INDEPENDENT AUDITORS'''' REPORT
To The Members of
ICICI Bank Limited
Report on the Standalone Financial Statements
1. We have audited the accompanying standalone financial statements of ICICI Bank Limited (the ''''Bank''''), which comprise the Balance Sheet as at 31 March 2017, the Profit and Loss Account and the Cash Flow Statement for the year then ended, a summary of the significant accounting policies and other explanatory information in which are incorporated the returns of the Singapore, Bahrain, Hong Kong, Dubai, Qatar, China, South Africa, New York and Sri Lanka branches of the Bank, audited by the branch auditors.
Management''''s Responsibility for the Standalone Financial Statements
2. 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 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, provisions of Section 29 of the Banking Regulation Act, 1949 and the circulars, guidelines and directions issued by Reserve Bank of India (''''RBI'''') from time to time. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 the design, implementation and maintenance of 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
3. Our responsibility is to express an opinion on these standalone financial statements based on our audit.
4. 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 there under.
5. We conducted our audit of the Bank including its branches in accordance with the Standards on Auditing (the ''''Standards'''') 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 misstatements.
6. 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 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, as well as evaluating the overall presentation of the financial statements.
7. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their report referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
8. 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 as well as the relevant requirements of the Act, in the manner so required for banking companies 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 2017, and its profit and its cash flows for the year then ended.
Other Matters
9. We did not audit the financial statements of Singapore, Bahrain, Hong Kong, Dubai, Qatar, China, South Africa, New York and Sri Lanka branches of the Bank, whose financial statements reflect total assets of '''' 1,407,430 million as at 31 March 2017, total revenues of '''' 65,406 million for the year ended 31 March 2017 and net cash outflows amounting to '''' 58,032 million for the year ended 31 March 2017. These financial statements have been audited by other auditors, duly qualified to act as auditors in the country of incorporation of the said branches, whose reports have been furnished to us by Management of the Bank and our opinion, in so far as it relates to such branches is based solely on the reports of the other auditors. Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
10. The Balance Sheet and Profit and Loss Account have been drawn up in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949 read with Section 133 of the Act read with the Rule 7 of the Companies (Accounts) Rules, 2014.
11. As required by sub section (3) of Section 30 of the Banking Regulation Act, 1949, we report that:
(a) we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit and have found them to be satisfactory;
(b) the transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and
(c) since the key operations of the Bank are automated with the key applications integrated to the core banking systems, the audit is carried out centrally as all the necessary records and data required for the purposes of our audit are available therein. However, during the course of our audit we have visited 100 branches. As stated above, returns from nine foreign branches were received duly audited by other auditors and were found adequate for the purposes of our audit.
12. Further, as required by Section 143 (3) of the Act, we further 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 purpose of our audit;
(b) 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 and proper returns adequate for the purposes of our audit have been received from the foreign branches not visited by us;
(c) the reports on the accounts of the foreign branch offices audited by the respective branch auditors of the Bank under Section 143 (8) of the Act have been sent to us and have been properly dealt with by us in preparing this report;
(d) the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account and with the returns received from the foreign branches not visited by us;
(e) 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, to the extent they are not inconsistent with the accounting policies prescribed by RBI;
(f) on the basis of the written representations received from the directors as on 31 March 2017 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2017 from being appointed as a director in terms of Section 164 (2) of the Act;
(g) 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'''';
(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 Note 41 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 Note 41 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; and
(iv) the disclosure required on holdings as well as dealings in Specified Bank Notes during the period from 8 November 2016 to 30 December 2016 as envisaged in notification G.S.R. 308(E) dated 30 March 2017 issued by the Ministry of Corporate Affairs is not applicable to the Bank. Refer Note 56 to the financial statements.
Report on the Internal Financial Controls under clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013
1. We have audited the internal financial controls over financial reporting of ICICI Bank Limited (the ''''Bank'''') as at 31 March 2017 in conjunction with our audit of the standalone financial statements of the Bank for the year ended on that date.
Management''''s Responsibility for Internal Financial Controls
2. The Bank''''s Board of Directors is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Bank considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the ''''Guidance Note'''') issued by the Institute of Chartered Accountants of India (the ''''ICAI''''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Bank''''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and timely preparation of reliable financial information, as required under the Companies Act, 2013 (the ''''Act'''').
Auditor''''s Responsibility
3. Our responsibility is to express an opinion on the Bank''''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing (the ''''Standards''''), issued by the ICAI and deemed to be prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
5. We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the Bank''''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
6. A bank''''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A bank''''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the bank; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the bank are being made only in accordance with authorizations of management and directors of the bank; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the bank''''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
8. In our opinion, the Bank has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at
31 March 2017, based on the internal control over financial reporting criteria established by the Bank considering the essential components of internal control stated in the Guidance Note issued by the ICAI.
Other Matters
9. Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls over financial reporting insofar as it relates to overseas branches, is based on the corresponding reports of the branch auditors. Our opinion is not modified in respect of this matter.
For B S R & Co. LLP
Chartered Accountants
Firm''''s Registration No.: 101248W/W-100022
Venkataramanan Vishwanath
Mumbai Partner
3 May 2017 Membership No.: 113156
1. We have audited the accompanying standalonefinancial statements of
ICICI Bank Limited (''''the Bank''''), which comprise the Balance Sheet as at
31 March 2016, the Profit and Loss Account, the Cash Flow Statement for
the year then ended, a summary of significant accounting policies and
other explanatory information in which are incorporated the returns of
the Singapore, Bahrain, Hong Kong, Dubai, Qatar, China, South Africa,
New York, and Sri Lanka branches of the Bank, audited by branch
auditors.
MANAGEMENT''''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
2. 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 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, provisions of Section 29 of the
Banking Regulation Act, 1949 and the circulars, guidelines and
directions issued by Reserve Bank of India (''''RBI'''') from time to time.
This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding
of 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 the design, implementation and maintenance of 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
3. Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
4. 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.
5. We conducted our audit of the Bank including its branches in
accordance with Standards on Auditing (''''the Standards'''') 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 of
material misstatements.
6. An audit involves performing procedures to obtain audit evidence
about the amounts and 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 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 accounting policies used and the reasonableness of
the accounting estimates made by Bank''''s Directors, as well as
evaluating the overall presentation of the financial statements.
7. We believe that the audit evidence obtained by us and the audit
evidence obtained by the other auditors in terms of their report
referred to in the Other Matters paragraph below, is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
OPINION
8. 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 as well as the relevant requirements of the Companies Act, 2013,
in the manner so required for banking companies and give a true and
fair view in conformity with accounting principles generally accepted
in India of the state of affairs of the Bank as at 31 March 2016, and
its profit and its cash flows for the year then ended.
EMPHASIS OF MATTER
9. We draw attention to Note 25 to the standalone financial
statements, which provides details with regard to the creation of
provision relating to Funded Interest Term Loan through the utilization
of reserves pertaining to the year ended 31 March 2015, as permitted by
the RBI vide letter dated 6 January 2015. Our opinion is not modified
in respect of this matter.
OTHER MATTERS
10. We did not audit the financial statements of the Singapore,
Bahrain, Hong Kong, Dubai, Qatar, China, South Africa, New York and Sri
Lanka branches of the Bank, whose financial statements reflect total
assets of Rs. 1,669,359 million as at 31 March 2016, total revenues of Rs.
74,005 million for the year ended 31 March 2016 and net cash inflows
amounting to Rs. 12,184 million for the year ended 31 March 2016. These
financial statements have been audited by other auditors, duly
qualified to act as auditors in the country of incorporation of the
said branches, whose reports have been furnished to us by Management of
the Bank and our opinion, in so far as it relates to such branches is
based solely on the reports of the other auditors. Our opinion is not
modified in respect of this matter.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
11. The Balance Sheet and the Profit and Loss Account have been drawn
up in accordance with the provisions of Section 29 of the Banking
Regulation Act, 1949 read with Section 133 of the Companies Act, 2013
read with the Rule 7 of the Companies (Accounts) Rules, 2014.
12. As required sub section (3) of section 30 of the Banking
Regulation Act, 1949, we report that:
(a) we have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the purpose of our
audit and have found them to be satisfactory;
(b) the transactions of the Bank, which have come to our notice, have
been within the powers of the Bank; and
(c) since the key operations of the Bank are automated with the key
applications integrated to the core banking systems, the audit is
carried out centrally as all the necessary records and data required
for the purposes of our audit are available therein. However, during
the course of our audit we have visited 122 branches. As stated above,
returns from nine foreign branches were received duly audited by other
auditors and were found adequate for the purposes of our audit.
13. Further, as required by section 143(3) of the Companies Act, 2013,
we further report that:
(i) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
(ii) in our opinion, proper books of account as required by law have
been kept by the Bank so far as appears from our examination of those
books and proper returns adequate for the purposes of our audit have
been received from the foreign branches not visited by us;
(iii) the reports on the accounts of the foreign branch offices audited
by the respective branch auditors of the Bank under section 143(8) of
the Companies Act 2013 have been sent to us and have been properly
dealt with by us in preparing this report;
(iv) the Balance Sheet, the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account and with the returns received from the foreign branches not
visited by us;
(v) 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, to the
extent they are not inconsistent with the accounting policies
prescribed by the RBI and to the extent of the direction given by the
RBI in respect to the matter dealt with in the Emphasis of Matter
paragraph above;
(vi) on the basis of written representations received from the
directors as on 31 March 2016 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2016
from being appointed as a director in terms of Section 164 (2) of the
Act;
(vii) with respect to the adequacy of the internal financial controls
over financial reporting of the Bank and the operating effectiveness of
such controls, refer our separate Report in "Annexure A";
(viii)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:
a) the Bank has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 39 to the
standalone financial statements;
b) 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 Note 39 to
the standalone financial statements; and
c) there has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the B
For B S R & Co. LLP
Chartered Accountants
Firm''''s Registration No: 101248W/W-100022
Venkataramanan Vishwanath
Mumbai Partner
29 April 2016 Membership No: 113156
1. We have audited the accompanying standalone financial statements of
ICICI Bank Limited (''the Bank''), which comprise the Balance Sheet as at
31 March 2015, the Profit and Loss Account, the Cash Flow Statement for
the year then ended, a summary of significant accounting policies and
other explanatory information in which are incorporated the returns of
the Singapore, Bahrain, Hong Kong, Dubai, Qatar and Sri Lanka branches
of the Bank, audited by branch auditors.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
2. 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 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, provisions of Section 29 of the
Banking Regulation Act, 1949 and the Reserve Bank of India''s (''RBI'')
circulars, guidelines and directions. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of 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 the design,
implementation and maintenance of 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
3. Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
applicable provisions of the Companies Act, 2013, Banking Regulation
Act, 1949 and circulars and guidelines issued by the RBI from time to
time, the accounting and auditing standards and matters which are
required to be included in the audit report under the aforesaid
provisions. We conducted our audit in accordance with Standards on
Auditing (''the Standards'') 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 of material misstatements.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and 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 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
accounting policies used and the reasonableness of the accounting
estimates made by Bank''s Directors, as well as evaluating the overall
presentation of the financial statements.
5. 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
6. I n 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 as well as the relevant requirements of the Companies Act, 2013,
in the manner so required for banking companies and give a true and
fair view in conformity with 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
and provisions of Section 29 of the Banking Regulation Act, 1949 and
the RBI''s circulars, guidelines as well as matter referred to under
emphasis of matter paragraph below) of the state of affairs of the
Company as at 31 March 2015, and its profit and its cash flows for the
year ended on that date.
EMPHASIS OF MATTER
7. We draw attention to note 25 to the standalone financial statements,
which provides details with regard to the creation of provision
relating to Funded Interest Term Loan through the utilization of
reserves, as permitted by the RBI vide letter dated 6 January 2015. Our
opinion is not modified in respect of this matter.
OTHER MATTERS
8. We did not audit the financial statements of the Singapore, Bahrain,
Hong Kong, Dubai, Qatar and Sri Lanka branches of the Bank, whose
financial statements reflect total assets of Rs. 1,48,083 crores as at 31
March 2015, total revenues of Rs. 7,088 crores for the year ended 31
March 2015 and net cash outflows amounting to Rs. 11,534 crores for the
year ended 31 March 2015. These financial statements have been audited
by other auditors, duly qualified to act as auditors in the country of
incorporation of the said branches, whose reports have been furnished
to us by the Management and our opinion, in so far as it relates to
such branches is based solely on the reports of the other auditors. Our
opinion is not modified in respect of this matter.
9. The standalone financial statements of the Bank for the year ended
31 March 2014 were audited by another auditor who expressed an
unmodified opinion on those statements on 25 April 2014.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
10. The Balance Sheet and the Profit and Loss Account have been drawn
up in accordance with the provisions of Section 29 of the Banking
Regulation Act, 1949 read with Section 129 of the Companies Act, 2013.
11. As required sub section (3) of section 30 of the Banking Regulation
Act, 1949, we report that:
(a) we have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the purpose of our
audit and have found them to be satisfactory;
(b) the transactions of the Bank, which have come to our notice, have
been within the powers of the Bank; and
(c) since the key operations of the Bank are automated with the key
applications integrated to the core banking systems, the audit is
carried out centrally as all the necessary records and data required
for the purposes of our audit are available therein. However, during
the course of our audit we have visited 97 branches. As stated above,
returns from six foreign branches were received duly audited by other
auditors and were found adequate for the purposes of our audit.
12. Further, as required by section 143(3) of the Companies Act, 2013,
we further report that:
(i) we have sought and obtained all the information and explanation
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
(ii) in our opinion, proper books of account as required by law have
been kept by the Bank so far as appears from our examination of those
books and proper returns adequate for the purposes of our audit have
been received from the foreign branches not visited by us.
(iii) the reports on the accounts of the foreign branch offices audited
by the respective branch auditors of the Bank under section 143(8) of
the Companies Act, 2013 have been sent to us and have been properly
dealt with by us in preparing this report.
(iv) t he Balance Sheet, the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account and with the returns received from the foreign branches not
visited by us;
(v) i n 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, to the
extent they are not inconsistent with the accounting policies
prescribed by the RBI and to the extent of the direction given by the
RBI in respect to the matter dealt with in the Emphasis of Matter
paragraph above;
(vi) on the basis of written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(vii) 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:
a) the Bank has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer note 38 to the
standalone financial statements;
b) 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 note 38 to
the standalone financial statements;
c) there has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the Bank.
For B S R & Co. LLP
Chartered Accountants
Firm''s Registration No: 101248W/W-100022
Venkataramanan Vishwanath
Mumbai Partner
27 April 2015 Membership No: 113156
