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Auditor Report of YES Bank Ltd.

Mar 31, 2015

1. We have audited the accompanying standalone financial statements of Yes Bank Limited (hereinafter referred to as "the Bank"), which comprise the BaLance Sheet as at 31 March, 2015 and the Profit and Loss Account and the Cash FLow statement for the year then ended and significant accounting poLicies and notes forming part of the accounts.

Management''s Responsibility for the Standalone Financial Statements

2. The Bank''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash Rows of the Bank in accordance with the accounting principles generaLLy accepted in India, including the Accounting Standards specified under section 133 of the Act read with RuLe 7 of the Companies (Accounts) RuLes, 2014. This responsibility aLso incLudes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting poLicies, making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internaL financial controLs, that were operating effectively for ensuring the accuracy and completeness of the accounting records, reLevant to the preparation of the financial statements that give a true and fair view and are free from materiaL misstatement, whether due to fraud or error.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these standaLone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be incLuded in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we compLy with ethicaL requirements and pLan and perform the audit to obtain reasonable assurance about whether the financial statements are free from materiaL misstatement.

4. An audit invoLves performing procedures to obtain audit evidence about the amounts and disclosures in the financiaLstatements.The procedures seLected depend on the auditor''s judgement, including the assessment of the risks of materiaL misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances,butnotforthe purpose of expressing an opinion on whether the Bank has in pLace an adequate internaL financial controLs system over financial reporting and the operating effectiveness of such controLs. An audit aLso incLudes evaluating the appropriateness of accounting poLicies used and the reasonableness of the accounting estimates made by the Bank''s Directors, as weLL as evaluating the overaLL presentation of the financial statements. We beLieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

5. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standaLone financial statements together with the notes thereon give the information required by the Banking Regulation Act, 1949 as weLL as the Companies Act, 2013, in the manner so required for the banking companies and give a true and fair view of the state of affairs of the Bankas at 31 March 2015,and its profit and its cash Rows for the year then ended.

Report on Other Legal and Regulatory Matters

6. 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 readwith Section 133 of the Companies Act, 2013 read with RuLe 7 of the Companies (Accounts) RuLes,2014.

7. As required sub section (3) of section 30 of the Banking Regulation Act, 1949 and the appointment Letter dated 27 May2014,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) The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and

(c) The financiaL accounting systems of the Bank are centraLised and therefore, accounting returns for the purpose of preparing financiaL statements are not required to be submitted by the branches; we have visited 20 branches for the purpose of our audit.

8. Further, as required by section 143(3) of the Companies Act, 2013, we further reportthat:

(a) We have sought and obtained aLL the information and explanation which to the best of our knowledge and beLief were necessary for the purpose of our audit;

(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 BaLance Sheet, the Profit and Loss Account and the Cash FLow Statement deaLt with by us in the Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financiaL statements compLy with the Accounting Standards specified under Section 133 of the Act, read with RuLe 7 of the Companies (Accounts) RuLes,2014.

(e) On the basis of the written representations received from the directors as on 31 March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015 from being appointed as a director in terms of Section 164 (2) ofthe Act.

Other Matters

9. With respect to the other matters to be incLuded in the Auditor''s Report in accordance with RuLe 11 of the Companies (Audit and Auditors) RuLes, 2014, in our opinion and to the best of our information and according to the explanations given to us:

(a) The Bank has discLosed the impact of pending Litigations on its financiaL position in its standaLone financiaL statements - Refer Note 18.8.13 to the standaLone financiaL statements;

(b) The Bank has made provision, as required under the appLicabLe Law or accounting standards, for materiaL foreseeable Losses on Long-term contracts including derivative contracts - Refer Note 18.8.14 to the financiaL statements.

(c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Bank.

For S.R. Batliboi & CO. LLP

Chartered Accountants ICAI Firm Registration Number: 301003E

per Viren H. Mehta

Place of Signature: Mumbai Partner

Date: 22 April 2015 Membership Number: 048749


Mar 31, 2014

1. We have audited the accompanying financial statements of Yes Bank Limited, which comprise the Balance Sheet as at 31 March 2014, 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.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with accounting principles generally accepted in India, including the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with General Circular 8/2014 dated 4 April 2014. Issued by the Ministry of Corporate Affairs read with guidelines issued by the Reserve Bank of India Insofar as they are applicable to the Bank and in conformity with Forms A and B (revised) of the Third Schedule to the Banking Regulation Act, 1949 as applicable. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

auditor''s Responsibility

3. Our responsibility is to express an opinion on these 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 financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the 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 financial statements in order to design audit procedures that are appropriate in the circumstances. 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 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 and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Banking Regulation Act, 1949 as well as the Companies Act, 1956, in the manner so required for the banking companies and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Bank as at 31 March, 2014;

(ii) in the case of the Profit and Loss Account of the profit for the year ended on that date; and

(iii) in the case of the Cash Flow Statement, of cash flows for the year ended on that date.

Report on Other Legal and Regulatory Matters

7. 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 of the Companies Act, 1956.

8. As required by section 227(3) of the Act, section 30(3) of the Banking Regulation Act, 1949 and the appointment letter dated 6 June 2013 issued by the Reserve Bank of India, 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) The transactions of the Bank, which have come to our notice, have been within the powers of the Bank.

(c) The financial accounting systems of the Bank are centralised and therefore, accounting returns for the purpose of preparing financial statements are not required to be submitted by the branches; we have visited 20 branches for the purpose of our audit;

9. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 read with General Circular 8/2014 dated 4 April 2014, issued by the Ministry of Corporate Affairs.

10. We further report that:

(i) The Balance Sheet and Profit and Loss Account dealt with by this report, are in agreement with the books of account.

(ii) 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.

(iii) On the basis of the written representation received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2014 from being appointed as a director in terms of clause (g) of subsection (1) of section 274 of the Companies Act, 1956.

For S.R. BaTLIBOI & cO. LLp

Chartered Accountants

Firm''s Registration Number: 301003E

per Surekha gracias

Partner

Membership Number: 105488

Place of Signature: Mumbai

Date: 23 April 2014


Mar 31, 2013

1. We have audited the accompanying financial statements of Yes Bank Limited ("the Bank"), which comprise the Balance Sheet as at 31 March 2013, 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.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with accounting principles generally accepted in India, including the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with guidelines issued by the Reserve Bank of India insofar as they are applicable to the Bank and in conformity with Forms A and B (revised) of the Third Schedule to the Banking Regulation Act, 1949 as applicable. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these 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 financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the 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 financial statements in order to design audit procedures that are appropriate in the circumstances. 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 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 and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Banking Regulation Act, 1949 as well as the Companies Act, 1956, in the manner so required for the banking companies and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Bank as at 31 March, 2013;

(ii) in the case of the Profit and Loss Account of the profit for the year ended on that date; and

(iii) in the case of the Cash Flow Statement, of cash flows for the year ended on that date.

Report on Other Legal and Regulatory Matters

7. 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 of the Companies Act, 1956.

8. 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) the transactions of the Bank, which have come to our notice, have been within the powers of the Bank.

(c) the financial accounting systems of the Bank are centralised and therefore, accounting returns for the purpose of preparing financial statements are not required to be submitted by the branches; we have visited 20 branches for the purpose of our audit;

9. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

10. We further report that:

(i) the Balance Sheet and Profit and Loss Account dealt with by this report, are in agreement with the books of account.

(ii) 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.

(iii) on the basis of the written representation received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2013 from being appointed as a director in terms of clause (g) of subsection (1) of section 274 of the Companies Act, 1956.

For S.R. BATLIBOI & CO. LLP Chartered Accountants

ICAI Firm''s Registration Number: 301003E

Place of Signature: per Surekha Gracias

Mumbai Partner

Date: 17 April 2013 Membership Number: 105488


Mar 31, 2011

1. We have audited the attached balance sheet of the Yes Bank Limited (the Bank) as at 31 March, 2011, and the related Profit and loss account and the cash fow statement of the Bank for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Banks management. Our responsibility is to express our opinion on these financial statements based on our audit.

2. 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 statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. The balance sheet and the Profit and loss account have been drawn up in accordance with the provision of section 29 of the Banking Regulation act, 1949 read with section 211 of the Companies act, 1956.

4. We report thereon as follows :

i) 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;

ii) The transactions of the Bank which have come to our notice have been within the powers of the Bank;

iii) In our opinion, proper books of account as required by law have been kept by the Bank in so far as it appears from our examination of those books;

iv) The balance sheet, Profit and loss account and cash fow statement dealt with by this report are in agreement with the books of account of the Bank;

v) In our opinion, the accompanying balance sheet, Profit and loss account and cash fow statement dealt with by this report comply with the 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;

vi) as per information and explanations given to us the Central Government has, till date, not prescribed any cess payable under section 441a of the Companies act, 1956;

vii) On the basis of written representations received from the Directors as on 31 March, 2011, and taken on record by the Board of Directors, we report that none of the Directors are disQualified as on 31 March, 2011 from being appointed as a Director under section 274(1)(g) of the Companies act, 1956; and

viii) In our opinion, and to the best of our information and according to the explanations given to us, the said accounts 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 the 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, 2011;

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 case of cash fow statement, of the cash fows for the year ended on that date.

For B S R & Co. Chartered Accountants

Firms Registration no.: 101248W

Akeel Master Mumbai Partner

20 april, 2011 Membership no.: 046768

 
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