ICICI Bank 2003 Annual Report Download - page 36

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34
Directors’ Report
Rs. billion
Fiscal 2003 Fiscal 2002
Dividend for the year (proposed)
– On equity shares @ 75% .................................................... 4.60 0.44
– On preference shares (Rs.) .................................................... 35,000 —
– Corporate dividend tax ......................................................... 0.59 0.05
Leaving balance to be carried forward to the next year ......... 0.04 0.19
1In addition to appropriation of disposable profits, the balance in the Debenture Redemption Reserve of
Rs. 0.10 billion was transferred to Revenue and other Reserves in fiscal 2003.
SUBSIDIARY COMPANIES
At March 31, 2003, ICICI Bank had twelve subsidiaries:
Domestic Subsidiaries International Subsidiaries
ICICI Securities Limited ICICI Bank UK Limited1
ICICI Venture Funds Management Company Limited ICICI Securities Holdings Inc.2
ICICI Prudential Life Insurance Company Limited ICICI Securities Inc.3
ICICI Lombard General Insurance Company Limited ICICI International Limited
ICICI Home Finance Company Limited
ICICI Investment Management Company Limited
ICICI Trusteeship Services Limited
ICICI Brokerage Services Limited2
1Awaiting UK regulatory approval for commencement of business
2Subsidiary of ICICI Securities Limited
3Subsidiary of ICICI Securities Holdings Inc.
In terms of the approval granted by the Central Government vide letter dated June 11, 2003 under Section
212(8) of the Companies Act, 1956, a copy of the balance sheet, profit & loss account, report of the Board
of Directors and report of the Auditors of the subsidiary companies has not been attached to the accounts
of the Bank for the year ended March 31, 2003. The Bank will make available these documents/details upon
request by any member of the Bank. These documents/details will also be available on the Bank’s website.
As required by Accounting Standard 21 (AS-21) issued by the Institute of Chartered Accountants of India, the
Bank’s consolidated financial statements incorporate the accounts of its subsidiaries, except those of
ICICI Bank UK Limited. ICICI Bank UK Limited was incorporated on February 11, 2003 and is yet to commence
operations and hence, its accounts have not been drawn up.
In May 2003, the Bank acquired the entire paid-up equity share capital of Transamerica Apple Distribution
Finance Private Limited. The Company is now a wholly-owned subsidiary of ICICI Bank and has been renamed
as ICICI Distribution Finance Private Limited.