ING VYSYA BANK LIMITED
ANNUAL REPORT 2011-2012
The Members of
ING Vysya Bank Limited
We have audited the attached Balance Sheet of ING Vysya Bank Limited (`the
Bank`) as at 31 March 2012 and also the Profit and Loss Account and the
Cash Flow Statement annexed thereto for the year ended on that date. These
financial statements are the responsibility of the Bank`s 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 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(1), (2) and (3C) of the Companies Act, 1956.
The reports on accounts of 49 branches audited by branch auditors, as
submitted by the management of the Bank have been dealt with in preparing
our report in the manner considered appropriate by us.
Without qualifying our opinion, we draw attention to Note 18.2 to the
financial statements, which describes deferment of pension liability
relating to existing employees of the Bank arising out of the opening of
the II Pension Option, to the extent of Rs. 558,006 thousands pursuant to
the exemption granted by the Reserve Bank of India to the Bank from
application of the provisions of Revised Accounting Standard (AS) 15,
Employee Benefits vide its letter to the Bank dated 8 April 2011 regarding
Re-opening of Pension Option to Employees and Enhancement in Gratuity
Limits - Prudential Regulatory Treatment.
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) 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 Profit and Loss Account 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 Sub-section (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 Profit and Loss Account 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) The reports on the accounts of the branches audited by branch auditors
have been dealt with in preparing our report in the manner considered
necessary by us; and
d) 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 directors 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 2012;
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.
For B S R & Co.
Firm`s Registration No.: 101248W
Membership No.: 048814
24 April 2012.