ICICI Bank 2003 Annual Report Download - page 93

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F29
to the Board of Directors of ICICI Bank Limited on the Consolidated Financial Statements of ICICI Bank
Limited and its Subsidiaries, Associates and Joint Ventures
auditors’ report
We have examined the attached consolidated balance sheet of ICICI Bank Limited, and its subsidiaries, associates and joint
ventures (the Group) as at March 31, 2003, the Consolidated Profit and Loss Account and Consolidated Cash Flow Statement
for the year then ended prepared in accordance with accounting principles generally accepted in India.
These financial statements are the responsibility of the ICICI Bank Limited’s management. Our responsibility is to express
an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted
auditing standards in India. These Standards require that we plan and perform the audit to obtain reasonable assurance
whether the financial statements are free of material misstatements. 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 statements.
We believe that our audit provides a reasonable basis for our opinion.
We did not jointly audit the financial statements of the subsidiaries, associates and joint ventures, whose financial statements
reflect total assets of Rs.55,391.4 million as at March 31, 2003, and total revenues of Rs.8,083.5 million for the year then
ended. These financial statements have been audited by either of us singly or jointly with others or by other auditors, insofar
as it relates to the amounts included in respect of those subsidiaries, associates and joint ventures, is based on the report
of those respective auditors.
We report that -
1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary
for the purposes of our audit and have found them to be satisfactory;
2. The consolidated financial statements have been prepared by the Bank in accordance with the requirements of
Accounting Standard (AS) 21, Consolidated Financial Statements, issued by the Institute of Chartered Accountants of
India and on the basis of the separate financial statements of ICICI Bank Limited and its subsidiaries, associates and
joint ventures included in the consolidated financial statements.
3. On the basis of the information and explanations given to us and on the consideration of the separate audit reports
on individual audited financial statements of ICICI Bank Limited and its subsidiaries, associates and joint ventures, we
are of the opinion that in conformity with the accounting principles generally accepted in India :
a. the Consolidated Balance Sheet gives a true and fair view of the state of affairs of the group as at March 31, 2003;
b. the Consolidated Profit and Loss Account gives a true and fair view of the results of operations of the group for
the year then ended; and
c. the Consolidated Cash Flow Statement gives a true and fair view of the cash flows of the group for the year then
ended.
For N.M. RAIJI & CO. For S.R. BATLIBOI & CO.
Chartered Accountants Chartered Accountants
JAYESH M. GANDHI per VIREN H. MEHTA
Partner a Partner
Mumbai: April 25, 2003