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IFCI Ltd. Interim / Quarterly Report 2019

Jun 4, 2019

59191_rns_2019-06-04_f4621a6f-e310-4feb-9880-07898bf9a7ca.pdf

Interim / Quarterly Report

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June 04, 2019

No. IFCl/CS/2019- ^W)

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IFCI
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LIMITED
in [a] R{ 3
(A8aemnei6d..- Undaptigl
t
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The National Stock Exchange of India Limited

Exchange Plaza Plot No. C/1, G Block, Bandra Kurla Complex Bandra (East) Mumbai — 400 051

CODE: IFCI

Dear Sir,

Re: Financial Results of the Company for the qua rt er and year ended March 31, 2019 along with the Ce rt ificates of Debenture Trustees.

Pursuant to the provisions of Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we submit herewith the Financial Results of the Company for the qua rt er and year ended March 31, 2019 enclosed at Annexure I. Also, as per the provisions of Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the requisite information to be submitted along with the financial results is as under:

n

S.No. Particulars Details
1 Credit Rating and Change in the
CreditRating, ifany		 Enclosed at Annexure - II
2 Debt— Equity Ratio 3.81
3 Previous due date for the payment of
interest of non-convertible debt
securities / repayment of principal of
non-convertible debt securities and
whether the same has been paid or
not		 Enclosed at Annexure - III
4 Next due date for the payment of
interest of Non-Convertible Debt
Securities / principal along with the
amount of interest of non-convertible
debt securities payable and the
redemptionamount		 Enclosed at Annexure - III
5
DebentureRedemptionReserve		 X247.08 crore
6
Net Worth		 T4225.30 crore
7 Net
(Loss)After Tax		 443.83 crore
8
EarningsPer Shar		 (2.62)

aW IMIfft3»tra.

'A flp r [qi] afcu:

34f + Jb1I4 ma[y] , 61 F AW. t 9[1] ft - 110 t,WW: +91-11-4173 2000, 4179 2800 45 R: +91-11-2623 0201, 2648 8471 ditu*c: www.ifciltd.com

IFCI Limited

Regd. O ff ice:

IFCI Tower, 61 Nehru Place, New Delhi - 110 019 Phone: +91-4173 2000, 4179 2800 ^O Fax: +91-11-2623 0201, 2648 8471 I q Website: www.ifciltd.com CIN: L74899DL1993G 0 1053677

In Development of the Nation since 1948 

is L74899DL1993GO1053677

1948 M5 1A *

68.[8] 4FC' 7: It ma[y] kindl[y] be noted that as ner the Proviso to Regulation 52(4) of the LIMITED SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,

" "" °^°fl°'fl°' the requirement to disclose asset cover, debt service coverage ratio and interest service coverage ratio is not applicable on the Non-Banking Financial Companies registered with Reserve Bank of India, hence IFCI being NBFC — ND-SI has not given the above data.

LIMITED " "" °^°fl°'fl°'

  1. Further, pursuant to the provisions of Regulation 52(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have received the Certificates from the Debenture Trustees viz. Axis Trustee Services Limited and IDBI Trusteeship Services Limited stating that they have taken note of the information required under Regulation 52(4) and the same is enclosed at Annexure IV. Certificate from Centbank Financial Services Limited is still awaited. The same shall be submitted upon receipt of the same.

Thanking You

Yours faithfully For IFCI Limited

(Rupa Sarkar) Company Secretary

Encls: a/a

IEa Im.

•

ON: 1743950t199300105362 7 RECD. OFFICE.: IFCI TOWER 61, NEHRU MACE, NEW DELHI-110019 W EaS nE: wwwAfciIt ds.m

R In LOW

Stuli dokMR.tulH, CUMOIdd RHUb
Quarter ended 31/03/19
(Unaudited)		 Quarter ended 31/12/18
(Unaudited)		 Quarter ended
31Ndi
(Unaudited)		 Year ended
AUtll
Audi
t
e)
d)
(Audited)		 Yearended
31/03/18 (Audited)		 Yearended
31/03/19 (Audited)		 year ended
31/03/18 (Audited)
43,236 60,430 97 098 20632.5 261249 2199]2 2]]859
637
 5,164
 239 3,914 5.846 7 018 9,238
~~646~~
 798 5,465 3,208 3,768 2,559 1190
674 474 237 2,276 1,947 3,104 ,
2930
20.118 71,948 ,
61 725
1,49 2,339
48,003 484])
~~45,395~~
2,005
 62,866
3936
 1,19,153
24,498		 ~~21~~5 723
30897		 344150
29.241		 502146
31.303		 405 758
30,400
~~4~~74 56,93 143651 2 6
0		 7 313
9		 4
40,599 43,163 45,364 1,75,614 207430 180270 214496
10362
7 640		 11637
13579		 72225 13,251
108483		 93,436 ~~4,019~~
17,247
1,14,632
4,86		 6.146
100945
2,172
4,348
 2,290
 4,635 11,212 30,919 3,43
293-I I		 2,294
29320
~~803~~
2 731
45.711		 ~~819~~
799
72,284
 ~~039~~
556E
13823
 3,28!
5878
315 7
49		 3,365
9.823
3,23373		 6.3-36
27 7
83847		 6,252
19.133
392106
1,93 ~~350~~
 ~~1564~~7~~4~~

 90,02 6 3 8
66
•
3,63
639
330
 ~~4~~
-
187		 ~~1~~ ~~6~~
~~4~~
1,053		 9
(6391
-		 50025
3 619		 69 6
96
26		 43,312
3575
21
•
~~SIDS~~		 (8,656) 51.319 24109 2.139 21 94 ~~il312)~~
5,39 8469 4746 3.188 65 ~~,~~
2 239
•
766		 4 01 46237 47 41
1
~~B~~ 44
84!		 ] ~~47$95~~ a
3]3] 3059 36042 1,440 3)1] 3,500 60 760
•
(2,734)		 90 11 771 90 I 1 171
•
5,010		 165 273 5,039 297 4.992 SI
3818 1,039 12,652 4,193 14378 3,252 9191
•
1 761		 194 (1,751) 104 (3,778) 135
•
(1,149		 1,725 3,109 (t,617) 2,208 1617 2,208
35 (4,857) (35) .
485'		 51 4857

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a a 906
5395I
99.74
48
55206
404
169599
226
2- e
T
mipe
all..ii1t14 \',I
6n21
SI.
JTII
Ne,v DtIhl.l9
"1
Income tax relatice to Items that will be reclaSi fled to profit or loss
Ten on Fair valuehanes on FVFOCI- Debtsemdtles
Other comofeheeslegIncom
finest net 01 as




 414
6.300		 60
108
 1(24 594
MS		 577
3935		 906
2043]		 571
1596		 906
5395I
~~13~~ ~~Totaim~~
na~~i~~ve~~I~~ncome
~~Ion~~
a~~f~~ter tea
~~11412~~		 E 31 5964 22400 196 99.74
14
 Prr n forthe
erattributaM.
t
14.a
 Owner ofthe com an


 4806]
~~14.b~~
 ~~Nom~~
~~irnlll~~
~~M~~rores~~t~~
 48
~~15~~
 ~~Other COm rehslvo Income attributable to~~
~~1~~5a Owners of thecoma
15.b
 Nomcontrollin
Int res
~~16~~
 ~~Total[om rehensiv I~~ncome~~f~~or~~th~~o
ea
~~l6a~~ Owned of the wm 00 55206
16.b
 Nonauntrelll
Interest


 904 404
~~1]~~
 ~~Paid-u a ul~~
~~share ca ital Face Value ofi 10~~
eac~~h~~

 ~~169~~5~~99~~ 169599 169599 169599 169599 169599
8 ~~E~~arn~~i~~n s
es~~h~~are not annua~~li~~se~~d~~ ~~f~~ort~~h~~e~~I~~nter~~i~~m
rlods
e
 0.22 0.29 2 6 2.76 2.08 226
~~Dil~~u~~t~~e~~d~~ ~~R~~ 0.22 0.19 6.00 62 2.76 2.0H 2- e
OF ASSETS & IIABILIIIFS I Elp,,.., l!R1 ^1-.
R&N
e
ln1
Particulars Stand alone Eonsal dated
Ax it31101/19 (Audited) As at 81103/1* (Audited) As at 31/03/19 (Andlted) AsA

AudO		 leed)
ed)
ASSFR
1 Fimn[Ial ASSeU
Cash a
a
ulvaknts		 3954 19271 72,925 54,335
as
itt Bank talarace otherthan
fat
abov		 54421 61407 93495 10]
72
Derivative tInautclal Instruments
 ,
1,486		 ,
2,097		 ,
1,466		 2,093
~~IS)~~ ~~R~~ece~~i~~va~~bl~~es 280 1505 17514 13751
telLoam •
1
1
94		 1584 485 13,71,352 16,65,271
ntn
 346095 53237 558009 135014
~~il~~ ~~O~~t~~h~~er~~Fl~~na
 15.981 18.787 92,058 78561
~~S~~u~~b~~tota~~l~~-~~Fi~~nanc~~i~~a~~l~~ ~~A~~stota
 1]68)46 2225916 2207220 2656878
~~i~~ ~~Non.fnantl.1 Ants~~
•Inveumnm In sub,Idianez 36 781 361]
a
unt d leveslees
It)Equity		 4 1,7t6

CCe
vn
In
nlorles
 35,505 19,829
(ci~~C~~urrent neassetsI Nte 968 Sd 20817 11,113
Id) Dereered taeAssets Net 209391 1 81750 1 76 182 152469

EelInvestmentpepeert		 1933] 19,828 10.056 21,721
IttProperty, Plant and
E ul m		 72470 73103 1 04 035 105030
e
flCapitalwolt- I n. r
rpss		 _ 31 120 250
Otherittanelbieassets 165 199 451 642
ittarneibjeassettieder development 6
Goodwill 411,664 44 ,664
Othernon Onan nl asset.
 1,451 819 7 863
8,371
~~S~~u~~b~~-tota~~l~~.~~N~~on-tnatcta~~l~~ ~~A~~tsel~~f~~
 452263 01] 38 391 200 365681
~~h~~ ~~A~~ssets held forsale 4,546
5~~2 ~~E99		 5.734 57 199
Total Assets 2223555
1700453		 2606214 3079736
II. ABILRIESANDE
LIABIIRIES
Financial LlabMpin
a Trade payable,

ii total outstan is dues ofmacro
enter rises andtens enterprises		 2,399 2436

hI total ouestandlno dues of x441(ors Other than mb0 enter die and		 10.727 9,539 22,9)9 1]18]

Otherpavabtes
littotal outtlandl
dues ofmicroenter
sand
s
all enter Nees
m
II total outstandin
es
du
ofcreditorsotherthan microenterprisesand		 12,640 10,083

I
N
[hI DebtSecurities		 2267 60520 933196 9]30]3

~~[~~Borrowings (Otherthan Debt Securiths		 555371 9018 574.t99 941955

J Subordinated L abllitI s		 1,31,330 ]51456 1,31,330 151456
It)Other financ ial llablliIles 74471
181485		 2,61,032 240850

Sob-total-Flnantlal L1ab11lllts		 1]995)8 220C420 19
426		 23 508
1 Non-Flnan[Ial Liabilities
Is)Current tax liabilitiesiNel E01

a Prov1,bns.		 8,368 24,035 14,156 29,807
c
Deferred tar lln
11111es
Net
hiOthernon-financialllnbi[itle 139 171 4,886 5,888
Sub-total-Financial llabllitles 8447 24 06 1904E 35,476
3 E sell
a Equity ~~recapital~~ 169599 169 169599 169599

OthvrF ul		 2
2931		 302220 366068 419254
NonrontrolEngInterest 11]0]9 109951
Sub-total-Equity 422530 4,75,827 646746 698
40
Total llabllitles and)u 10,25,555 ________27,,7)
l53		 26,04 ,234 3
079,756
,

0

0

Nolei:

I The [national ] results of the Company have been prepared an acco rd an ce with Indian Ac co untlry( Standards rind AS') rinsed under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) Rules, 2016. The Company has e dopted Ind AS f ro m I Apr" SOts with effect iv e transition d at e of l April 2017 and accordingly, these financial results together with the results for the co mparative reporting period hire bean prepared In a cc ordance with the re co gnition and measurement p ri nciples as laid down In Ind AS, prescribed undersetllon 133 of the Companies Act 1013 'the Act') read with reinvent rules I ss ued thereunder and the other a cc ounting p ri nciples generally a cc epted In India.

TNs tr ansi ti on to Ind AS has been carried out from the e rs twhile Accounting Standards notified under the Act, read with relevant rules Issued (hereunder, guidelines Issued by the Rese rv e Bank of India (The RBf1 and other generally accepted ac co unting principles In India (cogectibely referred to an 'the Previous GSA?'). A cc ording ly , the Impa ct of transition has been adjusted M the opening rese rv es as at I April 201] and the corresponding ad ) ustmentspe rt alning to compa ra t iv e previom period/quaver as presented In these financial results sa ne been re stsled/redanln<d In order to conform to current per io d presenta ti on.

  • 2 In complia nc e with Regul at ion 33 of the Securi ti es Euhange Board of India ['SERI') hlsting Obligations and Disclosure nequlremenb) Regulations, 1033, a statuto ry such of financial results for the year ended 31 March 2019 has been carried out by the St at ulo ry Auditors, M/s RPMR A Ass oci ates, Charte re d Ac co unlarti, New Delbl,

  • 3 Asrequires by paragraph 32 of Ind AS 101, the net profit and equity recon ci liation between the figures preWOUSty repo rt ed under Pre vi ous GARR and restated as per led AS for period ended 31 March 20181s as under:

Standalo ne Consolidated 11' ^
Nat Profit
Ad'ustme		 Particulate
aherua Ba repented wader
ow GOP
nt eeullin Inlncrease/)decreaselIn netprofit after tatas reportedunderprqeiouc GASP:		 punterended3l/03/lD
56Gae		 Yeareoded31/03/16
(1,^,g]5) (		 Year ended 33/03/It
97 151
Atluatment on account of ee eRedcredit loss 176380 158,301 1 ]435
III Adjustment on account of measurement of financial assets and financial tabllitles at amortised cost by
application of effapNe Interest ratemethod / net interest ancredit impaired loans		 38,501 36,560
36,830
lvi falrvelmlion of fimndal assets et fair valuethrough prulit and loss
edfgotntennon account of reversal of ho
Irmentnoton assets heldforsaie
Reclasslflcntion of actuarialgainto other com reherslve Income		 35518
498]
. 293		 35,002
4540
19		 32741
4553
351
Others 1360 47 6014
All
viii		 TaoIntactan abo~~y~~c adustments (84,961) 78023 ]]142
Pro~~fit~~~~alte~~ ~~r~~tan asre
ed under Ind AS		 103100 46,635 41791
OMerco mprehensiveI~~nane~~/1105,1 inet of tax II444 1!435 53,952
Total co m rthenslue income aher toasreportedunder Ind AS ]865] 22,400 95746
Standalone Caninlldated
PacHealen Veer ended 31M3/16 Year ended 33/03119
Pgalty a s reported order Indian GAAP ( include, equal, sharecapital, preferenceshale andrenames 5,78,013 6,45,999
hdiuosnnn ettts
do
it Adjuslmenl can au.csol oFcipened credit loss (2,95,654) (9,R],9Rn)
') Atli
men, on ncrounyof meunnmem of fnncmi assets tedfn
Iliabilitiesatamnmsed
con by appbcalien ofcfcclivcnrcmitIncmethod / tact
on c
rc llimpairedloan,		 04.07 5 6,39.352
Ili Fair valuation orfnencial axcu at fair value through profit and less 1,56,733 44.014
:v) Preference
,here capital clamified tit financial liability		 (22,500) (22,500)
v) Adjustmcm on account ofrcrersal of impairment loss on'sectsWillfor sale (30.603) (30.603)
vi) Error under pmviienl fund on account oftrcming the same as definedcontributionplan (4.515 )
(4.515)
vii) Impact on deemed equity on account ofproficsenliel talc borrowings 52.852 $2,852
ciii Fair valunlion afinvnlmvnt (48,]58 )
(48.758		 )
c) Others d os 3,564
Si) Tax Impact an above eljuslmenn 2,019
 4,07,389
Equily elder Ind AS I
071829		 6 98 844

0

  • 4 These financial results have been prepared es per Schedule Ill Division Ill of the Companles Act, 2013 which has been notified by the Ministry of Corporate Affairs and published In the official Gazette on 11th October 2018. Any application geldance/ darlOcatiens/ directions Issued by RBI or other regulators will be Implemented as and when they are Issued/ applmble.

  • 5 The Company has sanctioned a loan of Rs.100 crone (outstanding Rs.95.90 vote as at March 31, 2019) In a road project for widening of 4 lane highway Into 6 lane, as a part of consortlum finance, The project could not be completed within the original stipulated time and within three further eatenslons granted by the consortium of lenders. As per Independent Engineer appointed by NHAI, overall physical progress of the proiecl Is 91% upto March, 2019. NHAI vide letter dated January 11, 2019 has clarifled that Appointed Data of the project has already been given as October 16, 2012 and Commercial Operations Data (COD) shall be from the Appointed Date Accordingly, too collection has already started from October 36, 2012 and the account Is standard as per fire record of recovery. it has been confirmed by the Lead Bank and a9 other members Ofehe Consortium that this account has been dassllled as 'Standard Account' In their respective books of accounts as at March 31, 2019. Considering the overall status of the project and record of recovery, the account has been kept as 'Standard Restnatured Account' grid classified under Stage.2 and Impairment allowance at per ECL has been applied accordingly.

  • 6 The loan account of Jul Prakesh Associates has been restructured as per the scheme approved by the consonlnm of lenders. An per the scheme of rezlmctvrirrg a portion of overall debt firC inhere —55,235.61ararelalongwlth Wentited portfolio of real estate assets, is to be tansferred loan Sped.! Purpose Vehicle (SPVI which will Issue 9.5% Optionally Convertible Debenture IOCDs) In lieu of the debt and the proceeds from the real estate portfolio will be utilized towards servicing of these OCDs. However, pendleg approval of the demergee plan from National Company Law Tribunal (NCLTI, the process of transfer of debt and real estate assets to the SPY Is not yet completed. The Comparry has classified the entire outstanding of R5.362.19 cram as Stage-3 asset and Impairment allowance for ECL has been applied accordingly. As the debt of the SPY that be backed by real estate assets having sufficient security cover, provision has been made by the Compan[y] as per uniformly applied accounlbse poleyfnr ECL to the entire portfolio for Stage 3 ..sets.

  • 7 IFCI A carr[y] ing the Investment In subsidiary companies al cost net of Impairment loss ht amt and opted for one time exemption under IndAS 101 for deemed cost being the carrying value of Investment as at transition data i.e. April 1, 2017. As an March 31, 2019, the Company had investment In 37A1,5e.700 no, of shares In Its subsidiary, Cl Factors ltd. (IPL), cowprhleg[o] f 19,91,54,700 no. of equity shares and 7,SD,00,00o no. compulsorily convertible preference shares ICCPSI. There befog Indkations of Impairment In these Investments, the company got the shares of IFL fair valued by an external expert valuer, registered as Category[.] ) merchant banker, per which, the fair value of Investments In shares of IFL was determined at Rs.171.81 crone using the generally accepted valuation methodologies, In line with Indian Acmu sting Standards and arcordingly, the resultant Impairment loss has been charged In the books of amount.

  • 8 NBI aide letter dated November 20, 2057 allowed the lenders to continue to retain loan exposure to RatnaRarl Gas and Power Private Limited(RGPPL) as standard asset note March 31,2010; object to certain conditions. In the aforementioned letter, RIP Anchor clarified that "If the restructurig Is not completed by March 31, 2018; the account should be downgraded on March 31, 2018 with retrospective effect.[-] As the account was restructured by March 31, 2018; the management is of the view that no further clarification Is required from RBI and accordingly for the purpose of classification under RBI Guidelines, the account Ims been treated as 'Standard Restructured Asset' And disclosed accordingly. For the purpose of classification under Ind'AS, the account has been classified tinder Stage-3 and Impairment allowance. for 6CL hat been applied accordingly

  • 9 Stockholding CorporatIon of India Ltd.(SHCILI had during the year 2000-0 l undertaken a transaction oft 24.45 Core with a client through the Calcutta Stock Exchange jCSE) tinder the 'Cash on Payout' scheme for the sale °f 7,20,000 equity shards of 050 Industries limited. The said transaction was confirmed by CSE based on which postdated ebemms were issued. The theater were stopped for payment before their due date by the Company as the underlying trade transaction was contended to he non-bolufde and drallowed by CSE. A Bank, which had granted financial assistance against the said chepnee, Issued a cadre of demand against the Company under Section 138 of the Negotiable Instmment Act, 1601. The Bank also filed an Application lathe Debt Recover[y] Tribunal (DRT) for recovery of the amount alongwlth compound Interest from the Company end the client. The Comm, disputed the claim of the sank. The Bank's applkatlon to the ORT was dlsmiseed and only the client was held liable. The Bank and the client had flied an appeal In the Debt Recovery AYVCllate Tribunal (DRATI against this order Of Der. The appeals were allowed vide the BRAT order dated September 23, 2011, which stated that the amount would carry compound Interest from 1st August 2001 @ 19% F.A. with quarterly rests tilt reallsatin and the Bank was entitled to realize the sum from both the client and the Company, The Compan[y] filed a Revision Application In thigh Court, Calcutta on November 30, 2011 which was admit led but no Interim relief was granted. Hence the Compan[y] filed a Special Leave Petition (SIP) In the Supreme Court for sta[y] of the High Caul Order for not greeting interim relief of saying the DRAT order, the Order of the DRAT and the recovery certificate and notice of demand Issued by Presiding Officer and recovery offker of DRT respectively. the Supreme Coast older Its order dated April 23, 2012 granted sta[y] on the fecovery proceedings and requested the Calcutta With Court to dispose off the Revision Application within x period of four months and the Company to deposit 2 30.00 crone with the Calcutta light Court Registry within a period of 4 weeks from the data of order by wa[y] of a short term deport le a netOrM10 d bank. Accordingly, she Company had deposlled the money with the Calcutta High Cmut. Registry. The Revision application was dismissed. The Company flied Special leave Petition (SIP) In the Supreme Court In May 2015. The Supreme Court vide Its order dated Ma[y] 14, 2015 stayed the operation of the e,emlbn proceedings and the Company to deposit with the Reglslrar. Supreme Court of India, a Reed deposit receipt In the name of the Company and endorsed In favour of the Registrar an, mount stool less chant 30.00 core. Accordingly, he Cowpony made the deposit, the amount of 260.00 crore, deposited by the Company In the High Court (t 30.00 crore.l and Supreme Court It 30.00 morel is shown under the heading "Long Term loans and Advercef under the sub heading "Security and other deposits' In the Statement of Balance Sheet as on March 31, 2019. The bank was granted liberty to withdraw t 30.00 cone along with Interest that had been lying as deposit before the High Court of Nolkata which Is subject to final dedsbn In the SLV. Accordingly, an amount oft 30.04 crone was released to the Bank. Further by an order dated October 12, 2015, the Supreme Court directed the bank to withdraw an additional amount of 2 15.011 crone along with accrued Interest from the money deposited with the Supreme Court. Accordingly, an amount oft 1545 done was released to the Bank. The case has been converted from Special Leave prerItlon to a CMI Appeal by the Hon'bie Supreme Court. The Amounts released to th[y] Rank it subject to the final decision In the matter. In view of the nature of dispute, the Amount of contingent liability has Pat been ascertained. Pestling final adjudication of the matter by the Honourehle Supreme Court and also In view of the trial opinion obtained by SHCII,in the opinion of SHCIL management no provision Is required to be made In the statement of Profit and Loss for financial year 2018-2019.

  • 10 The Preference vbase,ofR1.225 crone along with the dividend of R I.a90 crone hash emredeemed l ncs2f[y] 19. As per Still on S5181Q of the Companies Act 20ll, where preference shares are proposed to be redeemed con of the profits of the compan[y] , there shat, out of such profits, be transferred, a sum equal to the nominal amount of the shares to he redeemed, to a reserve, to be called the Caphzl Redemption Reserve Account, and the provisions of this Act relating to reduction of share capital of a company shall, ..ceps as provided In this section, apply as If the Capiret Redemption Reserve Account were pa Id-up share capllal of the company. Since there are Inu,tfclent profits as at 31st March 2019, the transfer of Rs.225 crones to Cvpllnl Redemptlon Reserve could not be carried out.

  • As per section 7114), the company shall create a debenture redemption reserve account out of the profits or the company available for payment of dividend end the amount credited to such account shall cwt be utllsod by the compan[y] except for the redemption of debennues. At per Rule leP)(hl(IQ, For NEC, registered with the 101 under suction 45-IA of the RBI (Amendment) Act 1997 and for Housing Pinance Companies registered with the National Housing Bank. 'the adequnq' of ORR will be 25% of the value of outstandIng debentures issued through Public Issue as per present SERI (issue and Listing of Debt Securities) Regulatlons, 2008, and no Dee Is required In the case of privatel[y] placed debentures. Since there are Imuffklent prnhts during the[y] ear ended 31st March 2019, the transfer of Rs]6.08 crores to Debenture Redemption Reserve co"tl not be carried out

It ThereIs no separate reportable segment as per loll AS 108 on'Operanng Segments' In respect of the Cornea ny.

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j I' I IFL'F NU7;'al.
O1 ' Ill
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----- End of picture text -----

  • t2 • On all the secured bonds and debentures issued by the Company and outsta y as on 31st March 2019, 100% security cover has been maintair ^gainst principal and interest, by way of fl oating charge on receivables of the Company and/or Government Securities owned by the Company.

  • I S. The above results have been reviewed by the Audit Committee of Directors. The Board of Directors have approved the results in their meeting held on 21 May 2019.

Place: New Delhi Date: 21 May Y 2019

==> picture [200 x 73] intentionally omitted <==

----- Start of picture text -----

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----- End of picture text -----

==> picture [87 x 69] intentionally omitted <==

----- Start of picture text -----

By order of the Board
.^
(Dr.E S Rao)
Managing Director &
Chief Executive Officer
----- End of picture text -----

Annexure A

^'I L[s] j ^.

y'i-'ller.la, aar 1iCl un :° f:a, 1- le G yv P'9n19 \/A. Govt/

(f In Lakhs)

_ (f In Lakhs) (f In Lakhs)
Standalone Results Consolidat ed Results
Partln dars Quarter ended
31103119
(Unaudited)		 Quarter ended
31/12/18
(Unaudited)		 Quarter ended
31/03118
(Unaudited)		 Year ended
31!03/19 (Audited)		 Year ended
31/03/18 (Audited)		 Year ended
31/03/19
(Audited)		 Year ended
31/03/18
(Audited)
1 Income
a Revenue from o erations 45395 62,866 1,19,153 2,15723 3,44,758 282,146 405758
Other income 2,006 (3,936) 24,498 30,897 29,241 31,303 30,400
Total Income 47401 58,930 1 3651 2,46620 3,73,999 3,13 ,449 d
6,158
2 Ex ens ea ~~____~~ ~~____~~ ~~____~~ ~~____~~ ~~__~~ ~~__~~
~~___~~		 ~~__~~ ~~_~~
Finance costs 40,598 43165 48,364 175614 2,07,430 1.80270 2,14,446
~~..~~
bL		 Employee benefits expense 4,348 2,290 4,635 11,212 10919 29,341 29,520
~~.sL ~~ Depreciation and amortisation expense 808 819 839 3,281 3,365 6,346 6,252

Other ex~~p~~enses		 (7,631) 12,436 5,564 17,159 8,823 52,258 40,945
e Impairment losses on financial assets 7648 13,574 (72,225) 1,08,483 93,436 1,14,632 1,00,945
Total e xpenses 45,771 72.284 (12,823) 3,15.749 3,23,973 3 82847 3,92,108
3 Profit loss before evtt Clonal and tax 1 .2 1,630 13354 ]
6474		 69129 50.025 69398 44,050
4 Except ional
l
items		 166 168
5 profit(loss) before tax 3-0 1,630 (13,354) 1,56,474 69129 50,025 (69.564J 43,852
6 Texea nee
a
~~.L ~~j		 Income tax 639 1,053 639 1,049 (96) 3,575

b		 Taxation for earlierveers 330 187 (26) (24)
c Deferred Tax Net 5,705 (8,656) 52,319 (24,107) 2,139 21,843 (1,312)
Tax ex pense14(a)todc 5395 8469 53,372 24746 3,188 21965 2.239
7 Profit loss for theperIod from coaltinulneo
rations 5-6		 (3,766) 4 99S 103 102 (44,383) 46,831 (47,599) 41,643
a PmB V loss for theperiod from discontinuingoperations
9 Tax e x erase of discontinuingoperations
Share of net profit of associ ates and Iolntventures 151
10 profs nfs for the period fr om discontinuing operations after fax
8.9
11 Profit lots for theperIod .10 (3,7661 4885 103102 44383 46,837 4]599 41,794
12 Other Com rehensive Incom e
a Items that will not be reclassified
to profit or loss
-Fair value changes o n FV'OCI-Equity securities 3.737 (3,059) (36,042) 1,440 37175 3,800 64,760
-Gain loss on sale of MOCI'Equity securities (2,734) 90 11771 (90) 11771 90
-Actuarial air loss on Defined benefit obligation 5,010 (165) 293 5,039 297 4,992 351

Income tax relatingt
o Items that will not be reclassified toprofit or loss
-Tax on Fair value changes on FVIOCI -Equitysecurities 2,818 1,019 12,652 4,193 14,378 3,25 (9.191)
-Tax on Actuarialgain/(loss)on Defined benefit obligation (1,761) - 104 1761 104 1778 (135)
b Items that will be reclassified to profit or loss

-Fair value chan es on FVFOCI-Debt securities		 1149 1,725 3,109 1617 2,208 1617 2,208
Dcbt securities menanred at FVTOCI - reclassified to pmfn and loss 35 4,857 35 4857 51 4857
Income tax relating to Items that will be reclassified to profit or loss
-Tax on Fair value chan es on FVTOCI-Debt securities 414 603 594 577 906 577 906
Other comprehensive
Income
loss
net of tax)		 6,300 1083 24445 3935 24437 ~~2596~~ 53,952
13 Total

comprehensive
Income
loss
after tax
11+12		 2 534 (5,8j ~~78,657~~ (48,318) 22,400 50196 95,746
14 Profit
for the
earattributableto
1G.a Ow ners of the coat an 48867 38,312
14.b No n-controllin
Interest		 1,268 3,482
15 Other Com rehsive income attributable to - -
15.a O wnersof thecom an 3233 16,974
15.6 N on-controllin
interest		 636 36,978
16 Total rom
rehensive income for the ear attributable		 - -
16.a O wners of the coat an (52,100 ) 55,286
16.6 N on-controllin
interest		 1,904 40,460
17 Paid- u a ui
share coital Face Value of l l0-each		 169,599 1,69,599 1,69,599 1,69,599 169599 1,69,599 1,69,599
18 Earni n
s
er ,hare, not annuallsed for the inte rim
eriods:
sic R to 029 6.08 (2.621 2.76 2.88 2.26
b _Diluted(t) 0.22 0.29 6.08 2.62 2.76 2.88 2.26 
\5-^

__^.c^',; •yam

~~a~~

~~.~~
~~..~~		 . ~~.,~~
-N , ~~,-,.~~
t I		 n Lakhs r
Stand laene Conso lidated
Particulars As a t 31/03/19
Audited		 As at 31103/18
Au ited		 As at 31/03/19
Audite		 As a t
 31/03/18
(Audttedi
L ASSETS
~~J!L~~ Non-Current Assets
~~-~~ (a) Property, Plantand Eui ment 72470 73103 1,04,035 105,030
~~-~~ It) Investment prop ert 19,337 19,828 20,958 21,721
~~-~~ c Goodwill 44.664 44,664
It) Capital work-In-progress 31 127 ~~250~~
c Other Intangible assets 165 199 451 642
(d) Equity accounted Investees 4 ~~1286~~

e Investment in Subsidiary		 136781 1,36,178 ~~,~~
Non-current Flnenclal Assets
Investments 3,14,703 4,16,485 5,20,149 6,09.719
ii Loam 641 343 9,09,719 6,56,412 932,183
ill Trade receivables
Iv Other noncurrent financial assets 1,949 1,547 68,308 67803
Deferred tax Assets Net 209391 1,81,758 1,76,782 1,52,469
h Other non-current assets 668 218 3,903 1,166
Non-current tax assets(Net) 32,662 5,418 19,636 10,715
Sub-total -Noncurrent Assets 1 4,09,476 17,44489 1 615 26 ~~1~~ ~~9A7649~~
JZL Current Assets ~~,~~
(a) Current FInanclal Assets
(Ii Investments 31,391 1,15,886 37859 115,295
IICash and cash e ulvalents 39,554 19,271 72,926 54,315
(iii) Bank Balance other than 11 above 54,421 67403 62,829 76736

Iv loans		 6,69,606 6,74,766 714923 ,
733088
v Trade receivables 280 1,505 17,514 13,751
v Derivative Instruments 1,466 2,093
lvii Other current financial assets 15,498 19,333 54,815 41,957
c Other current assets 783 601 20,661 27674
Sub-total -Current Assets 11533 698765 982994 1074910
~~3~~
,JL
II.		 Assets classified as held for sale
Total ASSETS
EQUITYAND LIABILRIES		 2 4,546
2
5
55		 2 57,199
700 53		 5.794
2604 14		 3 57,199
0 79 758
~~IIL ~~ Equity
~~, ~~
~~-~~
(a)jq,gfiy share ca ital		 369599 1,69,599 169599 169599
It)Othereequity 252931 302,228 477147 5,29,245
Sub-total-e ul 4,22,530 471,827 6,46,746 698,844
Non-current llabllIles
(a) Noncurrent Flnandal Ilablltles
(1
) Borrowings		 13,12,285 16,39,644 13,37,075 16,54,262
(II)Tradepayables -
(iii) Other financial llxblitles 27,771 81004 21,848 84,982

b Provisions non .current		 778 390 12,266 28,331
c Other non-current liablltles 43 43 3,388 3,822
Sub-total-Non-current Liabilities 13 40 77 1] 21081 13 0 578 17,71,377
2
~~JL~~		 Current Liabilities
_(a)_Current FInandal IlablItles

(II Borrowings		 2.97.095 3,74,15Z 302,350 4,12,221
(ii) Trade payable, 10,727 9,139 37968 29,705

(iii) Other financial Ilabllties		 146700 100481 2,33,184 1,63,888

b Provisions current		 7530 23645 1,690 1,475
c Other current llablitles 96 128 1.496 2,247
Sub-total-Current Liabilities 4,62,148 507545 576890 609537
Total EQUITY AND LIAeIUTIFS 2225,555 2700453 26,04
14		 30,79,758
LongTerm(Bonds/NCDs/Term Loans)
Ratings by 31-Mar-19

ICRA		 [ICRA]BBB+ w.e.f 30/05/2018
CARE CARE BBB
w.e.f23/02/2019
Brickwork BWR A-
w.e.f 27/06/2018
ShortTerm(Commercial Paper/Short termborrowings)
Ratings by 31-Mar-19
ICRA [ICRA]A2+
w.e.f 30/05/2018
CARE -
Brickwork BWR AI
w.e.f. 27/06/2018
For Structured Secured NCD
Ratings by 31-Mar-19

Brickwork		 BWR AA-(SO)w.e.f 27/06/2018
CARE CARE A-(SO)w.e.f 23/02/2019
Subordinate Bonds
Ratings by 31-Mar-19
CARE CARE BBB-
w.e.f 23/02/2019

O&-1 ,4,uAi kja

Schedule of payment of Principal / Interest as on March 31 2019
S
No.		 Series ISIN Interest
payment		 Previous
due date
for
payment
of
interest		 Paid
or
**unpaid **		 Next due
date for
payment
**of interest **		 Previous
due date
for
payment of
principal		 Next due
date for
payment of
principal		 Debenture
Trustee
1 Tranche I- Series I INE039AO7751 Annual 01-12-18 Paid 01-12-19 Not Due 01-12-19 Axis Trustee
ServicesLtd
2 Tranche I-Series II INE039AO7769 Cumulative N.A. Not Due On Maturity
Date		 Not Due 01-12-19 Axis Trustee
Services Ltd
3 Tranche I-Series III INE039AO7777 Monthly 01-03-19 Paid 01-04-19 Not Due 01-12-19 Axis Trustee
Services Ltd
4 Tranche I-Series IV INE039AO7785 Annual 01-12-18 Paid 01-12-19 Not Due 01-12-21 Axis Trustee
Services Ltd
5 Tranche I-Series V INE039AO7793 Cumulative N.A. Not Due On Maturity
Date		 Not Due 01-12-21 Axis Trustee
Services Ltd
6 Tranche I-Series VI INE039AO7801 Annual 01-12-18 Paid 01-12-19 Not Due 01-12-24 Axis Trustee
Services Ltd
7 Tranche I-Series VII INE039AO7819 Cumulative N.A. Not Due On Maturity
Date		 Not Due 01-12-24 Axis Trustee
Services Ltd
8 Tranche II- Series I INE039AO7827 Annual 13-02-19 Paid 13-02-20 Not Due 13-02-20 Axis Trustee
Services Ltd
9 Tranche II-Series II INE039AO7835 Cumulative N.A. Not Due On Maturity
Date		 Not Due 13-02-20 Axis Trustee
Services Ltd
10 Tranche II-Series III INE039AO7843 Annual 13-02-19 Paid 13-02-20 Not Due 13-02-25 Axis Trustee
Services Ltd
11 Tranche II-Series IV INE039AO7850 Cumulative N.A. Not Due On Maturity
Date		 Not Due 13-02-25 Axis Trustee
Services Ltd
12 IFCI Tax Free Bond INE039A09PT1 Annual 31-03-19 Paid 31-03-20 Not due 31-03-24 Axis Trustee
Services Ltd
13 IFCI Tax Free Bond INE039AO9PU9 Annual 31-03-19 Paid 31-03-20 Not due 31-03-29 Axis Trustee
Services Ltd

Schedule of payment of Principal / Interest as on March 31, 2019

Schedule ofpayment of Principal /Interest as on March 31, 2019 Schedule ofpayment of Principal /Interest as on March 31, 2019 Schedule ofpayment of Principal /Interest as on March 31, 2019 Schedule ofpayment of Principal /Interest as on March 31, 2019 Schedule ofpayment of Principal /Interest as on March 31, 2019 Schedule ofpayment of Principal /Interest as on March 31, 2019 Schedule ofpayment of Principal /Interest as on March 31, 2019 Schedule ofpayment of Principal /Interest as on March 31, 2019 Schedule ofpayment of Principal /Interest as on March 31, 2019 Schedule ofpayment of Principal /Interest as on March 31, 2019
S.No Series ISIN Interest
payment		 Previous due
datefor
paymentof
interest		 Paid or
unpaid		 Next due
date for
paymentof
interest		 Previous due
date for
payment of
principal		 Next due
datefor
payment
of
principal		 Debenture
Trustee
1 53R INE039AO9112 HY Intt 30-11-18 Paid 30-05-19 Not due 30-05-19 Axis Trustee
Services Ltd
2 54R INE039AO9120 HY Intt 19-03-19 Paid 19-09-19 Not due 19-09-19 Axis Trustee
Services Ltd
3 55R INE039AO9138 HY Intt 26-12-18 Paid 26-06-19 Not due 26-12-19 Axis Trustee
Services Ltd
4 56R INE039AO9146 HY Intt 26-12-18 Paid 26-06-19 Not due 26-06-20 Axis Trustee
Services Ltd
5 57R INE039AO9153 HY Intt 24-12-18 Paid 24-06-19 Not due 24-09-20 Axis Trustee
Services Ltd
6 58R INE039AO9161 HY Intt 26-12-18 Paid 26-06-19 Not due 26-12-20 Axis Trustee
Services Ltd
7 59R INE039AO9179 HY Intt 19-02-19 Paid 19-08-19 Not due 19-08-21 A)ds Trustee
Services Ltd
8 60R INE039AO9187 HY Intt 13-01-19 Paid 13-07-19 Not due 13-01-22 Axis Trustee
Services Ltd
9 61R INE039AO9195 HY Intt 03-03-19 Paid 03-09-19 Not due 03-03-22 Axis Trustee
Services Ltd
10 48 INE039A09LG7 Annual 05-03-19 Paid 05-03-20 Not due 05-03-25 Axis Trustee
Services Ltd
11 49 INE039A09LK9 Annual 13-04-18 Paid 13-04-19 Not due 13-04-25 Axis Trustee
Services Ltd
12 52 INE039A09LS2-
MB6		 Cumulative N.A. Not due On Maturity
Date		 Not due 07-07-31 Axis Trustee
Services Ltd
13 53 INE039AO9MC4 Annual 13-07-18 Paid 13-07-19 Not due 13-07-30 Axis Trustee
Services Ltd
14 54 INE039A09MD2 Annual 16-07-18 Paid 16-07-19 Not due 16-07-30 Axis Trustee
ServicesLtd

1/4

**S.No ** Series ISIN Interest
payment		 Previous due
date for
payment of
interest		 Paid or
unpaid		 Next due
date for
payment of
interest		 Previous due
date for
payment of
principal		 Next due
date for
payment
of
principal		 Debenture
Trustee
15 55 INE039AO9MN1 Annual 29-10-18 Paid 29-10-19 Not due 29-10-30 Axis Trustee
Services Ltd
16 SUB II INE039AO9NP4 Annual 25-08-18 Paid 25-08-19 Not due 25-08-21 Axis Trustee
Services Ltd
17 56(Opt-I) INE039AO90Z1 Annual 26-06-18 Paid 26-06-19 Not due 26-06-22 Axis Trustee
Services Ltd
18 56(Opt-II) INE039AO9PA1 Annual 26-06-18 Paid 26-06-19 Not due 26-06-22 Axis Trustee
Services Ltd
19 57-B INE039AO9PE3 Annual 28-09-18 Paid 28-09-19 Not due 28-09-22 Axis Trustee
Services Ltd
20 57-C-(Opt-I) INE039AO9PFO Annual 08-10-18 Paid 08-10-19 Not due 08-10-22 Axis Trustee
Services Ltd
21 57-C(Opt-II) INE039A09PI4 Annual 08-10-18 Paid 08-10-19 Not due 08-10-27 Axis Trustee
Services Ltd
22 57-D INE039AO9PJ2 Annual 08-10-18 Paid 08-10-19 Not due 08-10-27 Axis Trustee
ServicesLtd
23 57-E INE039AO9PKO Annual 15-10-18 Paid 15-10-18 Not due 15-10-27 Axis Trustee
Services Ltd
24 58-A INE039AO9PM6 Annual 05-11-18 Paid 05-11-19 Not due 05-11-22 Axis Trustee
Services Ltd
25 58-B INE039AO9PN4 Annual 05-11-18 Paid 05-11-19 Not due 05-11-27 Axis Trustee
Services Ltd
26 58-C INE039A09P02 Annual 05-11-18 Paid 05-11-19 Not due 05-11-32 Axis Trustee
Services Ltd
27 58-D INE039AO9PP9 Annual 05-11-18 Paid 05-11-19 Not due 05-11-37 Axis Trustee
Services Ltd
28 59 INE039AO9PQ7 Annual 11-01-19 Paid 11-01-20 Not due 11-01-21 Axis Trustee
Services Ltd

2/4

**S.No ** Series ISIN Interest
payment		 Previous due
datefor
payment of
interest		 Paid or
unpaid		 Next due
date for
payment of
interest		 Previous due
date for
payment of
principal		 Next due
date for
payment
of
principal		 Debenture
Trustee
29 60 (OP I) INE039A09PR5 Annual 26-04-18 Paid 26-04-19 Not due 26-04-28 Axis Trustee
Services Ltd
30 60 (OP II) INE039A09PS3 Annual 26-04-18 Paid 26-04-19 Not due 26-04-28 Axis Trustee
Services Ltd
31 INFRA I INE039AO8114 Annual 15-09-18 Paid 15-09-19 Not due 15-09-20 Axis Trustee
Services Ltd
32 INFRA I INE039AO8122 Cumulative N.A. Not due On Maturity
Date		 Not due 15-09-20 Axis Trustee
Services Ltd
33 INFRA I INE039AO8130 Annual 15-09-18 Paid 15-09-19 Not due 15-09-20 Axis Trustee
Services Ltd
34 INFRA I INE039AO8148 Cumulative N.A. Not due On Maturity
Date		 Not due 15-09-20 Axis Trustee
Services Ltd
35 INFRA II INE039AO9MT8 Annual 31-01-19 Paid 31-01-20 Not due 31-01-21 Axis Trustee
Services Ltd
36 INFRA II INE039AO9MU6 Cumulative N.A. Not due On Maturity
Date		 Not due 31-01-21 Axis Trustee
Services Ltd
37 INFRA II INE039AO9MV4 Annual 31-01-19 Paid 31-01-20 Not due 31-01-21 Axis Trustee
Services Ltd
38 INFRA II INE039AO9MW2 Cumulative N.A. Not due On Maturity
Date		 Not due 31-01-21 Axis Trustee
Services Ltd
39 SUB I INE039A09NJ7 Annual 01-08-18 Paid 01-08-19 Not due 01-08-21 Axis Trustee
Services Ltd
40 SUB I INE039AO9NKS Cumulative N.A. Not due On Maturity
Date		 Not due 01-08-21 Axis Trustee
Services Ltd
41 SUB I INE039A09NL3 Annual 01-08-18 Paid 01-08-19 Not due 01-08-26 Axis Trustee
Services Ltd
42 SUB I INE039A09NM1 Cumulative N.A. Not due On Maturity
Date		 Not due 01-08-26 Axis Trustee
Services Ltd

3/4

**S.No ** Series ISIN Interest
payment		 Previous due
date for
payment of
interest		 Paid or
unpaid		 Next due
date for
payment of
interest		 Previous due
date for
payment of
principal		 Next due
date for
payment
of
principal		 Debenture
Trustee
43 SUB III INEO39AO9NT6 Cumulative N.A. Not due On Maturity
Date		 Not due 31-10-21 Axis Trustee
Services Ltd
44 SUB III INE039AO9NU4 Annual 31-10-18 Paid 31-10-19 Not due 31-10-21 Axis Trustee
Services Ltd
45 SUB III INE039A09NV2 Annual 31-10-18 Paid 31-10-19 Not due 31-10-21 Axis Trustee
Services Ltd
46 SUB III INE039AO9NWO Annual 31-10-18 Paid 31-10-19 Not due 31-10-26 Axis Trustee
Services Ltd
47 SUB IV INE039A090L1 Annual 28-02-19 Paid 28-02-20 Not due 28-02-22 Axis Trustee
Services Ltd
48 SUB IV INE039AO9OM9 Annual 28-02-19 Paid 28-02-20 Not due 28-02-27 Axis Trustee
Services Ltd
49 SUB V(A)/V(B) INE039AO9PD5 Annual 18-09-18 Paid 18-09-19 Not due 18-09-37 Axis Trustee
Services Ltd
50 Sub V© INE039AO9PH6 Annual 05-10-18 Paid 05-10-19 Not due 05-10-37 Axis Trustee
Services Ltd
51 Sub V (D) INE039AO9PL8 Annual 15-10-18 Paid 15-10-19 Not due 15-10-32 Axis Trustee
Services Ltd
52 61 INE039AO7868 HY Intt 03-11-18 Paid 03-05-19 Not due 03-11-21 Axis Trustee
Services Ltd

4/4

vAi ' — S k, du# v

AXIS TRUSTEE

A

ATSL/ DEL/2018.19/341 May 30, 2019

IFCI Limited

IFCI Tower,

61 Nehru Place, New Delhi 110019

Dear Sir/Madam,

This has reference to the Privately Placed Secured Redeemable Non- Convertible Debentures issued by IFCI Limited ("Company") and listed on the Bombay Stock Exchange (BSE Limited) ("Listed Debt Securities").

Pursuant to Regulation 52(4) read with Regulation 52 (5) of the SEBI (Listing Obligations and Disclosure Requirements) 2015, the Company is required to submit its half yearly/annual financial results to the Stock Exchange, with a letter of the Debenture Trustee (Axis Trustee Services Li mited) that the Debenture Trustee has noted the contents furnished by the Company as per Regulation 52(4),

In pursuance thereof, we hereby confirm that we have received the said aforesaid information along with the relevant/necessary supporting and we have noted the contents in respect of the Listed Debt Securities issued by the Company.

Further, please note that we have not independently verified the contents submitted and the aforesaid noting is subject to the following:

  1. The Debenture Trustee is relying on the information/ status as submitted by the Company for the purpose of submission to the Stock Exchange; without reconfirming; &

  2. Any commitment pertaining to the Interest/ Principal payable on the future due dates are sole commitment on the Company's port and Trustee is not liable in any manner if Company tails to fulfil/does not fulfil its commitment.

Thanking You,

==> picture [152 x 104] intentionally omitted <==

----- Start of picture text -----

Yours Faithfully
For Axis Trustee Se rv ices Limited
(Debe ure Trustee)
rr
^! A
a c
,4Alok Kumar)
Senior Manager
----- End of picture text -----

AXIS TRUSTEE SERVICES LTD.

(A wholly owned subsidia ry of Airs Bank

Corporate Identity Number (CIN): U74999MH2008PLC182264

REGISTERED OFFICE: Axis House, Wadia International Centre, Pandurang Budhcar Marg, Wo[rl][i, Mumoai - 400 025.]

CORPORATE OFFICE: Axis Trustee Se[rv] ices Limited I The Ruby I[2nd ][Floor I SW 129 Senapati Bapat Marg 1 Dadar West I Mumbai- 400 028] Tel No 022 6230 0451 • Website www axistrustee.com

IDBI Trusteeship Services Ltd CIN: U65991MH2001GOI131154

®IDBI trustee

No. 2560/ITS L/0 PR/2019-20 May 30, 2019

To,

IFCI Limited, IFCI Tower, 61 Nehru Place, New Delhi 110019

Dear Sir,

Sub: Letter from Debenture Trustee pursuant to Regulation 52 (5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR 2015)

This has reference to the privately placed Unsecured/Secured, Non-Convertible Debentures issued by IFCI Limited, ("Issuer") wherein IDBI Trusteeship Services Limited is acting as the Debenture Trustee and listed on the National Stock Exchange of India Ltd. (NSE) and/or Bombay Stock Exchange (BSE) ("Listed Debt Securities").

Pursuant to Regulation 52(4) read with Regulation 52 (5) of the SEBI (Listing Obligations and Disclosure Requirements) 2015, the Issuer is required to submit the documents required there along with its half yearly/annual financial results to the Stock Exchange, with a letter of the Debenture Trustee (IDBI Trusteeship Services Limited) that the Debenture Trustee has noted the contents furnished by the Issuer as per Regulation 52(4).

In pursuance thereof we hereby confirm that we have received the aforesaid information through your letter bearing no. IFCI/CS/2019-431 dated May 30, 2019 and we have noted the contents provided therein.

Thanking you,

Yours faithfully

For IDBI Trusteeship Services Limited

(Authorised Signatory) t

Regd. Office: Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbal - 400 001. Tel.: 022-4080 7000 • Fax :[022-6631 1776 • Email: [email protected]][ • [email protected]]

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