IRFC COVER-final - Indian Railway Finance Corporation Ltd.

Auditor's ReportTo,THE MEMBERS,INDIAN RAILWAY FINANCE CORPORATIONLIMITEDWe have audited the attached Balance Sheet of IndianRailway Finance Corporation Limited as at 31st March2010 and also the Profit and Loss Account and the CashFlow Statement for the year ended on that date annexedthereto. These financial statements are responsibility of theCompany's management. Our responsibility is to express anopinion on these financial statements based on our audit.We conducted our audit in accordance with auditingstandards generally accepted in India. Those Standardsrequire that we plan and perform the audit to obtainreasonable assurance about whether the financial statementsare free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amountsand disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used andsignificant estimates made by management, as well asevaluating the overall financial statement presentation. Webelieve that our audit provides a reasonable basis for ouropinion.As required by the Companies (Auditor's Report) Order,2003 issued by the Central Government of India in terms ofsub-section (4A) of section 227 of the Companies Act, 1956,we enclose in the Annexure, a statement on the mattersspecified in paragraph 4 and 5 of the said Order.a) Further to our comments in the Annexure referredto above we report that:(i) We have obtained all the information andexplanations, which to the best of ourknowledge and belief were necessary for thepurpose of our audit;(ii) In our opinion, proper books of account, asrequired by law, have been kept by thecompany so far as appears from ourexamination of those books.(iii) The Balance Sheet and Profit and LossAccount of the company, dealt with by thisreport are in agreement with the books ofaccount.(iv) In our opinion, the Balance Sheet and Profitand Loss Account dealt with by this reportcomply with the applicable accountingstandards referred to in sub-section (3C) ofsection 211 of the Companies Act, 1956(v) Since the company is a Government company,clause (g) of sub-section (1) of section 274 ofthe Companies Act, 1956 regarding obtainingwritten representations from the directors ofthe company, is not applicable to the Companyin terms of Notification No.GSR-829 (E) dated21.10.2003;(vi) In our opinion and to the best of ourinformation and according to the explanationsgiven to us, the said accounts give theinformation required by the Companies Act,1956, in the manner so required and give atrue and fair view in conformity with theaccounting principles generally accepted inIndia:(a) in the case of the Balance Sheet, of thestate of affairs of the Company as at 31stMarch 2010;(b) in the case of the Profit and Loss Account,of the Profit for the year ended on thatdate; and(c) in the case of Cash Flow Statement, of thecash flows for the year ended on that date.For & on behalf ofDHAWAN & CO.Chartered AccountantsFirm Regn. No. 002864NPlace : Delhi Sunil GogiaDated : 27-07-2010 (Partner)M. No. 07374063