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Auditor Report of Oriental Bank of Commerce

Mar 31, 2015

1. We have audited the accompanying financial statements of the Oriental Bank of Commerce as at 31st March, 2015, which comprise the Balance Sheet as at 31st March, 2015, the Profit and Loss account and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information thereon. Incorporated in these fnancial statements are the returns of 20 branches audited by us and 1176 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 1055 branches which have not been subjected to audit. These unaudited branches account for 6.21% of advances, 18.34% of deposits, 4.00% of interest income and 16.74% of interest expenses.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these fnancial statements in accordance with the Banking Regulation Act, 1949, accounting principles generally accepted in India alongwith recognition and measurement principles laid down in the Accounting Standards specified by the Institute of Chartered Accountants of India so far as they are applicable to the Bank and guidelines and circulars issued by Reserve Bank of India from time to time. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the fnancial 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 fnancial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fnancial statements. The procedures selected depend on the auditors'' judgement, including the assessment of the risks of material misstatement of the fnancial 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 suffcient 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 Matters

7. We draw attention to:- 1) Note No. 15 (d) of Schedule – 18 wherein the plan assets of the pension fund and gratuity fund include an amount of Rs.58.00 Crores and Rs.59.20 Crores respectively invested by the trust in the Bank''s own Bonds which is not in accordance with Accounting Standard – 15 "Employee''s benefits" issued by the Institute of Chartered Accountants of India.

2) Note No. 16 of Schedule 18 regarding deferment of provision of Rs.73.39 Crores pursuant to the RBI circular no. RBI/2014-15/535 DBR.No.BP. BC.83/21.04.048/2014-15 dated 01.04.2015.

Our opinion is not modifed in respect of above matters.

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, 1980, and subject also to the limitations of disclosure required therein, we report that: -

(I) 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.

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

(III) 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 A Bafna & Co For Lunawat & Co Chartered Accountants Chartered Accountants FRN 003660C FRN 000629N

(Anil Bafna) (Ramesh K. Bhatia) Partner Partner M.No.071288 M.No.080160


Mar 31, 2014

1. We have audited the accompanying financial statements of the Oriental Bank of Commerce as at 31st March, 2014, which comprise the Balance Sheet as at 31st March, 2014, the Profit & Loss account and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us and 1100 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 1007 branches which have not been subjected to audit. These unaudited branches account for 4.97% of advances, 15.69% of deposits, 3.24% of interest income and 14.11% 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. 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'' 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.

Basis for Qualified opinion:

6. We draw attention to note no. 15 (d) of Schedule – 18 wherein the plan assets of the pension fund and gratuity fund includes an amount of Rs.117.51 crore and Rs.59.20 crore respectively invested by the trust in the Bank''s own Bonds / Deposits which is not in accordance with Accounting Standard – 15 "Employee''s Benefits" issued by the Institute of Chartered Accountant of India.

Opinion

7. Except for the matter described in the basis for qualified opinion paragraph 6, in our opinion, as shown by books of bank, and to the best of our information and according to the explanations given to us -

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

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

8. We draw attention to- (i) Note no. 15(e) of schedule 18 regarding deferment of pension liability to the extent of Rs.170.90 Crores (previous year Rs.341.80 Crores) pursuant to 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 its 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.

(ii) Note No.15(l) of Schedule 18 regarding funds of M/s JNPT and pending investigation of matter by Central Bureau of Investigation. Due to uncertainty relating to future outcome of the investigation, we are unable to comment on claim on bank which may arise on finalization of investigation.

Our opinion is not qualified in respect of above matters.

Report on Other Legal and Regulatory Requirements

9. 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.

10. 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, 1980, and subject also to the limitations of disclosure required therein, we report that: -

(i) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of audit and have found them to be satisfactory.

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

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

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



For JAIN KAPILA For P.L. TANDON & CO. For SHAH & TAPARIA

ASSOCIATES Chartered Accountants Chartered Accountants Chartered Accountants FRN 000186-C FRN 109463-w FRN 008186-N

(D.K. Kapila) (Rajendra Kumar Gupta) (Nand Lal Shah)

Partner Partner Partner

M.No.016905 M.No.073250 M.No.006936

For BANSAL R. KUMAR For R.S. SIPAYYA & Co.

& ASSOCIATES Chartered Accountants

FRN 000321-N

Chartered Accountants

(R.K. Gupta)

Partner

M.No.086851

R.S. Sipayya)

Partner

M.No.017762

Place : Gurgaon

Dated : 30th April, 2014


Mar 31, 2013

1. We have audited the accompanying financial statements of the Oriental Bank of Commerce as at 31st March, 2013, which comprise the Balance Sheet as at 31st March, 2013 and Profit and Loss account and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us and 976 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 1004 branches which have not been subjected to audit. These unaudited branches account for 6.57% of advances, 20.72% of deposits, 4.43% of interest income and 19.22% 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. 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 statements, whether due to fraud or error. In making those assessments, the auditor considers interal 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 evaluting 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.

Basis for Qualified Opinion

6. We draw attention to note no. 15(d) of Schedule - 18 wherein the plan assets of the pension and gratuity fund includes an amount of Rs. 251.48 crore and Rs. 64.20 crore respectively invested by the trust in the Bank''s own Bonds / Deposits which is not in accordance with Accounting Standard - 15* Employee''s Benefits* issued by the Institute of Chartered Accountant of India.

Emphasis of Matter

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

(i) Note no. 15(d) of schedule 18 regarding deferment of pension liability to the extent of Rs. 341.80 crores (previous year Rs. 512.70 Crores) pursuant to 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 its 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.

Opinion

8. 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 property drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March, 2013, in conformity with accounting principles generally accepted in India;

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

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

Report on Other Legal and Regulatory Requirements

9. 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.

10. 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 Undertaking) Act, 1980, and subject also to the limitations of disclosure require therein, we report that:-

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

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

(iii) The returns received from the offices and branches of the Bank have been found adequate for the purpose of our audit.

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

For Agiwal & Associates For B. Purushottam & Co.

Chartered Accountants Chartered Accountants

FRN 000181-N FRN 002808-S

(P.C. AGIWAL) (B.S. PURSHOTHAM)

Partner Partner

M.No. 080475 M.No. 026785

For Jain Kapila Associates For P.L. Tandon & Co.

Chartered Accountants Chartered Accountants

FRN 000287-N FRN 00186-C

(D.K. KAPILA) (ANIL K. AGRAWAL)

Partner Partner

M.No. 016905 M.No. 071548

For Shah & Taparia For Bansal R. Kumar & Associates

Chartered Accountants Chartered Accountants

FRN 109463-W FRN 008186-N

(NAND LAL SHAH) (R. K. GUPTA)

Partner Partner

M.No. 006936 M.No. 086851


Mar 31, 2012

1. We have audited the accompanying financial statements of the Oriental Bank of Commerce as at 31st March, 2012, which comprise the Balance Sheet as at 31st March, 2012 and the Profit and Loss account and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us and 1365 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 387 branches which have not been subjected to audit. These unaudited branches account for 1.23% of advances, 5.93% of deposits, 0.60% of interest income and 4.70% 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. 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 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.

Basis for Qualified Opinion

6. We draw attention to note no. 15 of Schedule - 18 wherein the plan assets of the pension and gratuity fund includes an amount of Rs.591.24 crore and Rs. 126.63 crore respectively invested by the trust in the Bank's own Bonds/Deposits which is not in accordance with Accounting Standard-15 "Employee's Benefits" issued by the Institute of Chartered Accountants of India.

Opinion

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 except for the effects of the matter described in the Basis for Qualified Opinion paragraph: -

(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, 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 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

8. Without qualifying our opinion, we draw attention to: -

(i) Note no.15(d) of schedule 18 regarding deferment of pension liability to the extent of Rs.512.70 Crores pursuant to 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.

(ii) Note no.4 of Schedule 18 regarding obtaining of permission from regulatory authority for proposed dividend for the financial year 2011-12.

Report on Other Legal and Regulatory Requirements

9. 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.

10. 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, 1980, and subject also to the limitations of disclosure required therein, we report that: -

(i) we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of audit and have found them to be satisfactory.

(ii) the transactions of the Bank, which have come to our notice, have been within the powers of the Bank.

(iii) the returns received from the offices and branches of the Bank have been generally found adequate for the purposes of our audit and where the particulars in the returns received were incomplete/inadequate, we have relied upon the information and explanations furnished by the Management.

11. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards, subject to our comments in paragraph 6 above.

For S.P. MARWAHA & CO. For MANIAN & RAO

Chartered Accountants Chartered Accountants

(Firm Registration Firm Registration

No.: 000229-N No.: 001983-S

(ASHUTOSH SAXENA) (RAVINDRA.C)

Partner Partner

M.No. 086358 M.No. 213658

For TEJ RAJ & PAL For AGIWAL & ASSOCIATES

Chartered Accountants Chartered Accountants

Firm Registration No.: 304124-E Firm Registration No.: 000181-N

(B. VIJAY) (P.C. AGIWAL)

Partner Partner

M.No.214678 M.No.080475

For B. PURUSHOTTAM & CO. For JAIN KAPILA ASSOCIATES.

Chartered Accountants Chartered Accountants

Firm Registration No.: 002808-S Firm Registration No.: 000287-N

(T. RAVEE) (D.K. KAPILA)

Partner Partner

M.No. 028243 M.No. 016905


Mar 31, 2011

1. We have audited the accompanying financial statements of the Oriental Bank of Commerce as at 31st March, 2011, which comprise the Balance Sheet as at 31st March, 2011 and the Profit and Loss account and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us and 1355 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 245 branches which have not been subjected to audit. These unaudited branches account for2.83% of advances, 3.24% of deposits, 2.14% of interest income and 2.61% of interest expenses.

Managements Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act, 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

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 auditorsjudgement, 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 banks 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.

Basis for Qualified Opinion

6. We draw attention to note no. 6 of Schedule -18 wherein the impact, if any, on account of balancing of books, confirmation/reconciliation and clearance of outstanding entries in certain accounts is not accounted for as the same is not ascertainable.

Opinion

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 except for the effects of the matter described in the Basis for Qualified Opinion paragraph: -

(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, 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 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

8. Without qualifying our opinion, we draw attention to: -

(i) Note no. 17(c) of schedule 18 regarding deferment of pension liability to the extent of Rs.683.60 Crores pursuant to 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.

(ii) Noteno.11 ofschedule 18 regarding the claim lodged by the bank with Government of India under Agricultural Debt Waiver and Debt Relief Scheme 2008.

(iii) Note no. 19 of schedule 18 regarding inclusion of not readily realisable advances and not readily realisable assets pertaining to erstwhile global trust bank as part of assets of the bank, which was otherwise required to be taken on collection basis as per the scheme of amalgamation.

(iv) Note no.4 of Schedule 18 regarding obtaining of permission from regulatory authority for proposed dividend for the financial year 2010-11. Report on Other Legal and Regulatory Requirements

9. 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.

10. 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, 1980, and subject also to the limitations of disclosure required therein, we report that:-

(i) we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of audit and have found them to be satisfactory.

(ii) the transactions of the Bank, which have come to our notice, have been within the powers of the Bank.

(iii) the returns received from the offices and branches of the Bank have been generally found adequate for the purposes of our audit and where the particulars in the returns received were incomplete/inadequate, we have relied upon the information and explanations furnished by the Management.

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

For V KRISHNAN & CO., For S.P.MARWAHA & CO.,

Chartered Accountants Chartered Accountants

Firm Reg. No.: 001541-S Firm Reg. No.: 000229-N

(K.ULGANAATHAN SHANKAR) (M.L. JOTWANI)

Partner Partner

M No.208480 M. No.009604

For MANIAN & RAO For TEJ RAJ & PAL

Chartered Accountants Chartered Accountants

Firm Reg. No.: 001983-S Firm Reg. No.: 304124-E

(PARESH DAGA) (P. VENUGOPALA RAO)

Partner Partner

M.No. 211468 M.No. 010905 For AGIWAL& ASSOCIATES For B. PURUSHOTTAM & CO.

Chartered Accountants Chartered Accountants

FirmReg.No.:000181-N FirmReg.No.:002808-S

(P.C.AGIWAL) (B.S. PURSHOTHAM)

Partner Partner

M.No. 080475 M.No. 026785


Mar 31, 2010

1. We have audited the attached Balance Sheet of Oriental Bank of Commerce as at March 31, 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, 1259 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 & Loss Account are the returns from 229 branches and a representative office at Dubai which have not been subjected to audit. These unaudited branches account for 0.56 per cent of advances, 3.36 per cent of deposits, 0.25 per cent of interest income and 3.43 per cent of interest expense. 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 of material misstatement(s). 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. Without qualifying our opinion attention is invited to:

a) Note no. 11 of schedule 18 regarding the claim lodged by the bank with Government of India under Agricultural Debt Waiver and Debt Relief Scheme 2008.

b) Note no. 17 of schedule 18 regarding adhoc provision of Rs. 304.00 crore made on account of wage revision.

c) Note no. 21 of schedule 18 regarding inclusion of not readily realisable advances and not readily realisable assets pertaining to erstwhile global trust bank as part of the assets of the bank, which was otherwise required to be taken on collection basis as per the scheme of amalgamation.

5. The impact, if any, on account of balancing of books, confirmation/reconciliation and clearance of outstanding entries in certain accounts is not accounted for as the same is not ascertainable (refer note no.6 of schedule 18).

6. Subject to the limitations of the audit indicated in paragraph 1 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, and subject also to the limitations of disclosure required therein and further subject to our observations in paragraph 5 above, we report that:

i) 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.

ii) The transactions of the bank, which have come to our notice have been within the powers of the bank.

iii) The returns received from the offices and branches of the bank have generally been found adequate for the purposes of our audit and where the particulars in the returns received were incomplete/ inadequate, we have relied upon the information and explanations furnished by the management.

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

v) 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:

a) The Balance Sheet, read with Significant Accounting Policies and Notes to Accounts 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, 2010 in conformity with the accounting principles generally accepted in India;

b) The Profit and Loss account, read with Significant Accounting Policies and Notes to Accounts shows a true balance of the Profit, in conformity with accounting principles generally accepted in India, for the year ended 31st March, 2010; and

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

For P.B. VIJAYARAGHAVAN & CO For FARUQUI & COMPANY

Firm Reg.No : 004721-S Firm Reg.No : 002504-N

Chartered Accountants Chartered Accountants

(P.B.SANTHANAKRISHNAN) (RAJESH AGGARWAL)

Partner (M.No. 020309) Partner (M.No. 085697)

For V. KRISHNAN & CO For S.P. MARWAHA & CO

Firm Reg.No : 001541-S Firm Reg.No : 000229-N

Chartered Accountants Chartered Accountants

(M. GOPINATH) (M.L. JOTWANI)

Partner (M No. 023819) Partner (M.No. 009604)

For MANIAN & RAO For TEJ RAJ & PAL

Firm Reg.No : 001983-S Firm Reg.No : 304124-E

Chartered Accountants Chartered Accountants

(R. SRIKANTH) (B. GANGARAJU)

Partner (M.No. 203138) Partner (M.No. 007605)

Place : New Delhi Date : April 29, 2010.

 
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