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State Bank of India.

BSE: 500112 Sector: Financials
NSE: SBIN ISIN Code: INE062A01020
BSE LIVE 15:55 | 18 Aug 278.65 -2.10
(-0.75%)
OPEN

278.00

HIGH

279.50

LOW

276.00

NSE 15:59 | 18 Aug 278.70 -2.15
(-0.77%)
OPEN

278.00

HIGH

279.65

LOW

276.00

OPEN 278.00
PREVIOUS CLOSE 280.75
VOLUME 993368
52-Week high 315.00
52-Week low 231.00
P/E 29.27
Mkt Cap.(Rs cr) 240,533
Buy Price 278.65
Buy Qty 297.00
Sell Price 0.00
Sell Qty 0.00
OPEN 278.00
CLOSE 280.75
VOLUME 993368
52-Week high 315.00
52-Week low 231.00
P/E 29.27
Mkt Cap.(Rs cr) 240,533
Buy Price 278.65
Buy Qty 297.00
Sell Price 0.00
Sell Qty 0.00

State Bank of India. (SBIN) - Auditors Report

Company auditors report

To

The President of India

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of State Bank ofIndia ("the Bank") as at March 31 2017 which comprises the Balance Sheet as atMarch 31 2017 the Profit and Loss Account and the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.Incorporated in these standalone financial statements are the returns of -

i) The Central Offices 14 Local Head Offices Global Market Group InternationalBusiness Group Corporate Accounts Group (Central) Mid-Corporate Group (Central)Stressed Assets Management Group (Central) and 42 branches audited by us;

ii) 9873 Indian Branches audited by other auditors;

iii) 53 Foreign Branches audited by the local auditors.The branches audited by us andthose audited by other auditors have been selected by the Bank in accordance with theguidelines issued to the Bank by the Reserve Bank of India. Also incorporated in theBalance Sheet and the Profit and Loss Account are the returns from 8200 Indian Branches(including other accounting units) which have not been subjected to audit. These unauditedbranches account for 3.86 % of advances 15.50% of deposits and 4.90 % of interest incomeand 14.51 % of interest expenses.

Management's Responsibility for the Standalone Financial Statements

2. The Bank's management is responsible for the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Bank in accordance with the requirements of the ReserveBank of India the provisions of the Banking Regulation Act 1949 the State Bank of IndiaAct 1955 and recognised accounting policies and practices including the AccountingStandards issued by the Institute of Chartered Accountants of India (ICAI). Thisresponsibility of the management includes the design implementation and maintenance ofinternal controls and risk management systems relevant to the preparation of thestandalone financial statements that are free from material misstatement whether due tofraud or error. In making those risk assessments the management has implemented suchinternal controls that are relevant to the preparation of the standalone financialstatements and designed procedures that are appropriate in the circumstances so that theinternal control with regard to all the activities of the Bank is efiective.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We conducted our audit in accordance with the Standards on Auditingissued by the Institute of Chartered Accountants of India. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the standalone financial statements are free from materialmisstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal control relevant to the Bank's preparation andfair presentation of the standalone financial statements in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on the efiectiveness of the entity's internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by management as well as evaluating the overallpresentation of the standalone financial statements.

5. We believe that the audit evidence we have obtained is suficient and appropriate toprovide a basis for our audit opinion.

Opinion

6. In our opinion as shown by books of the Bank and to the best of our informationand according to the explanations given to us:

(i) the Balance Sheet read with the significant accounting policies and the notesthereon is a full and fair Balance Sheet containing all the necessary particulars isproperly drawn up so as to exhibit a true and fair view of state of afiairs of the Bank asat March 31 2017 in conformity with accounting principles generally accepted in India;

(ii) the Profit and Loss Account read with the significant accounting policies and thenotes thereon shows a true balance of profit in conformity with accounting principlesgenerally accepted in India for the year covered by the account; and

(iii) the Cash Flow Statement gives a true and fair view of the cash flows for the yearended 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 Forms"A" and "B" respectively of the Third Schedule to the BankingRegulation Act 1949 and these give information as required to be given by virtue of theprovisions of the State Bank of India Act 1955 and regulations there under.

8. Subject to the limitations of the audit indicated in paragraphs 1 to 5 above and asrequired by the State Bank of India Act 1955 and subject also to the limitations ofdisclosure required there in we report that:

a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit and have found them tobe satisfactory.

b) The transactions of the Bank which have come to our notice have been within thepowers of the Bank.

c) The returns received from the offices and branches of the Bank have been foundadequate for the purposes of our audit.

9. In our opinion the Balance Sheet the Profit and Loss Account and the Cash FlowStatement comply with the applicable accounting standards.

For VARMA & VARMA For V. SANKAR AIYAR & CO. For S. N. MUKHERJI & CO.
Chartered Accountants Chartered Accountants Chartered Accountants
CHERIAN K BABY G SANKAR SUDIP K. MUKHERJI
Partner : M.No.016043 Partner : M No.046050 Partner : M No.013321
Firm Regn. No. 004532 S Firm Regn. No.109208 W Firm Regn. No. 301079 E
For B. CHHAWCHHARIA & CO. For MANUBHAI & SHAH LLP For M. BHASKARA RAO & CO.
Chartered Accountants Chartered Accountants Chartered Accountants
S. K. CHHAWCHHARIA HITESH M. POMAL M. V. RAMANA MURTHY
Partner: M.No. 008482 Partner: M.No.106137 Partner : M.No.206439
Firm Regn. No. 305123 E FirmRegn.No.106041W/W100136 Firm Regn. No.000459 S
For GSA & ASSOCIATES For CHATTERJEE & CO. For BANSAL & CO.
Chartered Accountants Chartered Accountants Chartered Accountants
SUNIL AGGARWAL R. N. BASU SURINDER K. BANSAL
Partner : M No.083899 Partner : M No.050430 Partner : M.No. 014301
Firm Regn. No. 000257 N Firm Regn. No.302114 E Firm Regn. No. 001113 N
For AMIT RAY & CO. For S L CHHAJED & CO. For MITTAL GUPTA & CO.
Chartered Accountants Chartered Accountants Chartered Accountants
BASUDEB BANERJEE S.N.SHARMA AKSHAY KUMAR GUPTA
Partner : M No.070468 Partner : M No. 071224 Partner: M.No. 070744
Firm Regn. No. 000483 C Firm Regn. No.000709 C Firm Regn. No. 001874 C
For RAO & KUMAR For BRAHMAYYA & CO.
Chartered Accountants Chartered Accountants
K. PARVATHI KUMAR N. SRI KRISHNA
Partner : M.No.11684 Partner : M No. 026575 Place : Kolkata
Firm Regn. No. 003089 S Firm Regn. No.000511 S Date : May 19 2017