The Unit holders of IRB InvIT Fund
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of IRB InvITFund ("the Fund") which comprise the Balance Sheet as at March 31 2018the Statement of Profit and Loss including the statement of Other Comprehensive Incomethe Statement of Cash Flow and the Statement of Changes in Unit Holders' Equity for theyear then ended and the Statement of Net Assets at fair value as at March 31 2018 and theStatement of Total Returns at fair value and the Statement of Net Distributable Cash Flows(NDCFs') for the year then ended and a summary of significant accounting policiesand other explanatory notes.
Management's Responsibility for the Standalone Ind AS Financial Statements
The Management of IRB Infrastructure Private Limited (Investment Manager') isresponsible for the preparation of these standalone Ind AS financial statements that givea true and fair view of the financial position as at March 31 2018 financial performanceincluding other comprehensive income cash movements and the movement of the unit holders'funds for the year ended March 31 2018 the net assets as at March 31 2018 the totalreturns and the net distributable cash flows of the Fund for the year ended March 312018 in accordance with accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) and/ or any addendum thereto as defined in Rule2(1)(a) of the Companies (Indian Accounting Standards) Rules 2015 as amended read withthe Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations2014 as amended from time to time including any guidelines and circulars issued thereunder(together referred to as the "InvIT Regulations"). This responsibility includesthe design implementation and maintenance of adequate controls for ensuring the accuracyand completeness of the accounting records relevant to the preparation and presentationof the Ind AS financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. We have taken into account the provisions of the InvITRegulations the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the InvIT Regulations. We conductedour audit of the standalone Ind AS financial statements in accordance with the Standardson Auditing issued by the Institute of Chartered Accountants of India. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the standaloneInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Fund'spreparation of the standalone Ind AS financial statements that give a true and fair viewin order to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Fund has in place an adequate internalfinancial controls system over financial reporting and the eectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by the Management as well asevaluating the overall presentation of the standalone Ind AS financial statements.
We believe that the audit evidence we have obtained is sucient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the standalone Ind AS financial statements give the information required bythe InvIT Regulations in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaairs of the Fund as at March 31 2018 its profit including other comprehensiveincome its cash movements and movement of the unit holders' funds for the year endedMarch 31 2018 the net assets as at March 31 2018 the total returns and the netdistributable cash flows for the year ended March 31 2018.
Report on Other Legal and Regulatory Requirements
Based on our audit and as required by InvIT Regulations we report that:
a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;
b) The balance sheet and statement of profit and loss are in agreement with the booksof account of the Fund; and
c) In our opinion the aforesaid standalone Ind AS financial statements comply with theAccounting Standards (Ind AS) and/or any addendum thereto as defined in Rule 2(1)(a) ofthe Companies (Indian Accounting Standards) Rules 2015 as amended.
FOR SURESH SURANA & ASSOCIATES LLP
Firm's Reg. No. 121750W/W-100010
Place: Mumbai Dated: 30 April 2018