auditorsTo the Members of ICICI Bank Limited
1. We have audited the attached balance sheet of ICICI Bank Limited (the‘Bank’) as at 31 March 2011 and also the profit and loss account and cash flowstatement for the year ended on that date annexed thereto. These financial statements arethe responsibility of the Bank’s management. Our responsibility is to express anopinion on these financial statements based on our audit. Incorporated in the saidfinancial statements are the returns of the Singapore, Bahrain and Hong Kong branches ofthe Bank, audited by other auditors.
2. We conducted our audit in accordance with auditing 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 did not audit the financial statements of Singapore, Bahrain and Hong Kongbranches, whose financial statements reflect total assets of Rs. 850,507.9 million as at31 March 2011, the total revenue of Rs. 42,480.8 million for the year ended 31 March 2011and net cash flows amounting to Rs. 39,302.7 million for the year ended 31 March 2011.These financial statements have been audited by other auditors, duly qualified to acts asauditors in the country of incorporation of the said branches, whose reports have beenfurnished 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 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 branches not visited by us. The BranchAuditor’s Report(s) have been forwarded to us and have been appropriately dealt with;
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, insofar as they apply to the Bank;
f) On the basis of written representations received from the directors, as on 31 March2011, 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 March2011;
ii. in case of the profit and loss account, of the profit for the year ended on thatdate; and
iii. in case of of cash flow statement, of the cash flows for the year ended on thatdate.
For S.R. Batliboi & Co.
Firm registration number: 301003E
Chartered Accountants
per Shrawan Jalan
Partner
Membership No.: 102102
Mumbai
April 28, 2011