We have audited the attached Balance Sheet of HDFC Bank Limited (the
Bank) as at 31 March 2009 and also the Profit and Loss Account of the
Bank and the Cash Flow statement annexed thereto for the year ended on
that date. These financial statements are the responsibility of the
Banks management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 misstatement(s). 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 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
The Balance Sheet and the Profit and Loss Account have been drawn up in
accordance with the provisions of Section 29 of the Banking Regulation
Act, 1949 read with Section 211 of the Companies Act, 1956.
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 the
audit and found them to be satisfactory.
(b) In our opinion the transactions of the Bank, which have come to our
notice have been within the powers of the Bank.
(c) The returns received from Bahrain branch have been found adequate
for the purposes of our audit.
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, in so far
as they apply to the Bank and are not inconsistent with the accounting
policies prescribed by the Reserve Bank of India.
We further report that:
(a) 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 of the Bank.
(b) In our opinion, proper books of account as required by law have
been kept by the Bank so far as appears from our examination of those
(c) as per the information and explanations given to us the Central
government has, till date, not prescribed any cess payable under
Section 441A of the Companies Act, 1956.