1. We have audited the attached consolidated balance sheet of IRB
Infrastructure Developers Limited Group (hereinafter referred to as
IRB Group), as at March 31, 2011, and also the consolidated profit
and loss account and the consolidated cash flow statement for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the IRB Group''s management (the management) and
have been prepared by the management on the basis of separate financial
statements and other financial information regarding components. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. We did not audit the financial statements of certain subsidiaries,
whose financial statements reflect total assets of Rs. 12,781,378,243/-
as at March 31, 2011, the total revenues of Rs. 14,914,835,923/- and net
cash flows amounting to Rs. 149,132,025/- for the year then ended. These
financial statements and other financial information have been audited
by other auditors whose reports have been furnished to us, and our
opinion is based solely on the report of other auditors.
4. We report that the consolidated financial statements have been
prepared by the management in accordance with the requirements of
Accounting Standard 21, Consolidated Financial Statements'', notified
pursuant to the Companies (Accounting Standards) Rules, 2006, (as
amended).
5.. Based on our audit and on consideration of reports of other
auditors on separate financial statements and on the other financial
information of the components, to the best of our information and
according to the explanations given to us, we are of the opinion that
the attached consolidated financial statements give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the consolidated balance sheet, of the state of
affairs of the IRB Group as at March 31, 2011;
(b) in the case of the consolidated profit and loss account, of the
profit of IRB Group for the year ended on that date; and
(c) in the case of the consolidated cash flow statement, of the cash
flows of IRB Group for the year ended on that date.
For S. R. BATLIBOI & Co.
Firm Registration No. 301003E
Chartered Accountants
per Hemal Shah
Partner
Membership No. 42650
Place: Mumbai
Date: May 20, 2011
