ICICI Bank 2005 Annual Report Download - page 61

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F1
auditors’ report
to the members of ICICI BANK LIMITED
1. We have audited the attached balance sheet of ICICI Bank Limited (the ‘Bank’) as at March 31, 2005 and also the
profit and loss account and cash flow statement for the year ended on that date annexed thereto. These financial
statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these
financial statements based on our audit. Incorporated in the said financial statements is the return of the one foreign
branch audited by another firm of independent accountants.
2. We conducted our audit in accordance with auditing standards generally accepted in India. 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 audit provides a reasonable basis for our opinion.
3. The balance sheet and profit and loss account are drawn up in conformity with Forms A and B (revised) of the Third
Schedule to the Banking Regulation Act, 1949, read with Section 211 of the Companies Act, 1956.
4. 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 purposes of our audit and have found them to be satisfactory;
b) In our opinion, the transactions of the Bank which have come to our notice have been within its powers;
c) 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 branches not visited by us. The audited returns of the foreign branch has been forwarded to us and has
been appropriately dealt with;
d) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement
with the books of account;
e) In our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report
comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act,
insofar as they apply to the Bank;
f) On the basis of written representations received from the directors, as on March 31, 2005, and taken on record
by the Board of Directors, we report that none of the directors is disqualified from being appointed as a director
in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;
g) In our opinion and to the best of our information and according to the explanations given to us, the said
accounts give the information required by the Companies Act, ,
, ,
, 1956
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;
i. in case of the balance sheet, of the state of the affairs of the Bank as at March 31, 2005;
ii. in case of the profit and loss account, of the profit for the year ended on that date; and
iii. in case of cash flow statement, of the cash flows for the year ended on that date.
For S.R. BATLIBOI & CO.
Chartered Accountants
per VIREN H. MEHTA
a Partner
April 30, 2005 Membership No.: 048749