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DCB Bank Ltd

BSE: 532772 | NSE: DCBBANK ISIN: INE503A01015
Market Cap: [Rs.Cr.] 2,358.48 Face Value: [Rs.] 10
Industry: Banks - Private Sector

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Auditor's Report

1st Floor, Lodha Excelus Appollo

Mills Compound

N. M. Joshi Marg


Mumbai - 400 011 India

Independent Auditor’s Report

To the Members of DCB Bank Limited

Report on the Financial Statements

1. We have audited the accompanying financial statements of DCB Bank Limited (‘theBank’), which comprise the Balance Sheet as at 31 March 2015, the Profit and LossAccount, the Cash Flow Statement for the year then ended, a summary of significantaccounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

2. The Bank’s Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition, financial performance and cash flows of the Bank in accordance with theaccounting principles generally accepted in India, including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules,2014 and provisions of Section 29 of the Banking Regulation Act, 1949 and circulars andguidelines issued by Reserve Bank of India from time to time. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Bank and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies,making judgments and estimates that are reasonable and prudent; and the design,implementation and maintenance of internal financial controls, that operate effectivelyfor ensuring the accuracy and completeness of the accounting records, relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the applicable provisions of the Act, the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit ofthe Bank including its branches in accordance with Standards on Auditing (‘theStandards’) specified under section 143(10) of the Act. Those Standards require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatements.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor’s judgment, including the assessment of the risks of material misstatement ofthe financial statements, whether due to fraud or error. In making those risk assessments,the auditor considers internal control relevant to the Bank’s preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing anopinion on whether the Bank has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Bank’s Directors, as well as evaluating theoverall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.


6. In our opinion and to the best of our information and according to the explanationsgiven to us, the aforesaid standalone financial statements give the information requiredby the Banking Regulation Act, 1949 as well as the Companies Act, 2013, in the manner sorequired for banking companies and give a true and fair view in conformity with accountingprinciples generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Bank as at 31March 2015;

(b) in the case of the Profit and Loss account, of the profitof the Bank for the yearended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows of the Bank for the yearended on that date.

Report on Other Legal and Regulatory Requirements

7. The Balance Sheet and the Profit and Loss Account have been drawn up in accordancewith the provisions of Section 29 of the Banking

Regulation Act, 1949 read with Section 133 of the Companies Act, 2013 read with Rule 7of the Companies (Accounts) Rules, 2014.

8. As required sub section (3) of section 30 of the Banking Regulation Act, 1949 ,wereport that:

(a) we have obtained all the information and explanations which, to the best of ourknowledge and belief, were necessary for the purpose of our audit and have found them tobe satisfactory;

(b) the transactions of the Bank, which have come to our notice, have been within thepowers of the Bank; and

(c) during the course of our audit we have visited 18 branches. Since the keyoperations of the Bank are automated with the key applications integrated to the corebanking systems, the audit is carried out centrally as all the necessary records and datarequired for the purposes of our audit are available therein.

9. Further, as required by section 143(3) of the Companies Act, 2013, we further reportthat:

(i) we have sought and obtained all the information and explanation which to the bestof our knowledge and belief were necessary for the purpose of our audit;

(ii) 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;

(iii) the financial accounting systems of the Bank are centralised and, therefore,returns are not necessary to be submitted by the branches;

(iv) the Balance Sheet, the Profit and Loss account and the Cash Flow Statement dealtwith by this report are in agreement with the books of account;

(v) in our opinion, the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act, read with Rule 7 of theCompanies (Accounts) Rules, 2014, to the extent they are not inconsistent with theaccounting policies prescribed by the Reserve Bank of India;

(vi) on the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of directors, none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164 (2) of theAct;

(vii) with respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinionand to the best of our information and according to the explanations given to us:

(a) the Bank has disclosed the impact of pending litigations on its financial positionin its financial statements - Refer Note 17 to the financial statements;

(b) the Bank has made provision, as required under the applicable law or accountingstandards, for material foreseeable losses, if any, on long-term contracts includingderivative contracts -Refer Note 18 to the financial statements;

(c) there has been no delay in transferring amounts, required to be transferred, to theInvestor Education and Protection Fund by the Bank.

For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No: 101248W/ W-100022
Akeel Master
Mumbai Partner
14 April 2015 Membership No: 046768
Futures & Options Quote
Future Data Not present
Key Information

Key Executives:

Nasser Munjee , Chairman

Murali M Natrajan , Managing Director & CEO

Suhail Nathani , Director

H V Barve , Company Secretary

Company Head Office / Quarters:

601& 602 Peninsula Business Pk,
Tower A 6th Floor Lower Parel,
Phone : Maharashtra-91-022-66187000 / Maharashtra-
Fax : Maharashtra-91-022-24978637 / Maharashtra-
E-mail : investorgrievance@dcbbank.com
Web : http://www.dcbbank.com


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