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IndusInd Bank Ltd.

BSE: 532187 Sector: Financials
NSE: INDUSINDBK ISIN Code: INE095A01012
BSE LIVE 15:40 | 24 Nov 1676.90 34.60
(2.11%)
OPEN

1648.00

HIGH

1682.90

LOW

1648.00

NSE 15:53 | 24 Nov 1676.30 32.95
(2.01%)
OPEN

1646.00

HIGH

1682.85

LOW

1644.00

OPEN 1648.00
PREVIOUS CLOSE 1642.30
VOLUME 39875
52-Week high 1818.00
52-Week low 1037.85
P/E 31.22
Mkt Cap.(Rs cr) 100,493
Buy Price 0.00
Buy Qty 0.00
Sell Price 1676.00
Sell Qty 50.00
OPEN 1648.00
CLOSE 1642.30
VOLUME 39875
52-Week high 1818.00
52-Week low 1037.85
P/E 31.22
Mkt Cap.(Rs cr) 100,493
Buy Price 0.00
Buy Qty 0.00
Sell Price 1676.00
Sell Qty 50.00

IndusInd Bank Ltd. (INDUSINDBK) - Auditors Report

Company auditors report

To the Members of Induslnd Bank Limited Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of Induslnd BankLimited (the "Bank") which comprise the Balance Sheet as at March 31 2017 andthe Profit and Loss Account and Cash Flow Statement for the year then ended and a summaryof significant accounting policies and other explanatory information which we have signedunder reference to this report.

Management's Responsibility for the Financial Statements

2. The Board of Directors of the Bank are responsible for the matters stated in Section134(5) of the Companies Act 2013 with respect to preparation of these standalonefinancial statements to give a true and fair view of the financial position financialperformance and cash flows of the Bank in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Companies Act 2013 ("the Act") read with Rule 7 of the Companies(Accounts) Rules 2014 and provisions of Section 29 of the Banking Regulation Act 1949and circulars and guidelines issued by the Reserve Bank of India (RBI) from time to timeas applicable to banks. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Bank and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. We have taken into account the provisions of the Act and the Rules made thereunderincluding the accounting standards provisions of Section 29 of the Banking RegulationAct 1949 circulars and guidelines issued by RBI as applicable to Banks and matters whichare required to be included in the audit report.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditors consider internal controls relevant to the Bank's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theBoard of Directors of the Bank as well as evaluating the overall presentation of thestandalone financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the accompanying standalone financial statements together with the notesthereon give the information required by provisions of Section 29 of the BankingRegulation Act 1949 as well as the Act and circulars and guidelines issued by the ReserveBank of India in the manner so required for banking companies and give a true and fairview in conformity with the accounting principles generally accepted in India of the stateof affairs of the Bank as at March 312017 and its profit and its cash flow for the yearthen ended.

9. In our opinion the Balance Sheet Profit and Loss Account and Cash Flow Statementdealt with by this report have been drawn up in accordance with the provisions of Section29 of the Banking Regulation Act 1949 read with applicable provisions of Section 133ofthe Act read with Rule 7 ofthe Companies (Accounts) Rules 2014.

10. As required by Section 143(3) ofthe Act and Section 30 ofthe Banking RegulationAct 1949 we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit;

b) The transactions of the Bank which have come to our notice during the course of ouraudit have been within the powers ofthe Bank;

c) During the course of our audit we have visited 34 branches to examine the books ofaccount and other records maintained at the branch and performed other relevant auditprocedures. Since the key operations of the Bank are automated with the key applicationsintegrated to the core banking system the audit is carried out at Mumbai and Chennai asall the necessary records and data required for the purposes of our audit are availabletherein;

d) In our opinion proper books of account as required by law have been kept by theBank 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 dealtwith by this report are in agreement with the books of account;

f) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 ofthe Act read with Rule 7 of theCompanies (Accounts) Rules 2014 to the extent they are not inconsistent with theaccounting policies prescribed by RBI;

g) On the basis of written representations received from the directors as on March312017 taken on record by the Board of Directors none ofthe directors is disqualified ason March 312017 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 financialreporting of the Bank and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A".

i) With respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanations given to us:

i. The Bank has disclosed the impact if any of pending litigations as at March312017 on its financial position in its standalone financial statements - Refer Schedule12 and Note 9.4 in Schedule 18;

ii. The Bank has made provision as at March 31 2017 as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts - Refer Note 9.5 in Schedule 18;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Bank during the year ended March312017;

iv. The disclosure requirement as envisaged in Notification G.S.R 308(E) dated 30thMarch 2017 is not applicable to the Bank - Refer Note 14 in Schedule 18.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Russell I Parera
Place : Mumbai Partner
Date : April 19 2017 Membership Number: 042190

Annexure A to Independent Auditors' Report

Referred to in paragraph 10(h) of the Independent Auditors' Report of even date to themembers of Induslnd Bank

Limited on the standalone financial statements for the year ended March 312017

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act

1. We have audited the internal financial controls over financial reporting of InduslndBank Limited ("the Bank") as of March 312017 in conjunction with our audit ofthe standalone financial statements of the Bank for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Bank's Board of Directors is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Bank considering the essential components of internal controlstated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Bank's policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial informationas required under the Companies Act 2013 (Act).

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Bank's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing deemed to be prescribedunder Section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls overfinancial reporting includedobtaining an understanding of internal financial controls overfinancial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Bank's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

6. A Bank's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Bank's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that

in reasonable detail accurately and fairly reflect the transactions and dispositionsof the assets of the Bank;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Bank are being made only inaccordance with authorisations of management and directors of the Bank; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Bank's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the Bank has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Bank considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued bythe Institute of CharteredAccountants of India.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Russell I Parera
Place : Mumbai Partner
Date : April 19 2017 Membership Number: 042190