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Auditor Report of Bank of Maharashtra

Mar 31, 2016

We have audited the accompanying Financial Statements of Bank of Maharashtra as at 31st March 2016 which comprise the Balance Sheet as at 31st March 2016 profit and Loss Account and the cash Flow Statement for the year ended and a summary of signifcant accounting policies and Notes on Accounts. Incorporated in these financial statements the return of 20 branches, and also Treasury & International Banking Division, audited by us and 903 branches audited by branch auditors.

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 profit & Loss account and the return from 962 branches which have not been subjected to audit. These unaudited branches account for 8.55 % of the advances, 25% of deposits, 7.43% of interest income and 22.99% of interest expenses.

2. Management''s responsibility for the Financial Statements:

Management is responsible for the preparation of these Financial Statements in accordance with the Banking Regulation Act 1949, complying with Reserve Bank of India Guidelines issued from time to time. 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.

3. Auditors''Responsibility:

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 requirement 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 procedure to obtain audit evidence about the amount and disclosures in the financial statements. The procedure selected depends on the auditors''judgment, including the assessment of the risk of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity''s preparation and fair presentation of the financial statements in order to design audit procedure that are appropriate in the circumstances but not for the purpose of exercising an opinion on the effectiveness of the 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 suffcient and appropriate to provide a basis for our Audit opinion.

6. Opinion:

In our opinion, as shown by books of bank, and to the best of our information and according to the explanation given to us, we hereby report that:

a. 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 the state of the affairs of the Bank as at 31st March 2016 in conformity with accounting principles generally accepted in India.

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

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

7. Report on Other Legal and Regulatory Requirements:

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.

8. Subject to the limitation of the audit indicated in paragraph 1 to 5 above and as required by Banking Companies (Acquisition and Transfer of Undertaking) Act 1970/1980, and also subject 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 purpose of the 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 offces and branches of the Bank have been found adequate for the purpose of our audit.

9. We further report that;

a. The Balance Sheet and profit and Loss account dealt with by this report are in agreement with the books of account and returns;

b. The reports on the accounts of the branch offces audited by branch auditors of the Bank under section 29 of the Banking Regulation Act,1949 have been sent to us and have been properly dealt with by us in preparing this report;

c. In our opinion, the Balance Sheet, profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For Parakh & Co. For A R Sulakhe & Co. For Kothari & Co. For C M R S & Associates, LLP

FRN: 001475C FRN:110540W FRN - 301178E FRN:101678W/ W100068

Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants



CA Thalendra Sharma CA J V Dhongde CA Amitav Kothari C A Maheshwar M Marathe

Partner Partner Partner Partner

Membership No:079236 Membership No:37290 Membership No:016639 Membership No:212175

Place : Pune

Date : 12th May, 2016


Mar 31, 2016

We have audited the accompanying Financial Statements of Bank of Maharashtra as at 31st March 2016 which comprise the Balance Sheet as at 31st March 2016 profit and Loss Account and the cash Flow Statement for the year ended and a summary of signifcant accounting policies and Notes on Accounts. Incorporated in these financial statements the return of 20 branches, and also Treasury & International Banking Division, audited by us and 903 branches audited by branch auditors.

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 profit & Loss account and the return from 962 branches which have not been subjected to audit. These unaudited branches account for 8.55 % of the advances, 25% of deposits, 7.43% of interest income and 22.99% of interest expenses.

2. Management''s responsibility for the Financial Statements:

Management is responsible for the preparation of these Financial Statements in accordance with the Banking Regulation Act 1949, complying with Reserve Bank of India Guidelines issued from time to time. 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.

3. Auditors''Responsibility:

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 requirement 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 procedure to obtain audit evidence about the amount and disclosures in the financial statements. The procedure selected depends on the auditors''judgment, including the assessment of the risk of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity''s preparation and fair presentation of the financial statements in order to design audit procedure that are appropriate in the circumstances but not for the purpose of exercising an opinion on the effectiveness of the 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 suffcient and appropriate to provide a basis for our Audit opinion.

6. Opinion:

In our opinion, as shown by books of bank, and to the best of our information and according to the explanation given to us, we hereby report that:

a. 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 the state of the affairs of the Bank as at 31st March 2016 in conformity with accounting principles generally accepted in India.

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

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

7. Report on Other Legal and Regulatory Requirements:

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.

8. Subject to the limitation of the audit indicated in paragraph 1 to 5 above and as required by Banking Companies (Acquisition and Transfer of Undertaking) Act 1970/1980, and also subject 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 purpose of the 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 offces and branches of the Bank have been found adequate for the purpose of our audit.

9. We further report that;

a. The Balance Sheet and profit and Loss account dealt with by this report are in agreement with the books of account and returns;

b. The reports on the accounts of the branch offces audited by branch auditors of the Bank under section 29 of the Banking Regulation Act,1949 have been sent to us and have been properly dealt with by us in preparing this report;

c. In our opinion, the Balance Sheet, profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For Parakh & Co. For A R Sulakhe & Co. For Kothari & Co. For C M R S & Associates, LLP

FRN: 001475C FRN:110540W FRN - 301178E FRN:101678W/ W100068

Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants



CA Thalendra Sharma CA J V Dhongde CA Amitav Kothari C A Maheshwar M Marathe

Partner Partner Partner Partner

Membership No:079236 Membership No:37290 Membership No:016639 Membership No:212175

Place : Pune

Date : 12th May, 2016


Mar 31, 2016

We have audited the accompanying Financial Statements of Bank of Maharashtra as at 31st March 2016 which comprise the Balance Sheet as at 31st March 2016 profit and Loss Account and the cash Flow Statement for the year ended and a summary of signifcant accounting policies and Notes on Accounts. Incorporated in these financial statements the return of 20 branches, and also Treasury & International Banking Division, audited by us and 903 branches audited by branch auditors.

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 profit & Loss account and the return from 962 branches which have not been subjected to audit. These unaudited branches account for 8.55 % of the advances, 25% of deposits, 7.43% of interest income and 22.99% of interest expenses.

2. Management''s responsibility for the Financial Statements:

Management is responsible for the preparation of these Financial Statements in accordance with the Banking Regulation Act 1949, complying with Reserve Bank of India Guidelines issued from time to time. 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.

3. Auditors''Responsibility:

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 requirement 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 procedure to obtain audit evidence about the amount and disclosures in the financial statements. The procedure selected depends on the auditors''judgment, including the assessment of the risk of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity''s preparation and fair presentation of the financial statements in order to design audit procedure that are appropriate in the circumstances but not for the purpose of exercising an opinion on the effectiveness of the 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 suffcient and appropriate to provide a basis for our Audit opinion.

6. Opinion:

In our opinion, as shown by books of bank, and to the best of our information and according to the explanation given to us, we hereby report that:

a. 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 the state of the affairs of the Bank as at 31st March 2016 in conformity with accounting principles generally accepted in India.

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

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

7. Report on Other Legal and Regulatory Requirements:

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.

8. Subject to the limitation of the audit indicated in paragraph 1 to 5 above and as required by Banking Companies (Acquisition and Transfer of Undertaking) Act 1970/1980, and also subject 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 purpose of the 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 offces and branches of the Bank have been found adequate for the purpose of our audit.

9. We further report that;

a. The Balance Sheet and profit and Loss account dealt with by this report are in agreement with the books of account and returns;

b. The reports on the accounts of the branch offces audited by branch auditors of the Bank under section 29 of the Banking Regulation Act,1949 have been sent to us and have been properly dealt with by us in preparing this report;

c. In our opinion, the Balance Sheet, profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For Parakh & Co. For A R Sulakhe & Co. For Kothari & Co. For C M R S & Associates, LLP

FRN: 001475C FRN:110540W FRN - 301178E FRN:101678W/ W100068

Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants



CA Thalendra Sharma CA J V Dhongde CA Amitav Kothari C A Maheshwar M Marathe

Partner Partner Partner Partner

Membership No:079236 Membership No:37290 Membership No:016639 Membership No:212175

Place : Pune

Date : 12th May, 2016


Mar 31, 2016

We have audited the accompanying Financial Statements of Bank of Maharashtra as at 31st March 2016 which comprise the Balance Sheet as at 31st March 2016 profit and Loss Account and the cash Flow Statement for the year ended and a summary of signifcant accounting policies and Notes on Accounts. Incorporated in these financial statements the return of 20 branches, and also Treasury & International Banking Division, audited by us and 903 branches audited by branch auditors.

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 profit & Loss account and the return from 962 branches which have not been subjected to audit. These unaudited branches account for 8.55 % of the advances, 25% of deposits, 7.43% of interest income and 22.99% of interest expenses.

2. Management''s responsibility for the Financial Statements:

Management is responsible for the preparation of these Financial Statements in accordance with the Banking Regulation Act 1949, complying with Reserve Bank of India Guidelines issued from time to time. 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.

3. Auditors''Responsibility:

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 requirement 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 procedure to obtain audit evidence about the amount and disclosures in the financial statements. The procedure selected depends on the auditors''judgment, including the assessment of the risk of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity''s preparation and fair presentation of the financial statements in order to design audit procedure that are appropriate in the circumstances but not for the purpose of exercising an opinion on the effectiveness of the 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 suffcient and appropriate to provide a basis for our Audit opinion.

6. Opinion:

In our opinion, as shown by books of bank, and to the best of our information and according to the explanation given to us, we hereby report that:

a. 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 the state of the affairs of the Bank as at 31st March 2016 in conformity with accounting principles generally accepted in India.

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

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

7. Report on Other Legal and Regulatory Requirements:

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.

8. Subject to the limitation of the audit indicated in paragraph 1 to 5 above and as required by Banking Companies (Acquisition and Transfer of Undertaking) Act 1970/1980, and also subject 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 purpose of the 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 offces and branches of the Bank have been found adequate for the purpose of our audit.

9. We further report that;

a. The Balance Sheet and profit and Loss account dealt with by this report are in agreement with the books of account and returns;

b. The reports on the accounts of the branch offces audited by branch auditors of the Bank under section 29 of the Banking Regulation Act,1949 have been sent to us and have been properly dealt with by us in preparing this report;

c. In our opinion, the Balance Sheet, profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For Parakh & Co. For A R Sulakhe & Co. For Kothari & Co. For C M R S & Associates, LLP

FRN: 001475C FRN:110540W FRN - 301178E FRN:101678W/ W100068

Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants



CA Thalendra Sharma CA J V Dhongde CA Amitav Kothari C A Maheshwar M Marathe

Partner Partner Partner Partner

Membership No:079236 Membership No:37290 Membership No:016639 Membership No:212175

Place : Pune

Date : 12th May, 2016


Mar 31, 2016

We have audited the accompanying Financial Statements of Bank of Maharashtra as at 31st March 2016 which comprise the Balance Sheet as at 31st March 2016 profit and Loss Account and the cash Flow Statement for the year ended and a summary of signifcant accounting policies and Notes on Accounts. Incorporated in these financial statements the return of 20 branches, and also Treasury & International Banking Division, audited by us and 903 branches audited by branch auditors.

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 profit & Loss account and the return from 962 branches which have not been subjected to audit. These unaudited branches account for 8.55 % of the advances, 25% of deposits, 7.43% of interest income and 22.99% of interest expenses.

2. Management''s responsibility for the Financial Statements:

Management is responsible for the preparation of these Financial Statements in accordance with the Banking Regulation Act 1949, complying with Reserve Bank of India Guidelines issued from time to time. 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.

3. Auditors''Responsibility:

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 requirement 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 procedure to obtain audit evidence about the amount and disclosures in the financial statements. The procedure selected depends on the auditors''judgment, including the assessment of the risk of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity''s preparation and fair presentation of the financial statements in order to design audit procedure that are appropriate in the circumstances but not for the purpose of exercising an opinion on the effectiveness of the 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 suffcient and appropriate to provide a basis for our Audit opinion.

6. Opinion:

In our opinion, as shown by books of bank, and to the best of our information and according to the explanation given to us, we hereby report that:

a. 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 the state of the affairs of the Bank as at 31st March 2016 in conformity with accounting principles generally accepted in India.

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

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

7. Report on Other Legal and Regulatory Requirements:

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.

8. Subject to the limitation of the audit indicated in paragraph 1 to 5 above and as required by Banking Companies (Acquisition and Transfer of Undertaking) Act 1970/1980, and also subject 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 purpose of the 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 offces and branches of the Bank have been found adequate for the purpose of our audit.

9. We further report that;

a. The Balance Sheet and profit and Loss account dealt with by this report are in agreement with the books of account and returns;

b. The reports on the accounts of the branch offces audited by branch auditors of the Bank under section 29 of the Banking Regulation Act,1949 have been sent to us and have been properly dealt with by us in preparing this report;

c. In our opinion, the Balance Sheet, profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For Parakh & Co. For A R Sulakhe & Co. For Kothari & Co. For C M R S & Associates, LLP

FRN: 001475C FRN:110540W FRN - 301178E FRN:101678W/ W100068

Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants



CA Thalendra Sharma CA J V Dhongde CA Amitav Kothari C A Maheshwar M Marathe

Partner Partner Partner Partner

Membership No:079236 Membership No:37290 Membership No:016639 Membership No:212175

Place : Pune

Date : 12th May, 2016


Mar 31, 2015

We have audited the accompanying Financial Statements of Bank of Maharashtra as at 31st March 2015 which comprise the Balance Sheet as at 31st March 2015 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 the return of 20 branches, and also Treasury & International Banking Branch, audited by us and 916 branches audited by branch auditors and 70 branches under concurrent audit for reporting under Long Form Audit Report (LFAR).

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 return from 980 branches which have not been subjected to audit. These unaudited branches account for 8.45 per cent of the advances, 24.69 per cent of deposits, 6.53 per cent of interest income and 21.14 per cent of interest expenses.

2. Management''s responsibility for the Financial Statements:

Management is responsible for the preparation of these Financial Statements in accordance with the Banking Regulation Act 1949, complying with Reserve Bank of India Guidelines issued from time to time. This respons bility 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.

3. Auditors'' Responsibility:

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 requirement 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 procedure to obtain audit evidence about the amount and disclosures in the financial statements. The procedure selected depends on the auditors'' judgment, including the assessment of the risk of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity''s preparation and fair presentation of the financial statements in order to design audit procedure that are appropriate in the circumstances but not for the purpose of exercising an opinion on the effectiveness of the 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.

6. Opinion:

In our opinion, as shown by books of bank, and to the best of our information and according to the explanation given to us, we hereby report that :

a) 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 the state of the affairs of the Bank as at 31st March 2015 in conformity with accounting principles generally accepted in India.

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

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

7. Emphasis of Matter:

Without qualifying, we draw attention to note 11 in Schedule 18 to the Balance Sheet where in respect of loans & advances detected and classified as fraud during the quarter ended March 31, 2015, provision is claimed to have been made in terms of circular of RBI No.BP.BC.83/21.04.048/2014-15 dated April 1, 2015.

8. Report on Other Legal and Regulatory Requirements:

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 limitation of the audit indicated in paragraph 1 to 5 above and as required by Banking Companies (Acquisition and Transfer Of Undertaking) Act 1970/1980, and also subject 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 purpose of the audit and have found them to be satisfactory.

b) The transaction of the bank which have come to our notice have been within the powers of the Bank except for the matter referred to in note no 9.6 of schedule 18.

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 G Basu & Co. For Singh Ray Mishra & Co. For Parakh & Co. For A R Sulakhe & Co,

FRN: 301174E FRN: 318121E FRN: 001475C FRN:110540W

Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants

CA S Lahiri CA K K Singh CA Thalendra Sharma CA J V Dhongde

Partner Partner Partner Partner

Membership No:51717 Membership No:052939 Membership No. 079236 Membership No:37290

Place : Pune

Date : 14th May, 2015


Mar 31, 2014

1. We have audited the accompanying Financial Statements of Bank of Maharashtra as at 31st March 2014 which comprise the Balance Sheet as at 31st March 2014, 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 21 branches, including Treasury ACY- International Banking Branch, audited by us and 823 branches audited by branch auditors and 51 branches under concurrent audit for reporting under Long Form Audit Report (LFAR). 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 994 branches which have not been subjected to audit. These unaudited branches account for 8.67 per cent of advances, 19.73 per cent of deposits, 5.67 per cent of interest income and 15.38 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 the Banking Regulation Act 1949, complying with Reserve Bank of India Guidelines issued from time to time. 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.

Auditors'' 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'' judgement, including the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity''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 in the effectiveness of the 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 explanation given to us,

(a) 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 ADs-

(b) Profit and Loss Account, read with the notes thereon shows a true balance of profit/loss, in conformity with accounting principles generally accepted in India, for the year covered by the account ADs- and

(c) 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. We draw attention to the note 10.4D in Schedule 18 which describes deferment of pension and gratuity liability of the bank to the extent of Rs. 102.48 Crore pursuant to the exemption granted by the Reserve Bank of India to the Public Sector Banks from application of the Accounting Standard 15 (Revised) - Employees Benefit vide its circular DBOD.BPBC/80/21.04.018/2010-11 of February 2011 on reopening of pension option to employees of Public Sector Banks and Enhancement in Gratuity limits - Prudential Regulatory Treatment.

Had the said circular not been issued, the ACI- Profit before Tax ACI- of the bank would have been lower by Rs. 102.48 Crore pursuant to the application of the requirements of AS 15 (Revised), the consequential effect of which has not been ascertained on the other related components of the financial statements.

Report on Other Legal and Regulatory Requirements:

8. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms ACI-A ACI- and ACI-B ACI- 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 purpose of the 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 G Basu ACY- Co. For Singh Ray Mishra ACY- Co.

FRN301174E FRN 318121E

Chartered Accountants Chartered Accountants



CA S. Lahiri CA Jiten K. Mishra

Partner Partner

Membership No. : 051717 Membership No. : 052796


Mar 31, 2013

1. We have audited the accompanying Financial Statements of BANK OF MAHARASHTRA as at 31st March, 2013 which comprise the Balance Sheet as at March 31, 2013, 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 711 branches audited by branch auditors. 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 997 branches which have not been subjected to audit. These unaudited branches account for 10.51 per cent of advances, 25.06 per cent of dposits, 14.19 per cent of interest income and 12.54 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, complying with Reserve Bank of India Guidelines from time to time. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatements, whether due to fraud or error.

Auditors Responsibility -

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with 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 misstatements.

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 judgement, including the assessment of the risk of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity''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 our 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 accordeing to the explanation given to us,

(a) 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 conformity with accounting principles generally accepted in India;

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

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

Emphasis of Matters -

7. We draw attention to the note 10.4D in Schedule 18 which describes deferment of pension and gratuity liability of the bank to the extent of Rs. 204.94 crore pursuant to the exemption granted by the Reserve Bank of India to the Public Sector Banks from application of the Accounting Standard 15 (Revised) - Employees Benefit vide its circular DBOD.BP.BC/80/21.04.018/2010-11 of February 2011 on reporting of pension option to employees of Public Sector Banks and Enhancement in Gratuity limits - '' Prudential Regulatory Treatment.

Had the said circular not been issued, the "Profit before Tax" of the bank would have been lower by Rs. 204.94 crore pursuant to the application of the requirements of AS 15 (Revised), the consequential effect of which has not been ascertained on the other related components of the financial statements.

Report on Other Legal & Regulatory Requirements

8. The Balance Sheet and Profit & 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 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 the audit and have found them to be satisfactory.

b. The transactions of the Bank, which have come to my/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 N. Kumar Chhabra & Co For DSP & Associates For Kirtane & Pandit

Chartered Accountants Chartered Accountants Chartered Accountants

FRN 000837N FRN 006791N FRN 105215W

CA Ashish Chhabra CA Arvind Singhal CA Sandeep D.Welling

Partner Partner Partner

Membership No. 507083 Membership No. 084939 Membership No 044576

For J.C. Bhalla & Co For G. Basu & Co For Singh Ray Mishra & Co

Chartered Accountants Chartered Accountants Chartered Accountants

FRN 001111N FRN 301174E FRN 318121E

CA Rajesh Sethi CA Manoj Kumar Das CA Saunak Ray

Partner Partner Partner

Membership No. 085669 Membership No. 013783 Membership No. 053815

Place : Pune

Dated : 29th April 2013


Mar 31, 2012

1. We have audited the accompanying financial statements of BANK OF MAHARASHTRA as at 31st March, 2012 which comprise the Balance Sheet as at March 31, 2012, and the 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 & The Treasury & International Banking Branch (TIBB) audited by us and 1203 branches audited by Branch Auditors.

The branches audited by us and those audited by other auditors, as informed to us, 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 & Loss are the returns from 22.97% branches which have not been subjected to audit but certified by the management. These unaudited branches account for 1.67% of advances, 5.95% of deposits, and 1.12% of interest income and 5.21% 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 misstatements, whether due to fraud or error.

Auditors Responsibility -

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with 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 misstatements.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on auditor's judgment, including the assessment of the risk 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 Banking Company'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 our audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matters -

6. Without qualifying our opinion, we draw attention to -

Note No. 10.4D in Schedule 18 which describes deferment of pension and gratuity liability of the bank to the extent of Rs 307.42 crores, pursuant to the exemption granted by the Reserve Bank of India to the public sector banks from application of the provisions of Accounting Standard 15 (Revised) - Employees Benefit vide its Circular DBOD. BP.BC/80/21.04.018/2010-11 of 9th February, 2011 on Reopening of pension Option to Employees of Public Sector Bank and Enhancement in Gratuity limits - Prudential Regulatory Treatment.

Had the said Circular not been issued, the profit before tax of the Bank would have been lower by Rs 307.42 crores pursuant to application of the requirements of AS 15 (Revised), the consequential effect of which has not been ascertained on other related components of the financial statements.

Opinion -

7. We have observed that -

a) the effect of adjustments that may arise from the ongoing reconciliation of certain assets/liabilities, clearing differences, inter branch accounts/inter branch transfer of fixed assets and charge of depreciation on fixed assets, (as stated in Note No. 9.3 of Schedule 18 annexed to the Balance Sheet), the consequential impact thereof on the accounts is not ascertainable; and

b) the Bank is following the policy of recognizing the income from commission, locker rent etc. on cash basis during the year, instead of accrual basis as stated in Para no. 6.1 Schedule 17 Significant Accounting Policies which are not in conformity with the Accounting Standard 9 Revenue Recognition, issued by The Institute of Chartered Accountants of India. The impact thereof on the accounts is not ascertainable.

Subject to our observations above, in our opinion as shown by the books of the 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 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 the notes thereon shows a true balance of profit, in conformity with the 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.

Report on Other Legal & Regulatory Requirements

8. The Balance Sheet and Profit & 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 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 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 Ray & Co. For Jodh Joshi And Co For JCR & Co. For N.Kumar Chhabra & Co. FRN : 313124E FRN : 104317W FRN : 105270W FRN : 000837N Chartered Chartered Chartered Chartered Accountants Accountants Accountants Accountants



For DSP & Associates For Kirtane & Pandit FRN:006791 FRN: 105215 Charactor Charactor Accounts Accounts



Sumit Sikdar Aparna P. S. Sankaran Jashvant Raval Navtej Kumar Partner Partner Partner Partner Membership Membership Membership Membership No.120622 No.:113982 No.:012926 No.:080426



Atul Jain Shared Bhagwat Partner Partner Membership Membership No.:080496 No.:008072


Mar 31, 2010

1. We have audited the attached Balance Sheet of BANK OF MAHARASHTRA as at 31st March 2010 and also the Profit and Loss Account and the Cash Flow statement annexed thereto for the year ended on that date, in which are incorporated the returns of 20 branches audited by us and 1224 branches audited by Branch Auditors.

The branches audited by us and those audited by other auditors, as informed to us, 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 Profit & Loss Account are the returns from 14.32% branches which have not been subjected to audit but certified by the management. These unaudited branches account for 1.53% of advances, 3.03% of deposits, and 0.76% of interest income and 0.60% of interest expenses. 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.

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 prepared, in all material respects are in accordance with the identified financial reporting framework and are free of material misstatements. 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 The Balance Sheet and Profit & Loss Account have been drawn up in Form A and B respectively of the Third Schedule to the Banking Regulation Act, 1949.

4 Without qualifying our opinion, attention is drawn to - Pursuant to exercising of the option during the period, as per the Circular No: DBOD.No.BP.BC.26/ 21.04.048/ 2008-09 dated 30th July 2008 issued by Reserve Bank of India, to treat the eligible accounts under Debt Relief Scheme, which otherwise would have slipped to NPA to the extent of Rs. 124.87 crores being the outstanding balance as on 31.03.2010, which hitherto were classified as per IRAC norms during the previous financial year, as performing assets, by making provision of Rs. 10.66 crore for loss in Present Value terms, consequent thereto, the net profit (net of taxes) and reserves of the bank as on that date would have been decreased by Rs. 12.56 crores;

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

i) the effect of adjustments that may arise from the on going reconciliation of certain assets/liabilities, clearing differences, inter branch accounts/inter branch transfer of fixed assets, (as stated In Note No. 9.3 of Schedule 18 annexed to the Balance Sheet), the consequential impact thereof on the accounts is not ascertainable;

ii) the Bank is following the policy of recognizing the income from commission, locker rent etc. on cash basis during the year, instead of accrual basis as stated in para no. 6.1 Schedule 17 Significant Accounting Policies which are not in conformity with the Accounting Standard 9 Revenue Recognition, issued by The Institute of Chartered Accountants of India; and

iii) inherent bugs noticed in the software system, used by the bank as stated in Note No: 9.4 of Schedule 18 annexed to the Balance Sheet, the impact thereof on the on the accounts is not ascertainable;

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 purpose of our audit.

6. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

7 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 and Statement of Significant Accounting Policies 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 2010 in conformity with accounting principles generally accepted in India;

ii. the Profit & Loss Account, read with the notes thereon and Statement of Significant Accounting Policies shows a true Balance of Profit, in conformity with accounting principles generally accepted in India, for the year ended 31st March 2010; and

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

For Wahi & Gupta For V.C. Gautam&Co. For B. Chhawchharia & Co. For Ray & Co. For Jodh Joshi and Co.

FRN2263N FRN 365 N FRN 305123E FRN 313124E FRN 104317W

Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants

(K. P. WAHI) (VISHNU GAUTAM) (S.K. CHHAWCHHARIA) (SUBRATAROY) (YASH K VERMA)

Partner Partner Partner Partner Partner

Membership No.: 16164 Membership No. 16257 Membership No 8482 Membership No. 051205 Membership No. 105954

Place : Pune

Date ; April 30, 2010



 
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