MIRA INFORM REPORT
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Report Date : |
15.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
MINISTRY OF RAILWAYS |
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Registered Office : |
Ministry of Railways, Rail
Mantralaya, New Delhi -110 001 |
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Country : |
India |
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Year of Establishment : |
1853 |
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Legal Form : |
Owned by Government of India |
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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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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-110 001, 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
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Premier transport organisation of the country |
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No. of Employees
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1583614 |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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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 and
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 |
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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
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7566 Locomotives |
37840 Coaching Vehicles |
22,147 Freight Wagons |
6853 Stations |
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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.14870 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 and 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 and 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 and 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
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Increased autonomy to General Managers.
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De-centralisation of procurement
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Port connectivity through cost sharing either fully or in part.
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Cost sharing for suburban systems at major metros.
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MOU signed with Jharkand – Govt. of Jharkand to bear two-thirds of the
cost of projects in that State.
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Similar agreement with Government of Karnataka for certain projects on
the anvil.
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MOU signed with NTPC to explore possibility of captive Thermal Power
Plants.
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Pilot projects for private terminals and warehousing facilities near
rail terminals.
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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 and 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:
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Amravati-Chandurbazar of Amravati-Narkher
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Rajgir-Natesar of Rajgir-Tilaiya
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Nokha-Sanjauli of Ara-Sasaram
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Banka-Barahat of Deogarh-Sultanganj
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Chandigarh-Morinda of Chandigarh-Ludhiana
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Kakinada-Kotipalli
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Kanthi-Digha of Tamluk-Digha
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Mahendralalnagar-Amta of Howrah-Amta
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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 millions 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. 323200
millions of Interim Budget. With a sum of Rs. 9930 millions coming from
net miscellaneous receipts, the net railway revenue now works out to Rs. 4478
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 and 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 63140 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 216717 wagons (units), 39236 coaches and 7739 number of locomotives
and manage to run 14444 trains daily, including about 8,702 passenger trains.
They carry more than a million tonne of freight traffic and about 14 million
passengers covering 6856 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 and 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 :
Ř To avoid
duplication of efforts by individual Railways.
Ř To
ensure standardisation of computer hardware and software on the Railways.
Ř To
undertake design and development of major applications on Railways requiring
higher levels of expertise, faster decision making and system wide
applicability.
Ř To
insulate the organisation from day to day working of the Railways so that its
objectives are not lost sight of.
Ř Need
for a combined effort of Railways and Computer Specialists, considered best
suited for the development of the computer applications on Railways.
Ř Need
for development of expertise in highly specialised fields like Operation
Research, Simulation, Expert System, CAD/CAM, Process Control etc.
Ř Need
for greater flexibility to keep pace with the fast changing technology.
Ř The
following are the main projects that are handled by
CRIS :
Ř Passenger
Reservation System (PRS)
Ř National
Train Enquiry System (NTES)
Ř Alpha
Migration
Ř Internet
Enquiries
Ř 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
The Prime Minister, Dr. Manmohan
Singh, inaugurated the Diamond Jubilee Year celebrations of the Institute of
Chartered Accountants of India (ICAI) in New Delhi today. Speaking on the
occasion, Dr. Singh called the Chartered Accountants of India to reaffirm their
commitment to the cause of excellence, independence, ethical conduct and
highest standards of professional integrity.
Following is the text of the
Prime Minister’s address on the occasion:
“I am truly delighted to be here
at this inaugural function of the Diamond Jubilee Celebrations of the Institute
of Chartered Accountants of India. I wish all the members, past and present,
and students of ICAI every success on this very auspicious and happy occasion.
I compliment you for the high standards of professionalism that you have come
to be known for. An Indian chartered accountant is recognized worldwide as
being among the best and the brightest in the profession.
Your institute has served our
country with great distinction. I sincerely believe that we cannot be satisfied
with the statusquo and I sincerely hope that the best is yet to come and that
the next 60 years will be still more productive, innovative in the service of
the people of our great country.
The Institute of Chartered
Accountants has been at the forefront in the development of our accounting
profession. The impressive growth in your membership, from 1700 members in 1949
to over 1.5 lakh today, bears testimony to the growing demand for your services
both at home and abroad. Yours is one of the premier accounting bodies in the
world today and this is a matter of great pride for all of us.
Indian chartered accountants
have truly earned a name and fame for themselves like so many of our
professional workers. Indeed, long before Indian business was ready to face the
challenge of globalisation and benchmark, our businesses against global best
standards, our professionals were excelling themselves.
Like our engineers, doctors,
scientists, technologists and other professionals, our chartered accountants
too faced global competition and to their credit, they stood their ground. It
is for this reason that today they are able to face the heat of that
competition at home as well as abroad. Indian Chartered Accountants firms, I
believe, should expand their operations outside India and seek global
opportunities and challenges. That, I believe, is the destiny of our great
country.
The role of the accounting
profession is critical in lending credibility to the financial market
transactions. Market participants, investors and shareholders look up to you
for high quality information, which ensures market discipline and fosters
confidence of various stakeholders. It is your responsibility to ensure that
our corporate entities do indeed conform to high governance standards.
In the public discourse on
governance I do not find adequate attention being given to corporate
governance. Unless Indian firms come to be recognized world wide for good
corporate governance, they will not be able to compete globally in an
increasingly inter-dependent integrated world. In the era of protectionism few
bothered about corporate governance and transparency in accounting and in
management. Such laxity, however, is no longer possible. Shareholder democracy
has come to stay and you are the watchdogs of this new corporate world of
immense challenges, but also of immense opportunities.
The dynamism of a globalised
capital market and the emergence of a knowledge-based economy and society have
posed major challenges to accurate and speedy financial reporting. I am therefore
happy to learn that your Institute has faced these challenges by creating a
large base of high class Chartered Accountants, and developing high quality
financial reporting standards.
I commend the Institute’s
commitment to the convergence of accounting, auditing and ethical standards
with international best practices, and improving corporate governance. I urge
you to continue to benchmark yourselves against the best available global
practices. We cannot be satisfied with the chalta hai attitude if we have to
satisfy the ambitions of our glowing workforce for a fast expanding economy and
a polity with tremendous opportunities on the horizon.
India has made a mark in the
services sector and must acquire the very top spot in terms of excellence, professionalism,
speed, quality and predictability of service and, above all, reliability and
integrity of service providers. I would like to see the day when the world
looks upto Indian professionals in every field of modern professional work. I
do believe that’s the destiny of our great nation.
I am happy to note that the
Ministry of Corporate Affairs has taken the initiative to amend the Chartered
Accountants Act, 1949 to enable your Institute to strengthen its professional
standing. A law on limited liability partnership is on the anvil. This would
help in the consolidation and growth of small firms and promote
multi-disciplinary practices in line with the evolving global trends. The
e-Governance initiative of MCA-21, for user-friendly regulation and compliance
management, is a revolutionary step for effective administration of the
Companies Act and I congratulate my esteemed colleague, Shri Prem Chand Gupta
for having presided over the Ministry at this very innovative phase of its
functioning.
Our government would greatly
welcome your suggestions from the Institute members on ways and means to
introduce greater transparency and accountability in financial accounting and
reporting systems of the government at all levels.
We have placed great emphasis on
the devolution of financial and administrative powers to Panchayati Raj
Institutions. This will impart local ownership to development schemes and
encourage transparency and accountability. A proper accounting system for funds
received and spent by panchayati raj institutions will be critical to making
this innovative experiment in decentralization a success. With the presence of
Chartered Accountants even in the remotest part of our country, you can also
facilitate financial inclusion and access to finance for the rural poor,
through micro finance and other innovative measures.
I believe the Institute should
also focus its attention on creating a second tier of accounting qualification
which could meet the emerging demand for skilled accounting personnel in the
growing rural economy, and in small and medium sectors. I congratulate the
Ministry of Corporate Affairs for having taken lead in making this happen.
I am happy to note that your Institute has taken a number of steps to develop
the profession of accountability in other countries where the profession is in
its infancy. These initiatives should be further intensified so that the
benefit of expertise of the accounting profession in India is available to
other developing countries across the world.
Technical excellence and adherence to high ethical standards are essential
conditions for growth and development of any profession. Your Institute has
been pro-active in aligning its educational curriculum with a changing business
environment. I am glad that you have made continuous professional education
mandatory for your members. That is as it should be in this fast changing
world. Ethical standards for the profession in India should be no less
stringent than existing international standards found elsewhere. There should
not be any laxity in enforcing these rigorous standards.
On this happy occasion of the
inauguration of the Diamond Jubilee celebrations of the ICAI, it would be most
appropriate for Indian Chartered Accountants to reaffirm their commitment to the
cause of excellence, independence, ethical conduct and highest standards of
professional integrity. I once again congratulate the Institute of Chartered
Accountants of India and all of you on this occasion. The Institute as I said
has served our country with great distinction in the last 60 years. But I
sincerely hope and pray that the best is yet to come. I wish the Institute and
all those connected with it all success in your endeavour to scale greater
heights of excellence and commitment to our national goals and ideals.”
Year-on-year
inflation measured in terms of the Wholesale Price Index increased to 11.42 per
cent on June 14, 2008. Though this is the highest inflation in the last 13
years, it is largely commodity centric. Government is taking measures to
moderate the inflationary pressures.
ESSENTIAL COMMODITIES
Annual
inflation of 30 essential commodities as on June 14, 2008 at 6.55 per cent has
also been relatively moderate. Among the 30 essential commodities, bajra, moong, urad,
potatoes, onions and fish inland witnessed a decline in inflation. Build up of
inflation for the 30 commodities comprising cereals, pulses, vegetables like
onions and potatoes, milk, edible oils, sugar, tea, kerosene, etc., since
January 5, 2008 was 4.1 per cent, which is less than half of the overall build
up of inflation during this period.
BEHAVIOUR OF WPI BASKET
During
this period of significantly high inflation, many products/commodities
continued to witness a decline in prices or price stability. Taking January 5,
2008 as the base, it is observed that 206 commodities in the commodity basket
of Wholesale Price Index
(1993-94 series) with a combined weight of 34.3 per cent witnessed either a price
stability or a decline in prices. 35 of these commodities belonged to primary
articles category, 6 to the commodity group of fuel and power and 165
commodities in the manufacturing products sub group.
Primary
articles which witnessed a decline in prices included: bajra and ragi in
cereals; arhar in
pulses; onions, potatoes, okara, sapota,
sweet potatoes in vegetables and fruits; and raw silk, mesta, logs
and timber, raw skins, coir fibre as agricultural raw materials. Electricity for domestic and
commercial use including for railway traction also had a decline in prices. In
manufactured products, duplex board, hessian and sacking bags, vitamins and other
tablets, adhesives, toothpaste, maida, ghee and unrefined edible oil were some of the commonly
used products having a decline in prices. List of commodities witnessing a
decline in prices is at Annex 1.
MAIN DRIVERS OF INFLATION
Between
January 5, 2008 and June 14, 2008, the economy witnessed a build up of
inflation of 8.5 percentage points. Disaggregated commodity level details
indicate that around 60 per cent of the increase in the inflation in the
primary articles was accounted for by 5 commodities (iron ore, cotton, milk,
fish marine and oranges); almost the entire increase in fuel and power group of
commodities was accounted for by petroleum products, covering a combination of
products which are under administered prices and those which have a free
pricing; even in the manufacturing sector, nearly 60 per cent of the increase
was accounted for by 8 products, six of which belong to the category of iron
and steel products.
CPI (IW)
While
the WPI has shown an increase, the CPI for industrial workers which was 7.81
for the month of April 2008 has marginally declined to 7.75 per cent in May,
2008.
ANNEX 1- Commodities having a decline
in price level
|
|
Weight |
Wholesale Price Index- Jan 5, 2008 |
Wholesale Price Index- Jun 14, 2008 |
Per cent Decline in Index |
|
Primary Articles |
|
|
|
|
|
Okra |
0.092 |
321.5 |
179.1 |
-44.29 |
|
Sapota |
0.024 |
292.5 |
185.6 |
-36.55 |
|
Garlic |
0.059 |
329.2 |
217.4 |
-33.96 |
|
Barytes |
0.004 |
103.5 |
85.6 |
-17.29 |
|
Potatoes |
0.256 |
251.9 |
215.0 |
-14.65 |
|
Coir fibre |
0.046 |
161.5 |
138.0 |
-14.55 |
|
Sweet potatoes |
0.022 |
349.5 |
312.7 |
-10.53 |
|
Onions |
0.094 |
178.9 |
160.5 |
-10.29 |
|
Logs & timber |
0.288 |
182.1 |
165.4 |
-9.17 |
|
Fire clay |
0.001 |
110.0 |
102.5 |
-6.82 |
|
Skins(raw) |
0.001 |
155.1 |
144.7 |
-6.71 |
|
Fodder |
0.067 |
208.9 |
199.1 |
-4.69 |
|
Raw silk |
0.002 |
138.4 |
132.9 |
-3.97 |
|
Mesta |
0.010 |
314.0 |
302.0 |
-3.82 |
|
Arhar |
0.135 |
218.3 |
215.3 |
-1.37 |
|
Bajra |
0.110 |
233.8 |
231.1 |
-1.15 |
|
Cummin |
0.103 |
153.1 |
152.5 |
-0.39 |
|
Ragi |
0.028 |
228.2 |
227.7 |
-0.22 |
|
Cashew nuts |
0.057 |
147.8 |
147.6 |
-0.14 |
|
Fuel and Power |
|
|
|
|
|
Electricity for Railway Traction |
0.13 |
252.3 |
250.2 |
-0.83 |
|
Electricity for Domestic use |
0.96 |
269.8 |
268.7 |
-0.41 |
|
Electricity for Commercial use |
0.28 |
259.3 |
258.9 |
-0.15 |
|
Manufactured Products |
|
|
|
|
|
Bagasse |
0.08 |
604.9 |
453.7 |
-25.00 |
|
Nickel Alloy |
0.06 |
473.4 |
397.6 |
-16.01 |
|
Lead Ingots |
0.03 |
374.6 |
322.9 |
-13.80 |
|
Alloy Stainless Steel |
0.10 |
313.9 |
271.6 |
-13.48 |
|
Unrefined oil |
0.15 |
208.0 |
182.0 |
-12.50 |
|
Brass sheets & strips |
0.03 |
315.5 |
279.3 |
-11.47 |
|
Zinc |
0.10 |
190.6 |
171.4 |
-10.07 |
|
Zinc Ingots |
0.05 |
247.8 |
222.9 |
-10.05 |
|
Duplex board |
0.08 |
124.4 |
113.4 |
-8.84 |
|
Polyster
staple fibre |
0.82 |
100.5 |
92.0 |
-8.46 |
|
Steel furniture |
0.05 |
181.9 |
167.9 |
-7.70 |
|
Liquid chlorine |
0.07 |
165.9 |
156.4 |
-5.73 |
|
Other Electrical Equipment & Systems |
0.25 |
214.6 |
202.8 |
-5.50 |
|
Decorative laminates |
0.05 |
180.7 |
171.3 |
-5.20 |
|
Broad Gauge Other Coaching Vehicles |
0.09 |
95.0 |
90.6 |
-4.63 |
|
Vitamin tablets (A,B,C,D & others) |
0.04 |
110.3 |
105.2 |
-4.62 |
|
Hessian & sacking bags |
0.16 |
210.1 |
201.2 |
-4.24 |
|
Copper bars & rods |
0.17 |
414.5 |
399.7 |
-3.57 |
|
Electronic IC's |
0.16 |
120.4 |
116.3 |
-3.41 |
|
Methanol |
0.07 |
252.1 |
244.5 |
-3.01 |
|
Resins(all kinds) |
0.05 |
143.2 |
139.3 |
-2.72 |
|
Tablets except vitamin & penicillin |
0.76 |
437.0 |
425.5 |
-2.63 |
|
Medical X-Ray Films |
0.09 |
88.9 |
86.8 |
-2.36 |
|
Semi Conductors |
0.08 |
82.9 |
81.0 |
-2.29 |
|
Liquid Nitrogen |
0.06 |
122.7 |
120.0 |
-2.20 |
|
Map litho paper |
0.08 |
206.0 |
201.9 |
-1.99 |
|
Liquid oral other than vitamins |
0.51 |
223.5 |
219.1 |
-1.97 |
|
Safety Matches |
0.12 |
143.2 |
140.4 |
-1.96 |
|
Oxygen gas in cylinder |
0.23 |
157.7 |
154.9 |
-1.78 |
|
Acetylene |
0.10 |
119.5 |
117.4 |
-1.76 |
|
Adhesives |
0.08 |
166.0 |
163.1 |
-1.75 |
|
Other Textile Machinery |
0.15 |
205.5 |
202.2 |
-1.61 |
|
Bus chassis(diesel) |
0.26 |
178.7 |
176.0 |
-1.51 |
|
Synthetic resins |
0.05 |
163.4 |
161.0 |
-1.47 |
|
Oxygen |
0.04 |
131.8 |
130.0 |
-1.37 |
|
Ghee |
0.21 |
201.7 |
199.0 |
-1.34 |
|
Scented Chewing Tobacco |
0.03 |
260.7 |
257.5 |
-1.23 |
|
Carding Machine |
0.07 |
165.7 |
163.7 |
-1.21 |
|
Tooth paste |
0.14 |
172.7 |
170.8 |
-1.10 |
|
Bran (all kinds) |
0.15 |
255.3 |
252.5 |
-1.10 |
|
M.G. poster paper |
0.04 |
188.0 |
186.0 |
-1.06 |
|
Cement |
1.73 |
221.3 |
219.1 |
-0.99 |
|
News paper |
0.32 |
131.8 |
130.5 |
-0.99 |
|
Maida |
0.57 |
229.0 |
227.1 |
-0.83 |
|
Textile Machinery Parts |
0.08 |
599.3 |
594.8 |
-0.75 |
|
Cotton Grey Cloth(Others) |
0.28 |
180.3 |
179.1 |
-0.67 |
|
Roller Bearings |
0.11 |
132.0 |
131.3 |
-0.53 |
|
Alloy Steel Casting |
0.04 |
253.5 |
252.5 |
-0.39 |
|
Hydraulic Pumps |
0.05 |
159.3 |
158.7 |
-0.38 |
|
Ring spinning & doubling frames |
0.12 |
240.4 |
239.7 |
-0.29 |
|
Cranes |
0.05 |
324.3 |
323.7 |
-0.19 |
|
Truck chassis(diesel) |
0.84 |
190.4 |
190.3 |
-0.05 |
|
Salt |
0.02 |
234.1 |
234.0 |
-0.04 |
|
|
|
|
|
|
India’s exports during May, 2008 were valued at US $
13782 million which was 12.9 per cent higher than the level of US $ 12210
million during May, 2007. In rupee terms, exports touched Rs. 580570 millions, which was 16.6 per cent higher than
the value of exports during May, 2007. Cumulative value of exports for the
period April- May, 2008 was US$ 28182 million (Rs. 1156900
millions) as against US$ 23163 million (Rs. 959580
millions) registering a growth of 21.7 per cent in Dollar terms and 20.6 per
cent in Rupee terms over the same period last year.
Imports
during May, 2008 were valued at US $24548 million representing an increase of 27.1
per cent over the level of imports valued at US $ 19313 million in May, 2007.
In Rupee terms, imports increased by 31.3 per cent. Cumulative value of imports
for the period April- May, 2008 was US$ 48822 million (Rs. 2005600 millions) as against
US$ 37082 million (Rs.
1536550 millions) registering a growth of 31.7 per cent in Dollar terms and
30.5 per cent in Rupee terms over the same period last year.
Oil
imports during May, 2008 were valued at US $ 8465 million which was 50.8 per
cent higher than oil imports valued at US $ 5613 million in the corresponding
period last year. Oil imports during
April- May, 2008 were valued at US$ 16494 million which was 48.5 per cent
higher than the oil imports of US$ 11106 million in the corresponding period
last year.
Non-oil
imports during May, 2008 were estimated at US $ 16083 million which was 17.4
per cent higher than non-oil imports of US$ 13700 million in May, 2007. Non-oil
imports during April- May, 2008 were valued at US$ 32329 million which was 24.5
per cent higher than the level of such imports valued at US$ 25976 million in
April- May, 2007.
The
trade deficit for April- May, 2008 was estimated at US $ 20640 million which
was higher than the deficit at US $ 13919 million during April- May, 2007.
|
EXPORTS &
IMPORTS : (US $ Million) |
||
|
(PROVISIONAL) |
|
|
|
|
MAY |
APRIL-MAY |
|
EXPORTS(including
re-exports) |
|
|
|
2007-2008 |
12210 |
23163 |
|
2008-2009 |
13782 |
28182 |
|
%Growth
2008-09/2007-2008 |
12.9 |
21.7 |
|
IMPORTS |
|
|
|
2007-2008 |
19313 |
37082 |
|
2008-2009 |
24548 |
48822 |
|
%Growth
2008-09/2007-2008 |
27.1 |
31.7 |
|
TRADE BALANCE |
|
|
|
2007-2008 |
-7103 |
-13919 |
|
2008-2009 |
-10766 |
-20640 |
|
EXPORTS &
IMPORTS : (Rs.millions) |
||
|
(PROVISIONAL) |
|
|
|
|
MAY |
APRIL-MAY |
|
EXPORTS(including
re-exports) |
|
|
|
2007-2008 |
497940.000 |
959580.000 |
|
2008-2009 |
580570.000 |
1156900.000 |
|
%Growth
2008-09/2007-2008 |
166.000 |
2060.000 |
|
IMPORTS |
|
|
|
2007-2008 |
787600.000 |
1536550.000 |
|
2008-2009 |
1034090.000 |
200560.000 |
|
%Growth
2008-09/2007-2008 |
313.000 |
305.000 |
|
TRADE BALANCE |
|
|
|
2007-2008 |
-289660.000 |
-576970.000 |
|
2008-2009 |
-453520.000 |
-848700.000 |
|
Figures for 2007-08
are the latest revised whereas figures for 2008-09 are provisional |
||
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.42.82 |
|
UK Pound |
1 |
Rs.84.89 |
|
Euro |
1 |
Rs.68.07 |
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 |
|