Report of the Auditors on the Consolidated Financial StatementsThe Board of Directors
Bajaj Finserv Limited
1. We have audited the attached consolidated balance sheet of Bajaj Finserv Limited(the "Company") and its subsidiaries and its jointly controlled entity;hereinafter referred to as the "Group" (refer Note 1 on Schedule 15 to theattached consolidated financial statements) as at 31 March 2011, the related consolidatedProfit and Loss Account and the consolidated Cash Flow Statement for the year ended onthat date annexed thereto, which we have signed under reference to this report. Theseconsolidated financial statements are the responsibility of the Company’s management.Our responsibility is to express an opinion on these financial statements based on ouraudit.
2. We conducted our audit in accordance with the auditing standards generally acceptedin India. 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. We did not audit the financial statements of one jointly controlled entity includedin the consolidated financial statements, which constitute total assets of Rs 647 lakh andnet assets of Rs 204 lakh as at 31 March 2011, total revenue of Rs 5,482 lakh, net profitof Rs 95 lakh and net cash flows amounting to Rs 99 lakh for the year then ended. Thesefinancial statements and other financial information have been audited by other auditorswhose report has been furnished to us, and our opinion on the consolidated financialstatements to the extent they have been derived from such financial statements is basedsolely on the report of such other auditors.
4. We report that the consolidated financial statements have been prepared by theCompany’s Management in accordance with the requirements of Accounting Standard (AS)21 - Consolidated Financial Statements, Accounting Standard (AS) 23 - Accounting forInvestments in Associates in Consolidated Financial Statements, and Accounting Standard(AS) 27 - Financial Reporting of Interests in Joint Ventures notified under sub-section 3Cof Section 211 of the Companies Act, 1956.
5. Based on our audit and on consideration of report of other auditor on separatefinancial statements and on the other financial information of the component of the Groupas referred to above, and to the best of our information and according to the explanationsgiven to us, in our opinion, the attached consolidated financial statements give a trueand fair view in conformity with the accounting principles generally accepted in India:
(a) in the case of the consolidated Balance Sheet, of the state of affairs of the Groupas at 31 March 2011;
(b) in the case of the consolidated Profit and Loss Account, of the profit of the Groupfor the year ended on that date: and
(c) in the case of the consolidated Cash Flow Statement, of the cash flows of the Groupfor the year ended on that date.
For Dalal and Shah
Firm Registration Number: 102021W
Chartered Accountants
Anish P Amin
Partner
Membership Number: 40451
Pune: 17 May 2011