| 1. We have audited the accompanying financial statements of Standard
Chartered Bank - India branches ('the Bank'), which comprise the
Balance Sheet as at 31 March 2014, 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.
Management's Responsibility for the Financial Statements
2. Management is responsible for 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
provisions of section 29 of the Banking Regulation Act, 1949 read with
section 211 of the Companies Act, 1956 and circulars and guidelines
issued by the Reserve Bank of India from time to time. This
responsibility includes the design, implementation and maintenance of
internal control 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 conducted our audit of the Bank
including its branches in accordance with Standards on Auditing ('the
Standards') 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 of material misstatements.
4. An audit involves performing procedures to obtain 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 and fair
presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Bank's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting
estimates made by the 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.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements together
with the notes thereon give the information required by the Banking
Regulation Act, 1949 as well as the Companies Act, 1956, 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 2014;
(b) in the case of 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 211 of the Companies Act, 1956.
8. 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 visited 12 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. In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in subsection (3C) of section 211 of
the Companies Act, 1956, to the extent they are not inconsistent with
the accounting policies prescribed by the Reserve Bank of India.
10. We further report that:
(i) 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;
(ii) the financial accounting systems of the Bank are centralised and,
therefore, returns are not necessary to be submitted by the branches;
(iii) 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; and
(iv) the requirements of section 274 (1) (g) of the Companies Act, 1956
are not applicable considering the Bank is a branch of Standard
Chartered Bank, which is incorporated with limited liability in United
Kingdom.
For B S R & Co. LLP
Chartered Accountants
Firm's Registration No: 101248W
Manoj Kumar Vijai
Mumbai Partner
29 May 2014 Membership No: 046882 |