Financial Summary for the Year 2003-04 to 2012-13
Total Page:16
File Type:pdf, Size:1020Kb
1 2 3 FINANCIAL SUMMARY FOR THE YEAR 2003-04 TO 2012-13 (` in Core ) Sr. Particulars 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 No. 1 Total Income (including other 246 289 630 669 787 787 766 924 1001 1136 income) 2 Expenditure (incl. inc./dec. in stock) 195 217 499 510 555 600 520 697 758 963 3 Operating Margin 51 72 131 159 232 187 246 227 243 173 4 Interest Expenses 332 304 303 321 305 190 166 140 134 133 5 Depreciation 76 73 70 70 70 76 77 85 90 89 6 Profit/(Loss) before Prior Period Adj. (357) (305) (242) (232) (143) (79) 3 3 19 (49) and Tax 7 Prior Period Adj./Exceptional item (1) 1 (7) 0 2 1 (8) 1 1 187 8 Profit/(Loss) after Prior Period Adj. (358) (304) (235) (232) (145) (80) 11 2 19 (236 ) 9 Tax 0 0 0.65 0.78 0.80 0.42 0.0 1 0.03 0 0 10 Profit/(Loss) after Tax (PAT) (358) (304) (236) (233) (146) (80) 11 2 19 (236) 11 Dividend 0 0 0 0 0 0 0 0 0 0 12 Gross Block 3547 3615 3656 3687 3732 3792 3876 3,929 4039 4087 13 Net Fixed Assets 3174 3137 3148 3137 3121 3110 3100 3,053 3049 3003 14 Inventories 26 61 16 13 11 16 14 24 19 27 15 Current Asset 370 403 476 575 625 811 978 1,191 1102 1043 16 Current Liabilities 396 367 441 584 513 604 685 889 836 1040 17 Current ratio 0.934 1.098 1.079 0.985 1.218 1.343 1.428 1.340 1.319 1.003 18 Equity Share Capital 789 790 803 803 803 806 806 806 806 806 19 Preference Share Capital --- --- --- --- --- 3,474 3,771 4,080 4080 4080 20 Total Share Capital 789 790 803 803 803 4280 4577 4,886 4886 4886 21 Accumulated Losses 2,353 2,648 2,883 3,117 3,262 3,343 3,330 3,329 0 0 22 Reserves & Surplus 15 6 0 0 0 0 0 0 (3310) (3546) 23 Net Worth (1,559) (1,859) (2,080) (2,314) (2,459) 937 1,247 1,557 1576 1340 24 Capital Employed 3,111 3,184 3,172 3,112 3,222 3,307 3,366 3,355 3316 3007 25 Government Investment 789 790 803 803 803 4280 4577 4886 4886 4886 26 Secured Loan 2611 2711 2625 2498 2459 2369 2118 1798 1740 1667 27 Unsecured Loan (Ministry of 2058 2332 2628 2928 3222 0 0 0 0 0 Railways) 28 Total Debt (Secured Loan + 4669 5043 5253 5426 5681 2369 2118 1798 1740 1667 Unsecured Loan) 29 PAT to Capital Employed (0.115) (0.095) (0.074) (0.075) (0.045) (0.024) 0.003 0.001 0.006 (0.078) 30 Operating Margin to Capital 0.016 0.023 0.041 0.051 0.072 0.057 0.073 0.068 0.073 0.058 Employed 31 PAT to Share Capital (0.454) (0.384) (0.293) (0.290) (0.182) (0.100) 0.014 0.002 0.023 (0.292) 32 Expenditure to Income Ratio 2.453 2.054 1.384 1.347 1.182 1.100 0.996 0.997 0.981 1.207 33 Number of Employees 3,552 3,722 4,119 4,160 4,304 4,308 4,353 4,656 4703 4785 34 Income per employee 0.069 0.078 0.153 0.161 0.183 0.183 0.176 0.199 0.213 0.237 35 Debt Equity ratio including losses (3.014) (2.722) (2.525) (2.345) (2.310) 2.528 1.698 1.155 1.104 1.244 36 Debt Equity ratio excluding losses 5.918 6.384 6.542 6.757 7.075 0.554 0.463 0.368 0.356 0.341 Note: The Accumulated Losses disclosed under “Reserves & Surplus” as per Revised Schedule VI w.e.f. 2011-12 onwards. 4 CONTENTS Pg. No. BOARD OF DIRECTORS ................................................................ 05 NOTICE OF AGM ......................................................................... 06 CHAIRMAN’S SPEECH .................................................................. 07 DIRECTors’ REPORT ................................................................... 10 (including Auditor’s Certificate on Corporate Governance) C & AG COMMENTS .................................................................... 33 AUDITors’ REPORT ..................................................................... 34 (including Management’s Remarks) ANNUAL ACCOUNTS..................................................................... 44 5 6 BOARD OF DIRECTORS as on 30th September,2013 SHRI Bhanu PRAKash TAYAL : Chairman and Managing Director SHRI SANJAY GUPTA : Director (Operations & Commercial) SHRI ALOK Ranjan : Executive Director, Civil Engg. (Buildings & Structures), Railway Board SHRI R.C.RAI : Executive Director, (F), PPP, Railway Board SHRI Jayant KUMAR Banthia : Chief Secretary, Govt. of Maharashtra Alternate Director DR.S.K.Sharma : Principal Secretary (Transport, Excise & Ports) SMT. Vandita SHARMA : Principal Secretary (Infrastructure Development Department), Government of Karnataka Alternate Director SMT. Vandana Gurnani : Resident Commissioner, Government of Karnataka SHRI B Vijayan : Chief Secretary, Government of Goa Alternate Director SHRI Parimal RAI : Principal Secretary (Transport), Government of Goa. SHRI E. K. BHARAT BHUSHAN : Chief Secretary, Govt. of Kerala Alternate Director DR. V.M.Gopala Menon : Principal Secretary (Transport), Government of Kerala SHRI Ravindra NATH VERMA : Director SHRI MULKH RAJ Pasrija : Director SHRI Chintaman MAHADEO DIXIT : Director SHRI B. SATYANARAYANA : Company Secretary M/S PAThAk h.D.& ASSOCIATES : Statutory Auditors C & A G AUDITORS : Pr. Director Indian Audit & Accounts Department Office of the Principal Director of Audit Central Railway, 4th Floor, New Administrative Building, Mumbai CST – 400 001. Registered Office & Corporate Office : Belapur Bhavan, Plot No. 6, Sector 11, CBD Belapur, Navi Mumbai - 400 614. 7 NOTICE OF THE TWENTY THIRD ANNUAL GENERAL MEETING Notice is hereby given that the 23rd Annual General Meeting of Konkan Railway Corporation Limited will be held on 30th September, 2013 at 14.30 hrs. at Konkan Railway Corporation Ltd., Board Room, Third Floor, Sector-11, CBD Belapur, Navi Mumbai-400614 to transact the following business: ORDINARY BUSINESS: ITEM NO.1 ADOPTION OF ANNUAL ACCOUNTS To receive and adopt the Directors’ Report, Balance Sheet and Profit and Loss Account for the year ended 31.03.2013 and Auditors’ Report thereon. ITEM NO.2 FIXATION OF REMUNERATION TO AUDITORS To fix the remuneration to the Statutory Auditors appointed by the Comptroller & Auditor General of India for the year 2013-14. Yours faithfully, By the Order of the Board of Directors, For Konkan Railway Corporation Ltd. Sd/- PLACE: Navi Mumbai B. SATYANARAYANA Date: 8th August, 2013 Company Secretary Notes: 1. A member entitled to attend and vote at the meeting is also entitled to appoint a proxy to attend and vote there at instead of himself and the proxy need not be a member. Form of Proxy is enclosed. 2. The instrument of proxy must be deposited at the Registered Office, Konkan Railway Corporation Ltd., Sector-11, CBD Belapur, Navi Mumbai-400614 not less than 48 hours before the time fixed for holding the meeting. 8 CHAIRMAN’S SPEECH Dear Shareholders, It gives me great pleasure to welcome you to the Twenty Third ‘Annual General Meeting’ of your Company. I am glad to inform you that during the period 2012-13, the total revenue was `1136.23 crore (Rupees one thousand one hundred thirty six crore and twenty three lakhs only). The traffic earnings was `729 crore (Rupees seven hundred twenty nine crore only) as compared to `672 crore (Rupees six hundred seventy two crore only) during the year 2011-12. Earning from the project was `30.45 crore (Rupees thirty crore and forty five lakhs only) as compared to `23 crore (Rupees twenty three crore only) in the previous year. The Corporation has paid `73.30 crore towards redemption of bonds and `131.60 crore towards interest on bonds during the year 2012-13 from its operating surplus. The Corporation has debt liabilities of `1667 crore as on 31st March 2013. In the current financial year, the Corporation may not be able to meet the redemption and interest liabilities of over `500 crore (Rupees five hundred crore only) on bonds from the internal resources. Hence it is proposed to issue or reissue the bonds to the extent of `400 crore (Rupees four hundred crore only) during the year 2013-14. The Company has earned an operating surplus of `128 crore (Rupees one hundred twenty eight crore only) during the year as compared to `220 crore (Rupees two hundred twenty crore only) during the last year. Operating surplus was less due to substantial increase in expenditure on staff, fuel, hire charges etc. Increase in expenditure has also impacted operating ratio. The operating ratio was 95% in the current year as compared to 82.12% in the year 2011-12. The Corporation has made provision of `139.92 crore (Rupees one hundred thirty nine crore and ninety two lakhs only) towards pension liability of earlier years due to wrong interpretation of pension rules by the actuary in respect of employees benefits. The Corporation decided to impair the unamortized value of fixed assets of `32.16 crore (Rupees thirty two crore and sixteen lakhs only) as impairment loss on the basis of economic performance of these fixed assets relating to Skybus (`23.34 crore) and Anti Collision Device (`8.82 crore). Thus, the exceptional items stood at `172.08 crore (Rupees one hundred seventy two crore and eight lakhs only). A provision of `89.05 crore (Rupees eighty nine crore and five lakhs only) was made towards depreciation and `132.65 crore (Rupees one hundred thirty two crore and sixty five lakhs only) towards financing costs. Due to this reason, the Corporation has incurred loss of `235.41 crore (Rupees two hundred thirty five crore and forty one lakhs only).