1. We have audited the attached Balance Sheet of IndusInd Bank Limited
(the Bank) as at March 31, 2011 and also the Profit and Loss Account
and the Cash Flow Statement 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.
2. We conducted our audit in accordance with 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 misstatements. 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. The Balance Sheet and the Profit and Loss Account have been drawn
up in accordance with the provisions of Section 29 and the Third
Schedule to the Banking Regulation Act, 1949, read with Section 211 of
the Companies Act, 1956 (the ‘Companies Act’).
4. We report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit and have found them to be satisfactory;
(b) In our opinion, the transactions of the Bank, which have come to
our notice, have been within its powers.
5. In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement comply with the Accounting Standards referred
to in Sub-section (3C) 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.
6. We further report that:
(i) the Balance Sheet, the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(ii) in our opinion, proper books of accounts as required by law have
been kept by the Bank so far as appears from our examination of those
books;
(iii) on the basis of written representations received from the
directors, as on March 31, 2011, and taken on record by the Board of
Directors, we report that none of the directors are disqualified from
being appointed as director in terms of Clause (g) of Sub-section (1)
of Section 274 of the Companies Act, 1956.
7. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together 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 case of the Balance Sheet, of the state of affairs of the Bank
as at March 31, 2011;
(ii) in case of the Profit and Loss Account, of the profit for the year
ended on that date; and
(iii) in case of the Cash Flow Statement, of the cash flows for the
year ended on that date
For M. P. Chitale & Co.
Chartered Accountants
Firm Regn No. 101851W
Ashutosh Pednekar
Partner
ICAI M No.41037
Mumbai
April 18, 2011
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