MIRA
INFORM REPORT
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Report Date : |
03.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
INDIAN
RAILWAYS |
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Registered Office : |
Ministry of Railways, Rail Mantralaya, New
Delhi |
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Country : |
India |
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Date of Incorporation : |
1853 |
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Legal Form : |
Public
Limited Liability Company |
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Line of Business : |
Premier transport
organisation of the country |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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Maximum Credit Limit : |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
The Indian Railways
have made a beginning on 16.04.1853 and the first railway on Indian
sub—continent ran over a stretch of 21 miles from Bombay to Thane (in the
state of Maharashtra) Indian Railways, the
premier transport organisation of the country is the largest rail network in
Asia and the world’s second largest under one management. Indian Railways
runs around 11,000 trains everyday, of which 7000 are passenger trains. Indian Railways are
functioning under the Ministry of Railways, Government of India having its
head quarters in New Delhi. The Railways have production units for production
of Locomotives, Rail Coaches, Wheels and Diesel Loco modernisation, apart
from other infrastructural units like construction, electrification, railway
college and central organisation for modernisation of workshops. In the recently
announced Railway budget for the year 2004-2005, the performance of the
railway for the year 2003-2004 has been highlighted and there has been
alround improvement in its performance. With commercial orientation,
aggressive marketing and economy measures, the railways would be continuously
working towards further improving their financial performance. Subject is a
Government of India organisation and it can be considered good for any sort
business dealings whether small, medium or large scale. |
LOCATIONS
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Registered Office : |
Ministry of Railways, Rail Mantralaya, New
Delhi, India |
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Tel. No.: |
91-11-23315826/23381213/23386645/23303768 |
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Fax No.: |
91-11-23310724/23382637 |
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E-Mail : |
DIRECTORS
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Name : |
Mr.
Lalu Prasad |
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Designation : |
Minister
of Railways |
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Name : |
Mr. R.
Velu |
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Designation : |
Minister
of State for Railways (V) |
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Name : |
Mr.
Naranbhai J. Rathwa |
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Designation : |
Minister
of State for Railways (N) |
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Name : |
Mr. J.
P. Batra |
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Designation : |
Chairman,
Railway Board |
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Name : |
Mr. S.
C. Gupta |
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Designation : |
Member
Electrical |
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Name : |
Mr. R.
R. Jaruhar |
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Designation : |
Member
Engineering |
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Name : |
Mr. R.
K. Rao |
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Designation : |
Memebr
Mechanical |
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Name : |
Mr. R.
Sivadasan |
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Designation : |
Finance
Commissioner |
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Name : |
Mr. K.
C. Jana |
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Designation : |
Member
Staff |
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Name : |
Mr. S.
B. Ghosh Dastidar |
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Designation : |
Member
Traffic |
BUSINESS DETAILS
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Line of Business : |
Premier transport
organisation of the country |
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No. of Employees : |
1,583,614 |
GENERAL
INFORMATION
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Banking Relations : |
-- |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
From a
modest beginning in 1853, when the first train steamed off from Mumbai to
Thane, a distance of 34 km. Indian Railways have grown into a vast network.
Railways
in India is owned by the Government.
MANAGEMENT & ADMINISTRATION
Indian
Railways are functioning under the Ministry of Railways.
Railway
Board is responsible for administration and management of Indian Railways. The
Board is under the supervision of Minister of Railways. It comprises of
Chairman, Financial Commissioner for Railways and other financial members.
Management
Ministers
GENERAL INFORMATION
The
first railway on Indian sub-continent ran over a stretch of 21 miles from
Mumbai to Thane.
The idea
of a railway to connect Mumbai with Thane, Kalyan and with the Thal and Bhore
Ghats inclines first occurred to Mr. George Clark, the Chief Engineer of the Mumbai Government, during a visit to
Bhandup in 1843.
The
formal inauguration ceremony was performed on 16.04.1853, when 14 railway
carriages carrying about 400 guests left Bori Bunder at 3.30 pm "amidst
the loud applause of a vast multitude and to the salute of 21 guns."
The first passenger train steamed out of Howrah station destined for Hooghly,
a distance of 24 miles, on 15.08.1854. Thus the first section of the East
Indian Railway was opened to public traffic, inaugurating the beginning of
railway transport on the Eastern side of the sub-continent.
In south
the first line was opened on 01.071856 by the Chennai Railway Company. It ran
between Veyasarpandy and Walajah Road (Arcot), a distance of 63 miles. In the
North a length of 119 miles of line was laid from Allahabad to Kanpur on 3rd
March 1959. The first section from Hathras Road to Mathura Cantonment was
opened to traffic on 19.10.1875.
These
were the small beginnings which is due course developed into a network of
railway lines all over the country. By 1880 the Indian Railway system had a
route mileage of about 9000 miles.
Subject,
the premier transport organisation of the country is the largest rail network
in Asia and the world’s second largest under one management.
Indian Railways is a multi-gauge, multi-traction system covering the following:
|
Track Kilometres |
Broad
Gauge |
Metre
Gauge |
Narrow
Gauge (762/610 mm) |
Total |
|
86,526 |
18,529 |
3,651 |
108,706 |
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Route Kilometres |
Electrified |
Total |
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16,001 |
63,028 |
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Other Interesting facts of Indian
Railways
Indian
Railways runs around 11,000 trains everyday, of which 7,000 are passenger
trains
|
7566
Locomotives |
37840
Coaching Vehicles |
22,147
Freight Wagons |
6853
Stations |
|
300
yards |
2300
Goodsheds |
700
Repair Shops |
1.54
million – Work Force |
Territorial Readjustment of Zones and In-House
Reforms
In order
to bring about greater efficiency in administration, speedy implementation of
on-going projects, better customer care, reduction of workload on General
Managers etc., Indian Railways have decided to create seven new zones by
territorial re-adjustment of existing zones. The new zones, having limited
financial burden on Railways, will have thin and lean, efficient and modern
administrative set up. Two of the new zones have already started functioning.
National Rail Vikas Yojana
With a view to complete strategically important projects within a stipulated
period of time, a non-budgetary investment initiative for the development of
Railways has been launched.. Under the scheme all the capacity bottlenecks in
the critical sections of the railway network will be removed at an investment
of Rs.150000 millions over the next five years. These projects would include:
Strengthening
of the golden Quadrilateral to run more long-distance mail/express and freight
trains at a higher speed of 100 kmph.
Strengthening
of rail connectivity to ports and development of multi-modal corridors to
hinterland.
Construction
of four mega bridges – two over River Ganga, one over River Brahmaputra, and
one over River Kosi.
Accelerated
completion of those projects nearing completion and other important projects.
New Steps towards Safety and Security :
Safety of 13 million passengers that Indian Railways serve every day is of
paramount importance to the system. Over the years, apart from the regular
safety norms followed, the network has taken a number of steps through
innovative use of technology and stepped up training to its manpower to enhance
safety standards. Constitution of Rs.170000 millions non-lapsable Special
Railway Safety Fund (SRSF) to replace the arrears of aging assets of Railways
over the next six years has been a historical move in this direction. A number
of distressed bridges, old tracks, signalling system and other safety
enhancement devices will be replaced during this period. As far as budget
allocation for safety is concerned, Rs.14000 millions was allocated in the
revised estimate for the year 2001-02 and Rs.22100 millions for the year
2002-2003. Extensive field trials of the Anti-Collision Device (ACD),
indigenously developed by Konkan Railway, is going on and once deployed across
the Zonal Railways, this innovative technology will help railways reduce
accidents due to collision between trains.
Security
of railway passengers is at present a shared responsibility of the Railway
Protection Force (RPF) and the Government Reserve Police (GRP). Efforts are on
to amend the Railway Act to give more powers to the RPF in ensuring security of
passengers on trains and within Railway premises. Deployment of women police
Force has been made for security and assistance of women passengers.
Improving Financial Health :
The
financial position of Indian Railways has been slowly but steadily improving.
Some of the highlights of the financial performance during 2001-02 include:
improved operating ratio from 98.8 per cent to 96.6%, savings in ordinary
working expenses of Rs.1,4870 millions, Depreciation Reserve Fund (DRF) balance
goes up from Rs. 78.040 millions during March last year to Rs.632.990 millions
during same time this year. Railways have established a new milestone in
incremental freight loading during July this year by carrying 5.70 million
tonnes of goods. Freight loading for the last financial year crossed the target
and attained 492.31 million tonnes.
New Trends in Passenger Amenities :
To take
care of the unreserved segment of the passengers, a new pilot project on
computer based unreserved ticketing has been launched in the year (2001-02). Of
the 13 million passengers served by the network everyday, nearly 12 million are
unreserved passengers. To cater to this huge segment, computer based ticketing
systems has been launched for all stations in Delhi area and in due course
throughout the country. With this, unreserved tickets can be issued even from
locations other than the boarding station and will reduce crowds at booking
offices and stations.
Indian Railway Catering and Tourism
Corporation with
the assistance of Centre for Railway Information Systems has launched On-line
ticketing facility which can be accessed through website irctc.co.in.
Computerized reservation facilities were added at 245 new locations. At present
these facilities are available at 758 locations in the country covering about
96% of the total workload of passenger reservation. Computerized Reservation
related enquiries about accommodation availability, passenger status, train
schedule, train between pair of stations etc. have been made web enabled.
A pilot
project for issuing monthly and quarterly season tickets through Automated
Teller Machines (ATMs) has been launched in Mumbai this year and has been found
very successful. Another pilot project for purchasing tickets including monthly
and quarterly season tickets through Smart Card has also been launched.
‘National Train Enquiry System’ has
been started in order to provide upgraded passenger information and enquiries.
This system provides the train running position on a current basis through
various output devices such as terminals in the station enquiries and
Interactive Voice Response System (IVRS) at important railway stations. So far
the project has been implemented at 98 stations.
Freight Operations Information System (FOIS)
Computerisation
of freight operations by Railways has been achieved by implementing Rake
Management System (RMS). Such FOIS terminals are available at 235
locations
Railways have established their own intra-net ‘Railnet’. It provides networking
between Railway Board, Zonal Headquarters, Divisional headquarters, Production
Units, Training Centres etc.
Sterling Performance by PSUs The public sector undertakings
of the Railways, especially IRCON and RITES, scored commendable achievements
during the last three years. IRCON International has achieved a record turnover
of Rs.9000 millions during 2001-02 and the foreign exchange earnings of this
prestigious organisation has increased six fold over the years. At the
international level, IRCON is at present executing different projects in
Malaysia, Bangladesh and Indonesia. The PSU has registered a strong presence in
the international scenario by its sterling track record.
RITES, another prestigious PSU under the Ministry
has scaled new heights in performance, profit and dividend to the shareholders
during the last three years. Its turn over increased from Rs.1720
millions in 1999 to Rs.2830 millions in 2002. RITES for its sterling
performance secured the prestigious ISO-9001 Certification in the year 2001-01.
The company has also entered into export/leasing of locomotives in different
countries in Asia and Africa. RITES is operating all over the world including
Columbia, UK, Iran, Malayasia, Myanmar, Bangladesh, Sri Lanka, Tanzania,
Uganda, Ethiopia, Turkmenistan and Uzbekistan.
Indian Railways Finance Corporation Limited secured excellent rating for
fourth year in succession by the Department of Public enterprises on the basis
of the performance targets. Besides, Standards and Poor’s, the international
credit rating agency, also reaffirmed the sovereign ratings to IRFC. The
Corporation has been making profits and paying dividends.
Indian Railway Catering & Tourism
Corporation (IRCTC) Internet based ticket booking
has been launched by IRCTC in Delhi, Chennai, Bangalore, Mumbai and Kolkata
this year. Hygienic and air-conditioned food plazas having consumer-friendly
ambience opened at Pune and Chennai and license for similar plazas awarded for
17 more locations. In all, 50 such plazas will be opened by the end of this
financial year across the zonal Railways. Railneer – packaged drinking water is
to be made available from December this year. More than half a lakh tourists
have availed the value added tour package programme launched by the Corporation
in the year 2001-02.
Innovative Technologies by Konkan
Railway :
Konkan
Railway Corporation (KRC), the technological marvel of Indian Railways, has
invented quite a few new technologies. Anti Collision Device (ACD),
state-of-art indigenous technology of KRC is currently under-going intensive
field trials and is capable of avoiding collision between trains.
Sky bus
metro is another innovative, economic and eco-friendly mass rapid
transportation solution devised by Konkan Railway. Self Stablising Track (SST)
devised by KRC, which is undergoing trials at present, will help Railways run
the fastest train in the near future and will make tracks much more safe and
sustainable.
Private Sector Participation : The participation of both
private and public sectors in developing rail infrastructure has gone up. A
joint venture company was formed with Pipava Port authorities to provide broad
gauge connectivity to Pipava Port. MoUs have been signed between Ministry of
Railways and the State governments of Andhra Pradesh, Karnataka, Maharashtra,
West Bengal, Tamil Nadu and Jharkhand in developing rail infrastructure in
these States.
Telecommunication – New Trends : To give improved
telecommunication systems on Railways, Optical Fibre based communication
systems has been adopted and laying OFC has increased to 7,700 route kilometer
this year. Rail Tel Corporation has been created to make a nationwide broadband
multimedia network by laying optical fibre cable along the railway tracks. This
system will provide better operational and passenger amenities and additional
revenue to Railways.
New Technologies : India became the first
developing country and the 5th country in the world to roll out the first
indigenously built “state-of-the-art” high horse power three phase electric
locomotive when the first such loco was flagged off from Chittranjan Locomotive
Works (CLW). CLW has been achieving progressive indigenisation and the cost of
locomotives has come down to the level of Rs.136.500 millions.
Diesel
Locomotives Works, Varanasi has produced state-of-the-art 4000 HP AC/AC diesel
locomotive in April this year. These locos are capable of hauling 4,800 tonne
freight trains at a speed of 100 KMPH and can run continuously up to 90 days in
one stretch without any major maintenance.
Honours and Awards
Indian
Railways achieved a number of recognitions and awards in sports, tourism sector
and for excellence in operational matters. In the Common Wealth
Games in Manchester, the Indian team’s record performance has been mainly due
to Railway team’s excellence in sports. Except one member the entire
women’s Hockey team which bagged the gold medal belonged to Railways. Mohd Ali
Qamar of Indian Railways has bagged gold medal for boxing and other
participants from Railways helped India win medals in many a team events. A
number of sportspersons from Railways were conferred with the coveted
Arjuna Awards and other major sports awards.
Darjeeling Himalayan Railways attained the World Heritage
Status from UNESCO. Fairy Queen, the oldest functioning steam engine in
the world, which finds a place in the Guinness Book of World, got Heritage
Award at the International Tourist Bureau, Berlin in March, 2000. On
operational front, Delhi Main station entered the Guinness Book for having the
world’s largest route relay interlocking system.
Social
obligations and care for weaker sections Senior
citizens, students, disabled persons etc. enjoy concessional benefits from
Railways. New initiatives in this area during the last three years include
reduction of age limits for special concession to senior women citizen from 65
to 60 years, blind and mentally challenged persons can now travel in AC classes
on concessional rates. Free second class Monthly Season Tickets (MSTs) for
school going children upto tenth standard for travel between home and school
was also introduced.
Tie-Up with Foreign Railways
Indian
Railways is in constant touch with Railways across the world to bring in
state-of-art facilities in its system. Towards this, a Memorandum of
Understanding was singed during the Eighth Session of the Indo-Austria Joint
Economic Commission held in Vienna. This seeks to promote and deepen long-term
infrastructure-specific cooperation between Indian and Austrian Railways to
their mutual benefit.
A
three-day International Conference of Union of Railways was organised by Indian
Railways in New Delhi in which hundreds of delegates from various
industries and Railways around the world participated.
Review of Financial Performance 2003-04
The
Railways have moved 557.39 million tonnes of originating revenue earning
traffic, against the target of 550 million tonnes and 38.65 million tonnes higher
than the previous year’s loading. This is the second successive year when
Indian Railways have registered around 20 million tonnes or more of incremental
revenue loading. Passenger traffic registered a growth of about 3% during
the year. There has been an increase of Rs. 2400 millions over the
earnings projected in the Revised Estimates and a savings of Rs. 4910 millions
in the Ordinary Working Expenses. The Operating Ratio of the Railways as per
approximate actuals is likely to improve to 92.1 percent as against 94.1
percent budgeted for the year. The final accounts for the year are under
compilation and indications through approximate figures are that there may be
only a marginal variation. Plan expenditure is expected to be
around Rs. 133110 millions. With a commercial orientation,
aggressive marketing and economy measures, the Railways would be
continuously working towards further improving their financial
performance.
Safety
Safety
measures and sustained efforts, the number of consequential train accidents has
come down from 473 in 2000-01 to 414 in 2001-02, 351 in 2002-03 and further 325
in 2003-04. This has been the lowest number of accidents ever,
reflecting a considerable reduction in the year 2003-04 over 2000-01. The number
of consequential train accidents per million train kilometres has also come
down to 0.39 against the figure of 0.44 during the preceding year. The
effort will be to bring this down even further.
Special
Railway Safety Fund (SRSF) of Rs. 170000 millions was created w.e.f. 1.10.2001
to wipe out arrears in renewal of overaged assets viz., track, bridges, rolling
stock & signalling gears besides safety enhancement works over a
six-year period. Considerable progress has been made in the execution of works
sanctioned under this fund. 8938 kilometres of track have been renewed up to
31.3.2004 out of the total target of 16,538 kilometres to be covered up to
31.3.2007. The work of replacement of over-aged signalling systems
with modern systems has been completed at 441 stations. The work is in
progress at 1053 other stations. Interlocking at level crossings with
signals has been completed at 387 gates during 2003-04, bringing the total of
inter-locked level crossings to 7095 out of 16549 manned level crossings.
With a view to reducing accidents at level crossings, provision of Train
Actuated Warning Device (TAWD) has been undertaken at selected 90 level
crossings. The device will warn road users and gatemen of the approaching
train by emitting a siren and through flashing lights. Under SRSF, track
circuiting works are in progress at about 5300 locations. Work has so far
been completed at about 1700 locations.
Security
The
recent amendments to the Railways Act, 1989 & RPF Act, 1957, Railway
Protection Force (RPF) has been entrusted with additional responsibilities for
escorting passenger trains in vulnerable areas and to have control on access
and regulation and general security at platforms to supplement the efforts of
state police/GRP for enhanced security of the passengers. Both the amended Acts
have come into force with effect from 01.07.2004.
Policy Initiatives during the year
Ø
Increased
autonomy to General Managers.
Ø
De-centralisation
of procurement
Ø
Port
connectivity through cost sharing either fully or in part.
Ø
Cost
sharing for suburban systems at major metros.
Ø
MOU
signed with Jharkand – Govt. of Jharkand to bear two-thirds of the cost of
projects in that State.
Ø
Similar
agreement with Government of Karnataka for certain projects on the anvil.
Ø
MOU
signed with NTPC to explore possibility of captive Thermal Power Plants.
Ø
Pilot
projects for private terminals and warehousing facilities near rail terminals.
Ø
Railways
to introduce high speed refrigerated parcel vans to move perishables across the
country.
Projects
During
the year 2003-04, 1222 kms of BG lines were added to the Railway system. The
long pending project of Jammu-Udhampur has been completed. This will go a long
way in the overall development of the Jammu & Kashmir State. The progress
of the new line project Udhampur-Srinagar-Baramulla has also been expedited and
the stretches between Udhampur-Katra and Qazigund-Baramulla are likely to be
completed during 2005-06.
So far
as the targets for completion of projects for the current year is concerned,
equal importance is being given to all the regions of the country. Accordingly,
the work of new line from Jiribam to Imphal (Tupul) which was sanctioned in the
course of last year is being taken up. The conversion of Lumding-Silchar
MG line and work of new line from Kumarghat to Agartala will also be expedited
and a programme will be made out for their time bound completion.
A
special mention that the needs of the southern states of Kerala, Tamil Nadu,
Karnataka, Andhra Pradesh and other states, like, Orissa, Punjab, West Bengal,
where there has been a perceived sense of neglect about railway development
works, will be adequately taken care of and adequate funds will be made
available for satisfactory progress of the ongoing works in the current year.
For the
year 2004-05, a target of addition of nearly 1650 kms of BG lines has been set.
New Lines
Panvel-Karjat,
Sasaram-Nokha, Jagdishpur-Tilaiya, Kakdweep-Namkhana and Una-Churaru-Takrala
have been completed. In 2004-05, Railways propose to complete 273 kms of New
Lines including following sections:
Ø
Amravati-Chandurbazar
of Amravati-Narkher
Ø
Rajgir-Natesar
of Rajgir-Tilaiya
Ø
Nokha-Sanjauli
of Ara-Sasaram
Ø
Banka-Barahat
of Deogarh-Sultanganj
Ø
Chandigarh-Morinda
of Chandigarh-Ludhiana
Ø
Kakinada-Kotipalli
Ø
Kanthi-Digha
of Tamluk-Digha
Ø
Mahendralalnagar-Amta
of Howrah-Amta
Ø
Hassan-Shravanabelagola
and Bangalore-Neelamangala of Bangalore- Hassan
Sports
The
performance of Indian Railways during the year 2003-04 has been outstanding
both at National and International levels. It is a matter of great pride
that Railway sportspersons have given a splendid performance in the Afro Asian
Games – 2003 held at Hyderabad. Besides Indian Railways volleyball,
basketball and golf teams won first ever Gold, Silver and Bronze medals
respectively in World Railway Championships of 2003-04.
The
National level, Railway athletes won 16 National titles in different games and
stood runners-up in 12 disciplines. Seven sportspersons have been
honoured with prestigious Arjuna Award and one each with Dhyan Chand and
Dronacharya Awards. I would like to make a special mention regarding Miss
K.M. Beenamol, a Railway athlete, who has been honoured with the Padmashri and
Rajiv Gandhi Khel Ratna Awards during the year. This is the first ever
time 10 Railway sportspersons have been honoured with such awards in a year.
Passenger Amenities
There
are more than 8000 stations on Indian Railways which are used by millions of
passengers everyday. I have decided to pay special attention towards maintenance
and improvement to the passenger amenities at the stations. While an
amount of Rs. 1780 millions, Rs. 1750 millions and Rs. 1690 millions was spent
in the previous three years respectively, a sum of Rs. 2150 millions is being
provided for improvement to passenger amenities this year to give a thrust to
this area.
This
budgeted outlay of Rs. 2150 millions shall be spent on specially identified
passenger amenity works such as provision of safe and good quality drinking
water disinfected by using modern techniques, provision of washable aprons,
clean toilets, adequate booking windows, extension of platforms to accommodate
full length trains, raising of platform levels, provision and widening of foot
over bridges and sub-ways.
This
will go a long way in ensuring higher standards of cleanliness and hygiene,
safe and convenient movement of passengers at the stations, easing of
congestion and better passenger dispersal. Such works shall be in
progress at approximately 1100 stations.
The
deficiencies in the Minimum Essential Passenger Amenities at all the stations
shall be made good by the end of March 2005.
Special
emphasis shall also be given to passenger amenities friendly to physically
challenged persons. Railways are endeavouring to provide facilities such as
exclusive parking, ramp to main station building, low level toilets and low
level drinking water taps, non-slippery pathways and ‘May I Help You’ booths,
on all 225 ‘A’ class stations by March 2005. These facilities will be
extended to all 283 ‘B’ class stations in the next three years i.e., by March
2007.
To
improve the amenities available for passengers travelling in sleeper class, it
has been decided to provide additional facilities, such as snack tables in each
bay, magazine holder, bottle and tumbler holders and a mirror in each bay
of the compartment (for 8 passengers), in GSCN type of coaches. All new
coaches are being manufactured with crash worthiness features.
Annual Plan 2004-05
The Plan
outlay for 2004-2005 has been kept at Rs. 112650 millions. Taking into
account the outlay of Rs. 29330 millions on safety related works through the
Special Railway Safety Fund (SRSF), the total outlay comes to Rs. 141980
millions. This is Rs. 7730 millions more than the outlay of the Interim Budget.
For the year 2004-2005, the total funds received from General Exchequer are the
same as provided in Interim Budget i.e. Rs. 70200 millions, which
includes Rs. 20750 millions as contribution towards the SRSF and
Rs. 4010 millions from the Central Road Fund. The corresponding figure
for last year’s Budget Estimates was Rs 65773.4 millions,
including Rs. 16000 millions for the SRSF and Rs. 4330 millions
from the Central Road Fund. For the Udhampur-Srinagar-Baramulla National
Project a separate allotment of Rs. 3000 millions has been received, due to
which Railways’ total plan outlay becomes Rs. 144.98 millions.
Budget Estimates, 2004-05
Budget
Estimates for 2004-05. The estimates presented to this august House
through the Interim Budget 2004-05 were based on the Revised Estimates fixed
for 2003-04. In the light of the approximate financial results for
2003-04, which are now available, the Interim Budget estimates have been
reviewed and updated.
The
Interim Budget anticipated a growth rate of 5.49 percent in passenger earnings
for the year 2004-05. However, in the light of actual growth rate
achieved during 2003-04, the passenger earnings are now proposed to be revised
downward from Rs.142000 millions of Interim Budget to Rs.139400 millions.
Freight
earnings, which were brought down at the Revised Estimates stage last year,
based on the trend at that time, showed remarkable recovery during the
remaining part of the last year due to general buoyancy, as a result of which
the revised target was surpassed. Enthused by this trend, it is proposed
to revise the freight earnings for the current year, duly enhancing the loading
target by 10 million tonnes and fixing the same at 580 million tonnes.
Accordingly, the freight earnings have been placed at Rs.
287450 millions, which is Rs. 6450 millions higher than the Interim Budget
level.
Other
Coaching earnings in the Interim Budget were assessed at Rs. 9900 millions
assuming a growth of around 6.5 percent over the Revised Estimates,
2003-04. These are now assessed at Rs. 10400 millions taking into account
the proposed re-classification of parcel rates, which is estimated to
fetch additional revenue of Rs. 500 millions. I will come to the
details of this re-classification in the later part of my speech.
Taking note of the shortfall in Sundry Other Earnings in 2003-04, the target
for the current fiscal is being set at Rs. 10720 millions, which is Rs. 400
millions lower than the Interim Budget.
With an
additional clearance of Rs. 250 millionss of traffic suspense, the gross
traffic receipts for the current financial year are now estimated at Rs. 449020
millions, which are Rs. 4200 millions higher than the Interim Budget.
The
requirement of funds for Ordinary Working Expenses for 2004-05, which were
placed at Rs. 329600 millions in the Interim Budget, have been recast in view
of the savings achieved in the previous year. There have, however, been
post interim budget factors such as merger of 50 percent of DA with the
basic pay and increase in the price of diesel that were naturally not
provided in the Interim Budget. Due to stringent measures taken by the Railways
for expenditure control and zero base budgeting, the Railways are hopeful of
not only absorbing the impact of these factors within the interim budget but
also reducing the Ordinary Working Expenses by Rs. 1000 millions.
Accordingly, these are being kept at Rs. 328600 millions in BE 2004-05.
Appropriation
to Depreciation Reserve Fund, which was kept at Rs. 19000 millions in the Interim
Budget, is being stepped up to Rs.22670 millions. Taking note of present and
future replacement requirements there is a conscious decision to enhance the
funding of the Depreciation Reserve Fund.
In view
of a slight reduction anticipated in the pension liability, the appropriation
to Pension Fund from revenue is being reduced by Rs. 1000 millions over the
Interim Budget level of Rs. 63900 millions.
Thus the
total working expenses now work out to Rs. 414170 millions and the net traffic
receipts come to Rs. 34850 millions as against Rs. 32320 cr of Interim
Budget. With a sum of Rs. 9930 millions coming from net miscellaneous
receipts, the net railway revenue now works out to Rs. 4,478 millions as
against Rs. 42250 millions of the Interim Budget. After payment of current
dividend of Rs.33050 millions and Rs. 3000 millions towards the deferred
dividend liability, Railways are left with a ‘surplus’ of Rs.8730
millions. With the increased emphasis on safety, it is proposed to
deploy Rs. 1580 millions of this surplus through Special
Railway Safety Fund and the remaining through Development Fund for
modernization and development activities.
Any
increase in the Passenger fares for any Class of travel for the year 2004-05.
Suburban Transport Projects
Mumbai
Urban Transport Project (MUTP) and the extension of Kolkata Metro Railway from
Tolleyganj to Garia are progressing satisfactorily. The extension of
Kolkata circular Railway from Princepghat to Majerhat as well as Dum Dum to
Netaji Subhash Chandra Bose Airport is expected to be completed during the
year. The entire section of MRTS (Phase II) from Tirumalai to Velachery
shall be made operational fully by April 2005. The conversion of MG lines
of the suburban system between Chennai (Egmore) and Tambaram to broad gauge are
expected to be completed by March 2005.
Rail Vikas Nigam Limited
The Rail
Vikas Nigam Limited (RVNL) was set up in January 2003 to undertake the bankable
projects of the Golden Quadrilateral & Port Connectivity segments under the
National Rail Vikas Yojana. Works for 56 projects under the Yojana (both
sanctioned as well as unsanctioned) have been handed over to RVNL. In addition
to project execution, RVNL will also undertake resource mobilization from the
domestic market or through public private partnerships, BOT schemes, etc.
Konkan Railway Corporation
The
Konkan Railway Corporation has consistently been improving its performance in
the last three years of its operations. However, as nearly 70 percent of
the capital cost has been met through market borrowings, the Corporation has a
heavy interest burden of about Rs. 3000 millions per annum due to heavy debt
servicing involved. This is apart from the redemption of bonds which are
already due. The Railways have been giving continued financial support to
this Corporation. I propose to take up the financial problems faced by
the Corporation with the participating State Governments of Kerala, Karnataka,
Goa and Maharashtra to find a solution.
Website Details :
Salient Features of Indian Railways:
India is a land of diverse culture and Indian Railways play a key
role in not only meeting the transport needs of the country, but also in
binding together dispersed areas and promoting national integration. Truly,
Indian Railways have emerged as the sinews of the Indian economy and have
reached out to bring together the great Indian family.
Railways traverse through the length and breadth of the country
covering 63,140 route kms as on 31.3.2002, comprising broad gauge (45,099 kms),
meter gauge (14,776 kms) and narrow gauge (3,265 kms). As the principal
constituent of the nation’s transport system, Indian Railways own a fleet of
2,16,717 wagons (units), 39,236 coaches and 7,739 number of locomotives and
manage to run 14,444 trains daily, including about 8,702 passenger trains. They
carry more than a million tonne of freight traffic and about 14 million
passengers covering 6,856 number of stations daily.
Indian Railways have been the prime movers to the nation and have
the distinction of being one of the largest railway systems in the world under
a single management. Railways being the more energy efficient mode of transport
are ideally suited for movement of bulk commodities and for long distance
travel. As compared to road transport, the railways have a number of intrinsic
advantages. Railways are five to six times more energy efficient, four times
more efficient in land use and significantly superior from the standpoints or
environment impact and safety. Indian Railways, therefore, rightly occupy pride
of place in the growth and development of the nation.
Railways, being the prime infrastructural sector of the country,
need to expand and develop to keep pace with the growth of Indian economy. The
massive investment needed for the development of the railway system has not
been fully available. The budgetary support to the railways has been
increasing, but is far from adequate and has not been keeping pace with the
throw-forward.
Railways have to perform the dual role of commercial organization
ad vehicle for fulfilment of social obligations. In national emergency,
railways have been in the forefront in rushing relief material to disaster
stricken regions. For meeting its social obligations, railways are required to
make investments that are un-remunerative and also have to provide subsidized
services. Unlike many foreign railways, which receive government subsidies for
public service obligations, Indian Railways are not specifically compensated
for these operations.
The Indian Railway system is managed through zones and operating
divisions. There are also six production units engaged in manufacturing rolling
stock, wheels and axles and other ancillary components to meet Railways’
requirements.
In pursuance of the decisions taken earlier, Government has now
decided to operationalise seven new zones and eight new divisions. The North
Western Railway at Jaipur and East Central Railway at Hajipur have been made
functional with effect from 1st October 2002. Remaining five zones
viz., East Coast Railway at Bhubhaneshwar, North Central Railway at Allahabad,
South East Central Railway at Bilaspur, South Western Railway at Hubli and West
Central Railway at Jabalpur and eight new divisions at Agra, Ahmedabad, Guntur,
Nanded, Pune, Ranchi, Rangiya and Raipur shall be operational with effect from
1st April.
Research, Designs and Standards Organisation (RDSO) is the sole
research and development wing of Indian Railways, functioning as the technical
adviser and consultant to the Ministry, Zonal Railways and Production Units.
RDSO has been reorganized with effect from 1.1.2003 by elevating its status
from ‘Attached Office’ to ‘Zonal Railway’ to give it greater flexibility and a
boost to the research and development activities.
The formation of policy and overall control of the railways is
vested in Railway Board comprising the Chairman, Financial Commissioner and
other functional Members for Traffic, Engineering, Mechanical, Electrical and
Staff matters.
As per the Separation Convention, 1924, the Railway Budget is
presented to the Parliament ahead of the General Budget. Though the Railway
Budget is separately presented to the Parliament, the figures relating to the
receipt and expenditure of the Railways are also shown in the General Budget,
since the receipts and expenditure of the Railways are a part and parcel of the
total receipts and expenditure of the Government of India.
HISTORY OF CRIS:
In 1982,Government decided to set up a Freight Operations Information Systems (FOIS) later in
1986,Ministry of Railways established the CENTRE FOR RAILWAY INFORMATION SYSTEMS (CRIS), Chanakya Puri, New
Delhi - 21 to be an umbrella for all computer activities on Indian Railways (IR). They also
entrusted it with the task of design, development and implementation of the
FOIS, alongwith its associated communications infrastructure. The Centre
started functioning from July,1987.It is an autonomous organisation headed by
Managing Director .CRIS is mainly a project oriented organisation engaged in development
of major computer systems on the Railways. CRIS has acquired special knowledge
and expertise in the field of informatics. With such a rich practical
experience, a dedicated team of professionals and its own R&D effort, CRIS
aims to be a leader in this fast developing field. Indian Railways is one of
the most advanced ministries in India, with an innovative and extensive IT
environment.
CRIS: The need
A separate organisation was considered better suited to take up
all computer activities on IR mainly for the following reasons :
Ø
to avoid duplication of efforts by individual Railways.
Ø
to ensure standardisation of computer hardware and software on the
Railways.
Ø
to undertake design and development of major applications on
Railways requiring higher levels of expertise, faster decision making and
system wide applicability.
Ø
to insulate the organisation from day to day working of the
Railways so that its objectives are not lost sight of.
Ø
need for a combined effort of Railways and Computer Specialists,
considered best suited for the development of the computer applications on
Railways.
Ø
need for development of expertise in highly specialised fields
like Operation Research, Simulation, Expert System, CAD/CAM, Process Control
etc.
Ø
need for greater flexibility to keep pace with the fast changing
technology.
Ø
The following are the main projects that are
handled by CRIS :
Ø
Passenger Reservation System (PRS)
Ø
National Train Enquiry System (NTES)
Ø
Alpha Migration
Ø
Internet Enquiries
Ø
Unreserved Ticketing System (UTS)
CONCERT
INTRODUCTION
CONCERT - COUNTRY-WIDE NETWORK FOR COMPUTERIZED ENHANCED RESERVATION
AND TICKETING - developed by CRIS, Chanakya Puri, New Delhi, is a total
networking solution to Indian Railways Passenger Reservation System. Indian
Railways computerised Passenger Reservation System (PRS) currently operates
from five regional centres located at Delhi, Bombay, Calcutta, Madras and
Secunderabad. CRIS was assigned the task of development and implementation of
the new software incorporating networking for Indian Railways thereby
interconnecting the five PRS centres. The new On-line Passenger Reservation
System -CONCERT - developed using client-server model for distributed computing
is a total solution to the networking of the PRSs. A dedicated team of software
professionals contributed to the successful implementation of CONCERT. The
software has been successfully implemented at all of the five PRS’ site viz.
Secunderabad in Sept. 1994, and New Delhi in Sept. 1996,Calcutta 14th
June 1998 and recently at Mumbai on 11th Jan 1999,and at Chennai on
12th April 1999 thus the complete network become operational on 18th
April 1999, and has been working satisfactorily since then. All of the five
sites have been internet-worked over a 64 kbps line using routers, on leased
communication line connections from Department of Telecom (DOT). Thus PRS
network of the Indian Railways will enable reservations in any train, date, or
class, between any pair of stations to the travelling public on about 2000
terminals across the country. Under the network environment it is proposed to
provide "Universal Terminals". Universal Terminals are those from
where any reservation activity on network can be done transparently.
Press Release
Air Marshal Fali Homi Major will
be the New Chief of Air Staff
The Government today appointed Air marshal Fali Homi Major, PVSM,
AVSM, SC, VM, ADC, presently Air Officer Commanding-in-Chief, Eastern Air
Command, as the next Chief of the Air Staff with effect from the afternoon of
March 31, 2007.
The present Chief of the Air Staff, Air Chief Marshal SP Tyagi, PVSM, AVSM, VM
& Bar, ADC retires from service on March 31, 2007.
Born on May 29, 1947, Air Marshal Major was commissioned into the Air Force on
December 31, 1967 as a helicopter pilot. During his long and distinguished
service spanning little over 39 years, he has worked in a variety of Command,
Staff and Instructional appointments. He has the distinction of having 7765
hours of flying experience to his credit.
The Air officer commanded a helicopter unit, which took part in world’s
highest battlefield operations in Siachen Glacier and commanded MI-17 squadron
during IPKF operations in Sri Lanka, for which he was decorated with Vayu Sena
Medal(Gallantry) during this tenure.
Air Marshal Major was bestowed Saurya Chakra award for undertaking a very
dangerous and exacting rescue mission on October 14, 1992 at Timber Trail in
Parwanoo, Himachal Pradesh, where he along with his crew, winched the eleven
stranded tourists out from the cable car, by hovering precariously close to the
set of cables that ran above the cable car.
Besides being a Fellow of the National Defence College, New Delhi, and the Army
War College, Mhow, he attended a variety of courses like Junior Commanders’
Course, Jungle and Snow Survival Course and Higher Command Courses. He had the
distinction of overseeing the tri-Service operations including the Tsunami
operations during his tenure as Deputy Chief of Integrated Defence Staff
(Operations) at IDS Head Quarters. He was promoted as AOC-in-C, Eastern Air
Command in September 2005. The Indo-US Joint Air Exercises at Kalaikunda in
2005 were successfully conducted under his leadership in Eastern Air Command.
He was awarded Param Vishist Seva Medal (PVSM) in January 2006 and Ati Vishist
Seva Medal (AVSM) in January 2002. He is one of the Honorary ADCs of the
Supreme Commander.Air Marshal Major is married to Mrs. Zareena and has one son
and one daughter.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM
as part of its Due Diligence do provide comments on Corporate Governance to
identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.11 |
|
UK
Pound |
1 |
Rs.86.79 |
|
Euro |
1 |
Rs.57.44 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
71 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|