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Auditor's Report (State Bank of India) Year End : Mar '11
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 and
 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 2011, 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) 11374 Indian Branches audited by other auditors;
 
 iii) 47 Foreign Branches audited by the local auditors; and
 
 iv) 2817 other Indian Branches and other accounting units, the
 unaudited returns of which are certified by the Branch Managers.  These
 unaudited branches account for 0.67% of advances, 2.60% of deposits,
 0.86% of interest income and 4.16% of interest expenses.
 
 3.  The management is responsible for the preparation of these
 financial statements 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 recognized accounting policies and
 practices, including the Accounting Standards issued by the Institute
 of Chartered Accountants of India (ICAI). This responsibility includes
 the design, implementation and maintenance of internal control relevant
 to the preparation of the financial statements that are free from
 material misstatements, whether due to fraud or error.
 
 4.  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.
 
 5.  An audit involves performing procedures to obtain audit evidence
 about the amounts and disclosures in the financial statements. The
 procedures selected depends on the auditors judgement, including the
 assessment of the risk 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
 Banks preparation and fair presentation of the financial statements in
 order to design audit procedures that are appropriate in the
 circumstances. 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.
 
 6.  We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion.
 
 7.  Without qualifying our opinion we draw your attention to Note 18.8
 of schedule 18 Notes to Accounts to the financial statements regarding
 
 a) deferment of gratuity liability of the bank to the extent of Rs. 400
 crores in accordance with RBI circular no. DBOD.BP.BC.80 /
 21.04.018/2010-11 dated February 9, 2011 and the exemption granted by
 the Reserve Bank of India to the Bank from applicability of provisions
 of Accounting Standard (AS) 15, Employee Benefits, and
 
 b) charge of Rs. 7,927.41 crores to Reserves on account of the
 additional pension cost in respect of earlier years due to wage
 revision in accordance with the dispensation granted by Reserve Bank of
 India to the Bank vide their letter number DBOD/BP/No./16165/
 21.04.018/2010-11 dated April 18, 2011 and the exemption granted by the
 Reserve Bank of India to the Bank from applicability of provisions of
 Accounting Standard (AS) 15, Employee Benefits.
 
 8.  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:
 
 a) the Balance Sheet, read with the significant accounting policies and
 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 2011 in
 conformity with accounting principles generally accepted in India;
 
 b) 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
 
 c) the Cash Flow Statement gives a true and fair view of the cash flows
 for the year ended on that date.
 
 9.  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.
 
 10.  Subject to limitations of the audit indicated in paragraph 2 to 5
 above and as required by the Banking Companies (Acquisition and
 Transfer of Undertakings) Act, 1970/1980, and subject also to the
 limitations of disclosure required therein, 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.
 
 11. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
 Flow Statement comply with applicable accounting standards.
 
 For Kalyaniwalla & Mistry                  For Dagliya & Co.
 Chartered Accountant                       Chartered Accountant
 
 Viraf Mehta                                P. Manohara Gupta
 Partner M.No. 32083                        Partner M.No. 016444
 Firm Regn. No. 104607 W                    Firm Regn. No. 000671 S
 
 For B. M. Chatrath & Co.                   For M. Verma & Associates
 Chartered Accountants                      Chartered Accountants
 
 A. Chatrath                                Mohender Gandhi
 Partner M.No. 052975                       Partner M.No. 088396
 Firm Regn. No. 301011 E                    Firm Regn. No. 501433 C
 
 For K.K. Soni & Co.                        For Krishnamoorthy & 
                                            Krishnamoorthy
 Chartered Accountants                      Chartered Accountants
 
 K. K. Soni                                 R. Venugopal
 Partner  M.No. 7737                        Partner  M.No. 202632
 Firm Regn. No. 000947 N                    Firm Regn. No. 001488 S
 
 For Essveeyar,                             For Todi Tulsyan & Co.
 Chartered Accountants                      Chartered Accountants
 
 R. Vijayaraghavan                          Sushil Kumar Tulsyan
 Partner : M.No. 022442                     Partner : M.No. 075899
 Firm Regn. No.000808 S                     Firm Regn. No. 002180 C
 
 For Venugopal & Chenoy                     For R. K. J. K. Khanna & Co.
 Chartered Accountants                      Chartered Accountants
  
 D. V. Jankinath                            Vipin Bali
 Partner :  M.No. 029505                    Partner :M.No. 083436
 Firm Regn. No. 004671 S                    Firm Regn. No. 000033 N
 
 For K. G. Somani & Co.                     For Raj Bordia & Co.
 Chartered Accountants                      Chartered Accountants
 
 Vinod Somani                               R. S. Bordia
 Partner :  M.No. 085277                    Partner : M.No. 081200
 Firm Regn. No. 006591 N                    Firm Regn. No. 003293 C
 
 For K. C. Mehta & Co.                      For SBA & Company
 Chartered Accountants                      Chartered Accountants
 
 Milin Mehta                                B. D. Bhatter
 Partner : M.No. 038665                     Partner : M.No. 071499
 Firm Regn. No. 106237 W                    Firm Regn. No. 004651 C
 
 Kolkata
 
 17th May, 2011
Source : Dion Global Solutions Limited
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