BA WEJA & KA UL Chartered Accountants Independent Auditors' Report Director. Finance Dedicated Freight Corridor Corporation of India Limited Nc\% Delhi We have audited the accompanying project financial statements of "EDFC-1" of Dedicated Freight Corridor Corporation of India Limited ("The Company") which comprise the Balance Sheet as at 31" March 2017, and the Statement of Sources and Application of Funds and Statement of Expenditure for the year then ended, and a summary of significant accounting policies, explanatory notes. a List of Individual Withdrawal Applications and a Statement of Reconciliation of Claims to Total Application of funds. The financial statements have been prepared by the management of the compan based on the reporting provisions of Section 5.09 of the General Conditions of the contract dated October 27. 2011 between Ministry of Finance, Government of India and International Bank for Reconstruction and Development. Management's Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements in accordance with tile financial reporting provisions of Section 5.09 of the General Conditions of the contract dated October 27. 2011 between Ministry of Finance, Government of India and International Bank for Reconstruction and Development: this includes the design. implementation and maintenance of internal control relevant to the preparation of financial statements that are free from material misstatement. whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India (ICAI). Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements- whether due to fraud or error. In naking those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion. the project financial statements of "EDFC-1" of Dedicated Freight Corridor Corporation of India Limited for the year ended March 31, 2017 are prepared, in accordance with the financial reporting provisions of Section 5.09 of the General Conditions of the contract dated-October * 306 Corporate 1 ers 85AZamrkidpur Greater Kailasli-L.New Delhi- I10048. Tel 29231090,29248587 Emai: hakaudit gmaiLcom, Mob: 9810012809 * H. No- 32 Sector - 8 Trikuta Nagar. Jamimi Tawi ( J & K ) - 180012 - - --- . ...... - ----- .. .. . ... Bmieja & Kaul Chartered Accountants - 2011 between Ministry of Finance, Government of India and International Bank for Reconstruction and Development. Further. we are of the opinion that: 1. The PFS give a true and fair view of the financial position of the Project at the end of the period under audit and of the sources and application of project funds for that period. 2. The project funds were utilized for the purposes for which they were intended. 3. Expenditure. inClUding assets created under the Project, shown in the PFS is eligible for financing tinder the relevant Loan agreement and these were incurred through internal sources and now reimbursement is sought through IUFRs from the World Bank through Ministry of Railways. 4, The IFRs submitted during the period under audit are supported by adequate detailed documentation maintained in DFCCIL's offices/branches to support claims to the World Bank for reimbursement of expenditure incurred. 5 The accounting and internal control systems underlying the projecte including material comipliance wvith the Project Implementation Manual, and oversight over the project funds were adequate and maintained throughout the audit period. 6. Procurement done by DFCCIL under the project had been undertaken in accordance with agreed procurement arrangements. Basis of Accounting and Restriction on Distribution and Use Withou0Lt modifyinO our1 opinion, wve draw attention to executive summary of Management Letter, Nhich contains detailed observations observed duringr the course of audit. The financial statements are prepared to assist Dedicated Freight Corridor Corporation of India Limited to comply wvith the 7inancial reporting provisions of the contract referred to above. As a result, the financial statements mnay not be suitable for another purpose. Our report is intended solely for Dedicated Freight Corridor Corporation of India Limited and World Batk and should not be distributed to or used by parties other than Dedicated Freight Corridor Corporation of India Limited, or World Bank. For Baweja & Kaul Chartered Accountants Firm Registration No: 005834N Samvit K Gurtoo Place: New Delhi Partner Date: N Membership No: 090758 DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED BALANCE SHEET OF EDFC I PROJECT AS AT MARCH 31, 2017 Amount in (R) Note As at March 31, As at March 31, No 2017 2016 . EQUITY AND LIABILITIES (1) Shareholders' Funds (a) Share Capital (b) Reserves and Surplus (2) Share application money pending allotment (3) Fund transferred from head office 8,407,996,747 6.286,403,647 (4) Non-Current Liabilities (a) Long-Term Borrowings 1 15,660,120,954 I 1821.920,187 (b) Other Long Term Liabilities 2 1,111,764,165 1,282,283,629 (c) Long Term Provisions - - (5) Current Liabilities (a) Other Current Liabilities 3 808.639.237 1,1 13,142,111 (b) Short Term Provisions TOTAL 25.988,521.103 20,503,749,574 II. ASSETS (1) Non-Current Assets (a) Fixed assets (i) Tangible assets 4 6,907,045 5,031,791 (ii) Intangible assets - - (iii) Capital work in progress 5 20,858 974,908 16.175,083,133 (iv) Tangible Assets under development (v) Intangible Assets under development (b) Long-term loans and advances 6 5,102,431.391 4,309,339,966 (2) Current Assets (a) Cash and Bank Balances 7 (765,960) 13,698,088 (b) Short-term loans and advances - (c) Other current assets 8 20,973,720 596,596 TOTAL 25988521,103 20,503749.574 The Notes referred to above form an integral part of the Balance Sheet. This is the Balance Sheet referred to in our report of even date For Baweja & Kaul Chartered Accountants ICAI Firm Regn. No. 05834N - CA Samvit K Gurtoo Partner Membership No - 090758 Place: New Delhi Date: a.\Q >\;il DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED Notes to the Financial statements 1 Long Term Borrowings Amount in () Particulars As at March 31, 2017 As at March 31, 2016 Term Loans From Others Unsecured Loan Loan from Ministry of Railways for EAP/IBRD Projects-8066 15,660,120,954 11,821,920,187 Total 15,660,120,954 11,821,920,187 2 Other Long Term Liabilities Amount in (!) Particulars As at March 31, 2017 As at March 31, 2016 Trade payables (i) Misc. Depsoits ( Retention money & security 1,111,651.439 1,282,170,903 Depsoits receied from the Supplier& Service Providers (ii) Income Received in Advance 112.726 112,726 Total 1,111,764,165 1,282,283,629 3 Other Current Liabilities Amount in (7) Particulars As at March 31, 2017 As at March 31, 2016 (i) Earnest Money & Performance Security Deposit - 3,034,980 (ii) Others Payables 660,399,641 1,012,165455 (iii) Misc. Deposits (Security Deposits received from 10,517,283 6,044,967 Supplier & Service Providers) (iv) Interest accrued but not due on Loan from MoR on 98,070,651 33,194,783 IBRD (v) Duties & Taxes 39,651,662 58,701,925 Total 808,639,237 1,113,142,111 -- - - - -- - - -- -- - . . . h+ � ' Г.у ir., .. �. С л О ?'� "' м �,+ v' _ .� гh. � r � � ю r � s � и; � р � � х Q у г r г rr, w п !'� f+ У L' � N l� � �,`ч L �. .-+ "` г � �` � t,�. г ry +� чге Т 'JC � � егу Г-{ FЭ - �7 г . �: . х_ а С' й-. м `- '� N ë�t ��ir� а 'и*. д ` л �г: � W е: м гч *�; е�. � � �, с � с � t � г- .� - i � ? - � � 7' � _ у .`J С1 � _v ^ � С ' � � . W уг � cG � r м 0.. _ м г'�',-' д•`� �. 4�+ _ . . -- - � , .�' �, ь- �е � . '-� �" r�s t"' ' .' - ar s. с. ,.: r= i'у . �� м � � - � ет rм а -•., ..-. ... , • ,�� � у � � , .. г °C w � 5ь � .е. Г^У � V' j � £7+ G 7 N � ry (у� � Г*.i С� 'R И Е L А Г^д ц! r. =г г_- т +о � оС С � �� � � � � .,. . � � .. r� zt �С � л С ы ',. � у ` � .,. � - � , вi , � .� �, ы ' ,�,. 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II � � � � .'7 Q ;А 7 r'r} � "�' lL3 *"ь �'' � � '. 0�0 F' � ti7 ' С7 �. � �- 4�а� ГЭ И � _ п CV t- � � Ср Г`? � С !G гл tiP '� Q Q ®' � � � � � � � � G� � � �_ Е- С � � ",�r q � °ai гS R �'ч � � � �r.y , � г3 � � � � :.У f г � ~ у� � м н�'. 'J '�^` � ""г CS! � � � С:У .°"Р„ G О .�1`. "-3 G. ал s, i� �' � �' � у � � � � � ; � � � .,. � r � J д) � гЛ ,� .�� Э J ;� го � � а. ц L:. � +� н � р � �,С, `� � а � = и ..� �� �+ а � �а � � � cz - DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED Notes to the Financial statements 6 Long Term Loans & Advances Amount in (T) Particulars As at March 31, 2017 As atMarch 31,2016 A. Capital Advance i. Advance for.,Shifting of Utilities 2,863 794,782 2.538,166.353 ii. Mobilisation Advance 2.236,445,157 1,770,604,435 Tot I (A) 5,100,239,939 4,308,770,788 B. Security Denosit i. Security Deposit-,Electricity 59,300 19,300 ii, Security Deposit - Lease Rent 2 107.3 00 535,300 Iii. Security De2osit - Telephone 24.852 14,578 Total (B) 2,191,452 569,178 ITotal ( A+13) 5,102,431,391 4,309,339,966 7 Cash and Bank Balances Amount in (T) Particulars As at March 31, 2017 As at March 31, 2016 (a) Cash and Cash Equivalents Bank Balances - Curr ,nt Accounts (765,960) 13,698,088 Total (765,960) 13,698,088 8 OTHER CURRENT ASSETS Amount in (7) Particulars As at March 31, 2017 As at March 31, 2016 i) Recoverable from Staff 40.000 187,000 ii) Other Recoverable 646,779 409,596 ill) Interest accrued but not due on retention rno: 19.836,307 - iv Land Accl, Exp - Recoverable from MOR 450,634 - Total 20,973,720 596,596 - --- - --- - - ---- Diedicated Freight Corridor Corporation of [ndia Limited Sources and Uses of Funds for Financial Year Ending 31st Mar 2017 Amount in (t) Opening Balance for FY Ending 31s Opening Balance (Cumn) 01.012016 March 2017 (Cun) 01.04.2017 or Project to Date as on 31.03.2017 124 A Pnng Balance - Projet Bank Acount B Sourres of Funds AmOunt reeis-ed from ERiy 11.155964884 4,270,136.113 15,426.100,997 Others(Froni End Feie 2,654,4356871 1,173.609,666 3,828,046,537 129,772500 - 129.772,500 C Tesbi Smuns 13.940,174,255 5.443,745,779 19,383,923,034 CUses of F=mds Civil works - Part 3 of Projert Civil Works and Track I Shaupur-Etavah (135 km) 4.47,861,235 987,830,1n5 5.636,711,340 Civil Works and Track 11 E tavah-Tundla (101 km) 3.804,171,248 1.468,062,929 5,272,234,177 Civil Work5 and frack IE Tundla-Khurja (li um) 3,732,859,000 1.210,627,066 4,943,486.066 Peiwer Signals. Teltecoi Sstpms r-Bhaipur. hluu (43 km) 760.797.026 747,265671 1.508,062,697 Design and ConsIruction of Civil Structure and frack Work for Railway5 Packuge CP-302- 500,503,652 500,503,652 Totok Civil works GdPto c13,145,708,509 4,914,289,423 18,059,997,932 Total Goods Consultants' services • Part I of Pnoect Qualitj and safetv monitor1g onsuln 63,195,668 66,490,415 129,686,083 hurje-Dadri-Ludhiana-Mughalsarai APL f1 and [Th General 118,399.187 35.428,199 153,627,386 Consultant SerIces Bhaupiur - Rirja (APLI) PNIC for construction supervision and contract 314 410.847 306,714.012 621.124,859 m,anagemt serk jcs Social & Ensrorunental Safeguard Monitormg and Review Consulran 4,335,749 1.395,455 5,731.204 (SESMRC) for Khnra-Bhaupur Section of EDFC Projeit (M3 Km, APL-iD Toal Consultants' Services 500341450 081 Goods, Consultants' Services & Training under Heavy HaulTA(Part 2 of Prect) Procuremxent of MIS(HCLT) 68,545,802 42,4 301 111,040,103 Insitulional Straing thanodule 46470 129 6,470,829 larketig and Commercial Straeg DMCSD) 9,652,000 194.269 26,95.,269 Tcchlog Reseach and Evaation (HRwI) 4.995,000 40,761,257 45,756.257 Corsultancy for Non-Dirrimion .Aucess of DFCCIL (CSNDAD) 2522.000 7.02.018 10,124018 Cosnuication Need .Asssnent Consultamcv Services tor Green House Gas Emission Reduction AnalYsis 6.022,000 . 6.022000 for DFC Consutaln rSeices for Design Reiew Consiltancy for Khtura- 12.016,000 - 12.016.000 Shaupi5r SKtion of EDFC Consultancv Services for Civil Engineering Proci Conihair tor hura 6,513,000 haurection of 6513.000 Consultancy services from International Panel of expert ior EDFC ,3694,000 -3.694.000 .. . . . . . . . . . . . . Dedicated Freight Corridor Corporation of India Limited Sources and Uses of Funds for Financial Year Ending 31st Mar2017 Amount In (T) Opening Balance for Ft Ending 31st Opening Balance Cum) 01.04.2016 March 2017 (Curn) 0104.2017 or Project to Date as on 31032017 1 2 3 4 Legal Consttanc Ser ices for Dedicated Freight corridor Consultani Svrice for Overall IT Stratergyc and Frogram) Manageaienit 9.931,285 267.029 10,198.314 for DFCCIL (WIFRC1 Capeti B3uilduig and Trammg of DFCC 5taff 24.648,79B 2,531571 27.180.359 HHA-Seminr 11 .297000 11,297.000 4-5!11.921 4,511.921 SettmIg Up of Eterpises Risk Management Frame IWo rk Totafl fearyaW 14,351,796 119,428,274 283,780,070 -Front End F(e 129,772.500 - 129,772,500 D Counterpart (To be spectid) Tobidt CoWnt;r'or Total uses 13,940.174,255 5443.745.779 19 383 920034 AS per our report of even date attached to Bl1aince Sheet For Baweja & Kaut Chartered Accountants ICA RegN. 05334N CA Sam KGurtoo Partner Membership No - 090758 Place: New Delhi Datel С ы ii'ri N С� [i` L�3 С'7 г h- (f7 ' � CL) г!"- N С'? 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J . �. � г�Л � Q � У_ ii � '� О Z 'Q '� ~_ ° (� fЛ еЛ '`' �J � � R' �г3 � � б � д С7 С] ��� Ш� "� J = г` U ��= '� бс��' `� zz°¢а� � � @ �'�� �� а� � � Ш� � cj О О¢ г� � сл Q¢ р° а tn ы v' � с.� д �рΡ��� W f- С7 и7 rЛ U5 ♦"' б Ш � ы �- � с( сЛ СС �1 1�. � � � � ^ � обй � J ш �` _ � � .?�° � йi Q б ( j 3 � � F- к г �,JQ��,���°�с�с� � �б� ;���-� �� �� � � 1- б� iY б� �. }_ e,t � ш гn ш с� � а с� а:� � Н F.- сбi �� ш'� С7 F- 1- Q� w-�` � �t iг� б� W�� У eL F„ �Л (..з � г а� а� сС б б��.� �, �, иэ и rл и и-�,° �' tп ..� а и а w � =- Ш ¢ й й г.бп м�- ' сшrу � � � � � � � � [� � � с� tэ � бZ � ,- � rv �� м вт Kn ее сsз т° г� Г .� � и со г� м а� ra . г•. � в- ''., . . r r- а- r r г €V N N � Us ' EDFC - I : Difference on account of FERN' in Amount claimed vs Amount disbursed For IBRD loan Amount in M Claim Transaction Disallowed by Transaction date USD date Rates Received in INR Claimed by DFCCIL WB Variation 30-Dec-20 11 466,559 48 22.421.601 22.708.279 (286,678) 30-Dec-2011 2,437,500 53 129,772 500 129.772,500 - 30-Dec-2011 1 036 5" 55,139 55,139 23-Jan-2013 123.007 54 6,623.109 25,203 4-Aug-2013 U98 55 540.604 54U.O( O 604 4-ekua-2013 101.182 55 5, _5 2 6. 17 6,172 4-Aug-2013 19,850.463 55 1.084.1 1,082,942.378 1,210.500 23-Apr-2013 12395 54 669,318 673,642 (4.324) 13-Jun-2013 22,433 59 132L 191 1302,211 18.980 17-Oct-2013 18'1 997 62 11.592.444 11,512,231 80.213 2 1 -Nov-2013 285 349 63 17 842.277 17.946.528 (104,251) 30-Dec-2013, 10.363.122 62 64 1 948.790 641,384,390 564AN 29-Jan-20141 5 6, - 6 63 3,543,355 3.527,895 17-Feb-2014 5.446,8-3 62 337,264J2S 338,982t536 (1,7 1 S,008) 14-Mar-2014 666,165 61 IU26386 4U96.241 (69.855) 24-Mar-2014 1,942,788 60 117,467.783 118, 19M89 1,205,000 (725306) 7-Apy-2014 3X9,486 60 194,675,282 194.685,086 (9 804) Total 2,616,043,357 2,616,984,912 (941,555) 23-Jun-2014 9,202,857 62 551,923,886 567.908,902 13,942,746 (2,042,270) 16-Sep-2014 228,218 97 13.877,958 22.216.113 8.273,367 (64,788) 18-N,ov-2014 9.582,493 69 590.449.232 665,065.349 73,394.000 (L222j 17) 2-Feb-2015 19,854,348 62 1,220,441788 1.226,984A66 26.060 (6.5 15,618) 27-Apr-2015 12.801,433 63 8 10.337,100 813.019.040 (2,681.940) 22-May-2015 6.012,565 64 382,355,866 385.195.047 (2.839,181) 22-Jun-201 5 63 17. 5 r4 64 402,994,249 40L733.895 L260,354 256,411,151 257.673.000 (1.261,849) 29-Jun-2015 4.fl',,757 64 - 17-Aug-2016 1 10 5,)O 65 7,173,702 7,220.000 (46,298) 2(-Nu -2015 4,o32, 1,9 66 3o6,109,342 306,674X00 564,658) %%Izir-2016 7 912,953 69 14 17 17.804 536.972.641 5,745,162 9-%Lr-'-016 '23,427,036 67 LJ` 264.330 11577,682.454 (2,41& 124) lo-' ,Tar-2016 28.210,625 67 1,879.899,646 1.875 794.857 4.104,791) 16-Mav-2016 680,569 67 45,303,918 45,445A86 (141 09) 16-Jun-2016 8,330,294 67 559,146,009 559,170.810 (24,801) 4-Aua.2016 2,090,246 67 139,484,624 139.989.217 (504,593) 18-Nov-2016 29,947,630 68 2,028,924,975 1030.911.922 (1,986,947) 1 -Feb-2017 14,052,593 68 955,753,392 952.763.696 2.989,696 3 1 -Mar-20 I-/ 8,340,177:r 541,487,668 541,486,187 1.481 1 -Apr-2017 (claimed In mar'17 but received in Apr'17) 15 4,560.445 Total 12,810,057,640 13,068,467,528 95,636,173 (8,213,270) lGrand Total 15,426,100.997 15,685 452,440 95,636,173 (9,154.825) J, . .... . .. ........ - --- - --------------- ---- . .... ........ оо т ct �г, rч оо �д � с� гч r. rn tiд са а, г.а �о т м и 4п м ш�� rri г� '' G' � с7 � о:э rv rл «� о _ ,� т .. *•+ *�r ol . r• ct �.. ии � � а' с°'п т°c�t° й с`�т ' о е ,�, и,-i О rn м' t�ч '° � г.г er" С � � � D � Q � пs � рУ � ++ �� - � 65 er tD О..... 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С'�7 � i1 С О � О О е�-я С7 О О� � ц� tD et а0 .--ь .--i и ы � ,-+ .ч в н cr s�^, О � � � 'т �� s� й � ,� с , s со sно � '� а и � � т � °� r"�ч в'�'i о л �"� � осэ n� и и� !-+ м � ° � �п © т *� м � n' �о е�е � ��i- � rn , с '"r-° � n � Е � '� v�ni �� rn v�`i r�°ч й Е '-�.i а� .� и �у с� � �_ � с „� с�= се гс гr rr с� .х,�у г ггz�� � - - - - L � � в т � � � � ' � � ^ '` --- ��- � с � `4у � 4w � с � с � сгас�с�crо° •,� + � �р t�. г•, r. л. г-_ � .-i н м им м ,-м � ы1 tD cD ti7 ti,D цZ � � м н м м ,ч � � G�7 С�7 �г Cry7 �D 0 DC-I Amount in Reconciliaiton statement showing claims to total Application of funds Amount claimed from IBRD ( for Application of Funds) 1S,68S,452,440 Less: ineligible claim 95,636,173 Less : Amount claimed in 4th quarter of FY 2016-17 for I BIRD loan 154,560,445 Add: Differences on account of FERV 'in Amount disbursed for IBRD Loan (9,154,825) Amount received from I BRD (Matched with IUFR -1) 15,426,100,997 Amount Disbursed by the Bank as per books 15,426,100,997 Add : Foreign Exchange Fluctuation on reinstatement of liabilities on Balance sh( 234,019,957 18alance as per Books of Accounts 15,660,12L954J - - ---------------------------- ........................ ........ ....... . ....... - --- - ---- - ----------- . .... . ........................................................................................... DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED Notes to the Financial statements 1 Long Term Borrowings Amount in (Z) Particulars As at March 31, 2017 As at March 31, 2016 Term Loans From Others Unsecured Loan Loan from Ministry of Railways for EAP/1BRD Projects-8066 15,660,120,954 11,821,920,187 Total 15,660,120,954 11,821,920,187 2 Other Long Term Liabilities Amount in (T) Particulars As at March 31, 2017 As at March 31,2016 Trade payables (i) Misc. Depsoits ( Retention money & security . 1,l11,651,439 1,2 82 1 70A93 Depsoits receied from the Supplier& Service Providers (ii) Income Received in Advance 112.726 112,726 Total 1,111,764,165 1,282,283,629 3 Other Current Liabilities Amount in (T) Particulars As at March 31, 2017 As at March 31, 2016 (i) Earnest Money & Performance Security Deposit - 3,034,980 (ii) Others Payables 660,399f641 1,012,165,455 (iii) Misc. Deposits (Security Deposits received from 10.51723 6,044,967 Supplier & Service Providers) (iv) Interest accrued but not due on Loan from MoR on 98,070,651 33,194,783 IBRD (v) Duties & Taxes 39,651,662 58,701,925 Total 808,639,237 1,113,142,111 - - -- - -- - - DEDICATED FREIGHT CORRIDOR CORPORATION OF INDIA LIMITED Notes to the World Bank Funded Project Financial Statements 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS Financial Statements of the Company are prepared under the Historical Cost Convention using the Accrual Method of accounting in accordance with the Generally Accepted Accounting Principles (Indian GAAP) and complying with the mandatory Accounting Standards (AS) as notified under Companies Act. 2013. 1.2 USE OF ESTIMATES The preparation of Financial Statements, in conformity with Indian GAAP, require nianagement to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses for the years presented. Actual results could differ from those estimates. Any variation in the estimates and actual are adjusted prospectively in the accounting period of change and future accounting periods respectively. 1.3 FIXED ASSETS & CAPITAL WORK IN PROGRESS a) Fixed Assets are stated at cost of Acquisition/Construction. In cases where final settlement of bills with contractors is pending, but the asset is complete and ready for use, capitalisation is done on estimated basis subject to necessary adjustment, including those arising out of settlement of arbitration/court cases, in the year(s) of final settlement. b) Capital Work-in-Progress is carried at Cost. Expenditure during construction net of incidental income is capitalized as part of relevant assets. c) Capital Stores are valued on Weighted Average Cost. 1.4 DEPRECLATION & AMORTISATION a) Depreciation on Additions to /Deductions from Fixed Assets during the year is charged on pro-rata basis from / up to the date on which the Asset is available for use ! disposal. b) Depreciation on Fixed Assets is provided as per Para 219 of Indian Railway Finance Code volume I which specifies the normal life of the various classes of Railway Assets. In case a particular component of Fixed Asset is not available in the said Para 219 of Indian Railway Finance Code, then depreciation on these assets is provided on Straight Line Method using the useful life specified in Schedule II of the Companies Act ,2013 c) Asset valuing ' 5000/- or less are fully depreciated in the year of Addition thereof. d) Cost of software is recognized as Intangible Assets and is amortized on Straight Line Method over a period of legal right to use or three years, whichever is earlier. Other Intangible Assets are amortized on Straight Line Method over the period of legal right to use. e) Fixed Assets created on Leasehold Land and Leasehold Premises Improvements are depreciated fully over the residual period of lease of respective Land / Leasehold Premises or over the life of respective asset as specified in Schedule 11 of the Companies Act, 2013. whichever is shorter. 0 Where the cost of Depreciable Asusets Undergone a chan uring the year due to increase/decrease in Lona T[rm Liabilitifs, on account of e xange fluctuation, price ... ... .. adjustment. change in duties or similar factors. the unamortized balance of such assets is depreciated prospectively over the residual life of such assets. g) Where the life and / or efficiency of an asset is increased due to renovation and modernization, the expenditure thereon along-with its unamortized depreciable amount is charged prospectively over the revised / remaining useful life determined by technical assessment. 15 FOREIGN CURRENCY TRANSACTIONS a) Transactions in Foreign Currencies are initially recorded at Exchange Rates prevailing on the date of transaction. At each Balance Sheet date monetary items denominated in Foreign Currency are translated at the Exchange Rate prevailing on the Balance Sheet date. b) Exchange difference on foreign currency borrowings to the extent regarded as adjustment to interest costs in terms of Para 4(e) of AS-16 on Borrowing Costs is accounted for as borrowing costs in terms of ibid AS and balance is adjusted to the carrying cost of respective Fixed Asset/Capital Work-in-Progress. to which such borrowing pertains. c) Exchange difference on other monetary items is recognized as income & expenses. 1.6 BORROWLNG COST Borrowing costs attributable to the acquisition or construction of Qualifying Assets are capitalized as part of the cost of that Asset. Other borrowing costs are recognized as expenses in the period in which these are incurred. Cost of raising borrowings / upfront fees and other similar expenses are capitalized/charged as expense in the year of incurrence itself. 1.7 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS Provisions are recognized in respect of obligations where, based on the evidence available. outflow of resources is probable and a reliable estimate can be made of the amount of obligation. Contingent Liabilities are determined on the basis of available information. These liabilities are not provided and the same are disclosed in the notes to accounts. Contingent Assets are neither recognized nor disclosed in the financial statements. 1.8 MISCELLANEOUS a) Liabilities for Goods in Transit/Capital Works executed but not certified are not provided for, pending inspection and acceptance by the Corporation. b) Claims including price variation are accounted for on acceptance, c) Liquidated Damages are recognized at the time of actual recovery, d) Prepaid expenses and prior period expenses/income of items of ' 50,000/- and below are charged to natural heads of accounts. e) Mobile Instruments are charged off to revenue. f Insurance claims are accounted for based on Management best assessment of the quantum of loss & coverage thereof in terms of Insurance Policy. Any shortfall / excess are adjusted on the settlement of claims. Claim towards losses of CWIP, for which Insurance are obtained by Contractors under the provisions of respective contract agreetne tt. are not accounted in the Books of Company. ... ... ... ..