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Auditor Report of Punjab National Bank

Mar 31, 2015

1. We have audited the accompanying Standalone financial statements of PUNJAB NATIONAL BANK ("the Bank") as at 31st March, 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 audited by us and 2771 branches audited by branch auditors (including 1 off shore banking unit and 25 other offices) 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 and Loss Account are the returns from 3795 branches and 1 60 other offices of the Bank, which have not been subjected to audit. These unaudited branches and offices account for 7.04 per cent of advances, 27.63 per cent of deposits, 7.43 per cent of interest income and 28.42 per cent of interest expenses.

Management''s Responsibility for the Standalone Financial

Statements

2. Management of the Bank is responsible for the preparation of these financial statements in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949 ("the Act") and to disclose the information as may be necessary to conform to form ''A'' and form ''B'' respectively of the Third Schedule to the Act, complying with the guidelines issued by the Reserve Bank of India ("RBI") in this matter from time to time and the applicable Accounting Standards ("AS") issued by the Institute of Chartered Accountants of India ("ICAI"). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of these financial statements that give a true and fair view and 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 ("SA") issued by the ICAI. 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 procedure to obtain audit evidence about the amounts and the 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 financial control relevant to the Bank''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Bank has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management of the Bank, 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 expressing our audit opinion on these financial statements.

Opinion

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

i. the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of 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.

Report on Other Legal and Regulatory Requirements

7. 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 Act,

8. Subject to the limitations of the audit indicated in paragraphs 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and subject also to the limitations of disclosure required therein, we report that:

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

b. In our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books;

c. The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this Report are in agreement with the books of account and returns;

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

e. The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit except in certain cases where the returns as certified by the management have been relied upon.

f. In our opinion, the aforesaid standalone financial statements comply with the applicable Accounting Standards.

For and on behalf of For and on behalf of For and on behalf of K. N. Gutgutia & Co. CVK & Associates Ramesh Kapoor& Co. Chartered Chartered Chartered Accountants Accountants Accountants

FRN 304153E FRN 101 745W FRN 001477N

B R Goyal A K Pradhan Ramesh Kapoor

Partner Partner Partner

M No. 012172 M No. 032156 M No. 080725

For and on behalf of For and on behalf of For and on behalf of Chhajed & Doshi R. Devendra Kumar Hem Sandeep & Co. Chartered & Associates Chartered Accountants Chartered Accountants FRN 101 794W Accountants FRN 009907N

FRN 114207W

M P Chhajed Neeraj Golas Manish Gupta

Partner Partner Partner

M No. 049357 M No. 074392 M No. 092257

May 08, 2015 Place: New Delhi


Mar 31, 2013

1. We have audited the accompanying financial statements of Punjab National Bank as at 31st March, 2013, which comprises of the Balance Sheet as at March 31, 2013 and Statement of Profit and Loss 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, 2404 branches audited by Branch Auditors (including 1 off shore banking unit and 71 other offices) and 4 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 Statement of Profit and Loss are the returns from 3507 branches which have not been subjected to audit. These unaudited branches account for 8.94 per cent of advances, 28.95 per cent of deposits, 6.58 per cent of interest income and 22.71 per cent of interest expenses.

Management''s Responsibility for the Financial Statements

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

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

6. Emphasis of Matter:

Without qualifying our opinion, we draw attention to Note No. 15 in Schedule 18 to the financial statements, which describes deferment of pension and gratuity liability of the Bank to the extent of Rs. 1329.46 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/80/21.04.018/2010-1 1 on Re-opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits - Prudential Regulatory Treatment.

Opinion

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

(i) the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of 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 accounts; and

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

Report on Other Legal 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 3 to 6 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and subject also to the limitations of disclosure required therein, we report that:

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

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

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

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

For Borkar & Muzumdar For G S Madhava Rao & Co.

Chartered Accountants Chartered Accountants

FRN. 101569W FRN. 001907S

(Rajesh.C.Batham) (G.Manikya Prasad)

Partner Partner

M.No. 035941 M.No. 020105

For Phillipos & Co. For K N Gutgutia & Co.

Chartered Accountants Chartered Accountants

FRN.002650S FRN.304153E

(C.H. Sreedharan) (B.R.Goyal)

Partner Partner

M.No. 006281 M.No. 012172

For CVK & Associates For Ramesh Kapoor & Co.

Chartered Accountants Chartered Accountants

FRN. 101745W FRN. 001477N

(A.K.Pradhan) (Ramesh Kapoor)

Partner Partner

M.No. 032156 M.No. 080725

Place: New Delhi

Date : 09.05.2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of Punjab National 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 (i) 20 branches, 23 ZAOs/ZTCs/RSCs/CSC and controlling offices audited by us (ii) 3894 branches (including 4 foreign branches and 1 Offshore Banking Unit and 14 other offices) audited by other auditors and (iii) 1901 branches not subjected to audit. These unaudited branches account for 1.80% of advances, 7.72% of deposits, 1.54% of interest income and 6.54% of interest expenses. The branches selected by the Bank for audit are in accordance with the guidelines issued by the Reserve Bank of India.

2. 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.

3. 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 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 financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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

5. Emphasis of Matter:

Without qualifying our opinion, we draw attention to Note No. 16 in Schedule 18 to the financial statements, which describes deferment of pension and gratuity liability of the bank to the extent of Rs.1994.19 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.BPBC/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.

6. Subject to the limitations of the audit as indicated in paragraph

1 above and as required by the Banking companies ("Acquisition and Transfer of Undertakings) Act,1970 and also subject to the limitations of disclosure required therein, 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 and in conformity with the accounting principles generally accepted in India:

i. The Balance Sheet read with significant accounting policies and notes thereon, 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 with the significant accounting policies and notes thereon shows a true balance of the profit for the year covered by the account; and

iii. The Cash Flow Statement gives a true and fair view of cash flows for the year covered by the statement.

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

c) 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.

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

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

M/s V. K. Verma & Co. M/s Mookherjee Biswas & Pathak Chartered Accountants Chartered Accountants FRN 000386N FRN 301138E

(Pradeep Verma) (A. Chatterjee)

Partner Partner

Membership No.088393 Membership No.061551

M/s Amit Ray & Co. M/s Sarda & Pareek

Chartered Accountants Chartered Accountants

FRN 000483C FRN 109262W

(Basudeb Banerjee) (Niranjan Joshi)

Partner Partner

Membership No. 070468 Membership No.102789

M/s Borkar & Muzumdar M/s G. S. Madhava Rao & Co.

Chartered Accountants Chartered Accountants

FRN 101569W FRN 001907S

(B M Agarwal) (G. Manikya Prasad)

Partner Partner

Membership No.033254 Membership No.020105

Place: New Delhi

Date: 09/05/2012


Mar 31, 2011

1. We have audited the attached Balance Sheet of Punjab National Bank as at 31st March, 2011, 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 (i) 20 branches and controlling offices audited by us (ii) 4296 branches (including 4 foreign branches and 1 Offshore Banking Unit) and 112 other offices audited by other auditors and (iii) 850 branches not subjected to audit. These unaudited branches account for 0.65% of advances, 3.95% of deposits, 0.43% of interest income and 3.38 % of interest expenses. The branches selected by the Bank for audit are in accordance with the guidelines issued by the Reserve Bank of India.

2. 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.

3. 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 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 financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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

5. Emphasis of Matter:

Without qualifying our opinion, we draw attention to Note No.16 in Schedule 18 to the financial statements, which describes deferment of pension and gratuity liability of the bank to the extent of Rs.2658.92 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.

6. Subject to the limitations of the audit as indicated in paragraph 1 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and also subject to the limitations of disclosure required therein, 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 and in conformity with the accounting principles generally accepted in India:

i. The Balance Sheet read with significant accounting policies and notes thereon, 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 with the significant accounting policies and notes thereon shows a true balance of the profit for the year covered by the account; and

iii. The Cash Flow Statement gives a true and fair view of cash flows for the year covered by the statement.

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

c) 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.

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

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

For Kalani & Co. For Anjaneyulu & Co.

Chartered Accountants Chartered Accountants

FRN :000722C FRN : 000180S



(Vikas Gupta) (V. S. Venkateswarulu)

Partner Partner

M.No. 077076 M. No. 025805



For V K Verma & Co For Mookherjee Biswas & Pathak

Chartered Accountants Chartered Accountants

FRN: 000386N FRN : 301138E



(Pradeep Verma) (A Chatterjee)

Partner Partner

M.No. 088393 M. No. 061551



For Amit Ray & Co. For Sarda & Pareek

Chartered Accountants Chartered Accountants

FRN : 000483C FRN : 109262W



(CVSK Rao) (Niranjan Joshi)

Partner Partner

M.No. 070009 M. No. 102789

Date: May 04, 2011

Place: New Delhi

 
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