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Auditor Report of Syndicate Bank

Mar 31, 2015

1. We have audited the accompanying financial statements of SYNDICATE BANK, which comprise the Balance Sheet as on March 31, 2015, and Profit and Loss Account, 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, 1482 branches audited by branch auditors and 1 foreign branch audited by a local auditor. 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 2026 branches which have not been subjected to audit. These unaudited branches account for 6.97 percent of advances, 22.19 percent of deposits, 5.40 percent of interest income and 20.12 percent 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.

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 upon 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 auditors consider internal control relevant to the Bank''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

i) the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as on March 31, 2015 in conformity with accounting principles generally accepted in India;

ii) the Profit and Loss Account, read with the notes thereon shows a true balance of Profit, in conformity with accounting principles generally 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.

Emphasis of Matter

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

a) Note no. 4 b) in Schedule 18 to the financial statements regarding change in accounting policy for the year with respect to appropriation of recoveries in NPA accounts, the impact of which on financial statements is not readily ascertainable.

b) Note no. 8 c) in Schedule 18 to the financial statements regarding the difference between accounting income and taxable income on account of difference in valuation of securities being treated as permanent difference and accordingly recognition of deferred tax liability Rs.754.91 crores as at 31st March, 2015 not considered necessary based on opinion of tax consultant of the Bank.

Report on Other Legal and Regulatory Requirements

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

9. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and subject also to the limitations of 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 J N Sharma & Co For Ramanlal G Shah & Co For K N Goyal & Co

Chartered Accountants Chartered Accountants Chartered Accountants FRN : 000833C FRN : 108517W FRN : 001084N

Kunal Sharma Vivek S Shah Mala Rajan Partner Partner Partner Membership No. 405919 Membership No. 112269 Membership No. 087777

For Ganesan and Company For Vishnu Rajendran & Co. Chartered Accountants Chartered Accountants FRN : 000859S FRN : 004741S

S Swaminathan Tom Joseph Partner Partner Membership No. 023998 Membership No. 201502

Place : Bengaluru Date : 09.05.2015


Mar 31, 2013

1. We have audited the accompanying financial statements of Syndicate Bank 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 significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches and 41 Regional Offices audited by us, 1258 branches audited by branch auditors and 1 foreign branch audited by overseas auditor. 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 1,620 branches which have not been subjected to audit. These unaudited branches account for 9.49 percent of advances, 24.37 percent of deposits, 8.08 percent of interest income and 23.96 percent 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.

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 amount and disclosures in the financial statements. The procedures selected depend upon 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 auditors consider 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.

Emphasis of Matter

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

a. Note no. 8 (a) in Schedule 18 regarding recognition of Minimum Alternate Tax (MAT) credit of Rs. 573.59 Crores of earlier years in these accounts in accordance with Sec 115JB of the Income Tax Act, 1961 considering the utilization of the credit as per future profitability and taxable position of the Bank.

b. Note No. 9 (iv) in Schedule 18 regarding deferment of pension and gratuity liability of the Bank to the extent of Rs. 290.76 Crores pursuant to the exemption granted by the Reserve Bank of India from application of the provisions of Accounting Standard 15 on "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.

Opinion

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

i) the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 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 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, 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 purpose 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 Thakur Vaidyanath For Chandiok & Guliani For J N Sharma & Co

Aiyar & Co Chartered Accountants Chartered Accountants Chartered Accountants

K N Gupta V K Lalla Kunal Sharma

Partner Partner Partner

Membership No. 009169 Membership No. 080847 Membership No. 405919

FRN : 000038N FRN : 001199N FRN : 000833C

For Ramanlal G Shah & Co For Sambhu N De & Co For K N Goyal & Co

Chartered Accountants Chartered Accountants Chartered Accountants

Vivek S Shah S N Mittra K N Goyal

Partner Partner Partner

Membership No. 112269 Membership No. 011678 Membership No. 011939

FRN : 108517W FRN : 307055E FRN : 001084N

Place : Bangalore

Date : 02.05.2013


Mar 31, 2012

We have audited the attached Balance Sheet of Syndicate Bank as at 31st March, 2012, 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 and 38 Regional Offices audited by us, 201 2 branches audited by branch auditors and 1 foreign branch audited by the overseas auditor. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns of 663 branches which have not been subjected to audit. These unaudited branches account for 1.37 percent of advances, 6.49 percent of deposits, 0.98 percent of interest income and 6.51 percent of interest expenses. These financial statements are the responsibility of the Bank's Management. Our responsibility is to express an opinion on the financial statements based on our audit.

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.

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.

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, 1970, and subject also to the limitations of disclosure required therein; We report that:

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.

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

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

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, we report that:

The Balance Sheet read with Significant Accounting Policies and the Notes on Accounts 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 31st March, 2012.

The Profit and Loss Account read with Significant Accounting Policies and the Notes on Accounts thereon shows a true balance of Profit for the year ended 31st March, 2012.

The Cash Flow Statement read with Significant Accounting Policies and the Notes on Accounts thereon gives a true and fair view of the cash flows for the year ended 31st March, 2012.

For Jain & Associates For Prakash Chandra Jain & Co.

Chartered Accountants Chartered Accountants

(Regd. No.: 001361N) (Regd. No.: 002438C)

S C Pathak Pratibha Sharma

Partner Partner

Membership No.: 010194 Membership No.: 400755

For S Sonny Associates For R Vender Gupta & Associates

Chartered Accountants Chartered Accountants

(Regd. No.: 003935S) (Regd. No.: 002614N)

S Sundar Raghvender Gupta

Partner Partner

Membership No.: 023425 Membership No.: 081544

For Thakur, Vaidyanath Aiyar & Co. For Chandiok & Guliani

Chartered Accountants Chartered Accountants

(Regd. No.: 000038N) (Regd No: 001199N)

K N Gupta V K Lalla

Partner Partner

Membership No.: 009169 Membership No.: 080847

Place : Bengaluru

Date : 05.05.2012


Mar 31, 2011

1. We have audited the attached Balance Sheet of Syndicate Bank as at 31st March, 2011, 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 and 38 Regional Offices audited by us, 2093 branches audited by branch auditors and 1 foreign branch audited by the overseas auditor. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns of 380 branches which have not been subjected to audit. These unaudited branches account for 0.42 percent of advances, 3.95 percent of deposits, 0.28 percent of interest income and 3.29 percent of interest expenses. These financial statements are the responsibility of the Banks Management. Our responsibility is to express an opinion on the 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 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.

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, we draw attention to note no. 9(iii) to the financial statements, which describes deferment of Pension and Gratuity liability of the bank to the extent of Rs.581.52 crores pursuant to the exemption granted by the Reserve Bank of India vide Circular dated, February 9, 2011 to public sector banks from application of the provisions of AS 15.

5. 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, 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 purpose 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 purpose of our audit.

6. 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, we report that:

I. The Balance Sheet read with Significant Accounting Policies and the 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 affairs of the Bank as at 31st March, 2011.

II. The Profit and Loss Account read with Significant Accounting Policies and the Notes thereon shows a true balance of Profit for the year ended 31st March, 2011.

III. The Cash Flow Statement read with Significant Accounting Policies and the Notes thereon gives a true and fair view of the cash flows for the year ended 31st March, 2011.

For N C Mitra & Co. For Jain & Associates

Chartered Accountants Chartered Accountants

(Regd. No.: 306027E) (Regd. No.: 001361N)

Gourab Mitra S C Pathak

Partner Partner

Membership No.: 061661 Membership No.: 010194

For Prakash Chandra Jain & Co. For S Sonny Associates

Chartered Accountants Chartered Accountants

(Regd. No.: 002438C) (Regd. No.: 003935S)

P C Nalwaya S Sundar

Partner Partner

Membership No.: 033710 Membership No.: 023425

For R. Vender Gupta & For Thakur, Vaidyanath Aiyar Associates & Co.

Chartered Accountants Chartered Accountants

(Regd. No.: 002614N) (Regd. No.: 000038N)

Raghvender Gupta K N Gupta

Partner Partner

Membership No.: 081544 Membership No.: 009169

Place: Bangalore Date : 12-05-2011

 
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