ICICI Bank 2016 Annual Report Download - page 196

Annual Report 2015-2016194
Group and its associates as at 31 March 2016, and their consolidated prot and their consolidated cash ows for the year
ended on that date.
EMPHASIS OF MATTER
We draw attention to Note 15 to the consolidated nancial statements, which provides details with regard to the creation
of provision relating to Funded Interest Term Loan through utilization of reserves pertaining to the year ended 31 March
2015, as permitted by the RBI vide letter dated 6 January 2015. Our opinion is not modied in respect of this matter.
OTHER MATTERS
(a) We did not audit the nancial statements of thirteen subsidiaries, whose nancial statements reect total assets
of Rs. 1,067,124 million as at 31 March 2016, total revenues of Rs. 64,249 million and net cash inows amounting
to Rs. 7,375 million for the year ended on that date, as considered in the consolidated nancial statements. The
consolidated nancial statements also include the ICICI Group’s share of net prot of Rs. 91 million for the year ended
31 March 2016, as considered in the consolidated nancial statements, in respect of an associate, whose nancial
statements and other nancial information have not been audited by us. These nancial statements and other nancial
information have been audited by other auditors whose reports have been furnished to us by Management and our
opinion on the consolidated nancial statements, in so far as it relates to the amounts and disclosures included in
respect of these subsidiaries and associate, and our report in terms of sub-section (3) and (11) of Section 143 of
the Act, insofar as it relates to the aforesaid subsidiaries and associate, is based solely on the reports of the other
auditors.
(b) We have jointly audited with other auditor, the nancial statements of a subsidiary whose nancial statements reect
total assets of Rs. 1,047,662 million as at 31 March 2016, total revenues of Rs. 231,799 million for the year ended 31
March 2016 and net cash inows amounting to Rs. 22,195 million for the year ended 31 March 2016. For the purpose
of the consolidated nancial statements, we have relied upon the work of the other auditor, to the extent of work
performed by them and our report in terms of sub-section (3) and (11) of Section 143 of the Act, insofar as it relates
to this subsidiary, is based solely on the report of the other auditor, to the extent of work performed by them.
(c) The consolidated nancial statements also include the ICICI Group’s share of net prot of Rs. 223 million for the year
ended 31 March 2016, as considered in the consolidated nancial statements, in respect of six associates, whose
nancial statements and other nancial information have not been audited by us. These nancial statements and
other nancial information are unaudited and have been furnished to us by Management and our opinion on the
consolidated nancial statements, in so far as it relates to the amounts and disclosures included in respect of these
associates, and our report in terms of sub-section (3) and (11) of Section 143 of the Act, insofar as it relates to the
aforesaid associates, is based solely on such unaudited nancial statements and other nancial information. In our
opinion and according to the information and explanations given to us by Management, these nancial statements
and other nancial information are not material to the ICICI Group.
(d) The auditors of ICICI Prudential Life Insurance Company, the ICICI Group’s Life Insurance subsidiary have reported,
“The actuarial valuation of liabilities for life policies in force is the responsibility of the Company’s Appointed Actuary
(the “Appointed Actuary”). The actuarial valuation of these liabilities for life policies in force and for policies in respect
of which premium has been discontinued but liability exists as at March 31, 2016 has been duly certied 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 Development Authority (“IRDAI” / “Authority”) and the Institute of
Actuaries of India in concurrence with the Authority. We have relied upon Appointed Actuary’s certicate in this
regard for forming our opinion on the valuation of liabilities for life policies in force and for policies in respect of
which premium has been discontinued but liability exists on standalone nancial statements of the Company”.
(e) The auditors of ICICI Lombard General Insurance Company Limited, the ICICI Group’s General Insurance subsidiary
have reported, “The Actuarial valuation of liabilities in respect of Incurred But Not Reported (‘IBNR’) and Incurred But
Not Enough Reported (‘IBNER’) as at March 31, 2016, other than for reinsurance accepted from Declined Risk Pool (‘DR
Pool’) has been duly certied by the Appointed Actuary of the Company and relied upon by us. The Appointed Actuary
has also certied that the assumptions considered by him for such valuation are in accordance with the guidelines
and norms prescribed by the IRDAI and the Actuarial Society of India in concurrence with the IRDAI. In respect of
reinsurance accepted from DR Pool, IBNR / IBNER has been recognized based on estimates received from DR pool”.
Independent Auditors’ Report