Home  »  Company  »  Punj. & Sind Ban  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Punjab & Sind Bank

Mar 31, 2016

1. We have audited the accompanying financial statements of Punjab & Sind Bank as at 31st March, 2016, which comprise the Balance Sheet as at March 31, 2016, 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 536 branches audited by branch auditors. The branches audited by us and those audited by other branch 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 are the returns from 925 branches which have not been subjected to audit. These unaudited branches account for 10.00 per cent of advances, 28.15 per cent of deposits, 6.64 per cent of interest income and 25.54 per cent of interest expenses.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with accounting standards generally accepted in India and applicable banking laws. 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 the purpose 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 generally sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of mater:

6. Without qualifying our report, we draw attention to:

(i) Note no. 1.1, 1.2 and 1.3 regarding non reconciliation of balances and clearances/identification of outstanding items in respect of various accounts of income, expenditure, assets and liabilities, the impact of which is not ascertainable.

(ii) Note no.10.9.3 regarding non creation of deferred tax liability of Rs.355.05 crore in respect of difference on account of variation on the value of investment as per the books of account and for the income tax computation considering the difference to be permanent.

(iii) Note no. 10.9.5 regarding disputed tax liabilities pending in appeals, the effect of which is not ascertainable

(iv) Capital adequacy as per Basel – II and Basel – III and other ratios disclosed in the accounts by the bank are subject to adjustment arising out of the Notes on accounts, accounting policies and our remarks in Para 6 (i) to (iii) above.

(v) Note No.10.9.6 regarding allow ability of claim of bad debts by the Income Tax Authorities vis-a-vis stand taken by the bank based on expert independent 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 we further report that:

(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 2016 in co-formality 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

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 (Acquisitions and Transfer of Undertakings) Act, 1970/1980, read with Notes on Accounts attached 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 Tiwari & Associates For Dhillon & Associates

Chartered Accountants Chartered Accountants

(Devender Magoo) (Rajesh Malhotra)

Partner Partner

M. No. 085739 M. No. 090661

FRN : 002870N FRN : 002783N



For Dhawan & Co. For Davinder Pal Singh & Co.

Chartered Accountants Chartered Accountants

(I. J. Dhawan) (Harbans Singh)

Partner Partner

M. No. 081679 M. No. 099109

FRN : 002864N FRN : 007601N

Place : New Delhi

Dated : 10 May, 2016


Mar 31, 2015

Report on the Financial Statements of Punjab & Sind Bank

1. We have audited the accompanying financial statements of Punjab & Sind 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 state- ments are the returns of 20 branches audited by us and 524 branches audited by branch auditors. The branches audited by us and those audited by other branch 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 912 branches which have not been subjected to audit. These unaudited branches account for 7.73 per cent of advances, 19.59 per cent of deposits, 5.05 per cent of interest income and 17.30 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 accounting standards generally accepted in India and applicable banking laws. This responsibility includes the design, implementation and main- tenance of internal control relevant to the preparation of the financial statements that are free from material misstate- ment, 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 the purpose of expressing an opinion on the ef- fectiveness 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 generally sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of matter:

6. Without qualifying our report, we draw attention to:

(i) Note no. 1.1, 1.2 and 1.3 regarding non reconciliation of balances and clearances/identification of outstanding items in respect of various accounts of income, expenditure, assets and liabilities, the impact of which is not ascertainable.

(ii) Note no. 10.9.5 regarding disputed tax liabilities pending in appeals, the effect of which is not ascertainable.

(iii) Note no.10.9.3 regarding non creation of deferred tax liability of Rs. 379.26 crore in respect of difference on account of variation on the value of investment as per the books of account and for the income tax computation considering the difference to be permanent.

(iv) Capital adequacy as per Basel - II and Basel - III and other ratios disclosed in the accounts by the bank are subject to adjustment arising out of the Notes on accounts, accounting policies and our remarks in Para 6 (i) to (iii) above.

(v) Note no. 10.4.1 regarding deferment, amortization and carry forward of pension and gratuity liability of the bank pur- suant to the exemption granted by Reserve Bank of India to the public sector bank from application of provisions of Ac- counting Standard (AS) 15 Employees Benefits(revised 2005) vide its circular no. DB0D.BP.BC/80/21.04.018/2010-11 dated 09.02.2011 of Re-opening of pension option to the Employees of public sector banks and enhancement in gra- tuity limits - Prudential regulatory treatment.

(vi) Note No.10.9.6, which describes uncertainty relating to the allowability of claim of bad debts by the Income Tax Au- thorities vis- a- vis to the stand taken by the bank based on expert independent 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 we further report that:

(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 con- formity 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

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, 1970/1980, read with Notes on Accounts attached 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 B. K. Shroff & Co. For R. Kothari & Co. Chartered Accountants Chartered Accountants

(L. K. Shroff) (Rajesh Kumar) Partner Partner M. No. 060742 M. No. 090865 FRN : 302166E FRN : 307069E

For Tiwari & Associates For Dhillon & Associates Chartered Accountants Chartered Accountants

( Krishan Kumar ) (Rajesh Malhotra) Partner Partner

M. No. 090661 M. No. 085415 FRN : 002783N FRN : 002870N

Place : New Delhi Dated : May 12, 2015


Mar 31, 2014

1. We have audited the accompanying financial statements of Punjab & Sind Bank as at 31st March, 2014, which comprise the Balance Sheet as at March 31, 2014, 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 441 branches audited by branch auditors. The branches audited by us and those audited by other branch 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 869 branches which have not been subjected to audit. These unaudited branches account for 9.60 per cent of advances, 22.86 per cent of deposits, 5.93 per cent of interest income and 19.67 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 accounting standards generally accepted in India and applicable banking laws. 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 the purpose 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 generally sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of matter:

6. Without qualifying our report, we draw attention to:

(i) Note no. 1.1, 1.2 and 1.3 regarding non reconciliation of balances and clearances/identification of outstanding items in respect of various accounts of income, expenditure, assets and liabilities, the impact of which is not ascertainable.

(ii) Note no. 10.9.3 regarding disputed tax liabilities pending in appeals, the effect of which is not ascertainable.

(iii) Note no.10.9.5 regarding non creation of deferred tax liability of Rs. 477.79 crore in respect of difference on account of variation on the value of investment as per the books of account and for the income tax computation considering the difference to be permanent.

(iv) Note no. 10.9.6 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 2014, pursuant to RBI''s Circular No. DBOD. No. BP. BC.77/21.04.018/ 2013-14 dated 20th December 2013.

(v) Capital adequacy as per Basel – II and Basel – III and other ratios disclosed in the accounts by the bank are subject to adjustment arising out of the Notes on accounts, accounting policies and our remarks in Para 6 (i) to (iii) above.

(vi) Note no. 10.4.1 regarding deferment, amortization and carry forward of pension and gratuity liability of the bank pursuant to the exemption granted by Reserve Bank of India to the public sector bank from application of provisions of Accounting Standard (AS) 15 Employees Benefits (revised 2005) vide its circular no. DBOD.BP.BC/80/21.04.018/2010-11 dated 09.02.2011 of Re-opening of pension option to the Employees of public sector banks and enhancement in gratuity limits – Prudential regulatory treatment.

(vii) Note No.10.9.7, which describes uncertainty relating to the allow ability of claim of bad debts by the Income Tax Authorities vis- a- vis to the stand taken by the bank based on expert independent 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 we further report that:

(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.

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, 1970/1980, read with Notes on Accounts attached 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 R. M. Lall & Co. For O. P. Tulsyan & Co.

Chartered Accountants Chartered Accountants

(R. P. Tewari) (Rakesh Agarwal)

Partner Partner

M. No. 071448 M. No. 081808 FRN : 000932C FRN : 500028N

For B. K. Shroff & Co. For R. Kothari & Co.

Chartered Accountants Chartered Accountants

(L. K. Shroff) (Rajesh Kumar)

Partner Partner

M. No. 060742 M. No. 090865

FRN : 302166E FRN : 307069E

NEW DELHI May 10, 2014


Mar 31, 2013

1. We have audited the accompanying financial statements of Punjab & Sind 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 state- ments are the returns of 20 branches audited by us and 384 branches audited by branch auditors. The branches audited by us and those audited by other branch 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 725 branches which have not been subjected to audit. These unaudited branches account for 8.07 per cent of advances, 28.66 per cent of deposits, 7.89 per cent of interest income and 24.75 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 accounting standards gen- erally accepted in India and applicable banking laws. This responsibility includes the design, implementation and mainte- nance 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 evaluat- ing the overall presentation of the financial statements.

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

6. Without qualifying our report, we draw attention to:

(i) Note no. 1.1, 1.2 and 1.3 regarding non reconciliation of balances and clearances/identification of outstanding items in respect of various accounts of income, expenditure, assets and liabilities, the impact of which is not ascertainable.

(ii) Note no. 10.6.2 in respect of special reserves created and maintained under section 36(1)(viii) of the Income Tax Act, 1961 of Rs. 23.42 crores on the basis of management decision not to withdraw the same and note no. 10.6.3 regard- ing non creation of deferred tax liability of Rs. 277.77 crore in respect of difference on account of variation on the value of investment as per the books of account and for the income tax computation considering the difference to be permanent.

(iii) Note no. 10.6.5 regarding disputed tax liabilities pending in appeals, the effect of which is not ascertainable.

(iv) Capital adequacy as per Basel - I and Basel - II and other ratios disclosed in the accounts by the bank are subject to adjustment arising out of the Notes on accounts, accounting policies and our remarks in paras 6 (i) to (iii) above.

(v) Note no. 10.2.1 regarding deferment, amortization and carry forward of pension and gratuity liability of the bank pur- suant to the exemption granted by Reserve Bank of India to the public sector bank from application of provisions of Accounting Standard (AS) 15 (revised) Employees Benefits'' vide its circular no. DBOD.BP.BC/80/21.04.018/2010-11 dated 09.02.2011 of Re-opening of pension option to the Employees of public sector banks and enhancement in gra- tuity 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 we further report that:

(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 con- formity 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

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, 1970/1980, read with Notes on Accounts attached 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 G. S. GOEL & CO. For S. B. G. & CO. For O. P. TULSYAN & CO.

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

FRN:001415N FRN:001818N FRN:500028N

(CA.G. S. GOEL) (CA S.B. Gupta) (CA.RAKESH AGARWAL)

PARTNER PARTNER PARTNER

M.NO:014428 M.NO:089415 M.NO:081808

For R. M. LALL & CO. For B. K. SHROFF & CO. For R. KOTHARI & CO.

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

FRN:000932C FRN: 302166E FRN:307069E

(CA.R.P.TEWARI) (CA. L.K.SHROFF) (CA.SANJEEB AGARWAL)

PARTNER PARTNER PARTNER

M.NO:071448 M.NO:060742 M.NO:056400

NEW DELHI

May 1, 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of Punjab & Sind Bank as at March 31, 2012, the Profit & Loss Account and the Cash Flow Statement of the Bank for the year ended on that date annexed thereto in which are incorporated the returns of 20 branches, Zonal Offices and Central Office Departments audited by us as part of allocation of work among the Statutory Central Auditors, 674 branches audited by other auditors and 334 returns in respect of unaudited branches not visited by us. These unaudited branches account for 2.72 per cent of the advances, 10.42 per cent of deposits, 2.10 per cent of interest income on advances and 8.37 percent of interest expenses on deposits. The branches audited by us and those by other auditors have been selected by the Bank in accordance with the guidelines issued by the Reserve Bank of India. 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. These standards require that we plan and perform the audit to obtain reasonable assurance 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. Subject to the limitations of the audit indicated in above paras and as required by the Banking Companies (Acquisitions and Transfer of Undertaking) Act, 1980 and the limitation of the disclosure required therein, we report as under:

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

II. Attention is invited to:-

a) Note No. 1.1, 1.2 and 1.3 regarding non reconciliation of balances and clearance/ identification of outstanding items in respect of various accounts of income, expenditure, assets and liabilities, the impact of which is not ascertainable.

b) Note No. 10.6.2 in respect of Special Reserve created and maintained u/s 36(1)(viii) of the Income Tax Act 1961 of Rs.14.82 crore on the basis of management decision not to withdraw the same and Note No. 10.6.3 regarding non-creation of deferred tax liability of Rs.281.79 crore in respect of difference on account of variation on the value of investment as per books of accounts and for income tax computation considering the difference to be permanent.

c) Note No.10.6.5 regarding disputed tax liabilities pending in appeals, the effect of which is not ascertainable.

d) Capital Adequacy as per Basel-I and Basel-II and other ratios disclosed in the Accounts by the Bank are subject to adjustments arising out of the Notes on Accounts, Accounting Policies and our remarks in para a) to c) above.

e) Note 10.2.1 regarding deferment, amortization and carry forward of pension and gratuity liability of the bank 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 dated 09.02.2011 on Re-opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits - Prudential Regulatory Treatment.

4. We further 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 subject to our comments in Para 3(II) above:

(i) The Balance Sheet read together with the Significant Accounting Policies and Notes on Ac- counts 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 affairs of the Bank as at March 31, 2012.

(ii) The Profit & Loss Account, read together with the Significant Accounting Policies and Notes on Accounts thereon reflects a true balance of profit for the year ended on March 31, 2012.

(iii) The Cash Flow Statement gives a true and fair view of the Cash flow for the year ended March 31, 2012.

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 of the accounts received from the offices and branches of the Bank have generally been found adequate for the purpose of our audit except that in the case of some branches where particulars were inadequate, the information available at the Zones / Head Office has been relied upon.

For Bhatia & Bhatia For Alka & Sunil For G.S. Goel & Co.

Chartered Accountants Chartered Accountants Chartered Accountants

(Anant Bhatia) (Sunil Gupta) (G.S.Goel)

Partner Partner Partner

M. No.507832 M. No.084119 M. No.014428

FRN : 003202N FRN : 006739N FRN : 001415N

For S.B.G. & Co. For O.P.Tulsyan & Co. For R.M.Lall & Co.

Chartered Accountants Chartered Accountants Chartered Accountants

(S.B. Gupta) (Rakesh Agarwal) (R.P. Tiwari)

Partner Partner Partner

M. No. 089415 M. No. 081808 M. No. 071448

FRN : 001818N FRN : 500028N FRN : 000932C

Date: 05.05.2012

Place: New Delhi

 
Subscribe now to get personal finance updates in your inbox!