþ¯Ö “ÖÖ»Öæ ¾ÖÂÖÔ Ûê »ÖÖ³Ö ´ÖêÓ 12.98 Ûú¸Öê›Í ¹ý. (×¯Ö”»Öê ¾ÖÂÖÔ 7.67 Ûú¸Öê›Í ¹ý.) Ûúß ¾Öé×¨ Æã‡Ô Æî. ‡ÃÖÛúê ±ú»ÖÃ¾Öºþ¯Ö “ÖÖ»Öæ ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ Ûúß ¸Ö×¿Ö ´ÖêÓ ÃÖÓÝÖŸÖ ¸Ö×¿Ö Ûúß ŸÖã»Ö®ÖÖ ´ÖêÓ ¾Öé×¨ ÆÖê ÝÖ‡Ô.

9. »ÖêÜÖÖ ´ÖÖ®ÖÛú 26 Ûê †®ÖãÃÖÖ¸, ÃÖÖ°™¾ÖêµÖ¸ (†×ŸÖÃÖæõ´Ö ¯Ö×¸ÃÖÓ¯Ö×¢Ö) ¯Ö¸ ¯ÖÎ³ÖÖ×¸ŸÖ ´Öæ»µÖÈÖÃÖ ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ »ÖêÜÖÖ ®Öß×ŸÖ ´ÖêÓ ¯Ö×¸¾ÖŸÖÔ®Ö ×ÛúµÖÖ ÝÖµÖÖ Æî. ÛÓú¯Ö®Öß ¯ÖÆ»Öê ÛúÓ¯µÖæ™¸ ÃÖÖ°™¾ÖêµÖ¸ ¯Ö¸ Ã™Òê™ »ÖÖ‡®Ö ¯Ö¨×ŸÖ Ûê †Ö¬ÖÖ¸ ¯Ö¸ 31.67 ¯ÖÎ×ŸÖ¿ÖŸÖ ¯ÖÎ×ŸÖ ¾ÖÂÖÔ Ûúß ¤¸ ÃÖê ´Öæ»µÖÈÖÃÖ ¯ÖÎ³ÖÖ×¸ŸÖ Ûú¸®Öê ÃÖÓ²ÖÓ¬Öß »ÖêÜÖÖ ®Öß×ŸÖ ÛúÖê †¯Ö®ÖÖ ¸Æß £Öß. ‡ÃÖê ²Ö¤»Ö Ûú¸ ÛúÓ¯µÖæ™¸ ÃÖÖ°™¾ÖêµÖ¸ ÛúÖê ŸÖß®Ö ¾ÖÂÖÖêÕ Ûúß †¾Ö×¬Ö †£Ö¾ÖÖ ÃÖÖ°™¾ÖêµÖ¸ Ûúß ˆ¯ÖµÖÖêÝÖß †ÖµÖã, •ÖÖê ³Öß Ûú´Ö ÆÖê, Ûê †®¤¸ ×¾Ö³ÖÖ×•ÖŸÖ Ûú¸Ûúê “ÖãÛúÖµÖÖ •ÖÖ®ÖÖ Æî. ‡ÃÖÛê ¯Ö×¸ÞÖÖ´ÖÃ¾Öºþ¯Ö ×¯Ö”»Öê ¾ÖÂÖÔ 25,375/- ¹ý¯Ö‹ ´Öæ»µÖÈÖÃÖ ¯ÖÎ³ÖÖ¸ ´ÖêÓ Ûú´Öß †Ö‡Ô. µÖÆ ¯ÖÎ³ÖÖ¸ “ÖÖ»Öæ ¾ÖÂÖÔ ´ÖêÓ ³Öß »ÖÖÝÖæ Æî.

10. »ÖêÜÖÖ ´ÖÖ®ÖÛú 15 Ûúê †®ÖãÃÖÖ¸, ÛÓú¯Ö®Öß ®Öê ˆ¯Ö¤Ö®Ö †Öî¸ †®µÖ ×¸™ÖµÖ¸´ÖêÓ™ »ÖÖ³Ö ÃÖÓ²ÖÓ¬Öß »ÖêÜÖÖ ®Öß×ŸÖ ´ÖêÓ ¯Ö×¸¾ÖŸÖÔ®Ö ×ÛúµÖÖ Æî. ×¾ÖÝÖŸÖ ¾ÖÂÖÖêÕ ´ÖêÓ ÛÓú¯Ö®Öß ®Öê ¾ÖÖÃŸÖ×¾ÖÛú †Ö¬ÖÖ¸ ¯Ö¸ ¯ÖÎÖ¾Ö¬ÖÖ®Ö ×ÛúµÖÖ £ÖÖ. “ÖÖ»Öæ ¾ÖÂÖÔ ÃÖê ÛÓú¯Ö®Öß ®Öê ‡®Ö »ÖÖ³ÖÖêÓ Ûê ¾ÖÖÃŸÖ×¾ÖÛú ´Öæ»µÖÖÓÛú®Ö Ûê †Ö¬ÖÖ¸ ¯Ö¸ ¯ÖÎÖ¾Ö¬ÖÖ®Ö ×Ûú‹ ÆîÓ. ‡ÃÖÛúê ¯Ö×¸ÞÖÖ´ÖÃ¾Öºþ¯Ö ˆ¯Ö¤Ö®Ö †Öî¸ †®µÖ ×¸™ÖµÖ¸´ÖêÓ™ »ÖÖ³Ö Ûê ¯ÖÎÖ¾Ö¬ÖÖ®ÖÖêÓ ´ÖêÓ ×¯Ö”»Öê ¾ÖÂÖÔ Ûúß ŸÖã»Ö®ÖÖ ´ÖêÓ 96,150/- ¹ý. Ûúß Ûú´Öß †Ö‡Ô.

11. ŸÖ×´Ö»Ö®ÖÖ›å Ûúß ¸Ö•µÖ ÃÖ¸ÛúÖ¸ ®Öê Ûãúø»ÖÖî¸-¾Öé¨Ö“Ö»Ö´Ö-†¼å¸-ÃÖ»Öê´Ö †Ö´ÖÖ®Ö ¯Ö×¸¾ÖŸÖÔ®Ö ¯Ö×¸µÖÖê•Ö®ÖÖ Ûê ×ÛÏúµÖÖ®¾ÖµÖ®Ö ÆêŸÖã 112 Ûú¸Öê›Í ¹ý. ÛúÖ †®Öã¤Ö®Ö ×¤µÖÖ, ×•ÖÃÖê ¤×õÖÞÖ ¸ê»Ö¾Öê ÛúÖê ³ÖãÝÖŸÖÖ®Ö Ûú¸ ×¤µÖÖ ÝÖµÖÖ. ¯Ö×¸µÖÖê•Ö®ÖÖ ¸ê×¾Ö×®Ö×»Ö ÛúÖê ÆÃŸÖÖÓŸÖ×¸ŸÖ Ûú¸ ¤ß ÝÖµÖß £Öß †Öî¸ ‡ÃÖê †ÖÓ×¿ÖÛú ºþ¯Ö ÃÖê ¤×õÖÞÖ ¸ê»Ö¾Öê †Öî¸ †ÖÓ×¿ÖÛú ºþ¯Ö ÃÖê ¸ê×¾Ö×®Ö×»Ö «Ö¸Ö ×ÛÏúµÖÖ®¾ÖµÖ®Ö ×ÛúµÖÖ •ÖÖ ¸ÆÖ Æî. ¸ê×¾Ö×®Ö×»Ö ®Öê 11.42 Ûú¸Öê›Í ¹ý. Ûúß ¸Ö×¿Ö ¤×õÖÞÖ ¸ê»Ö¾Öê ÃÖê ¯ÖÎÖ¯ŸÖ Ûúß Æî •ÖÖê ‡ÃÖ ¯Ö×¸µÖÖê•Ö®ÖÖ Ûê †®Öã¤Ö®Ö ¸Ö×¿Ö ´ÖêÓ ÃÖê †¯ÖÎµÖãŒŸÖ ¸Ö×¿Ö Æî. ¾ÖÖ×ÂÖÔÛú »ÖêÜÖÖ 2006-07 ´ÖêÓ ‡ÃÖ ¸Ö×¿Ö ÛúÖê ¯ÖæÓ•Öß †Ö¸×õÖŸÖ ´ÖêÓ ¤¿ÖÖÔµÖÖ ÝÖµÖÖ Æî. “ÖæÓ×Ûú ‡ÃÖ ¸Ö×¿Ö Ûúß ¯Ö×¸µÖÖê•Ö®ÖÖ ÛúÖê õÖê¡ÖßµÖ ¸ê»Ö¾Öê ÛúÖê ÆÃŸÖÖÓŸÖ×¸ŸÖ Ûú¸ŸÖê ÃÖ´ÖµÖ ¯Ö×¸µÖÖê•Ö®ÖÖ »ÖÖÝÖŸÖ Ûê ×¸ÛúÖÓ×ÃÖ×»Ö‹ÃÖ®Ö Ûúê ¯Ö¿“ÖÖŸÖ ÃÖ´ÖÖµÖÖê×•ÖŸÖ ×ÛúµÖÖ •ÖÖ®ÖÖ Æî. †ŸÖ: ‡ÃÖ

¸Ö×¿Ö ÛúÖê †²Ö ¯Ö×¸µÖÖê•Ö®ÖÖ†ÖêÓ Ûê †×ÝÖÎ´Ö Ûê ºþ¯Ö ´ÖêÓ ¾ÖŸÖÔ´ÖÖ®Ö ¤êµÖŸÖÖ Ûúê †¬Öß®Ö ¿ÖÖ×´Ö»Ö ×ÛúµÖÖ ÝÖµÖÖ Æî.

12. ×¾Ö¤ê¿Öß ´Öã¦Ö ¯Ö×¸¾µÖµÖ



µÖÖ¡ÖÖ ÜÖ“ÖÔ 0.76 0

¯Ö×¸µÖÖê•Ö®ÖÖ ¯ÖÎ²ÖÓ¬Ö®Ö ¯Ö¸Ö´Ö¿ÖßÔ 49.07 28.38

13. ÛÓú¯Ö®Öß Ûúê ¤Ö¾ÖÖêÓ Ûúê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ †ÖÛú×Ã´ÖÛú ¤êµÖŸÖÖ •ÖÖê ŠúÞÖ Ûúê ºþ¯Ö ´ÖêÓ Ã¾ÖßÛéúŸÖ ®ÖÆßÓ Æî:

(Ûú) Ûú¸ ×®Ö¬ÖÖÔ¸ÞÖ ¾ÖÂÖÔ 2005-06 Ûúê †ÖµÖÛú¸ Ûê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ ¹ý. ¿Öæ®µÖ (×¯Ö”»Öê ¾ÖÂÖÔ 4.15 ¹ý.)

(ÜÖ) ¯ÖÓ“ÖÖ™ ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ ÛúÖê™Ô ´ÖÖ´Ö»ÖÖêÓ †Öî¸ ¯ÖÓ“ÖÖ™ ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ »ÖÓ×²ÖŸÖ ´ÖÖ´Ö»ÖÖêÓ ´ÖêÓ ¿Öæ®µÖ ¹ý. (×¯Ö”»Öê ¾ÖÂÖÔ 118.18 ¹ý.)

14. ‹ÃÖ¯Öß¾Öß Û ß ¯ÖæÓ•Öß ¿ÖêµÖ¸ ´ÖêÓ ¯ÖæÓ•Öß ¯ÖÎ×ŸÖ²Ö¨ŸÖÖ 149.50 Ûú¸Öê›Í ¹ý. (×¯Ö”»Öê ¾ÖÂÖÔ ¿Öæ®µÖ) Æî

15. ¯ÖÎ²ÖÓ¬ÖÛúßµÖ ¯ÖÖ×¸ÁÖ×´ÖÛú



¾ÖêŸÖ®Ö ‹¾ÖÓ ³Ö¢Öê 33.69 30.27

³Ö×¾ÖÂµÖ ×®Ö×¬Ö ‹¾ÖÓ †®µÖ ×®Ö×¬Ö 0.81 1.04

‡ÃÖ´ÖêÓ ×®Ö¤ê¿ÖÛúÖêÓ Ûê ×»Ö‹ 16.70 »ÖÖÜÖ ¹ý. (×¯Ö”»Öê ¾ÖÂÖÔ 19.36 »ÖÖÜÖ ¹ý.) ÃÖ×´´Ö×»ÖŸÖ Æî, •ÖÖê ¸ê»Ö ´ÖÓ¡ÖÖ»ÖµÖ ÃÖê ¯ÖÎ×ŸÖ×®ÖµÖã×ŒŸÖ ¯Ö¸ ×®ÖµÖãŒŸÖ ×Ûú‹ ÝÖ‹ ÆîÓ †Öî¸ ‡ÃÖÛúê ×»Ö‹ ÛÓú¯Ö®Öß ¸ê»Ö ´ÖÓ¡ÖÖ»ÖµÖ ÛúÖê ¯ÖÎ×ŸÖ¯Öæ×ŸÖÔ Ûú¸ŸÖß Æî.

16. †ÖµÖÛú¸ :

(Ûú) †ÖµÖÛú¸ Ûê ¯ÖÎÖ¾Ö¬ÖÖ®Ö ÆêŸÖã ÝÖÞÖ®ÖÖ ¯ÖÎÖ¯ŸÖ/ˆ¯ÖÖ×•ÖÔŸÖ ²µÖÖ•Ö †ÖµÖ †Öî¸ ¯Ö×¸µÖÖê•Ö®ÖÖ ×ÛÏúµÖÖ®¾ÖµÖ®Ö ÆêŸÖã ¯ÖÎ³ÖÖ×¸ŸÖ ›ß ‹Ó› •Öß ¯ÖÎ³ÖÖ¸ ×•ÖÃÖê ¾ÖÂÖÔ Ûê ¤Öî¸Ö®Ö †®µÖ ¯ÖÖ×™ÔµÖÖêÓ ¯Ö¸ »ÖÖÝÖæ ×ÛúµÖÖ •ÖÖŸÖÖ Æî, Ûê †Ö¬ÖÖ¸ ¯Ö¸ ×ÛúµÖÖ •ÖÖŸÖÖ Æî. ÛÓú¯Ö®Öß «Ö¸Ö ÛúÖ®Öæ®Öß ¸ÖµÖ †Öî¸ ×¾Ö¿ÖêÂÖ–Ö ÃÖ»ÖÖÆ »Öê®Öê Ûê ÛúÖ¸ÞÖ ×›¯ÖÖê×•Ö™ †Ö¬ÖÖ¸ ¯Ö¸ ¯Ö×¸µÖÖê•Ö®ÖÖ ÃÖê ¯ÖÎÖ¯ŸÖ †ÖµÖ ÛúÖê ”Öê›ÍÛú¸ ¸ê»Ö ´ÖÓ¡ÖÖ»ÖµÖ Ûê ¯Ö×¸µÖÖê•Ö®ÖÖ ×ÛÏúµÖÖ®¾ÖµÖ®Ö †ÖµÖ ¯Ö¸ ÛúÖê‡Ô ¯ÖÎÖ¾Ö¬ÖÖ®Ö ®ÖÆßÓ ¸ÜÖÖ ÝÖµÖÖ Æî ŒµÖÖêÓ×Ûú †ÖµÖÛú¸ †×¬Ö×®ÖµÖ´Ö, 1961 Ûúß ¬ÖÖ¸Ö 801 Ûú Ûúß ˆ¯Ö¬ÖÖ¸Ö (4) Ûê †®ÖãÃÖÖ¸ µÖÆ Ûú™ÖîŸÖß Ûúß •ÖÖ®Öß Æî.

(ÜÖ) ÃÖÓ²ÖÓ×¬ÖŸÖ †×¬Ö¿ÖêÂÖÖêÓ Ûê ¯ÖÎ´ÖãÜÖ †¾ÖµÖ¾ÖÖêÓ Ûúß †ÖÃ£Ö×ÝÖŸÖ Ûú¸ ¤Ö×µÖŸÖÖ ÛúÖ

²ÖÎêÛú†¯Ö ×®Ö´®Ö¾ÖŸÖ Æî:

1 †¯ÖÎî»Ö, 2007 ÃÖê ¯ÖÎÖ¸Ó³Ö (»ÖÖÜÖ ¹ý. ´ÖêÓ)

31 ´ÖÖ“ÖÔ, 2008 ÛúÖê ÃÖ´ÖÖ¯ŸÖ (»ÖÖÜÖ ¹ý. ´ÖêÓ)

Ûú¸ ´Öæ»µÖÈÖÃÖ †Öî¸ ²ÖãÛú ´Öæ»µÖÈÖÃÖ ´ÖêÓ †ÓŸÖ¸ Ûê ÛúÖ¸ÞÖ Ûú¸ ¤êµÖŸÖÖ

0 50.85


73

AN

NU

AL

RE

PO

RT

20

07

-08

to ascertain whether the transfer of assets would be on receipt of cash consideration or otherwise.

6. The Company has not received any intimation from “suppliers” regarding their status under the Micro, Small and medium enterprises Development Act, 2005 and hence disclosures, if any, relating to amounts unpaid as at the year-end together with interest paid/payable as required under the said Act have not been given.

7. The total project cost executed for MOR by the Company is Rs. 3,648.98 crores (Previous Year Rs. 2,356.52 crores). Out of this Rs. 1,371 crores (Previous Year Rs. 1,196 crores) worth of execution has been done by Zonal Railways on behalf of the Company. Accordingly, project execution income @ 1% on the expenditure on MOR projects which are being directly implemented by the Company worth Rs. 2,278 crores (Previous Year Rs. 1,133 crores) as per the directions of the MOR vide their letter No. 2004\W-I\RVNL\15 dated 24th April 2006 have been recognized as income.

8. The company has changed the accounting policy relating to interest earned on Fixed Deposits. In the previous year, the income was being credited to the work-in-progress. However, from the current year, the same has been shown as a separate head in the P&L Account. This has resulted in an increase of profi t by Rs.12.98 crore during the current year (previous year Rs.7.67 crore). This has resulted in an increase in the amount of work in progress of the corresponding amount.

9. In line with Accounting Standard 26, has changed the accounting policy relating to charging depreciation on software (Intangible Assets). The Company was earlier following the accounting policy for charging depreciation on computer software from 31.67% per annum on straight line method. This has been changed to amortization of computer software over a period of 3 years or useful life of the software whichever is lower. This has resulted in the lower charge of depreciation by Rs.25,375/- in previous years. The same has been charged in the current year.

10. In line with Accounting Standard 15, the Company has changed the accounting policy relating to provision for gratuity and other retirement benefi ts. In the previous years, the Company was making provision on actual basis. From the current year, the Company has provided as per actuarial valuation of these benefi ts. As a result of this, the provision for gratuity and other retirement benefi ts has been reduced by Rs. 96,150/- as compared to the previous year.

11. The State Government of Tamil Nadu has provided a Grant of Rs.112 crore for execution of Cuddalore-Vridhachalam-Attur-Salem Gauge Conversion Project which was paid to Southern Railway. The project was transferred to RVNL and now it is being partly executed by Southern Railway and partly by RVNL. RVNL received a credit of Rs.11.42 crore from Southern Railway representing the unspent amount of the Grant pertaining to the Project. In the Annual Accounts 2006-07, this amount had been shown

in the Capital Reserve. As this amount is to be adjusted after reconciliation against the project cost at the time of transfer of the project to the Zonal Railway, this amount has now been included under current liabilities as advance against projects.

12. Expenditure in Foreign Currency


Rs. in lakh


Rs. in lakh

Travel expenses 0.76 0

Project Management Consultancy 49.07 28.38

13. Contingent liability in respect of claims not acknowledged as debts by the Company:(a) Rs. NIL (Previous year Rs.4.15) in respect of income

tax for the A.Y. 2005-06(b) Rs. NIL (Previous year Rs.118.18) in respect of

pending arbitration cases and court cases connected with the arbitration

14. Capital commitment towards share capital in SPV’s is Rs. 149.50 crore (previous year Nil)

15. Managerial Remuneration


Rs. in lakh


Rs. in lakh

Salary & allowances 33.69 30.27

Provident fund and other fund

0.81 1.04

Includes Rs.16.70 lakh (Previous year Rs.19.36 lakh) for Directors who are on deputation from Ministry of Railway for which the Company makes the reimbursement directly to Ministry of Railways.

16. Income Tax :(a) Provision for Income tax has been calculated on the

interest income received / accrued and on D&G charges levied on project execution for other parties during the year. In view of the legal opinion and expert advice received by the Company, no provision has been made on income from MOR project execution other than income from project on deposit basis, as the same is deductible as per the provisions laid u/s 80IA sub - section (4) of the Income Tax Act, 1961.

(b) Breakup of deferred tax liability into major components of the respective balances is as under:

Opening as on April 1, 2007(Rs. in lakh)

Closing as on March 31, 2008

(Rs. in lakh)

Tax Liability due to difference between tax depreciation and book depreciation

0 50.85

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2006-07* »ÖÖÜÖ ¹ý. ´ÖêÓ

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2. Æ¸×¤ÖÃÖ¯Öã¸ ¯ÖÖ¸Ö¤ß¯Ö ¸ê»Ö¾Öê ÛÓú¯Ö®Öß ×»Ö. (‹“Ö¯Öß†Ö¸ÃÖß‹»Ö)

¸ê»Ö ×¾ÖÛúÖÃÖ ×®ÖÝÖ´Ö ×»Ö×´Ö™ê›, ³ÖÖ¸ŸÖ 50%

‹ÃÖê»Ö ´ÖÖ‡×®ÖÓÝÖ ‹¾ÖÓ ‡Ó›Ã™Òß•Ö ×»Ö., ³ÖÖ¸ŸÖ

50%

3. ÛéúÂÞÖ¯Ö¢Ö®Ö´Ö ¸ê»Ö¾Öê ÛÓú¯Ö®Öß ×»Ö×´Ö™ê› (Ûúê†Ö¸ÃÖß‹»Ö)


ÛéúÂÞÖ¯Ö¢Ö®Ö´Ö ¯ÖÖê™Ô ÛúÖ¯ÖÖêÔ¸ê¿Ö®Ö ×»Ö. ³ÖÖ¸ŸÖ

50%

4. ³Öºþ“Ö ¤êÆ•Ö ¸ê»Ö¾Öê ÛÓú¯Ö®Öß ×»Ö. (²Öß›ß†Ö¸ÃÖß‹»Ö)


†›Ö®Öß ¯Öê™ÒÖê®Öê™ (¤êÆ•Ö) ¯ÖÖê™Ô ¯ÖÎÖ‡¾Öê™ ×»Ö×´Ö™ê›, ³ÖÖ¸ŸÖ

50%

ÃÖÓµÖãŒŸÖ ºþ¯Ö ÃÖê ×®ÖµÖÓ×¡ÖŸÖ ˆª´ÖÖêÓ Ûúß ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ Ûúß †ÖîÃÖŸÖ ¸Ö×¿Ö, ¤êµÖŸÖÖ‹Ó †Öî¸ ²µÖÖ•Ö Ûê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ †ÖµÖ ‹¾ÖÓ ¾µÖµÖ ÛúÖ ×¾ÖÃŸÖéŸÖ ²µÖÖî¸Ö ×®Ö´®Ö¾ÖŸÖ Æî:

Ûú. Ûú“” ¸ê»Ö¾Öê ÛÓú¯Ö®Öß ×»Ö×´Ö™ê›

31 ´ÖÖ“ÖÔ, 2008 ÛúÖê »ÖÖÜÖ ¹ý. (†®ÖÓ×ŸÖ´Ö)


(»ÖêÜÖÖ ¯Ö¸ß×õÖŸÖ)

¯ÖÎÖ¸Ó×³ÖÛú ¾µÖµÖ ÛúÖê ”Öê›ÍÛú¸ ¯Ö×¸ÃÖÓ¯Ö×ŸÖµÖÖÓ

25553.01 25179.43

¤êµÖŸÖÖ‹Ó 15967.04 15291.95

†ÖµÖ 8593.68 5014.19

¯Ö×¸¾µÖµÖ 8910.72 5128.79

†ÖÛú×Ã´ÖÛú ¤êµÖŸÖÖ‹Ó : ¿Öæ®µÖ ºþ¯ÖµÖê (×¯Ö”»Öê ¾ÖÂÖÔ ¿Öæ®µÖ ºþ.) ¯ÖæÓ•Öß ¯ÖÎ×ŸÖ²Ö¨ŸÖÖ : ¿Öæ®µÖ ºþ¯ÖµÖê (×¯Ö”»Öê ¾ÖÂÖÔ ¿Öæ®µÖ ºþ.)


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17 Earnings per Share: The numerators and denominators used to calculate Basic

Earnings per Share are:

2007-08Rs. in lakh

2006-07 *Rs. in lakh

Profi t Attributable to the shareholders (A)

2842.95 1126.68

Basic average number of Equity Shares outstanding at end of the year (B)

20150.20 11500.20

Weighted average number of Equity Shares outstanding during the year (C)

13646.03 9565.76

Nominal value of Equity Shares (Rs.)

10 10

Basic Earnings per share(Rs.) (A/C)

0.21 0.12

*Previous year’s fi gures have been restated/regrouped/reclassifi ed to conform to current year’s classifi cation.

Diluted Earnings per Share is not applicable, as there is no dilution involved.

18 Related Party Disclosures (AS-18):a) Joint Ventures : Kutch Railway Company : Haridaspur Paradip Railway Company Limited : Krishnapattnam Railway Company Limited : Bharuch Dahej Railway Company Limitedb) Key Management Personnel D.C.Mitra Managing Director Harish Chandra Director/Finance Ranjan Kumar Jain Director/Operation Anil Kumar Gulati Director/Personnel (Retired on dated 25-11-07) S.C.Agnihotri Director/Project (From 4.7.2007)c) Enterprises in which directors interest exist: Haridaspur Paradip Railway Company Limited–

holding Directorship and are interested in Company.d) Disclosure of transactions with related parties:

Particulars Transactions Outstanding Amount **

Year ended March

31, 2008Rs. in lakh

Year ended March

31, 2007Rs. in lakh

As at March 31,

2008Rs. in lakh

As at March 31,

2007 Rs. in lakh

Remuneration to key Personnel (b) above

* *

HPRCLShare Application MoneyExpenditure towards project

6660.00

5209.85 2.50 385.18 5271.86

Particulars Transactions Outstanding Amount **

Year ended March

31, 2008Rs. in lakh

Year ended March

31, 2007Rs. in lakh

As at March 31,

2008Rs. in lakh

As at March 31,

2007 Rs. in lakh

BDRCL Expenditure towards project 2.42 2.50 31.86 2943

KPRCLShare Application MoneyExpenditure towards project

2250.00

5997.61 2.50 2968.38 701.07

Kutch Railway Company Ltd.Misc. debits

- 2.19 8.17

* See note No. 10 ** These represent amount recoverable on account of expenditure incurred

on various projects of Joint Ventures.

19 Disclosure in respect of Joint Venture:

S. No

Name of the Joint Venture

Partner(s) Country of Origin Proportion of Ownership Interest as at March 31, 2008

1. Kutch Railway Company Limited

Rail Vikas Nigam Limited, India 50%

Kandla Port Trust, India 26%

Gujarat – Adani Group, India 20%

Government of Gujarat, India 4%

2. Haridaspur Paradip Railway Company Limited ((HPRCL)


Essel Mining and Industries Ltd., India

50%

3. Krishnapatanam Railway Company Limited (KRCL)


Krishnapatnam Port Corporation Limited, India

50%

4. Bharuch Dahej Railway Company Limited (BDRCL)


Adani Petronet (Dahej) Port Private Limited, India

50%

Details of the aggregate amounts of the assets, liabilities, income and expenditure related to the interest in the jointly controlled entities are as under:

a. Kutch Railway Company Limited

As at March 31, 2008 Rs. in lakh

(Provisional)


(Audited)

Assets excluding preliminary expenditure

25553.01 25179.43

Liabilities 15967.04 15291.95

Income 8593.68 5014.19

Expenditure 8910.72 5128.79

Contingent liabilities: Rs. Nil (Previous year Rs. Nil) Capital commitment: Rs. Nil, (Previous year Rs. Nil)

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5507.49 2.50

¤êµÖŸÖÖ‹Ó 200.36 0.40

†ÖµÖ 0.05 ¿Öæ®µÖ

¯Ö×¸¾µÖµÖ 7.78 0.19

†ÖÛú×Ã´ÖÛú ¤êµÖŸÖÖ‹Ó : ¿Öæ®µÖ ºþ¯ÖµÖê (×¯Ö”»Öê ¾ÖÂÖÔ ¿Öæ®µÖ ºþþ.) ¯ÖæÓ•Öß ¯ÖÎ×ŸÖ²Ö¨ŸÖÖ : ¿Öæ®µÖ ºþ¯ÖµÖê (×¯Ö”»Öê ¾ÖÂÖÔ ¿Öæ®µÖ ºþþ.)

ÝÖ. ÛéúÂÞÖ¯Ö¢Ö®Ö´Ö ¸ê»Ö¾Öê ÛÓú¯Ö®Öß ×»Ö×´Ö™ê›





4734.69 350.57

¤êµÖŸÖÖ‹Ó 1490.50 350.78

†ÖµÖ 15.03 ¿Öæ®µÖ

¯Ö×¸¾µÖµÖ 71.88 ¿Öæ®µÖ


‘Ö. ³Öºþ“Ö ¤ÖÆê•Ö ¸ê»Ö¾Öê ÛÓú¯Ö®Öß ×»Ö×´Ö™ê›




¯ÖÎÖ¸Ó×³ÖÛú ¾µÖµÖ ÛúÖê ”Öê›ÍÛú¸

¯Ö×¸ÃÖÓ¯Ö×ŸÖµÖÖÓ

17.73 14.79

¤êµÖŸÖÖ‹Ó 16.33 14.96

†ÖµÖ ¿Öæ®µÖ ¿Öæ®µÖ

¯Ö×¸¾µÖµÖ 0.92 ¿Öæ®µÖ


20. ¾µÖ¾ÖÃÖÖµÖ ÜÖÞ›

“ÖæÓ×Ûú ÛÓú¯Ö®Öß Ûúß ¾µÖÖ¾ÖÃÖÖ×µÖÛú ÝÖ×ŸÖ×¾Ö×¬Ö ‘Ö¸ê»Öã ´ÖÖÛêÔú™ ´ÖêÓ ¸ê»Ö ¯Ö×¸µÖÖê•Ö®ÖÖ†ÖêÓ Ûê ×®Ö´ÖÖÔÞÖ •ÖîÃÖê ‹Ûú»Ö ÜÖÞ› ŸÖÛú ÃÖß×´ÖŸÖ Æî. †ŸÖ:

‡Ó×Ã™™¶æ™ †Öò±ú “ÖÖ™Ô›Ô ‹ÛúÖˆÓ™êÓ™ËÃÖ †Öò±ú ‡Ó×›µÖÖ (†Ö‡ÔÃÖß‹†Ö‡Ô) «Ö¸Ö •ÖÖ¸ß ÃÖêÝÖ´ÖêÓ™ ×¸¯ÖÖê×™ÕÝÖ Ûê †ÓŸÖÝÖÔŸÖ ‹‹ÃÖ-17 ´ÖêÓ ¯ÖÎÛú™ Ûú¸®Öê Ûúß †Ö¾Ö¿µÖÛúŸÖÖ ®ÖÆßÓ Æî.

21. ¯Ö¼Ö ×Ûú¸ÖµÖÖ

ÛÓú¯Ö®Öß Ûúê ÛúÖµÖÖÔ»ÖµÖÖêÓ †Öî¸ †Ö¾ÖÖÃÖßµÖ ¯Ö×¸ÃÖ¸ÖêÓ Ûê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ »Öß×•ÖÓÝÖ ¾µÖ¾ÖÃ£ÖÖ ¯Ö×¸“ÖÖ»Ö×®ÖÛú »Öß•Ö Ûúß ŸÖ¸Æ Æî. †ÖîÃÖŸÖ »Öß•Ö ¸êÓ™»Ö Ûúê ×»Ö‹ †Ö¾Ö¿µÖÛú ¬Ö®Ö¸Ö×¿Ö Ûúß ¾µÖ¾ÖÃ£ÖÖ “ÖÖ»Öæ ¯Ö×¸µÖÖê•Ö®ÖÖ ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ ‹¾ÖÓ »ÖÖ³Ö ‹¾ÖÓ ‘ÖÖ™Ö »ÖêÜÖÖ ´ÖêÓ ¯ÖÎ¿ÖÖÃÖ×®ÖÛú ÜÖ“ÖÔ Ûê ºþ¯Ö ´ÖêÓ ×ÛúµÖÖ ÝÖµÖÖ Æî. ÛúÖ¯ÖÖêÔ¸ê™ ÛúÖµÖÖÔ»ÖµÖ, ®Ö‡Ô ×¤»»Öß ÛúÖê »Öß•Ö ¯Ö¸ »Öê®Öê Ûê ×»Ö‹ ÛÓú¯Ö®Öß †Öî¸ Æ›ÛúÖê Ûúê ²Öß“Ö ¯Ö¼Ö †®Öã²ÖÓ¬Ö ÛúÖê †Ó×ŸÖ´Ö ºþ¯Ö ×¤µÖÖ •ÖÖ®ÖÖ Æî.

22. ”šê ¾ÖêŸÖ®Ö †ÖµÖÖêÝÖ ®Öê ×®ÖµÖÖê•Ö®Ö Ûúß ¿ÖŸÖÖêÕ ‹¾ÖÓ ¾ÖêŸÖ®Ö ´ÖêÓ ¾Öé×¨ Ûú¸®Öê Ûê ×»Ö‹ ×®Ö×¿“ÖŸÖ ×ÃÖ±úÖ×¸¿ÖêÓ ¤ß Æî. ÛÓú¯Ö®Öß «Ö¸Ö ×ÃÖ±úÖ×¸¿ÖÖêÓ ÛúÖê »ÖÖÝÖæ Ûú¸®Öê Ûê ²ÖÖ¤ Æß ‡®ÖÛê ¯ÖÎ³ÖÖ¾Ö ÃÖê ÛÓú¯Ö®Öß Ûúß ¤Ö×µÖŸÖÖ Ûúß •ÖÖ®ÖÛúÖ¸ß ×´Ö»Ö ÃÖÛúêÝÖß. ÃÖÖ¾ÖÔ•Ö×®ÖÛú õÖê¡Ö Ûê ˆ¯ÖÛÏú´ÖÖêÓ (¯Öß‹ÃÖµÖæ) Ûê ÛúÖµÖÔÛúÖ¸ß †Öî¸ ÝÖî¸-µÖæ×®ÖµÖ®Ö ¯ÖµÖÔ¾ÖêõÖÛúÖêÓ Ûê ×»Ö‹ ×«ŸÖßµÖ ¾ÖêŸÖ®Ö ÃÖÓ¿ÖÖê¬Ö®Ö ÃÖ×´Ö×ŸÖ Ûúß ×ÃÖ±úÖ×¸¿ÖÖêÓ ÛúÖê ³Öß ˆÃÖß ŸÖ¸Æ ÃÖê »ÖÖÝÖæ ×ÛúµÖÖ •ÖÖ‹ÝÖÖ.

23. “ÖÖ»Öæ ¾ÖÂÖÔ Ûúê ¾ÖÝÖßÔÛú¸ÞÖ Ûúß ¯Öã×Â™ Ûê ×»Ö‹ †Ö¾Ö¿µÖÛú ÆÖê®Öê ¯Ö¸ ×¯Ö”»Öê ¾ÖÂÖÔ Ûê †ÖÓÛú›ÍÖêÓ ÛúÖ ¯Öã®Ö: ˆ»»ÖêÜÖ/¯Öã®Ö: ÃÖ´ÖæÆ ´ÖêÓ ²ÖÖÓ™Ö ÝÖµÖÖ/¯Öã®Ö: ¾ÖÝÖßÔÛéúŸÖ ×ÛúµÖÖ ÝÖµÖÖ.

†ºþÞÖ ×ÃÖÓÆ ‹Ó› ÛÓú¯Ö®Öß Ûê ×»Ö‹“ÖÖ™Ô›Ô »ÖêÜÖÖÛúÖ¸

¸Ö•Öß¾Ö ×ÃÖÓÆÃÖÖ—Öê¤Ö¸ÃÖ¤ÃµÖŸÖÖ ÃÖÓ. ‹±ú-93735

Ã£ÖÖ®Ö- ®Ö‡Ô ×¤»»Öß×¤®ÖÖÓÛú-07.08.2008

×®Ö¤ê¿ÖÛú ´ÖÓ›»Ö Ûê ×»Ö‹ ‹¾ÖÓ ˆ®ÖÛúß †Öê¸ ÃÖê

›ß.ÃÖß. ×´Ö¡ÖÖ

¯ÖÎ²ÖÓ¬Ö ×®Ö¤ê¿ÖÛú

ÃÖã´Ö®Ö ÛúÖ»Ö¸Ö

ÛÓú¯Ö®Öß ÃÖ×“Ö¾Ö

Æ×¸¿Ö “ÖÓ¦Ö

×®Ö¤ê¿ÖÛú ×¾Ö¢Ö


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b. Haridaspur Paradip Railway Company Limited


(Provisional)


(Audited)


5507.49 2.50

Liabilities 200.36 0.40

Income 0.05 Nil

Expenditure 7.78 0.19

Contingent liabilities: Rs. Nil (Previous year Rs. Nil)

Capital commitment: Rs. Nil, (Previous year Rs. Nil)

c. Krishnapatnam Railway Company Limited


(Provisional)


(Audited)


4734.69 350.57


Income 15.03 Nil

Expenditure 71.88 Nil



d. Bharuch Dahej Railway Company Limited


(Provisional)


(Audited)


17.73 14.79


Income NIL NIL

Expenditure 0.92 NIL



20 Business Segment As the Company business activity falls within a single

segment viz. construction of Railway projects being in the

domestic market, the disclosure requirement of AS-17 on ‘Segment Reporting’ issued by the Institute of Chartered Accountants of India (ICAI) is not applicable.

21 Lease Rentals The company’s leasing arrangements in respect of offi ces

and residential premises are in the nature of operating lease. The aggregate lease rental payable is being allocated to project work in progress and administrative expenses in the Profi t & Loss Account. The lease agreement between the Company and HUDCO for lease of Corporate Offi ce, New Delhi is yet to be fi nalized.

22 Sixth Pay Commission has made certain recommendations for increase in pay and terms relating to employments. Any impact towards liability of the company will be made after the recommendations become binding on the Company. The recommendations of the 2nd Wage Revision Committee for executives and non-unionised supervisors of PSUs will also be treated similarly.

23 Previous year fi gures have been restated / regrouped / reclassifi ed wherever considered necessary to conform to the current year’s classifi cation.

For Arun Singh & CompanyChartered Accountants

Rajiv SinghPartnerMembership No. F-93735

Place New DelhiDate :07.08.2008

For and on behalf of the Board

D.C.MitraManaging Director

Suman KalraCompany Secretary

Harish ChandraDirector Finance

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ŸÖã»Ö®Ö ¯Ö¡Ö ÃÖÖ¸ †Öî¸ ÛÓú¯Ö®Öß ÛúÖ ÃÖÖ´ÖÖ®µÖ ¾µÖ¾ÖÃÖÖµÖ ¯ÖÎÖê±úÖ‡»Ö

†®ÖãÃÖæ“Öß VI ¯ÖÖ™Ô IV ÛÓú¯Ö®Öß †×¬Ö×®ÖµÖ´Ö, 1956

I. ¯ÖÓ•ÖßÛú¸ÞÖ ²µÖÖî¸Ö ¯ÖÓ•ÖßÛú¸ÞÖ ÃÖÓÜµÖÖ 55-118633 ¸Ö•µÖ ÛúÖê› 55

ŸÖã»Ö®Ö ¯Ö¡Ö ŸÖÖ¸ßÜÖ 31.03.2008

II. ¾ÖÂÖÔ Ûê ¤Öî¸Ö®Ö ˆÝÖÖÆß ÝÖ‡Ô ¯ÖæÓ•Öß (¸Ö×¿Ö Æ•ÖÖ¸ ¹ý. ´ÖêÓ) ÃÖÖ¾ÖÔ•Ö×®ÖÛú ×®ÖÝÖÔ´Ö ¿Öæ®µÖ ¸Ö‡™ ×®ÖÝÖÔ´Ö ¿Öæ®µÖ ²ÖÖê®ÖÃÖ ×®ÖÝÖÔ´Ö ¿Öæ®µÖ ¯ÖÎÖ‡¾Öê™ ¯»ÖêÃÖ´ÖêÓ™ 86,50,000

III. ×®Ö×¬ÖµÖÖêÓ Ûúß ˆÝÖÖÆß ¾µÖ¾ÖÃ£ÖÖ †Öî¸ †Ö¾ÖÓ™®Ö Ûúß ×Ã£Ö×ŸÖ (¸Ö×¿Ö Æ•ÖÖ¸ ¹ý. ´ÖêÓ) Ûãú»Ö ¤êµÖŸÖÖ 48,531,889 Ûãú»Ö ¯Ö×¸ÃÖÓ¯Ö×¢Ö 4,85,31,889

×®Ö×¬Ö ÛúÖ ÄÖÖêŸÖ

“ÖãÛúŸÖÖ ¯ÖæÓ•Öß 2,01,50,201 †Ö¸×õÖŸÖ ‹¾ÖÓ †×¬Ö¿ÖêÂÖ 3,50,830 ¯ÖÎÖ¯µÖ »ÖÖê®Ö ¿Öæ®µÖ †¯ÖÎÖ¯µÖ ŠúÞÖ 2,37,50,000

†ÖÃ£Ö×ÝÖŸÖ Ûú¸ ¤Ö×µÖŸÖÖ ¿Öæ®µÖ

×®Ö×¬ÖµÖÖêÓ ÛúÖ †Ö¾Öê¤®Ö

¿Öã¨ ×®Ö¬ÖÖÔ×¸ŸÖ ¯Ö×¸ÃÖÓ¯Ö×ŸÖ 0 ×®Ö¾Öê¿Ö 18,91,750

¿Öã¨ ¾ÖŸÖÔ´ÖÖ®Ö ¯Ö×¸ÃÖÓ¯Ö×¢Ö 4,30,11,165 ×¾Ö×¾Ö¬Ö ¾µÖµÖ 10,128 ÃÖÓ×“ÖŸÖ ‘ÖÖ™Ö ¿Öæ®µÖ

IV ÛÓú¯Ö®Öß ÛúÖ ×®ÖÂ¯ÖÖ¤®Ö (¸Ö×¿Ö Æ•ÖÖ¸ ¹ý. ´ÖêÓ) ™®ÖÔ†Öê¾Ö¸ 1,42,31,146 Ûãú»Ö ¾µÖµÖ 1,38,37,721

Ûú¸ ¯Öæ¾ÖÔ (»ÖÖ³Ö/ÆÖ×®Ö) 3,93,425 Ûú¸ ¯Ö¿“ÖÖŸÖ (»ÖÖ³Ö/ÆÖ×®Ö) 2,84,294 ¯ÖÎ×ŸÖ ¿ÖêµÖ¸ †•ÖÔ®Ö 0.21 »ÖÖ³ÖÖÓ¿Ö 50,000

V. ÛÓú¯Ö®Öß Ûê ŸÖß®Ö ¯ÖÎ´ÖãÜÖ ˆŸ¯ÖÖ¤/ÃÖê¾ÖÖ†ÖêÓ Ûê ÃÖÖ´ÖÖ®µÖ ®ÖÖ´Ö (×¾Ö¢ÖßµÖ ¿Öî»Öß Ûê †®ÖãÃÖÖ¸) ´Ö¤ ÛúÖê› ÃÖÓ. (†Ö‡Ô™ßÃÖß ÛúÖê›) 98.09 ˆŸ¯ÖÖ¤ ×¾Ö¾Ö¸ÞÖ ™®ÖÔÛúß ×®Ö´ÖÖÔÞÖ ÛúÖµÖÔ ´Ö¤ ÛúÖê› ÃÖÓ. (†Ö‡Ô™ßÃÖß ÛúÖê›) ¿Öæ®µÖ

ˆŸ¯ÖÖ¤ ×¾Ö¾Ö¸ÞÖ ¿Öæ®µÖ ´Ö¤ ÛúÖê› ÃÖÓ. (†Ö‡Ô™ßÃÖß ÛúÖê›) ¿Öæ®µÖ

ˆŸ¯ÖÖ¤ ×¾Ö¾Ö¸ÞÖ ¿Öæ®µÖ

×®Ö¤ê¿ÖÛú ´ÖÓ›»Ö Ûúß †Öê¸ ÃÖê

›ß.ÃÖß. ×´Ö¡ÖÖ Æ¸ß¿Ö “Ö®¦Ö ¯ÖÎ²ÖÓ¬Ö ×®Ö¤ê¿ÖÛú ×®Ö¤ê¿ÖÛú ×¾Ö¢Ö


79

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Balance Sheet Abstract and A Company's General Business Profi le Schedule VI Part IV Companies Act, 1956

I. Registration Details Registration No. 55-118633 State code 55

Balance Sheet Date : 31.03.2008

II. Capital raised during the year (Amount in Rs. Thousands)

Public Issue Nil Rights Issue Nil

Bonus Issue Nil Private Placement 86,50,000

III. Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)

Total Liabilities 4,85,31,889 Total Assets 4,85,31,889

Sources of Funds

Paid-up Capital 2,01,50,201 Reserves & Surplus 3,50,830

Secured Loans NIL Unsecured Loans 2,37,50,000

Deferred Tax Liability NIL

Application of Funds

Net Fixed Assets 0 Investments 18,91,750

Net Current Assets 4,30,11,165 Misc. Expenditure 10,128

Accumulated Losses NIL

IV. Performance of company (Amount in Rs. Thousands)

Turnover 1,42,31,146 Total expenditure 1,38,37,721

Profi t/(Loss) Before tax 3,93,425 Profi t/(Loss) After tax 2,84,294

Earning per Share in Rs. 0.21 Dividend 50,000

V. Generic Names of Three Principal Products/ Services of Company (as per monetary terms)

Item Code No. (ITC Code) 98.09

Product Description Turnkey construction

Item Code No. (ITC Code) NIL

Product Description NIL

Item Code No. (ITC Code) NIL

Product Description NIL

ON BEHALF OF THE BOARD

D.C. Mitra Harish Chandra Managing Director Director Finance

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1. Æ´Ö®Öê ¸ê»Ö ×¾ÖÛúÖÃÖ ×®Ö´ÖÝÖ ×»Ö×´Ö™ê› Ûúê 31 ´ÖÖ“ÖÔ, 2008 ŸÖÛúúÛúê ÃÖÓ»ÖÝ®Ö ŸÖã»Ö®Ö ¯Ö¡Ö, †Öî¸ ÃÖÓ²Ö¨ »ÖÖ³Ö ‹¾ÖÓ ‘ÖÖ™Ö »ÖêÜÖÖ †Öî¸ ¾ÖÂÖÔ Ûúß ÃÖ´ÖÖ×¯ŸÖ ¯Ö¸ ÃÖÓ»ÖÝ®Ö ®ÖÝÖ¤ß ¯ÖÎ¾ÖÖÆ ×¾Ö¾Ö¸ÞÖ Ûúß »ÖêÜÖÖ ¯Ö¸ßõÖÖ ×ÛúµÖÖ Æî. ‡®Ö ×¾Ö¢ÖßµÖ ×¾Ö¾Ö¸ÞÖÖêÓ Ûúß ×•Ö´´Öê¤Ö¸ß ÛÓú¯Ö®Öß ¯ÖÎ²ÖÓ¬Ö®Ö Ûúß Æî. Æ´ÖÖ¸ß ×•Ö´´Öê¾ÖÖ¸ß ‡®Ö ×¾Ö¢ÖßµÖ ×¾Ö¾Ö¸ÞÖÖêÓ Ûúß »ÖêÜÖÖ ¯Ö¸ßõÖÖ Ûúê †Ö¬ÖÖ¸ ¯Ö¸ ¸ÖµÖ ¤ê®ÖÖ Æî.

2. Æ´Ö®Öê ³ÖÖ¸ŸÖ ´ÖêÓ ÃÖÖ´ÖÖ®µÖŸÖ: Ã¾ÖßÛéúŸÖ »ÖêÜÖÖ ¯Ö¸ßõÖÖ ´ÖÖ®ÖÛúÖêÓ Ûê †®ÖãÃÖÖ¸ †Ö×›™ ×ÛúµÖÖ Æî. ‡®Ö ´ÖÖ®ÖÛúÖêÓ Ûê ×»Ö‹ µÖÆ †Ö¾Ö¿µÖÛú ÆÖêŸÖÖ ×Ûú Æ´Ö †Ö×›™ Ûúß µÖÖê•Ö®ÖÖ †Öî¸ ×®ÖÂ¯ÖÖ¤®Ö ‡ÃÖ ¯ÖÎÛúÖ¸ ÃÖê Ûú¸êÓ ŸÖÖ×Ûú ‡ÃÖ ²ÖÖŸÖ ÛúÖ ÃÖ´Öã×“ÖŸÖ †ÖÀ¾ÖÖÃÖ®Ö ×´Ö»Ö ÃÖÛúê ×Ûú ×¾Ö¢ÖßµÖ ×¾Ö¾Ö¸ÞÖ ´ÖêÓ ¤¿ÖÖÔ‡Ô ÝÖ‡Ô ÃÖÖ´ÖÝÖÎß ÝÖ»ÖŸÖ ®ÖÆßÓ Æî. †Ö×›™ ÖêÓ ™êÃ™ Ûê †Ö¬ÖÖ¸ Ö¸ •ÖÖÓ“Ö, ¬Ö®Ö¸Ö×¿Ö Ûúê ÃÖ´Ö£ÖÔ®Ö ´ÖêÓ ÃÖÖõµÖ †Öî¸ ×¾Ö¢ÖßµÖ ×¾Ö¾Ö¸ÞÖ ´ÖêÓ ‡®ÖÛúÖ ˆ»»ÖêÜÖ ×ÛúµÖÖ •ÖÖ®ÖÖ ÃÖ×´´Ö×»ÖŸÖ Æî. »ÖêÜÖÖ ¯Ö¸ßõÖÖ ´ÖêÓ ¯ÖÎµÖãŒŸÖ »ÖêÜÖÖ ×ÃÖ¨ÖÓŸÖÖêÓ †Öî¸ ¯ÖÎ²ÖÓ¬Ö®Ö «Ö¸Ö ŸÖîµÖÖ¸ ´ÖÆŸ¾Ö¯ÖæÞÖÔ †®Öã´ÖÖ®ÖÖêÓ Ûê ´Öæ»µÖÖÓÛú®Ö Ûê ÃÖÖ£Ö-ÃÖÖ£Ö ÃÖ´¯ÖæÞÖÔ ×¾Ö¢ÖßµÖ ×¾Ö¾Ö¸ÞÖ ¯ÖÎÃŸÖãŸÖßÛú¸ÞÖ ÛúÖ ´Öæ»µÖÖÓÛú®Ö ³Öß ÃÖ×´´Ö×»ÖŸÖ Æî. Æ´ÖêÓ ×¾ÖÀ¾ÖÖÃÖ Æî ×Ûú Æ´ÖÖ¸ß »ÖêÜÖÖ ¯Ö¸ßõÖÖ Æ´ÖÖ¸ê «Ö¸Ö ¤ß ÝÖ‡Ô ¸ÖµÖ Ûê ×»Ö‹ ÃÖ´Öã×“ÖŸÖ †Ö¬ÖÖ¸ ¯ÖÎ¤Ö®Ö Ûú¸ŸÖê ÆîÓ.

3. ÛÓú¯Ö®Öß †×¬Ö×®ÖµÖ´Ö, 1956 Ûúß ¬ÖÖ¸Ö 227 Ûúß ¯Ö ¬ÖÖ¸Ö (4‹) Ûúß ¿ÖŸÖÖêÕ Ûê †®ÖãÃÖÖ¸ ³ÖÖ¸ŸÖ Ûúß ÛêÓú¦ßµÖ ÃÖ¸ÛúÖ¸ «Ö¸Ö •ÖÖ¸ß ÛÓú¯Ö®Öß (»ÖêÜÖÖ ¯Ö¸ßõÖÛúÖêÓ Ûúß ×¸¯ÖÖê™Ô) †Ö¤ê¿Ö, 2003 Ûê †®ÖãÃÖÖ¸ †Ö¾Ö¿µÖÛú ˆ¯ÖµÖãÔŒŸÖ †Ö¤ê¿Ö Ûúê ¯Öî¸Ö 4 ¾Ö 5 ´ÖêÓ ×¾Ö×®Ö×¤ÔÂ™ ´ÖÖ´Ö»ÖÖêÓ Ûê ×¾Ö¾Ö¸ÞÖ ÛúÖê Æ´Ö †®Öã»ÖÝ®ÖÛú Ûúê ºþ¯Ö ´ÖêÓ ÃÖÓ»ÖÝ®Ö Ûú¸ŸÖê ÆîÓ.

4. ˆ¯ÖµÖãÔŒŸÖ ÃÖÓ¤×³ÖÔŸÖ †®Öã»ÖÝ®ÖÛú ´ÖêÓ Æ´ÖÖ¸ê «Ö¸Ö ¤ß ÝÖ‡Ô ×™¯¯Ö×ÞÖµÖÖêÓ Ûúê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ Æ´ÖÖ¸ß ×¸¯ÖÖê™Ô ×®Ö´®Ö¾ÖŸÖ Æî.

Ûú. Æ´Ö®Öê ¾Öê ÃÖÖ¸ß •ÖÖ®ÖÛúÖ×¸µÖÖÓ ‹¾ÖÓ Ã¯ÖÂ™ßÛú¸ÞÖ ¯ÖÎÖ¯ŸÖ ×Ûú‹ ÆîÓ, ×•Ö®ÆêÓ †Ö×›™ Ûê ˆ§ê¿µÖ ÃÖê ¯ÖÎÖ¯ŸÖ ×ÛúµÖÖ •ÖÖ®ÖÖ †Ö¾Ö¿µÖÛú £ÖÖ.

ÜÖ. Æ´ÖÖ¸ê «Ö¸Ö ÛÓú¯Ö®Öß Ûê »ÖêÜÖÖ ²ÖãÛúÖêÓ Ûúß •ÖÖÓ“Ö Ûú¸®Öê ÃÖê –ÖÖŸÖ Æã†Ö ×Ûú ÛÓú¯Ö®Öß ®Öê †²Ö ŸÖÛú ‡®Ö ²ÖãÛúÖêÓ ÛúÖê ÃÖ´Öã×“ÖŸÖ ŸÖ¸ßÛê ÃÖê ÜÖÖ Æî, •ÖÖê ÛúÖ®Öæ®Öß ºþ¯Ö ÃÖê †Ö¾Ö¿µÖÛú Æî.

ÝÖ. ‡ÃÖ ×¸¯ÖÖê™Ô ´ÖêÓ ˆ×»»Ö×ÜÖŸÖ ŸÖã»Ö®Ö ¯Ö¡Ö, »ÖÖ³Ö ‹¾ÖÓ ‘ÖÖ™Ö »ÖêÜÖÖ †Öî¸ ®ÖÝÖ¤ß ¯ÖÎ¾ÖÖÆ ×¾Ö¾Ö¸ÞÖ »ÖêÜÖÖ ¯Öã×ÃŸÖÛúÖ Ûúê †®Öãºþ¯Ö ÆîÓ.

‘Ö. Æ´ÖÖ¸ß ¸ÖµÖ ´ÖêÓ ‡ÃÖ ×¸¯ÖÖê™Ô ´ÖêÓ ˆ×»»Ö×ÜÖŸÖ ŸÖã»Ö®Ö ¯Ö¡Ö, »ÖÖ³Ö ‹¾ÖÓ ‘ÖÖ™Ö »ÖêÜÖÖ †Öî¸ ®ÖÝÖ¤ß ¯ÖÎ¾ÖÖÆ ×¾Ö¾Ö¸ÞÖ ´ÖêÓ ÛÓú¯Ö®Öß †×¬Ö×®ÖµÖ´Ö, 1956 Ûúß ¬ÖÖ¸Ö 211 Ûúß ˆ¯Ö ¬ÖÖ¸Ö (3 ÃÖß) ´ÖêÓ ÃÖÓ¤×³ÖÔŸÖ »ÖêÜÖÖ ´ÖÖ®ÖÛúÖêÓ ÛúÖ †®Öã¯ÖÖ»Ö®Ö ×ÛúµÖÖ ÝÖµÖÖ Æî.

’û. ÃÖ¸ÛúÖ¸ß ÛÓú¯Ö®Öß Ûúê ×®Ö¤ê¿ÖÛú ÛúÖê ÃÖêŒ¿Ö®Ö 274 Ûê ˆ¯Ö ÃÖêŒ¿Ö®Ö (1) ¬ÖÖ¸Ö (•Öß) ÃÖê ”æ™ ¯ÖÎÖ¯ŸÖ Æî, †ŸÖ: µÖÆ ¬ÖÖ¸Ö ‡ÃÖ ¯Ö¸ »ÖÖÝÖæ ®ÖÆßÓ Æî.

“Ö. Æ´ÖÖ¸ß ¸ÖµÖ ´ÖêÓ Æ´ÖêÓ ¯ÖÎÖ¯ŸÖ ÃÖæ“Ö®ÖÖ ‹¾ÖÓ Æ´ÖêÓ ¤ß ÝÖ‡Ô Ã¯ÖÂ™ßÛú¸ÞÖ Ûê †®ÖãÃÖÖ¸, †®ÖãÃÖã×“ÖµÖÖêÓ Ûê ÃÖÖ£Ö ¯ÖœÍê •ÖÖ®Öê ¾ÖÖ»Öê ˆŒŸÖ »ÖêÜÖêÓ, ®ÖÖê™ †Öî¸ »ÖêÜÖÖ ®Öß×ŸÖ ˆ¯ÖµÖãŒŸÖ ÆîÓ, ²Ö¿ÖŸÖêÔ ×Ûú

(i) †×¬Ö¿ÖêÂÖÖêÓ Ûê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ ŠúÞÖ »Öê®Öê ¾ÖÖ»ÖÖêÓ †Öî¸ ŠúÞÖ ¤ê®Öê ¾ÖÖ»ÖÖêÓ ÃÖê ¯Öã×Â™ ®Ö Æã‡Ô ÆÖê.

(ii) †×¬Ö¿ÖêÂÖÖêÓ Ûê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ õÖê¡ÖßµÖ ¸ê»ÖÖêÓ ÃÖê ¯Öã×Â™ ®Ö Æã‡Ô ÆÖêÓ.

(iii) ¯Ö¼Ö †®Öã²ÖÓ¬Ö Ûúß †®Öã¯Ö×Ã£Ö×ŸÖ ´ÖêÓ ÃÖÓ²ÖÓ×¬ÖŸÖ õÖê¡ÖßµÖ ¸ê»ÖÖêÓ Ûê ×®ÖµÖÓ¡ÖÞÖ ´ÖêÓ ´ÖÖî•Öæ¤ ‡´ÖÖ¸ŸÖêÓ †Öî¸ ³Öæ×´Ö Ûúß »Öß•Ö ¸êÓ™ ÛúÖê ×®Ö¬ÖÖÔ×¸ŸÖ Ûú¸®Öê Ûúê ×»Ö‹ †®ÖãÃÖæ“Öß 18 Ûê ®ÖÖê™1 (ii) ÛúÖê ¤êÜÖêÓ.

(iv) ÛÓú¯Ö®Öß Ûúß Ã£ÖÖ¯Ö®ÖÖ ÃÖê ¯Öæ¾ÖÔ ÃÖÓ²ÖÓ×¬ÖŸÖ ¸ê»ÖÖêÓ «Ö¸Ö ¯Ö×¸µÖÖê•Ö®ÖÖ†ÖêÓ ¯Ö¸ ×Ûú‹ ÝÖ‹ ÜÖ“ÖÔ Ûúß ®ÖÖ®Ö ‹ÛúÖˆÓ×™ÓÝÖ Ûúê ×»Ö‹ †®ÖãÃÖæ“Öß 18 Ûúê ®ÖÖê™1 (iii) ÛúÖê ¤êÜÖêÓ.

(v) ¯ÖæÞÖÔ ¯Ö×¸µÖÖê•Ö®ÖÖ†ÖêÓ Ûê ¸ê»Ö ´ÖÓ¡ÖÖ»ÖµÖ ÛúÖê ÆÃŸÖÖÓŸÖ×¸ŸÖ Ûú¸®Öê Ûê ×»Ö‹ »ÖÓ×²ÖŸÖ ŸÖ¸ßÛúÖêÓ Ûê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ †®ÖãÃÖæ“Öß 18 ÛúÖ ®ÖÖê™ 5 ¤êÜÖêÓ.

(vi) ¯Ö×¸µÖÖê•Ö®ÖÖ ×ÛÏúµÖÖ®¾ÖµÖ®Ö ÃÖê ¯ÖÎÖ¯ŸÖ †ÖµÖ ÛúÖê †ÖµÖÛú¸ †×¬Ö×®ÖµÖ´Ö, 1961 Ûúß ¬ÖÖ¸Ö 80 1‹ Ûê ŸÖÆŸÖ Ûú™ÖîŸÖß Ûúß ´ÖÖÓÝÖ Ûê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ ÛúÖ®Öæ®Öß ¸ÖµÖ †Öî¸ ×¾Ö¿ÖêÂÖ–Ö ÃÖã—ÖÖ¾Ö ÆêŸÖã ®ÖÖê™ 16 (Ûú) ˆŒŸÖ ÃÖêŒ¿Ö®Ö Ûúê ÃÖ²Ö ÃÖêŒ¿Ö®Ö (2) Ûê †®ÖãÃÖÖ¸ ÃÖÓŸÖÖêÂÖ¯ÖÎ¤ ®ÖÆßÓ ¯ÖÖµÖÖ ÝÖµÖÖ, ‡ÃÖ×»Ö‹ 3,07,20,418 ¹ý. (×¯Ö”»Öê ¾ÖÂÖÔ 1,11,95,996) Ûúê Ûú¸ ÛúÖ ¯ÖÎÖ¾Ö¬ÖÖ®Ö ×ÛúµÖÖ ÝÖµÖÖ Æî.

(vii) ¯Ö¼Ö †®Öã²ÖÓ¬Ö Ûúß †®Öã¯Ö×Ã£Ö×ŸÖ ´ÖêÓ ÛúÖ¯ÖÖêÔ¸ê™ ÛúÖµÖÖÔ»ÖµÖ Ûúê »Öß•Ö ¸êÓ™ Ûúß ˆ¯ÖµÖãŒŸÖ ¤Ö×µÖŸÖÖ ÛúÖ ×¾Ö×®Ö¿“ÖµÖ ®Ö ÆÖê®Öê Ûê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ †®ÖãÃÖæ“Öß 18 Ûê ®ÖÖê™ 21 ´ÖêÓ ÛÓú¯Ö®Öß †×¬Ö×®ÖµÖ´Ö 1956 Ûúê †¬Öß®Ö †Ö¾Ö¿µÖÛú •ÖÖ®ÖÛúÖ¸ß ‡ÃÖ ŸÖ¸ßÛê ÃÖê ¤ß ÝÖ‡Ô Æî ŸÖÖ×Ûú ³ÖÖ¸ŸÖ ´ÖêÓ Ã¾ÖßÛéúŸÖ ÃÖÖ´ÖÖ®µÖ »ÖêÜÖÖ ×ÃÖ¨Ö®ŸÖÖêÓ Ûê †®Öãºþ¯Ö ÃÖÆß †Öî¸ ˆ¯ÖµÖãŒŸÖ ÃÖæ“Ö®ÖÖ ×´Ö»Ö ÃÖÛê:

(i) ÛÓú¯Ö®Öß Ûê ¾µÖ¾ÖÃÖÖµÖ ÛúÖ ŸÖã»Ö®Ö Ö¡Ö 31 ÖÖ“ÖÔ, 2008 ŸÖÛú ÛúÖ Æî.

(ii) »ÖÖ³Ö ‹¾ÖÓ ‘ÖÖ™Ö »ÖêÜÖÖ Ûúê ´ÖÖ´Ö»Öê ´ÖêÓ, ÛÓú¯Ö®Öß ÛúÖ »ÖÖ³Ö ¾ÖÂÖÔ Ûúß ÃÖ´ÖÖ×¯ŸÖ ×ŸÖ×£Ö ŸÖÛú Ûúê ×»Ö‹ Æî, †Öî¸

(iii) ®ÖÝÖ¤ß ¯ÖÎ¾ÖÖÆ ×¾Ö¾Ö¸ÞÖ Ûúê ´ÖÖ´Ö»Öê ´ÖêÓ, ®ÖÝÖ¤ß ¯ÖÎ¾ÖÖÆ ¾ÖÂÖÔ Ûúß ÃÖ´ÖÖ×¯ŸÖ ×ŸÖ×£Ö ŸÖÛú Ûê ×»Ö‹ Æî.


(¸Ö•Öß¾Ö ×ÃÖÓÆ)Ã£ÖÖ®Ö : ×¤»»Öß ÃÖÖ—Öê¤Ö¸×¤®ÖÖÓÛú : 07.08.08 ‹´Ö ®ÖÓ. 93735

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ARUN SINGH & COMPANY F-7 Lajpat Nagar-IIICHARTERED ACCOUNTANTS New Delhi- 110024.

Auditors’ ReportThe Members of Rail Vikas Nigam Limited

1. We have audited the attached Balance Sheet of Rail Vikas Nigam Limited, as at 31st March 2008, and the related Profi t and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These fi nancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these fi nancial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made by management, as well as evaluating the overall fi nancial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor’s Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specifi ed in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we report that:

a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

b. In our opinion, proper books of accounts as required by law have been kept by the company so far as appears from our examination of those books;

c. The Balance Sheet, Profi t and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d. In our opinion the Balance Sheet, Profi t and Loss Account and Cash Flow Statement dealt with by this report, comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of Companies Act 1956;

e. The Director of the Government Company is exempt from Clause (g) of sub-section (1) of section 274 hence, this clause is not applicable.

f. In our opinion and to the best of our information and according to the explanations given to us, the said

accounts read together with the schedules, the notes and accounting policies subject to:i. Non confi rmation of balances from debtors and

creditors;ii. Non confi rmation of balances from Zonal Railways;iii. Note 1(ii) of Schedule 18 regarding non ascertainability

of lease rental on land and building in possession of respective Zonal Railways in the absence of lease agreement;

iv. Note 1 (iii) of Schedule 18 non accounting of expenditure on projects by the concerned Railways prior to the incorporation of the company;

v. Note 5 of schedule 18 regarding pending modality of transfer of completed projects to Ministry of Railways;

vi. Note 16 (a) regarding legal opinion and expert advice of treating income from project execution as deduction claimed u/s 80 IA of the Income Tax Act 1961 was not found to be satisfactory in view of subsection (2) of the above said section and hence in our view there is an under provisioning of tax by Rs. 3,07,20418 (previous year Rs 1,11,95,996);

vii. Note 21 of schedule 18 regarding non ascertainability of adequacy of liability on account of lease rental for corporate offi ces in the absence of lease agreement;

Give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:i. In the case of the Balance Sheet, of the state of

affairs of the Company as at 31st March, 2008; ii. In the case of the Profi t & Loss Account, of the

Profi t of the Company for the year ended on that date, and

iii. In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.

For ARUN SINGH & COMPANYChartered Accountants

(Rajiv Singh)Place : DELHI PartnerDated : 07.08.2008 M No. 93735

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(i) ÛÓú¯Ö®Öß Ûúß †“Ö»Ö ÃÖÓ¯Ö×ŸÖµÖÖêÓ Ûê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ:

Ûú. ÛÓú¯Ö®Öß «Ö¸Ö ¸ÜÖê ÝÖ‹ ×¸ÛúÖ›Ô ´ÖêÓ ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ Ûúß ×Ã£Ö×ŸÖ ‹¾ÖÓ ¯ÖÆ“ÖÖ®Ö ×“Ö®Æ Ûê †»ÖÖ¾ÖÖ ´ÖÖ¡ÖÖŸ´ÖÛú ²µÖÖî¸Ö ÃÖ×ÆŸÖ ×¾Ö¾Ö¸ÞÖ ×¤µÖÖ

ÝÖµÖÖ Æî.

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Ûúê ×ÆÃÃÖê Ûúê ºþ¯Ö ´ÖêÓ ÛÓú¯Ö®Öß ®Öê ¾ÖÂÖÔ Ûê ¤Öî¸Ö®Ö ¯Ö×¸ÃÖÓ¯Ö×¢ÖµÖÖêÓ Ûúß

ÃÖÖõÖÖŸÖ •ÖÖÓ“Ö Ûúß.

ÝÖ. ¾ÖÂÖÔ Ûê ¤Öî¸Ö®Ö ×ÛúÃÖß ´ÖÆŸ¾Ö¯ÖæÞÖÔ †“Ö»Ö ÃÖÓ¯Ö×¢Ö ÛúÖ ×®Ö¯Ö™Ö®Ö ®ÖÆßÓ

×ÛúµÖÖ ÝÖµÖÖ.

(ii) ÛÓú¯Ö®Öß Ûúß ÃÖÖ´ÖÖ®Ö ÃÖæ“Öß Ûúê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ :

Æ´ÖêÓ ¯ÖÎÖ¯ŸÖ ÃÖæ“Ö®ÖÖ ‹¾ÖÓ Ã¯ÖÂ™ßÛú¸ÞÖ Ûúê †®ÖãÃÖÖ¸ ¾ÖÂÖÔ Ûê ¤Öî¸Ö®Ö ÃÖÖ´ÖÖ®ÖÖêÓ Ûúß ÃÖÖõÖÖŸÖ •ÖÖÓ“Ö Ûúß ÝÖ‡Ô †Öî¸ ‡ÃÖ ¤Öî¸Ö®Ö ÃÖÖ´ÖÝÖÎß ´ÖêÓ Ûú×´ÖµÖÖÓ ¤êÜÖ®Öê ÛúÖê ®ÖÆßÓ ×´Ö»Öß.

Ûú. µÖÆ ÃÖæ×“ÖŸÖ ×ÛúµÖÖ ÝÖµÖÖ Æî ×ÛúúÛÓú¯Ö®Öß ®Öê †Ö¸×õÖŸÖ †£Ö¾ÖÖ †®ÖÖ¸×õÖŸÖ ×ÛúÃÖß ÖÎÛúÖ¸ Ûê ŠúÞÖ ÛúÖê ÛúÓ¯Ö×®ÖµÖÖêÓ, ±ú´ÖÖêÕ †£Ö¾ÖÖ †®µÖ ÖÖ×™ÔµÖÖêÓ ÛúÖê Ã¾ÖßÛéúŸÖ ®ÖÆßÓ ×ÛúµÖÖ Æî, ×•Ö®ÖÛúÖ ®ÖÖ´Ö ÛÓú¯Ö®Öß †×¬Ö×®ÖµÖ´Ö, 1956 Ûúê ¬ÖÖ¸Ö 301 Ûê †¬Öß®Ö ¸ÜÖê ÝÖ‹ ¸×•ÖÃ™¸ ´ÖêÓ ¤•ÖÔ Æî. ‡ÃÖÛê ¯Ö×¸ÞÖÖ´Ö Ã¾Öºþ¯Ö ÛÓú¯Ö®Öß (»ÖêÜÖÖ ¯Ö¸ßõÖÖ ×¸¯ÖÖê™Ô) †Ö¤ê¿Ö 2003 Ûê ¯Öî¸ÖÝÖÎÖ±ú 4 (iii) (²Öß), (ÃÖß), †Öî¸ (›ß) Ûúê ¯ÖÎÖ¾Ö¬ÖÖ®Ö ÛÓú¯Ö®Öß ¯Ö¸ »ÖÖÝÖæ ®ÖÆßÓ Æî, ‡ÃÖ×»Ö‹ ‡®ÖÛúê ÃÖÓ²ÖÓ¬Ö ´ÖêÓ ÛúÖê‡Ô ×™¯¯ÖÞÖß ®ÖÆßÓ ¤ß ÝÖ‡Ô Æî.

ÜÖ. µÖÆ ÃÖæ×“ÖŸÖ ×ÛúµÖÖ ÝÖµÖÖ Æî ×Ûú ÛÓú¯Ö®Öß ®Öê †Ö¸×õÖŸÖ †£Ö¾ÖÖ †®ÖÖ¸×õÖŸÖ

×ÛúÃÖß ¯ÖÎÛúÖ¸ Ûúê ŠúÞÖ ˆ®Ö ÛÓú¯Ö×®ÖµÖÖêÓ, ±ú´ÖÖêÕ †£Ö¾ÖÖ ¯ÖÖ×™ÔµÖÖêÓ ÃÖê

¯ÖÎÖ¯ŸÖ ®ÖÆßÓ ×ÛúµÖÖ Æî ×•Ö®ÖÛúÖ ®ÖÖ´Ö ÛÓú¯Ö®Öß †×¬Ö×®ÖµÖ´Ö, 1956 Ûúê

¬ÖÖ¸Ö 301 Ûê ŸÖÆŸÖ ¸ÜÖê •ÖÖ®Öê ¾ÖÖ»Öê ¸×•ÖÃ™¸ ´ÖêÓ ¤•ÖÔ Æî. ‡ÃÖÛúê ¯Ö×¸ÞÖÖ´ÖÃ¾Öºþ¯Ö ÛÓú¯Ö®Öß (»ÖêÜÖÖ ¯Ö¸ßõÖÖ ×¸¯ÖÖê™Ô) †Ö¤ê¿Ö 2003 †Öî¸ ¯Öî¸ÖÝÖÎÖ±ú 4 (iii) (‹±ú) †Öî¸ (•Öß) Ûúê ¯ÖÎÖ¾Ö¬ÖÖ®Ö ÛÓú¯Ö®Öß ¯Ö¸ »ÖÖÝÖæ ®ÖÆßÓ Æî †Öî¸ ‡ÃÖß×»Ö‹ ‡®Ö¯Ö¸ ×™¯¯ÖÞÖß ®ÖÆßÓ ¤ß ÝÖ‡Ô Æî.

(iii) Æ´ÖÖ¸ß ¸ÖµÖ †Öî¸ Æ´ÖêÓ ¤ß ÝÖ‡Ô ÃÖæ“Ö®ÖÖ ‹¾ÖÓ ÛúÖ¸ÞÖ Ûúê †®ÖãÃÖÖ¸ ÃÖÖ´ÖÖ®Ö

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(iv) ¯ÖÎÖ¯ŸÖ ÃÖæ“Ö®ÖÖ ‹¾ÖÓ Æ´ÖêÓ ×¤‹ ÝÖ‹ ÛúÖ¸ÞÖ Ûúê †®ÖãÃÖÖ¸ ÛÓú¯Ö®Öß ®Öê ×ÛúÃÖß †®Öã²ÖÓ¬Ö †£Ö¾ÖÖ ¾µÖ¾ÖÃ£ÖÖ ÃÖÓ²ÖÓ¬Öß ÃÖ´Ö—ÖÖîŸÖÖ ®ÖÆßÓ ×ÛúµÖÖ Æî •ÖÖê ÛÓú¯Ö®Öß

†×¬Ö×®ÖµÖ´Ö, 1956 Ûúê ÃÖêŒ¿Ö®Ö 301 ´ÖêÓ ÃÖÓ¤×³ÖÔŸÖ Æî. ‡ÃÖß×»Ö‹ ‡®Ö¯Ö¸

ÛúÖê‡Ô ×™¯¯ÖÞÖß ®ÖÆßÓ ¤ß ÝÖ‡Ô Æî.

(v) ÛÓú¯Ö®Öß ®Öê ×ÛúÃÖß ¯ÖÎÛúÖ¸ ÛúÖ ¯Ö×²»ÖÛú ×›¯ÖÖê×•Ö™ Ã¾ÖßÛúÖ¸ ®ÖÆßÓ ×ÛúµÖÖ Æî.

(vi) Æ´ÖÖ¸ß ¸ÖµÖ Æî ×Ûú ÛÓú¯Ö®Öß Ûúß †ÖÓŸÖ×¸Ûú »ÖêÜÖÖ-¯Ö¸ßõÖÖ ¯ÖÎÞÖÖ»Öß ÛÓú¯Ö®Öß Ûúê †ÖÛúÖ¸ †Öî¸ ‡ÃÖÛúß ¾µÖ¾ÖÃÖÖµÖ ¯ÖÎÛéú×ŸÖ Ûê †®Öãºþ¯Ö Æî.

(vii) ÛÓú¯Ö®Öß Ûê ˆŸ¯ÖÖ¤ÖêÓ Ûê ×»Ö‹, ÛÓú¯Ö®Öß †×¬Ö×®ÖµÖ´Ö, 1956 Ûê ÃÖêŒ¿Ö®Ö 209

(I) (›ß) Ûê †ÓŸÖÝÖÔŸÖ ÛêÓú¦ßµÖ ÃÖ¸ÛúÖ¸ «Ö¸Ö »ÖÖÝÖŸÖ ×¸ÛúÖ›Ô Ûê ¸ÜÖ-¸ÜÖÖ¾Ö ÃÖÓ²ÖÓ¬Öß ×¤¿ÖÖ-×®Ö¤êÔ¿Ö ×®Ö¬ÖÖÔ×¸ŸÖ ®ÖÆßÓ ×Ûú‹ ÝÖ‹ ÆîÓ. ‡ÃÖ×»Ö‹ ÛÓú¯Ö®Öß (»ÖêÜÖÖ

¯Ö¸ßõÖÖ ×¸¯ÖÖê™Ô) †Ö¤ê¿Ö, 2003 Ûúê Œ»ÖÖ•Ö 4 (viii) Ûúê ¯ÖÎÖ¾Ö¬ÖÖ®Ö »ÖÖÝÖæ ®ÖÆßÓ

Æî.

(viii) (Ûú) ÛÓú¯Ö®Öß Ûê ×¸ÛúÖ›Ô Ûê ´ÖãŸÖÖ×²ÖÛú ÛÓú¯Ö®Öß ®Öê †×¾Ö¾ÖÖ×¤ŸÖ ÃÖÖÓ×¾Ö×¬ÖÛú ¤êµÖŸÖÖ†ÖêÓ •ÖîÃÖê ³Ö×¾ÖÂµÖ ×®Ö×¬Ö, ×®Ö¾Öê¿ÖÛúÖêÓ Ûúß ×¿ÖõÖÖ ‹¾ÖÓ ÃÖã¸õÖÖ

×®Ö×¬Ö, †ÖµÖÛú¸, ×²ÖÛÏúß Ûú¸, ÃÖê¾ÖÖ Ûú¸, ÛúÃ™´Ö ›¶æ™ß, ‹ŒÃÖÖ‡•Ö

›¶æ™ß, ÃÖêÃÖ †Öî¸ †®µÖ ×ÛúÃÖß ÃÖÖÓ×¾Ö×¬ÖÛú ¤êµÖŸÖÖ†ÖêÓ ÛúÖ ×®ÖµÖ×´ÖŸÖ

ºþ¯Ö ÃÖê ³ÖãÝÖŸÖÖ®Ö ×ÛúµÖÖ Æî.

²ÖÆ¸ÆÖ»Ö, ×®Ö¾Öê¿ÖÛúÖêÓ Ûê ×¿ÖõÖÖ †Öî¸ ÃÖã¸õÖÖ ×®Ö×¬Ö, ×²ÖÛÐúß Ûú¸, ÃÖÓ¯Ö×¢Ö Ûú¸, ÃÖê¾ÖÖ Ûú¸ †Öî¸ ‹ŒÃÖÖ‡•Ö ›¶æ™ß ÛÓú¯Ö®Öß ¯Ö¸ »ÖÖÝÖæ ®ÖÆßÓ Æî. †ŸÖ: ×®Ö¾Öê¿ÖÛúÖêÓ Ûúê ×¿ÖõÖÖ †Öî¸ ÃÖã¸õÖÖ ×®Ö×¬Ö, ×²ÖÛÏúß Ûú¸ ÃÖÓ¯Ö×¢Ö Ûú¸, ÃÖê¾ÖÖ Ûú¸ †Öî¸ ‹ŒÃÖÖ‡•Ö ›¶æ™ß, •ÖÖê ÃÖ´Öã×“ÖŸÖ ¯ÖÎÖ×¬ÖÛúÖ×¸µÖÖêÓ ÛúÖê ÃÖ´ÖµÖ ÃÖê ³ÖãÝÖŸÖÖ®Ö ×ÛúµÖÖ •ÖÖ®ÖÖ †Ö¾Ö¿µÖÛú Æî, ÛÓú¯Ö®Öß ¯Ö¸ »ÖÖÝÖæ ®ÖÆßÓ Æî. ‡ÃÖÛúê ²ÖÖ¤ µÖÆ ÃÖæ×“ÖŸÖ ×ÛúµÖÖ •ÖÖŸÖÖ Æî ×Ûú ³ÖãÝÖŸÖÖ®Ö Ûúß ×ŸÖ×£Ö ÃÖê 6 ´ÖÖÆ ÃÖê •µÖÖ¤Ö †¾Ö×¬Ö Ûê ×»Ö‹ ÛúÖê‡Ô ³Öß †×¾Ö¾ÖÖ×¤ŸÖ ÃÖÖÓ×¾Ö×¬ÖÛú ¤êµÖŸÖÖ†ÖêÓ Ûúê ‹×¸µÖ¸ ÛúÖ ³ÖãÝÖŸÖÖ®Ö ¾ÖÂÖÔ Ûúê †ÓŸÖ ŸÖÛú »ÖÓ×²ÖŸÖ ®ÖÆßÓ £ÖÖ.

(ÜÖ) Æ´ÖêÓ ÖÎÖ¯ŸÖ ÃÖæ“Ö®ÖÖ ‹¾ÖÓ ²ÖŸÖÖ‹ ÝÖ‹ ÛúÖ¸ÞÖ Ûúê †®ÖãÃÖÖ¸ ¾ÖÂÖÔ Ûúê ¤Öî¸Ö®Ö ³Ö×¾ÖÂµÖ ×®Ö×¬Ö †Öî¸ ÃÖêÃÖ ÃÖê ÃÖÓ²ÖÓ×¬ÖŸÖ ×ÛúÃÖß ×¾Ö¾ÖÖ¤ Ûúê ÛúÖ¸ÞÖ ¤êµÖ »ÖÓ×²ÖŸÖ ¬Ö®Ö¸Ö×¿Ö ÛúÖê •Ö´ÖÖ ®ÖÆßÓ ×ÛúµÖÖ ÝÖµÖÖ.

(ix) ×¾Ö¢Ö ¾ÖÂÖÔ Ûê †ÓŸÖ ´ÖêÓ ÛÓú¯Ö®Öß ÛúÖê ÃÖÓ“ÖµÖß ÆÖ×®Ö ®ÖÆßÓ Æã‡Ô Æî †Öî¸ “ÖÖ»Öæ †Öî¸ ‡ÃÖÃÖê ŸÖã¸ÓŸÖ ¯ÖÆ»Öê ¾ÖÖ»Öê ×¾Ö¢Ö ¾ÖÂÖÔ ´ÖêÓ ‡ÃÖê ×ÛúÃÖß ¯ÖÎÛúÖ¸ Ûúß ®ÖÝÖ¤ß ÆÖ×®Ö ®ÖÆßÓ ˆšÖ®Öß ¯Ö›Íß.

(x) Æ´ÖÖ¸ß ¸ÖµÖ ´ÖêÓ †Öî¸ Æ´ÖêÓ ¯ÖÎÖ¯ŸÖ ÃÖæ“Ö®ÖÖ ‹¾ÖÓ ²ÖŸÖÖ‹ ÝÖ‹ ÛúÖ¸ÞÖÖêÓ Ûúê †®ÖãÃÖÖ¸ ÛÓú¯Ö®Öß ®Öê ×ÛúÃÖß ÖÎÛúÖ¸ ÛúÖ ŠúÞÖ ×ÛúÃÖß ×¾Ö¢ÖßµÖ ÃÖÓÃ£ÖÖ®Ö †£Ö¾ÖÖ

²ÖîÓÛú ÃÖê ¯ÖÎÖ¯ŸÖ ®ÖÆßÓ ×ÛúµÖÖ Æî †Öî¸ ®Ö Æß ÛúÖê‡Ô ×›²ÖêÓ“Ö¸ •ÖÖ¸ß ×ÛúµÖÖ Æî,

‡ÃÖ×»Ö‹ ‡ÃÖ ¯Ö¸ ÛúÖê‡Ô ×™¯¯ÖÞÖß ®ÖÆßÓ ¤ß ÝÖ‡Ô Æî.

(xi) Æ´ÖÖ¸ß ¸ÖµÖ ´ÖêÓ †Öî¸ Æ´ÖêÓ ¯ÖÎÖ¯ŸÖ ÃÖæ“Ö®ÖÖ ‹¾ÖÓ ²ÖŸÖÖ‹ ÝÖ‹ ÛúÖ¸ÞÖÖêÓ Ûúê

†®ÖãÃÖÖ¸ ÛÓú¯Ö®Öß ®Öê ¿ÖêµÖ¸ÖêÓ, ×›²ÖêÓ“Ö¸ÖêÓ †Öî¸ †®µÖ ¯ÖÎ×ŸÖ³Öæ×ŸÖµÖÖêÓ Ûúß ×ÝÖ¸¾Öß

Ûúê †Ö¬ÖÖ¸ Ö¸ ×ÛúÃÖß ÖÎÛúÖ¸ Ûúß ŠúÞÖ ‹¾ÖÓ †×ÝÖÎ´Ö ¬Ö®Ö¸Ö×¿Ö Ã¾ÖßÛéúŸÖ ®ÖÆßÓ

Ûúß Æî.

(xii) ÛÓú¯Ö®Öß ‹Ûú ×“Ö™ ±Ó›, †£Ö¾ÖÖ ×®Ö×¬Ö/¯ÖÖ¸Ã¯Ö×¸Ûú »ÖÖ³Ö ×®Ö×¬Ö/ÃÖÖêÃÖÖµÖ™ß

®ÖÆßÓ Æî. ‡ÃÖ×»Ö‹ ÛÓú¯Ö®Öß (»ÖêÜÖÖ ¯Ö¸ßõÖÛúÖêÓ Ûúß ×¸¯ÖÖê™Ô) †Ö¤ê¿Ö, 2003 Ûúê

Œ»ÖÖ•Ö 4 (xiii) Ûúê ¯ÖÎÖ¾Ö¬ÖÖ®Ö ÛÓú¯Ö®Öß ¯Ö¸ »ÖÖÝÖæ ®ÖÆßÓ Æî.

»ÖêÜÖÖ ¯Ö¸ßõÖÛúÖêÓ Ûúß ×¸¯ÖÖê™Ô ´ÖêÓ ÃÖÓ¤×³ÖÔŸÖ ¯Öî¸ÖÝÖÎÖ±ú (3) ÛúÖ †®Öã»ÖÝ®ÖÛú


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Annexure to the Auditor’s report referred to in paragraph (3) thereof

(i) In respect of Fixed Assets of the Company:

a. The Company has maintained records showing particulars including quantitative details except situation of assets and identifi cation mark.

b. The company has carried out physical verifi cation of assets during the year and as part of a phased program for physical verifi cation of all assets.

c. There was no substantial disposal of fi xed assets during the year.

(ii) In respect of Inventories of the Company :

According to the information and explanations given to us the inventories have been physically verifi ed during the year. No material discrepancies have been noticed

a. As informed, the company has not granted any loans, secured or unsecured to companies, fi rms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. As a result, provisions of paragraphs 4(iii) (b),(c) and (d) of the Companies (Auditor’s Report) Order 2003 are not applicable to the Company, hence not commented upon

b. As informed, the company has not taken any loans, secured or unsecured from companies, fi rms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. As a result provisions of paragraphs 4(iii) (f) and (g) Companies (Auditor’s Report) Order 2003 are not applicable to the Company, hence not commented upon

(iii) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and nature of its business for the purchase of inventory and fi xed assets and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

(iv) According to information and explanations given to us, the Company has not entered into any contracts or arrangements referred to in Section 301 of the Companies Act 1956, hence not commented upon.

(v) The company has not accepted any deposits from the public.

(vi) In our opinion, the Company internal audit system is commensurate with the size and nature if the business.

(vii) The maintenance of the cost records has not been prescribed by the Central Government under section 209 (1) (d) of the Companies Act 1956, for the products

dealt by the Company. Hence the provision of clause 4(viii) of the Companies (Auditor’s Report) Order, 2003 is not applicable.

(viii) (a) According to the records of the company, it is regular in depositing undisputed statutory dues including provident fund, Investors Education and Protection fund, Income-tax, Sales-tax, Wealth tax, Service tax, Custom duty, Excise duty, Cess and any other applicable statutory dues with the appropriate authorities.

However the provisions Investors Education and Protection fund, Sales tax, Wealth tax, Service tax and Excise duty are not applicable to the Company and therefore the deposit of Investors Education and Protection fund, Sales tax, Wealth tax, Service tax and Excise duty dues with the appropriate authorities in time are not applicable to the Company.

Further no undisputed statutory dues were in arrears payable at the year end, for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us, there were no pending due which has not been deposited on account of any dispute in respect of Provident Fund and Cess during the year.

(ix) The Company has no accumulated losses at the end of the fi nancial year and it has not incurred any cash losses during current and immediately preceding fi nancial year.

(x) In our opinion and according to the information and explanations given to us, the Company has not taken any loan from any Financial Institutions or Banks and has not issued any debentures, hence not commented upon.

(xi) In our opinion and according to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities, hence not commented upon.

(xii) The Company is not a Chit Fund, or a Nidhi/ Mutual Benefi t Fund/ Society. Therefore, the provision of clause 4(xiii) of the Companies (Auditor’s Report) Order, 2003 is not applicable to the Company.

(xiii) The Company is not dealing or trading in shares, securities, debentures and other investments; therefore, the provision of clause 4(xiv) of the Companies (Auditor’s Report) Order, 2003 is not applicable to the company.

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(xiii) ÛÓú¯Ö®Öß «Ö¸Ö ¿ÖêµÖ¸ÖêÓ, ¯ÖÎ×ŸÖ³Öæ×ŸÖµÖÖêÓ, ×›²ÖêÓ“Ö¸ÖêÓ †Öî¸ †®µÖ ×®Ö¾Öê¿ÖÖêÓ Ûúß

™Òê×›ÓÝÖ ®ÖÆßÓ Ûúß •ÖÖŸÖß Æî, ‡ÃÖ×»Ö‹ ÛÓú¯Ö®Öß (»ÖêÜÖÖ Ö¸ßõÖÛúÖêÓ Ûúß ×¸¯ÖÖê™Ô)

†Ö¤ê¿Ö, 2003 Ûúê Œ»ÖÖ•Ö 4 (xiv) Ûê ¯ÖÎÖ¾Ö¬ÖÖ®Ö ÛÓú¯Ö®Öß ¯Ö¸ »ÖÖÝÖæ ®ÖÆßÓ

Æî.

(xiv) Æ´ÖêÓ ¯ÖÎÖ¯ŸÖ ÃÖæ“Ö®ÖÖ ‹¾ÖÓ Æ´ÖêÓ ²ÖŸÖÖ‹ ÝÖ‹ ÛúÖ¸ÞÖÖêÓ Ûúê †®ÖãÃÖÖ¸, ¤æÃÖ¸ÖêÓ «Ö¸Ö ²ÖîÓÛú †£Ö¾ÖÖ ×¾Ö¢ÖßµÖ ÃÖÓÃ£ÖÖ®Ö ÃÖê ×»Ö‹ ÝÖ‹ ŠúÞÖ Ûúê ×»Ö‹ ÛÓú¯Ö®Öß ®Öê ÝÖÖ¸Ó™ß ®ÖÆßÓ ¤ß Æî.

(xv) Æ´ÖêÓ ¯ÖÎÖ¯ŸÖ ÃÖæ“Ö®ÖÖ ‹¾ÖÓ Æ´ÖêÓ ²ÖŸÖÖ‹ ÝÖ‹ ÛúÖ¸ÞÖÖêÓ Ûúê †®ÖãÃÖÖ¸ ÃÖÓ¯ÖæÞÖÔ †Ö¬ÖÖ¸ ¯Ö¸ ÛÓú¯Ö®Öß «Ö¸Ö ³ÖÖ¸ŸÖßµÖ ¸ê»Ö ×¾Ö¢Ö ×®ÖÝÖ´Ö ÃÖê ×»Ö‹ ÝÖ‹ ™´ÖÔ »ÖÖê®Ö ˆ®ÆßÓ ´Ö¤ÖêÓ ¯Ö¸ ¾µÖµÖ ×Ûú‹ ÝÖ‹, ×•ÖÃÖÛê ×»Ö‹ »ÖÖê®Ö ×»Ö‹ ÝÖ‹ £Öê.

(xvi) Æ´ÖêÓ ¯ÖÎÖ¯ŸÖ ÃÖæ“Ö®ÖÖ ‹¾ÖÓ Æ´ÖêÓ ²ÖŸÖÖ‹ ÝÖ‹ ÛúÖ¸ÞÖÖêÓ Ûúê †®ÖãÃÖÖ¸ ÛÓú¯Ö®Öß ®Öê ×ÛúÃÖß ¯ÖÎÛúÖ¸ ÛúÖ ¿ÖÖ™Ô ™´ÖÔ »ÖÖê®Ö ®ÖÆßÓ ×»ÖµÖÖ Æî, ‡ÃÖß×»Ö‹ ‡ÃÖ ÃÖÓ²ÖÓ¬Ö ´ÖêÓ ÛúÖê‡Ô ×™¯¯ÖÞÖß ®ÖÆßÓ ¤ß ÝÖ‡Ô Æî.

(xvii) ×¾Ö¢Ö ¾ÖÂÖÔ Ûê ¤Öî¸Ö®Ö ÛÓú¯Ö®Öß ®Öê ¾Ö¸ßµÖŸÖÖ Ûúê †Ö¬ÖÖ¸ ¯Ö¸ ¯ÖÖ×™ÔµÖÖêÓ †£Ö¾ÖÖ ÛÓú¯Ö×®ÖµÖÖë ÛúÖê ×ÛúÃÖß ¯ÖÎÛúÖ¸ Ûê ¿ÖêµÖ¸ †Ö¾ÖÓ×™ŸÖ ®ÖÆßÓ ×Ûú‹ Æî, •ÖÖê ÛÓú¯Ö®Öß †×¬Ö×®ÖµÖ´Ö, 1956 Ûúê ÃÖêŒ¿Ö®Ö 301 Ûúê ŸÖÆŸÖ ¸ÜÖê •ÖÖ®Öê ¾ÖÖ»Öê ¸×•ÖÃ™¸ ´ÖêÓ ¤•ÖÔ Æî.

(xviii) ÛÓú¯Ö®Öß ®Öê ×ÛúÃÖß ¯ÖÎÛúÖ¸ Ûúê ×›²ÖêÓ“Ö¸ •ÖÖ¸ß ®ÖÆßÓ ×Ûú‹ ÆîÓ, ‡ÃÖ×»Ö‹ ÛÓú¯Ö®Öß (»ÖêÜÖÖ ¯Ö¸ßõÖÛú ×¸¯ÖÖê™Ô) †Ö¤ê¿Ö, 2003 Ûúê Œ»ÖÖ•Ö 4 (xix) ´ÖêÓ ˆ×»»Ö×ÜÖŸÖ ¯ÖÎÖ¾Ö¬ÖÖ®Ö ÛÓú¯Ö®Öß ¯Ö¸ »ÖÖÝÖæ ®ÖÆßÓ Æî.

(xix) ×¾Ö¢Ö ¾ÖÂÖÔ Ûê ¤Öî¸Ö®Ö ÛÓú¯Ö®Öß ®Öê ×ÛúÃÖß ¯ÖÎÛúÖ¸ Ûúß ¬Ö®Ö¸Ö×¿Ö Ûúß ˆÝÖÖÆß ÃÖÖ¾ÖÔ•Ö×®ÖÛú ×®ÖÝÖÔ´Ö Ûê ´ÖÖ¬µÖ´Ö ÃÖê ®ÖÆßÓ Ûúß Æî. ‡ÃÖ×»Ö‹ ÛÓú¯Ö®Öß (»ÖêÜÖÖ ¯Ö¸ßõÖÛú ×¸¯ÖÖê™Ô) †Ö¤ê¿Ö, 2003 Ûê Œ»ÖÖ•Ö 4 (xx) Ûúê ¯ÖÎÖ¾Ö¬ÖÖ®Ö ÛÓú¯Ö®Öß ¯Ö¸ »ÖÖÝÖæ ®ÖÆßÓ Æî.

(xx) Æ´Ö®Öê »ÖêÜÖÖ ¯Ö¸ßõÖÖ ¯Ö¨×ŸÖ, ×¾Ö¢ÖßµÖ ×¾Ö¾Ö¸ÞÖÖêÓ ÛúÖê ÃÖÆß †Öî¸ ×®ÖÂ¯ÖõÖ ¤é×Â™ ÃÖê ×¸¯ÖÖê×™ÕÝÖ Ûê ˆ§ê¿µÖ ÃÖê †¯Ö®ÖÖµÖÖ Æî †Öî¸ Æ´ÖêÓ ¯ÖÎÖ¯ŸÖ ÃÖæ“Ö®ÖÖ ‹¾ÖÓ Æ´ÖêÓ ×¤‹ ÝÖ‹ ÛúÖ¸ÞÖÖêÓ Ûúê †®ÖãÃÖÖ¸ ÛÓú¯Ö®Öß ¯Ö¸ †£Ö¾ÖÖ ÛÓú¯Ö®Öß «Ö¸Ö ×ÛúÃÖß ¯ÖÎÛúÖ¸ Ûúß ¬ÖÖêÜÖê²ÖÖ•Öß ÛúÖ ´ÖÖ´Ö»ÖÖ »ÖêÜÖÖ ¯Ö¸ßõÖÖ Ûúê ¤Öî¸Ö®Ö ®ÖÆßÓ ¤êÜÖÖ ÝÖµÖÖ.


(¸Ö•Öß¾Ö ×ÃÖÓÆ)Ã£ÖÖ®Ö : ×¤»»Öß ÃÖÖ—Öê¤Ö¸×¤®ÖÖÓÛú : 07.08.08 ‹´Ö ®ÖÓ. 93735


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(xiv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others, from Bank or Financial institution.

(xv) In our opinion and according to the information and explanations given to us, on an overall basis, the term loan taken from Indian Railway Finance Corporation were applied for the purpose for which the loans were obtained.

(xvi) In our opinion and according to the information and explanations given to us, the Company has not taken any Short Term Loan, hence not commented upon.

(xvii) The Company has not made any preferential allotment of shares during the fi nancial year to parties and Companies covered in register maintained Under Section 301 of the Companies Act, 1956.

(xviii) The Company has not issued any debentures; hence, the provision of clause 4(xix) of the Companies (Auditor’s Report) Order 2003 is not applicable to the Company.

(xix) During the fi nancial year, Company has not raised any money through public issue during the year hence the provision of clause 4(xx) of the Companies (Auditor’s Report) Order, 2003 is not applicable to the Company.

(xx) Based on the audit procedures performed for the purpose of reporting the true and fair view of the fi nancial statements and as per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For ARUN SINGH & COMPANYChartered Accountants

(Rajiv Singh)Place : DELHI PartnerDated : 07.08.2008 M No. 93735

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86

31 ekpZ] 2008 dks lekIr o"kZ ds fy, jsy fodkl fuxe fyfeVsM] ubZ fnYyh ds ys[kksa ds laca/ esa daiuh vf/fu;e] 1956 dh /kjk 619 (4) ds rgr

Hkkjr ds fu;a=kd ,oa egkys[kk ijh{kd dh fVIi.kh

31 ekpZ] 2008 dks lekIr o"kZ ds fy, daiuh vf/fu;e] 1956 ds v/hu fu/kZfjr foÙkh; fjiksfV±x ekunaMksa ds vuqlkj jsy fodkl fuxe fy-] ubZ fnYyh ds foÙkh; fooj.kksa dks rS;kj djus dk nkf;Ro daiuh izca/u dk gS. daiuh vf/fu;e] 1956 dh /kjk 619(2) ds rgr Hkkjr ds fu;a=kd ,oa egkys[kk ijh{kd }kjk fu;qDr lkafof/d ys[kk ijh{kd] tks vius is'ksoj laxBu vFkkZr n bafLV~V;wV vkWQ pkVsZM ,dkmUVsaV~l vkWQ bafM;k }kjk fu/kZfjr ys[kk ijh{kk ,oa vk'oklu ekudksa ds vuq:i Lora=k ys[kk ijh{kk ij vk/kfjr gS] daiuh vf/fu;e] 1956 dh /kjk 227 ds rgr bl izdkj ds foÙkh; fooj.kksa ds laca/ esa viuh jk; vfHkO;Dr djus ds fy, mÙkjnk;h gS. bl ckr dk mYys[k buds 7 vxLr] 2008 ds ys[kk ijh{kk fjiksVZ esa ns[kus dks feyrk gS.

Hkkjr ds fu;a=kd ,oa egkys[kk ijh{kd dh vksj ls eSaus daiuh vf/fu;e] 1956 dh /kjk 619(3) ([k) ds rgr 31 ekpZ] 2008 dks lekIr o"kZ ds fy, jsy fodkl fuxe fy-] ubZ fnYyh ds foÙkh; fooj.kksa dh vuqiwjd ys[kk ijh{kk tk¡p dh. vuqiwjd ys[kk ijh{kk laca/h dk;Z lkafof/d ys[kk ijh{kdksa ds ofd±x isijksa dks ns[ks fcuk Lora=k :i ls fd;k x;k vkSj ;g eq[;:i ls lkafof/d ys[kk ijh{kdksa ,oa daiuh dkfeZdksa ls dh xbZ iwNrkN ,oa pqfuank ys[kk dkxtkrksa ds tk¡p&iM+rky rd lhfer jgk- vius vuqiwjd ys[kk ijh{kk ds vk/kj ij] eSa daiuh vf/fu;e] 1956 dh /kjk 619(4) ds rgr fuEufyf[kr egRoiw.kZ ckrksa dh vksj è;ku vkd`"V djuk pkgw¡xk] tks esjs uksfVl esa vk;k gS vkSj foÙkh; fooj.kksa vkSj lacaf/r ys[kk ijh{kk fjiksZV ds laca/ esa csgrj le> iSnk djus ds fy, esjh n`f"V esa vko';d gS.

izdVu ds laca/ esa fVIi.kh

rqyu i=k

orZeku ifjlaifr;ka] ½.k vkSj vfxze

pkyw ifj;kstuk fuekZ.k dk;Z (vuqlwph 6)& 3648-99 djksM+ :- ifjlaifr;ksa dks lacaf/r {ks=kh; jsyksa dks gLrkarfjr djus ds rkSj&rjhdksa dks jsy ea=kky; ds ijke'kZ ls rS;kj djus ds laca/ esa ys[kk uksV (vuqlwph 18) dh en la- 5] tks ys[kk ijh{kdksa dh fjiksZV ds iSjk la- 4 (,Q) (v) esa ifBr gS] dh vksj vkidk è;ku vkd`"V fd;k tkrk gS. pkyw ifj;kstuk fuekZ.k dk;Z (vuqlwph 6)] ftlesa 31 ekpZ] 2008 rd 776-25 djksM+ :i;s ewY; dh iw.kZ ,oa pkyw ifj;kstuk,a lfEefyr gS] dh ifjlaifr;ksa ds gLrkarj.k ds rkSj&rjhds yafcr gSaA bl rF; dk [kqyklk ys[kk ijh{kdksa dh fjiksVZ ,oa ys[kk uksV esa ugh fd;k x;k gS.

Hkkjr ds fu;a=kd ,oa egkys[kkijh{kd ds fy, ,oa mudh vksj ls

(xtkyk ehukbZ)okf.kfT;d ys[kk ijh{kk dh

izeq[k funs'kd vkSj insu lnL;ys[kk ijh{kk cksMZ&III] ubZ fnYyh

LFkku % ubZ fnYyhfnukad % 18 flracj] 2008


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COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 619(4) OF THE COMPANIES ACT, 1956, ON THE ACCOUNTS OF RAIL VIKAS

NIGAM LIMITED, NEW DELHI FOR THE YEAR ENDED 31ST MARCH 2008.

The preparation of fi nancial statements of Rail Vikas Nigam Limited, New Delhi for the year ended 31st March 2008 in accordance with the fi nancial reporting framework prescribed under the Companies Act, 1956, is the responsibility of the management of the company. The statutory auditors appointed by the Comptroller and Auditor General of India under section 619(2) of the Companies Act, 1956, are responsible for expressing opinion on these fi nancial statements under section 227 of the Companies Act, 1956, based on independent audit in accordance with the auditing and assurance standards prescribed by their professional body, the Institute of Chartered Accountants of India. This is stated to have been done by them vide their Audit Report dated 07 August 2008.

I, on the behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit under section 619(3) (b) of the Companies Act, 1956, of the fi nancial statements of Rail Vikas Nigam Limited, New Delhi for the year ended 31 March 2008. The supplementary audit has been carried out independently without access to the working papers of the statutory auditors and is limited primarily to inquiries of the statutory auditors and company personnel and a selective examination of some of the accounting records. Based on my supplementary audit I would like to highlight the following signifi cant matter under Section 619(4) of the Companies Act, 1956, which has come to my attention and which in my view, is necessary for enabling a better understanding of the fi nancial statements and the related Audit Report.

Comments on DisclosureBalance SheetCurrent Assets, Loans and AdvancesProject Work in Progress (Schedule 6) - Rs. 3648.99 crore A reference is invited to item no. 5 of Notes to the accounts (Schedule 18) read with para no. 4 (f) (v) of the Auditors, report

regarding modalities for transfer of assets to the concerned zonal railway being worked out with the Ministry of Railways.

Pending modalities for transfer of assets, Project Work in Progress (Schedule 6) included projects valuing Rs. 776.25 crore which have been completed and commissioned as on 31 March 2008. This fact has not been disclosed in Notes to the accounts and the Auditors' report.

For and on the behalf of theComptroller & Auditor General of India

(Ghazala Meenai)Principal Director of Commercial Audit and

Ex-offi cio Member, Audit Board-III,New Delhi

Place : New DelhiDated : 18th September, 2008

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MANAGEMENT’S REPLIES ON COMMENTS OF C&AG OF INDIA UNDER SECTION 619(4) OF THE COMPANIES ACT, 1956 ON THE ACCOUNTS OF RAIL VIKAS NIGAM LIMITED,

NEW DELHI FOR THE YEAR ENDED ON 31ST MARCH 2OO8


(D.C.MITRA) (HARISH CHANDRA) Managing Director Director/Finance

Place: New DelhiDated : 18.09.2008

CAG's comments Management’s Reply1 Balance Sheet Noted Projects are treated as completed after the work has

been completed in all respects and the completion report has been drawn after reconciliation and fi nalization of the accounts.

Current Assets, Loans and AdvancesProject Work in Progress (Schedule 6) - Rs. 3648.99 croreA reference is invited to item No. 5 of Notes to the accounts (Schedule 18) read with para No. 4 (f) (v) of the Auditors' Report regarding modalities for transfer of assets to the concerned Zonal Railway being worked out with the Ministry of Railways.

The adjustment for the expenditure on completed projects shall be carried out on drawing of the completion report and after fi nalization of the modalities for transfer of completed projects to Zonal Railways in consultation with Ministry of Railways.

Pending modalities for transfer of assets, Project Work in Progress (Schedule 6) included projects valuing Rs. 776.25 crore which have been completed and commissioned as on 31st March, 2008. This fact has not been disclosed in Notes to the accounts and the Auditor's Report.

Rail Vikas Nigam Limited(A Government of India Enterprise)

(Hkkjr ljdkj dk miØe)

1st Floor, August Kranti BhawanBhikaji Cama Place, New Delhi - 110 066

Tel: +91-11-26738195 Fax: +91-11-26182957Website: www.rvnl.org C

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com

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