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Auditor Report of Indian Bank

Mar 31, 2015

1. We have audited the accompanying financial statements of INDIAN BANK (the "Bank") as at March 31, 2015, which comprise the Balance Sheet as at March 31, 2015 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 and a Treasury Branch audited by us, 1306 branches audited by Branch Auditors and 3 foreign branches audited by local auditors. The Branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued tothe Bankby the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit & Loss Account are the Returns from 1081 branches, which have not been subjected to audit. These un-audited branches account for 7.45 per cent of advances, 28.72 per cent of deposits, 4.59 per cent of interest income and 24.17 per centof interest expenses.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with the provisions of the Banking Regulation Act, 1949, requirements of Reserve Bank of India and applicable Accounting Standards issued by the Institute of Chartered Accountants of India ("ICAI"). 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 tofraud 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 onAuditing issued by the Institute of CharteredAccountants 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 judgement, 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 purposes of expressing an opinion on the effectiveness of the Bank''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 presentationofthe financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriatetoprovidea basis for our audit opinion.

Opinion

6. In our opinion, as shown by books of the Bank, and to the best of our information and according tothe explanations giventous:

(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 March 31, 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 acceptedinIndia, for the year coveredbythe account;and

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

Emphasis of Matter

7. Without qualifying our opinion, wedraw attention to:

a. Note No. 9.3.1 of Schedule 18 to the financial statements, which describes charging of pension liability and gratuity liability of the Bank to the extent of Rs.195.85 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 dated 09.02.2011.

b. Note No. 8.6 of Schedule 18 regarding utilisation of a sum of Rs. 46.76 Crores from Floating Provisions towards specific provision for Non Performing Assets as permitted by Reserve Bank of India vide its circular dated 30th March, 2015 and also pursuant to Bank''s Board approved policy.

c. Note No.12.of Schedule 18 to the financial statements, consequent to change inpolicy:

(i) The Provisioning for all non performing assets classified as substandard (secured exposure) w.e.f. 01.10.2014 has been decreased from 25% to 15%, in line with IRAC norms of Reserve Bank of India (RBI), due to such change provision for NPA is decreasedbyRs.85.04 crore.

(ii) Reversal of excess provision of earlier years of Rs.31.51 crores, pursuant to Reserve Bank of India circular No.DBR.No.BP.BC.75/21.04.048/2014-15 dt 11th March, 2015, regarding treatment of profit and loss made on sale of financial assets.

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 RegulationAct, 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 disclosures required therein,wereport that:

a. We have obtained all the information and explanations, which to the bestof our knowledge and belief, were necessary for the purposes of our audit and have found them tobesatisfactory.

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

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

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

For DEOKI BIJAY & CO. For S. P. PURI & CO. For C.K. PRUSTY & ASSOCIATES Chartered Accountants Chartered Accountants Chartered Accountants FR No. 313105E FR No.001152N FR No,323220E

DEEPAK KUMAR AGARWAL VIDUR PURI G. V. JAYABAL Partner Partner Partner (M. No.401163) (M. No. 090163) (M. No 015616)

For PADMANABHAN RAMANI & RAMANUJAM For G. BALU ASSOCIATES Chartered Accountants Chartered Accountants FR No. 002510S FR No.000376S

P. RANGA RAMANUJAM G. BALASUBRAMANYAN Place : Chennai Partner Partner Date :14.05.2015 (M. No.22201) (M No. 7628)


Mar 31, 2014

1. We have audited the accompanying financial statements of Indian Bank as at March 31, 2014, which comprise the Balance Sheet as at March 31, 2014, Profit and Loss Account and the Cash Flow Statement for the year then ended, a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us, 1244 branches audited by Branch Auditors and 3 foreign branches audited by local 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 & Loss Account are the returns from 986 branches, which have not been subjected to audit. These un-audited branches account for 5.47 per cent of advances, 22.70 per cent of deposits, 3.89 per cent of interest income and 21.81 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, requirements of Reserve Bank of India and applicable Accounting Standards. 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 judgement, 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 purposes of expressing an opinion on the effectiveness of the Bank''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 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 state of affairs of the Bank as at March 31, 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 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 :

a. Note 9.2 of Schedule 18 to the financial statements, which describes deferment of pension liability and gratuity liability of the Bank to the extent of Rs. 195.84 Crore 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 dated 09.02.2011.

b. Note No.9.8 of Schedule 18 referring to provision of Deferred Tax Liability (DTL) of Rs. 20.39 Crores on account of Special Reserve created under section 36(1)(viii) of the Income Tax Act, 1961 for the Financial Year 2013-14 through Profit and Loss Account. DTL of Rs. 168.25 Crores for the Special Reserve created up to 31.03.2013 made directly from Revenue Reserve pursuant to RBI Circular dated 20.12.2013.

c. Note No. 8.6 of Schedule 18 regarding utilisation of a sum of Rs. 46.06 Crores from Floating Provisions towards specific provision for Non Performing Assets as permitted by Reserve Bank of India vide its circular dated 07.02.2014 and also pursuant to Bank''s Board approved policy.

d. Note No.8.19 of Schedule 18 regarding reclassification under RBI''s prudential norms of IRAC for a restructured advance of Rs. 144 Crores transferred from Bank''s overseas branch to its Indian branch.

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 disclosures 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 SHARP & TANNAN For BHATTACHARYA DAS & CO. For DEOKI BIJAY & CO.

Chartered Accountants Chartered Accountants Chartered Accountants

Firm''s Registration

No. 109982W Firm''s Registration

No. 307077E Firm''s Registration

No. 313105E

ASHWIN B. CHOPRA A.K.DAS NIRAJ PODDAR

Partner Partner Partner

(M. No.038159 ) (M. No. 011913) (M. No.401067)

For S.P.PURI & CO. For C.K.PRUSTY & ASSOCIATES Chartered Accountants Chartered Accountants

Firm''s Registration No. 001152N Firm''s Registration

No.323220E Place : Chennai VIDUR PURI C.K.PRUSTY

Date : 12.05.2014 Partner

(M. No .090163) Partner

(M. No. 057318)


Mar 31, 2012

1. We have audited the attached Balance Sheet of INDIAN BANK as at 31st March 2012, the Profit and Loss Account and Cash Flow Statement annexed thereto for the year ended on that date, in which are incorporated the returns of 20 Branches and 34 Zonal Offices audited by us, 1608 Branches audited by statutory branch auditors, and 3 foreign branches audited by local statutory auditors for the sole purpose of inclusion in the consolidation. 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 of 327 branches and 26 other offices, which have not been subjected to audit. These unaudited branches account for 1.12 % of advances, 5.74 % of deposits, 1.69 % of interest income and 5.29 % 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 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 mis-statement. 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 financial statement presentation. 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. As required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and subject to the limitations of disclosures required therein and the limitations of the audit indicated in Para (1) above, 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 branches and offices of the Bank as supplemented with the information furnished by the Management, have been found adequate for the purpose of our audit.

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

6. Without qualifying our opinion, we draw attention to Note 9.2 of Schedule 18 to the financial statements, which describes deferment of pension and gratuity liability of the bank to the extent of Rs 587.53 crore 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.BPBC/80/21.04.018/2010-11 dt.09.02.2011 on Re-opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits - Prudential Regulatory Treatment".

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 together with 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 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 Significant Accounting Policies and notes thereon shows a true balance of the Profit for the year covered by the account in conformity with accounting principles generally accepted in India; and

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

For CHANDRAN & RAMAN For SURI & CO For KALYANASUNDARAM & CO

Chartered Accountants Chartered Accountants Chartered Accountants

Registration No. 000571S Registration No. 004283S Registration No. 001676S

S PATTABIRAMAN R MAHESH K RAMESHKUMAR

Partner Partner Partner

(M. No.14309) (M. No.24775) (M. No.23962)

For S MOHAN & CO For A B P & ASSOCIATES For Raj K Aggarwal & Associates

Chartered Accountants Chartered Accountants Chartered Accountants

Registration No. 000608N Registration No. 315104E Registration No.002585N

RAVINDER ARORA NIRANJAN AGRAWALLA RAJ K AGGARWAL

Partner Partner Partner

(M. No.85542) (M. No.87939) (M. No.81492)

Place : Chennai

Date : May 11, 2012


Mar 31, 2011

1. We have audited the attached Balance Sheet of INDIAN BANK as at 31stMarch 2011, the Profit and Loss Account and Cash Flow Statement of the Bank for the year ended on that date annexed thereto in which are incorporated the returns of (i) 20 Branches and 31 Zonal Offices audited by us, (ii) 1556 Branches audited by statutory branch auditors, and (iii) 3 foreign branches audited by local statutory 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 of 284 branches and 26 other offices, which have not been subjected to audit. These unaudited branches account for 0.71 % of advances, 2.07 % of deposits, 0.54 % of interest income and 1.77 % of interest expenses.

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 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 mis-statement. 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 financial statement presentation. 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. As required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and subject to the limitations of disclosures required therein and the limitations of the audit indicated in Para (1) above, 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 branches and offices of the Bank have been found adequate for the purpose of our audit.

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

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 and is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March 2011 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 the 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

Without qualifying our opinion, we draw attention to Note 9.2.2 to the financial statements, which describes deferment of pension and gratuity liability of the bank to the extent of Rs.783.42 crore 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. BRBC/80/21.04.018/2010-11 dt.09.02.2011 on Re- opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits - Prudential Regulatory Treatment".

For GANESAN AND COMPANY For CHANDRAN & RAMAN For SURI & CO

Chartered Accountants Chartered Accountants Chartered Accountants

Registration No.000859S Registration NO.000571S Registration No.004283S

S SWAMINATHAN P N RAMCHANDRAN S SWAMINATHAN Partner Partner Partner

(M.No. 023998) (M.No. 013871) (M.No. 020583)

For KALYANASUNDARAM & CO For S. MOHAN & CO For ABP & ASSOCIATES

Chartered Accountants Chartered Accountants Chartered Accountants

Registration No.001676S Registration N0.000608N Registration NO.315104E

K. RAMESHKUMAR V M BHUTANI BIMAL KUMAR CHANDUKA

Partner Partner Partner

(M.No. 023962) (M.No. 012457) (M.No. 053714)

Place: Chennai Oate : April 23, 2011


Mar 31, 2010

1. We have audited the attached Balance Sheet of INDIAN BANK as at 31st March 2010, the Profit and Loss Account and Cash Flow Statement of the Bank for the year ended on that date annexed thereto in which are incorporated the returns of (i) 20 Branches and 28 Circle Offices audited by us, (ii) 1483 Branches audited by branch auditors, and (iii) 2 foreign branches audited by local 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 of 253 branches and 26 other offices, which have not been subjected to audit. These unaudited branches account for 0.92% of advances, 1.98% of deposits, 0.73% of interest income and 1.56% of interest expenses. 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 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 mis-statements. 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 financial statement presentation. 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 Forms A and B respectively of the Third Schedule to the Banking Regulation Act, 1949.

4. As required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and subject to the limitations of disclosures required therein and the limitations of the audit indicated in Para (1) above, 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 and offices of the Bank have been found adequate for the purpose of our audit.

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

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 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 and Loss Account read with the notes thereon shows a true balance of the 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.

For P L MITTAL & CO For VISWANATHAN & SWAMINATHAN For GANESAN AND COMPANY

Chartered Accountants Chartered Accountants Chartered Accountants

Registration No. 002697N Registration No. 004763S Registration No. 000859S

P L MITTAL V SWAMINATHAN G HARIGOVIND

Partner Partner Partner

(M.No. 014278) (M.No. 022276) (M.No. 206563)

For CHANDRAN & RAMAN For SURI & CO For KALYANASUNDARAM & CO

Chartered Accountants Chartered Accountants Chartered Accountants

Registration No. 000571S Registration No. 004283S Registration No. 001676S

S G KALYANARAMAN S SWAMINATHAN K RAMESHKUMAR

Partner Partner Partner

(M.No. 010652) (M.No. 020583) (M.No. 023962)

Place : Chennai Date : April 24, 2010