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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


Mar 31, 2010

1. We have audited the attached Balance Sheet of SYNDBANK SERVICES LIMITED., as at 31st March 2010 and also the Profit and Loss Account & Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company’s Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor’s Report) Order, 2003 as amended by the companies (Auditor’s Report) (Amendment) Order, 2004 (together the ‘Order’) issued by the Central Government of India in terms of sub- section (4A) of the Section 227 of the Companies Act, 1956, of India (the ‘Act’) and on the basis of such checks of the books and records of the company as we considered appropriate and according to information and explanations given to us, we give in the annexure a statement on the matters specified in paragraphs 4 & 5 of the Order.

4. Further to our comments in the Annexure referred to in paragraph (3) above, we state 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.

ii) In our opinion, proper books of account as required by law have been kept by the Company, so far as appears from our examination of those books.

iii) The Balance Sheet, Profit and Loss account & Cash Flow Statement referred to in this report are in agreement with the books of account.

iv) In our opinion, the Balance Sheet, Profit and Loss Account and the Cash Flow statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act. 1956.

v) On the basis of the written representations received from the Directors, as on 31st March 2010 and taken on record by the Board of

Directors, we report that none of the Directors are disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

vi) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2010; ii) in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date. iii) In the case of the Cash Flow Statement, of the cash flows of the company for the year ended on that date.

Annexure to the Auditor’s Report: Re: SYNDBANK SERVICES LIMITED Referred to in paragraph 3 of our report of even date. i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) According to the information and explanations given to us, the Company has formulated a regular programme of verification by which all the assets of the Company shall be verified, which in our opinion, is reasonable having regard to the size of the Company and nature of its assets. To the best of our knowledge, no material discrepancies were noticed on verification conducted during the year as compared with the book records.

(c) There was no disposal of a substantial part of fixed assets.

ii) The Company does not have any Inventory and hence paragraph 4(ii)(a) to (c) are not applicable.

iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to any Company, firm and other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

Accordingly, paragraph 4 (iii) (a) to (d) of the order are not applicable.

iv) According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured, from any Company, firm and other parties covered in the register maintained under Section 301 of the Companies Act 1956.

Accordingly, paragraph 4 (iii) (e) to (g) of the order are not applicable.

v) In our opinion and according to the information and explanations given to us, there exists an adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchases of fixed assets and with regard to the sale of services. During the course of our audit, we have not observed any major weakness in the internal control system of the Company.

vi) In our opinion and according to the explanations given to us, there is no transaction that needs to be entered into the register in pursuant of Section 301 of the Companies Act, 1956.

vii) According to the information and explanations given to us, the Company has not accepted deposits from the public during the year covered by our audit report. Therefore the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules there under are not applicable to the company.

viii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

ix) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 with regard to the company’s operation.

x) a) According to the information and explanations provided to us, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, income tax, service tax, cess and other statutory dues, applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income tax, Service tax were in arrears, as at 31st March 2010 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, there are no dues of Income Tax, Service tax and cess which have not been deposited on account of any dispute.

xi) The company does not have accumulated losses and has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

xii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions, banks or debentures holders.

xiii) In our opinion and according to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiv) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company.

xv) According to the information and explanations given to us, the Company is not dealing in shares, securities and debentures. Therefore, the provisions of clause 4(xiv) of the Order are not applicable to the Company.

xvi) The Company has not given any guarantee in connection with loans taken by others.

xvii) The Company has not obtained any term loans during the year.

xviii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment.

xix) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

xx) According to the information and explanations given to us, the Company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause (xix) of the Order are not applicable to the Company.

xxi) During the period covered by our audit report, the Company has not raised any money by way of public issue.

xxii) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For Shabbir and Ganesh Chartered Accountants

Sd/- Place: Bangalore (CA Ganesh Y.) Date : 15-04-2010 Partner

Membership No.: 207231

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