INDEPENDENT AUDITORS’ REPORT
To,
The Members of Yes Bank Limited
REPORT ON THE STANDALONE FINANCIAL STATEMENTS
We have audited the accompanying standalone financial statements of YES BANK LIMITED (‘the Bank''''), which comprise the Balance Sheet as at March 31, 2017, the Profit and Loss Account, 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 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 the 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
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 there under.
We conducted our audit 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 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 risk 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.
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 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 the accounting principles generally accepted in India, of the state of affairs of the Bank as at 31 March 2017, its profit and its cash flows for the year then ended on that date.
OTHER MATTERS
The standalone financial statements of the Bank for the year ended March 31, 2016 were audited by another auditor who expressed an unmodified opinion on those statements on 27 April 2016.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
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 Companies Act, 2013 read with the Rule 7 of the Companies (Accounts) Rules, 2014.
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. During the course of our audit we have visited 22 branches.
The disclosure required on holdings as well as dealings in Specified Bank Notes during the period from November 08, 2016 to December 30, 2016 as envisaged in notification GSR 308(E) dated March 30, 2017 issued by the Ministry of Corporate Affairs, is not applicable to the Bank. Refer note 18.7.17 to the financial statements.
Further, as required by Section 143 (3) of the Companies Act, 2013, 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;
(c) 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;
(d) 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.
(e) on the basis of the written representations received from the directors as on March 31, 2017 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2017 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) 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”;
(g) 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 18.7.15 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 18.7.16 to the financial statements; and
(iii) there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Bank.
Report on the Internal Financial Controls under clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013
We have audited the internal financial controls over financial reporting of YES Bank Limited (‘the Bank'''') as at March 31, 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
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 the timely preparation of reliable financial information, as required under the Companies Act, 2013 (‘the Act'''').
AUDITOR’S RESPONSIBILITY
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.
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.
We believe that the audit evidence we have obtained 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
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 LIMITATION OF INTERNAL FINANCIAL CONTROL OVER FINANCIAL REPORTING
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
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 March 31, 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 on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.
For B S R & Co. LLP
Chartered Accountants
Firm''''s Registration No. 101248W/W - 100022
Manoj Kumar Vijai
Mumbai Partner
April 19, 2017 Membership No. 046882
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial
statements of Yes Bank Limited ("the Bank"), which comprise
the Balance Sheet as at 31 March, 2016,the Profit and Loss
Account and the Cash Flow statement for the year then
ended, and a summary of significant accounting policies and
notes to the standalone financial statements.
Management’s Responsibility for the Standalone
Financial Statements
The Bank's Board of Directors is responsible for the matters
stated I
n 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, 1949accounting 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 the Bank 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 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 adequate internal financial control 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
in accordance with the Standards on Auditing issued by the
Institute of Chartered Accountants of India, as specified
under section 143(10) ofthe 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 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. An audit also includes
evaluating the appropriateness of 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. 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 together with the notes
thereon give the information required by the Banking
Regulation Act, 1949 as well as the Companies Act, 2013, in
the manner so required for the banking companies and give
a true and fair view of the state of affairs of the Bank as at 31
March 2016, its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory
Requirements
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
Rule 7 of the Companies (Accounts) Rules, 2014.
As required sub section (3) of section 30 of the Banking
Regulation Act, 1949 and the appointment letter19
October 2015, we report that:
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;
The transactions of the Bank, which have come
to our notice, have been within the powers of the
Bank; and
The financial accounting systems of the Bank are
centralised and therefore, accounting returns for
the purpose of preparing standalone financial
statements are not required to be submitted by
the branches; we have visited 45branches for the
purpose of our audit.
Further, as required by section 143(3) of the Companies
Act, 2013, we further report that:
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;
g) 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:
The Bank has disclosed the impact of
pending litigations on its financial position in
its standalone financial statements - Refer
Note 18.8.14 to the standalone financial
statements;
The Bank has made provision, as required
under the applicable law or accounting
standards, for material foreseeable losses
on long-term contracts including derivative
contracts - Refer Note 18.8.15 to the
standalone financial statements; and
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;
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;
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;
There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Bank.
For S.R. Batliboi & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E
per Viren H. Mehta
Partner
Membership Number: 048749
Place of Signature: Mumbai
Date: 27 April 2016
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;
(f) 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
1" to this report;and
Annexure 1 To The Independent
Auditor’s Report of even date on the Standalone Financial Statements of Yes Bank Limited
Report on the Internal Financial Controls under Clause
of Sub-section 3 of Section 143 of the Companies Act,
2013 (“the Act")
To the Members of Yes Bank Limited
We have audited the internal financial controls over financial
reporting of Yes Bank Limited ("the Bank") as of 31 March
2016in 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
The Bank's Management 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 issued
by the Institute of Chartered Accountants of India (the
"Guidance Note"). 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 the 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 the timely preparation of reliable financial information,
as required under the Companies Act, 2013.
Auditor’s Responsibility
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 as specified
under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls,
both applicable to an audit of Internal Financial Controls and,
both issued by the Institute of Chartered Accountants of
India. 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.
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.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion on the internal financial controls system over
financial reporting.
Meaning of Internal Financial Controls Over
Financial Reporting
A company'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
company'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 company; (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 company are being made only in accordance
with authorisations of management and directors of the
company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition,
use, or disposition of the company's assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial
Controls Over Financial Reporting
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
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 2016,
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 issued by the Institute of Chartered Accountants
of India.
For S.R. Batliboi & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E
per Viren H. Mehta
Partner
Membership Number: 048749
Place of Signature: Mumbai
Date: 27 April 2016
1. We have audited the accompanying standalone financial statements of
Yes Bank Limited (hereinafter referred to as "the Bank"), which
comprise the BaLance Sheet as at 31 March, 2015 and the Profit and Loss
Account and the Cash FLow statement for the year then ended and
significant accounting poLicies and notes forming part of the accounts.
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 preparation of these standalone financial statements
that give a true and fair view of the financial position, financial
performance and cash Rows 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. 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 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 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
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.
4. An audit invoLves performing procedures to obtain audit evidence
about the amounts and disclosures in the financiaLstatements.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 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,butnotforthe 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 the Bank''s Directors, as weLL as 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.
Opinion
5. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid standaLone financial
statements together with the notes thereon give the information
required by the Banking Regulation Act, 1949 as weLL as the Companies
Act, 2013, in the manner so required for the banking companies and give
a true and fair view of the state of affairs of the Bankas at 31 March
2015,and its profit and its cash Rows for the year then ended.
Report on Other Legal and Regulatory Matters
6. 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 readwith Section 133 of the Companies Act, 2013
read with RuLe 7 of the Companies (Accounts) RuLes,2014.
7. As required sub section (3) of section 30 of the Banking Regulation
Act, 1949 and the appointment Letter dated 27 May2014,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) The financiaL accounting systems of the Bank are centraLised and
therefore, accounting returns for the purpose of preparing financiaL
statements are not required to be submitted by the branches; we have
visited 20 branches for the purpose of our audit.
8. Further, as required by section 143(3) of the Companies Act, 2013,
we further reportthat:
(a) 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;
(b) 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;
(c) The BaLance Sheet, the Profit and Loss Account and the Cash FLow
Statement deaLt with by us in the Report are in agreement with the
books of account.
(d) 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.
(e) 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 is disqualified as on 31 March, 2015
from being appointed as a director in terms of Section 164 (2) ofthe
Act.
Other Matters
9. 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 standaLone financiaL statements - Refer Note
18.8.13 to the standaLone financiaL statements;
(b) The Bank has made provision, as required under the appLicabLe Law
or accounting standards, for materiaL foreseeable Losses on Long-term
contracts including derivative contracts - Refer Note 18.8.14 to the
financiaL statements.
(c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Bank.
For S.R. Batliboi & CO. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E
per Viren H. Mehta
Place of Signature: Mumbai Partner
Date: 22 April 2015 Membership Number: 048749
