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Auditor's Report (State Bank of India) Year End : Mar '13
1.  We have audited the accompanying financial statements of State Bank
 of India as at 31st March 2013, which comprises the Balance Sheet as at
 March 31, 2013, 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 Office, 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) 7480 Indian Branches audited by other auditors;
 iii) 53 Foreign Branches audited by the local auditors; and
 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 Reserve Bank of India.
 Also incorporated in the Balance Sheet and the Statement of Profit and
 Loss are the returns from 8170 Indian Branches and other accounting
 units which have not been subjected to audit. These unaudited branches
 account for 5.38% of advances, 19.47% of deposits, 6.25% of interest
 income and 16.91% of interest expenses.
 Managements Responsibility for the Financial Statements
 2.  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 recognised 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.
 Auditors 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 obtain reasonable
 assurance about whether the financial statements are free from material
 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 auditors judgment, including the
 assessment of the risk of material misstatement of the financial
 statements, whether due to 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.
 5.  We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit 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 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 2013 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.
 Matter of Emphasis
 7.  Without qualifying our opinion, we draw attention to :
 a) Notes 18.8 - para 13 of Schedule 18 : Notes to Accounts regarding
 deferment of gratuity liability of the bank to the extent of Rs. 200
 crore pursuant to the exemption granted by the Reserve Bank of India to
 the public sector banks from application of the provisions of
 Accounting Standard (AS) 15, Employee Benefits vide its circular
 no.DBOD.BP.BC/80/ dated February 9, 2011.
 b) Notes 18.8 - para 16 of Schedule 18 : During the year, the Bank has
 made specific provisions of Rs. 706.26 crore for certain Non-performing
 domestic advances to provide for estimated actual loss in collectible
 8.  The Balance Sheet and the Profit and Loss Account have been drawn
 up in Form 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
 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 applicable accounting standards.
 For Todi Tulsyan & Co.   For Singhi & Co.        For SCM Associates
 Chartered Accountants    Chartered Accountants   Chartered Accountants
 Sushil Kumar Tulsyan     Rajiv Singhi            S K Jhunjhunwala
 Partner:M.No. 075899     Partner:M.No. 053518    Partner:M.No. 055639
 Firm Regn. No. 002180 C  Firm Regn. No.302049 E  Firm Regn. No. 314173 E
 For S Venkatram & Co.    For Sriramamurthy & Co. For T R Chadha & Co.
 Chartered Accountants    Chartered Accountants   Chartered Accountants
 G Narayanaswamy          M Poorna Chander Rao    Vikas Kumar
 Partner:M.No. 002161     Partner:M.No.027113     Partner:M.No. 075363
 Firm Regn. No.004656 S   Firm Regn. No.003032 S  Firm Regn. No.006711 N
 For S N Nanda & Co.      For V Soundararajan
                          & Co.                   For K B Sharma & Co.
 Chartered Accountants    Chartered Accountants   Chartered Accountants
 S N Nanda                V S Sukumar             Munish Jain
 Partner:M.No. 005909     Partner:M.No. 018203    Partner:M No.094750
 Firm Regn. No.000685 N   Firm Regn. No.003943 S  Firm Regn. No. 002318 N
 For ADD & Associates     For Dhamija Sukhija 
                          & Co.                   For Prakash & Santosh
 Chartered Accountants    Chartered Accountants   Chartered Accountants
 Nimai Kumar Das          Reena Sukhija           Santosh Kumar Gupta
 Partner:M.No. 051309     Partner: M.No.081977    Partner: M No.016304
 Firm Regn. No.308064 E   Firm Regn. No.000369 N  Firm Regn. No. 000454 C
 For V P Aditya & Co.     For S Jaykishan
 Chartered Accountants    Chartered Accountants
 V P Aditya               Sunirmal Chatterjee
 Partner:M No.006387      Partner:M.No. 017361
 Firm Regn. No.000542 C   Firm Regn. No.309005 E 
 Place : Kolkata 
 Date : 23rd May 2013
Source : Dion Global Solutions Limited
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