IDBI Bank
BSE: 500116 | NSE: IDBI | ISIN: INE008A01015 | Banks - Public Sector
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| Auditor's Report | Year End : Mar '09 |
We have audited the attached Balance Sheet of the IDBI Bank Limited (the Bank) as at March 31, 2009, as also the Profit and Loss Account and the Cash Flow Statement of the Bank for the year ended on that date annexed thereto. These financial statements are the responsibility of the Banks management. Our responsibility is to express an opinion on these financial statements based on our audit. 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. 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. We report that 1. 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. 2. The transactions of the Bank which have come to our notice have been within the powers of the Bank. 3. The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit. 4. 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 those books and proper returns adequate for the purpose of our audit have been received from offices and branched not visited by us. 5. The Banks Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account and the returns. 6. The provisions of Section 274(1 )(g) of the Companies Act, 1956 are not applicable in terms of Notification No. G.S.R.829 (E) dated- October 21, 2003 issued by Department of Company Affairs, Government of India 7. The Bank is restructuring an advance to a large public sector power project in Maharashtra, where the Banks exposure is Rs.2599 Crore. The Government of India and the Bank have sought special regulatory treatment from Reserve Bank of India (RBI) for considering the asset as Standard and for exemption from provisioning requirements. Pending receipt of such special regulatory treatment from RBI, the Bank has classified the asset as Standard and not made provision, amount whereof has not been ascertained. Refer Note No.16 of Schedule 18 - Notes forming part of the Accounts. 8. Subject to Paragraph 7 above, I. 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. II. In our opinion and to the best of our information and according to the explanations given to us, the said financial statements 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. a) In the case of the Balance Sheet, of the state of affairs of the Bank as on March 31,2009 b) In the case of the Profit and Loss Account, the same shows a true balance of Profit for the year ended March 31, 2009 covered by such accounts; and c) In the case of the Cash Flow Statement, of the cash flows for the year ended March 31, 2009. For Khimji Kunverji & Co For Suresh Chandra & Associates Chartered Accountants Chartered Accountants Shivji K Vikamsey S C Gupta Partner Partner Membership No. 2242 Membership No. 16534 Mumbai April 24, 2009 |
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| Source : Religare Technova | |
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