To the Members of HDFC Bank Limited
We have audited the attached Balance Sheet of HDFC Bank Limited (the
Bank) as at 31 March 2012 and also the Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, 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 misstatements. 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
used and significant estimates made by the management, as well as evaluating the overall
financial statements presentation. We believe that our audit provides a reasonable basis
for our opinion.
The Balance Sheet and the Statement of Profit and Loss have been drawn up in accordance
with the provisions of Section 29 of the Banking Regulation Act, 1949 read with Section
211(1), (2) and (3C) 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 our audit and have found them to
b) in our opinion, the transactions of the Bank, which have come to our notice, have
been within the powers of the Bank; and
c) the returns received from the offices and branches of the Bank have been found
adequate for the purposes of our audit.
In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow
Statement dealt with by this report comply with the accounting principles generally
accepted in India including 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.
We further report that:
a) the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement
dealt with by this report are in agreement with the books of account and returns;
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 books;
c) on the basis of written representations received from the directors, as on 31 March
2012, and taken on record by the Board of Directors, we report that none of the director
is disqualified as on 31 March 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
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
b) in the case of the Statement of Profit and Loss, 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.