The Members of Axis Bank Limited
1. We have audited the attached balance sheet of Axis Bank Limited ('the Bank') as at31 March 2010 and also the profit and loss account and cash flow statement for the yearended on that date, annexed thereto. These financial statements are the responsibility ofthe Banks management. Our responsibility is to express an opinion on these financialstatements based on our audit.
2. We conducted our audit in accordance with accounting standards generally accepted inIndia. Those Standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. Anaudit includes examining, on a test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basisfor our opinion.
3. The balance sheet and profit and loss account are drawn up in conformity with FormsA and B (revised) of the Third Schedule to the Banking Regulation Act, 1949, read withSection 211 of the Companies Act, 1956.
4. We report that:
a) We have obtained all the information and explanations, which to the best of ourknowledge and belief were necessary for the purposes of our audit and have found them tobe satisfactory;
b) In our opinion, the transactions of the Bank which have come to our notice have beenwithin its powers;
c) In our opinion, proper books of account as required by law have been kept by theBank so far as appears from our examination of those books and proper returns adequate forthe purposes of our audit have been received from the Banks branches;
d) The balance sheet, profit and loss account and cash flow statement dealt with bythis report are in agreement with the books of account;
e) In our opinion, the balance sheet, profit and loss account and cash flow statementdealt with by this report comply with the accounting standards referred to in sub-section(3C) of Section 211 of the Companies Act 1956, insofar as they apply to banks;
f) On the basis of written representations received from the directors, as on 31 March2010, and taken on record by the Board of Directors, we report that none of the directorsis 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 explanationsgiven to us, the said accounts give the information required by the Companies Act, 1956 inthe manner so required for banking companies, and give a true and fair view in conformitywith 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 March2010;
ii. in case of the profit and loss account, of the profit for the year ended on thatdate; 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 No.: 301003E
per Viren H. Mehta
Membership No.: 048749
Date: 20 April 2010