ICICI Bank 2013 Annual Report Download - page 133
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F55
independent auditors’ report
March 31, 2013. 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.
We have also relied on the un-audited financial statements of certain subsidiaries, associates and joint ventures, whose
financial statements reflect total assets of ` 28,372 million as at March 31, 2013, total revenues of ` 7,460 million and net cash
flows amounting to ` (1,221) million for the year then ended.
We have jointly audited, with other auditor, the financial statements of subsidiary which reflect total assets of ` 753,501 million
as at March 31, 2013, total revenue of ` 173,760 million and cash flows amounting to ` 475 million for the year then ended.
For the purpose of the consolidated financial statements, we have relied upon the work of other auditors.
The actuarial valuation of liabilities for life policies in force is the responsibility of the ICICI Group’s life insurance subsidiary’s
appointed actuary (the Appointed Actuary). The actuarial valuation of these liabilities as at March 31, 2013 has been duly
certified by the Appointed Actuary and in his opinion the assumptions for such valuation are in accordance with the guidelines
and norms issued by the Insurance Regulatory and Development authority (‘IRDA’) and the Actuarial Society in concurrence
with the IRDA. The statutory auditors of ICICI Prudential Life Insurance Company Limited have relied upon appointed Actuary’s
certificate in this regard.
The actuarial valuation of liability in respect of claims incurred but not reported (‘IBNR’) and those incurred but not enough
reported (‘IBNER’) are the responsibility of the ICICI Group’s general insurance subsidiary’s appointed actuary (the Appointed
Actuary). The actuarial valuation of these liabilities as at March 31, 2013 has been duly certified by the Appointed Actuary and
in his opinion the assumptions for such valuation are in accordance with the guidelines and norms issued by the IRDA and the
Actuarial Society in concurrence with the IRDA. The statutory auditors of ICICI Lombard General Insurance Company Limited
have relied upon appointed Actuary’s certificate in this regard.
For S.R. BATLIBOI & CO. LLP
Chartered Accountants
Firm registration number: 301003E
per Shrawan Jalan
Partner
Membership No.: 102102
Place: Mumbai
Date: April 26, 2013