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Auditor Report of Allahabad Bank

Mar 31, 2014

Report on the financial statements

1. We have audited the accompanying financial statements of ALLAHABAD BANK as at 31st March, 2014, which comprise the Balance Sheet as at March 31, 2014, and 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. Incorporated in these financial statements are the returns of 20 branches including 1 Forex cum Treasury Branch, audited by us and 1231 branches audited by branch auditors and one overseas branch Audited by local auditor. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Statement of Profit and Loss are the returns from 1590 branches which have not been subjected to audit. These unaudited branches account for 9.07 per cent of advances, 29.35 per cent of deposits, 5.69 per cent of interest income and 24.73 per cent of interest expenses.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with Banking Regulation Act 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that 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 auditors'' 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, but not for the purpose of expressing an opinion on the effectiveness of entity''s internal control. 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, as shown by books of bank, and to the best of our information and according to the explanations given to us:

i. the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March 2014 in conformity with accounting principles generally accepted in India;

ii. the Profit and Loss Account, read with the notes thereon shows a true balance of profit in conformity with accounting principles generally accepted in India, for the year covered by the audit; and

iii. The Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Emphasis of Matter

7. Without qualifying our opinion, we draw attention to:

a) Note no 5.13 (a) of Schedule 18 which describes deferment of pension liability and gratuity liability due to increase in ceiling to the extent of Rs.149.36 crores pursuant to the exemption granted by the Reserve Bank of India to the Public Sector Banks from application of provisions of AS-15(Employees benefit) vide its circular no DBOD.BP.BC/80/21.04.018/2010-11 dated February 9, 2011on reopening of pension option to employees of Public Sector Banks.

b) Note no 5.3(a) of schedule 18 to the financial statements, which describes the accounting treatment of the expenditure on creation of Deferred Tax Liability on Special Reserve under Section 36(1) (viii) of the Income Tax Act, 1961 as at March 31, 2013, pursuant to RBI''s Circular No. DBOD. No. BP. BC.77 / 21.04.018 / 2013-14 dated December 20, 2013.

c) Note 5.3(b) of schedule 18 to the financial statements, which provide details with regard to the accounting treatment on creation of Sundry Liability (Interest Capitalisation) on account of past period FITL as permitted by Reserve Bank of India vide their letter dated April 11, 2014.

Report on Other Legal and Regulatory Requirements

8. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms "A" and "B" respectively of the Third Schedule to the Banking Regulation Act, 1949.

9. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, and subject also to the limitations of disclosure required therein, 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) The transactions of the Bank, which have come to our notice have been within the powers of the Bank.

c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

10. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards.

For M/s N.K. Bhargava & Co. For M/s Raghu Nath Rai & Co. For M/s Khandelwal Kakani & Co.

Chartered Accountants Chartered Accountants Chartered Accountants

(N.K. Bhargava) (Sharat Prakash) (Santosh Deshmukh)

Partner Partner Partner

Membership No.080624 Membership No.096267 Membership No.071011

Firm Regn. No 000429N Firm Regn. No. 000451N Firm Regn. No. 01311C

For M/s Batliboi & Purohit For M/s Sarath & Associates

Chartered Accountants Chartered Accountants

(Raman Hangekar) (R Lakshmi Rao)

Partner Partner

Membership No.30615 Membership No.029081

Firm Regn. No.101048W Firm Regn. No.05120S

Place: Kolkata

Date: 07.05.2014


Mar 31, 2013

1. We have audited the accompanying financial statements of Allahabad Bank as at 31st March, 2013, which comprise the Balance Sheet as at March 31, 2013, and 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. Incorporated in these financial statements are the returns of 20 branches audited by us and 878 branches audited by branch auditors, 1 overseas branch audited by local auditor. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Statement of Profit and Loss are the returns from 1900 branches and offices which have not been subjected to audit. These unaudited branches account for 9.71 per cent of advances, 28.80 per cent of deposits, 6.37 per cent of interest income and 23.13 per cent of interest expense.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with Banking Regulation Act, 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that 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, as shown by books of bank, and to the best of our information and according to the explanations given to us:

i. the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March 2013 in conformity with accounting principles generally accepted in India;

ii. the Profit and Loss Account, read with the notes thereon shows a true balance of profit, in conformity with accounting principles generally accepted in India, for the year covered by the account; and

iii. the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Emphasis of Matter

7. Without qualifying our opinion, we draw attention to note no. 5.13 of Schedule 18 which describes deferment of pension liability and gratuity liability due to increase in ceiling to the extent of Rs.298.96 crores pursuant to the exemption granted by the Reserve Bank of India to the public sector banks from application of the provisions of AS 15 ''Employees Benefits'' vide its circular No DBOD.BP.bC/80/21.04.018/2010-11 dated February 9th, 2011, on reopening of pension option to employees of public sector banks.

Report on Other Legal and Regulatory Requirements

8. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms "A" and "B" respectively of the Third Schedule to the Banking Regulation Act, 1949.

9. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and subject also to the limitations of disclosure required therein.

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

c. The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

10. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards.

For M. C. Jain & Co. For N. K. Bhargava & Co. Chartered Accountants

Chartered Accountants Chartered Accountants (Samir Jain)

Partner

(Mukesh Kumar Patawari) (K. K. Bhargava) Membership No.-77010

Partner Partner F.R. No: 000451N

Membership No.-056623 Membership No.-016307

F.R. No: 304012 E FR No: 00429N

Chartered Accountants

Chartered Accountants Chartered Accountants

(V.K.Khandelwal) (Raman Hangekar) (P. Sarath Kumar)

Partner Partner Partner

Membership No.-70546 Membership No.-30615 Membership No.-021755

F.R. No: 01311C F.R. No: 101048W FR No: 05120S

Place: Kolkata

Date: 07.05.2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of ALLAHABAD BANK as at 31st March 2012, the Profit and Loss Account and the cash flow statement for the year ended on that date annexed thereto, incorporated in the said financial statements are the accounts of :

i) 20 Branches and 46 Zonal offices audited by us ;

ii) 1755 Branches audited by other auditors ;

iii) One overseas branch audited by local auditor;

iv) One unaudited representative office in China and 775 un-audited branches and offices, the returns of which are certified by the Branch Managers. The unaudited branches account for 2.95% of advances, 9.78% of deposit, 1.78% of interest income and 8% of interest expenses.

2. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India.

3. These financial statements are the responsibility of the Bank's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

4. 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 about whether the financial statements are free from 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 the management, as well as evaluating the overall presentation of financial statement.

5. We believe that our audit provides a reasonable basis for our opinion.

6. Without qualifying our opinion, we draw attention to note no. 5.13 of schedule 18 which describes deferment of pension liability and gratuity liability due to increase in ceiling to the extent of Rs 448.56 crores pursuant to the exemption granted by the Reserve Bank of India to the public sector Banks from application of the provisions of AS 15, Employees Benefits vide its circular No DBOD.BP.BC/80/21.04.018/2010-11 dated February 9th, 2011, on reopening of Pension option to employees of public sector Banks.

7. In our opinion and to the best of our information and according to the explanations given to us and as shown by the books of the Bank:

(i) The Balance Sheet read with the Significant Accounting Policies and Notes thereon, is a full and fair Balance Sheet containing all the necessary particulars and is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at 31st March 2012 in conformity with accounting principles generally accepted in India.

(ii) The Profit and Loss Account read with Significant Accounting Policies and Notes thereon shows a true balance of Profit for the year ended on that date in conformity with accounting principles generally accepted in India.

(iii) The Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

8. The Balance Sheet and the Profit and Loss Account have been drawn up in Form 'A' and 'B' respectively of the Third Schedule to the Banking Regulation Act, 1949.

9. Subject to the limitations of the audit indicated in paragraph 1 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and also subject to the limitations of disclosure required therein and subject to Notes No.2 (i), (Schedule 18) regarding balancing / reconciliation of unmatched entries in inter branch accounts and balancing/ reconciliation of Balances with Banks and NOSTRO accounts;

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 the same 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 returns received from the Offices and Branches of the Bank have been found adequate for the purpose of our audit.

10. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards.

For P A & Associates For M. R. Narain & Co. For S. Ghose & Co

Chartered Accountants Chartered Accountants Chartered Accountants

F.R. No:313085 E F.R. No: 002330 S F.R. No: 302184 E

(Dillip Kumar (M N Venkatesan) (Chandan Chattopadhay) Agarwalla)

Partner Partner Partner

Membership No.-55420 Membership No.-22993 Membership No.-051254

For K. M. Agarwal & Co. For M. C. Jain & Co. For N. K. Bhargava & Co.

Chartered Accountants Chartered Accountants Chartered Accountants

F.R. No: 000853 N F.R. No: 304012 E FR No: 000429N

(C. P. Mishra) (Mukesh Kumar Patawari) (N. K. Bhargava)

Partner Partner Partner

Membership No.-73009 Membership No.-056623 Membership No.-080624

 
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