ICICI Bank 2012 Annual Report Download - page 79

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 31 March 2012 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 are the returns of the Singapore, Bahrain, Hong Kong,
Dubai, Qatar, Sri Lanka and New York-USA branches of the Bank, audited by other auditors.
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 did not audit the financial statements of Singapore, Bahrain, Hong Kong, Dubai, Qatar, Sri Lanka and New York-USA
branches, whose financial statements reflect total assets of Rs. 1,140,883 million as at 31 March 2012, the total revenue
of Rs. 53,809 million for the year ended 31 March 2012 and net cash flows amounting to Rs. 119,605 million for the year
ended 31 March 2012. These financial statements have been audited by other auditors, duly qualified to act as auditors
in the country of incorporation of the said branches, whose reports have been furnished to us, and our opinion is based
solely on the report of other auditors.
5. 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) We have visited 100 branches of the Bank for the purpose of our audit;
d) 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
branches not visited by us. The Branch Auditor’s Report(s) have been forwarded to us and have been appropriately
dealt with;
e) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with
the books of account and with audited returns of the branches;
f) 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;
g) On the basis of written representations received from the directors, as on 31 March 2012, 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;
h) 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 31 March 2012;
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.
Firm registration number: 301003E
Chartered Accountants
per Shrawan Jalan
Partner
Membership No.: 102102
Mumbai
April 27, 2012