ICICI Bank 2009 Annual Report Download - page 120

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F46
auditors’ report
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.
1. We have audited the attached consolidated Balance Sheet of ICICI Bank Limited (‘the Bank’) and its
subsidiaries, associates and joint venture (collectively known as ‘the Group’) as at March 31, 2009
and also the consolidated Profit and Loss Account and the consolidated Cash Flow Statement of the
Group for the year then ended, both annexed thereto. These financial statements are the responsibility
of the Bank’s management and have been prepared by the management on the basis of separate
financial statements and other financial information regarding components. Our responsibility is to
express an opinion on these financial statements based on our audit.
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 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 the
management, as well as evaluating the overall financial statements presentation. We believe that
our audit provides a reasonable basis for our opinion.
3. We have relied on the unaudited financial statements of certain subsidiaries, associates and joint
venture of the Bank as at and for the year ended
March 31, 2009
. The unaudited financial statements
as approved by the respective Board of Directors of these companies have been furnished to us by
the management of the Bank. Accordingly, the attached consolidated financial results include results
of subsidiaries, associates and joint venture whose unaudited financial results reflect the following-
Subsidiaries - total assets of Rs. 24,946.1 million as at March 31, 2009, total revenues of
Rs. 2,456.1 million and cash flows amounting to Rs. 1,853.1 million for the year then ended,
Associates - total assets of Rs. 4,457.9 million as at
March 31, 2009
, total revenues of
Rs. 3,316.1 million and cash flows amounting to Rs. (103.2) million for the year then ended
and
Joint venture - total assets of Rs. 13.0 million as at March 31, 2009, total revenues of
Rs. 0.2 million and cash flows amounting to Rs. 2.6 million in respect of the aforementioned
joint venture for the year then ended.
4. We did not audit the financial statements and other financial information of certain subsidiaries and
associate of the Bank. These financial statements have been audited by other auditors, duly qualified
to act as auditor in the country of incorporation of the subsidiary and associate whose report has
been furnished to us and was relied upon by us for our opinion on the financial statements of the
Group. Accordingly, the attached consolidated financial results include results of subsidiaries and
associate whose audited financial results reflect the following-
Subsidiaries - total assets of Rs. 875,517.5 million as at March 31, 2009, total revenues of
Rs. 99,698.9 million and cash flows of Rs. (28,390.8) million for the year then ended and
Associates - total assets of Rs. 414.8 million as at March 31, 2009, total revenues of
Rs. 31.7 million and cash flows amounting to Rs. 74.7 million for the year then ended.
5. We also did not audit the financial statements of the Singapore, Bahrain and Hong Kong branches
of the Bank, whose financial statements reflect total assets of Rs. 812,373.4 million as at
March 31, 2009, total revenues of Rs. 46,276.6 million and cash flows of Rs. (4,607.5) million for the
year then ended. These financial statements have been audited by other auditors, duly qualified to
act as auditors in the country of incorporation of such branches, whose reports have been furnished
to us and were relied upon by us for our opinion on the financial statements of the Bank.
6. The actuarial valuation of liabilities for life policies in force is the responsibility of the Group’s life
insurance subsidiary’s appointed actuary (the Appointed Actuary). The actuarial valuation of these
liabilities as at March 31, 2009 has been duly certified by the Appointed Actuary and in his opinion,