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NSE
547.95
Change Change %
-1.70 -0.31%

Updated:02 Jul, 2020, 15:59 PM IST

BSE
547.95
Change Change %
-1.35 -0.25%

Updated:02 Jul, 2020, 16:01 PM IST

Auditors' Report

TO THE MEMBERS OF HDFC STANDARD LIFE INSURANCE COMPANY LIMITED

1. We have audited the attached Balance Sheet of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED (the "Company") as at 31st March, 211 and also the Revenue Account, Profit and Loss Account, and Receipts and Payments Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement. 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. In accordance with the provisions of Section II of the Insurance Act, 1938 (the "Insurance Act") read with the 'Insurance Regulatory and Development Authority, (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002 (the "IRDA Financial Statements Regulations"), and the provisions of sub–sections (I), (2) and (5) of Section 211 and sub–section (5) of Section 227 of the Companies Act, 1956 (the "Companies Act"), the Balance Sheet, Revenue Account and Profit and Loss account are not required to be, and are not, drawn up in accordance with Schedule VI of the Companies Act. The Balance Sheet, Revenue Account and Profit and Loss Account are drawn up in conformity with the IRDA Financial Statements Regulations.

4. We report as follows:

(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) in our opinion and to the best of our information and according to the explanations given to us, proper books of account as required by law have been maintained by the Company so far as appears from our examination of those books.

(c) the financial accounting systems of the Company are centralized and therefore accounting returns are not required to be submitted by branches and other offices.

(d) the Balance Sheet, Revenue Account, Profit and Loss Account and Receipts and Payments account referred to in this report are in agreement with the books of account.

(e) the actuarial valuation of liabilities for life policies in force is the responsibility of the Company's Appointed Actuary (the "Appointed Actuary"). The actuarial valuation of liabilities for life policies in force as at 31st March, 211 has been duly certified by the Appointed Actuary. The Appointed Actuary has certified to the Company that the assumptions for such valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority ("IRDA") and the Actuarial Society of India in concurrence with IRDA. We have relied on the Appointed Actuary's certificate in this regard for forming our opinion on the financial statements of the Company.

(f) in our opinion and to the best of our knowledge and belief and according to the information and explanations given:

1. the accounting policies selected by the Company are appropriate and in compliance with the applicable accounting standards referred to in Section 211(3C) of the Companies Act, 1956 and the accounting principles prescribed in the IRDA Financial Statements Regulations and orders or directions issued by the IRDA in this behalf. The Balance Sheet, Revenue Account, Profit and Loss Account and Receipts and Payments Account referred to in this report are in compliance with the accounting standards referred to in Section 211(3C) of the Companies Act, 1956.

2. Investments of the Company have been valued in accordance with the provisions of the Insurance Act, 1938 and the regulations/ directions issued by IRDA in this behalf.

3. the said financial statements are prepared in accordance with the requirements of the Insurance Act, 1938, the Insurance Regulatory and Development Authority Act, 1999, the IRDA Financial Statements Regulations and the Companies Act, 1956, to the extent applicable and in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India, as applicable to insurance companies:

i. in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 211;

ii. in the case of the Revenue Account, of the surplus (before contribution from the shareholders' account) for the year ended 31st March, 211;

iii. in the case of the Profit and Loss Account, of the loss for the year ended 31st March, 211; and

iv. in the case of the Receipts and Payments Account, of the Receipts and Payments for the year ended 31st March, 211.

5. On the basis of the written representations received from the Directors of the Company, as on 31st March, 211, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 211 from being appointed as a Director in terms of Section 274 (I) (g) of the Companies Act, 1956.

6. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given and to the best of our knowledge and belief, we certify that:

(a) we have reviewed the Management Report attached to the financial statements for the year ended 31st March, 211 and there is no apparent mistake or material inconsistency with the financial statements.

(b) based on the information and explanations received during the normal course of audit, management's representations made to us and the compliance certificate submitted to the Board by the officers of the Company charged with compliance and the same being noted by the Board, nothing has come to our attention which causes us to believe that the Company has not complied with the terms and conditions of registration as per sub–section 4 of Section 3 of the Insurance Act, 1938.

(c) we have verified the cash balances, to the extent considered necessary and securities relating to Company's loans and investments by actual inspection or on the basis of certificates/ confirmations received from the custodians and/or Depository Participants appointed by the Company, as the case may be. As at 31st March, 211, the Company had no reversions and life interests.

(d) the Company is not a trustee of any trust.

(e) no part of the assets of the policyholders' funds has been directly or indirectly applied in contravention of the provisions of the Insurance Act, 1938 relating to the application and investments of the policyholders' funds.

For S.B.BILLIMORIA & CO.

Chartered Accountants

(Registration No. 101496W)

Z. F Billimoria

Partner

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