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Auditor Report of UCO Bank

Mar 31, 2015

We have audited the accompanying financial statements of UCO BANK as at 31st March, 2015, which comprise the Balance Sheet as at 31st March, 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 21 branches inclusive of one treasury branch audited by us and 1011 branches (including Service branches) audited by branch auditors and 4 foreign branches audited by overseas 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 1989 branches which have not been subjected to audit. These unaudited branches account for 7.51 per cent of advances, 27.04 per cent of deposits, 5.29 per cent of interest income and 31.81 per cent of interest expenses.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949 and to disclose the information as may be necessary to conform to forms 'A & B' respectively of the Third Schedule to the Banking Regulation Act, 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

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.

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, but not for 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.

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

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

We draw attention to note No.11 in the Notes on Accounts (Schedule 18) disclosing partial compliance of the findings of Annual Financial Inspection of Reserve Bank of India (AFI 2014) in respect of four borrower accounts by way of making necessary provision without declaring those accounts as non-performing, and indicating the uncertainty of the outcome of Bank's representation before appropriate higher authority of RBI for reconsideration and dispensation in those cases. Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

In 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 and is in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949.

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.

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

For A. KAYES & CO For GUHA NANDI & CO. For A. SACHDEV & CO. Chartered Accountants Chartered Accountants Chartered Accountants Registration No.311149E Registration No.302039E Registration No.001307C (CA Amrul Kayes) (CA DR. B S KUNDU) (CA DINESH SINGH) Partner Partner Partner Membership No. 050363 Membership No. 051221 Membership No. 074977

For NIRUPAM & ASSOCIATES For O.P.GARG & CO. Chartered Accountants Chartered Accountants Registration No. 323575E Registration No. 001194N (CA SUDHIR CHANDRA BASU) (CA SALIL GUPTA) Partner Partner Membership No. 006197 Membership No. 097922

Place: Kolkata, Dated : 12th May, 2015


Mar 31, 2014

1.We have audited the accompanying financial statements of UCO BANK as at 31st March, 2014, which comprise the Balance Sheet as at 31st March, 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 21 branches inclusive of one treasury branch audited by us and 914 branches (including Service branches) audited by branch auditors and 4 foreign branches audited by overseas 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 1956 branches which have not been subjected to audit. These unaudited branches account for 8.70 per cent of advances, 30.30 per cent of deposits, 7.02 per cent of interest income and 32.42 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 the provisions of Section 29 of the Banking Regulation Act, 1949 and to disclose the information as may be necessary to conform to forms ''A & B'' respectively of the Third Schedule to the Banking Regulation Act, 1949. These financial statements comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. 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, but not for 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 sufficient and appropriate to provide a basis for our audit opinion.

6. Emphasis of Matter

Without qualifying our opinion:

a) We draw attention to Note No. 9.2 in Schedule 18 to the financial statements stating changes in accounting policy for accounting of commission earned on Letter of Credit, Guarantee Issued and Interest on Usance Bills from realization basis to accrual basis in compliance with Accounting Standard -9 (AS-9) on Revenue Recognition. Had there been no such change in the said Accounting Policy and uniform accounting policy was followed, the profit of the Bank for the current year would have been increased by Rs.142.88 crores. The Bank as stated, in aforesaid note, that exercise is under process for ascertaining the impact on account of transition to the new system pertaining to the transactions accounted for under the old system and the necessary adjustment, if any, will be carried out as and when the impact is ascertained.

b) We draw attention to Note No. 9.3 in Schedule 18 to the financial statements stating deferment of Pension and Gratuity Liability of the Bank to the extent of Rs.160.07 crores pursuant to the exemption granted by Reserve Bank of India to the Public Sector Banks from application of the provisions of Accounting Standard – 15 (AS-15) on "Employee Benefits" vide its circular No. DBOD.BC/80/ 21.04.018/2010-11 dated 09.02.2011 on reopening of Pension Option to Employees of Public Sector Banks

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 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. In 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 and is in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949-read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of Companies Act, 2013

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 SBA Associates. For Ved And Company. For Dass Gupta & Associates. Chartered Accountants Chartered Accountants Chartered Accountants

Registration No. 308136E Registration No. 012019N Registration No. 000112N

(CA S Mukhopadhyay) (CA Pooja Gupta) (CA Pankaj Mangal)

Partner Partner Partner

Membership No. 011517 Membership No. 098551 Membership No. 097890

For Gupta Sharma & Associates. For A. Kayes & Co

Chartered Accountants Chartered Accountants

Registration No. 001466N Registration No. 311149E

(CA Kuldip Sharma) (CA Amrul Kayes)

Partner Partner

Membership No. 080109 Membership No. 050363

Place : Kolkata

Dated : 21th May, 2014


Mar 31, 2013

We issued our audit report dated 7th May 2013 on the Financial Statements, i.e. Balance Sheet as at 31st March 2013, Profit and Loss Account and Cash Flow Statement for the year ended on that date of UCO Bank. These financial statements were revised by the Board of Directors on 24th May 2013 before circulation to members. We draw attention to note no. 10.20 to the financial statements which results in amendment of financial statements due to enhancement of proposed dividend from Rs.283.34 crores to Rs.338.05 crores inclusive of dividend distribution tax thereon. Our audit procedure on subsequent events are restricted solely to the amendment of the financial statements as referred in note no.10.20 to the financial statements. We report on revised Financial Statement of Accounts as under :

1. We have audited the accompanying financial statements of UCO 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 statements are the returns of 21 branches inclusive of one treasury branch audited by us and 734 branches (including Service branches) audited by branch auditors and 4 foreign branches audited by overseas 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 1849 branches which have not been subjected to audit. These unaudited branches account for 10.56 per cent of advances, 34.42 per cent of deposits, 5.41 per cent of interest income and 18.40 per cent of interest expenses.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of the Balance Sheet and the Profit and Loss Account as per Forms ''A'' and ''B'' respectively of the Third Schedule of the Banking Regulation Act, 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

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

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

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 Banking Regulation Act, 1949.

8. 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, 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.

(d) We are unable to express an opinion on the effect on the accounts if any due to non reconciliation and adjustment of outstanding entries in inter-branch transactions (refer to Note No. 10.16 of Schedule 18)

(e) Accounting of commission earned on letter of credit and guarantee issued is on cash basis which is not in accordance with Accounting Standard -9 on ''Revenue Recognition'' issued by the Institute of Chartered Accountants of India. The quantum of such income has not been ascertained. (Refer Note No. 9.2 of Schedule 18) Capital Adequacy and other Ratios disclosed in Note No. 1.1 of Schedule 18 are subject to the effects of the observations in para (d) and (e) above.

9. In our opinion, subject to our observations in Para 8 (d) to (f) above read with Principal Accounting Policies and Notes on Accounts as per Schedule 17 and 18 respectively, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards except to the extent stated in Para 8(e) above.

For BAWEJA & KAUL For SBA ASSOCIATES For VED AND COMPANY

Chartered Accountants Chartered Accountants Chartered Accountants

Registration No. 005834N Registration No. 308136E Registration No. 012019N

(CA SAKSHI KAUL DHAR) (CA NILANJANA SEN) (CA POOJA GUPTA)

Partner Partner Partner

Membership No. 514325 Membership No. 061768 Membership No. 098551

For DASS GUPTA & ASSOCIATES For GUPTA SHARMA & ASSOCIATES For A.KAYES & CO.

Chartered Accountants Chartered Accountants Chartered Accountants

Registration No.000112N Registration No.001466N Registration No.311149E

(CA PANKAJ MANGAL) (CA ASHOK GUPTA) (CA AMRUL KAYES)

Partner Partner Partner

Membership No. 097890 Membership No. 017244 Membership No. 050363

Place: New Delhi

Dated: 24th May, 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of UCO Bank as at 31st March, 2012 and also the Profit and Loss Account and the cash flow statement annexed thereto for the year ended on that date in which are incorporated the returns of 20 branches and one Treasury Branch audited by us, 1511 branches (including 5 Service Branches) audited by other auditors and 4 foreign branches audited by overseas 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 by the Reserve Bank of India. Also, incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 856 branches (including 17 Service Branches). These unaudited branches account for 1.77% of Total Advances, 11.38% of Total Deposits, 1.69% of Interest Income and 10.21% of Total Interest Expenses of the Bank. 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 the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. 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. Subject to 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 to the limitation of disclosures required therein, we report

a) 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.

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 received from the Branches/ Controlling and Overseas offices of the Bank have been found adequate for the purpose of our audit.

e) We are unable to express an opinion on the effect on the accounts if any due to non reconciliation and adjustment of outstanding entries in inter-branch transactions (refer to Note No. 10.16 of Schedule 18)

f) Accounting of commission earned on letter of credit and guarantee issued is on cash basis which is not in accordance with Accounting Standard- 9 on 'Revenue Recognition' issued by the Institute of Chartered Accountants of India. The quantum of such income has not been ascertained.

g) Capital Adequacy and Other Ratios disclosed in Note No. 1.1 of Schedule 18 are subject to the effects of the observations in Para (e) and (f) above.

4. Subject to our observations in Para 3 (e ) to (g) above and read with Principal Accounting Policies and Notes on Accounts as per Schedules 17 and 18 respectively, we further report that:

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, the financial statements are in conformity with the accounting principles generally accepted in India except to the extent stated in Para 3 (f) above and :

(i) The Balance Sheet, read with the notes thereon is a true and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as on 31st March, 2012 ;

(ii) The Profit and Loss Account, read with the notes thereon shows a true balance of Profit ; and

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

For Kothari & Co. For Baweja And Kaul For SBA Associates Chartered Accountants Chartered Accountants Chartered Accountants Registration Registration Registration No.301178E No.005834N No.308136E (CA Gautam Banerjee) (CA Samvit K. Gurtoo) (CA S. Mukhopadhyay) Partner Partner Partner Membership No 15289 Membership No. 090758 Membership No. 11517



For Ved And Company For Dass Gupta & Associates For Gupta Sharma & Associates Chartered Accountants Chartered Accountants Chartered Accountants Registration No. 012019N Registration No. 000112N Registration No.001466N (CA Pooja Gupta) (CA Raaja Jindal) (CA Vinay Saraf) Partner Partner Partner Membership No. 098551 Membership No. 504111 Membership No. 087262

Place: Kolkata

Dated: 05th May, 2012


Mar 31, 2011

We issued our report dated 29.04.2011 on the Financial Statements, i.e. Balance Sheet as at 31st March, 2011; Profit and Loss Account and Cash Flow Statement for the year ended on that date of UCO Bank. These financial statements have been revised by the Board of Directors on 17.5.2011 before circulation to members, wherein the proposed dividend on equity has been enhanced from Rs.146.35 crores to Rs.219.52 crores inclusive of dividend distribution tax thereon. We report on revised Financial Statements of Accounts as under:

1. That we have audited the attached Balance Sheet of UCO Bank as at 31st March, 2011 and also the Profit and Loss Account and the cash flow statement annexed thereto for the year ended on that date in which are incorporated the returns of 20 branches audited by us, 1759 branches (including 9 Service Branches) audited by other auditors and 4 foreign branches audited by overseas 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 by the Reserve Bank of India. Also, incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 422 branches (including 10 Service Branches) and 2 overseas representative offices which have not been subjected to audit. These unaudited branches account for 0.65% of Total Advances, 4.44% of Total Deposits, 0.64% of Interest Income and 4.34% of Total Interest Expenses of the Bank. These financial statements are the responsibility of the banks management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have 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 mis-statement. 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. Emphasis of Matter

Without qualifying our opinion, we draw attention to Note 9.3 of Schedule 18, which describes deferment of pension and gratuity liability of the bank to the extent of Rs.640.28 crore 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 Reopening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits-Prudential Regulatory Treatment.

4. Subject to 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 to the limitation of disclosures required therein, we report that:

a) 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.

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 received from the Branches/ Controlling and Overseas offices of the Bank have been found adequate for the purpose of our audit.

e) We are unable to express an opinion on the effect on the accounts if any due to non reconciliation and adjustment of outstanding entries in inter-branch transactions (refer to Note No. 10.16 of Schedule 18)

f ) Accounting of commission earned on letter of credit and guarantee issued is on cash basis which is not in accordance with Accounting Standard- 9 on Revenue Recognition issued by the Institute of Chartered Accountants of India. The quantum of such income has not been ascertained.

g) Capital Adequacy and Other Ratios disclosed in Note No. 1.1 of Schedule 18 are subject to the effects of the observations in para (b) and (c) above.

5. Subject to our observations in Para 4 (e) to (g) above and read with Principal Accounting Policies and Notes on Accounts as per Schedules 17 and 18 respectively, we further report that:

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, the financial statements are in conformity with the accounting principles generally accepted in India except to the extent stated in Para 4 (c) above and :

(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 the state of affairs of the Bank as on 31st March, 2011 ;

(ii) The Profit and Loss Account, read with the notes thereon shows a true balance of Profit ; and

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



For Chatterjee & Co. For D.R.Mohnot & Co. Chartered Accountants Chartered Accountants Registration No.302114E Registration No.001388C

(CA S.K. Chatterjee) (CA Saurabh Mohnot) Partner Partner Membership No. 03124 Membership No. 412971

For Bansal & Co. For Kothari & Co. Chartered Accountants Chartered Accountants Registration No.001113N Registration No.301178E

(CA S.K.Bansal) (CA Gautam Banerjee) Partner Partner Membership No. 014301 Membership No. 015289

For Goel Garg & Co. Chartered Accountants Registration No.000397N

(CA J.L.Garg) Partner Membership No. 05406

For Baweja And Kaul Chartered Accountants Registration No. 005834N

(CA Dalip K Kaul) Partner Membership No. 083066

Place: Chennai

Dated: 17th May 2011


Mar 31, 2010

1. We have audited the attached Balance Sheet of UCO Bank as on 31sl March, 2010 and the Profit and Loss Account for the year ended on that date annexed thereto in which are incorporated the returns of 20 branches and the controlling offices audited by us, 1679 branches (including 4 Service Branches) audited by other auditors and 4 foreign branches audited by overseas 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 447 branches (including 14 Service Branches) and 2 overseas representative office which have not been subjected to audit.

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 have 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 mis-statement. 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 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 limitations of the audit indicated in paragraph 1 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1 970 and subject to the limitation of disclosures required therein, we report that:

we are unable to express an opinion on the effect on the accounts which may arise on reconciliation and adjustment of outstanding entries in inter-branch transactions (refer to Note No. 1 of Schedule 1 7 accounting of certain income on cash basis which is not in accordance with Accounting Standard 9 onRevenue Recognition issued by The Institute of Chartered Accountants of India (refer to Accounting Policy No. 9.2(b) of Schedule 1 8). The quantum of such income has not been ascertained.

Classification of Credit Linked Notes (CLN) as Loans and Advances instead of Investments (Refer Note No. 5 of

Capital Adequacy and Other Ratios disclosed in Note No. 14 (1.1) of Schedule 1 7 are subject to the effects of the observations in para (i) to (iii) above.

5. Subject to our observations in Para 4 (i)to(iv) above and read with Notes on Accounts and Principal Accounting Policies as per Schedules 17 and 18 respectively, 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, the financial statements are in conformity with the accounting principles generally accepted in India except to the extent stated in Para 4 (ii) above and :

The Balance Sheet, is a full and fair Balance Sheet containing all 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 on 3 IsMarch, 2010;

b) We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the

c) The returns received from the Branches/Controlling and Overseas offices of the Bank have been found adequate for the purpose of our audit.

For A.R. & CO. For D. R. MOHNOT & CO. Chartered Accountants Chartered Accountants Registration No 002744C Registration No 001388C

For CHATTERJEE & CO. (CA PRABUDDHA GUPTA) Chartered Accountants Partner Registration No 3021 14E Membership No. 400189

 
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