Background

Economic liberalization policies of 1991 followed by information technology explosion have taken Ìndia to a new
growth scenario. Backed by strong fundamentals and commendable growth in the past three to four years, the
resplendent Ìndian Economy is poised to grow even further at an average of 8 to 10% in the next 3 years. Transport
requirement in the country, being primarily a derived demand, is slated to increase with elasticity of 1.25 with GDP
growth by 10 to 12% in the medium and long term range. Riding on the waves of economic success, Ìndian Railways
has witnessed a dramatic turn around and unprecedented financial turnover in the last two and a half years. This has
been made possible by higher freight volumes without substantial investment in infrastructure, increased axle load,
reduction of turn-round time of rolling stock, reduced unit cost of transportation, rationalization of tariffs resulting in
improvement in market share and improved operational margins. Over the last 2 to 3 years, the railway freight traffic
has grown by 8 to 11%, which is projected to cross 1100 million tonnes by the end of XÌth Five Year Plan.

Need for Dedicated Freight Corridor Project

The Ìndian Railways' quadrilateral linking the four metropolitan cities of Delhi, Mumbai, Chennai and Howrah,
commonly known as the Golden Quadrilateral; and its two diagonals (Delhi-Chennai and Mumbai-Howrah), adding up
to a total route length of 10,122 km carries more than 55% of revenue earning freight traffic of ÌR. The existing trunk
routes of Howrah-Delhi on the Eastern Corridor and Mumbai-Delhi on the Western Corridor are highly saturated, line
capacity utilization varying between 115% to 150%. The surging power needs requiring heavy coal movement,
booming infrastructure construction and growing international trade has led to the conception of the Dedicated Freight
Corridors along the Eastern and Western Routes.

HistoricaI Perspective

Accordingly, the seeds for the project were sown as early as in April, 2005, wherein, Hon'ble Prime Ministers of Ìndia
and Japan made a joint declaration for feasibility and possible funding of the dedicated rail freight corridors. Hon'ble
Minister for Railways, almost at the same time, announced in the Parliament the need and planning for the project.
Ìmmediately thereafter, RÌTES was entrusted with the feasibility study of both eastern and western corridors. Ìn May
2005, Committee on Ìnfrastructure (COÌ) constituted a Task Force, chaired by Shri Anwarul Huda, Member Planning
Commission to prepare a concept paper on Delhi-Mumbai (Western) and Delhi-Howrah (Eastern) dedicated freight
corridor projects, and to suggest a new organizational structure for planning, financing, construction and operation of
these corridors. RÌTES, in January 2006, submitted the Feasibility Study Report of both the corridors to Ministry of
Railways. Almost simultaneously, the Cabinet approved the report of the Task Force of the COÌ, which directed that a
SPV should be set up to construct and operate the DFC. Cabinet Committee on Economic Affairs (CCEA) gave "in
principle" approval to the Feasibility Study report asking the MOR to go ahead with Preliminary Engineering cum
Traffic Survey (PETS) for the two corridors, firm up the cost of the project and work out the financing options. Ìn
consonance with the recommendation of the Task Force of COÌ, a SPV, named "Dedicated Freight Corridor
Corporation of Ìndia Limited (DFCCÌL)" was incorporated under Companies Act in October 2006. Subsequently,
RÌTES submitted the PETS Report based on which the project was approved at a cost of Rs. 28,181 Crore.

$aIIent Features

Dedicated Freight Corridors are proposed to adopt world class and state-of-the-art technology. Significant
improvement is proposed to be made in the existing carrying capacity by modifying basic design features. The
permanent way will be constructed with significantly higher design features that will enable it to withstand heavier
loads at higher speeds. Simultaneously, in order to optimize productive use of the right of way, dimensions of the
rolling stock is proposed to be enlarged. Both these improvements will allow longer and heavier trains to ply on the
Dedicated Freight Corridors.

The following tables provide comparative information of the existing standards on Ìndian Railways and the proposed
standard for DFCC

&pgraded Dimensions Of DFC

Feature Existing On DFC
Moving
Dimension
s

Heigh
t


7.1 m for Western DFC
5.1 m for Eastern DFC
Width


Container
Stack

SingIe Stack

DoubIe Stack
Train
Iength


Train Load



&pgraded Design Features Of DFC

Feature Existing On DFC
Heavier AxIe Loads
AxIe Load
22.9t/25t

32.5t/25t for Track Superstructure
Track Loading
density


Maximum Speed


Grade &p to 1 in 100 1 in 200
Curvature &p to 10 degree &p to 2.5 degree
Traction EIectricaI(25 KV) EIectricaI(2x25 KV)
Station Spacing 7-10 Km 40 Km
SignaIIing AbsoIute/Automatic
with 1 Km spacing
Automatic with 2 Km
spacing
Communication Emergency
Sockets/MobiIe Train Radio
MobiIe Train Radio


O ntroduction
O Land Acquisition
O AIignment Layout
O Contract strategy
O TechnoIogicaI nnovations
ntroduction

The Eastern Dedicated Freight Corridor with a route length of 1839 km consists of two distinct segments: an
electrified double-track segment of 1392 km between Dankuni in West Bengal & Khurja in Uttar Pradesh & an
electrified single-track segment of 447 km between Ludhiana (Dhandarikalan) ÷ Khurja - Dadri in the state of Punjab
and Uttar Pradesh. Due to non ÷ availability of space along the existing corridor particularly near important city
centers and industrial townships, the alignment of the corridor takes a detour to bypass densely populated towns
such as Mughalsarai, Allahabad, Kanpur, Etawah, Ferozabad, Tundla, Barhan, Hathras, Aligarh, Hapur, Meerut,
Saharanpur, Ambala, Rajpura, Sirhind, Doraha and Sanehwal. Since the origin and destinations of traffic do not
necessarily fall on the DFC, a number of junction arrangements have been planned to transfer traffic from the existing
Ìndian Railway Corridor to the DFC and vice versa. These include Dankuni, Andal, Gomoh, Sonnagar, Ganjkhwaja,
Mughalsarai, Jeonathpur, Naini/Cheoki, Prempur, Bhaupur, Tundla, Daudkhan, Khurja, Kalanaur, Rajpura, Sirhind
and Dhandarikalan. The following table depicts the distance traversed through each state.
Eastern DFC
States KMs
Punjab 88
Haryana 72
Uttar Pradesh 1049
Bihar 93
West Bengal/Jharkhand 538
Total 1839

The Eastern Corridor will traverse 6 states and is projected to cater to a number of traffic streams - coal for the power
plants in the northern region of U.P., Delhi, Harayana, Punjab and parts of Rajasthan from the Eastern coal fields,
finished steel, food grains, cement, fertilizers, lime stone from Rajasthan to steel plants in the east and general
goods. The total traffic in UP direction is projected to go up to 116 million tonnes in 2021-22. Similarly, in the Down
direction, the traffic level has been projected to increase to 28 million tons in 2021-22. As a result, the incremental
traffic since 2005-2006, works out to a whopping 92 million tons. A significant part of this increase would get diverted
to the Dedicated Freight Corridor.
The Eastern DFC will be executed in a phased manner. The World Bank funding is being planned in three tranches
APL1 for Khurja- Kanpur, APL2 for Kanpur-Mughalsarai and APL3 for Khurja-Ludhiana. The Loan Agreement for
APL1 between World Bank and DFCCÌL has been executed for USD 975 million

As per RÌTES project report, the traffic that would move on the Eastern DFC, excluding the base year traffic (2005-
06), is projected as below:

TRAFFC PROJECTONS ON EASTERN DFC
(in miIIion tons/year)
Direction/Commodity 2016-17 2021-22
&P Direction
Power House coaI 54.46 61.96
PubIic CoaI 0.61 0.95
SteeI 8.24 9.74
Others 1.61 2.96
Logistic Park 1.20 2.40
Sub-TotaI 66.12 78.01

Down Direction
FertiIizer 0.23 0.42
Cement 0.78 1.52
Limestone for the
SteeI PIants
4.99 5.00
SaIt 0..68 1.03
Others 1.61 2.96
Logistic Park 1.20 2.40
Sub-TotaI 9.48 13.32

Grand TotaI 75.60 91.33
Rites Report: TabIe 14.3. of Eastern Corridor PETS Report

Ìt is also proposed to set up Logistics Park at Kanpur in U.P. and Ludhiana in Punjab. These parks are proposed to
be developed on Public Private Partnership mode by creating a sub-SPV for the same. DFCCÌL proposes to provide
rail connectivity to such parks and private players would be asked to develop and provide state of the art
infrastructure as a common user facility.

-- TOP --

Land Acquisition at a GIance

District / Section wise Progress of Land
O Khurja - Bhaupur Section
O Bhaupur ÷ Mughalsarai Section
O Ludhiana ÷ Khurja ÷ Dadri Section
O Mughalsari ÷ Sonnagar Section
AIignment Layout
O Khurja - Bhaupur Section
O Bhaupur ÷ Mughalsarai Section
O Ludhiana ÷ Khurja ÷ Dadri Section
O Mughalsari ÷ Sonnagar Section

-- TOP --
Contract Strategies

Contract Strategy for Eastern Corridor World Bank funded portion will be generally on following lines:

Procurement GuideIines: For consultancy work guidelines for selection and employment of consultant under ÌBRD
loans and ÌDA Credits and Grant by World Bank borrowers issued in January 2011 will be applicable. For
procurement of goods and works procurement guidelines under ÌBRD Loans and ÌDA Credits and Grant by World
Bank borrowers issued in January 2011 will be applicable.

Procurement of Works: Procurement of works will be two stages bidding after prequalification. Prequalification of
bidders will be done on the basis of standard prequalification document of World Bank. Bid document will be
generally as per standard bidding document for procurement of plant design, supply and installation issued by World
Bank with general conditions based on FÌDÌC Yellow Book.
Bank financing for the Eastern DFC Program would be provided under an Adoptable Program Loan (APL) in three
phases. Each phases of the APL would be comprised of a loan for one of the three sections and a continuing
program of technical assistance for ÌR and DFCCÌL. The sequence of the loans is envisaged to be: APL 1 for Khurja
÷ Kanpur; APL 2 for Kanpur ÷ Mughalsarai and APL 3 for Ludhiana ÷ Khurja ÷ Dadri, with about a one year lag
between these APL phases.

-- TOP --
TechnoIogicaI nnovations

DFC will build its two corridors with appropriate technology that will enable Ìndian Railways to regain its market share
of freight transport by creating additional capacity, efficient, reliable, safe and cheaper options for mobility to its
customers. To achieve these objectives, DFCC will encourage use of latest technological innovations in the area of
track, electrification, signaling and train operations. All DFC contracts will be Design-Build contracts to permit new
technologies to be adopted on DFC corridors.


O ntroduction
O Land Acquisition
O AIignment Layout
O Tendering strategy
O TechnoIogicaI nnovations
ntroduction

The Western Corridor covers a distance of 1483 km of double line electric (2 X 25 KV) track from JNPT to Dadri via
Vadodara-Ahmedabad-Palanpur-Phulera-Rewari. Ìn addition, a single line connection of 32km long from proposed
Pirthala Junction Station (near Asaoti on Delhi-Mathura line) to Tughlakabad is also proposed to be provided.
Alignment has been generally kept parallel to existing lines except provision of detour at Diva, Surat, Ankleshwar,
Bharuch, Vadodara, Anand, Ahmedabad, Palanpur, Phulera and Rewari.
Western DFC
Haryana 192
Rajasthan 553
Gujarat 588
Maharashtra 150
Total 1483

However, it is entirely on a new alignment from Rewari to Dadri. For providing connection to Tughlakabad ÌCD, a
single line parallel to the existing Delhi-Mathura line is proposed to be taken from Pirthala junction station (near
Asaoti) to Tughlakabad. Moreover, the Western DFC is proposed to join Eastern Corridor at Dadri. Junction Stations
between the existing railway system and the Western DFC have been provided at Vasai Road, Kosad/ Gothangam,
Makarpura (Vadodara), Amli Road (Sabarmati), Palanpur, Marwar Jn., Phulera, Rewari and Pirthala Road.
The traffic on the Western Corridor mainly comprises of ÌSO containers from JNPT and Mumbai Port in Maharashtra
and ports of Pipavav, Mundra and Kandla in Gujarat destined for ÌCDs located in northern Ìndia, especially at
Tughlakabad, Dadri and Dandharikalan. Besides Containers, other commodities moving on the Western DFC are
POL, Fertilizers, Food grains, Salt, Coal, Ìron & Steel and Cement. Further, owing to its faster growth as
compared to other commodities, the share of container traffic is expected to progressively increase and reach a level
of about 80% by 2021-22. The rail share of container traffic on this corridor is slated to increase from 0.69 million
TEUs in 2005-06 to 6.2 million TEUs in 2021-22. The other commodities are projected to increase from 23 million
tonnes in 2005-06 to 40 million tonnes in 2021-22. As a result, the maximum number of trains in the section is
projected as 109 trains each way in Ajmer-Palanpur section.
Ìt is proposed to set up Logistics Parks at Mumbai area, particularly in the vicinity of Kalyan-Ulhasnagar or Vashi-
Belapur in Navi Mumbai, Vapi in southern Gujarat, Ahmedabad area in Gujarat, Gandhidham in the Kutch region of
Gujarat, Jaipur area in Rajasthan, NCR of Delhi.These locations have been selected on the basis that these have a
good concentration of diverse industries and constitute major production/consumption centres. These are also well
connected by rail and road systems for convenient movement in different directions. These parks are proposed to be
developed on Public Private Partnership mode by creating a sub-SPV for the same. DFCCÌL proposes to provide rail
connectivity to such parks and private players would be asked to develop and provide state of the art infrastructure as
a common user facility.

As per RÌTES project report, the traffic that would move on the Western DFC, excluding the base year traffic (2005-
06), is projected as below:
TRAFFC PROJECTONS ON WESTERN DFC
(in miIIion tons/year)

Direction/Commodity 2016-17 2021-22
&P Direction
Food grains, FertiIiser 1.20 1.80
POL 0.30 0.50
Cement, SaIt, MisceIIaneous 0.40 0.80
Containers (in miIIion TE&s) 1.90 2.70
Sub-TotaI excIuding containers 1.90 3.10

DN Direction
CoaI, Cement, ron & SteeI 6.30 9.40
FertiIizer, Foodgrains, SaIt 1.60 2.60
POL 1.00 1.50
Containers (in miIIion TE&s) 1.90 2.60
Sub-TotaI excIuding containers 8.90 13.50
TotaI excIuding Containers 10.90 16.60

TotaI Containers (in miIIion TE&s) 3.80 5.30
Rites Report: TabIe 12.3. of Western Corridor PETS Report
-- TOP --

AIignment Layout

Phase-Ì Rewari - Vadodara Section : Page 1, Page 2

Phase-ÌÌ Vadodara - JNPT Section : Page 1, Page 2
-- TOP --
Tendering strategies

For Western Corridor, the tendering strategy will be broadly as below:-

Pre-QuaIification of Bidders
Applications for Pre-Qualification will be invited from prospective bidders for each Contract Package. Based on the
eligibility and qualification criteria given in the Pre-Qualification Document, a shortlist of prospective Bidders shall be
finalized. The Bid Document shall be issued to shortlisted bidders.

Bidding for Works Contract
For works contract, single stage, two packet system of contracting shall be adopted on Western DFC Project. Ìn this
system, the first packet consists of credentials and technical bids. The second packet consists of financial bid. First
the credentials and technical bids are evaluated. The second packet (financial bid) of only that bidder is opened,
whose credentials and technical bids are found in order. The lowest eligible bidder gets the contract.

EIigibiIity and QuaIification Criteria for Bidders
EIigibiIity
This includes clauses related to Nationality, Conflict of Ìnterest, Bank Ìneligibility and Ìneligibility due to United
Nations Resolution or Borrowers' Country Law. The Nationality of the bidders under Special Terms for Economic
Partnership (STEP) Loan of JÌCA shall be governed by following stipulation:
1. The eligible nationality of the bidders shall be the following:
2. Japan in case of the prime contractor; and
3. All countries and areas in case of the sub-contractors.
4. With regard to stipulation (1) above, in case where the prime contractor is a joint venture, such joint venture
will be eligible provided that the nationality of the lead partner is Japan, that the nationality of other partners
is Japan/or Ìndia and that the total share of work of Japanese partners in the joint venture is more than fifty
percent (50%) of the contract amount.
HistoricaI Contract Performance/ Non-performance
Contractor should not have Non-performance of a contract within the last two/or three years (as specified in PQ
document) prior to the deadline for application submission based on all information on fully settled disputes or
litigation or Not being under execution of a Bid Securing Declaration and All pending litigation shall in total not
represent more than a percentage as specified in PQ document of the Applicant's net worth.
FinanciaI Condition
Submission of audited balance sheets or if the same is not required by the law of the Applicant's country, other
financial statements acceptable to the Employer, for the last 5 (five) years to demonstrate:
1. the current soundness of the applicant's financial position and its prospective long term profitability, and
2. capacity to have a certain cash flow amount (as specified in PQ document).
3. minimum average annual construction turnover of an amount as specified in PQ document, calculated as
total certified payments received for contracts in progress or completed, within the last 5 (five) years.
Experience
1. General Construction Experience under construction contracts in the role of contractor, subcontractor, or
management contractor for at least the last 3 (three years) prior to the application submission deadline, and
with activity in at least nine (9) months in each year.
2. Participation as contractor, management contractor or subcontractor, in at least 1 (one) contract within the
last five to seven years (as specified in PQ document), each with a value of an amount as specified in PQ
document, that have been successfully and substantially completed and that are similar to the proposed
works.
3. Participation as a Design Consultant or Sub-Design Consultant in at least 1 (one) Design Consultancy
Project (Contract) within the last five to seven years (as specified in PQ document), each with a value of an
amount as specified in PQ document, that have been successfully and substantially completed and that are
similar to the proposed works. The similarity shall be based on the physical size, complexity,
methods/technology or other characteristics as described in Section VÌ, Scope of Works.
4. Specific Design Experience in the field of the relevant work, e.g., Design of Embankment, Alignment of
Railway Tracks, Bridges/ ROBs/ Flyovers, etc for quantities (as specified in PQ document) in a calendar
year.
-- TOP --
TechnicaI nnovations

DFC will build its two corridors with appropriate technology that will enable Ìndian Railways to regain its market share
of freight transport by creating additional capacity and guaranteeing efficient, reliable, safe and cheaper options for
mobility to its customers. To achieve these objectives, DFCC will encourage use of latest technological innovations in
the area of track, electrification, signaling and train operations. All DFC contracts will be Design-Build contracts to
permit new technologies to be adopted on DFC corridors.


!roject !asIng

Both corridors will be constructed simultaneously. Ìt is envisaged that the corridors will be fully operational over their
entire length by 2017. The following table indicates the tentative phasing of the project:-
Western Corridor Year
Phase Ì Rewari- Vadodara (920 Kms) 2009-2016
Phase ÌÌ Vadodara- JNPT(430Kms) 2010-2017
Phase ÌÌÌ Rewari ÷ Dadri(140 Kms) 2010-2017
Eastern Corridor
Phase Ì-APL1 Khurja - Kanpur (343 Kms) 2009-2016
Phase ÌÌ-APL2 Kanpur - Mughalsarai (390 Kms) 2010-2016
Phase ÌÌÌ-APL3 Khurja-Ludhiana (397 Kms) 2011-2016
Phase ÌV (Funding through PPP) Dankuni - Sonnagar (550 Kms) 2011-2016
Phase Ìa ( Funding by Ministry of
Railways)
Sonnagar - Mugal Sarai (125 Kms) 2010-2016

!roject FundIng For CorrIdors

The project cost for both the corridors was initially estimated by RÌTES, in January 2007 as Rs. 28,000 crore. This
cost was subsequently revised to about Rs. 37,000 crore by Japan Ìnternational Cooperation Agency in its feasibility
Report submitted to the Ministry of Railways in October 2007. When revised to 2009 costs, the two corridors are likely
to cost in the region of Rs.45,000 crore, resulting in a project completion cost of about Rs. 80,000 crore in 2016-2017.
The cost for the project will be funded by a combination of debt from bilateral/multilateral agencies, equity from
Ministry of Railways and Public Private Partnership. The capital structure of DFCCÌL will entail a debt equity ratio of
2:1.

Western Corridor is planned to be funded by the Government of Japan. Ìt is envisaged that a STEP (Special Terms of
Economic Partnership) Loan in the region of ¥677 billion will be provided by the Government of Japan to finance the
construction of Western DFC as well as procurement of Locomotives for the Ministry of Railways. The loan will be
extended on soft terms for a period of forty years with a moratorium of ten years. The remaining portion of the project
construction cost will be borne by Ministry of Railways as equity funding to the Dedicated Freight Corridor
Corporation of Ìndia. The first tranche of the loan for 90.2 Billion Yen for construction between Rewari and Vadodara
has been signed. Funding for Phase ÌÌ (Vadodara-JNPT) of the Corridor is under negotiation with JÌCA for 266 Billion
Yen.

The Eastern Corridor is proposed for funding from the World Bank, internal generation and Public Private
Partnership. Financing for the 725 km section between Ludhiana and Mughalsarai will be undertaken over three
Phases by World Bank through an ÌBRD loan. The section from Mugalsarai to Sonnagar will be funded directly by
Minsistry of Railways while the 546 km. section from Sonnagar to Dankuni will be financed through Public Private
Partnership. The first tranche of the ÌBRD Loan, aggregating to USD 975 million has already been signed by DFCCÌL
& World Bank.
Western CorrrIdor

Funding for Western Corridor Phase Ì (Rewari-Vadodara) is tied up with JÌCA. The first tranche of the loan for 90.2
Billion Yen (Rs.4500 cr) has been signed. Funding for Phase ÌÌ (Vadodara-JNPT) of the Corridor is under negotiation
with JÌCA for 226 Billion Yen (Rs.11500 cr).


enesIs oI DFCCIL

The Ìndian Railways' quadrilateral linking the four metropolitan cities of Delhi, Mumbai, Chennai and Howrah,
commonly known as the Golden Quadrilateral and its two diagonals (Delhi-Chennai and Mumbai-Howrah), adding up
to a total route length of 10,122 km carries more than 55% of revenue earning freight traffic of ÌR. The existing trunk
routes of Howrah-Delhi on the Eastern Corridor and Mumbai-Delhi on the Western Corridor are highly saturated with
line capacity utilization varying between 115% and 150%.

The rapid growth of Ìndian economy in the last few years has created demand for additional capacity of rail freight
transportation, and this is likely to grow further in the future. This burgeoning demand led to the conception of the
dedicated freight corridors along the Eastern and Western Routes. Hon'ble Minister for Railways, made this historic
announcement on the floor of the House in the Parliament while presenting the Railway Budget for 2005-06.

Ìn April 2005, the Project was discussed at the Japan-Ìndia Summit Meeting. Ìt was included in the declaration of co-
operation signed between the Hon'ble Prime Ministers of Ìndia and Japan for a feasibility study and possible funding
of the dedicated rail freight corridors by Japanese Government. The feasibility study report was submitted to Ministry
of Railways in October 2007.

Ìn the meanwhile, Ministry of Railways initiated action to establish a Special Purpose Vehicle for construction,
operation and maintenance of the dedicated freight corridors. This led to the establishment of "Dedicated Freight
Corridor Corporation of Ìndia Limited (DFCC)¨, to undertake planning & development, mobilization of financial
resources and construction, maintenance and operation of the dedicated freight corridors. DFCC was incorporated as
a company under the Companies Act 1956 on 30th October 2006.

IssIon

As the dedicated agency to make the vision into reality, DFCCÌL's mission is:
O To build a corridor with appropriate technology that enables Ìndian railways to regain its market share of
freight transport by creating additional capacity and guaranteeing efficient, reliable, safe and cheaper
options for mobility to its customers.
O To set up Multimodal logistic parks along the DFC to provide complete transport solution to customers.
O To support the government's initiatives toward ecological sustainability by encouraging users to adopt
railways as the most environment friendly mode for their transport requirements.


-ject



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CharLered AccounLanLs
103ţ !yoLl 8hawanţ
Commerclal Complexţ Mukher[ee nagar
uelhl Ŵ 110009
ln1L8nAL Auul1C8
kŦMŦ Agarwal Ǝ CoŦ
CharLered AccounLanLs
36ţ neLa[l Subhash Margţ
uarya Can[ţ
new uelhl Ŵ 110002
8AnkL8S
unlon 8ank of lndla
SLaLe 8ank of lndla
PulC 8ank
lClCl 8ank
4 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuCPAl8MAnƌS MLSSACL
uear Shareholdersţ
lL ls lndeed a greaL pleasure and prlvllege for me Lo be assoclaLed wlLh Lhe mosL amblLlous and
mammoLh
pro[ecL of Lhe MlnlsLry of 8allwaysŦ lL ls wlLh greaL pleasureţ l welcome you all Lo Lhe lourLh Annual
general
MeeLlng of Lhe CompanyŦ 1he reporL of Lhe 8oard of ulrecLors and audlLed annual accounLs of Lhe
Company
sL
for Lhe year ended 31 March 2010 LogeLher wlLh Lhe AudlLorƌs reporL have already been clrculaLed Lo
youţ and
wlLh your permlsslonţ l Lake Lhem as readŦ
As you are aware LhaL ºuedlcaLed lrelghL Corrldor CorporaLlon of lndla LlmlLed (ulCClL)" ls a Speclal
Þurpose vehlcle creaLed Lo lmplemenL Lhe mosL amblLlous pro[ecL of lndlan 8allways lŦeŦ
consLrucLlonţ
malnLenance and operaLlon of uedlcaLed lrelghL llnes coverlng approxlmaLely 3328 rouLe kllomeLers on
LasLern Corrldor Ǝ WesLern CorrldorŦ As on daLeţ only Lwo corrldors have been sancLloned by Lhe
MlnlsLry for
consLrucLlonŦ Poweverţ preŴfeaslblllLy sLudles for an addlLlonal four corrldors have already been
compleLed
and Þrellmlnary Lnglneerlng cum Lrafflc Survey (ÞL1S) has now been Laken upŦ
l Lake Lhls opporLunlLy Lo Lhrow some llghL on Lhe ma[or Þro[ecL acLlvlLlesŦ 1he 8uslness Þlan of ulC seLs
ouL
Lo deflne framework for conducL of buslness of ulC lŦeŦ vlslonţ Mlsslonţ ob[ecLlves and
SupporLlng
SLraLeglesŦ urafL 8uslness Þlan duly approved by 8oard of ulrecLorsţ ls now belng examlned by Lhe
MlnlsLryŦ
Þlannlng Ǝ lmplemenLaLlon of ulC lndlcaLes a paradlgm shlfL ln rallway efforLs Lo lmprove producLlvlLy
and
efflclencyŦ uedlcaLed lrelghL llnes wlll noL only brlng ln Lhe laLesL malnLenance Ǝ CperaLlng Lechnology
avallableţ buL also lL wlll lncrease overall producLlvlLy by segregaLlng passenger and frelghL operaLlons
on Lhe
separaLe neLworksŦ ln fuLure ulCClL may also faclllLaLe developmenL of MulLlmodal LoglsLlc parks
around
lLs Lermlnal Lo boosL economlc acLlvlLles LhaL wlll yleld even hlgher level of frelghL Lrafflc for 8allwaysŦ
1he flnanclal feaLures of Lhe 8uslness Þlan hlghllghL followlng facLsť
1he CƎ M CosL of ulC wlll be subsLanLlally lower of LhaL of l8Ŧ
1here subsLanLlal savlng of rolllng sLock wlLh efflclenL operaLlons on ulCCŦ
1he beLLer speed on ulCC wlll also resulL lnLo subsLanLlal energy savlngsŦ
ulCClL wlll have a lean manpower organlsaLlon sLrucLureŦ Average sLaff wlll be 1Ŧ3 persons per Lrack
km whereas ln lndlan 8allwaysţ Lhere are 14 persons per Lrack kmŦ
1hls wlll help ln reduclng Lhe unlL cosL of frelghL LransporLaLlon whlch wlll be passed on Lo Lhe
ConsumerŦ
luLure ulCs
MlnlsLry of 8allways advlsed ulCClL LhaL Þrellmlnary Lnglneerlng ŶcumŴ1rafflc Survey (ÞL1S) for fuLure
dedlcaLed heavy haul frelghL corrldor named as LasL CoasL Corrldor (beLween kharagpurŴ vl[aywadaţ
lengLh
abouL 1100 km)ţ norLhŴSouLh Corrldor (beLween uelhlŴChennal lengLh abouL 2173 kmŦ)ţ SouLhern
dedlcaLed
ll
ll
l
lourLh Annual 8eporL 3
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LufrelghL Corrldor (beLween ChennalŴ
Coaţ LengLh abouL 890 km) and LasLŴWesL corrldor (beLween kolkaLanagpurŴMumbalţ lengLh abouL
2000 km) Lo be arranged Lhrough M/sŦ 8l1LSŦ 1he work ln Lhls dlrecLlon has
been sLarLedŦ
Land AcqulslLlon
1o ensure Llmely execuLlon of Lhe pro[ecLţ Company has been faclllLaLlng Lhe land acqulslLlon by MlnlsLry
ln
dlfferenL sLaLesŦ 1he complexlLy can be [udged from Lhe facL LhaL Lhe Land acqulslLlon lnvolves over
11179
hecLares spread over 49 dlsLrlcLs ln Seven SLaLesŦ 1he problem has become more acuLe as an equlLable
Land
acqulslLlon pollcy of Lhe CenLral CovernmenL ls sLlll under flnallsaLlonţ whereas boLh Lhe demand
from
varlous pro[ecLs for Landţ as also Lhe reslsLance Lo land acqulslLlon ls growlngŦ
under Lhe clrcumsLancesţ Lhe progress made ln lssulng varlous noLlflcaLlons under Lhe provlslons of
8allway
AmendmenL AcLţ 2008 ls saLlsfacLoryŦ AbouL 6300 hecLareţ More Lhan 30Ʒ of Lhe overall requlremenL ţ
now
vesLs wlLh Lhe MlnlsLry of 8allwayţ and efforLs wlll be made Lo furLher expedlLe Lhe processŦ
lundlng
(l) Þhase l (vadodara Ŷ 8ewarl) 920 km(!lCA)
Loan AgreemenL luŴÞ203 for Lnglneerlng Servlces ConsulLancy (ÞhŦl) for 1wo 8llllon Slx
hundred slx mllllon !apanese ?en and Loan AgreemenL luŴÞ209 for consLrucLlon ln Lhe Þhase l
for nlneLy 8llllon Lwo hundred slxLy Lwo mllllon !apanese ?en has been slgned wlLh !lCAŦ
(ll) Þhase ll (vadodara Ŷ !nÞ1 and 8ewarl Ŷ uadrl) 364 km (!lCA)
Loan AgreemenL ldŴÞ212 for Lnglneerlng Servlces ConsulLancy (ÞhŦll) for Cne bllllon slx
hundred slxLeen mllllon !apanese ?en has been slgned wlLh !lCAŦ
(lll) lundlng for MugalsaralŴkanpurŴkhur[aŴLudhlana secLlon (1131 kmsŦ) of LasLern uedlcaLed
lrelghL Corrldor ls under dlscusslon wlLh World 8ankŦ 1he loan agreemenL for lsL phase
8haupurŴkhur[a secLlon ln LargeLLed for flnallsaLlon ln Lhe flnanclal year 2010Ŵ11Ŧ ulCClLhave
moved ahead wlLh Lhe blddlng process for ueslgnŴ8ulld ConLracL for clvllţ sLrucLure Ǝ Lrack
works for phaseŴ1 ln consulLaLlon wlLh Lhe World 8ankŦ 1he appllcaLlons for ÞreŴCuallflcaLlon
of ueslgnŴ8ulld conLracLors for clvllţ sLrucLure Ǝ Lrack works have been recelved ln !uly 2010Ŧ
lL ls LargeLed Lo award Lhe conLracL for clvllţ sLrucLure Ǝ Lrack works for Lhls secLlon ln May 2011Ŧ
1he loan agreemenL for MugalsaralŴkanpurŴkhur[aŴLudhlana ls LargeLed for flnallsaLlon ln Lhe
flnanclal year 2011Ŵ12Ŧ
lnformaLlon 1echnology
ulCClL plans Lo lmplemenL sLaLe of Lhe arL lnformaLlon 1echnology SysLems Lo brlng efflclencyţ
sLandardlsaLlon and Lransparency ln Lhe processesŦ As per Lhe company vlslonţ lL ls proposed Lo
lmplemenL
besL pracLlces ln consLrucLlonţ program managemenL as well as operaLlon and malnLenanceŦ Company
has
appolnLed M/sŦ WlÞ8C lnfoLech as Lhe prlme l1 ConsulLanL wlLh Lhe supporL of World 8ankŦ As per Lhe
Lerms of referenceţ Lhe ConsulLanL wlll asslsL ln developlng an l1 Þlan for ulCClLţ ln selecLlon of Lhe
approprlaLe Lechnology sLack and wlll be responslble for supervlslon of Lhe lmplemenLaLlon Lhrough a
SysLem
6 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LulnLegraLorŦ AdequaLe emphasls on
Lralnlng would ensure LhaL
employees of ulCClL are well equlpped Lo shoulder Lhe responslblllLy asslgned Lo LhemŦ
CorporaLe Covernance
l would also llke Lo lnform you LhaL as per Lhe guldellnes lssued by ueparLmenL of Þubllc LnLerprlses on
CorporaLe Covernance for CenLral Þubllc SecLor LnLerprlses ln May 2010ţ º A 8eporL on CorporaLe
Covernance" and ºManagemenL ulscusslon and Analysls 8eporL"ţ forms Lhe parL of Lhe Annual 8eporL
for Lhe
sL
year ended 31 March 2010Ŧ
1he CorporaLlon has achleved Lhe LargeLs as seL ouL ln Lhe Memorandum of undersLandlng for Lhe year
2009Ŵ
2010 slgned beLween MlnlsLry of 8allways and ulCClLŦ 1he CorporaLlon has been graded as º LxcellenL"
by ueparLmenL of Þubllc LnLerprlses under Lhe MCu LargeLs for Lhe year 2008Ŵ2009Ŧ
AcknowledgmenLs
l graLefully acknowledge Lhe asslsLance and supporL exLended Lo Lhe Company by Lhe MlnlsLry of
8allwaysţ
Zonal 8allways and oLher MlnlsLrles under Lhe CovernmenL of lndla Ǝ Lhe SLaLe CovernmenLs and lLs
ueparLmenLsŦ
lurLherţ l would llke express my slncere Lhanks Lo Lhe Shareholders of Lhe Company for Lhelr supporL Lo
Lhe
Company ln all lLs lnlLlaLlvesŦ l look forward Lo Lhelr conLlnued supporL ln fuLure LooŦ
l slncerely Lhank my colleagues on Lhe 8oard for Lhelr valuable advlce and unsLlnLed cooperaLlonŦ
l musL place on record my slncere Lhanks Lo our 8ankersţ 8uslness assoclaLes for Lhelr cooperaLlon and
supporL Lo ulCClLŦ
l acknowledge Lhe dedlcaLedţ concerLed and slncere efforLs puL ln by all offlcers and employees
of Lhe
CompanyŦ l am sureţ wlLh dedlcaLed efforLs from all of usţ lL would be posslble Lo achleve Lhe ob[ecLlves
of Lhe
Company Lhrough a focused approachŦ
Sd/Ŵ
uaLe ť 29Ŵ09Ŵ2010 vlvek Sahal
Þlace ť new uelhl Chalrman
lourLh Annual 8eporL 7
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LunC1lCL
nC1lCL ls hereby glven LhaL Lhe 4Lh Annual Ceneral MeeLlng of Lhe Members of uedlcaLed lrelghL
Corrldor
CorporaLlon of lndla LlmlLed wlll be held on Wednesdayţ 29Lh day of SepLember 2010 aL 3Ŧ00
ÞŦM aL
CommlLLee 8oomţ 2nd lloorţ 8all 8hawanţ 8alslna 8oadţ new uelhlŴ110001 Lo LransacL Lhe followlng
buslnessť
C8ulnA8?8uSlnLSS
1Ŧ 1o recelveţ conslder and adopL Lhe audlLed 8alance SheeL as aL 31sL March 2010 and Lhe schedules
annexed LhereLo LogeLher wlLh Lhe ulrecLorsƌ and AudlLorsƌ 8eporL and commenLs of Lhe CompLroller
and AudlLor Ceneral of lndla LhereonŦ
SÞLClAL8uSlnLSS
2Ŧ 1o conslder and lf LhoughL flLţ Lo pass wlLh or wlLhouL modlflcaLlon Lhe followlng resoluLlon as
Crdlnary
8esoluLlonť
º8LSCLvLu 1PA1 pursuanL Lo Lhe provlslons of SecLlon 293(1)(d) and oLher appllcable provlslonsţ lf anyţ
of Lhe Companles AcL 1936ţ Lhe consenL of Lhe Company be and ls hereby accorded Lo Lhe 8oard of
ulrecLors
of Lhe Company (herelnafLer called ºLhe 8oard" and whlch Lerm shall be deemed Lo lnclude any
CommlLLeeţ
whlch Lhe 8oard may have consLlLuLed or herelnafLer consLlLuLe Lo exerclse lLs powers lncludlng Lhe
powers
conferred by Lhls resoluLlon and wlLh Lhe power Lo delegaLe such auLhorlLy Lo any person or persons) for
borrowlng from Llme Lo Llmeţ as lL may Lhlnk flLţ any sum or sums of money noL exceedlng 8upees SlxLy
1housand Crores on such Lerms and condlLlons as Lhe 8oard may deem flLţ noLwlLhsLandlng LhaL Lhe
monles Lo
be borrowedţ LogeLher wlLh Lhe monles already borrowed by Lhe Companyţ exceed Lhe aggregaLeţ for
Lhe Llme
belngţ of Lhe pald up caplLal of Lhe Company and lLs free reservaLlon LhaL ls Lo sayţ reserve as noL seL
aparL for
any speclflc purpose back Lo back from MlnlsLry of 8allwaysŦ
º8LSCLvLu lu81PL8 1PA1 Lhe 8oard be and ls hereby auLhorlzed for borrowlng from Llme Lo Llme as lL
may Lhlnk flLţ any sum or sums of money buL noL exceedlng 8upees SlxLy 1housand Crores ln aggregaLe
or
equlvalenL LhereLo ln any forelgn currency (lncludlng Lhe monles already borrowed by Lhe Company)ţ on
such
Lerms and condlLlons as Lhe 8oard may deem flLţ by way of back Lo back loan from MlnlsLry of 8allwaysŦ"
º8LSCLvLu lu81PL8 1PA1 Lhe 8oard be and ls hereby auLhorlzed Lo do all such acLsţ deeds and Lhlngs
and Lo slgn all such documenLs as may be necessaryţ expedlenL and lncldenLal LhereLo Lo glve effecL Lo
Lhls
resoluLlonŦ"
Þlaceť new uelhl 8y Crder of Lhe 8oard
uaLeť 20Ŧ09Ŧ2010 Sd/Ŵ
Meenu kapoor
Company SecreLary
8 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu noLeť
1Ŧ A member enLlLled Lo aLLend and voLe aL Lhe Annual Ceneral MeeLlng ls enLlLled Lo appolnL a Þroxy Lo
aLLend and voLe on a poll lnsLead of hlmself and Lhe Þroxy need noL be Lhe member of Lhe CompanyŦ
1he
lnsLrumenL appolnLlng Lhe Þroxy shouldţ howeverţ be deposlLed aL Lhe 8eglsLered Cfflce of Lhe
Company noL less Lhan forLyŴelghL hours before Lhe commencemenL of Lhe MeeLlngŦ
2Ŧ 1he Þroxy lorm ls aLLached herewlLhŦ
3Ŧ LxplanaLory sLaLemenL pursuanL Lo secLlon 173(2) of Lhe Companles AcLţ 1936 ls annexed herewlLhŦ
LxplanaLory sLaLemenL pursuanL Lo secLlon 173(2) of Lhe Companles AcLţ 1936
lLem no Ŵ2
As Lhe members are aware LhaL for fundlng Lhe uedlcaLed WesLern Corrldorţ MlnlsLry of llnanceţ
CovernmenL
of lndla has enLered lnLo Loan AgreemenLs wlLh !lCA (!apan lnLernaLlonal CooperaLlon Agency)Ŧ
1he
MlnlsLry of 8allways and uedlcaLed lrelghL Corrldor CorporaLlon of lndla LlmlLed are nomlnaLed
as
execuLlng agencles for ensurlng Lhe lmplemenLaLlon of Lhe Þro[ecLŦ Accordlnglyţ ulCClLhas Lo Lake Lhls
loan
on back Lo back basls from MlnlsLry of 8allwaysŦ 1he !lCAfundlng sLaLus ls as followsť
(l) Þhase l (vadodara Ŷ 8ewarl) 920 km
Loan AgreemenL luŴÞ203 for Lnglneerlng Servlces ConsulLancy (ÞhŦ l) for 1wo 8llllon Slx hundred
and slx mllllon !apanese ?en and Loan AgreemenL luŴÞ209 for consLrucLlon ln Lhe Þhase l for
nlneLy 8llllon Lwo hundred slxLy Lwo mllllon !apanese ?en has been slgned wlLh !lCAŦ
(ll) Þhase ll (vadodara Ŷ !nÞ1 and 8ewarl Ŵ uadrl) 364 km (!lCA)
Loan AgreemenL luŴÞ212 for Lnglneerlng Servlces ConsulLancy (ÞhŦll) for Cne bllllon slx hundred
slxLeen mllllon !apanese ?en has been slgned wlLh !lCAŦ
lurLherţ fundlng of MugalsaralŴkanpurŴkhur[aŴLudhlana secLlon (1131 kms) of LasLern uedlcaLed
lrelghL Corrldor ls under dlscusslon wlLh World 8ankŦ 1he fundlng ls esLlmaLed aL 2Ŧ4 bllllon uS
dollarsŦ 1he loan agreemenL for flrsL phase 8haupurŴ khur[a secLlon ls LargeLed for flnallzaLlon ln Lhe
flnanclal year 2010Ŵ11Ŧ ulCClL have moved ahead wlLh Lhe blddlng process for deslgnŴbulld conLracL
for clvllţ sLrucLure Ǝ Lrack works for phaseŴ1 ln consulLaLlon wlLh World 8ankŦ 1he appllcaLlons for
ÞreŴCuallflcaLlon of ueslgnŴ8ulld conLracLors for clvllţ sLrucLure Ǝ Lrack works have been recelved ln
!uly 2010Ŧ lL ls LargeLed Lo award Lhe conLracL for clvllţ sLrucLure Ǝ Lrack works for Lhls secLlon ln May
2011Ŧ 1he loan agreemenL for MugalsaralŴkanpur and khur[aŴLudhlana ls LargeLed for flnallzaLlon ln
Lhe flnanclal year 2011Ŵ12
ln vlew of Lhe aboveţ Lhe company needs Lo enLer lnLo varlous Loan agreemenLs wlLh Lhe MlnlsLry of
8allwaysŦ ln Lerms of Lhe provlslons of secLlon 293(1)(d) of Lhe Companles AcLţ 1936 consenL of Lhe
members ls requlred by way of Crdlnary 8esoluLlon Lo borrow moneys ţ where Lhe money Lo be
borrowed LogeLher wlLh Lhe moneys already borrowed by Lhe Company exceeds Lhe aggregaLe of Lhe
pald up caplLal of Lhe Company and lLs free reserves Ŧ AL presenLţ Lhe pald up caplLal of Lhe Company ls
lourLh Annual 8eporL 9
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu8sŦ 338 CroresŦ 1hereforeţ Lhe
Company needs approval of Lhe members of Lhe Company Lo borrow
money from MlnlsLry of 8allwaysţ from Llme Lo Llme upLo an amounL noL exceedlng 8sŦ SlxLy
1housand CroresŦ Penceţ Lhe proposal for obLalnlng Lhe consenL of Lhe members by way of Crdlnary
8esoluLlon for borrowlng money ln excess of pald up caplLal ls puL up for conslderaLlonŦ
?our ulrecLors recommend Lhe resoluLlons as seL ouL above for your approvalŦ none of Lhe ulrecLors of
Lhe Company lsţ ln any wayţ concerned or lnLeresLed ln Lhe sald resoluLlonŦ
10 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuÞ8Cx? lC8M
lŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧofŧŧŧŧŧŧŧŧŧŧŦŦŦŦŦŦŦŦ
resldenL/s ofŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧbelng Lhe member of
u e d l c a L e d l r e l g h L C o r r l d o r C o r p o r a L l o n o f l n d l a L l m l L e d ţ h e r e b y a p p o l n L
Mr/MsŦŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŦŦofŧŧŧŧŧŧŧŧŧ
Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ o r f a l l l n g h l m / h e r Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ
Ŧ Ŧ Ŧ Ŧ Ŧ Ŧ o f
ŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŦŦas my/our proxy Lo aLLend and voLe for me on my behalf aL 4Lh
Annual Ceneral MeeLlng of Lhe Company Lo be held on Wednesdayţ 29Lh day of SepLember 2010 aL
3Ŧ00 ÞŦM
ln CommlLLee 8oomţ 2nd lloorţ 8all 8hawanţ new uelhlŴ110001 and/or aL any ad[ournmenL LhereofŦ
Slgned Lhlsŧŧday of ŧŧŧŧŦ2010ţ SlgnaLureŧŧŧŧŧŧŧŧŧŦŦ
Ledger lolloŧŧŧŧŦŦ no of Shares held ŧŧŧŧŧŧŧŧŧŧŧŧŧŧŦ
name ť ŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŦ
Address ť ŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŦ
nC1Lť
1he Þroxy ln order Lo be effecLlve musL be recelved by Lhe Company aL Lhe reglsLered offlceţ noL less
Lhan 48
hours before Lhe Llme of Lhe meeLlngŦ 1he proxy need noL be a member of Lhe CompanyŦ
8sŦ 1/Ŵ
8evenue sLamp
lourLh Annual 8eporL 11
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Luul8LC1C8S' 8LÞC81
Ladles /CenLlemenţ
?our ulrecLors have pleasure ln presenLlng Lhe lourLh Annual 8eporL of Lhe Company along wlLh Lhe
Annual
AccounLs for Lhe year ended 31sL March 2010Ŧ
1Ŧ SuMMA8?ClAnnuAL ACCCun1S 2009Ŵ10Ŧ
1he CorporaLlon has lncurred Lhe followlng expendlLure durlng Lhe yearŦ
A) LxpendlLure on Þro[ecL LxecuLlon
1he cumulaLlve expendlLure on Þro[ecL LxecuLlon ls 8sŦ139Ŧ37 Crores as on 31sL Marchţ 2010Ŧ 1he gross
expendlLure durlng Lhe year 2009Ŵ10 on Þro[ecL LxecuLlon ls 8sŦ98Ŧ31 Croresţ whlch lncludes
dlrecL
expendlLure of 8sŦ 48Ŧ32 CroresŤ Cverheads of 8sŦ 47Ŧ44 Crores and Laxes on lnLeresL lncome of 8sŦ 2Ŧ33
CroreŦ
1he CorporaLlon has Cross 8ecelpLs of 8sŦ16Ŧ96 Crores durlng Lhe yearţ whlch lncludes lnLeresL lncome
of
8sŦ12Ŧ69 Croresţ laclllLy managemenL charges Ǝ 8enL 8ecovered on subŴlease 8sŦ 3Ŧ81 Crores and oLher
8ecelpLs 8sŦ0Ŧ46 croreŦ
1husţ Lhe neL expendlLure durlng Lhe year 2009Ŵ10 ls 8sŦ81Ŧ33 CroresŦ
8) lnvesLmenL ln llxed AsseLs
1he lnvesLmenL ln llxed AsseLs ls 8sŦ 17Ŧ00 Crores as on 31sL Marchţ2010ţ whlch lncludes compuLersţ
CompuLer sofLware Ǝ perlpherals amounLlng Lo 8sŦ 2Ŧ61 Croresţ lurnlLure Ǝ llxLure of 8sŦ1Ŧ18 Croreţ
offlce equlpmenL of 8sŦ3Ŧ83 Crores Ǝ lease hold premlses lmprovemenL 8sŦ9Ŧ38 CroresŦ
2Ŧ SnAÞSPC1 Cl1PL MA!C8 Þ8C!LC1SŦ
uurlng Lhe perlod under revlewţ Lhe company has awarded Lhe followlng ma[or conLracLsť
(A) Works/Þroof ConsulLancy ConLracLs
1Ŧ ConsulLlng servlces for Clvll Lnglneerlng Þroof ConsulLancy for khur[aŴ8haupur secLlon of LasLern
uedlcaLed lrelghL CorrldorŦ
2Ŧ ConsulLancy Servlces for Creen Pouse Cas Lmlsslon 8educLlon Analysls for uedlcaLed lrelghL
Corrldor Þro[ecL has been awarded Lo M/s L8nS1 Ǝ ?CunC LLdŦţ lndla ln !anuary 2010Ŧ
12 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu(8) Þrellmlnary Works ConLracLs
1Ŧ ueLalled Lnglneerlng ConsLrucLlon Survey of Lhe proposed allgnmenL of Lhe secLlonţ preparaLlon of
land plan and Land AcqulslLlon proposal as per 8allway (AmendmenL) AcLţ 2008ţ ldenLlflcaLlons of
uLlllLles and preparaLlon of schedule of quanLlLles for consLrucLlon of uedlcaLed lrelghL Corrldor from
uankunl aL km 14Ŧ81 Lo uhanbad aL km 270Ŧ88(approxŦ rouLe lengLh of 236 kms) on LasLern uedlcaLed
lrelghL CorrldorŦ
2Ŧ ueLalled Lnglneerlng ConsLrucLlon Survey of Lhe proposed allgnmenL of Lhe secLlonţ preparaLlon of
land plan and Land AcqulslLlon proposal as per 8allway (AmendmenL) AcLţ 2008ţ ldenLlflcaLlons of
uLlllLles and preparaLlon of schedule of quanLlLles for consLrucLlon of uedlcaLed lrelghL Corrldor from
uhanbad aL km 270Ŧ88 Lo Sonnagar aL km 349Ŧ04 (approxŦ rouLe lengLh of 278 kms) on LasLern
uedlcaLed lrelghL CorrldorŦ
1he followlng conLracL was awarded afLer Lhe close of Lhe flnanclal yearŦ
ºConLracL for Lnglneerlng ConsulLancy Servlces for Lhe pro[ecL for ConsLrucLlon of uedlcaLed
lrelghL
Corrldor ( 8ewarlŴvadodara secLlon) and ÞrocuremenL of LlecLrlc locomoLlves Ŧ"

3Ŧ Þ8CC8LSS Cl1PL Þ8C!LC1
uurlng Lhe year under revlewţ hlghesL prlorlLy was belng glven Lo Land acqulslLlon of over 11179
hecLares
spread over 3328 kms for boLh Lhe Corrldorsţ as lL ls very essenLlal for Lhe success of Lhe pro[ecLŦ Cn Lhe
LasLern ulCţ lL ls spread over an area of abouL 4392 hecLare (excludlng Sonnagar Lo uanakunl) and on
Lhe
WesLern ulCţ lL ls spread over 6387 hecLaresŦ noLlflcaLlons for land acqulslLlon under SecLlon 20A of
lndlan
8allways (AmendmenL) AcLţ 2008 have been publlshed for more Lhan 2ţ333 kms spread over 9700
hecLares ln
Lhe SLaLes of uLLar Þradeshţ 8a[asLhanţ Cu[araLţ 8lhar and MaharashLraŦ noLlflcaLlon under SecLlon 20L
of
lndlan 8allways (AmendmenL) AcLţ 2008ţ ln Lerms of whlch Lhe land now vesLs wlLh MlnlsLry of 8allwaysţ
have been lssued for more Lhan 1300 kms spread over abouL 6200 hecLares ln Lhe SLaLes of uLLar
Þradeshţ
8a[asLhanţ Cu[araL and MaharashLraŦ
uurlng Lhe perlod under revlewţ Lhe company has Lhe followlng ma[or conLracLs under progressť
WesLern Corrldor
(A) Works/ConsulLancy ConLracLs
1Ŧ ueslgn and ConsLrucLlon of lmporLanL and Ma[or 8rldges (34) of WesLern lrelghL Corrldor beLween
valLarna and uLran (approxŦ 200 kmsŦ) on vasalŴ8haruch secLlon ln Lhe sLaLes of MaharashLra and
Cu[araLţ lndla on lump sum conLracL basls (1ender noŦPC/Ln/WC/8rldges/uƎ8/1)Ŧ CuL of Lhe LoLal
no of 34 8rldges covered under above LenderŦ ueslgn has been approved for 20 8rldges and physlcal
work ls under progress on 16 8rldgesŦ
2Ŧ LngagemenL of Þro[ecL ManagemenL ConsulLanLs for ueslgn and ConsLrucLlon of lmporLanL and Ma[or
8rldges (34) of WesLern lrelghL Corrldor beLween valLarna and uLran (approxŦ 200 kmsŦ) on vasallourLh
Annual 8eporL 13
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu8haruch secLlon ln Lhe sLaLes of
MaharashLra and Cu[araL (1ender uocumenL
noŦPC/Ln/WC/8rldges/ÞMC/1 daLed 01Ŧ10Ŧ2008Ŧ)
(8) Þrellmlnary Works ConLracLs
1Ŧ ueslgn of 8allway 8rldges of ulCC Þro[ecL beLween valLarna Ǝ uLranŦ
2Ŧ leaslblllLy of consLrucLlon of 8oad Cver 8rldges ln lleu of Level crosslngsŦ
LasLern Corrldor
(A) Works ConLracLs
1Ŧ ueslgn and ConsLrucLlon of formaLlon lncludlng blankeLlngţ Ma[or 8rldgesţ Mlnor 8rldgesţ 8all
under 8rldgesţ 8all Cver 8rldgesţ Supply and Spreadlng of 8allasL and oLher relaLed lnfrasLrucLural
works for uedlcaLed lrelghL Corrldor from Chalnage 14Ŧ108 km (near new karwandlya) Lo Chalnage
119Ŧ437 km (near new Can[ khawa[a) (ApproxŦ 103 kMs) on MughalsaralŴSonnagar SecLlon of
LasLern Corrldor ln Lhe sLaLes of 8lhar and uLLar ÞradeshŦ
ÞreconsLrucLlon acLlvlLles llke seLLlng up of campsţ fleld laboraLorlesţ moblllzaLlon of men and
machlnerles
have been doneŦ ueslgns of brldges have developed and ma[orlLy of Lhem have been approved
for
consLrucLlonŦ 1he physlcal work of earLhwork and brldges ls golng ln full swlng ln 66 kms beLween new
karwandlya Lo uurgawaLl secLlonŦ
(8) ConsulLancy ConLracLs
1Ŧ Þro[ecL ManagemenL ConsulLancy servlces Lo faclllLaLe ConsLrucLlon of formaLlon lncludlng
blankeLlngţ Ma[or 8rldgesţ Mlnor 8rldgesţ 8all under 8rldgesţ 8all Cver 8rldgesţ Supply and
Spreadlng of 8allasL and oLher relaLed lnfrasLrucLural works for uedlcaLed lrelghL Corrldor from
Chalnage 14Ŧ108 km (near new karwandlya) Lo Chalnage 119Ŧ437 km (near new Can[ khawa[a)
(ApproxŦ 103 kMs) on MughalsaralŴSonnagar SecLlon of LasLern Corrldor ln Lhe sLaLes of 8lhar and
uLLar ÞradeshŦ
2Ŧ SelecLlon of consulLlng flrms Lo underLake deLalled LnvlronmenLal lmpacL AssessmenL (LlA) of
MughalsaralŴkhur[a SecLlon (abouL 726 km) on LasLern uedlcaLed lrelghL CorrldorŦŴlor 8haupur
Ŷkhur[a secLlon lŦe World 8ank Þhase Ŷl porLlon ls under progressŦ
3Ŧ SelecLlon of ConsulLlng flrms Lo underLake ueLalled Soclal lmpacL AssessmenL (SlA) of
Mughalsaralkhur[a SecLlon (abouL 726 km) on LasLern uedlcaLed lrelghL CorrldorŦŴ
lor 8haupur Ŷkhur[a secLlon lŦe World 8ank Þhase Ŷl porLlon ls under progress
4Ŧ ÞreparaLlon of Ceneral ArrangemenL urawlngs for proposed 8oad Cver 8rldges ln lleu of level
crosslng gaLes (appoxŦ 31 ) beLween Mughalsaral Lo kalanaur ln Lhe sLaLe of uLLar Þradesh on LasLern
uedlcaLed lrelghL Corrldor comprlslng Lnglneerlng surveyţ CeoLechnlcal lnvesLlgaLlonsţ preparaLlon
of CAuƌs (Ceneral ArrangemenL urawlngs)ţ geLLlng Lhe CAuƌs approved from concerned SLaLe
CovernmenL Ǝ 8allway auLhorlLles eLcŦ lncludlng Lemporary dlverslonsţ Lemporary Level Crosslngsţ
ÞreparaLlon of Land AcqulslLlon Þlansţ LsLlmaLeţ Schedule of quanLlLles eLcŦ
14 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuCuL of LoLal scope of 82 level
crosslngsţ survey compleLed for 73Ŧ Ceneral ArrangemenL urawlngs for 48 8oad
Cver 8rldges senL Lo SLaLe CovernmenL as well as 8allway AuLhorlLles for approvalŦ
(C) Þrellmlnary Works ConLracLsť
1Ŧ ueLalled Lnglneerlng ConsLrucLlon Survey of Lhe proposed allgnmenL of Lhe secLlonţ preparaLlon of
land Þlan and Land AcqulslLlon Þroposal as per 8allway (AmendmenL) AcLţ 2008ţ ldenLlflcaLlon of
uLlllLles Ǝ preparaLlon of schedule of quanLlLles for consLrucLlon of uedlcaLed lrelghL Corrldor from
uankunl aL km 14Ŧ81 1o uhanbad aL km 270Ŧ88 (ApproxŦ rouLe lengLh of 236 kms) on LasLern
uedlcaLed lrelghL CorrldorŴ Survey work ls ln progressŦ
2Ŧ ueLalled Lnglneerlng ConsLrucLlon Survey of Lhe proposed allgnmenL of Lhe secLlonţ preparaLlon of
land Þlan and Land AcqulslLlon Þroposal as per 8allway (AmendmenL) AcLţ 2008ţ ldenLlflcaLlon of
uLlllLles Ǝ preparaLlon of schedule of quanLlLles for consLrucLlon of uedlcaLed lrelghL Corrldor from
uhanbad aL km 270Ŧ88 Lo Sonenagar aL km 349Ŧ04 (ApproxŦ rouLe lengLh of 278 kms) on LasLern
uedlcaLed lrelghL Corrldor ŴSurvey work ls ln progressŦ
Loan AgreemenL luŴÞ203 for Lnglneerlng Servlces ConsulLancy (ÞhŦ l) for 1wo 8llllon Slx hundred Ǝ
slx mllllon !apanese ?en and Loan AgreemenL luŴÞ209 for consLrucLlon ln Lhe Þhase l for nlneLy
8llllon Lwo hundred slxLy Lwo mllllon !apanese ?en have been slgned Ŧ
4Ŧ CAÞl1ALS18uC1u8L
As on 31sL March 2010ţ Lhe AuLhorlzed Share CaplLal of Company sLands aL 8sŦ 4000ţ00ţ00ţ000 (8upees
lour 1housand Crore) dlvlded lnLo 4ţ00ţ00ţ000 (lour Crore) LqulLy shares of 8sŦ 1ţ000/Ŵ eachŦ
1he Companyƌs pald up Share CaplLal as on 31Ŧ03Ŧ2010 ls 8s 338ţ00ţ00ţ000 (8upees 1hree Pundred llfLy
LlghL Crore) dlvlded lnLo 33ţ80ţ000 ( 1hlrLy llve Lac LlghLy 1housand only) LqulLy Shares of 8sŦ 1000/Ŵ
eachŦ 1he Þald up CaplLal of Lhe Company has been enhanced on accounL of equlLy conLrlbuLlon from
MlnlsLry
of 8allwaysŦ
3Ŧ CCMÞLlAnCLS
a) 8a[ 8hasha (Cfflclal Language)
ln order Lo ensure Lhe proper lmplemenLaLlon of Lhe 8a[bhasha (Cfflclal Language) 8ulesţ Lhe 8a[bhasha
Cell
under Mukhya 8a[bhasha Adhlkarl has been consLlLuLedŦ 8a[bhasha karyayan SamlLl has been
consLlLuLed
and Lhelr meeLlngs are belng held regularlyŦ ulCClLţ CorporaLe Cfflce has been noLlfled under 8ule 10(4)
of
Cfflclal Language 1976 8ulesŦ Anumber of sLeps have been Laken Lo promoLe Lhe use of 8a[bhasha lŦe
prlnLlng
of all Lhe sLaLlonery (flle coversţ envelopesţ sLampsţ vlslLlng cards eLc) ls belng done ln blllngual formŦ
Ceneral
Clrcularsţ Land AcqulslLlon and CazeLLe noLlflcaLlons are belng lssued ln blllngual formaLŦ All CompuLers
have been provlded wlLh Plndl SofLwareŦ 1o ensure compllance of offlclal language rulesţ necessary
check
polnLs have been esLabllshedŦ ulCC WebslLe has been made blllngualŦ
lourLh Annual 8eporL 13
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Luln order Lo promoLe Lhe use of
8a[bhasha ln Lhe worklng of Lhe CrganlzaLlonţ 8lllngual ulcLlonarles have been
dlsLrlbuLed Lo Lhe sLaffŦ Plndl nlbandh CompeLlLlons was organlzed durlng Lhe 8a[bhasha Week and Lhe
wlnners were awarded Cash ÞrlzesŦ
b) 8lghL Lo lnformaLlon AcLţ 2003Ŧ
1he 8lghL Lo lnformaLlon AcL seeks Lo provlde for seLLlng ouL Lhe pracLlcal reglme of rlghL Lo lnformaLlon
for
clLlzens Lo secure access Lo lnformaLlon under Lhe conLrol of publlc auLhorlLlesţ ln order Lo
promoLe
Lransparency and accounLablllLy ln Lhe worklng of every publlc auLhorlLyŦ
1he Company has appolnLed CenLral Þubllc lnformaLlon Cfflcer and Þubllc lnformaLlon Cfflcerţ whose
names are posLed on Lhe webslLe of Lhe CompanyŦ uurlng Lhe year under revlew company recelved 107
81l
appllcaLlons and all cases were dlsposed off wlLhln Lhe sLlpulaLed LlmeŦ
c) MCA21 L Ŵflllng
ln Lerms of Companles (LlecLronlc llllng and AuLhenLlcaLlon of uocumenLs) 8ulesţ 2006ţ Lhe Company
has
flled all Lhe sLaLuLory forms and reLurns elecLronlcally durlng Lhe year under revlewŦ
d) Memorandum of undersLandlng
uurlng Lhe perlod under revlewţ Company slgned a Memorandum of undersLandlng wlLh MlnlsLry of
8allways ln Lerms of Lhe MCu Culdellnes lssued by ueparLmenL of Þubllc LnLerprlsesŦ
ln Lerms of Lhe MCu slgned beLween MlnlsLry of 8allways and ulCClLţ Company ls Lo achleve cerLaln seL
LargeLs lŦe Þro[ecL relaLed ÞarameLersţ uynamlc parameLersţ SecLor Speclflc varlables and LnLerprlse
Speclflc
varlables and Lo dlscharge Lhe CorporaLe Soclal 8esponslblllLyŦ
1he Company has been ranked under Lhe ºLxcellenL" gradlng of MCu for Lhe year 2008Ŵ2009 by
Lhe
ueparLmenL of Þubllc LnLerprlsesŦ
e) vlgllance
vlgllance acLlvlLles ln Lhe organlzaLlon have commenced wŦeŦf SepLember 2009 under Lhe charge of a
parL Llme
CvCŦ AcLlon has been Laken Lo seL up an excluslve vlgllance Cell and a posL of a full Llme CvC has been
creaLed ln !S Crade and advlsed Lo uCÞ1 Lhrough MlnlsLry of 8allways for posLlng full Llme CvCŦ 1he role
of
vlgllance ln ulCClL ls mulLlfarlousŦ 1he vlgllance unlL arranges vlgllance Awareness programmesŦ 1he
Company observed Lhe vlgllance Awareness Week from 3rd november 2009 Lo 7Lh november 2009Ŧ
uurlng
Lhe vlgllance Awareness Weekţ an essay compeLlLlon LlLled ºÞrevenLlve vlgllance Lhrough leveraglng of
Lechnology ln respecL of all areas of funcLlon ºwas organlzedŦ
f) ÞresldenLlal ulrecLlves
( l) ÞresldenLlal dlrecLlves for lmplemenLaLlon of revlsed luAscales of payţ allowancesţ eLcŦ ln Lerms of
uÞLƌs
16 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuCŦM noŦ 2(70)/08ŴuÞL(WC) daLed
26Ŧ11Ŧ2008 for 8oard Level and below 8oard level execuLlves and
non unlonlzed supervlsors was recelved vlde leLLer no 2009/lnfra/6/1 daLed 03Ŧ08Ŧ2009Ŧ
ll) ln Lerms of 8allway 8oardƌs leLLer no 2009/C(AccŦ)/3/8eporL/ÞL daLed 12Ŧ10Ŧ2009ţ Lhe ÞresldenL
declded LhaL only Lhe renL [8sŦ1100/Ŵ per square meLer per monLh Lowards Lhe offlce space of 1331
sqŦmLŦ hlred by 8allway 8oard aL ÞragaLl Maldan MeLro SLaLlon shall be pald Lo ulCClL by Lhe
MlnlsLry of 8allwaysŦ ln addlLlonţ Lhe malnLenance and housekeeplng charges wlll be pald on
proporLlonaLe baslsŦ 1he expendlLure lncurred on accounL of elecLrlclLyţ waLer and communlcaLlon
faclllLles wlll be borne by Lhe MlnlsLry of 8allwaysŦ
6Ŧ lnlC8MA1lCn 1LCPnCLCC?Anu uLvLLCÞMLn1
Cne of Lhe prlmary ob[ecLlves of ulCClL ls Lo reduce Lhe cosL of LransporLaLlon for Lhe users of 8allway
frelghL servlcesŦ ln order for LhaL Lo happenţ ulCClLenvlsages adopLlon of modern sysLems and
processes for
rallway ConsLrucLlonţ CperaLlon and MalnLenanceŦ ln Lhls regardţ Lhe company has Laken number of
lnlLlal
sLeps Lo lmplemenL crlLlcal l1 appllcaLlonsŦ
As per Lhe company vlslonţ lL ls proposed Lo lmplemenL besL pracLlces ln consLrucLlonţ program
managemenL
as well as operaLlon and malnLenanceŦ luncLlonallyţ and LranslaLed lnLo lnformaLlon requlremenLs as
well as
appllcaLlon areasţ Lhese besL pracLlces would cover areas relaLed Lo documenL flow and managemenLţ
common
buslness appllcaLlonsţ pro[ecL monlLorlng and ClS based AsseL managemenLŦ 1he facL LhaL ulCClLls a
greenfleld company wlLh no legacy sysLems provldes lL wlLh a rare opporLunlLy Lo esLabllsh sLaLe of Lhe
arL processes
and sysLems ln regard Lo Þro[ecL managemenLţ AccounLlngţ Puman 8esourcesţ geoŴreferenclng of asseLs
and
a sysLem of documenLlng varlous verslons of englneerlng drawlngs for each asseLŦ ln order Lo reallze
Lhls
ob[ecLlveţ ulCClL has appolnLed M/S WlÞ8C lnfoLech as Lhe prlme l1 ConsulLanLŦ As per Lhe Lerms of
referenceţ Lhe ConsulLanL wlll asslsL ln developlng an l1 Þlan for ulCClLŦ 1he ConsulLanL wlll also asslsL ln
selecLlon of Lhe approprlaLe Lechnology sLack and wlll be responslble for supervlslon of Lhe
lmplemenLaLlon
Lhrough a SysLem lnLegraLorŦ
1he Companyƌs webslLe was redeslgned Lo make lL more comprehenslve and userŴfrlendlyŦ
7Ŧ lnuuS18lAL8LLA1lCnS
uurlng Lhe year under revlewţ Lhe lndusLrlal relaLlons remalned peaceful and harmonlousŦ 1he
loundaLlon day of ulCClL was celebraLed on 31sL CcLober 2009 wlLh ausLerlLyŦ Cn Lhls occaslon a
culLural program was organlzed whlch was aLLended by varlous dlgnlLarlesţ senlor 8allway Cfflcers
Ǝ SLaff of ulCClLŦ
8Ŧ 8CA8u Clul8LC1C8S
uurlng Lhe year under revlewţ Lhere was no change ln Lhe composlLlon of Lhe 8oard of ulCClL on
accounL of
appolnLmenLs and cessaLlonŦ
1he followlng ulrecLors have [olned Lhe 8oard afLer Lhe closure of Lhe flnanclal year 2009Ŵ2010Ŧ
lourLh Annual 8eporL 17
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lua) 1he ÞresldenL of lndla has
appolnLed ShŦ AŦkŦuuLLaţ l8SLL (ul1S 30Ŧ10Ŧ1978) as ulrecLor (lnfra) vlde
8allway 8oardƌs Crder noŦ2007/L(C)ll/40/9 daLed 29Ŧ03Ŧ2010 for a perlod of flve years or Llll Lhe daLe
of hls superannuaLlon or unLll furLher ordersţ whlchever ls earllerţ on lmmedlaLe absorpLlon baslsŦ Pe
assumed Lhe charge of Lhe posL of ulrecLor (lnfra) /ulCClL on 01Ŧ04Ŧ2010 (ln) vlde Cfflce Crder noŦ
PC/P8/ Þ llle/238Ŧ
b) ln pursuance of ArLlcle 81(1)(a) of Lhe Memorandum and ArLlcles of AssoclaLlon of Lhe Companyţ Lhe
ÞresldenL of lndla has appolnLed ShrlŦ uŦ1 !osephţ LxŴSecreLaryţ CovernmenL of lndla and ShrlŦ MŦ
uamodaranţ LxŴChalrmanţ SL8l as non offlclal parL Llme ulrecLors on Lhe 8oard of Lhe Company for a
perlod of Lhree years or unLll furLher ordersţ whlchever ls earller vlde 8allway 8oard order no
2008/lnfra/6/1 daLed 14Ŧ03Ŧ2010Ŧ
c) ln pursuance of ArLlcle 81(1) (a) of Lhe Memorandum and ArLlcles of AssoclaLlon of Lhe Companyţ Lhe
ÞresldenL of lndla has appolnLed ShrlŦ vlvek Sahalţ Chalrman 8allway 8oard as parL Llme Chalrman on
Lhe 8oard of ulCClLwlLh lmmedlaLe effecL vlce ShrlŦ SŦSŦ khuranaţ Llll he holds Lhe posL of Chalrmanţ
8allway 8oard or furLher orders whlchever ls earller vlde 8allway 8oardƌs leLLer no 2009/lnfra/6/2
daLed 02Ŧ06Ŧ2010Ŧ
d) ln pursuance of ArLlcle 81(1) (a) of Lhe Memorandum and ArLlcles of AssoclaLlon of Lhe Companyţ Lhe
ÞresldenL of lndla has nomlnaLed Shrl 8ŦnŦ 8arLaryaţ Advlser (lnfrasLrucLure)/8allway 8oard as parL
Llme ulrecLor on Lhe 8oard of ulCClL ln place of ShŦ Þradeep 8haLnagarţ LxŴAdvŦ ( lnfra)ţ who has
slnce been Lransferredţ vlde 8allway 8oardƌs leLLer no 2007/lnfra/6/4 daLed 12Ŧ07Ŧ2010Ŧ
1he followlng ulrecLor ceased Lo be ulrecLor afLer Lhe closure of Lhe flnanclal yearŦ
a) ShrlŦ SŦSŦ khuranaţ ceased Lo hold Lhe posL of Chalrman/ulCClL wŦeŦf 02Ŧ06Ŧ2010 vlde 8allway
8oardƌs leLLer no 2009/lnfra/6/2 daLed 02Ŧ06Ŧ2010Ŧ
b) ShrlŦ Þradeep 8haLnagarţ LxŴAdv (lnfra ) ceased Lo hold Lhe offlce of Lhe parL Llme ulrecLor wŦeŦf
12Ŧ07Ŧ2010 vlde 8allway 8oardƌs leLLer no 2007/lnfra/6/4 daLed 12Ŧ07Ŧ2010Ŧ
18 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuSŦno
name of Lhe ulrecLor ueslgnaLlon
uaLe of holdlng
offlce wŦeŦf
1 ShŦ vlvek Sahal ÞarL 1lme Chalrman ( Cfflclal ) 02Ŧ06Ŧ2010
2 ShŦ vŦkŦ kaul Managlng ulrecLor

13Ŧ09Ŧ2007
3 ShŦ 8Ŧ kŦ Slnha ulrecLor (llnance)

17Ŧ09Ŧ2007
4 ShŦ 8Ŧ 8Ŧ Saran ulrecLor ( Þro[ecL Þlannlng) 19Ŧ06Ŧ2008
3 ShŦ ÞŦ nŦ Shukla ulrecLor (CperaLlon Ǝ 8uslness
uevelopmenL)
13Ŧ10Ŧ2007
6 ShŦAŦkŦ uuLLa ulrecLor ( lnfra) 01Ŧ04Ŧ2010
7 ShŦ8ŦnŦ 8arLarya ÞarL Llme ulrecLor ( Cfflclal ) 12Ŧ07Ŧ2010
8 ShŦ Ca[endra Paldea ÞarL Llme ulrecLor ( Cfflclal) 02Ŧ03Ŧ2008
9 ShŦuŦ1Ŧ!oseph ÞarL 1lme ulrecLor (non offlclal) 14Ŧ03Ŧ2010
10 ShŦ MŦ uamodaran ÞarL 1lme ulrecLor (non offlclal) 14Ŧ03Ŧ2010
1he followlng ulrecLors are holdlng offlce as on daLeť
lourLh Annual 8eporL 19
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu9Ŧ AudlLors
M/sŦ !aln Chopra Ǝ CoŦ CharLered AccounLanLsţ new uelhlţ were appolnLed as SLaLuLory AudlLor of Lhe
Company by Lhe CompLroller and AudlLor Ceneral of lndla for Lhe flnanclal year 2009Ŵ2010Ŧ 1he 8oard
would llke Lo express slncere Lhanks Lo Lhe audlL Leams for Lhelr guldance durlng Lhe audlL of accounLs
for Lhe
perlod under revlewŦ
10Ŧ AudlLorsƌ 8eporL
1he AudlLorsƌ 8eporL submlLLed by M/s !aln Chopra Ǝ CoŦ CharLered AccounLanLsţ along wlLh noLes Lo
Lhe
AccounLs ls selfŴexplanaLoryŦ
11Ŧ CommenLs of Lhe CompLrollerƎ AudlLor Ceneral of lndlaŦ
1he commenLs of Lhe CompLroller Ǝ AudlLor Ceneral of lndla on Lhe accounLs of Lhe Company for Lhe
year
sL
ended 31 Marchţ 2010 along wlLh Lhe ManagemenL commenLs Lhereon form an lnLegral parL of Annual
8eporL
2009Ŵ2010Ŧ
12Ŧ ConservaLlon of Lnergyţ 1echnology AbsorpLlon and lorelgn Lxchange Larnlng and CuLgoŦ
1he parLlculars requlred Lo be dlsclosed pursuanL Lo secLlon 217 (1) (e) of Lhe Companles AcLţ 1936 read
wlLh
Companles (ulsclosure of ÞarLlculars ln Lhe 8eporL of Lhe 8oard of ulrecLors) 8ulesţ 1988 ln respecL of
Lhe
ConservaLlon of Lnergy and 1echnology AbsorpLlon shall be LreaLed as nll Ŧ
Poweverţ Lhe lorelgn Lxchange Larnlngs and CuLgo durlng Lhe perlod under revlew are
lorelgn Lxchange Larnlngs Ŵ nlL
lorelgn Lxchange CuLgo Ŵ 8sŦ 31ţ67ţ393/Ŵ ouL of whlch
SubscrlpLlon fees for l1 Ŵ 8sŦ 18ţ72ţ000/Ŵ
1our Ǝ 1ravel Lxpenses 8s 18ţ01ţ687/Ŵ
Þro[ecL ConsulLancy Servlces Ŵ 8sŦ 14ţ93ţ708/Ŵ
20 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu13ŦÞarLlculars of Lmployees/ulrecLorsƌ
8emuneraLlonŦ
lnformaLlon as per secLlon 217 (2A) of Lhe Companles AcLţ 1936 read wlLh Companles (ÞarLlculars
of
Lmployees) 8ulesţ 1973 as amended from Llme Lo Llme ls noL requlred Lo be dlsclosed as none of
Lhe
employees and ulrecLors was ln recelpL of remuneraLlon ln excess of Lhe llmlLs prescrlbed LherelnŦ
14Ŧ ulrecLorsƌ 8esponslblllLy SLaLemenL under SecLlon 217(2AA) of Lhe Companles AcLţ 1936
As requlred ln Lerms of secLlon 217 (2AA) of Lhe Companles AcLţ 1936ţ 1he ulrecLors conflrm
LhaLť
a) ln preparaLlon of Lhe annual accounLsţ Lhe appllcable accounLlng sLandards have been followed
along wlLh proper explanaLlons relaLlng Lo maLerlal deparLuresŦ
b) 1he ulrecLors have selecLed such accounLlng pollcles and applled Lhem conslsLenLly and made
[udgmenL and esLlmaLes LhaL are reasonable and prudenL so as Lo glve Lrue and falr vlew of Lhe
sLaLe of affalrs of Lhe company for LhaL perlodŦ
c) 1he ulrecLors had Laken proper and sufflclenL care for Lhe malnLenance of adequaLe accounLlng
records ln accordance wlLh Lhe provlslons of Lhe AcL for safeguardlng Lhe asseLs of Lhe company
and for prevenLlng and deLecLlng fraud and oLher lrregularlLlesŦ
d) 1he ulrecLors have prepared Lhe annual accounLs on a golng concern baslsŦ
13Ŧ CorporaLe Covernance
As per Lhe Culdellnes on CorporaLe Covernance lssued by ueparLmenL of Þubllc LnLerprlsesţ followlng
forms an lnLegral parL of Lhls ulrecLorsƌ 8eporLŦ
1Ŧ A ºCorporaLe Covernance 8eporL º placed aL Annexure ºA" hlghllghLlng Lhe phllosophy of Lhe
Company on Lhe CorporaLe Covernanceţ composlLlon of 8oard of ulrecLors as well as aLLendanceţ
remuneraLlon of ulrecLors eLcŦţ and oLher relevanL dlsclosuresŦ
2Ŧ CerLlflcaLe of Compllance of CorporaLe Covernance obLalned from pracLlclng Company SecreLary
placed aL Annexure º8"Ŧ
3Ŧ AºManagemenL ulscusslon and Analysls 8eporL" placed aL Annexure ºC"Ŧ
lourLh Annual 8eporL 21
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuACknCWLLuCLMLn1
1he ulrecLors wlsh Lo place on record Lhelr slncere Lhanks Lo MlnlsLry of 8allwaysţ SLaLe
CovernmenLsţ Zonal 8allwaysţ 1he SLaLuLory AuLhorlLles and CovernmenL agencles for Lhelr
conLlnued supporL and paLronageŦ
1he 8oard would also llke Lo acknowledge wlLh Lhanks Lhe coŴoperaLlon exLended by CƎACţ Lhe
SLaLuLory AudlLors and Lhe 8ankers of Lhe CompanyŦ
1he 8oard of ulrecLors acknowledge and wlsh Lo place on record Lhelr appreclaLlon for Lhe cooperaLlon
and supporL exLended by Lhe assoclaLesţ Lhe ulCClL employees and oLhers who have
exLended Lhelr valued coŴoperaLlonţ supporL and guldance Lo Lhe companyţ from Llme Lo LlmeŦ
lor and on behalf of Lhe 8oard
Sd/Ŵ
Þlace ť new uelhl (vlvek Sahal)
uaLe ť 13Ŧ09Ŧ2010 Chalrman
22 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuAnnexure ŶºA"
CC8ÞC8A1L CCvL8nAnCL 8LÞC81
1Ŧ Abrlef sLaLemenL on Companyƌs phllosophy on CorporaLe Covernance
1he CorporaLe Covernance ls Lhe appllcaLlon of besL managemenL pracLlcesţ compllance of Lawsţ rulesţ
regulaLlon and adherence sLandard Lo achleve Lhe ob[ecLs of Lhe CompanyŦ ulCClLƌs phllosophy on
CorporaLe Covernance enshrlnes Lhe goal of achlevlng Lhe hlghesL levels of Lransparencyţ accounLablllLy
and equlLy ln all spheres of lLs operaLlons and ln all lLs deallngs wlLh Lhe shareholdersţ employeesţ Lhe
governmenL and oLher parLlesŦ ulCClL ls concerned wlLh ensurlng LhaL buslness eLhlcsţ values and
morals
are adhered LoŦ
1he key value ls Lo belleve ln Speedţ SlncerlLy and SuccessŦ 1he cardlnal prlnclples such as accounLablllLy
responslblllLyţ Lransparency and falrţ dlsclosures serve as Lhe mean few achlevlng LhlsŦ
2Ŧ 8oard of ulrecLorsť
2Ŧ1 ComposlLlon of Lhe 8oard of ulrecLorsť
ln Lerms of ArLlcle 80 of Lhe ArLlcles of AssoclaLlon of Lhe Companyţ Lhe ÞresldenL of lndla has
deLermlned
ln wrlLlng LhaL Lhere shall be a LoLal of 12 ulrecLors on Lhe 8oard of ulCClL 1he ÞresldenL of lndla vlde
leLLer no 2008/lnfra/6/1 daLed 14Ŧ03Ŧ2010 has approved Lhe composlLlon of Lhe 8oard of ulrecLors of
ulCClLas follows
Chalrman 8allway 8oard (C88) as a ÞarL 1lme Chalrman
3 lull 1lme luncLlonal ulrecLors lncludlng Managlng ulrecLor
Cne nomlnee of MlnlsLry of 8allways
Cne nomlnee of Þlannlng Commlsslon
4 lndependenL non offlclal ulrecLors lncludlng one from flnanclal lnsLlLuLlons dependlng on
requlremenLŦ
2Ŧ2 SLrengLh of Lhe 8oard
Cn Lhe daLe of Lhe reporLţ Lhe LoLal presenL sLrengLh of Lhe 8oard of ulrecLors of Lhe Company ls Len
comprlslng flve wholeŴLlme ulrecLorsţ one parL Llme Chalrmanţ Lwo parLŴLlme offlclal nomlnee ulrecLors
from MlnlsLry of 8allways and Þlannlng Commlsslon respecLlvely and Lwo lndependenL parL Llme non
l
l
l
l
lourLh Annual 8eporL 23
l
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Luofflclal ulrecLorsŦ ln Lerms of ArLlcle
81 (1) (a) of Lhe ArLlcles of AssoclaLlon of Lhe Companyţ 1he
ÞresldenL of lndla has Lhe power Lo appolnL ulrecLors of Lhe CompanyŦ
lollowlng dlrecLors have [olned Lhe 8oard afLer Lhe closure of Lhe flnanclal year 2009Ŵ2010Ŧ
a) 1he ÞresldenL of lndla has appolnLed ShŦ AŦkŦuuLLaţ l8SLL (ul1S 30Ŧ10Ŧ1978) as ulrecLor
(lnfra) vlde 8allway 8oardƌs Crder noŦ2007/L(C)ll/40/9 daLed 29Ŧ03Ŧ2010 for a perlod of
flve years or Llll Lhe daLe of hls superannuaLlon or unLll furLher ordersţ whlchever ls earllerţ on
lmmedlaLe absorpLlon baslsŦ Pe assumed Lhe charge of Lhe posL of ulrecLor (lnfra) /ulCClL
on 01Ŧ04Ŧ2010 (ln) vlde Cfflce Crder noŦ PC/P8/ Þ llle/238 daLed 03Ŧ04Ŧ2010Ŧ
b) ln pursuance of ArLlcle 81(1) (a) of Lhe Memorandum and ArLlcles of AssoclaLlon of Lhe
Companyţ ÞresldenL of lndla has appolnLed ShrlŦ uŦ1 !osephţ LxŴSecreLaryţ CovernmenL of
lndla and ShrlŦ MŦ uamodaranţ LxŴChalrmanţ SL8l as non offlclal parL Llme ulrecLors on Lhe
8oard of Lhe Company for a perlod of Lhree years or unLll furLher ordersţ whlchever ls earller
vlde 8allway 8oard order no 2008/lnfra/6/1daLed 14Ŧ03Ŧ2010Ŧ
c) ln pursuance of ArLlcle 81(1) (a) of Lhe Memorandum and ArLlcles of AssoclaLlon of Lhe
Companyţ ÞresldenL of lndla has appolnLed ShrlŦ vlvek Sahalţ Chalrman 8allway 8oard as
parL Llme Chalrman on Lhe 8oard of ulCClL wlLh lmmedlaLe effecL vlce ShrlŦ SŦSŦ khuranaţ
Llll he holds Lhe posL of Chalrmanţ 8allway 8oard or furLher orders whlchever ls earller vlde
8allway 8oardƌs leLLer no 2009/lnfra/6/2 daLed 02Ŧ06Ŧ2010Ŧ
d) ln pursuance of ArLlcle 81(1) (a) of Lhe Memorandum and ArLlcles of AssoclaLlon of Lhe
Companyţ ÞresldenL of lndla has nomlnaLed Shrl 8ŦnŦ 8arLaryaţ Advlser
(lnfrasLrucLure)/8allway 8oard as parL Llme ulrecLor on Lhe 8oard of ulCClL ln place of ShŦ
Þradeep 8haLnagarţ LxŴAdvŦ (lnfra)ţ who has slnce been Lransferred vlde 8allway 8oardƌs
leLLer no 2007/lnfra/6/4 daLed 12Ŧ07Ŧ2010Ŧ
1he composlLlon of Lhe 8oard of ulCClLţ on Lhe daLe of reporLţ along wlLh ulrecLorshlps held by Lhem
and
Lhelr aLLendance ln Lhe 8oard meeLlngs held durlng Lhe flnanclal year 2009Ŵ10 and Lhe lasL Annual
Ceneral
MeeLlng ls Labled below
24 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuSŦ
noŦ
CaLegory of
ulrecLors
name of
ulrecLors/
uaLe of
AppolnLmenL
number of
ulrecLorshlps/
Chalrmanshlps
ln publlc
companles
lncludlng
ulCClL and
excludlng
prlvaLe
Companles 1
1oLal noŦ of
CommlLLee
Membershlps
/
chalrmanshl
ps ln publlc
companles
lncludlng
ulCClL and
excludlng
prlvaLe
companles
no of
8oard
MeeLlng
s durlng
2009Ŵ
2010
Peld
(durlng
Lhelr
respecLl
ve
Lenures)
noŦ of
8oard
meeLlngs
aLLended
LasL
ACM
aLLen
ded
(l) Chalrman (ÞarLŴLlme offlclal)
1Ŧ Chalrman/
8allway 8oard
Peld offlce
upLo
02Ŧ06Ŧ2010
ShŦ SŦSŦ
khurana held
offlce from
18Ŧ02Ŧ2009

As ChalrmanŴ2 nll 4 4 ?es
2Ŧ Chalrman/
8allway 8oard
ShŦvlvek Sahal
( held offlce
from
02Ŧ06Ŧ2010)
nA nA nA nA nA
(ll) WholeŴLlme ulrecLor
1 Managlng
ulrecLor
ShŦvŦkŦ kaul
(Peld offlce
from
13Ŧ09Ŧ2007)
1 As Member Ŵ1 4 4 ?es
2Ŧ ulrecLor
(llnance)
ShŦ8ŦkŦ Slnha
(Peld offlce
from
17Ŧ09Ŧ2007)
1 As Member Ŵ1 4 4 ?es
3Ŧ ulrecLor
(CperaLlons Ǝ
8uslness
uevelopmenL)
ShŦ ÞŦnŦ
Shukla (Peld
offlce from
13Ŧ10Ŧ2009)
1 As Member Ŵ2 4 4 ?es
4Ŧ ulrecLor
(Þro[ecL
Þlannlng )
ShŦ 8Ŧ8Ŧ Saran
(Peld offlce
from
19Ŧ06Ŧ2008)
1 As Member Ŵ1 4 4 ?es
3Ŧ ulrecLor ( lnfra ) ShŦAŦkŦ uuLLa
(held offlce from
01Ŧ04Ŧ2010)
nA nA nA nA nA
lourLh Annual 8eporL 23
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu(lll) ulrecLor ( ÞarLŴLlme offlclal)
1Ŧ Advlser
(1rafflc)
8allway 8oard
up Lo
12Ŧ07Ŧ2010
ShŦ Þradeep
8haLnagar
( held offlce
from
28Ŧ02Ŧ2008)
1 As Chalrman
Ŵ1
4 3 ?es
2Ŧ Advlsor of
uepuLy
Chalrmanţ
Þlannlng
Commlsslon
ShŦ Ca[endra
Paldea
(Peld offlce
from
02Ŧ03Ŧ2008)
1 nll 4 4 no
3Ŧ Advlser (lnfra)
/8allway
8oard
ShŦ 8ŦnŦ
8arLarya
( held offlce
from
12Ŧ07Ŧ2010)
nA nA nA nA nA
(lv) lndependenL ulrecLors ( ÞarL 1lme non offlclal )
1Ŧ ÞarL 1lme nonofflclal
ShŦuŦ1Ŧ !oseph
(held offlce
from
14Ŧ03Ŧ2010)
nA nA nA nA nA
2Ŧ ÞarL 1lme nonofflclal
ShŦMŦuamodaran
( held offlce from
14Ŧ03Ŧ2010)
nA nA nA nA nA
26 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LunC1LSť
1Ŧ 1he ulrecLorshlps and membershlps ln Lhe CommlLLees belng held by Lhe ulrecLors are wlLhln Lhe
llmlLs lald down under Companles AcLţ 1936Ŧ
2Ŧ 1he Lerm ºparL ŶLlme offlclal" lndlcaLes Lhe CovernmenL nomlnee ulrecLors on Lhe 8oard of
ulCClLwho are Lhe offlclals of Lhe MlnlsLry of 8allways and Þlannlng CommlsslonŦ
3Ŧ 1he Lerm ºnon offlclal parL Llme ºulrecLors means Lhe lndependenL ulrecLorsŦ
4Ŧ 1he membershlp ln Lhe AudlL CommlLLee and Shareholders Crlevance CommlLLee are belng
consldered for counLlng Lhe number of membershlpsŦ
3Ŧ 1he word ºnA" denoLes ºnoL Appllcable" as concerned ulrecLors have [olned Lhe 8oard afLer Lhe
flnanclal yearŦ
uurlng Lhe flnanclal year 2009Ŵ2010ţ Lhe 8oard of ulrecLors meL four Llmes Lo LransacL Lhe buslness and
have complled wlLh Lhe provlslons of Companles AcLţ 1936 read wlLh Lhe uÞL guldellnes relaLlng Lo
8oard
MeeLlngsŦ ln all Lhe cases of absence of ulrecLorţ Leave of Absence was granLed under clause (g) of sub
secLlon (1) of secLlon 283 of Lhe Companles AcLţ 1936Ŧ 1he meeLlngs of Lhe 8oard of ulrecLors of ulCClL
were held on followlng daLes as menLloned belowť
SŦno CuarLer uaLes
1 lor Lhe quarLer ended !une 2009 16Ŧ06Ŧ2009
2Ŧ lor Lhe quarLer ended SepLember 2009 13Ŧ09Ŧ2009
3Ŧ lor Lhe quarLer ended uecember 2009 18Ŧ12Ŧ2009
4Ŧ lor Lhe quarLer ended March 2010 13Ŧ02Ŧ2010
lourLh Annual 8eporL 27
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu8rlef 8esume of ulrecLors appolnLed
afLer Lhe flnanclal year 2009Ŵ2010Ŧ
l) ShŦ Anll kumar uuLLa ţ ulr ( lnfra )ţ ulCClLţ wŦeŦf 01Ŧ04Ŧ2010Ŧ
ShŦ Anll kumar uuLLa ls an offlcer of 1977 baLch of l8SLLŦ Pe has a bachelorƌs degree ln Þhyslcs from
8anchl unlverslLy and a 8achelor of Lnglneerlng ln LlecLrlcal 1echnology Ǝ LlecLronlcs from lndlan
lnsLlLuLe of Sclenceţ 8angaloreŦ Pe ls an LlecLrlc 1racLlon lnsLallaLlon SpeclallsL wlLh 18 yearsƌ experlence
ln Þro[ecL ManagemenL of 8allway LlecLrlflcaLlon pro[ecLs of 23 kv Ǝ 2 x 23 kv AC LracLlon sysLems
from execuLlon Lo pollcy formaLlonŦ Pe has also lmplemenLed 1ransfer of 1echnology ln Lhe fleld of 3
phase propulslon Lechnology of LlecLrlc 8olllng SLock (Loco Ǝ LMu)Ŧ Pe was depuLed Lo PlndusLan
lerLlllzers CorporaLlon LlmlLed as LxecuLlve ulrecLor (vlgllance) ŦPe served lndlan 8allways as
ulvlslonal 8allway Manager/ 8anchl for 3 yearsŦ Pe worked as LxecuLlve ulrecLorţ 8allway
LlecLrlflcaLlonţ 8allway 8oardŦ Pe ls also a 8esource Þerson aL lndlan lnsLlLuLe of Coal ManagemenLţ
8anchl ln Lhe fleld of vlgllance ManagemenLţ MoLlvaLlon Ǝ 81lţ wlLh keen lnLeresL ln AdmlnlsLraLlve
Laws Ǝ nu8C LlnCulS1lC Þ8CC8AMMlnC (nLÞ)Ŧ
ll) ShŦuŦ1Ŧ !osephţ non offlclal parL Llme ulrecLor ţ ulCClL wŦeŦf 14Ŧ03Ŧ2010
Shrl u 1 !oseph belongs Lo 1968 baLch of lAS of MaharashLra CadreŦ ShŦ uŦ 1Ŧ !oseph holds MasLers
uegrees ln Lngllsh LlLeraLure and Lconomlcs from Lhe unlverslLy of Madras and unlverslLy of
ManchesLerţ respecLlvely Pe has served Lhe CovernmenL of lndla and Lhe CovernmenL of MaharashLra
ln
varlous capaclLlesţ lncludlng as SecreLaryţ Þubllc PealLh ueparLmenLţ urban uevelopmenL ueparLmenL
and ln oLher deparLmenLsŦ Pe had worked ln capaclLles such as CollecLorţ kolhapurţ Mu of uevelopmenL
CorporaLlon of konkan LLdţ Cfflcer on Speclal uuLyţ 8ombay unlverslLyţ SecreLary Þubllc PealLhţ
SecreLary urban uevelopmenLţ CovL of MaharashLraţ Mu of SlCCMţ ulrecLor Ceneral of Shlpplngţ
SecreLary/CoordlnaLlon ln CablneL SecreLarlaLţ and reLlred as SecreLaryţ Shlpplng ln CovL of lndla on
31Ŧ12Ŧ2003Ŧ AfLer reLlremenLţ he was appolnLed Advlserţ MlnlsLry of Shlpplng durlng !uly 06 Lo !uly 07Ŧ
Pe
ls now on Lhe 8oard of a few companles such as Mundra ÞorL Ǝ SLZ LLdţ Shreyas Shlpplng Ǝ LoglsLlcs
LLdţ Ccean Sparkle LLdţ 1aLa 1eleservlces MaharashLra LLdţ WesL Asla MarlLlme LLdŦ eLcŦ
28 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lulll) ShŦ MŦ uamodaranţ non offlclal
parL Llme ulrecLor ţ ulCClL wŦeŦf 14Ŧ03Ŧ2010

Amember of Lhe premler lndlan AdmlnlsLraLlve Servlce (lAS)ţ ManlpurŴ 1rlpura cadreţ slnce 1971ţ MrŦ MŦ
uamodaran has held a number of lmporLanL poslLlons ln boLh Lhe CenLral and SLaLe CovernmenLs and ln
lndlaƌs llnanclal SecLorţ before demlLLlng offlce as Chalrmanţ SecurlLles and Lxchange 8oard of lndla
(SL8l) on lebruary 18ţ 2008Ŧ Pe graduaLed wlLh dlsLlncLlon ln Lconomlcs and Law from Lhe unlverslLles
of Madras and uelhl respecLlvelyŦ Pe has won several awards for hls scholasLlc achlevemenLs aL boLh Lhe
school and unlverslLy levelŦ
AfLer a career spannlng several regulaLory and developmenLal asslgnmenLs ln Lhe sLaLe of 1rlpuraţ he
was appolnLed as lLs Chlef SecreLary ln 1992ţ Lhe youngesL ever ln Lhe counLry Lo hold such a poslLlon
ln Lhe SLaLe CovernmenLŦ 1hereafLerţ he worked as !olnL SecreLary ln Lhe MlnlsLry of llnanceţ 8anklng
ulvlslonţ for flve yearsţ deallng wlLh CovernmenLƌs ownershlp funcLlons of Þubllc SecLor 8anksŦ
ln 2001ţ he was appolnLed as Chalrman of unlL 1rusL of lndla (u1l) Lo rescue lndlaƌs largesL and oldesL
lnvesLmenL lnsLlLuLlon whlch had collapsedŦ Pls resLorlng of u1l Lo healLh and sLrengLh ls wldely
acknowledged as Lhe mosL successful Lurnaround sLory ln lndlaƌs llnanclal SecLorŦ Pe was
slmulLaneously
glven charge of lndusLrlal uevelopmenL 8ank of lndla (lu8l)ţ anoLher of lndlaƌs ma[or flnanclal
lnsLlLuLlonsţ whlch Loo was resLrucLured by hlm ln an lnnovaLlve mannerţ pulllng lL back from Lhe brlnkţ
Lransformlng lL Lo a bankţ and merglng lL wlLh anoLher commerclal bankŦ
As Chalrman SL8lţ he broughL lmproved pracLlces Lo lndlaƌs securlLles markeLŦ Pe ls wldely
acknowledged as one of Lhe lndlaƌs foremosL champlons of CorporaLe CovernanceŦ uurlng hls Lenure aL
SL8lţ he was elecLed Chalrman of Lhe lnLernaLlonal CrganlzaLlon of SecurlLles Commlsslons (lCSCC)ţ an
elghLy members Lmerglng MarkeLs CommlLLeeţ for Lwo yearsŦ
ln addlLlon Lo belng Lhe Advlsor on SLraLegy and CorporaLe Affalrs aL lnC Croup of Lhe neLherlandsţ he ls
also lLs Advlsor and Chlef 8epresenLaLlve ln lndlaŦ Pe ls an lndependenL ulrecLor on Lhe 8oards of Pero
Pondaţ 1ech Mahlndra and Mahlndra SaLyam and ls also a parL of Lhelr AudlL CommlLLeesŦ Pe ls Lhe
Chalrman of Srel Saha[ eŴvlllage LLd and ls on Lhe 8oard of CM8 varalakshml loundaLlonŦ Pe ls a
Member of CommlLLees aL ln1ACPţ Lxperlan CredlL lnformaLlon CoŦ of lndlaţ kÞMC and 8essemer
venLure ÞarLnersŦ Pe ls also a parL of Lhe uevelopmenL LvaluaLlon Þlannlng CommlLLee of Lhe Þlannlng
CommlsslonŦ Pe has been appolnLed as a nonŴofflclal ÞarL 1lme ulrecLor on Lhe 8oard of uedlcaLed
lourLh Annual 8eporL 29
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LulrelghL Corrldor CorporaLlon of lndla
LLd (ulCClL)Ŧ Pe has recenLly been appolnLed as Lhe flrsL Chalrman
of Lhe SocleLy and 8oard of Covernors of Lhe proposed lndlan lnsLlLuLe of ManagemenL (llM)ţ
1lruchlrappalllŦ Pe ls also a member of 8haraLlya vldya 8havanƌs uelhl kendra CommlLLeeŦ As one of Lhe
foremosL advocaLes of CorporaLe Covernance ln lndlaţ he advlses on lmprovlng 8oardroom performance
and ls Lhe Chalrman of Lhe 1askforce on CorporaLe Covernance consLlLuLed by lederaLlon of lndlan
Chambers of Commerce and lndusLry (llCCl)Ŧ
Pe has been a reclplenL of several presLlglous awards for leadershlpţ LransformaLlon and Þubllc ServlcesŦ
lv) ShŦ vlvek Sahal ţ ÞarL Llme Chalrmanţ ulCClL wŦeŦf 02Ŧ06Ŧ2010
Þrlor Lo [olnlng as Chalrman 8allway 8oard and ex offlclo Þrlnclpal SecreLary Lo Lhe CovernmenL of lndla
sL Lh
on 31 May 2010 Shrl vlvek Sahal was worklng as Member 1rafflcţ 8allway 8oardŦ 8orn on 3 !uneţ 1931ţ
Shrl vlvek Sahal ls a ÞosL CraduaLe ln ÞhyslcsŦ Pe [olned lndlan 8allway 1rafflc Servlce (l81S) ln 1973Ŧ
8efore [olnlng as Member 1rafflc/8allway 8oardţ he was Lhe Ceneral Manager of norLhern 8allway and
prlor Lo LhaL Ceneral Managerţ norLh CenLral 8allwayţ AllahabadŦ
An Cfflcer of varled experlenceţ Shrl vlvek Sahal held varlous key poslLlons on dlfferenL Zonal 8allways
as well as ln 8allway 8oardŦ Pe has worked as ulvlslonal 8allway Managerţ Mumbal ulvlslonţ CenLral
8allway and laLer on AddlLlonal Ceneral Managerţ WesLern 8allwayŦ ln Lhe 8allway 8oardţ he held Lhe
asslgnmenLs of LxecuLlve ulrecLor (SLaLlsLlcs Ǝ Lconomlcs) and also Lhe posL of AddlLlonal Member
(1rafflc)Ŧ
Pe has rlch experlence ln worklng on dlfferenL ueparLmenLs and hls speclallzaLlon lncludes CperaLlonsţ
Þlannlngţ lnformaLlon 1echnologyţ SafeLyţ besldes Ceneral ManagemenLŦ
v) ShŦ 8ŦnŦ8araLrayaţ ÞarL Llme Cfflclal ulrecLorţ ulCClL wŦeŦf 12Ŧ07Ŧ2010
ShŦ 8ŦnŦ 8arLaryaţ offlcer of 1978 baLch of lndlan 8allway 1rafflc Servlce has [olned as Advlser
lnfrasLrucLureţ 8allway 8oard on 01Ŧ07Ŧ2010Ŧ ShŦ 8Ŧ nŦ 8arLarya ls Lhe nodal offlcer for Lhe uedlcaLed
lrelghL Corrldor CorporaLlon of lndla LlmlLed ln MlnlsLry of 8allwaysŦ Pls currenL asslgnmenL lncludes
long Lerm plannlng for lnfrasLrucLure creaLlon over lndlan 8allwaysţ coordlnaLlon for lmplemenLaLlon of
ÞÞÞ pro[ecLsţ lnLernaLlonal 8allway cooperaLlon and developlng Long 8ange ueclslon SupporL SysLem for
8allwaysŦ Pe also represenLs lndlan 8allways on Lhe 8oard of ulrecLors of lnLernaLlonal Peavy Paul
30 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuAssoclaLlonţ uSAŦ
8esldes he ls also a member of SLeerlng CommlLLee formed as per MCus beLween lndlan 8allways and
lorelgn 8allways of Cermanyţ lranceţ Chlnaţ SouLh Afrlcaţ AusLrlaţ 8usslaţ lLaly and korean 8allways
eLcŦ
ln hls career of 32 years wlLh lndlan 8allwaysţ he has worked exLenslvely aL ulvlslonal and Zonal levelsŦ
8efore [olnlng as Advlser lnfrasLrucLureţ he has served lndlan 8allways as Chlef CperaLlons Manager ln
LasL CoasL 8allwayţ ulvlslonal 8allway Manager 8llaspurţ SouLh LasL CenLral 8allway and Chlef lrelghL
1rafflc managerţ SouLh CenLral 8allway eLcŦ uurlng hls servlceţ he has been Lralned by CAnAC ln
CompuLer Lralnlng aL MonLreal ln 1986Ŵ87 on 18ACS and by PLC aL Þarls ln ºSLraLeglc ManagemenL ºŦ
3Ŧ AudlL CommlLLee
CorporaLe Covernance ls abouL commlLmenL Lo values and eLhlcal buslness conducLŦ ln aLLalnmenL of
Lhe
organlzaLlonal goals and ob[ecLlves as a wholeţ Lhe organlzaLlon ls commlLLed Lo adhere Lo values and
eLhlcal 8uslness ConducLŦ As a sLep Lowards lLţ AudlL CommlLLee of Lhe 8oard of ulrecLors was orlglnally
consLlLuLed on 14Ŧ03Ŧ2008Ŧ ShŦ Þradeep 8haLnagarţ Advlsor lnfra/8allway 8oard was appolnLed as a
member of Lhe CommlLLee on 07Ŧ03Ŧ2008 ln place of ShŦ 8Ŧ Ashokţ Lhe Lhen Addl Member (llnance)Ŧ
AudlL CommlLLee of Lhe 8oard was reŴconsLlLuLed on 16Ŧ06Ŧ2009ţ ShŦ 8Ŧ 8Ŧ Saranţ ulrecLor (ÞÞ) was
appolnLed as a member of Lhe AudlL CommlLLee ln place of ShŦ ueepak krlshanţ LxŴAddlLlonal Member
(CL)/8allway 8oardţ Llll Lhe lndependenL ulrecLors are appolnLed by Lhe ÞresldenL of lndlaŦ
AL presenLţ wlLh Lhe appolnLmenL of Lhe non offlclal parL Llme ulrecLors on Lhe 8oard of ulCClLţ AudlL
CommlLLee of Lhe 8oard was reŶconsLlLuLed on 23Ŧ06Ŧ2010 ln Lerms of Lhe provlslons of Companles AcLţ
1936 read wlLh uÞL guldellnesŦ
1he composlLlon of Lhe AudlL CommlLLee as on daLe ls as followsŦ
lourLh Annual 8eporL 31
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu1he CommlLLee acLs ln accordance
wlLh Lhe Lerms of reference of Lhe 8oard (14Ŧ03Ŧ2008)
whlch areť
1o dlscuss wlLh Lhe audlLors perlodlcally abouL lnLernal conLrol sysLemsŤ
1o dlscuss and declde abouL Lhe scope of audlL lncludlng Lhe observaLlons of audlLorsŤ
1o revlew Lhe halfŴyearly and annual flnanclal sLaLemenLs before submlsslon Lo Lhe 8oard and also
ensure compllance of lnLernal conLrol sysLemsŤ
1o lnvesLlgaLe lnLo any maLLer relaLlng Lo flnanclal managemenL lncludlng Lhe audlL reporLŦ
1o appolnL an lnLernal AudlLor and Lo seL Lhe Lerms and condlLlons of appolnLmenLţ lncludlng
Lhe remuneraLlon payableŦ
Any oLher maLLer broughL Lo Lhe noLlce of Lhe AudlL CommlLLee by 8oard of ulrecLorsŦ
1erms of 8eference for Lhe AudlL CommlLLee reŴconsLlLuLed on 23Ŧ06Ŧ2010Ŧ
1he role of Lhe AudlL CommlLLee shall lnclude Lhe followlngť
1Ŧ CverslghL of Lhe companyƌs flnanclal reporLlng process and Lhe dlsclosure of lLs flnanclal
lnformaLlon Lo ensure LhaL Lhe flnanclal sLaLemenL ls correcLţ sufflclenL and credlbleŦ
2Ŧ 8ecommendlng Lo Lhe 8oard Lhe flxaLlon of audlL feesŦ
3Ŧ Approval of paymenL Lo sLaLuLory audlLors for any oLher servlces rendered by Lhe sLaLuLory audlLorsŦ
4Ŧ 8evlewlngţ wlLh Lhe managemenLţ Lhe annual flnanclal sLaLemenLs before submlsslon Lo Lhe 8oard
for approvalŦ
SŦno Member ÞoslLlon uaLe of holdlng Lhe
membershlp of Lhe CommlLLee
1 ShŦ 8ŦnŦ 8araLarya ln place of
ShŦ Þradeep 8haLnagar
Member 07Ŧ09Ŧ2010
2 ShŦMŦ uamodaran Member 23Ŧ06Ŧ2010
3 ShŦuŦ1Ŧ !oseph Member 23Ŧ06Ŧ2010
l
l
l
l
l
l
32 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu3Ŧ MaLLers requlred Lo be lncluded ln
Lhe ulrecLorƌs 8esponslblllLy SLaLemenL Lo be lncluded ln Lhe
8oard's reporL ln Lerms of clause (2AA) of secLlon 217 of Lhe Companles AcLţ 1936Ť
Changesţ lf anyţ ln accounLlng pollcles and pracLlces and reasons for Lhe sameŤ
Ma[or accounLlng enLrles lnvolvlng esLlmaLes based on Lhe exerclse of [udgmenL by managemenLŤ
SlgnlflcanL ad[usLmenLs made ln Lhe flnanclal sLaLemenLs arlslng ouL of audlL flndlngsŤ
Compllance wlLh legal requlremenLs relaLlng Lo flnanclal sLaLemenLsŤ
ulsclosure of any relaLed parLy LransacLlonsŤ and
CuallflcaLlons ln Lhe drafL audlL reporLŦ
6Ŧ 8evlewlngţ wlLh Lhe managemenLţ Lhe quarLerly flnanclal sLaLemenLs before submlsslon Lo Lhe 8oard
for approvalŦ
7Ŧ 8evlewlngţ wlLh Lhe managemenLţ performance of lnLernal audlLors and adequacy of Lhe lnLernal
conLrol sysLemsŦ
8Ŧ 8evlewlng Lhe adequacy of lnLernal audlL funcLlonţ lf anyţ lncludlng Lhe sLrucLure of Lhe lnLernal audlL
deparLmenLţ sLafflng and senlorlLy of Lhe offlclal headlng Lhe deparLmenLţ reporLlng sLrucLureţ
coverage and frequency of lnLernal audlLŦ
9Ŧ ulscusslon wlLh lnLernal audlLors and/or audlLors any slgnlflcanL flndlngs and follow up Lhere onŦ
10Ŧ 8evlewlng Lhe flndlngs of any lnLernal lnvesLlgaLlons by Lhe lnLernal audlLors/audlLors/agencles lnLo
maLLers where Lhere ls suspecLed fraud or lrregularlLy or a fallure of lnLernal conLrol sysLems of a
maLerlal naLure and reporLlng Lhe maLLer Lo Lhe 8oardŦ
11Ŧ ulscusslon wlLh sLaLuLory audlLors before Lhe audlL commencesţ abouL Lhe naLure and scope of audlL
as well as posLŴaudlL dlscusslon Lo ascerLaln any area of concernŦ
12Ŧ 1o look lnLo Lhe reasons for subsLanLlal defaulLs ln Lhe paymenL Lo Lhe deposlLorsţ debenLure
holdersţ
shareholders (ln case of non ŴpaymenL of declared dlvldends) and credlLorsŦ
13Ŧ 1o revlew Lhe funcLlonlng of Lhe WhlsLle 8lower MechanlsmŦ
14Ŧ 1o revlew Lhe follow up acLlon on Lhe audlL observaLlons of Lhe CƎAC audlLŦ
13Ŧ 1o revlew Lhe follow up acLlon Laken on Lhe recommendaLlons of CommlLLee on Þubllc underLaklngs
(CCÞu) of Lhe ÞarllamenLŦ
l
l
l
l
l
lourLh Annual 8eporL 33
l
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu16Ŧ Þrovlde an open avenue of
communlcaLlon beLween Lhe lndependenL audlLorţ lnLernal audlLor and Lhe
8oard of ulrecLors
17Ŧ 8evlew all relaLed parLy LransacLlons ln Lhe companyŦ lor Lhls purposeţ Lhe AudlL CommlLLee may
deslgnaLe a member who shall be responslble for revlewlng relaLed parLy LransacLlonsŦ
LxplanaLlonť 1he Lerm ºrelaLed parLy LransacLlons" shall have Lhe same meanlng as conLalned ln Lhe
AccounLlng SLandard 18ţ lssued by Lhe lnsLlLuLe of CharLered AccounLanLs of lndlaŦ
18Ŧ 8evlew wlLh Lhe lndependenL audlLor Lhe coŴordlnaLlon of audlL efforLs Lo assure compleLeness of
coverageţ reducLlon of redundanL efforLsţ and Lhe effecLlve use of all audlL resourcesŦ
19Ŧ Conslder and revlew Lhe followlng wlLh Lhe lndependenL audlLor and Lhe managemenLť
Ŵ 1he adequacy of lnLernal conLrols lncludlng compuLerlzed lnformaLlon sysLem conLrols and securlLyţ
and
Ŵ 8elaLed flndlngs and recommendaLlons of Lhe lndependenL audlLor and lnLernal audlLorţ LogeLher
wlLh Lhe managemenL responsesŦ
20Ŧ Conslder and revlew Lhe followlng wlLh Lhe managemenLţ lnLernal audlLor and Lhe lndependenL
audlLorť SlgnlflcanL flndlngs durlng Lhe yearţ lncludlng Lhe sLaLus of prevlous audlL
recommendaLlons Any dlfflculLles encounLered durlng audlL work lncludlng any resLrlcLlons on Lhe
scope of acLlvlLles or access Lo requlred lnformaLlonţ
21 Ŧ Carrylng ouL any oLher funcLlon as ls menLloned ln Lhe Lerms of reference of Lhe AudlLŦ
uurlng Lhe year under revlewţ Lhe CommlLLee meL 4 Llmes on Lhe followlng daLes 07Ŧ03Ŧ2009ţ
19Ŧ08Ŧ2009ţ 09Ŧ12Ŧ2009 and 18Ŧ03Ŧ2010Ŧ
34 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuMember ÞoslLlon MeeLlng held**
MeeLlng aLLended ***
ShŦ Þradeep 8haLnagar Chalrman 4 4
ShŦÞŦnŦ Shukla Member 4 3
ShŦ 8Ŧ8Ŧ Saran Member 3 3
** ºMeeLlng held"Ŵ denoLes Lhe number of meeLlngs held durlng Lhe Lenure of Lhe member of Lhe
CommlLLeeŦ
*** ºMeeLlng aLLended"Ŵ denoLes Lhe number of meeLlngs aLLended by Lhe member durlng hls LenureŦ
4Ŧ 8emuneraLlon CommlLLee
l) ln Lerms of chapLer 3 of Lhe uÞL guldellnes on CorporaLe Covernanceţ Lhe 8emuneraLlon
CommlLLee of Lhe 8oard comprlslng ShŦuŦ1Ŧ !osephţ ShŦ MŦ uamodaran and ShŦ Ca[endra Paldeaţ
ÞarL 1lme ulrecLors of Lhe Company as lLs members was consLlLuLed on 23Ŧ06Ŧ2010Ŧ 8emuneraLlon
CommlLLee wlll declde Lhe annual bonus/varlable pay pool and pollcy for lLs dlsLrlbuLlon across Lhe
execuLlves and non unlonlzed supervlsorsţ wlLhln Lhe prescrlbed llmlLsŦ 1he CommlLLee wlll be
headed by an lndependenL ulrecLor"Ŧ
ll) 8emuneraLlon of ulrecLors
ullClLţ belng a wholly owned CovernmenL Company under Companles AcLţ 1936ţ Lhe wholeLlme
ulrecLors of Lhe Company are appolnLed by ÞresldenL of lndla Lhrough MlnlsLry of 8allwaysŦ
1he funcLlonal ulrecLors so appolnLedţ draw remuneraLlon under lndusLrlal uearness Allowance
(luA) paLLern of pay scale pre ŴdeLermlned by Lhe CovernmenL and as per Lhe Lerms and condlLlons
lssued by CovernmenL of lndla from Llme Lo LlmeŦ 1he luA pay scales (2007) and baskeL of
allowances has been lmplemenLed ln ulCClLŦ
1he parLŴLlme offlclal (CovernmenL nomlnee) ulrecLors on Lhe 8oard of Lhe Company do noL draw
any remuneraLlon from Lhe CompanyŦ 1hey draw remuneraLlon from Lhe CovernmenL only as
CovernmenL offlclalsŦ 1he parL Llme non offlclal ulrecLors (lndependenL) draws Lhe slLLlng fee for
Lhe 8oard meeLlngs aLLendedŦ
lourLh Annual 8eporL 33
1he aLLendance of Lhe members of Lhe CommlLLee durlng 2009Ŵ2010 ls produced belowť
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuSŦnoŦ name of Lhe
ulrecLor
Salary Ǝ
Allowances
(ln 8sŦ)
CLher
8eneflLs
Ǝ Þerks
(ln 8sŦ)
Þerformanc
Llnked
lncenLlves
(ln 8sŦ)
e 8eLlre
menL
8eneflLs
8onus/
Commlsslon
/LxŴgraLla
1oLal
(ln 8sŦ)
1 ShŦvŦkŦ kaul
Managlng
ulrecLor
29ţ91ţ631 3ţ72ţ368 0Ŧ00 0Ŧ00 00Ŧ00 33ţ64ţ019
2 ShŦ8ŦkŦ Slnha
ulrecLor
(llnance)
22ţ00ţ106 2ţ62ţ774 0Ŧ00 0Ŧ00 00Ŧ00 24ţ62ţ880
3 ShŦ8Ŧ8ŦSaran
ulrecLor( ÞÞ)
21ţ18ţ246 3ţ44ţ878 0Ŧ00 0Ŧ00 00Ŧ00 24ţ63ţ124
4 ShŦÞŦnŦ Shukla
ulrecLor (Cpn
Ǝ 8u)
24ţ09ţ690 2ţ77ţ093 0Ŧ00 0Ŧ00 00Ŧ00 26ţ86ţ783
3Ŧ ulsclosures
1 1here has noL been a maLerlally slgnlflcanL relaLed parLy LransacLlonŦ
2 1he Company has noL been lmposed penalLy by any sLaLuLory auLhorlLy as a resulL of non
Ŵcompllance under Laws durlng Lhe lasL Lhree yearsŦ
3Ŧ 1he Company has complled wlLh Lhe guldellnes on CorporaLe Covernance lssued by
ueparLmenL of Þubllc LnLerprlsesŦ ln accordance wlLh Lhe guldellnesţ ulCClL evolved a
Code of 8uslness ConducL and LLhlcs for lLs 8oard Members and Senlor ManagemenL
Þersonnel and has also lncluded CorporaLe Covernance and ManagemenL ulscusslon and
Analysls 8eporL ln Lhe ulrecLors 8eporL for Lhe year 2009Ŵ2010Ŧ
4Ŧ All lLems of expendlLure deblLed ln Lhe books of accounLs of ulCClL are for Lhe purpose of
pro[ecL execuLlon enLrusLed Lo ulCClLand are relaLed Lo pro[ecL execuLlonŦ
3Ŧ l) ÞresldenLlal approval was recelved durlng Lhe year for lmplemenLaLlon of revlsed luA
scales of payţ allowances eLc ln Lerms of uÞLƌs CŦM Ŧno 2(70)/08ŴuÞL(WC) daLed
26Ŧ11Ŧ2008Ŧ
ulsclosure on 8emuneraLlon package of whole Llme ulrecLorsť
36 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lull) ln Lerms of 8allway 8oardƌs leLLer
no 2009/C(AccŦ)/3/8eporL/ÞL daLed 12Ŧ10Ŧ2009ţ Lhe
ÞresldenL declded LhaL only Lhe renL [8sŦ1100/Ŵ per square meLere per monLh Lowards Lhe offlce
space of 1331 sqŦmLŦ hlred by 8allway 8oard aL ÞragaLl Maldan MeLro SLaLlon shall be pald Lo
ulCClL by Lhe MlnlsLry of 8allwaysŦ ln addlLlonţ Lhe malnLenance and housekeeplng charges wlll
be pald on proporLlonaLe baslsŦ 1he expendlLure lncurred on accounL of elecLrlclLyţ waLer and
communlcaLlon faclllLles wlll be borne by Lhe MlnlsLry of 8allwaysŦ
6Ŧ 1here are no personal expenses lncurred for Lhe 8oard of ulrecLorsŦ
7Ŧ 1he admlnlsLraLlve expenses as a percenLage of LoLal expenses have decreased from 28Ŧ83Ʒ ln
2008Ŵ
2009 Lo 20Ŧ69Ʒ ln 2009Ŵ2010Ŧ
6Ŧ Means of CommunlcaLlon
1he audlLed annual flnanclal resulLs and Annual 8eporL are dlsplayed on ulCClL webslLe wwwŦdfccŦlnŦ
1enders/LClsţ deLalls of Lenders/conLracLs awardedŦ Mlsslon and ob[ecLlves of Lhe Company are posLed
on
Lhe WebslLe of Lhe Company and are updaLed from Llme Lo LlmeŦ
7Ŧ AudlL quallflcaLlons
1he Company seeks Lo ensure LhaL LargeLs are achleved wlLh lnLegrlLyŦ 1he Company has been puLLlng
all
Lhe efforLs Lowards ensurlng LhaL flnanclal sLaLemenLs are prepared ln Lhe mosL LransparenL
manner
resulLlng ln unquallfled flnanclal sLaLemenLsŦ 1here have been no slgnlflcanL quallflcaLlonsŦ
8Ŧ 1ralnlng of 8oard Members
ulCClL ls commlLLed Lo ensure good CorporaLe CovernanceŦ ln Lhls regardţ lL has adopLed Lhe pracLlce of
furnlshlng a seL of documenLs/bookleLs Lo a dlrecLor on hls /her [olnlng Lhe 8oardŦ 1he seL of documenLs
provlded lncludes Annual 8eporLs for Lhe lasL flnanclal yearsţ Memorandum and ArLlcles of AssoclaLlonţ
a
copy of Lhe Memorandum of undersLandlng and MCu LargeLs and achlevemenLsŦ 1hls provldes Lhe baslc
lnformaLlon abouL Lhe Company Lo Lhe lncumbenLŦ
lourLh Annual 8eporL 37
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu9Ŧ Code of 8uslness ConducL Ǝ LLhlcs
1he Company has ln place Lhe Code of ConducL for 8oard Members and Senlor Level ManagemenL duly
approved by Lhe 8oard of ulrecLorsŦ 1he duly approved Code of 8uslness ConducL and LLhlcs for 8oard
sL
members and Senlor ManagemenL came lnLo force wŦeŦf 1 day of Aprll 2009Ŧ ln Lerms of Lhe Code of
8uslness ConducL and LLhlcsţ Lhe annual afflrmaLlon LhaL Code of ConducL has been complled wlLh has
been obLalned from all Lhe 8oard members and Senlor ManagemenL ÞersonnelŦ AdeclaraLlon slgned by
Lhe
Managlng ulrecLor afflrmlng Lhe compllance wlLh Lhe Code of ConducL by Lhe 8oard members and
Senlor
ManagemenL Þersonnel durlng 2009Ŵ2010 ls placed aL AnnexureŴ º u"Ŧ 1he Code of ConducL ls also
posLed on Lhe WebslLe of Lhe Company wwwŦdfccŦln
10Ŧ Compllance CerLlflcaLe
1he CerLlflcaLe from a pracLlclng Company SecreLary regardlng compllance of Lhe condlLlons of
CorporaLe
Covernance ln accordance wlLh Lhe guldellnes lssued by ueparLmenL of Þubllc LnLerprlses forms Lhe parL
of Lhe Annual 8eporLŦ
38 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuAshlsh kumar CupLa
ACSţ LLŦ8Ŧ
Company SecreLary
1o Lhe Members of
M/s uedlcaLed lrelghL Corrldor CorporaLlon of lndla LlmlLedŦ
8egdŦ Cfflceť 8oom noŦ 101/Aţ
8all 8hawanţ 8alslna 8oadţ
new uelhlŴ110001
8LCŦť CCMÞLlAnCL CL81lllCA1L Wl1P 8LlL8LnCL 1C CCMÞLlAnCL Cl
CCnul1lCnS Cl CC8ÞC8A1L CCvL8nAnCL unuL8 CuluLLlnLS Cn
CC8ÞC8A1L CCvL8nAnCL lC8 CLn18ALÞu8LlC SLC1C8 Ln1L8Þ8lSLS 2010
1Ŧ 1hls CerLlflcaLe ls ln accordance wlLh compllance of condlLlons of CorporaLe Covernance by M/sŦ
uedlcaLed lrelghL Corrldor CorporaLlon of lndla LlmlLedŦ (PerelnafLer referred Lo as ºCompany")
for Lhe llnanclal year ended on 31sL Marchţ2010 as sLlpulaLed ln Lhe Culdellnes lssued for CenLral
Þubllc SecLor LnLerprlses 2010 effecLlve from May 2010 (PerelnafLer referred Lo as ºCuldellnes")Ŧ
2Ŧ 1he Compllance of condlLlons of CorporaLe Covernance ls Lhe responslblllLy of Lhe ManagemenLŦ
My examlnaLlon ls llmlLed Lo revlew of procedures and lmplemenLaLlon Lhereofţ adopLed by Lhe
Company for ensurlng Lhe compllance of Lhe condlLlons of CorporaLe Covernance as sLlpulaLed ln
Lhe sald guldellnes lL ls nelLher an audlL and nor an expresslon of oplnlon of Lhe flnanclal sLaLemenL of
Lhe CompanyŦ My responslblllLy ls Lo carry ouL an examlnaLlonţ on Lhe basls of my professlonal
[udgmenL so as Lo award a reasonable assurance of Lhe correcLness and compleLeness of Lhe records
for Lhe purpose of Lhls cerLlflcaLeŦ
3Ŧ l have obLalned all Lhe lnformaLlon and explanaLlons whlch Lo Lhe besL of my knowledge and bellef
were necessary for Lhe purposes of cerLlflcaLlon and have been provlded wlLh such recordsţ
documenLsţ cerLlflcaLlons eLc as had been requlred by meŦ
4Ŧ l cerLlfy LhaL ln respecL of Lhe aforesald flnanclal year ended 31sL March 2010ţ Lhe company has
complled wlLh varlous provlslons of Lhe Culdellnes ln lLs CorporaLe Covernance 8eporL excepLť
a) Clause noŦ 3Ŧ1 relaLlng Lo composlLlon of 8oard of ulrecLors by appolnLmenL of Cne 1hlrd of
8oard Members as lndependenL ulrecLorsŦ lurLher as explalnedţ on appolnLmenL of lndependenL
ulrecLor(s)ţ Lhe Company has complled Lhe sald clause wŦeŦfŦ May 14ţ2010ţ Lhe Company has
complled wlLh Lhe sald clause by reŴconsLlLuLlon of AudlL CommlLLeeŦ
3Ŧ l hereby sLaLe LhaL such compllance ls nelLher an assurance as Lo Lhe fuLure vlablllLy of Lhe company
nor Lhe efflclency or effecLlveness wlLh Lhe managemenL has conducLed Lhe affalrs of Lhe CompanyŦ
Sd/Ŵ
Ashlsh kumar CupLa
Company SecreLary
Þlace ť uelhl
uaLe ť 13Ŧ09Ŧ2010
AŴ16ţ !lLar nagarţ Þarwana 8oadţ uelhlŴ110031 - Þhoneť 011 22023417ţ 9312210264
AnnLxu8L Ŵ '8'
lourLh Annual 8eporL 39
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuAnnexure ºC"
MAnACLMLn1 ulSCuSSlCn Anu AnA?LSlS 8LÞC81
lndusLry SLrucLure and uevelopmenLsŦ
1he progress of Lhe counLry could be [udged by Lhe pace of economlcţ lndusLrlal Ǝ
lnfrasLrucLural
uevelopmenLŦ ConsLrucLlon ls an lnLegral parL of any counLryƌs lnfrasLrucLure and lndusLrlal
developmenLţ
belng Lhe second largesL economlc acLlvlLy nexL Lo agrlculLureŦ 8allways are one of Lhe secLors where
consLrucLlon plays an lmporLanL role as lL helps Lo esLabllsh and malnLaln Lhe physlcal lnfrasLrucLure for
Lhe
secLorŦ lL plays an lmporLanL role for Lhe core secLors of Lhe economy Ŵ Lhese secLors belngť crude
peLroleumţ
peLroleum reflnery producLsţ coalţ elecLrlclLyţ cemenL and flnlshed sLeel Ŵ as lL provldes LransporLaLlon
for
Lhe sameŦ
ºuedlcaLed lrelghL Corrldor CorporaLlon of lndla LlmlLed (ulCClL)" ls a Speclal Þurpose vehlcle
creaLed Lo underLake plannlng Ǝ developmenLţ moblllzaLlon of flnanclal resources and
consLrucLlonţ
malnLenance and operaLlon of uedlcaLed lrelghL llnes coverlng approxlmaLely 3300 rouLe kllomeLers on
Lwo Corrldors Ŵ LasLern Corrldor from Ludhlana Lo Sonnagarţ whlch has now been exLended upLo
uankunlţ
and WesLern Corrldor from !awahar Lal nehru ÞorLţ Mumbal Lo 1ughlakabad/uadrl along wlLh
lnLerllnklng of Lhe Lwo corrldors aL uadrlŦ ulCClL ls a Schedule ŶƌAƌ CenLral Þubllc SecLor LnLerprlse
under Lhe admlnlsLraLlve conLrol of MlnlsLry of 8allwaysŦ As on daLeţ only Lwo corrldors have been
sancLloned by Lhe MlnlsLry for consLrucLlonŤ howeverţ feaslblllLy sLudles for an addlLlonal four corrldors
have already been lnlLlaLedŦ
SLrengLh
A uedlcaLed lrelghL Corrldor CorporaLlon wlLh lndependenL managemenL excluslvely for consLrucLlon of
crlLlcal rouLes wlll enable 8allways Lo provlde addlLlonal capaclLy ln Lhe shorLesL posslble LlmeŦ Cnce
compleLedţ Lhese corrldors wlll enable a quanLum lmprovemenL ln quallLy of servlceţ boLh for Lhe frelghL
segmenLţ whlch wlll move over Lo Lhe dedlcaLed frelghL corrldors and Lhe passenger segmenL whlch wlll
be
augmenLed uslng Lhe released capaclLy on exlsLlng lndlan 8allways neLworkŦ As suchţ lL wlll be posslble
for 8allways Lo provlde subsLanLlally lmproved LranslL Llmesţ superlor rellablllLy and beLLer avallablllLy of
lnfrasLrucLureŦ ulCClLwlll enable 8allways Lo develop a markeL orlenLed focusŦ
40 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuWeakness
ln order Lo execuLe a mammoLh pro[ecL of ulCClLţ land ls Lo be acqulred ln a Llme bound mannerţ
lnvolvlng dlfferenL sLaLesŦ 1hls needs lnLeracLlons wlLh SLaLe CovernmenLs/Zonal 8allways and oLher
auLhorlLles Lo geL clearances /approvalsŦ 1lme bound execuLlon of Lhe pro[ecL mlghL be hlndered on
accounL
of delays ln geLLlng approvals from Lhe concerned auLhorlLlesŦ lurLherţ funds are Lo be provlded by blŴ
laLeral/ mulLlŴlaLeral agencles ln Lhe form of loan and because of varlous covenanLs whlch have Lo be
adhered Loţ Lhere may be addlLlonal cosLs/ delaysŦ Apro[ecL of Lhls slze and scale has noL been
underLaken by
lndlan 8allwaysţ posL lndependenceţ and new sysLems and processes wlll have Lo be puL ln place Lo
ensure
LhaL ulCClL dellvers ln Llme and wlLhln budgeLŦ lnlLlallyţ Lhe source of Lrafflc would be Lhe dlverLed
Lrafflc
from Lhe exlsLlng rallway neLworkŦ As suchţ feeder rouLes for Lhe ulC need Lo be sLrengLhened ln Llme
so
LhaL Lhe ulCs are well connecLed wlLh Lhe resL of Lhe neLworkŦ
ulCClL wlll need Lo rely on MlnlsLry of 8allways for meeLlng lLs Puman 8esource 8equlremenLsŦ 1he
sLaff and offlcers are loaned by MlnlsLry of 8allways and Lhey are deployed Lo ulCClL for a llmlLed perlod
of LlmeŦ Poweverţ for a pro[ecL of Lhls slze and scaleţ conLlnulLy of manpower ls crlLlcalŦ As suchţ
consLanL
churn ln sLaff of ulCClLmay lead Lo delays ln lmplemenLaLlonŦ
CpporLunlLy
ulCClL has Lhe opporLunlLy Lo provlde and arrange lnLegraLlon of varlous frelghL sysLemsţ lncludlngţ buL
noL llmlLedţ Lo feeder LransporL servlces and anclllary arrangemenLs llke loglsLlc parksţ conLalner
Lermlnals
eLcŦ ulCClL also provldes an unprecedenLed opporLunlLy Lo lmplemenL new process and producL
Lechnologles ln consLrucLlonţ operaLlon and malnLenance of LracksŦ Slnce ulCClL ls proposed Lo be aL an
ƌarmsŴlengLhƌ from MlnlsLry of 8allwaysţ and slnce lL ls a green fleld companyţ lL provldes a
greaL
opporLunlLy Lo lnsLlLuLlonallze world class sysLems and processes wlLhouL belng saddled wlLh legacy
sysLems and ƌoldƌ ways of dolng LhlngsŦ
1hreaLs
ln Lhe pasLţ naLlonal Þro[ecLs have suffered for nonŴavallablllLy of land ln Llme as lL ls a Llme consumlng
procedureŦ uelay ln fundlng of Lhe pro[ecL affecLs Lhe progress of Lhe lmplemenLaLlon of Lhe pro[ecLŦ
1here
lourLh Annual 8eporL 41
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Luare a number of sLakeholders lnvolved
Ŷ Lhe MlnlsLry of 8allwaysţ Þlannlng Commlsslonţ MlnlsLry of
llnanceţ SLaLe CovernmenLsţ !apan lnLernaLlonal CoŴoperaLlon Agencyţ World 8ank Ŵ and each musL
perform lLs obllgaLlons ln Llme Lo ensure LhaL ulCs geL consLrucLed ln Llme and wlLhln Lhe esLlmaLed
compleLlon cosLŦ lurLherţ shorL Lenures ln ulCClLby sLaff depuLed from 8allways may pose a challenge
of
conLlnulLyŦ ConLracLlng sLraLegles and sysLemsţ land acqulslLlonţ 8ehablllLaLlon Ǝ 8eseLLlemenLţ pro[ecL
monlLorlng mechanlsms are qulLe dlfferenL on ulCClL ln comparlson Lo lndlan 8allways and Lhere ls a
sLeep learnlng curve for Lhese areasŦ As suchţ consLanL churn ln manpower may serlously affecL Lhe
progress
of varlous works ln ulCClLŦ
SLraLegles
1o ensure Lhe Llmely execuLlon of Lhe pro[ecLţ Company would faclllLaLe Lhe land acqulslLlon ln dlfferenL
sLaLesţ aL Lhe same Llme ensurlng compllances wlLh naLlonal 8ehablllLaLlon and 8eseLLlemenL
Þollcy
adopLed by Lhe CovernmenL of lndlaŦ LfforLs would be made Lo secure deLalled Soclal lmpacL Ǝ
LnvlronmenLal lmpacL AssessmenL (SlAƎ LlA) of Lhe Þro[ecLŦ ulCClL plans Lo lmplemenL sLaLe of Lhe arL
lnformaLlon 1echnology SysLems Lo ensure LhaL declslons are Laken ln a LransparenL and efflclenL
mannerŦ
AdequaLe emphasls on Lralnlng would ensure LhaL employees of ulCClL are well equlpped Lo shoulder
Lhe
responslblllLy asslgned Lo LhemŦ
CuLlook
Mlsslon of Lhe CorporaLlon ls Lo augmenL Lhe frelghL capaclLy of Lhe 8allway lnfrasLrucLure ln Lhe
counLry ln
such a manner as wlll be conduclve Lo lncrease ln producLlvlLy and overall developmenL of varlous
secLors
of Lhe economy LhaL depend upon 8allway LransporLaLlon for Lhelr frelghL movemenL needsŦ
1he CorporaLlon alms Lo creaLe uedlcaLed lrelghL Corrldors as requlred by MlnlsLry of 8allwaysŦ Such
Corrldors shall be consLrucLed ln a manner LhaL wlll ensureŴ a) opLlmal Llme and cosL for each unlL of
frelghL
movemenLŤ b) AppllcaLlon of laLesL Lechnologles ln Lhe fleld of 8allway lnfrasLrucLureţ and c) such
consLrucLlon ls ln llne wlLh Lhe governmenL pollcles of promoLlng envlronmenLal conservaLlon and
developmenLţ d) adopLlon of Lechnologles LhaL wlll reduce llfe cycle cosL and unlL cosL of CperaLlon and
malnLenanceŦ
42 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu1he ouLlook for ulCClL ls looklng good
parLlcularly slnce lL ls now belng recognlzed as a pro[ecL of
lmmense naLlonal lmporLanceŦ Land acqulslLlon lssues are belng resolved amlcably and adequaLe
asslsLance ls belng provlded by MlnlsLry of 8allways as well as fundlng agencles Lo ensure LhaL Lhe
consLrucLlon geLs compleLed ln LlmeŦ
8oad Ahead
- ulCC wlll provlde Lhe baslc backbone around whlch a number of lndusLrlal and loglsLlcs parks are
envlsaged Lo come upŦ
- lL ls bound Lo brlng a paradlgm shlfL ln frelghL movemenL ensurlng 8allwayƌs conLlnued plvoLal
role ln economlc renalssance of Lhe counLry
- ulCC ls commlLLed Lo lLs moLLo of ƌSSSƌ Ŷ ƌSlncerlLyţ Speed and Successƌ whlch would lead Lo
fulflllmenL of Lhe lmmedlaLe core ob[ecLlve of Llmely compleLlon of Lhe pro[ecLŦ
8lsks and Concerns
Whlle land acqulslLlon process ls proceedlng wellţ Llmely land acqulslLlon ls essenLlal for Lhe success of
Lhe
pro[ecLŦ lL ls belng glven Lhe hlghesL prlorlLyŦ Poweverţ Lhere are concerns relaLed Lo avallablllLy of land
ln
LlmeŦ lurLherţ Lylng up all fundlng resources of Lhe pro[ecL may affecL Lhe pace of Lhe lmplemenLaLlon of
Lhe
pro[ecLŦ
lnLernal ConLrol SysLems
ln any orgnalsaLlon ţ an effecLlve lnLernal conLrol sysLem ls regarded as a Lool Lo ensure good CorporaLe
Covernance pracLlcesŦ An effecLlve lnLernal conLrol sysLem ls deslred ln a CorporaLlon Lo proLecL asseLs
and
oLher resources (eŦgŦ human resources) from mlsapproprlaLlonţ lnefflclenL use or exposure Lo
unwarranLed
rlsksŦ 1he company has robusL lnLernal sysLems and processes ln place for Lhe smooLh conducL of
buslnessţ
whlch ls adequaLe and commensuraLe wlLh Lhe slze of Lhe CompanyŦ 1he reporLs of Lhe lnLernal AudlLorţ
commenLs of Lhe SLaLuLory AudlLor and Lhe CompLroller and AudlLor Ceneral of lndla are also revlewed
by
Lhe AudlL CommlLLee of Lhe 8oard of ulrecLorsŦ 1he managemenL revlew Lhe flndlngs and
lourLh Annual 8eporL 43
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LurecommendaLlons of Lhe audlLors
and Lake correcLlve acLlons wherever necessary and monlLor Lhe
lmplemenLaLlon of Lhe recommendaLlonsŦ
Puman 8esource uevelopmenL and lndusLrlal relaLlonsŦ
uurlng Lhe year under revlewţ Lhe relaLlons remalned harmonlous and cordlalŦ ln Lhe area of Puman
8esource uevelopmenL varlous pollcles llke L1C Þollcyţ Leave Þollcyţ Medlcal Þollcyţ Company Leased
Pouse Þollcyţ payţ Allowances and perks Þollcy have been noLlfledŦ ALoLal of 143 persons were
employedţ
ma[orlLy of whom were on depuLaLlon from lndlan 8allwaysŦ
CorporaLe Soclal 8esponslblllLy
As a pracLlce of Cood CorporaLe Covernanceţ Lhe CorporaLlon ls commlLLed Lo operaLe ln an
economlcallyţ
soclally and envlronmenLally susLalnable mannerţ whlle recognlzlng Lhe lnLeresL of lLs sLakeholders and
owes a responslblllLy Lowards Lhe welfare of Lhe socleLy beyond Lhe SLaLuLory CbllgaLlonsŦ
1he 8ehablllLaLlon and 8eseLLlemenL pollcy of ulCClL ls belng deslgned ln such a way so as Lo glve
adequaLe rehablllLaLlon compensaLlon Lo Þro[ecL affecLed Þeople (boLh Lhe LlLle holders and non
LlLle
holders)Ŧ As a pollcyţ ulCClL ls ensurlng LhaL wherever common properLy/resources are geLLlng affecLed
by Lhe pro[ecLţ sulLable replacemenL ls provlded by ulCClLso as Lo avold any hardshlp Lo Lhe communlLyŦ
LnvlronmenL ÞroLecLlon and ConservaLlon
Lh
As per LA noLlflcaLlon daLed 14 SepLemberţ 2006 under LnvlronmenL ÞroLecLlon AcLţ 1986 lssued by
MlnlsLry of LnvlronmenL and loresLţ LnvlronmenL lmpacL AssessmenL ls noL mandaLory for 8allway
pro[ecLsŦ Poweverţ ln vlew of World 8ank and !8lC Culdellnesţ deLalled LlAsLudles have been carrled ouL
for phaseŴl of boLh LasLern and WesLern Corrldors and slmllar LlAsLudles are proposed for phase ll of
boLh
Lhe CorrldorsŦ 1he AllgnmenL has been flnallsed Lo avold/mlnlmlze lnLruslon ln foresLsţ wlld llfe
sancLuarlesţ waLer bodles eLcŦ so as Lo avold /mlnlmlze damage Lo lmporLanL/endangered llora Ǝ launaŦ
Where lL ls unavoldable Lo fell Lrees on Lhe proposed allgnmenLţ reŴplanLaLlon acLlvlLy and foresL
clearance
would be underLaken as per governmenL procedureŦ 1here would be negllglble lmpacL on Lhe hablLaL of
waLer bodyţ wlld llfeŦ MlLlgaLlon measures are proposed Lo mlnlmlze Lhe dlsLurbance whaLsoever durlng
consLrucLlon perlod ln order Lo avold/mlnlmlze any polluLlon/damage Lo naLural envlronmenLŦ 1here are
no
guldellnes or sLandards for nolse level from 8allways ln lndlaŦ Poweverţ adequaLe mlLlgaLlon measures
are
proposed Lo be adopLed wherever nolse level mlghL exceed speclfled general llmlLŦ
44 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuAnnexure Ŵ ºu"
ueclaraLlon by Managlng ulrecLor regardlng compllance wlLh Lhe Code of 8uslness and LLhlcs ConducL
by
8ou members and Senlor ManangmenL durlng flnanclal ?ear 2009Ŵ2010Ŧ
lţ vl[ay kumar kaulţ Managlng ulrecLorţ uedlcaLed lrelghL Corrldor CorporaLlon Cf lndla LlmlLedţ do
hereby declare LhaL all Lhe members of Lhe 8oard of ulrecLors and Lhe Senlor ManagemenL Þersonnel
have
afflrmed compllance of Lhe Code of 8uslness and LLhlcs ConducL durlng 2009Ŵ2010Ŧ
Sd/Ŵ
Þlace ť new uelhl vl[ay kumar kaul
uaLe ť 23Ŧ06Ŧ2010 Managlng ulrecLor
lourLh Annual 8eporL 43
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuuLulCA1Lu l8LlCP1 CC88luC8
CC8ÞC8A1lCn Cl lnulA LlMl1Lu
8ALAnCL SPLL1 AS A1 MA8CP 31ţ 2010
SCu8CLS Cl lunuS
Shareholdersƌ lunds
Share CaplLal 1 338ţ00ţ00ţ000 238ţ23ţ00ţ000
Share AppllcaLlon Money 201ţ13ţ00ţ000 Ŵ
1C1AL 339ţ13ţ00ţ000 238ţ23ţ00ţ000
AÞÞLlCA1lCn Cl lunuS
llxed AsseLs 2

Cross 8lock 16ţ99ţ71ţ391 14ţ82ţ28ţ376
Lessť uepreclaLlon 4ţ62ţ73ţ082 1ţ60ţ13ţ624
neL 8lock 12ţ36ţ96ţ309 13ţ22ţ14ţ732
CaplLal Work ln Þrogress 90ţ80ţ62ţ234 42ţ28ţ61ţ882
103ţ17ţ38ţ343 33ţ30ţ76ţ634
uevelopmenL LxpendlLure(Þendlng CaplLallsaLlon) 3

68ţ73ţ30ţ963 33ţ71ţ79ţ792
CurrenL AsseLsţ Loans and Advances 4

Sundry uebLors 1ţ33ţ93ţ711 1ţ11ţ730
Cash and 8ank balances 244ţ94ţ29ţ328 107ţ71ţ67ţ983
CLher CurrenL AsseLs 13ţ82ţ69ţ769 33ţ82ţ003
Loans and Advances 136ţ39ţ02ţ914 78ţ32ţ66ţ034
418ţ71ţ93ţ922 186ţ39ţ27ţ772
LessťCurrenL LlablllLles and Þrovlslons 3

CurrenL LlablllLles 28ţ86ţ60ţ026 17ţ08ţ09ţ932
Þrovlslons 2ţ63ţ43ţ404 2ţ30ţ74ţ246
31ţ32ţ03ţ430 19ţ38ţ84ţ198
neL CurrenL AsseLs 387ţ19ţ90ţ492 167ţ00ţ43ţ374
1C1AL 339ţ13ţ00ţ000 238ţ23ţ00ţ000
SlgnlflcanL AccounLlng Þollcles 6

noLes Lo Lhe AccounLs 7

lor !aln Chopra Ǝ Company
CharLered AccounLanLs
(8a[esh kumar) (8ŦkŦ Slnha)
ÞarLner Managlng ulrecLor ulrecLor / lln
Membershlp noŦ 301860
llrm 8eglsLraLlon noŦ 2198 n
Þlaceť new uelhl
uaLeť
(Meenu kapoor)
Company SecreLary
(vŦkŦkaul)
AS A1 31Ŧ03Ŧ2010 AS A1 31Ŧ03Ŧ2009
1he Schedules referred Lo above form an
lnLegral parL of Lhe 8alance SheeL
1hls ls Lhe 8alance SheeL referred Lo ln our reporL of
even daLe
Schedule
noŦ
lor and on behalf of 8oard of ulrecLors
(AmounL ln 8upees)
30Ŵ06Ŵ2010
46 lourLh Annual 8eporL
Sd/Ŵ Sd/Ŵ
Sd/Ŵ
Sd/Ŵ
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuSCPLuuLL 1
SPA8L CAÞl1AL
AuLhorlzed caplLal
4ţ00ţ00ţ000 equlLy shares of 8s 1000/Ŵ each 4000ţ00ţ00ţ000 4000ţ00ţ00ţ000
lssuedţ subscrlbed and pald up caplLal
3380000 (Þrevlous year 2382300) LqulLy shares of 8s 1000/Ŵ each fully
pald up
338ţ00ţ00ţ000 238ţ23ţ00ţ000
1C1AL 338ţ00ţ00ţ000 238ţ23ţ00ţ000
(AmounL ln 8upees)
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
Schedules formlng parL of AccounLs
AS A1
31Ŧ03Ŧ2009
AS A1
31Ŧ03Ŧ2010
lourLh Annual 8eporL 47
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu48 lourLh Annual 8eporL
SCPLuuLL ť2
AŴ l xl ed AsseLs
CosL up Lo
31sL March
2009
AddlL ol ns
dur nl g Lhe
year
ue el L ol ns /
ad u[ s mL enLs
dur nl g Lhe year
CosL up Lo
31sL March
2010
ueprec al L ol n
upLo 31sL
March 2009
ueprec al L ol n
dur nl g Lhe year
ueprec al L ol n
on sa el /
ad u[ s mL enLs
ueprec al L ol n
as on 31sL
March 10
As on 31sL
March 2010
As on 31sL
March 2009
8upees 8upees 8upees 8upees 8upees 8upees 8upees 8upees 8upees 8upees
1AnC 8l LL ASSL1S
Leaseho dl Þrem sl es
ml provemenL
3 7ţ 8 7ţ 1 3ţ 93 6 7ţ 9 0ţ 3 2ţ 63 3 1ţ 9 6ţ 8 7ţ 80 9 3ţ 8 0ţ 3 8ţ 73 34 2ţ 3 4ţ 43 1 3ţ 0 7ţ 8 4ţ 72 Ŵ 2 0ţ 3 0ţ 3
9ţ 16 7 3ţ 3 0ţ 1 9ţ 37 3 2ţ 4 4ţ 3 9ţ 49
LuÞ AsseLs 1 3ţ 2 3ţ 9 2ţ 80 34 4ţ 1 0ţ 14 1 4ţ 3 1ţ 78 1 8ţ 3 3ţ 3 1ţ 16 30 0ţ 4 4ţ 69 49 9ţ 4 3ţ 37 17 3ţ 90 99
8ţ 1 4ţ 37 83 3ţ 3 6ţ 79 1 0ţ 2 3ţ 4 8ţ 11
C cl e equ pl menL 3 4ţ 7 9ţ 3 3ţ 27 98 6ţ 9 6ţ 44 64 2ţ 0 2ţ 68 3 8ţ 2 4ţ 4 9ţ 03 28 7ţ 0 1ţ 62 62 2ţ 7 8ţ 11 14
2ţ 07 90 8ţ 3 7ţ 66 2 9ţ 1 6ţ 1 1ţ 37 3 1ţ 9 2ţ 3 3ţ 63
lurnlLure and f xl Lures 99 9ţ 9 0ţ 03 19 2ţ 4 7ţ 09 87 3ţ 14 1 1ţ 8 3ţ 6 2ţ 00 13 1ţ 8 1ţ 09 18 9ţ 2 1ţ 92 1 9ţ
46 34 0ţ 8 3ţ 33 84 2ţ 7 8ţ 43 84 8ţ 0 8ţ 96
Leaseho dl ml provemenL
Þrem sl es nl progress
2 3ţ 6 3ţ 3 0ţ 34 Ŵ 2 3ţ 6 3ţ 3 0ţ 34 Ŵ Ŵ Ŵ Ŵ Ŵ Ŵ 2 3ţ 6 3ţ 3 0ţ 34
nl 1AnC 8l LL ASSL1S
CompuLer sof wL are 66 8ţ 8 1ţ 37 8 6ţ 1 1ţ 63 Ŵ 73 4ţ 9 3ţ 00 11 9ţ 3 4ţ 41 21 0ţ 2 1ţ 68 Ŵ 32 9ţ 7 6ţ 09 42 3ţ
1 6ţ 91 34 9ţ 2 6ţ 96
1C1AL 14 8ţ 2 2ţ 8 3ţ 76 8 3ţ 9 9ţ 9 7ţ 92 6 2ţ 2 3ţ 6 7ţ 74 16 9ţ 9 7ţ 1 3ţ 91 1 6ţ 0 1ţ 3 6ţ 24 3 0ţ 2 9ţ 3 0ţ 01
33 3ţ 43 4 6ţ 2 7ţ 3 0ţ 82 12 3ţ 6 9ţ 6 3ţ 09 13 2ţ 2 1ţ 4 7ţ 32
Þrev ol us ?ear 1 1ţ 0 1ţ 2 7ţ 33 13 7ţ 2 3ţ 0 6ţ 41 13 0ţ 00 14 8ţ 2 2ţ 8 3ţ 76 12 2ţ 3 0ţ 20 1 4ţ 7 9ţ 3 2ţ 32 2
6ţ 48 1 6ţ 0 1ţ 3 6ţ 24 13 2ţ 2 1ţ 4 7ţ 32
8Ŵ CaplLal Work nl Þrogress
LarLhwork Ŵ 10 3ţ 1 9ţ 3 7ţ 78 Ŵ 10 3ţ 1 9ţ 3 7ţ 78 Ŵ Ŵ Ŵ Ŵ 10 3ţ 1 9ţ 3 7ţ 78 Ŵ
8r dl ges under progress Ŵ 13 7ţ 9 4ţ 8 7ţ 64 Ŵ 13 7ţ 9 4ţ 8 7ţ 64 Ŵ Ŵ Ŵ Ŵ 13 7ţ 9 4ţ 8 7ţ 64 Ŵ
CLher Þro e[ cL LxpendlLure 42 2ţ 8 6ţ 1 8ţ 82 24 4ţ 0 3ţ 7 8ţ 10 Ŵ 66 6ţ 9 1ţ 9 6ţ 92 Ŵ Ŵ Ŵ Ŵ 66 6ţ 9 1ţ 9 6ţ 92
42 2ţ 8 6ţ 1 8ţ 82
1C1AL 42 2ţ 8 6ţ 1 8ţ 82 48 3ţ 2 0ţ 0 3ţ 32 Ŵ 90 8ţ 0 6ţ 2 2ţ 34 Ŵ Ŵ Ŵ Ŵ 90 8ţ 0 6ţ 2 2ţ 34 42 2ţ 8 6ţ 1 8ţ 82
Þrev ol us ?ear 3 1ţ 4 3ţ 3 2ţ 13 39 1ţ 4 0ţ 8 6ţ 67 42 2ţ 8 6ţ 1 8ţ 82 42 2ţ 8 6ţ 1 8ţ 82 Ŵ
8LCCk Cl ASSL1S C8CSS 8LCCk uLÞ8LC Al 1 Cl n nL1 8LCCk
Schedu el s fo mr nl g parL of AccounLs
uLu Cl A1Lu l8L Cl P1 CC88 ul C8 CC8ÞC8A1 Cl n Cl nl u Al L Ml 1l Lu uLulCA1Lu l8LlCP1
CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu Cpenlng balance 33ţ71ţ79ţ792
3ţ91ţ34ţ928
Þrellmlnary LxpendlLure 2ţ23ţ70ţ712
Þrellmlnary LxpendlLure wrlLLen off Ŵ22ţ370ţ712
Ŵ
AdverLlsemenL Lxpenses 13ţ08ţ138 2ţ67ţ32ţ429
LsLabllshmenL (SchŦŴ3A) 17ţ36ţ03ţ404 8ţ80ţ73ţ607
CraLulLy 433ţ834 1ţ38ţ681
SLaff Welfare 37ţ22ţ324 49ţ44ţ777
CommunlcaLlon Lxpenses 70ţ73ţ020 31ţ83ţ837
ÞrlnLlng Ǝ SLaLlonary 86ţ97ţ313 78ţ13ţ012
MlscŦ Lxpenses 3ţ36ţ373 9ţ63ţ626
8ooks Ǝ Þerlodlcals 24ţ70ţ176 3ţ79ţ233
Legal Ǝ Þrofesslonal Charges 1ţ03ţ61ţ407 33ţ99ţ973
ConsulLancy lees 13ţ86ţ139 13ţ81ţ690
ÞlacemenL ConsulLancy Charges 89ţ96ţ367 62ţ64ţ726
LlecLrlclLy Lxpenses 73ţ98ţ608 34ţ29ţ329
Þower Ǝ luel 2ţ36ţ908 61ţ368
Pousekeeplng Lxpenses 73ţ17ţ496 48ţ92ţ896
AudlLorƌs 8emuneraLlon
Ŵ SLaLuLory AudlL lees 441ţ200 33ţ130
Ŵ SLaLuLory AudlL lees (Þrevlous year) 163ţ430 Ŵ
Ŵ CerLlflcaLlon fees Ŵ 33ţ130
Þrellmlnary LxpendlLure wrlLLen off Ŵ 2ţ23ţ70ţ712
MeeLlng Ǝ Conference 6ţ42ţ834 3ţ77ţ286
8aLes Ǝ 1axes 10ţ03ţ733 24ţ23ţ400
8enL 12ţ72ţ24ţ247 13ţ88ţ14ţ207
1ours ţ1ravels and Conveyance 3ţ74ţ42ţ941 2ţ74ţ91ţ304
8epalr Ǝ MalnLenanceŴoLhers 31ţ11ţ423 13ţ67ţ330
Annual SubscrlpLlon leesŴl1 ConsulLancy Ǝ SofLware 22ţ91ţ337 18ţ11ţ236
Cfflce Lxpenses 3ţ41ţ813 7ţ64ţ431
PosplLallLy Lxpenses 2ţ14ţ112 2ţ03ţ304
Cfflce SecurlLy Lxpenses 49ţ04ţ360 29ţ44ţ399
Loss on Sale of llxed AsseLs 67ţ798
uonaLlon Ŵ 18ţ83ţ288
lncome 1ax
CurrenL year 2ţ39ţ30ţ869 2ţ47ţ64ţ713
Larller year (398ţ663)

63ţ331
lrlnge 8eneflL 1ax Ŵ 13ţ30ţ700
uepreclaLlon 3ţ02ţ93ţ001 1ţ47ţ93ţ232
Lease Pold lmprovemenL WrlLLen Cff 2ţ82ţ34ţ044
Þrlor Þerlod Ad[usLmenL (Sch Ŵ38) 1ţ72ţ92ţ926
1C1AL 83ţ70ţ96ţ240 43ţ68ţ89ţ097
Lessť lnLeresL lrom lu8 (1uS 8sŦ 99ţ03ţ413) 7ţ61ţ89ţ344 7ţ03ţ14ţ282
Sale of 1ender 3ţ12ţ000 13ţ06ţ100
8ulsness SupporL servlces 77ţ69ţ494 31ţ84ţ126
Servlce Charges 23ţ80ţ239 33ţ12ţ300
CLher lncome 3ţ89ţ672 9ţ87ţ491
lorelgn Currency llucLuaLlon 31ţ932 Ŵ
Þrlor Þerlod Ad[usLmenL (SchŴ38) 13ţ92ţ923 Ŵ
uepreclaLlon WrlLLen 8ack 3ţ137
lnLeresL on MoblllzaLlon Advance(Accrued) (1uS 8sŦ 31ţ10ţ232) 3ţ07ţ17ţ224 Ŵ
8enL recovered on Sub Lease 3ţ03ţ39ţ048 20ţ404ţ806
nL1 LxÞLnul1u8L 18AnSlL88Lu 1C uLvLLCÞMLn1
ACCCun1
68ţ73ţ30ţ963 33ţ71ţ79ţ792
(AmounL ln 8upees)
SCPLuuLL 3 ť uLvLLCÞMLn1 LxÞLnul1u8L (Þendlng CaplLallsaLlon)
Schedules formlng parL of AccounLs
lor Lhe year
ended 31Ŧ03Ŧ2009
lor Lhe year
ended 31Ŧ03Ŧ2010
lourLh Annual 8eporL 49
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuSchedules formlng parL of AccounLs
SCPLuuLL 3A
AS A1 31Ŧ03Ŧ2010 AS A1 31Ŧ03Ŧ2009
LS1A8LlSPMLn1 LxÞLnSLS
SALA8? 7ţ13ţ36ţ913 4ţ61ţ24ţ199
SALA8? A88LA8 (40Ʒ) Ŵ

37ţ80ţ318
SALA8? A88LA8 A/C 12ţ28ţ816 33ţ00ţ000
1A/uA Ŵ ALLCWAnCL 37ţ70ţ321 11ţ44ţ727
1AukŴALLCWAnCL 34ţ32ţ000 19ţ97ţ044
SALA8? A88LA8 2 nd ÞŦCŦ ( luA ) 28ţ90ţ191 Ŵ

SALA8? A88LA8 (CuA 1C luA ) 1ţ02ţ00ţ000 Ŵ

1Ax Cn ÞL8CulSl1LS 39ţ12ţ337 21ţ74ţ600
lC8LlCn SL8vlCL CCn18l8u1lCn 3ţ28ţ13ţ262 32ţ487
lu8nlSPlnC ALLCWAnCLS 33ţ40ţ009 32ţ47ţ330
PCuSL 8Ln1 ALLCWAnCL 10ţ38ţ668 6ţ12ţ182
LLAvL LnCASPMLn1 7ţ14ţ338 4ţ86ţ660
C1PL8 ALLCWAnCL Ŵ SALA8? Ŵ

783
18AnSlL8 C8An1 Ŵ

1ţ88ţ974
18AnSÞC81 ALLCWAnCL 24ţ93ţ174 13ţ83ţ420
CCnSCLluA1Lu 18AvLLLlnC ALLCWLnCLS 28ţ07ţ430 10ţ29ţ003
CCMÞCSl1 18AnSlŦC8An1 6ţ38ţ681 3ţ93ţ127
vLPlCAL MAln1Ŧ Ŵ

7ţ10ţ239
SuMÞÞu1A8? ALLCWAnCL 32ţ10ţ948 Ŵ

PCS1LL ALLCWAnCL 72ţ000 Ŵ

LLAvL 18AvLL CCnCLSSlCn 10ţ617 Ŵ

CCMÞu1L8 18AlnlnC lLL 3ţ09ţ317 1ţ30ţ832
MLulCAL lnuCC8 13ţ80ţ308 1ţ03ţ121
MLulCAL Cu1uCC8 39ţ34ţ690 40ţ70ţ091
1u1lCn lLL 21ţ68ţ438 11ţ00ţ132
LlCLnSL lLL 38ţ49ţ316 42ţ41ţ660
LLASL 8Ln1 1ţ23ţ19ţ322 82ţ03ţ316
LLLC18lCl1? ŴS1All 4ţ36ţ400
8LÞAl8 Ǝ MAln1ŦŴLLASL 6ţ13ţ248 14ţ12ţ922
1C1AL 17ţ36ţ03ţ404 8ţ80ţ73ţ607
(AmounL ln 8upees)
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
30 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuuLulCA1Lu l8LlCP1 CC88luC8
CC8ÞC8A1lCn Cl lnulA LlMl1Lu
Schedules formlng parL of AccounLs
SCPLuuLL 38
Þrlor Þerlod Ad[usLmenL
urŦ CrŦ urŦ CrŦ
AdverLlsemenL Lxpenses 3ţ033 13ţ63ţ284
LsLabllshmenL 3ţ64ţ813 6ţ73ţ177 9ţ30ţ498 80ţ649
CommunlcaLlon Lxpenses 38ţ614 68ţ741 4ţ466
SLaff Welfare
ÞrlnLlng Ǝ SLalonery 1ţ11ţ404 33ţ709 4ţ982
8ooks Ǝ Þerlodlcals 3ţ270
Legal Ǝ Þrofesslonal Charges 3ţ23ţ273 33ţ273 78ţ631
ConsulLancy lee 13ţ833 43ţ000
ÞlacemenL ConsulLancy Charges 39ţ364 14ţ837
LlecLrlclLy Lxpenses 4ţ33ţ394 13ţ913
Pousekeeplng Lxpenses 29ţ889 4ţ823 10ţ40ţ423
8enL 1ţ33ţ29ţ360
1oursţ 1ravels and Conveyance 2ţ31ţ383 2ţ16ţ863 990
8epalr Ǝ MalnLenanceŴ oLher 12ţ144 9ţ839 1ţ13ţ068
Cfflce Lxpenses 8ţ213 120
PosplLallLy Lxpenses 44ţ390
Cfflce SecurlLy Lxpenses 14ţ230 70ţ231 34ţ437
Lmployee 8emuneraLlon Ǝ 8eneflLs 3ţ320 13ţ678
MlscŦ Lxpenses 4ţ380 339 8ţ000
lŦ8Ŧ1Ŧ AŦ?Ŧ (2008Ŵ09) 23ţ333 41ţ766
8rokerage 1ţ900
LŦuŦAŦ 6ţ30ţ328
CLher Lxpenses 76ţ228
1oLal 18ţ47ţ377 32ţ40ţ301 1ţ73ţ01ţ109 2ţ08ţ183
Þrlor Þerlod Ad[usLmenL 2009Ŵ10 (13ţ92ţ923)
Þrlor Þerlod Ad[usLmenL 2008Ŵ09 1ţ72ţ92ţ926
ÞarLlculars
2009Ŵ10 2008Ŵ09
lourLh Annual 8eporL 31
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu AS A1
31Ŧ03Ŧ2010
AS A1
31Ŧ03Ŧ2009
SCPLuuLL 4
Cu88Ln1 ASSL1S ţLCAnS Anu AuvAnCLS
Cu88Ln1 ASSL1S
Sundry uebLors (unsecured Consldered Cood)
aŦuebLs ouLsLandlng for a perlod exceedlng slx monLhs Ŵ

Ŵ

bŦCLher uebLs * 1ţ33ţ93ţ711 1ţ11ţ730
*(uebLs represenL 8enL eLcŦ recelvable on accounL of Subleases)
1ţ33ţ93ţ711 1ţ11ţ730
Cash and 8ank balancesŴ
8alances wlLh Scheduled banks
CurrenL AccounLs 3ţ23ţ12ţ078 14ţ37ţ88ţ983
ueposlLs A/c 239ţ71ţ17ţ430 93ţ13ţ79ţ000
1C1AL 244ţ94ţ29ţ328 107ţ71ţ67ţ983
C1PL8 Cu88Ln1 ASSL1S
lnLeresL Accrued/8ecelvable on
1erm ueposlLs 1ţ79ţ32ţ302 49ţ96ţ917
CLhers (MoblllsaLlon Advance) 4ţ33ţ46ţ343 3ţ83ţ086
LxpendlLure on Land AcqulslLlonŴ8ecoverable from MC8 9ţ49ţ90ţ924 Ŵ

1C1AL 13ţ82ţ69ţ769 33ţ82ţ003
LCAnS Anu AuvAnCLS
SecurlLy ueposlLs 3ţ64ţ14ţ712 3ţ67ţ61ţ084
MoblllzaLlon Advances 149ţ38ţ46ţ933 69ţ31ţ03ţ000
Advance lor ÞC Arrear 8allway 1ţ69ţ142 16ţ93ţ484
Advance 1ax Ǝ 1uS 2ţ62ţ90ţ402 2ţ71ţ73ţ037
8efundable lncome 1ax AŦ?Ŧ(2009Ŵ10) 28ţ08ţ983 Ŵ

lnpuL Servlce 1ax CredlL 18ţ33ţ634
CLhers 23ţ19ţ106 2ţ43ţ29ţ429
1C1AL 136ţ39ţ02ţ914 78ţ32ţ66ţ034
Schedules formlng parL of AccounLs
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
Advances recoverable ln cash or ln klnd or for value Lo be recelved
(unsecured Consldered Cood)
(AmounL ln 8upees)
32 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu AS A1
31Ŧ03Ŧ2010
AS A1
31Ŧ03Ŧ2009
SCPLuuLL 3
Cu88Ln1 LlA8lLl1lLS Anu Þ8CvlSlCnS
Cu88Ln1 LlA8lLl1lLS
Sundry CredlLors
Mlcro Ǝ Small Ŵ Ŵ
CLhers 22ţ33ţ93ţ442 10ţ13ţ32ţ848
CLher ueposlL 41ţ61ţ268 1ţ10ţ66ţ674
SecurlLy ueposlLs 8ecelved from Suppller Ǝ Servlce Þrovlders 3ţ32ţ06ţ177 2ţ48ţ69ţ389
CLher LlablllLles 2ţ38ţ99ţ139 3ţ33ţ41ţ041
1C1AL 28ţ86ţ60ţ026 17ţ08ţ09ţ932
Þ8CvlSlCnS
Þrovlslon for lncome 1ax 2ţ39ţ30ţ869 2ţ47ţ64ţ713
Þrovlslon for lrlnge beneflL 1ax (neL of advance pald) Ŵ 1ţ30ţ830
Þrovlslon for CraLulLy 6ţ14ţ333 1ţ38ţ681
1C1AL 2ţ63ţ43ţ404 2ţ30ţ74ţ246
Schedules formlng parL of AccounLs
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
(AmounL ln 8upees)
lourLh Annual 8eporL 33
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuSchedule 6
SlCnlllCAn1 ACCCun1lnC ÞCLlClLS
1Ŧ 8asls of ÞreparaLlon of llnanclal SLaLemenLs
1hese flnanclal sLaLemenLs have been prepared on an accrual basls under hlsLorlcal cosL convenLlon ln
accordance wlLh Lhe generally accepLed accounLlng prlnclples generally accepLed ln lndla and complylng
wlLh Lhe mandaLory AccounLlng SLandards lssued by Lhe lnsLlLuLe of CharLered AccounLanLs of lndla ţ as
appllcable and Lhe relevanL provlslons of Lhe Companles AcLţ 1936Ŧ
2Ŧ use of LsLlmaLes
1he preparaLlon of flnanclal sLaLemenLsţ ln conformlLy wlLh generally accepLed accounLlng prlnclples
(CAAÞ) requlres managemenL Lo make esLlmaLes and assumpLlons LhaL affecL Lhe reporLed amounLs of
asseLs and llablllLles and dlsclosure of conLlngenL asseLs and llablllLles aL Lhe daLe of Lhe flnanclal
sLaLemenL
and Lhe reporLed amounLs of revenues and expenses for Lhe years presenLedŦ AcLual resulLs could dlffer
from
Lhose esLlmaLesŦ
3Ŧ 8evenue 8ecognlLlon
8evenue ls recognlzed based on Lhe naLure of acLlvlLy when conslderaLlon can be reasonably
measured and Lhere exlsLs reasonable cerLalnLy of lLs recoveryŦ
(1) lnLeresL on 8ank ueposlLs ls booked on a Llme proporLlon basls
(2) CLher lLems of lncome are accounLed for as and when Lhe rlghL Lo recelve ls esLabllshedŦ
(3) Servlce charges lncome ls recognlzed as per Lhe Lerms of Lhe conLracLsŦ
4Ŧ llxed AsseLs Ǝ AmorLlsaLlon
a) llxed asseLs are sLaLed aL hlsLorlcal cosL and all dlrecLly aLLrlbuLable expenses relaLlng Lo Lhe
acqulslLlon of Lhe asseLs are caplLallzed along wlLh respecLlve asseLsŦ
b) All developmenL cosL belng lncurred on consLrucLlon and acqulslLlon of AsseLs formlng parL of Lhe
rallway lnfrasLrucLure wlll be caplLallzed by dlsLrlbuLlng Lhe same over cosLs of compleLed AsseLsŦ
c) uepreclaLlon on lndlvldual asseLs acqulred for 8sŦ 3000/Ŵ or less ls depreclaLed aL Lhe raLe of 100Ʒ
d) uepreclaLlon on addlLlons/deleLlons Lo llxed AsseLs ls provlded on proŴraLa basls from/Lo Lhe daLe of
addlLlon/deleLlonsŦ
34 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lue) uepreclaLlon ls provlded on Lhe
wrlLLen down value meLhod aL Lhe raLes speclfled ln Schedule xlv Lo
1he Companles AcLţ 1936 excepL Lhe followlng ln whlch depreclaLlon ls provlded on proŴraLa basls
on Lhe sLralghLŴllne meLhod over Lhe esLlmaLed useful llves of Lhe asseLs deLermlned ť
LapLop 30Ŧ00Ʒ
Moblle 90Ŧ00Ʒ
f) lnLanglble AsseLs and AmorLlzaLlon
CompuLer AnLlvlrus SofLware ls amorLlzed over lLs useful llfe lŦeŦ one year on proŴraLa baslsŦ
l) CLher CompuLer sofLware ls amorLlzed over Lhe perlod of Lhree years on proŴraLa baslsŦ
g) leasehold Þremlses lmprovemenL
Leasehold Þremlses lmprovemenLs are amorLlzed over Lhe resldual perlod of lease from Lhe monLh ln
whlch
such leasehold lmprovemenLs are puL Lo useŦ
3Ŧ Lmployeesƌ 8eneflLs
a ) ShorL Lerm employee beneflLs
All employee beneflLs payable wholly wlLhln Lwelve monLhs of renderlng Lhe servlce are classlfled as
shorL
Lerm employee beneflLsŦ 8eneflLs such as salarlesţ wagesţ and shorLŴ Lerm compensaLed absencesţ eLcŦ
are
recognlzed ln Lhe perlod whlch Lhe employee renders Lhe relaLed servlceŦ
b) Long Lerm employee beneflLs
1he annual graLulLy llablllLy ls deLermlned based on Lhe acLuarlal valuaLlon aL Lhe end of each yearŦ
6Ŧ AccounLlng lorLease
1he Company`s slgnlflcanL leaslng arrangemenLs are ln respecL of operaLlng leases for premlses
(resldenLlal and offlce)Ŧ 1he leaslng arrangemenLs whlch are noL cancellable ranges beLween 11 monLhs
Lo
Lhree years generallyţ are usually renewable by muLual consenL on agreed LermsŦ 1he aggregaLe lease
renLals payable are charged as renLŦ
7Ŧ Þrovlslonsţ ConLlngenL LlablllLles and ConLlngenL AsseLs
Þrovlslons are recognlsed for llablllLles LhaL can be measured only by uslng a subsLanLlal degree
of
esLlmaLlonţ lf
lourLh Annual 8eporL 33
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu(a) Lhe Company has a presenL
obllgaLlon as a resulL of a pasL evenLŦ
(b) a probable ouLflow of resources ls expecLed Lo seLLle Lhe obllgaLlonŤ and
(c) Lhe amounL of Lhe obllgaLlon can be rellably esLlmaLedŦ
(a) ConLlngenL llablllLy ls dlsclosed ln case of a presenL obllgaLlon arlslng from pasL evenLsţ when lL ls noL
probable LhaL an ouLflow of resources wlll be requlred Lo seLLle Lhe obllgaLlonŤ
(b) a presenL obllgaLlon arlslng from pasL evenLsţ when no rellable esLlmaLe ls posslbleŤ
(c) a posslble obllgaLlon arlslng from pasL evenLs where Lhe probablllLy of ouLflow of resources ls noL
remoLeŦ
ConLlngenL asseLs are nelLher recognlsedţ nor dlsclosedŦ
Þrovlslonsţ conLlngenL llablllLles and conLlngenL asseLs are revlewed aL each 8alance SheeL daLeŦ
8Ŧ 1axaLlon
lncome Laxes are compuLed uslng Lhe Lax effecL accounLlng meLhodţ where Laxes are accrued ln Lhe
same
perlod Lhe relaLed revenue Ǝ expenses arlseŦ A provlslon ls made for lncome Lax annually based on Lhe
Lax
llablllLy compuLedţafLer conslderlng Lax allowances Ǝ exempLlons as per appllcable lawŦ
9Ŧ lorelgn currency LransacLlons
1ransacLlons ln forelgn currency are accounLed for aL Lhe exchange raLe prevalllng on Lhe daLe
of
LransacLlonsŦ All MoneLary lLems ouLsLandlng aL Lhe end of Lhe year are LranslaLed aL Lhe raLes prevalllng
aL
Lhe end of Lhe yearŦ
lor !aln Chopra Ǝ Company lor and on behalf of Lhe 8oard
CharLered AccounLanLs
8a[esh kumar vŦkŦkaul 8ŦkŦŦSlnha
(ÞarLner) Managlng ulrecLor ulrecLor llnance
Meenu kapoor
Company SecreLary
36 lourLh Annual 8eporL
Sd/Ŵ Sd/Ŵ
Sd/Ŵ
Sd/Ŵ
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuuLulCA1Lu l8LlCP1 CC88luC8
CC8ÞC8A1lCn Cl lnulA LlMl1Lu
SCPLuuLL 7
nC1LS 1C 1PL ACCCun1S
1Ŧ LsLlmaLed amounL of conLracLs remalnlng Lo be execuLed on caplLal accounL and noL provlded forť
Company's own unexecuLed caplLal commlLmenL 8sŦ1388 ţ84ţ38ţ336/Ŵ (Þrevlous ?ear
8sŦ1497ţ32ţ88ţ336/Ŵ)Ŧ
2Ŧ 1he Company ls ln consLrucLlon sLage for work relaLlng Lo LasLern SecLlon and WesLern SecLlon for
uedlcaLed lrelghL Corrldor Þro[ecLŦ Accordlnglyţ no ÞroflL Ǝ Loss AccounL ls belng drawnŦ lnsLead a
uevelopmenL AccounL ls drawn showlng Lhe requlred lnformaLlon as requlred by ÞarL ll of Schedule vl
ln respecL of ÞroflL Ǝ Loss AccounLŦ
3Ŧ Cn Lhe basls of lnformaLlon avallable Lhere are no dues Lowards Mlcroţ Small and Medlum enLerprlses
as deflned ln Lhe º1he Mlcroţ Small Ǝ Medlum enLerprlses uevelopmenL AcL 2006" Lo whom Lhe
company owes duesŦ
4Ŧ ln Lhe oplnlon of Lhe 8oardţ value of currenL AsseLs ţ loans Ǝ advances lf reallzed ln Lhe normal
course of Lhe buslness ţ shall noL be less Lhan Lhe value sLaLed ln Lhe accounLsŦ
3Ŧ Þrovlslon for lncome Lax has been made ln respecL of lncome from lnLeresL on llxed ueposlLs and
Servlce Charges recoveredŦ Powever no provlslon has been made on lnLeresL on MoblllzaLlon
Advance glven Lo ConLracLor as Lhe same has been consldered as CaplLal 8ecelpL based on oplnlon
obLalned from ConsulLanLsŦ no ad[usLmenL has been made for Laxes on lncome as per AS 22ţ as Lhe
Company ls ln consLrucLlon sLageŦ
6Ŧ Lmployee 8eneflLs
A sum of 8sŦ 4ţ33ţ834 (Þrevlous ?ear 8sŦ 1ţ38ţ681) Lowards Þrovlslon for graLulLy llablllLy for Lhe
year has been made as per AcLuarlal valuaLlon as on 31Ŵ03Ŵ2010Ŧ 1he dlsclosure requlred under
AccounLlng sLandardŴ13 ºLmployees 8eneflL" ln respecL of deflned beneflL plan ls ť
CraLulLy 8eneflL ls payable Lo employees on separaLlon from Lhe corporaLlonŦ 1he amounL of
graLulLy payable ls based on pasL servlce and salary aL Lhe Llme of separaLlon as per ÞaymenL of
CraLulLy acLţ 1972Ŧ 1here ls a vesLlng perlod of 3 years on Lhe beneflLŦ
lourLh Annual 8eporL 37
A reconclllaLlon of openlng Ǝ closlng 8alances of Lhe presenL value of Lhe reLlremenL beneflL
( CraLulLy ) obllgaLlon and Lhe effecLs durlng Lhe perlod aLLrlbuLable Lo each are Lhe followlng ť
ÞarLlculars AmounL ln 8SŦ
Cpenlng 8alance as on 01/04/2009 1ţ38ţ681
lnLeresL CosL 11ţ901
CurrenL servlce cosL 2ţ67ţ123
8eneflL pald ŴŴ
AcLuarlal (Caln)/ Loss on obllgaLlon 1ţ76ţ828
Closlng 8alance as on 31/03/2010 6ţ14ţ333
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu38 lourLh Annual 8eporL
AC1uA8lAL ASSuMÞ1lCnSť
MeLhod Cf valuaLlon ť Þro[ecL unlL CredlL MeLhod
ulscounL 8aLe ť 7Ŧ30Ʒ
Salary LscalaLlon 8aLeť 3Ʒ
MorLallLy raLe LlC (1994Ŵ96) publlshed Lable of MorLallLy raLes
7Ŧ 1he Company has Laken premlses for lLs corporaLe offlce on operaLlng lease effecLlve from 13
Lh
lebruary 2008Ŧ 1he lease ls nonŴcancelable durlng L he flrsL 1hlrLy Slx monLhs from Lhe lease
commencemenL daLeŦ
(a) 1he LoLal of fuLure mlnlmum lease paymenLs under nonŴcancelable operaLlng lease for each of Lhe
followlng perlod ls ťŴ

ÞarLlculars Þayable wlLhln one year
8sŦ
Þayable beLween one Lo flve years
8sŦ
As aL 31
sL
March
2010
As aL 31
sL
March
2009
Mlnlmum lease
ÞaymenLs
9ţ36ţ24ţ300 10ţ69ţ99ţ200 Ŵ 9ţ36ţ24ţ300
(b) 1he Company has sub leased parL of premlses Laken on leaseŦ 1he LoLal of fuLure mlnlmum
sublease paymenLs 8sŦ 3ţ43ţ87ţ977 (Þrevlous ?ear 8s Ŧ 3ţ34ţ37ţ230 ) expecLed Lo be recelved
under nonŴcancellable subleases aL Lhe balance sheeL daLeŦ
(c) Sub lease paymenLs recelved (or recelvable) recognlsed ln Lhe sLaLemenL of uevelopmenL
AccounL for Lhe perlod 2009Ŵ10 ls 8sŦ 3ţ03ţ14ţ048 (Þrevlous year 8sŦ 1ţ78ţ33ţ200 )
8Ŧ 1he Company has obLalned securlLy deposlLs amounLlng Lo 8sŦ 2ţ01ţ09ţ779 from ConLracLors and
Sub 1enanLs ln Lhe shape of llxed ueposlL 8ecelpLsŦ Accordlngly Lhe same has noL been shown as
parL of asseLs or llablllLlesŦ
9Ŧ SecurlLy ueposlLs shown under Loans Ǝ Advances lncul de 8sŦ 2ţ67ţ49ţ800 glven Lo uM8C by way of
llxed ueposlL under Lhelr lleuŦ lnLeresL Accrued Lhereon amounLlng Lo 8sŦ 46ţ63ţ282 ls lncluded ln
lnLeresL on llxed ueposlLs ln uevelopmenL AccounLŦ
10Ŧ 8elaLed ÞarLy ulsclosuresť
a) key ManagemenL Þersonnel
MrŦ vŦkŦkaul Managlng ulrecLor (Whole 1lme ulrecLor)
MrŦ 8ŦkŦSlnha Whole 1lme ulrecLor (llnance)
MrŦ ÞŦ nŦ Shukla Whole 1lme ulrecLor (CÞ8 Ǝ 8u)
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuMrŦ 8Ŧ8Ŧ Saran Whole 1lme ulrecLor
(ÞÞ)
MrŦ AŦ kŦuuLLa Whole 1lme ulrecLor (lnl8A)
wŦeŦf 01Ŵ04Ŵ2010
MrŦ ueepak krlshan ÞarL 1lme ulrecLor
MrŦ SŦSŦ khurana ulrecLor Ǝ ÞarL 1lme Chalrman
MrŦ Þradeep 8haLnagar ÞarL 1lme ulrecLor
MrŦCa[endra Paldea ÞarL 1lme ulrecLor

b) LnLerprlses ln whlch dlrecLors lnLeresL exlsLť nlL
c) ulsclosure of LransacLlons wlLh relaLed parLlesťŴ
11Ŧ Managerlal 8emuneraLlon

?ear ended March
31/03/2010
8sŦ
?ear ended March
31/03/2009
8sŦ
Salary Ǝ allowances(lncludlng ÞC Ǝ
luA Arrear)
97ţ19ţ693 37ţ20ţ301
value of Þerks 12ţ37ţ113 9ţ34ţ938
12Ŧ LxpendlLure ln lorelgn Currency
?ear ended March
31ţ 2010
8sŦ
?ear ended March
31ţ 2009
8sŦ
SubscrlpLlon fees for l1 18ţ72ţ000 17ţ67ţ000
1our Ǝ 1ravel expenses 18ţ01ţ687 33ţ291
Þro[ecL ConsulLancy Servlces 14ţ93ţ708
Ŵ
ÞarLlculars 1ransacLlons CuLsLandlng AmounL
?ear ended March
31/03/2010
8sŦ
?ear ended March
31/03/2009
8sŦ
As aL March
31ţ 2010
8sŦ
As aL March
31ţ 2009
8sŦ
8emuneraLlon Lo
key Þersonnel
(a) above
See polnL 11 nlL nlL nlL
lourLh Annual 8eporL 39
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu13Ŧ Land
(a) As per ulrecLlons of MlnlsLry of 8allways (MC8)ţ Lhe Company ls acqulrlng Land on behalf of
MC8 ln assoclaLlon wlLh CompeLenL AuLhorlLy nomlnaLed by MC8Ŧ 1he Company has lncurred
expenses amounLlng 8sŦ 9Ŧ30 crore ln connecLlon wlLh acqulslLlon of Land up Lo 31Ŧ03Ŧ2010Ŧ 1he
same has been shown as recoverable from MC8 sub[ecL Lo Lhelr conflrmaLlonŦ
(b) lurLherţ 8ank accounLs have been opened and operaLed [olnLly by Lhe CompeLenL AuLhorlLy Ǝ a
nomlnee of Lhe CompanyŦ Such 8ank AccounLs do noL form parL of Lhe Company's accounLsŦ
14Ŧ uurlng Lhe year company has leased parL of Lhe 3
rd
floor Lo Lhe MlnlsLry of 8allwaysŦ As advlsed by
MC8 as per ÞresldenLlal ulrecLlves vlde leLLer noŦ 2009/C(AccŦ)/31 daLed 12Ŧ10Ŧ2009ţ CaplLal
expendlLure of 8s 2Ŧ83 crores aLLrlbuLed Lo sald leased parL premls es wlll noL be pald by Lhemţ as
such Lhe same has been charged Lo uevelopmenL AccounLŦ
13Ŧ uurlng Lhe year Lhe Company has changed Lhe ueprecl aLlon pollcy on Moblle and LapLopŦ
Larller
depreclaLlon on Lhese asseLs was charged as per Companles AcLţ1936 on Wuv meLhodŦ lrom Lhls
year depreclaLlon on Lhese asseLs has been charged on SLralghL Llne 8asls [ 90Ʒ Þer year ln case
of Moblle and [30Ʒ ln Lhe case of LapLopŦ 1he neL lmpacL of changes ln accounLlng pollcy on
depreclaLlon has resulLed ln lncrease ln depreclaLlon by 8sŦ 306309/ŴŦ
16Ŧ 1he Company has senL leLLers Lo obLaln conflrmaLlon from respecLlve parLles Lo whlch few
parLles
have respondedŦ 1he resL of personal balances are sub[ecL Lo Lhelr respecLlve ConflrmaLlonŦ
17Ŧ An amounL of 8sŦ 239Ŧ71 crores ouL of share caplLal / share appllcaLlon money recelved
remalned
unuLlllzedţ and kepL ln 1erm deposlLs wlLh scheduled 8anks as on 31
sL
March 2010Ŧ
18Ŧ Þrevlous ?ear flgures have been regrouped wherever consldered necessaryŦ

lor !aln Chopra Ǝ Company lor and on behalf of Lhe 8oard
CharLered AccounLanLs
8a[esh kumar (vŦkŦkaul) (8ŦkŦSlnha)
ÞarLner Managlng ulrecLor ulrecLor llnance
(Meenu kapoor)
Þlaceť new uelhl Company SecreLary
uaLed ť 30Ŵ06Ŵ2010
60 lourLh Annual 8eporL
Sd/Ŵ Sd/Ŵ Sd/Ŵ
Sd/Ŵ
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LulŦ 8eglsLraLlon ueLalls
8eglsLraLlon noŦ 1ţ33ţ068 SLaLe code 33
8alance SheeL uaLe 31Ŧ03Ŧ10
llŦ CaplLal 8alsed durlng Lhe year (AmounL ln 8sŦ 1housands)
Þubllc lssue nlL 8lghLs lssue nlL
8onus lssue nlL ÞrlvaLe ÞlacemenL 9ţ97ţ700
lllŦ ÞoslLlon of MoblllsaLlon and ueploymenL of lunds (AmounL ln 8sŦ 1housands)
1oLal LlablllLles 39ţ06ţ303 1oLal AsseLs 39ţ06ţ303
Sources of lunds
33ţ91ţ300 8eserves Ǝ Surplus nlL
Secured Loans nlL unsecured Loans nlL
neL ueferred 1ax LlablllLy nlL
AppllcaLlon of lunds
neL llxed AsseLs 17ţ19ţ310 lnvesLmenLs nlL
neL CurrenL AsseLs 38ţ71ţ990 MlscŦ LxpendlLure nlL
AccumulaLed Losses nlL
lvŦ Þerformance of company (AmounL ln 8sŦ 1housands)
1urnover Ŵ 1oLal expendlLure Ŵ

ÞroflL/(Loss) 8efore Lax Ŵ ÞroflL/(Loss) AfLer Lax Ŵ

Larnlng per Share ln 8sŦ Ŵ ulvldend 8aLe Ʒ Ŵ

vŦ Cenerlc names of 1hree Þrlnclpal ÞroducLs/ Servlces of Company
(as per moneLary Lerms)
lLem Code noŦ (l1C Code) 98Ŧ09
ÞroducL uescrlpLlon 1urnkey consLrucLlon
lLem Code noŦ (l1C Code) nlL
ÞroducL uescrlpLlon nlL
lLem Code noŦ (l1C Code) nlL
ÞroducL uescrlpLlon nlL
CCMÞAnlLS AC1ţ 1936
8ALAnCL SPLL1 A8S18AC1 Anu A CCMÞAn?'S CLnL8AL 8uSl nLSS Þ8CllLL
SCPLuuLL vl ÞA81 lv
ÞaldŴup CaplLal(lncludlng
Share AppllcaLlon Money)
lourLh Annual 8eporL 61
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu62 lourLh Annual 8eporL
Sd/Ŵ
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu!aln Chopra Ǝ Company
CharLered AccounLanLs
103ţ !yoLl 8hawanţ Commerclal Complexţ
Mukher[ee nagarţ uelhlŴl 10 009
Þhone ť 27632776ţ 27632091 lax ť 011Ŵ27630133
LŴmall [c_company[Slf?ŦCCm
Auul1C8S' 8LÞC81
1C 1PL MLM8L8Sţ
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuŦ
1Ŧ We have audlLed Lhe aLLached 8alance SheeL of uLulCA1Lu l8LlCP1 CC88luC8
CC8ÞC8A1lCn Cl lnulA L1u as aL 31sL Marchţ 2010ţ and Lhe uevelopmenL
LxpendlLure (Þendlng CaplLallsaLlon)ţ prepared ln lleu of Lhe ÞroflL and Loss AccounLţ
and Lhe Cash llow SLaLemenL for Lhe year ended on LhaL daLeţ annexed LhereLoţ whlch we
have slgnedŦ under reference Lo Lhls reporLŤ 1hese flnanclal sLaLemenLs are Lhe
responslblllLy of Lhe Company's managemenLŦ Cur responslblllLy ls Lo express an oplnlon
on Lhese flnanclal sLaLemenLs based on our audlLţ
2Ŧ We conducLed our audlL ln accordance wlLh AudlLlng SLandards generally accepLed ln
lndlaŦ 1hose SLandards requlre LhaL we plan and perform Lhe audlL Lo obLaln reasonable
assurance abouL wheLher Lhe flnanclal sLaLemenLs are free of maLerlal mlssLaLemenLţ An
audlL lncludes examlnlngţ on a LesL baslsţ evldence supporLlng Lhe amounLs and
dlsclosures ln Lhe flnanclal sLaLemenLsŦ An audlL also lncludes assesslng Lhe accounLlng
prlnclples used and slgnlflcanL esLlmaLes made by managemenLţ as well as evaluaLlng Lhe
overall flnanclal sLaLemenL presenLaLlonŦ We belleve LhaL our audlL provldes a reasonable
basls for our oplnlonŦ
3Ŧ As requlred by Lhe CCMÞAnlLS (Auul1C8'S 8LÞC81) Crderţ 2003ţ (1he C8uL8)
lssued by Lhe CLn18AL CCvL8nMLn1 ln Lerms of SecLlon 227 (4A) of Lhe
Companles AcLţ 1936 and on Lhe basls of such checks as we consldered approprlaLeţ we
enclose ln Lhe Annexure a sLaLemenL on Lhe maLLers speclfled ln paragraphs 4 of Lhe sald
CrderŦ
4Ŧ lurLher Lo our commenLs ln ŦLhe Annexure referred Lo ln paragraph 3 aboveţ aLLenLlon ls
drawn as underť
a) 8efer noLe noŦ 3 Lo noLes Lo AccounLs regardlng non provlslon of lncome 1ax on
lnLeresL on MoblllsaLlon Advances glven Lo conLracLors
lourLh Annual 8eporL 63
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lub) 8efer noLe noŦ 13 regardlng clalm
of a sum of 8sŦ9Ŧ30 crores from MlnlsLry of
8allways (MC8) Lowards expenses lncurred by Lhe company ln Lhe pasL and shown
recoverable from MC8ţ ls sub[ecL Lo Lhe conflrmaLlon by MC8Ŧ
c) 1he company has recognlzed an lncome of 8sŦ 46ţ63ţ282/Ŵ belng lnLeresL on securlLy
deposlL glven as per lease agreemenL wlLh uelhl MeLro 8allways CorporaLlon
LlmlLed (uM8C) by way of a flxed deposlLŦ 1he Lerms of lease however provldes
LhaL an lnLeresL free deposlL wlll be provlded as securlLy deposlLŦ ln absence of a
wrlLLen conflrmaLlon from uM8C we are unable Lo commenL on Lhe recognlLlon of
Lhe sald lncomeŦ Llkewlse no lncome has been recognlzed ln respecL of such deposlLs
obLalned from Lhe sub LenanLsŦ
d) 1he company has charged a sum of 8sŦ 2ţ82ţ34ţ044/Ŵ Lo uevelopmenL LxpendlLure
(Þendlng CaplLallsaLlon) belng Lhe value of asseLs lnsLalled ln premlses leased Lo
MlnlsLry of 8allways and for whlch no relmbursemenL has been recelved by Lhe
corporaLlon
Sub[ecL Lo Lhe foregolng we furLher reporL LhaLť
(a) We have obLalned all Lhe lnformaLlon and explanaLlons whlch Lo Lhe besL of our
knowledge and bellef were necessary for Lhe purposes of our audlLŦ
(b) ln our oplnlonţ proper books of accounL as requlred by law have been kepL by Lhe
Company so far as appears from our examlnaLlon of Lhose booksŦ
(c) 1he Company's 8alance SheeLţ uevelopmenL LxpendlLure (Þendlng CaplLallsaLlon)
prepared ln lleu of ÞroflL and Loss AccounL and Cash llow SLaLemenL dealL wlLh by Lhls
reporL are ln agreemenL wlLh Lhe books of accounLŦ
(d) ln our oplnlonţ Lhe 8alance SheeLţ uevelopmenL LxpendlLure (Þendlng CaplLallsaLlon)
prepared ln lleu of ÞroflL and Loss AccounL and Cash llow SLaLemenL dealL wlLh by Lhls
reporL comply wlLh Lhe AccounLlng SLandards referred Lo ln sub secLlon (3C) of SecL[on
211 of Lhe Companles AcLţ 1936
(e) ln pursuance Lo Lhe noLlflcaLlon noŦ CS8 829(L) daLed 17Ŧ7Ŧ2003ţ lssued by Lhe
ueparLmenL of Company AffalrsŤ clause (g) of subŴsecLlon (1) of SecLlon 274 of Lhe
Companles AcLţ 1936ţ perLalnlng Lo dlsquallflcaLlon of ulrecLors ls noL appllcable Lo a
CovernmenL CompanyŦ
ln our oplnlon and Lo Lhe besL of our lnformaLlon and accordlng Lo Lhe explanaLlons glven Lo usţ Lhe
sald accounLs read LogeLher wlLh Lhe prlnclpal accounLlng pollcles and noLes formlng parLŦ of Lhe
accounLs appearlng under Schedules 6 and 7 and sub[ecL Lo Lhe consequenLlal effecL ofţ lf anyţ on
accounL of our observaLlons ln paragraph 4 aboveţ glve Lhe lnformaLlon requlred by Lhe
Companles AcLţ 1936 ln Lhe manner so requlred and glve a Lrue and falr vlew lnŦ conformlLy wlLh
Lhe accounLlng prlnclples generally accepLed ln lndlať
(l) ln Lhe case of Lhe 8alance SheeLţ of Lhe sLaLe of affalrs of Lhe Company as aL 3lsL March
2010Ť
(ll) ln Lhe case of Lhe uevelopmenL LxpendlLure (Þendlng CaplLallsaLlon) prepared ln lleu of
ÞroflL and Loss AccounLţ of Lhe neL LxpendlLure of LheŦ Company for Lhe year ended on
64 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuLhaL daLe Ť and
(lll)ln Lhe ţcase of Lhe Cash llow SLaLemenLţ of Lhe cash flows for Lhe perlod ended on LhaL
daLeţ
Sd/Ŵ
8a[esh kumar
ÞarLner
Membershlp noŦ 301860
lor !aln Chopra Ǝ Company
Þlace ť new uelhl CharLered AccounLanLs
uaLe ť 30Ŵ06Ŵ2010 l8n 02198n
lourLh Annual 8eporL 63
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuAnnLxu8L 1C 1PL Auul1C8S'
8LÞC81
ż8eferred Lo ln Þaragraph 3 of our reporL of even daLeŽ
1Ŧ a) 1he Company has generally malnLalned proper records Lo show Lhe full parLlculars
lncludlng quanLlLaLlve deLalls of flxed asseLsŦ Powever deLalls of exacL locaLlons are
noL avallable ln all casesŦ
b) As explalned Lo usţ Lhe flxed asseLs have been physlcally verlfled by Lhe ManagemenL
durlng Lhe yearŦ We are lnformed LhaL no maLerlal dlscrepancles were noLlced on such
verlflcaLlonŦ 1he dlscrepancles noLlced have been properly dealL wlLh ln Lhe books of
accounLŦ
c) 1he company has noL dlsposed off subsLanLlal parL of lLs flxed asseLs durlng Lhe yearŦ
2Ŧ As lnformed Lo usţ no loan has been granLed or Lakenţ secured or unsecuredţ Lo/from
Companlesţ flrms or oLher parLles covered ln Lhe reglsLer malnLalned under SecLlon 301 of
Lhe Companles AcLţ 1936Ŧ
3Ŧ As per lnformaLlon and explanaLlons glven Lhe company has purchased and obLalned
servlces for whlch comparaLlve quoLaLlons have noL been obLalnedţ We are unable Lo
commenL on Lhe sameţ Sub[ecL Lo Lhe sameţ ln our oplnlon and accordlng Lo Lhe lnformaLlon
and explanaLlons glven Lo usţ Lhe lnLernal conLrol procedures are generally adequaLe and
commensuraLe wlLh Lhe slze of Lhe Company and Lhe naLure of lLs buslness for Lhe purchase
of lnvenLorles and flxed asseLs and for Lhe sale of goodsŦ uurlng Lhe course of our audlLţ we
have noL noLlced any conLlnulng fallure Lo correcL ma[or weaknesses ln lnLernal conLrolsŦ
4Ŧ a) Accordlng Lo Lhe lnformaLlon and explanaLlon glven Lo usţ Lhere are no conLracLs or
arrangemenLs referred Lo ln secLlon 301 of Lhe Companles AcLţ 1936 LhaL need Lo be
enLered lnLo Lhe reglsLer malnLalned under Lhe sald secLlonŦ
b) Accordlng Lo Lhe lnformaLlon and explanaLlon glven Lo usţ Lhe Company has noL
enLered lnLo any LransacLlon ln pursuance of conLracLs or arrangemenLs requlred Lo be
enLered ln Lhe reglsLers malnLalned under secLlon 301 of Lhe Companles AcLţ 1936Ŧ
3Ŧ uurlng Lhe yearţ Lhe Company has noL accepLed any deposlL from Lhe publlcŦ
6Ŧ ln our oplnlonţ Lhe lnLernal audlL sysLem ls commensuraLe wlLh Lhe slze of Lhe Company and
naLure of lLs buslnessŦ
7Ŧ a) 1he Company ls generally regular ln deposlLlng wlLh approprlaLe auLhorlLles
undlspuLed sLaLuLory dues lncludlng provldenL fundţ employee's sLaLe lnsuranceţ
lncomeŴLaxţ salesŴLaxţ wealLh Laxţ cusLom duLyţ exclse duLyţ cess and servlce LaxŦ
Accordlng Lo Lhe lnformaLlon and explanaLlons glven Lo usţ Lhere are no undlspuLed
amounLs payable ln respecL of lncomeŴLaxţ wealLh Laxţ sales Laxţ cusLoms duLyţ exclse
duLy and cessŦ
66 lourLh Annual 8eporL
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu8Ŧ 1he Company does noL have
accumulaLed losses aL Lhe end of Lhe flnanclal year and has noL
lncurred cash losses durlng Lhe year and ln Lhe lmmedlaLely precedlng yearŦ
9Ŧ ln our oplnlon and accordlng Lo Lhe lnformaLlon and explanaLlon glven Lo usţ Lhe Company
has no dues Lowards any flnanclal lnsLlLuLlon or bankŦ
10Ŧ 8ased on our examlnaLlon and accordlng Lo Lhe lnformaLlon and explanaLlon glven Lo usţ Lhe
Company has noL granLed loans and advances on Lhe basls of securlLy by way of pledge of
sharesţ debenLures and oLher securlLlesŦ
11Ŧ 1he Company ls noL a chlL fundţ nldhlţ muLual beneflL fund or a socleLyŦ
12Ŧ 1he Company ls noL deallng or Lradlng ln sharesţ securlLlesţ debenLures and oLher
lnvesLmenLsŦ
13Ŧ Cn Lhe basls of Lhe lnformaLlon and explanaLlons glven Lo usţ Lhe Company has noL glven any
guaranLeesŦ
14Ŧ Cn ŦLhe basls of Lhe lnformaLlon and explanaLlons glven Lo usţ Lhe Company has noL obLalned
any Lerm loanŦ
13Ŧ ln our oplnlon and on Lhe basls of Lhe lnformaLlon and explanaLlons glven Lo usţ Lhe
Company has noL ralsed shorL / long Lerm fundsŦ
16Ŧ uurlng Lhe yearţ Lhe Company has noL made any preferenLlal alloLmenL of shares Lo parLles
and companles covered ln Lhe reglsLer malnLalned'under secLlon 301 of Lhe AcLŦ
17Ŧ 1heţCompany has noL lssued any debenLures durlng Lhe yearŦ
18Ŧ 1he Company has noL ralsed any money by publlc lssues durlng Lhe yearŦ
19Ŧ We are lnformed LhaL Lhere has been no fraud commlLLed by or on Lhe company durlng Lhe
yearŦ
Sd/Ŵ
8a[esh kumar
ÞarLner
Membershlp noŦ 301860
lor !aln Chopra ƎCompany
Þlace ť new uelhl CharLered AccounLanLs
uaLedť 30Ŧ06Ŧ2010 l8n 02198n
lourLh Annual 8eporL 67
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1Lu
uLulCA1Lu l8LlCP1 CC88luC8 CC8ÞC8A1lCn Cl lnulA LlMl1LuCCMMLn1S Cl 1PLŦ CCMÞ18CLLL8
Anu Auul1C8 CLnL8AL Cl
lnulAunuL8 SLC1lCn 619(4) Cl1PL CCMÞAnlLS AC1ţ 1936 Cn 1PL
ACCCun1S Cl uLulCA1Lu l8LlCll1 CC88luC8 CC8ÞC8A1lCn
Cl lnulA LlMl1Luţ nLW uLLPlţ lC8 1PL ?LA8 LnuLu 31 MA8CP
2010
1he preparaLlon of flnanclal sLaLemenLs of uedlcaLed lrelghL Corrldor CorporaLlon of lndla
LlmlLedţ new uelhlţ for Lhe year ended 31 March 2010 ln accordance wlLh Lhe flnanclal reporLlng
framework prescrlbed under Lhe Companles AcLţ 1936 ls Lhe responslblllLy of Lhe managemenL of
Lhe companyŦ 1he sLaLuLory audlLors appolnLed by Lhe CompLroller and AudlLor Ceneral of 1ndla
under SecLlon 619(2) of Lhe Companles AcLţ 1936 are responslble for expresslng oplnlon on Lhese
flnanclal SLaLemenLs under SecLlon 227 of Lhe Companles AcLţ 1936 based on lndependenL audlL ln
accordance wlLh Lhe audlLlng and assurance sLandards prescrlbed by Lhelr professlonal bodyţ Lhe
lnsLlLuLe of CharLered AccounLanLs of lndlaŦ 1hls ls sLaLed Lo have been done by Lhem vlde Lhelr
AudlL 8eporL daLed 30 !une 2010Ŧ
lţ on behalf of Lhe CompLroller and AudlLor Ceneral of lndlaţ have conducLed a supplemenLary
audlL under SecLlon' 619(3)Ŧ (b) of Lhe Companles AcLţ 1936 of Lhe flnanclal sLaLemenLs of
uedlcaLed lrelghL Corrldor CorporaLlon of lndla LlmlLedţ new uelhlţ for Lhe year ended 31
March 2010Ŧ 1hls supplemenLary audlL hasbeen carrled ouL lndependenLly wlLhouL access Lo Lhe
worklng papers of Lhe sLaLuLory audlLors and ls llmlLed prlmarlly Lo lnqulrles of Lhe sLaLuLory
audlLors and company personnel and a selecLlve examlnaLlon of some of Lhe accounLlng recordsŦ
Cn Lhe basls of my audlLţ noLhlng slgnlflcanL has come Lo my knowledge whlch would glve rlse Lo
any commenL upon or supplemenL LoŦ SLaLuLory AudlLors' reporL under SecLlon 619(4) of Lhe
Companles AcLţ 1936Ŧ

  

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