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HDFC Bank

BSE: 500180|NSE: HDFCBANK|ISIN: INE040A01026|SECTOR: Banks - Private Sector
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Mar 15
Auditor's Report (HDFC Bank) Year End : Mar '16
We have audited the accompanying standalone financial statements of
 HDFC BANK LIMITED (the Bank), which comprise the Balance Sheet as at
 31st March, 2016, the Statement of Profit and Loss and the Cash Flow
 Statement for the year then ended, and a summary of the significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Standalone Financial Statements
 
 The Bank''s Board of Directors is responsible for the matters stated in
 Section 134(5) of the Companies Act, 2013 (the Act) with respect to
 the preparation of these standalone financial statements that give a
 true and fair view of the financial position, financial performance and
 cash flows of the Bank in accordance with the provisions of Section 29
 of the Banking Regulation Act, 1949, accounting principles generally
 accepted in India, including the Accounting Standards prescribed under
 Section 133 of the Act, in so far as applicable to banks, and the
 guidelines issued by the Reserve Bank of India.
 
 This responsibility also includes maintenance of adequate accounting
 records in accordance with the provisions of the Act, for safeguarding
 the assets of the Bank and for preventing and detecting frauds and
 other irregularities; selection and application of appropriate
 accounting policies; making judgements and estimates that are
 reasonable and prudent; and design, implementation and maintenance of
 adequate internal financial controls, that were operating effectively
 for ensuring the accuracy and completeness of the accounting records,
 relevant to the preparation and presentation of the financial
 statements that give a true and fair view and are free from material
 misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these standalone
 financial statements based on our audit.
 
 We have taken into account the provisions of the Act, the accounting
 and auditing standards and matters which are required to be included in
 the audit report under the provisions of the Act and the Rules made
 thereunder.
 
 We conducted our audit of the standalone financial statements in
 accordance with the Standards on Auditing specified under Section
 143(10) of the Act. Those Standards require that we comply with ethical
 requirements and plan and perform the audit to obtain reasonable
 assurance about whether the financial statements are free from material
 misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgement, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Bank''s preparation of the financial statements that give a true
 and fair view in order to design audit procedures that are appropriate
 in the circumstances. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Bank''s Directors, and
 evaluating the overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the standalone
 financial statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid standalone financial statements
 give the information required by the Banking Regulation Act, 1949 and
 the Act in the manner so required and give a true and fair view in
 conformity with the accounting principles generally accepted in India,
 of the state of affairs of the Bank as at 31st March, 2016, and its
 profit and its cash flows for the year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by Section 143(3) of the Act and Section 30 of the
 Banking Regulation Act, 1949, we report that:
 
 a) We have sought and obtained all the information and
 
 explanations which to the best of our knowledge and belief were
 necessary for the purposes of our audit.
 
 b) In our opinion, the transactions of the Bank which have come to our
 notice have been within the powers of the Bank.
 
 c) As explained in paragraph 2 below, the financial accounting systems
 of the Bank are centralised and, therefore, accounting returns are not
 required to be submitted by the Branches.
 
 d) In our opinion, proper books of account as required by law have been
 kept by the Bank so far as it appears from our examination of those
 books.
 
 e) The Balance Sheet, the Statement of Profit and Loss, and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 
 f) In our opinion, the aforesaid standalone financial statements comply
 with the Accounting Standards prescribed under Section 133 of the Act,
 as applicable.
 
 g) On the basis of the written representations received from the
 directors as on 31st March, 2016 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2016
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 h) With respect to the adequacy of the internal financial controls over
 financial reporting of the Bank and the operating effectiveness of such
 controls, refer to our Report in Annexure A. Our report expresses an
 unmodified opinion on the adequacy and operating effectiveness of the
 Bank''s internal financial controls over financial reporting.
 
 i) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i. The Bank has disclosed the impact of pending litigations on its
 financial position in its financial statements - Refer Schedule 17/C-17
 and Schedule 18 Note 16(b) and Note 16(c) to the financial statements;
 
 ii. The Bank has made provision, as required under the applicable law
 or accounting standards, for material foreseeable losses, if any, on
 long-term contracts including derivative contracts-Refer Schedule 17/C
 17 and Schedule 18 Note 16 to the financial statements;
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the Bank.
 
 2. We report that during the course of our audit we have performed
 select relevant procedures at 54 branches.  Since the Bank considers
 its key operations to be automated, with the key applications largely
 integrated to the core banking systems, it does not require its
 branches, to submit any financial returns. Accordingly our audit is
 carried out centrally at the Head Office and Central Processing Units
 based on the necessary records and data required for the purposes of
 the audit and made available to us.
 
                                         For Deloitte Haskins & Sells
 
                                                Chartered Accountants
 
                                    (Firm''s Registration No. 117365W)
 
 
                                                 Porus B. Pardiwalla
 
                                                             Partner
 
                                              (Membership No. 40005)
 
 Mumbai April 22, 2016
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