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Auditor's Report (IDBI Bank) Year End : Mar '11
1.  We have audited the attached Balance Sheet of IDBI Bank Limited
 (the Bank) as at March 31, 2011 and also the Profit and Loss Account
 and the Cash Flow Statement of the Bank annexed thereto for the year
 ended on that date. These financial statements are the responsibility
 of the Bank''s management. Our responsibility is to express an opinion
 on these financial statements based on our audit. Incorporated in the
 said financial statements are the returns of the Dubai branch of the
 Bank, audited by another auditor.
 
 2.  We conducted our audit in accordance with the auditing standards
 generally accepted in India. Those standards require that we plan and
 perform the audit to obtain reasonable assurance about whether the
 financial statements are free of material misstatement.  An audit
 includes examining, on a test basis, evidence supporting the amounts
 and disclosures in the financial statements. An audit also includes
 assessing the accounting principles used and significant estimates made
 by the management, as well as evaluating the overall financial
 statement presentation. We believe that our audit provides a reasonable
 basis for our opinion.
 
 3.  We did not audit the financial statements of the Dubai branch of
 the Bank, whose financial statements as at March 31, 2011 reflect total
 assets of Rs 40815739 Thousand, total revenues ofRs 561948 Thousand and
 cash flows of Rs 7593870 Thousand for the year then ended. These
 financial statements have been audited by another auditor, duly
 qualified to act as auditor in the country of incorporation of the said
 branch, whose report has been furnished to us and which was relied upon
 by us for our opinion on the financial statements of the Bank.
 
 4.  The Balance Sheet and Profit and Loss Account have been drawn up in
 accordance with the provisions of Section 29 of the Banking Regulation
 Act, 1949 read with Section 211 of the Companies Act, 1956.
 
 5.  We report that:
 
 (i) We have obtained all the information and explanations, which, to
 the best of our knowledge and belief, were necessary for the purposes
 of our audit and have found them to be satisfactory.
 
 (ii) The transactions of the Bank, which have come to our notice have
 been within the powers of the Bank.
 
 (iii) The returns/data generated from the offices and branches of the
 Bank through core banking application have been found adequate for the
 purposes of our audit.
 
 6.  In our opinion, the Balance Sheet, Profit and Loss Account and Cash
 Flow Statement dealt with by this report comply with the Accounting
 Standards referred to in sub-section 3(C) of Section 211 of the
 Companies Act, 1956 read with guidelines issued by the Reserve Bank of
 India in so far as they apply to the Bank.
 
 7.  We further report that:
 
 (i) the Balance Sheet and Profit and Loss Account dealt with by this
 report are in agreement with the books of account and the returns;
 
 (ii) in our opinion, proper books of account as required by law have
 been kept by the Bank so far as appears from our examination of these
 books;
 
 (iii) the report on the financial statement of the Dubai branch audited
 by other auditor has been dealt with in preparing our report in the
 manner considered appropriate by us;
 
 (iv) as per information and explanation given to us the Central
 Government has, till date, not prescribed any cess payable under
 Section 441A of the Companies Act, 1956.
 
 (v) provisions of Section 274(1 )(g) of the Companies Act, 1956 are not
 applicable in terms of Notification No. C.S.R.829 (E) dated-October 21,
 2003 issued by Department of Company Affairs, Government of India.
 
 8. In our opinion and to the best of our information and according to
 the explanations given to us and on consideration of report of the
 auditor of Dubai branch, the said financial statements read with the
 notes thereon give the information required by the Banking Regulation
 Act, 1949 as well as the Companies Act, 1956, in the manner so required
 for banking companies and give a true and fair view in conformity with
 the accounting principles generally accepted in India.
 
 (i) in the case of the Balance Sheet, of the state of affairs of the
 Bank as at March 31, 2011;
 
 (ii) in the case of the Profit and Loss Account, of the profit of the
 Bank for the year ended on that date; and
 
 (iii) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 
 
 For S.P. Chopra & Co.                       For Chokshi & Chokshi
 
 Chartered Accountants                       Chartered Accountants
 
 Pawan K.Gupta                                     Niiesh R. Joshi
 
 Partner                                                   Partner
 
 Membership No. 92529                        Membership No. 114749
 
 Firm Regn. No.000346N                       Firm Regn. No.101872W
 
 Place : Mumbai 
 
 Date : April 19,2011
Source : Dion Global Solutions Limited
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