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  • Auditors' Report To the Members of

    Bharti AXA Life Insurance Company Limited

    1. We have audited the accompanying Balance Sheet of Bharti AXA Life Insurance Company Limited

    ('the Company') as at March 31, 2009, the Policyholders' Revenue Account, the Shareholders' Profit and Loss Account and the Receipts and Payments Account for the year then ended, annexed thereto, which we have signed under reference to this report. 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 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 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 11 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 Regulations'), and the provisions of sub-sections (1), (2) and (5) of Section 211 and sub-section (5) of Section 227 of 'The Companies Act, 1956' ('the Companies Act'), the Balance Sheet, the Policyholders' Revenue Account and the Shareholders' Profit and Loss Account are not required to be, and are not, drawn up in accordance with Schedule VI to the Companies Act. The Balance Sheet, the Policyholders' Revenue Account and the Shareholders' Profit and Loss Account are, therefore, drawn up in conformity with Regulation 3(1) of the Regulations.

    4. 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) In our opinion, 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 centralised and therefore accounting

    returns are not required to be submitted by branches and other offices;

    (d) The Balance Sheet, Policyholders' Revenue Account, Shareholders' Profit and Loss Account and

    the Receipts and Payments Account referred to in this report are in agreement with the books of

    account;

    (e). The actuarial valuation of liabilities for policies in force is the responsibility of the Company's

    appointed actuary ('the appointed actuary'). The actuarial valuation of liabilities for policies in force 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 Institute of Actuaries of India in concurrence with IRDA. We have relied upon the appointed actuary's certificate in this regard;

    Board of Directors of the Company, none of the Directors is disqualified as on March 31, 2009 - (f) On the basis of written representations received from the Directors, and taken on record by the

    from being appointed as a Director in terms of Section 274(1)(g) of the Companies Act, 1956.

  • 5. In our opinion and to the best of our information and according to the explanations given to us:

    (a) The accounting policies selected by the Company are appropriate and are in .compliance with the

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

    (b) Investments of the Company have been valued in accordance with the provisions of the

    Insurance Act and the Regulations.

    (c) The said financial statements are prepared in accordance with the requirements of the Insurance

    Act, the Insurance Regulatory and Development Authority Act, 1999, the 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:

    i. in the case of the Balance Sheet, of the state of affairs as at March 31, 2009;

    ii. in the case of the Policyholders' Revenue Account, of the deficit (before transfer by shareholders) for the year ended March 31, 2009;

    iii. in the case of the Shareholders' Profit and Loss Account, of the loss for the year ended

    March 31, 2009; and

    iv. in the case of the Receipts and Payments Account, of the receipts and payments for the year

    ended March 31, 2009.

    6. Further, on the basis of our examination of the books of account and other records of the Company and

    according to the information and explanations given to us, we certify to the best of our knowledge and

    belief that:

    (a) We have reviewed the management report attached to the financial statements for the year

    ended March 31, 2009 and have found no apparent mistake or material inconsistency with the

    financial statements;

    (b) Based on information and explanations received during the normal course of our audit,

    management representation and compliance certificate submitted to the Board by the officers of the Company charged with compliance and 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.

    Sharmila A. Karve

    Partner Membership No. 43229 For and on behalf of

    Lovelock & Lewes Chartered Accountants

    Place: Mumbal Dated: 18 June,2009

    Shaife'Sh Sh h Partner Membership No. 33632 For and on behalf of Khandelwal Jain & Co. Chartered Accountants

    Place: Mumbai

    - Dated: 18 June,2009

  • Auditors' Certificate

    In accordance with the information and explanations given to us and to the best of our knowledge and belief and based on our examination of the books of account and other records maintained by Bharti AXA Life Insurance Company Limited ('the Company') for the year ended March 31, 2009, we certify that:

    1. We have verified the cash balances, to the extent considered necessary, and securities relating to the Company's investments as at March 31, 2009, by actual inspection or on the basis of certificates/confirmations received from the depository participant appointed by the Company, as the case may be. As at March 31, 2009, the Company had no loans, reversions and life interests;

    2. The Company is not the trustee of any trust; and

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

    This certificate is issued to comply with Schedule C of Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations 2002, ('the Regulations'), read with Regulation 3 of such Regulations and may not be suitable for any other purpose.

    Sharmila A. Karve Partner Membership No. 43229 For and on behalf of Lovelock & Lewes Chartered Accountants

    Shailesh Shah Partner Membership No. 33632 For and on behalf of Khandelwal Jain & Co. Chartered Accountants

    Place: Mumbai Dated: 18 June,2009

    Place: Mumbai Dated: 18 June,2009

    -

  • Particulars SChedule

    Shareholders' Individual

    Participatin

    g

    Individual Unit

    Linked

    Non-Participating Pension

    Unallocated

    Total

    Individual Grouo Total

    Sources of Funds

    Shareholders' Funds

    Share caoitai Share Aoolication Monev PendinQ Allotment Reserves And Surplus Credit/(Debit) Fair Value Chanqe Account (Net}

    Sub-Total Borrowinqs Policyholders' Funds: Credit/(Debit} Fair Value ChanQe Account (Net) Policy Uabilities Insu < nce Reserves Provision For Unked Uablllties Sub-Total Funds For Future Aoorooriations Total Application of Funds Investments Shareholders' Policyholders' Assets Held To Cover Unked Uabilities

    """' Fixed Assets

    Current Assets cash and Bank Balances Advances And Other Assets Sub-Total (A}

    Current Uabllltles Provisions Sub-Total (8}

    Net Current Assets (Cl = (A- Bl

    Miscellaneous Expenditure (to the extent not written off or adiusted)

    Debit Balance of Profit and Loss Account : Relating to Policyholders

    Debit Balance of Profit and Loss Account : Relating to Shareholders Notes to the Accounts

    5

    6

    7

    8

    SA 88

    ' 10

    11

    "

    13 14

    15

    16

    6,684,304 1.000,000

    895,696 (i7 010

    6,684,304

    1.000

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