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    Financial Results March 31

    Uploaded by

    Jagdish Patel
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    © All Rights Reserved
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    'B K Ramadhyani & Co LLP | Mukund M Chitale & Co. Chartered Accountants Chartered Accountants 48, Chitrapur Bhavan , Second Floor, Kapur House, Paranjape B No.68, 8th Main, ‘Scheme Road No 1, Vile Parle East, 15th Cross, Malleshwaram , Mumbai- 400057 Bangalore - 560055 Independent Auditor's Report To the Board of Directors of Ujjivan Small Finance Bank Ltd. Report on the audit of the Annual Financial Results Opinion We have audited the accompanying annual financial results of Ujjivan Small Finance Bank Limited (hereinafter referred to as the “Bank” for the year ended March 31, 2024, (‘Financial Results’) attached herewith, being submitted by the Bank pursuant to the requirement of Regulation 33 of the Securities Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”). In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Annual Financial Results: a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations and b. give a true and fair view in conformity with the recognition and measurement principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Companies Act 2013 (‘the Act’) read with the Companies (Accounting Standards) Rules 2021, the relevant provisions of the Banking Regulation Act, 1949 and the circulars and guidelines issued by the Reserve Bank of India (‘RBI’) from time to time (the ‘RBI Guidelines’) and other accounting principles generally accepted in India of the net profit and other financial information for the year ended March 31, 2024, the Statement of Assets and Liabilities as on that date and the Statement of Cash Flow for the year ended ‘on that date. Basis for Opinion We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the ‘Auditor's Responsibilities for the Audit of the Annual Financial Results section of our report. We are independent of the Bank, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Financial Results, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion on the Annual Financial Results. B K Ramadhyani & Co LLP Mukund M Chitale & Co. Chartered Accountants Chartered Accountants 4B, Chitrapur Bhavan , Second Floor, Kapur House, Paranjape B No.68, 8th Main, ‘Scheme Road No 1, Vile Parle East, 15th Cross, Malleshwaram , Mumbai- 400057 Bangalore - 560055 Management's and Board of Directors’ Responsibilities for the Annual Financial Results ‘These Annual Financial Results have been prepared on the basis of annual financial statements. The Bank's Management and the Board of Directors are responsible for the preparation and presentation of these Annual Financial Results that give a true and fair view of the net profit/ loss and other financial information, the Statement of Assets and Liabilities and the Statement of Cash Flow in accordance with the recognition and measurement principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act read with the Companies (Accounting Standards) Rules, 2021, issued there under, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the RBI from time to time (the “RBI Guidelines”) and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for sofeguarding 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 the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Annual Financial Results that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the Annual Financial Results, management and the Board of Directors are responsible for assessing the Bank's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so. ‘The Board of Directors is responsible for overseeing the Bank's financial reporting process. Auditor's Responsibilities for the Audit of the Annual Financial Results Our objectives are to obtain reasonable assurance about whether the Annual Financial Results as.a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Annual Financial Results. As part of an audit in accordance with SAs, we e Wants BK Ramadhyani & Co LLP Mukund M Chitale & Co. Chartered Accountants Chartered Accountants 4B, Chitrapur Bhavan , Second Floor, Kapur House, Paranjape B No.68, 8th Main, Scheme Road No 1, Vile Parle East, 15th Cross, Malleshwaram , ‘Mumbai- 400057 Bangalore - 560 055 Identify and assess the risks of material misstatement of the Annual Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for ‘our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. = Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion through @ separate report on the financial statements on whether the Bank has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls. = Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the Annual Financial Results made by management and the Board of Directors. * Conclude on the appropriateness of management and the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether 3 material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Annual Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the aucit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Bank to cease to continue as a going concern. + Evaluate the overall presentation, structure and content of the Annual Financial Results, including the disclosures, and whether the Annual Financial Results represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. BK Ramadhyani & Co LLP Chartered Accountants 4B, Chitrapur Bhavan , No.68, 8th Main, 15th Cross, Malleshwaram , Bangalore - 560055 Mukund M Chitale & Co. ) Chartered Accountants Second Floor, Kapur House, Paranjape B ‘Scheme Road No 1, Vile Parle East, Mumbai- 400057 Other Matters 1. We have relied on the audit report issued Varma & Varma, Chartered accountants, auditors of erstwhile holding company Ujjivan Financial Services Limited (‘UFSL’) on the special purpose financial statements ("SPFS') of UFSL as at March 31, 2023, for the purpose of incorporation of such SPFS in the books of accounts of the Bank pursuant to the scheme of amalgamation as detailed in note 7 of the audited Financial Results published by the Company dated May 18, 2024. We rely on such audit report and SPFS and did not carry out any audit procedures on the same, duly adopted in the audited Financial Results of the Bank as at March 31, 2024. 2. The Annual Financial Results include the results for the quarter ended March 31, 2024 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the ‘current financial year. For B K Ramadhyani & Co. LLP Chartered Accountants RN: 0028785/ $200021, (Vasuki HS) Partner Membership No : 212013 UDIN : 24212013BKCLOMB197 Place: Bengaluru Date: May 18, 2024 Mukund M. Chitale & Co Chartered Accountants FRN: 106655W (Nilesh RS Joshi) Partner Membership No. 114749 UDIN : 24114749BKCBYM7551 ‘aie cin Finsic Rests lathe et ended MaRS 3, ZOE se ciana | ‘ar ans Warne * recon ocr] I ay ae nner se | rou” [seo] “en AB pease an ame T ra oe OO Tseast] tama] cane] seas] aa amnesty tavens| sana] saim] aman] aaaen) st anontnten van| use| nea] oan] aa lnmectnndncsnininmetinctcrnacne | on] ae] tea lesen va} au] aes] satya 2 Jeanette nan] man) um mibs| see 3 fanaa sna! sess] ae] scan] osas 5 fowergres ean] sam] soos] aaro| —sanaoe emo nm| sat] asa nna] mas eon openin tnn sim] nan] aan aman] sean « fitness raat] sana] ssan] aso] sass mca on 8 ontapaces 2 lopraierotsetre Movs Aconimerdei6) | siass| smo] ata] asia | aaasoe «Iron otra ad grin ra] aan| anf ataa ae 9 fects 1o)potitnt tence Acwimivenren sens | ages] scan] aia] soar | sare sifrutnene won| et! eae} aan] sem alpeinonrtonitononimyssatmatermasnan | ssc] acox| sens] xanso| sense 13 framers tet ere : 14 cron oeneseros 2) uso] ago] ease] sanaso| rapa Sleaigeqen reeapecevieetmiceweny | 1920/ Assan] assur] apna] asans 1s esi ing rin nn swoon | goat 17 fron oer dionse ls resnatt ue db commen nt me] maf mt me] pci nay tn Do em| —acam| tune] sat] as xr rr ar er ete etry Intttneaue cea ro] 0} uw] aaa] st ee ame aan] son] en] am] cane eames ram) cars| ame] nn| at tected sam] sams] sane] anf aa lara noaonetasance sae] cam] come] oan] cou bison nee? cam] arm) ons} aan] eal ri rhe quar nde wv ond. [icles Se Cpa penangAlcmentw dsb ota Be a aeeeeeate ned nn a eg ecttareachmeniose a Ei eos ongne sten om a ; max Pe eae eee [oe i oni ae A isis ene cn| Sem] | SS] telocee Eeloeaienleg vnin| sin] nl ean] ea ie heer oo] ae] comd ao joo me] oe) | | tS fomatag | oe| Sef “eel oe tea on] sien Be rs Tena oli una] waa] woe] aiar| sen Sloan fam] ave] Simon) Soa] Suen (alee | ‘oae| oon) am] ‘oan fine eam| snen| saan] oas| saan

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