Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of HDFC BANK LIMITED (“the Bank”), which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Standalone Financial Statements
The Bank’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949, accounting principles generally accepted in India, including the Accounting Standards prescribed under Section 133 of the Act, in so far as applicable to banks, and the guidelines issued by the Reserve Bank of India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controls relevant to the Bank’s preparation of the standalone financial statements that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Bank’s Directors, and evaluating the overall presentation of the standalone financial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Banking Regulation Act, 1949 and the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Bank as at 31st March, 2017, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act and Section 30 of the Banking Regulation Act, 1949, based on our audit, we report to the extent applicable that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and found them to be satisfactory.
b) In our opinion, the transactions of the Bank which have come to our notice have been within the powers of the Bank.
c) As explained in paragraph 2 below, the financial accounting systems of the Bank are centralised and, therefore, accounting returns are not required to be submitted by the Branches.
d) In our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books.
e) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
f) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards prescribed under Section 133 of the Act, as applicable.
g) On the basis of the written representations received from the directors as at 31st March, 2017 taken on record by the Board of Directors, none of the directors is disqualified as at 31st March, 2017 from being appointed as a director in terms of Section 164(2) of the Act.
h) With respect to the adequacy of the internal financial controls over financial reporting of the Bank and the operating effectiveness of such controls, refer to our separate report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Bank’s internal financial controls over financial reporting.
i) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Bank has disclosed the impact of pending litigations on its financial position in its standalone financial statements;
ii. The Bank has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Bank.
2. We report that during the course of our audit we performed select relevant procedures at 85 branches. Since the Bank considers its key operations to be automated, with the key applications largely integrated to the core banking systems, it does not require its branches, to submit any financial returns. Accordingly our audit is carried out centrally at the Head Office and Central Processing Units, based on the necessary records and data required for the purposes of the audit being made available to us.
For Deloitte Haskins & Sells
Chartered Accountants
(Firm’s Registration No. 117365W)
Porus B. Pardiwalla
Partner
(Membership No. 40005)
Mumbai
April 21, 2017
We have audited the accompanying standalone financial statements of
HDFC BANK LIMITED ("the Bank"), which comprise the Balance Sheet as at
31st March, 2016, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''''s Responsibility for the Standalone Financial Statements
The Bank''''s Board of Directors is responsible for the matters stated in
Section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Bank in accordance with the provisions of Section 29
of the Banking Regulation Act, 1949, accounting principles generally
accepted in India, including the Accounting Standards prescribed under
Section 133 of the Act, in so far as applicable to banks, and the
guidelines issued by the Reserve Bank of India.
This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act, for safeguarding
the assets of the Bank and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgements and estimates that are
reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''''s Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit of the standalone financial statements in
accordance with the Standards on Auditing specified under Section
143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''''s judgement, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Bank''''s preparation of the financial statements that give a true
and fair view in order to design audit procedures that are appropriate
in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Bank''''s Directors, and
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Banking Regulation Act, 1949 and
the Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India,
of the state of affairs of the Bank as at 31st March, 2016, and its
profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act and Section 30 of the
Banking Regulation Act, 1949, we report that:
a) We have sought and obtained all the information and
explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit.
b) In our opinion, the transactions of the Bank which have come to our
notice have been within the powers of the Bank.
c) As explained in paragraph 2 below, the financial accounting systems
of the Bank are centralised and, therefore, accounting returns are not
required to be submitted by the Branches.
d) In our opinion, proper books of account as required by law have been
kept by the Bank so far as it appears from our examination of those
books.
e) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
f) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards prescribed under Section 133 of the Act,
as applicable.
g) On the basis of the written representations received from the
directors as on 31st March, 2016 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2016
from being appointed as a director in terms of Section 164 (2) of the
Act.
h) With respect to the adequacy of the internal financial controls over
financial reporting of the Bank and the operating effectiveness of such
controls, refer to our Report in "Annexure A". Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the
Bank''''s internal financial controls over financial reporting.
i) With respect to the other matters to be included in the Auditor''''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Bank has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Schedule 17/C-17
and Schedule 18 Note 16(b) and Note 16(c) to the financial statements;
ii. The Bank has made provision, as required under the applicable law
or accounting standards, for material foreseeable losses, if any, on
long-term contracts including derivative contracts-Refer Schedule 17/C
17 and Schedule 18 Note 16 to the financial statements;
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the Bank.
2. We report that during the course of our audit we have performed
select relevant procedures at 54 branches. Since the Bank considers
its key operations to be automated, with the key applications largely
integrated to the core banking systems, it does not require its
branches, to submit any financial returns. Accordingly our audit is
carried out centrally at the Head Office and Central Processing Units
based on the necessary records and data required for the purposes of
the audit and made available to us.
For Deloitte Haskins & Sells
Chartered Accountants
(Firm''''s Registration No. 117365W)
Porus B. Pardiwalla
Partner
(Membership No. 40005)
Mumbai April 22, 2016
We have audited the accompanying standalone financial statements of
HDFC BANK LIMITED ("the Bank"), which comprise the Balance Sheet as at
31 March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Financial Statements
The Bank''s Board of Directors is responsible for the matters stated in
Section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Bank in accordance with the provisions of Section 29
of the Banking Regulation Act, 1949, accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014 in so far as they apply to banks and the guidelines issued
by the Reserve Bank of India. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Bank and for
preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls, that are
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards, and matters which are required to be included
in the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Bank''s preparation of the financial statements that give a true
and fair view in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion
on whether the Bank has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Bank''s Directors and evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Banking Regulation Act, 1949; the
Companies Act, 2013 in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India, of the state of affairs of the Bank as at 31 March, 2015 and its
profit and its cash flows for the year ended on that date.
Other Matter
The audit of standalone financial statements of the Bank for the year
ended 31 March, 2014 was carried out by the previous auditors of the
Bank.
Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143 (3) of the Companies Act, 2013 and
Section 30 of the Banking Regulation Act, 1949 we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit and found them to be satisfactory.
(b) In our opinion, the transactions of the Bank which have come to our
notice have been within the powers of the Bank.
(c) As explained in paragraph 2 below, the financial accounting systems
of the Bank are centralised and therefore, accounting returns are not
required to be submitted by the Branches.
(d) In our opinion, proper books of account as required by law have
been kept by the Bank so far as it appears from our examination of
those books.
(e) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(f) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(g) On the basis of the written representations received from the
directors as on 31 March, 2015 taken on record by the Board of
Directors, none of the directors are disqualified as on 31 March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(h) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Bank has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Schedule 17/C-17
and Schedule 18 Note 15 (b) and Note 15 (c) to the financial
statements;
ii. The Bank has made provision, as required under the applicable law
or accounting standards, for material foreseeable losses, if any, on
long- term contracts including derivative contracts - Refer Schedule
17/C-17 and Schedule 18 Note 15 to the financial statements;
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the Bank.
2. We report that during the course of our audit we have performed
select relevant procedures at 26 branches. Since the Bank considers
its key operations to be automated, with the key applications largely
integrated to the core banking systems, it does not require its
branches, to submit any financial returns. Accordingly our audit is
carried out centrally at the Head Office and Central Processing Units
based on the necessary records and data required for the purposes of
the audit being made available to us.
For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm''s Registration No. 117365W)
Zubin Shekary
Partner
(Membership No.48814)
Mumbai
April 23, 2015
