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« Mar 13
Auditor's Report (State Bank of India) Year End : Mar '14
1.  We have audited the accompanying financial statements of State Bank
 of India (the Bank) as at 31st March, 2014, which comprises the
 Balance Sheet as at 31st March, 2014, the Profit and loss Account and
 the Cash flow Statement for the year then ended, and a summary of
 significant accounting policies and other explanatory information.
 Incorporated in these financial statements are the returns of
 
 i) The Central Offices, 14 Local Head Offices, Global Market Group,
 International Business Group, Corporate Accounts Group (Central),
 Mid-Corporate Group (Central), Stressed Assets Management Group
 (Central) and 42 branches audited by us;
 
 ii) 8252 Indian Branches audited by other auditors;
 
 iii) 54 foreign Branches audited by the local auditors.
 
 The branches audited by us and those audited by other auditors have
 been selected by the Bank in accordance with the guidelines issued to
 the Bank by the Reserve Bank of India. Also incorporated in the Balance
 Sheet and the Profit and loss Account are the returns from 8355 Indian
 Branches and other accounting units which have not been subjected to
 audit. These unaudited branches account for 4.66% of advances, 18.75%
 of deposits, 5.73% of interest income and 18.28% of interest expenses.
 
 MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
 
 2.  The Bank''s management is responsible for the preparation of these
 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 requirements of the Reserve Bank of India, the provisions of
 the Banking Regulation Act, 1949, the State Bank of India Act, 1955 and
 recognised accounting policies and practices, including the Accounting
 Standards issued by the Institute of Chartered Accountants of India
 (ICAI). This responsibility of the management includes the design,
 implementation and maintenance of internal controls and risk management
 systems relevant to the preparation of the financial statements that are
 free from material misstatement,
 
 whether due to fraud or error. In making those risk assessments, the
 management has implemented such internal controls that are relevant to
 the preparation of the financial statements and designed procedures that
 are appropriate in the circumstances so that the internal control with
 regard to all the activities of the Bank is effective.
 
 AUDITOR''S RESPONSIBILITY
 
 3.  Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. 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.
 
 4.  An audit involves performing procedures to obtain audit evidence
 about the amounts and disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgment, 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 control relevant to the
 Bank''s preparation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances, but not for the
 purpose of expressing an opinion on the effectiveness of the entity''s
 internal control. An audit also includes evaluating the appropriateness
 of accounting policies used and the reasonableness of the accounting
 estimates made by management, as well as evaluating the overall
 presentation of the financial statements.
 
 5.  We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion.
 
 OPINION
 
 6.  In our opinion, as shown by books of the Bank, and to the best of
 our information and according to the explanations given to us:
 
 (i) the Balance Sheet, read with the significant accounting policies and
 the notes thereon is a full and fair Balance Sheet containing all the
 necessary particulars, is properly drawn up so as to exhibit a true and
 fair view of state of affairs of the Bank as at 31st March 2014 in
 conformity with accounting principles generally accepted in India;
 
 (ii) the Profit and loss Account, read with the significant accounting
 policies and the notes
 
 thereon shows a true balance of profit, in conformity with accounting
 principles generally accepted in India, for the year covered by the
 account; and
 
 (iii) the Cash flow Statement gives a true and fair view of the cash
 flows for the year ended on that date.
 
 EMPHASIS OF MATTER
 
 7.  We draw attention to Notes 18.8 of Schedule 18: ''Notes to Accounts
 regarding:
 
 (a) para 16: regarding utilisation of specific provisions of Rs.2,056.26
 crores made in earlier years;
 
 (b) para 18: utilization of counter cyclical provisioning buffer
 amounting to Rs.750 crores towards specific provision for Non-Performing
 Assets;
 
 (c) para 19: charge of Rs.1,525.13 crores to Revenue and Other Reserves
 for creation of Deferred Tax Liability on Special Reserve created u/s
 36(1)(viii) of Income Tax Act, as per RBI guidelines.
 
 Our opinion is not qualified in respect of the above stated matters.
 
 REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
 
 8.  The Balance Sheet and the Profit and loss Account have been drawn up
 in forms A and B respectively of the Third Schedule to the Banking
 Regulation Act 1949, these give information as required to be given by
 virtue of the provisions of the State Bank of India Act, 1955 and
 regulations there under.
 
 9.  Subject to limitations of the audit indicated in paragraphs 1 to 5
 above and as required by the State Bank of India Act, 1955, and subject
 also to the limitations of disclosure required there in, 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 purposes of
 our audit and have found them to be satisfactory.
 
 b) The transactions of the Bank, which have come to our notice, have
 been within the powers of the Bank.
 
 c) The returns received from the offices and branches of the Bank have
 been found adequate for the purposes of our audit.
 
 10.  In our opinion, the Balance Sheet, the Profit and loss Account and
 the Cash flow Statement comply with the applicable accounting
 standards.
 
 For S Venkatram & Co.    for Singhi & Co.         for SCM Associates
   
 Chartered Accountants    Chartered Accountants    Chartered Accountants
 
 G Narayanaswamy          Rajiv Singhi             P K Bal
 
 Partner : M.No. 002161   Partner : M.No.053518    Partner : M.No. 055147
 
 firm Regn. No.004656 S   firm Regn. No.302049 E   firm Regn.No. 314173 E
 
 for S N Nanda & Co.      for Sriramamurthy & Co.  for T r Chadha & Co.
 
 Chartered Accountants    Chartered Accountants    Chartered Accountants
 
 S N Nanda                D Prasanna kumar         Vikas kumar
 
 Partner : M.No. 005909   Partner : M.No.023999    Partner : M.No. 075363
 
 firm Regn. No.000685 N   firm Regn. No.003032 S   firm Regn. No.006711 N
 
 for Prakash & Santosh    for Dhamija Sukhija 
                          & Co.                    for K B Sharma & Co.
 
 Chartered Accountants    Chartered Accountants    Chartered Accountants
 
 Arun kumar               K M Sukhija              Hemant Sharma
 
 Partner : M No.087378    Partner: M.No.016942     Partner : M No.503080
 
 firm Regn. No. 000454 C  firm Regn. No.000369 N   firm Regn.No. 002318 N
 
 for Add & Associates     for V P Aditya & Co.     for S Jaykishan
 
 Chartered Accountants    Chartered Accountants    Chartered Accountants
 
 S Dey Bandopadhyay       V P Aditya               Sunirmal Chatterjee
 
 Partner: M.No. 064055    Partner : M No.006387    Partner : M.No. 017361
 
 firm Regn. No.308064 E   firm Regn. No.000542 C   firm Regn. No.309005 E
 
 for mehra goel & Co.     for SRRK Sharma 
                          Associates
 
 Chartered Accountants    Chartered Accountants
 
 R K Mehra                S R R k Sharma
 
 Partner: M.No.006102     Partner : M No.016304
 
 firm Regn. No.000369 N   firm Regn. No. 003790 S
 
 Place : Kolkata 
 
 Date : 23rd May 2014
Source : Dion Global Solutions Limited
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