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Auditor Report of Corporation Bank

Mar 31, 2015

1. We have audited the accompanying financial statements of CORPORATION BANK (hereinafter referred to as "Bank") as at 31st March, 2015, which comprise the Balance Sheet as at 31st March, 2015, Profit and Loss Account and the Cash Flow Statement (hereinafter referred to as Financial Statements) 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 and treasury operations audited by us and 1049 branches / other offices 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 Profit and Loss Account are the returns from 1229 branches which have not been subjected to audit, for which we have not exercised any audit process. These unaudited branches account for 5.32 per cent of advances, 11.50 per cent of deposits, 4.49 per cent of interest income and 10.15 per cent of interest expenses.

Management''s Responsibility for the Financial Statements

2. The Bank''s management is responsible for the preparation of these financial statement that gives a true and fair view of the financial position, financial performance and cash flows of the bank in accordance with the requirements of the provisions of the Banking Regulation Act 1949, the Reserve Bank of India guidelines, and recognized accounting policies and practices, including the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI). This responsibility of the management includes the design, implementation and maintenance of internal controls and risk management systems relevant to the preparation of the financial statement 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 but not for the purpose of expressing 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.

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, 2015 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 the following notes on accounts forming integral part of accounts -

a) Note No. 4.3, Schedule 18A to the financial statements, regarding classification, income recognition and provisioning of restructured advances, which have been done based on substantial compliance of major conditions contained in the CDR/RBI guidelines.

b) Note No. 2.3 Schedule 18B of the financial Statements regarding deferment of pension liability to the extent of Rs.110.49 crore pursuant to the exemption granted by the RBI to the public sector banks from application of the provisions of Accounting Standards (AS-15) ''Employee Benefits'' vide Circular No. DBOD.BP.BC/80/21.04.018/ 2010-11 dated 09.02.2011 on Re-opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits Prudential Regulatory Treatment.

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 and is in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949.

9. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and emphasis of matter paragraph 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; and

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 B.K. Ramadhyani & Co. LLP for Nripendra & Co. for GMJ & Co.

Chartered Accountants Chartered Accountants Chartered Accountants

FRN-002878S/S200021 FRN-000379C FRN-103429W

[CA C.R. Deepak] [CA Pradeep Kumar Gupta] [CA Atul Jain]

M.No. 215398 M.No. 070855 M. No. 037097

Partner Partner Partner

for Manohar Chowdhry & Associates for M. Anandam & Co.

Chartered Accountants Chartered Accountants

FRN-001997S FRN-000125S

[CA Murali Mohan Bhat] [CA A.V. Sadasiva]

M.No. 203592 M.No. 018404

Partner Partner

Place : Mangaluru

Date : May 16, 2015


Mar 31, 2014

1. We have audited the accompanying financial statements of CORPORATION BANK (hereinafter referred to as "Bank") as at 31st March, 2014, which comprise the Balance Sheet as at 31st March, 2014, and Profit and Loss Account and the Cash Flow Statement (hereinafter referred to as Financial Statements) 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 and treasury operations audited by us and 906 branches / retail hub / processing centers 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 Profit and Loss Account are the returns from 1095 branches which have not been subjected to audit, for which we have not exercised any audit process. These unaudited branches account for 5.07 per cent of advances, 10.46 per cent of deposits, 3.95 per cent of interest income and 10.41 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 and other Applicable Laws in India. 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 but not for the purpose of expressing 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.

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/loss, 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 the following notes on accounts forming integral part of accounts –

a) Note No. 4.3, schedule 18A to the financial statements, regarding classification, income recognition and provisioning of restructured advances.

b) Note No. 2.2, schedule 18B to the financial statements regarding considering the employee benefits, namely, Sick Leave, Casual Leave, Leave Travel Concession and Long Term Awards as non-terminal benefits which hitherto was considered terminal benefits. Accordingly, the provision amounting to Rs.63.62 Crore made in earlier years has been reversed during the year.

c) Note No. 2.3, schedule 18B of the financial statements regarding deferment of pension liability to the extent of Rs.110.51crore pursuant to the exemption granted by the Reserve Bank of India to the public sector banks from application of the provisions of Accounting Standards (AS-15), Employee Benefits vide Circular No. DBOD. BP.BC/80/21.04.018/ 2010-11 dated 09.02.2011 on Re-opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits- Prudential Regulatory Treatment.

d) Note No. 6(a), Schedule 18B 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 31st March, 2013 pursuant to RBI''s Circular No. DBOD. No. BP.BC.77/21.04.018/ 2013-14 dated 20th December, 2013.

e) Note No. 6(b), schedule 18B to the financial statements regarding non creation of Deferred Tax Liability of Rs.869 Crores and reversal of Deferred Tax Liability of Rs.191.10 Crores created previously for the reason that the difference invaluation of securities has been considered as permanent difference which was hitherto considered as timing difference.

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 and is in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949.

9. Subject to the limitations of the audit indicated in paragraph 3 to 7 above and emphasis of matter paragraph 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; and

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 referred to in Sub-section 3C of Section 211 of the Companies Act, 1956.

for Suresh Chandra & Associates for B. K. Ramadhyani & Co. for Nripendra & Co.

Chartered Accountants Chartered Accountants Chartered Accountants

FRN-001359N FRN-002878S FRN-000379C

[CA S. C. Gupta] [CA C. R. Deepak] [CA Rahul Gupta]

M.No. 016534 M.No. 215398 M.No. 077811

PARTNER PARTNER PARTNER

for GMJ & Co. for Manohar Chowdhry & Associates

Chartered Accountants Chartered Accountants

FRN-103429W FRN-001997S

[CA Atul Jain] [CA Murali Mohan]

M.No. 037097 M.No. 203592

PARTNER PARTNER

Place : Mangalore

Date : 9th May, 2014


Mar 31, 2013

1. We have audited the accompanying financial statements of CORPORATION 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 753 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 Profit and Loss Account are the returns from 931 branches which have not been subjected to audit, for which we have not exercised any audit process. These unaudited branches account for 5.94 per cent of advances, 13.79 per cent of deposits, 4.50 per cent of interest income and 11.94 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 and other Applicable Laws in India. 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/loss, 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. We draw attention to

a) During the year, the bank has advanced a sum aggregating to Rs.43.55 Crores to companies in which a Director of the bank is interested as a Director of the holding company of the borrower companies.

b) Note No. 21.7 forming integral part of the accounts (Schedule 18) to the financial statements, which describes deferment of pension liability of the bank to the extent of Rs. 221.00 crore pursuant to the exemption granted by the Reserve Bank of India to the public sector banks from of application of the provisions of Accounting Standards (AS) 15, Employee Benefits vide its circular no.DBOD. BP.BC/80/21.04.018/ 2010-11 on Re-Opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits-Prudential Regulatory Treatment".

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 emphasis of matter as in paragraph 1 (a) and 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 1910/1980, and subject also to the limitations of disclousure 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 Vinod Kumar & Associates for O.P. Totla & Co. for Rajendra K. Goel & Co. Chartered Accountants

FRN-002304N Chartered Accountants

FRN-000734C Chartered Accountants

FRN-001457N

[Vinod Jain] [S. R. Totla] [Garima Bansal]

PARTNER

(M.No.081263) PARTNER

(M.No.071774 ) PARTNER (M.No.093031)

for K.Varghese & Co. for V. Narayanan & Co. for Suresh Chandra & Associates

Chartered Accountants

FRN-004525S Chartered Accountants

FRN-002398S Chartered Accountants

FRN-001359N

[K. Varghese] [N. Ramchandran] [Madhur Gupta]

PARTNER

(M.No. 020674) PARTNER (M.No.201107) PARTNER (M.No.090205)

Place : Mumbai

Date : May 8, 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of CORPORATION BANK as at 31st March 2012 and the Profit and Loss Account annexed thereto for the year ended on that date, in which are incorporated the returns of 20 branches audited by us, 1031 branches audited by other Auditors, 449 un-audited branches and 50 un-audited administrative offices, the returns of which are certified by the Branch Managers. The branches audited by us and the branches audited by other Auditors have been selected by the Bank in accordance with the guidelines issued by the Reserve Bank of India. The un-audited branches account for 0.99% of advances, 3.37% of deposits, 0.68% of interest income and 2.53% of interest expense. We have also audited the cash flow statement as stated in Notes forming part of accounts for the year ended on that date. 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 have 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 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 the Management, as well as evaluating the overall presentation of financial statements. We believe that our audit provides a reasonable basis for our opinion.

3. 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.

4. Subject to the limitations of the audit, indicated in paragraph 1 above, and the limitations of disclosures contained in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980;

We report that:

a. 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 together with the Significant Accounting Policies and Notes forming an integral part of the Accounts, is a full and fair Balance Sheet containing 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;

(ii) the Profit and Loss Account read together with the Significant Accounting Policies and Notes forming an integral part of the Accounts, shows a true balance of profit for the year covered by the accounts;

(iii) the cash flow statement gives a true and fair view of the cash flows for the year covered by the Statement and are in conformity with accounting principles generally accepted in India;

(iv) Without qualifying our opinion, we draw attention to Note No. 21.7 forming integral part of the accounts (Schedule 18) to the financial statements, which describes deferment of pension liability of the bank to the extent of Rs331.51 crores pursuant to the exemption granted by the Reserve Bank of India to the public sector banks from of application of the provisions of Accounting Standards (AS) 15, Employee Benefits vide its circular no. DBOD.BP.bC/80/21.04.018/2010-11 on Re-Opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits-Prudential Regulatory Treatment.

b. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit and have found them to be satisfactory;

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

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

As per our Report of even date

for Vinod Kumar & Associates for O.P. Totla & Co. for Rajendra K. Goel & Co.

Chartered Accountants FRN-002304N Chartered Accountants FRN-000734C Chartered Accountants FRN-001457N

[Vinod Jain] [S. R. Totla] [Garima Bansal]

(M.No.081263) PARTNER (M.No.071774) PARTNER (M.No.093031) PARTNER

for K.Varghese & Co. for V.Narayanan & Co. for Suresh Chandra & Associates

Chartered Accountants FRN-004525S Chartered Accountants FRN-002398S Chartered Accountants FRN-001359N

[Sam Varghese] [S. Ananthan] [Madhur Gupta]

(M.No. 216979) PARTNER (M.No.026379) PARTNER (M.No.090205) PARTNER

Place : Mumbai

Date : May 4, 2012


Mar 31, 2011

1 We have audited the attached Balance Sheet of CORPORATION BANK as at 31st March 2011 and the Profit and Loss Account annexed thereto for the year ended on that date, in which are incorporated the returns of 20 branches audited by us, 980 branches audited by other Auditors, 361 un-audited branches and 55 un-audited administrative offces, the returns of which are certifed by the Branch Managers. The branches audited by us and the branches audited by other Auditors have been selected by the Bank in accordance with the guidelines issued by the Reserve Bank of India. The un-audited branches account for 0.52% of advances, 2.24% of deposits, 0.42% of interest income and 1.71% of interest expense. We have also audited the cash flow statement as stated in Notes forming part of accounts for the year ended on that date. These financial statements are the responsibility of the Banks Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2 We have 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 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 signifcant estimates made by the Management, as well as evaluating the overall presentation of financial statements. We believe that our audit provides a reasonable basis for our opinion.

3 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.

4 Subject to the limitations of the audit, indicated in paragraph 1 above, and the limitations of disclosures contained in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980;

We report that:

a. 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 together with the Signifcant Accounting Policies and Notes forming an integral part of the Accounts, is a full and fair Balance Sheet containing 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, 2011;

(ii) the Profit and Loss Account read together with the Significant Accounting Policies and Notes forming an integral part of the Accounts, shows a true balance of Profit.

(iii) the cash flow statement gives a true and fair view of the cash flows for the year covered by the Statement and are in conformity with accounting principles generally accepted in India.

(iv) Without qualifying our opinion, we draw attention to Note No.21.7 forming integral part of the accounts (Schedule 18) to the financial statements, which describes deferment of pension liability of the bank to the extent of Rs.442.02 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 (AS)15, Employee Benefits vide its circular no.DBOD. BP.BC/80/21.04.018/ 2010-11 on Re-Opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits-Prudential Regulatory Treatment".

b. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit and have found them to be satisfactory;

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

d. The returns received from the offces and branches of the bank have been found adequate for the purposes of our audit.

As per our Report of even date

for R. Devendra Kumar & Associates for Vinod Kumar & Associates

Chartered Accountants FRN-114207W Chartered Accountants FRN-002304N

[D.K.Gupta] [Vinod Jain]

PARTNER (M.No.009032) PARTNER (M.No.081263)

for O.P. Totla & Co.

Chartered Accountants FRN-000734C

[O.P.Totla]

PARTNER (M.No.011854)

for Rajendra K. Goel & Co. for K.Varghese & Co.

Chartered Accountants FRN-001457N Chartered Accountants FRN-004525S

[R.K.Goel] [K.Varghese]

PARTNER (M.No.006154) PARTNER (M.No.020674)

Place : Mumbai Date: April 29, 2011

for V.Narayanan & Co.

Chartered Accountants FRN-002398S

[N.Ramachandran]

PARTNER (M.No.201107)


Mar 31, 2010

1. We have audited the attached Balance Sheet of CORPORATION BANK as at 31st March, 2010 and the Profit and Loss Account annexed thereto for the year ended on that date, in which are incorporated the returns of 20 branches audited by us, 887 branches audited by other Auditors, 248 un-audited branches and 40 administrative offices, the returns of which are certified by the Branch Managers. The branches audited by us and the branches audited by other Auditors have been selected by the Bank in accordance.with the. guidelines

. issued by the Reserve Bank of India. The un-audited branches account for 0.46% of advances, 2.34% of deposits, 0.36% of interest income and 2.02% of interest expense. We have also audited the cash flow statement as stated in Notes forming part of accounts for the year ended on that date. These financial statements are the responsibility of the Banks Management. Our

¦ responsibility is to express an opinion on these financial statements based on our audit.

2. We have 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing die accounting principles used and significant estimates made by the Management, as well as evaluating the overall presentation of financial statements. We believe that our audit provides a reasonable basis for our opinion.

3. 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.

4, Subject to the limitations of the audit, indicated in paragraph 1 above, and the limitations of disclosures contained in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980;

We report that:

a. 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 together with the Significant Accounting Policies and Notes forming an integral part of the Accounts, is a full and fair Balance Sheet containing 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 31 st March, 2010;

(ii) the Profit and Loss Account read together with the Significant Accounting Policies and Notes forming an integral part of the Accounts, shows a true balance of profit;

(iii) the cash flow statement gives a true and fair view of the cash flows for the year covered by the Statement and are in conformity with accounting principles generally accepted in India.

b. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit and have found them to be satisfactory;

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

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

for M/s Rao & Swami for M/s Kishore & Kishore for M/s Padmanabhan Ramani & Ramanujam

Chartered Accountants Chartered Accountants Chartered Accountants

[N. Ramesh] [Akhilesh Mathur] [S. Ravikumar]

Partner (M.No. 016153) Partner (M.No. 509176) Partner (M.No. 024599)

for M/s Jain Chopra & Company for M/s Padmanabhan Prakash & Co. for M/s R. Devendra Kumar & Associates

Chartered Accountants Chartered Accountants Chartered Accountants

[Ashok Chopra] [G. Padmanabhan] [D. K. Gupta]

Partner (M.No. 017199) Partner (M.No. 018700) Partner (M.No. 009032)

Place : Mumbai Date : 23-04-2010

 
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