IRFC FINAL - Indian Railway Finance Corporation Ltd.

Auditor's ReportTo,THE MEMBERS,INDIAN RAILWAY FINANCE CORPORATIONLIMITEDWe have audited the attached Balance Sheet ofIndian Railway Finance Corporation Limitedas at 31 st March 2009 and also the Profit and LossAccount and the Cash Flow Statement for theyear ended on that date annexed thereto. Thesefinancial statements are responsibility of theCompany's management. Our responsibility is toexpress an opinion on these financial statementsbased on our audit.We conducted our audit in accordance withauditing standards generally accepted in India.Those Standards require that we plan andperform the audit to obtain reasonable assuranceabout whether the financial statements are freeof material misstatement. An audit includesexamining, on a test basis, evidence supportingthe amounts and disclosures in the financialstatements. An audit also includes assessingthe accounting principles used and significantestimates made by management, as well asevaluating the overall financial statementpresentation. We believe that our audit providesa reasonable basis for our opinion.As required by the Companies (Auditor's Report)Order, 2003 issued by the Central Government ofIndia in terms of sub-section (4A) of section 227of the Companies Act, 1956, we enclose in theAnnexure, a statement on the matters specified inparagraph 4 and 5 of the said Order.a) Further to our comments in the Annexurereferred to above we report that:(i) We have obtained all the informationand explanations, which to the best ofour knowledge and belief were necessaryfor the purpose of our audit;(ii) In our opinion, proper books of account,as required by law, have been kept bythe company so far as appears from ourexamination of those books.(iii) The Balance Sheet and Profit and LossAccount of the company, dealt with bythis report are in agreement with thebooks of account.(iv) In our opinion, the Balance Sheet andProfit and Loss Account dealt with bythis report comply with the applicableaccounting standards referred to insub-section (3C) of section 211 of theCompanies Act, 1956(v) Since the company is a Governmentcompany, clause (g) of sub-section(1) of section 274 of the CompaniesAct, 1956 regarding obtaining writtenrepresentations from the directors ofthe company, is not applicable tothe Company in terms of NotificationNo.GSR-829 (E) dated 21.10.2003;(vi) In our opinion and to the best of ourinformation and according to theexplanations given to us, the saidaccounts give the information required bythe Companies Act, 1956, in the mannerso required and give a true and fairview in conformity with the accountingprinciples generally accepted in India:(a) in the case of the Balance Sheet, ofthe state of affairs of the Company asat 31st March 2009;(b) in the case of the Profit and LossAccount, of the Profit for the yearended on that date; and(c) in the case of Cash Flow Statement,of the cash flows for the year endedon that date.Place : New DelhiDated : July 28, 2009For & on behalf ofDHAWAN & CO.Chartered AccountantsDeepak Kapoor(Partner)M. No. 07230261