BSE Prices delayed by 5 minutes... << Prices as on Oct 15, 2018 - 3:59PM >>   ABB 1290.9 [ -1.31 ]ACC 1517.05 [ 1.02 ]AMBUJA CEM 216.7 [ -2.10 ]ASIAN PAINTS 1247 [ -1.15 ]AXIS BANK 575.85 [ -1.51 ]BAJAJ AUTO 2626 [ -0.10 ]BANKOFBARODA 97.2 [ 1.04 ]BHARTI AIRTE 291.4 [ 0.29 ]BHEL 75.8 [ 1.20 ]BPCL 296.3 [ 2.65 ]BRITANIAINDS 5660.75 [ -1.42 ]CAIRN INDIA 285.4 [ 0.90 ]CIPLA 646 [ 3.78 ]COAL INDIA 275.7 [ -1.09 ]COLGATEPALMO 1096.75 [ -0.26 ]DABUR INDIA 397.3 [ -2.50 ]DLF 156.85 [ -0.57 ]DRREDDYSLAB 2561.15 [ 4.52 ]GAIL 350.45 [ -2.29 ]GRASIM INDS 903.4 [ 0.72 ]HCLTECHNOLOG 1002.65 [ 1.83 ]HDFC 1733.95 [ 0.21 ]HDFC BANK 2007.85 [ 1.46 ]HEROMOTOCORP 2877.7 [ -0.52 ]HIND.UNILEV 1526.6 [ -2.68 ]HINDALCO 231.5 [ 2.12 ]ICICI BANK 313.2 [ -1.76 ]IDFC 38.8 [ 0.52 ]INDIANHOTELS 126.5 [ 1.08 ]INDUSINDBANK 1626.85 [ -1.48 ]INFOSYS 699.1 [ 2.95 ]ITC LTD 281.6 [ 2.51 ]JINDALSTLPOW 177.75 [ -0.34 ]KOTAK BANK 1166 [ -0.29 ]L&T 1216.95 [ -1.46 ]LUPIN 880.45 [ 4.15 ]MAH&MAH 748.6 [ -2.63 ]MARUTI SUZUK 7181.95 [ -1.39 ]MTNL 13.98 [ 1.53 ]NESTLE 9666.4 [ -0.35 ]NIIT 73.1 [ 6.02 ]NMDC 112.9 [ 1.48 ]NTPC 164.55 [ 0.30 ]ONGC 160 [ 1.78 ]PNB 67.15 [ 1.21 ]POWER GRID 188.5 [ -0.08 ]RIL 1139.8 [ 1.19 ]SBI 263.35 [ 0.00 ]SESA GOA 210.95 [ -1.52 ]SHIPPINGCORP 43.55 [ 0.35 ]SUNPHRMINDS 599.5 [ 1.50 ]TATA CHEM 650.85 [ -0.72 ]TATA GLOBAL 235 [ 2.75 ]TATA MOTORS 184.3 [ 0.49 ]TATA STEEL 571 [ -0.69 ]TATAPOWERCOM 71.3 [ 3.56 ]TCS 1949.15 [ 1.60 ]TECH MAHINDR 693.9 [ 0.05 ]ULTRATECHCEM 3711.1 [ -2.24 ]UNITED SPIRI 533.1 [ 2.15 ]WIPRO 320.4 [ 1.39 ]ZEETELEFILMS 473.55 [ 1.57 ] BSE NSE
You can view full text of the latest Auditor's Report for the company.

BSE: 500112ISIN: INE062A01020INDUSTRY: Finance - Banks - Public Sector

BSE   ` 263.35   Open: 263.35   Today's Range 261.00
265.60
+0.00 (+ 0.00 %) Prev Close: 263.35 52 Week Range 232.00
351.50
Year End :2017-03 

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of State Bank of India (“the Bank”) as at March 31 2017, which comprises the Balance Sheet as at March 31, 2017, 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. Incorporated in these standalone financial statements are the returns of -

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

ii) 9,873 Indian Branches audited by other auditors;

iii) 53 Foreign Branches audited by the local auditors.

The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 8,200 Indian Branches (including other accounting units) which have not been subjected to audit. These unaudited branches account for 3.86 % of advances, 15.50% of deposits, and 4.90 % of interest income and 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 standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with the requirements of the Reserve Bank of India, the provisions of the Banking Regulation Act, 1949, the State Bank of India Act, 1955 and recognised accounting policies and practices, including the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI). This responsibility of the management includes the design, implementation and maintenance of internal controls and risk management systems relevant to the preparation of the standalone financial statements that are free from material misstatement, whether due to fraud or error. In making those risk assessments, the management has implemented such internal controls that are relevant to the preparation of the standalone financial statements and designed procedures that are appropriate in the circumstances so that the internal control with regard to all the activities of the Bank is effective.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on these standalone financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing 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 standalone financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the standalone 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 standalone 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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the standalone 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, as shown by books of the Bank, and to the best of our information and according to the explanations given to us:

(i) the Balance Sheet, read with the significant accounting policies and the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 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 the notes thereon shows a true balance of profit, in conformity with accounting principles generally 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 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 Forms “A” and “B” respectively of the Third Schedule to the Banking Regulation Act 1949 and these give information as required to be given by virtue of the provisions 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 as required by the State Bank of India Act, 1955, and subject also to the limitations of disclosure required there in, 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 purposes 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.

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

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

For VARMA & VARMA

Chartered Accountants

CHERIAN K BABY

Partner : M.No.016043

Firm Regn. No. 004532 S

For B. CHHAWCHHARIA & CO.

Chartered Accountants

S. K. CHHAWCHHARIA

Partner: M.No. 008482

Firm Regn. No. 305123 E

For GSA & ASSOCIATES

Chartered Accountants

SUNIL AGGARWAL

Partner : M No.083899

Firm Regn. No. 000257 N

For AMIT RAY & CO.

Chartered Accountants

BASUDEB BANERJEE

Partner : M No.070468

Firm Regn. No. 000483 C

For RAO & KUMAR

Chartered Accountants

K. PARVATHI KUMAR

Partner : M.No.11684

Firm Regn. No. 003089 S

For V. SANKAR AIYAR & CO.

Chartered Accountants

G SANKAR

Partner : M No.046050

Firm Regn. No.109208 W

For MANUBHAI & SHAH LLP

Chartered Accountants

HITESH M. POMAL

Partner: M.No.106137

FirmRegn.No.106041W/W100136

For CHATTERJEE & CO.

Chartered Accountants

R. N. BASU

Partner : M No.050430

Firm Regn. No.302114 E

For S L CHHAJED & CO.

Chartered Accountants

S.N.SHARMA

Partner : M No. 071224

Firm Regn. No.000709 C

For BRAHMAYYA & CO.

Chartered Accountants

N. SRI KRISHNA

Partner : M No. 026575

Firm Regn. No.000511 S

For S. N. MUKHERJI & CO.

Chartered Accountants

SUDIP K. MUKHERJI

Partner : M No.013321

Firm Regn. No. 301079 E

For M. BHASKARA RAO & CO.

Chartered Accountants

M. V. RAMANA MURTHY

Partner : M.No.206439

Firm Regn. No.000459 S

For BANSAL & CO.

Chartered Accountants

SURINDER K. BANSAL

Partner : M.No. 014301

Firm Regn. No. 001113 N

For MITTAL GUPTA & CO.

Chartered Accountants

AKSHAY KUMAR GUPTA

Partner: M.No. 070744

Firm Regn. No. 001874 C

Place : Kolkata

Date : May 19, 2017