State Bank of India
BSE: 500112 | NSE: SBIN | ISIN: INE062A01012 | Banks - Public Sector
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
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| Auditor's Report | Year End : Mar '09 |
1. We, the undersigned Auditors of State Bank of India, appointed under Section 41(1) of the State Bank of India Act, 1955, do hereby report to the Central Government upon the Balance Sheet, Profit & Loss Account and the Cash Flow Statement of the Bank. 2. We have audited the attached Balance Sheet of State Bank of India as at 31st March 2009, the Profit & Loss Account and the Cash Flow Statement of the Bank for the year ended on that date annexed thereto. Incorporated in the said financial statements are the accounts of: i) The Central Office, fourteen Local Head Offices, Corporate Accounts Group (Central), Mid-Corporate Group (Central), Stressed Assets Management Group (Central) and forty two branches audited by us; ii) 9255 Indian Branches audited by other auditors; iii) 40 Foreign Branches audited by the local auditors; and iv) 2504 other Indian Branches, the unaudited returns of which are certified by the Branch Managers. These unaudited branches account for 0.54% of advances, 2.11% of deposits, 0.44% of interest income and 1.45% of interest expenses. 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. 3. 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. 4. The Balance Sheet and the Profit & Loss Account have been drawn up in Forms ‘A’ and ‘B’ respectively of the Third Schedule to the Banking Regulation Act, 1949 and 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. 5. We report, read with paragraph 2 above: (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. 6. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow statement comply with the applicable accounting standards. 7. In our opinion and to the best of our information and according to the explanations given to us and as shown by the books of the Bank; (i) the Balance Sheet, read with the Principal Accounting Policies and the Notes to Accounts, is a full and fair Balance Sheet containing all the necessary particulars and is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March 2009; (ii) the Profit and Loss Account, read with the Principal Accounting Policies and the Notes to Accounts, shows a true balance of Profit for the year ended on that date; and (iii) the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date, and are in conformity with the Accounting Principles generally accepted in India. For V. K. Jindal & Co. Chartered Accountants V. K. Jindal Partner M. No. 070666 For Gupta & Shall Chartered Accountants Sharad Shah Partner M. No. 070601 For Chokshi & Chokshi Chartered Accountants Kanu Chokshi Partner M. No. 17085 For Vardhaman & Co. Chartered Accountants V. Baskaran Partner M. No. 012202 For D. P. Sen & Co. Chartered Accountants M. L. Sarkar Partner: M. No. 012961 For Dutta Sarkar & Co. Chartered Accountants B. K. Dutta Partner M. No. 16175 For Guha Nandi & Co. Chartered Accountants Dr. B. S. Kundu Partner M. No. 051221 Kolkata 9th May, 2009 |
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| Source : Religare Technova | |
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