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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (387)	3/15/2000 4:40:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

'ICICI's financial reporting in line with global benchmarks' By Our Special Correspondent MUMBAI, MARCH 15. The ICICI, one of the country's leading financial institutions, has stated that it believes that its level of financial reporting is in line with global benchmarks. It has undertaken a full scope audit of its accounts as per the United States Generally Accepted Accounting Principles (U.S. GAAP) for the period ended March 31, 1999, being the first financial intermediary in India to do so. ICICI's financial statements have been audited as per U.S. GAAP by the international accounting firm KPMG Peat Marvick. In a press release, the company states that a confidential letter containing certain observations made by the Reserve Bank of India (RBI) as a part of its routine annual inspection is being circulated in a section of the Press. The item was given coverage by a few newspapers on March 7 and ICICI had responded directly to the editors on the subject. The company has been informed that the said letter as well as certain excerpts from the RBI's confidential inspection report are being circulated again in a section of the print media and wire agencies. According to the statement, ICICI would like to reiterate that the inspection report for the year ended March 31, 1999, was received in November 1999, and duly analysed in consultation with ICICI's statutory and U.S. GAAP auditors. The report was also discussed in depth at a meeting of the Audit Committee as well as the Board of Directors and after careful evaluation of all the issues raised, a detailed response was sent to RBI. ICICI believes that this response was found to be satisfactory by RBI, the release said. It is pointed out that ICICI's capital adequacy as on December 31, 1999 was 17.8 per cent with Tier 1 CAR at 11.9 per cent. This indicates a very strong capital position, comparable to international benchmarks. ICICI continues to make efforts to set higher standards for adequate and meaningful dissemination of relevant information with the objective of providing full transparency to its stakeholders, the release concludes. hinduonline.com