ICICI Bank 2003 Annual Report Download - page 116

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F52
To the Board of Directors and Stockholders of ICICI Bank Limited
independent auditors’ report
We have audited the accompanying consolidated balance sheets of ICICI Bank Limited and subsidiaries as of March31,2002
and 2003, and the related consolidated statements of operations, stockholders’ equity and other comprehensive income,
and cash flows for each of the years in the three-year period ended March31,2003. These consolidated financial statements
are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial
position of ICICI Bank Limited and subsidiaries as of March31,2002 and 2003, and the results of their operations and their
cash flows for each of the years in the three-year period ended March31,2003, in conformity with accounting principles
generally accepted in the United States of America.
As discussed in Note 1 to the consolidated financial statements, effective April 1, 2001, the Company adopted the
provisions of SFAS No. 142, Goodwill and Other Intangible Assets and SFAS No. 133, Accounting for Derivative Instruments
and Hedging Activities, as amended by SFAS No. 138, Accounting for Certain Derivative Instruments and Certain Hedging
Activities. As discussed in Note 1 to the consolidated financial statements, effective October 1, 2002, the Company adopted
the provisions of SFAS No. 147, Acquisitions of Certain Financial Institutions, retroactive to April 1, 2001, the adoption date
of SFAS No. 142.
The United States dollar amounts are presented in the accompanying consolidated financial statements solely for the
convenience of the readers and have been translated into United States dollar on the basis described in Note1to the
consolidated financial statements.
KPMG
Mumbai, India
June 28, 2003