INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF DCB BANK LIMITED Report on the Financial Statements
We have audited the accompanying financial statements of DCB BANK LIMITED (“the Bank”), which comprise the Balance Sheet as at 31 March, 2017, the Profit and Loss Account and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Bank’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to 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 provisions of Section 29 of the Banking Regulation Act, 1949, accounting principles generally accepted in India, including the Accounting Standards prescribed under Section 133 of the Act, in so far as applicable to banks, and the guidelines issued by the Reserve Bank of India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit of the financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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.
An audit involves performing procedures to obtain audit evidence about the amounts and the 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 financial controls relevant to the Bank’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Bank’s Directors, and evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Banking Regulation Act, 1949 and the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Bank as at 31 March, 2017, and its profit and its cash flows for the year ended on that date.
Other Matter
The audit of the financial statements of the Bank for the year ended 31 March, 2016 was carried out by the previous auditors of the Bank. Our opinion on the financial statements and our report on Other Legal and Regulatory Requirements below is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143 (3) of the Act and Section 30 of the Banking Regulation Act, 1949, based on our audit, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our 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) As explained in paragraph 2 below, the financial accounting systems of the Bank are centralized and, therefore, accounting returns are not required to be submitted by the Branches.
d) In our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books.
e) 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.
f) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, as applicable to banks.
g) On the basis of the written representations received from the directors as at 31 March, 2017 taken on record by the Board of Directors, none of the directors is disqualified as at 31 March, 2017 from being appointed as a director in terms of Section 164 (2) of the Act.
h) With respect to the adequacy of the internal financial controls over financial reporting of the Bank and the operating effectiveness of such controls, refer to our Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Bank''''s internal financial controls over financial reporting.
i) With respect to the other matters to be included in the Auditors'''' Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Bank has disclosed the impact of pending litigations on its financial position in its financial statements;
ii. The Bank has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;
iii. There were no amounts which were required to be transferred, by the Bank to the Investor Education and Protection Fund.
2. We report that during the course of our audit we have visited and performed select relevant procedures at 28 branches. Since the Bank''''s key operations are automated, with the key applications largely integrated to the core banking systems, it does not require its branches to submit any financial returns. Accordingly, our audit is carried out centrally at the Head Office and Central Processing Units based on the necessary records and data required for the purposes of the audit being made available to us.
Annexure “A” To The Independent Auditors’ Report
(Referred to in paragraph 1 (h) under ‘Report on Other Legal and Regulatory Requirements’ section of the auditors’ report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the “Act”)
We have audited the internal financial controls over financial reporting of DCB BANK LIMITED (the “Bank”) as at 31 March, 2017 in conjunction with our audit of the financial statements of the Bank for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Bank’s Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Bank considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Bank’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013, the Banking Regulation Act, 1949 and the guidelines issued by the Reserve Bank of India.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Bank’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal controls based on the assessed risk. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Bank’s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A Bank’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and other applicable regulations. A Bank’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Bank; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Bank are being made only in accordance with authorizations of Management and Directors of the Bank; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Bank’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Bank has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March, 2017, based on the internal control over financial reporting criteria established by the Bank considering the essential components of internal control stated in the Guidance Note issued by the Institute of Chartered Accountants of India.
For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm’s Registration No.117365W)
Kalpesh J. Mehta
Partner
New Delhi, 14 April, 2017 (Membership No. 48791)
To the Members of DCB Bank Limited
Report on the Financial Statements
We have audited the accompanying financial statements of DCB Bank Limited (‘the Bank’), which comprise the Balance Sheet as at 31 March
2016, the Profit and Loss Account, the Cash Flow Statement for the year then ended, a summary of significant accounting policies and other
explanatory information.
Management’s Responsibility for the Financial Statements
The Bank’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (‘the Act’) with respect
to 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 accounting principles generally accepted in India, including the Accounting Standards specified under
Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 and provisions of Section 29 of the Banking Regulation
Act, 1949 and circulars and guidelines issued by Reserve Bank of India from time to time.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies, making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of internal
financial controls, that operate effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation
and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or
error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the applicable
provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder. We conducted our audit of the Bank including its branches in accordance with
Standards on Auditing (‘the Standards’) specified under Section 143(10) of the Act. 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 of material
misstatements.
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 controls relevant to the Bank’s
preparation of the financial statements that give a true and fair view 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 Bank’s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
B S R & Co. (a partnership firm with Registered Office:
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B S R & Co. LLP (a Limited Liability, Partnership Apollo Mills Compound
with LLP Registration No. AAB-8181) N. M. Joshi Marg, Mahalaxmi
with effect from October 14, 2013 Mumbai - 400 011
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give
the information required by the Banking Regulation Act, 1949 as well as the Companies Act, 2013, in the manner so required for banking
companies and give a true and fair view in conformity with accounting principles generally accepted in India:
in the case of the Balance Sheet, of the state of affairs of the Bank as at 31 March 2016;
in the case of the Profit and Loss Account, of the profit of the Bank for the year ended on that date; and
in the case of the Cash Flow Statement, of the cash flows of the Bank for the year ended on that date.
Report on Other Legal and Regulatory Requirements
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 and Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.
As required by Sub section (3) of Section 30 of the Banking Regulation Act, 1949 ,we report that:
we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose
of our audit and have found them to be satisfactory;
the transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and
during the course of our audit we have visited 31 branches. Since the key operations of the Bank are automated with the key applications
integrated to the core banking systems, the audit is carried out centrally as all the necessary records and data required for the purposes
of our audit are available therein.
Further, as required by Section 143(3) of the Companies Act, 2013, we further report that:
we have sought and obtained all the information and explanation which to the best of our knowledge and belief were necessary for the
purpose of our audit;
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
books;
since the key operations of the Bank are automated with the key applications integrated to the core banking systems, the audit is carried
out centrally and at the processing centers as all the necessary records and data required for the purposes of our audit are available
therein. However, during the course of our audit we have visited 31 branches;
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;
in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014, to the extent they are not inconsistent with the accounting policies prescribed by
the Reserve Bank of India;
on the basis of written representations received from the Directors as on 31 March 2016 taken on record by the Board of Directors,
none of the Directors are disqualified as on 31 March 2016 from being appointed as a Director in terms of Section 164 (2) of the Act;
with respect to the adequacy of the internal financial controls over financial reporting of the Bank and the operating effectiveness of
such controls, refer to our separate report in “Annexure A’
with respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
the Bank has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 17 to the
financial statements;
the Bank has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts -Refer Note 18 to the financial statements;
there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Bank.
For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No: 101248W/ W-100022
Akeel Master
Hyderabad
15 April 2016
Partner
Membership No: 046768
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 (‘the
Act’)
We have audited the internal financial controls over financial
reporting of DCB Bank Limited (‘the Bank’) as of 31 March 2016
in conjunction with our audit of financial statements of the Bank
for the year ended on that date.
Management’s Responsibility for the Internal Financial
Controls
The Bank’s management is responsible for establishing and
maintaining internal financial controls based on the internal
control over financial reporting criteria established by the Bank
considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the Institute of Chartered
Accountants of India (‘ICAI’).
These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to Bank’s policies,
the safeguarding of its assets, the prevention and detection
of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial
information, as required under the Act.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Bank’s internal
financial controls over financial reporting based on our audit. We
conducted our audit in accordance with the Standards on Auditing
deemed to be prescribed under Section 143(10) of the Act and
the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (‘the Guidance Note’), to the extent applicable
to an audit of internal financial controls, both applicable to an
audit of Internal Financial Controls and, both issued by the ICAI.
Those Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether adequate internal
financial controls over financial reporting were established and
maintained and if such controls operated effectively in all material
respects.
Hyderabad
15 April 2016
Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial controls
system over financial reporting and their operating effectiveness.
Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial controls
over financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditor’s judgement, including
the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
Bank’s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial
Reporting
An entity’s internal financial control over financial reporting is a
process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally
accepted accounting principles. An entity’s internal financial
control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the entity; (2) provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures
of the entity are being made only in accordance with authorisations
of management and directors of the entity; and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorised acquisition, use, or disposition of the entity’s assets
that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over
Financial Reporting
Because of the inherent limitations of internal financial controls
over financial reporting, including the possibility of collusion
or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial
controls over financial reporting to future periods are subject to
the risk that the internal financial control over financial reporting
may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may
deteriorate.
Opinion
In our opinion, the Bank has, in all material respects, an adequate
internal financial controls system over financial reporting and
such internal financial controls over financial reporting were
operating effectively as at 31 March 2016, based on the internal
control over financial reporting criteria established by the Bank
considering the essential components of internal control stated in
the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the ICAI.
For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No: 101248W/ W-100022
Akeel Master
Partner
Membership No: 046768
1. We have audited the accompanying financial statements of DCB Bank
Limited (''the Bank''), which comprise the Balance Sheet as at 31
March 2015, the Profit and Loss Account, the Cash Flow Statement for
the year then ended, a summary of significant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statements
2. The Bank''s Board of Directors is responsible for the matters
stated in section 134(5) of the Companies Act 2013 ("the Act") with
respect to the preparation of these standalone 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
accounting principles generally accepted in India, including the
Accounting Standards specified under section 133 of the Act read with
Rule 7 of the Companies (Accounts) Rules, 2014 and provisions of
Section 29 of the Banking Regulation Act, 1949 and circulars and
guidelines issued by Reserve Bank of India from time to time. This
responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding of the
assets of the Bank and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies, making judgments and estimates that are reasonable and
prudent; and the design, implementation and maintenance of internal
financial controls, that operate effectively for ensuring the accuracy
and completeness of the accounting records, relevant to the preparation
and presentation of the financial statements that give a true and fair
view and are free from material misstatement, whether due to fraud or
error.
Auditor''s Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
applicable provisions of the Act, the accounting and auditing standards
and matters which are required to be included in the audit report under
the provisions of the Act and the Rules made thereunder. We conducted
our audit of the Bank including its branches in accordance with
Standards on Auditing (''the Standards'') specified under section
143(10) of the Act. 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 of material
misstatements.
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 that give a true and
fair view in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on
whether the Bank has in place an adequate internal financial controls
system over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Bank''s Directors, 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 and to the best of our information and according to
the explanations given to us, the aforesaid standalone financial
statements give the information required by the Banking Regulation Act,
1949 as well as the Companies Act, 2013, in the manner so required for
banking companies and give a true and fair view in conformity with
accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Bank as at 31 March 2015;
(b) in the case of the Profit and Loss account, of the profit of the
Bank for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Bank for the year ended on that date.
Report on Other Legal and Regulatory Requirements
7. 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 133 of the Companies Act, 2013
read with Rule 7 of the Companies (Accounts) Rules, 2014.
8. As required sub section (3) of section 30 of the Banking Regulation
Act, 1949 ,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 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; and
(c) during the course of our audit we have visited 18 branches. Since
the key operations of the Bank are automated with the key applications
integrated to the core banking systems, the audit is carried out
centrally as all the necessary records and data required for the
purposes of our audit are available therein.
9. Further, as required by section 143(3) of the Companies Act, 2013,
we further report that:
(i) we have sought and obtained all the information and explanation
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
(ii) 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
books;
(iii) the financial accounting systems of the Bank are centralised and,
therefore, returns are not necessary to be submitted by the branches;
(iv) 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;
(v) in our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, to the
extent they are not inconsistent with the accounting policies
prescribed by the Reserve Bank of India;
(vi) on the basis of written representations received from the
directors as on 31 March 2015 taken on record by the Board of
directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act;
(vii) with respect to the other matters to be included in the
Auditor''s Report in accordance with Rule 11 of the Companies (Audit
and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
(a) the Bank has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 17 to the
financial statements;
(b) the Bank has made provision, as required under the applicable law
or accounting standards, for material foreseeable losses, if any, on
long-term contracts including derivative contracts -Refer Note 18 to
the financial statements;
(c) there has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the Bank.
For B S R & Co. LLP
Chartered Accountants
Firm''s Registration No: 101248W/ W-100022
Akeel Master
Mumbai Partner
14 April 2015 Membership No: 046768
