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Auditor Report of Union Bank of India

Mar 31, 2015

1. We have audited the accompanying financial statements of Union Bank of India 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 19 branches, 1 Treasury Branch, 18 Regional offices and 29 offices/centers audited by us and 1738 branches including 3 foreign branches and 47 service branches audited by branch 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 are the returns from 2324 branches and 72 offices/ centers which have not been subjected to audit. These unaudited branches account for 5.77 per cent of advances, 20.98 per cent of deposits, 4.20 per cent of interest income and 19.60 per cent of interest expenses.

Management''s Responsibility for the Financial Statements

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

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 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 Company''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 2015 in conformity with accounting principles generally accepted in India;

(ii) the Profit and Loss Account, read with the notes thereon shows a true balance of profit, in conformity with accounting principles generally accepted in India, for the year covered by the account; and

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

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.

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

FOR V. ROHATGI & CO. FOR J. GUPTA & CO.

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

FIRM REGN NO. 000980C FIRM REGN NO. 314010E

(BIPUL RASTOGI) (H. K. DATTA)

PARTNER (M. NO. 072318) PARTNER (M. NO. 012208)

FOR G. P. KAPADIA & CO. FOR GBCA & ASSOCIATES

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

FIRM REGN NO.104768W FIRM REG NO. 103142W

(NIMESH BHIMANI) (TANSUKHLAL CHHEDA)

PARTNER (M. NO. 030547) PARTNER (M. NO. 047157)

FOR ASHWANI & ASSOCIATES

CHARTERED ACCOUNTANTS FIRM REGN NO. 000497N

(ARVIND JAIN)

PARTNER (M. NO. 097549)

FOR SUNDAR SRINI & SRIDHAR

CHARTERED ACCOUNTANTS

FIRM REGN NO. 004201S

(S. SRIDHAR)

PARTNER (M. NO. 025504)

Place: MUMBAI Date : 12th May, 2015


Mar 31, 2014

1. We have audited the accompanying fi nancial statements of UNION BANK OF INDIA(the ''Bank'') as at 31st March, 2014, which comprise the Balance Sheet as at 31stMarch, 2014, and Profi t and Loss Account and the Cash Flow statement for the year then ended, and a summary of signifi cant accounting policies and other explanatory information. Incorporated in these fi nancial statements are the returns of 19 branches, 1 Treasury Branch and 18 Regional offi ces audited by us and 1575 branches including 2 foreign branches, 46 service branches audited by branch 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 Profi t and Loss are the returns from 2277 branches, 109 offi ces/centres which have not been subjected to audit. These unaudited branches account for 8.08 per cent of advances, 31.14 per cent of deposits, 5.24 per cent of interest income and 27.37pe r cent of interest expenses.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these fi nancial statements in accordance with the requirements of the Reserve Bank of India, the provisions of the Banking Regulation Act, 1949, and recognised accounting policies and practices, including the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the fi nancial 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 fi nancial 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 fi nancial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditors''judgment, including the assessment of the risks of material misstatement of the fi nancial 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 fi nancial 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 fi nancial statements.

5. We believe that the audit evidence we have obtained is suffi cient 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 31stMarch 2014 in conformity with accounting principles generally accepted in India;

(ii) the Profi t and Loss Account, read with the notes thereon shows a true balance of profi t, 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 fl ows for the year ended on that date.

Emphasis of Matter

7. Without qualifying our opinion, we draw attention to following notes of Schedule 18 ''Notes to Accounts'':

a. Note No.5.13.1 regarding deferment of pension liability of the Bank to the extent of Rs.338 crore(previous year -Rs.676 crore) pursuant to the Reserve Bank of India circular no. DBOD.BP.BC/80/21.04.018/2010-11 dated 9th February, 2011 to the public sector banks on the provisions of AS 15, Employee Benefi ts.

b. Note No.5.13.2 regarding deferment of additional gratuity liability to the extent of Rs.65crore (previous year - Rs.130crore) pursuant to the Reserve Bank of India circular no. DBOD.BP.BC/80/21.04.018/2010-11 dated 9thFebruary, 2011 to the public sector banks on the provisions of AS 15, Employee Benefi ts.

c. Note No.4.6.3 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 2013, pursuant to Reserve Bank of India circular no.DBOD.BP.BC/77/21.04.018/2013-14 dated 20thDecember 2013.

Report on Other Legal and Regulatory Requirements

8. The Balance Sheet and the Profi t 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 offi ces and branches of the Bank have been found adequate for the purposes of our audit.

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

FOR PRICE PATT & CO FOR S G C O & CO. FOR JINDAL & CO.

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

FIRM REGN NO.002783S FIRM REGN NO. 112081W FIRM REGN NO. 000844N

(S RAMASWAMY) (K V S SHYAM SUNDER) (AKHIL JINDAL)

PARTNER (M.NO. 025918) PARTNER (M.NO. 015747) PARTNER (M.NO. 090515)

FOR SHAH GUPTA & CO. FOR V. ROHATGI & CO. FOR J. GUPTA & CO.

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

FIRM REGN NO. 109574W FIRM REGN NO. 000980C FIRM REGN NO 314010E

(VIPUL K CHOKSI) (VANDANA RASTOGI) (H.K.DATTA)

PARTNER (M.NO. 037606) PARTNER (M.NO. 086956) PARTNER (M.NO. 012208)

Place : MUMBAI

Date : 8th May, 2014


Mar 31, 2013

1. We have audited the accompanying financial statements of Union Bank of India 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 19 branches, 1 Treasury Branch and 18 Regional offices audited by us and 1364 branches including 2 foreign branches , 46 service branches audited by branch 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 are the returns from 2128 branches, 81 offices/centres which have not been subjected to audit. These unaudited branches account for 8.54 per cent of advances, 29.62 per cent of deposits, 6.01 per cent of interest income and 29.15 per cent of interest expenses.

Management''s Responsibility for the Financial Statements

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

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 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 Company''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.

Emphasis of Matter

7. Without qualifying our opinion, we draw attention to Note No.5.13 of Schedule 18, describes

a. regarding deferment of pension liability of the Bank to the extent of Rs.676.09 crore(previous year - Rs.1014.13 crore) pursuant to the circular issued by the Reserve Bank of India to the public sector banks on the provisions of AS 15, Employee Benefits (circular no. DBOD.BP.bC/80/21.04.018/2010-11 dated February 9, 2011) on re-opening of Pension Option to Employees of Public Sector Banks.

b. regarding deferment of additional gratuity liability which arose on enhancement of Gratuity limit from Rs.3.50 lacs to Rs.10 lacs amounting to Rs.65 crore has been charged to the Profit & Loss account with the balance of Rs.130 crore being carried forward to be charged over the next 2 years.

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, 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. MATHUR & CO FOR PRICE PATT & CO FOR SINGRODIA GOYAL & CO

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

FIRM REGN NO.008744N FIRM REGN NO.002783S FIRM REGN.NO.112081W

(RAJIV KUMAR WADHAWAN) (S. BALASUBRAMANIAN) (K.V.S.SHYAM SUNDER)

PARTNER (M.NO.091007) PARTNER ( M.NO.25413) PARTNER ( M.NO.015747)

FOR JINDAL & CO FOR SHAH GUPTA & CO FOR V.ROHATGI & CO

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

FIRM REGN NO.000844N FIRM REGN NO.109574W FIRM REGN.NO.000980C

(AKHIL JINDAL) (VIPUL K. CHOKSI) (VANDANA RASTOGI)

PARTNER (M.NO.090515) PARTNER ( M.NO.037606) PARTNER ( M.NO.086956)

Place: MUMBAI

Date : 9th May, 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of Union Bank of India as at 31st March, 2012, the Profit and Loss Account and Cash Flow Statement annexed thereto for the year ended on that date, in which are incorporated the returns of (i) 19 Branches, 1 Treasury Branch, and 18 Regional Offices audited by us (ii) 2169 Branches including one foreign branch and 44 Service Branches audited by Branch auditors, (iii) 1014 unaudited branches and 67 offices / centres not subjected to audit. 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. These un-audited branches account for 1.95 % of advances, 8.99 % of deposits, 1.23 % of interest income and 7.49 % of interest expenses.

2. These financial statements are the responsibility of the Bank's Management. Our responsibility is to express an opinion based on our audit.

3. 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 the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

4. Emphasis of Matter

Without qualifying our opinion, we draw attention to Note No.5.13.1 of Schedule 18, which describes deferment of pension liability of the Bank to the extent of Rs.1014.13 crores pursuant to the circular issued by the Reserve Bank of India to the public sector banks on the provisions of AS 15, Employee Benefits (circular no. DBOD.BP.BC/80/21.04.018/2010-11 dated February 9, 2011) on Re-opening of Pension Option to Employees of Public Sector Banks.

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

(i) The Balance Sheet read with the notes thereon and significant accounting policies 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.

(ii) The Profit and Loss Account read with the notes thereon and significant accounting policies shows a true balance of the Profit for the year ended 31st March, 2012.

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

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

d) 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.

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

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

For J.L.SENGUPTA & CO For ARUN K. AGARWAL & ASSOCIATES For OM PRAKASHS. CHAPLOT & CO.

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

(S. R. ANANTHAKRISHNAN) (VIMAL KUMAR JAIN) (MAHAVEER CHAPLOT)

PARTNER (M. No. 18073) PARTNER (M. No.86657) PARTNER (M. No.403633)

Firm Regn. No.: 307092E Firm Regn. No.: 003917N Firm Regn. No.: 000127C

For G. S. MATHUR & CO. For PRICE PATT & CO. For SINGRODIA GOYAL & CO.

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

(RAJIV KUMAR WADHAVAN) (M. NAGANATHAN) (K.V.S. SHYAM SUNDER)

PARTNER (M. No.091007) PARTNER (M. No.7547) PARTNER (M. No.015747)

Firm Regn. No.: 008744N Firm Regn. No.: 002783S Firm Regn. No.: 112081W

Place: MUMBAI

Date : 9th May, 2012


Mar 31, 2011

1. We have audited the accompanying financial statements of Union Bank of India as at March 31, 2011, which comprise the Balance Sheet as at March 31, 2011, and Profit and Loss Account and the cash flow statement for the year then ended, and a summary of signifcant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us and 2385 branches (including one foreign branch) audited by branch auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Statement of Profit and Loss are the returns from 611 branches which have not been subjected to audit. These unaudited branches account for 0.68% of advances, 4.21% of deposits, 0.37% of interest income and 3.13% of interest expenses.

Managements Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act, 1949 of India. 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 disclosure in the financial statements. The procedures selected depend on 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 auditor considers internal control relevant to the Banks 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 suffcient and appropriate to provide a basis for our audit opinion.

Opinion

6. Without qualifying our opinion, we draw attention to Note No.4 of schedule 18, which describes deferment of pension liability of the Bank to the extent of Rs. 1352.17 crore pursuant to the circular issued by the Reserve Bank of India to the public sector banks on the provisions of AS 15, Employee benefits (circular no. DBOD.BP.BC/80/21.04.018/2010-11 dated February 9, 2011) on Re-opening of Pension Option to Employees of Public Sector Banks.

7. In our opinion, as shown by the books of the bank, 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 the state of affairs of the Bank as at 31st March, 2011 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 the 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 Rs.A and Rs.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 offces 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. D. APTE & CO. For JAGANNATHAN & SARABESWARAN For ARUN K. AGARWAL & ASSOCIATES

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

(CHETAN R. SAPRE) (P S NARASIMHAN) (VIMAL KUMAR JAIN)

PARTNER (M. No. 116952) PARTNER (M. No.20936) PARTNER (M. No.86657)

Firm Regn. No.: 100515W Firm Regn. No.: 001204S Firm Regn. No.: 003917N

For J. L. SENGUPTA & CO. For OM PRAKASH S. CHAPLOT & CO. For G. S. MATHUR & CO.

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

(S. R. ANANTHAKRISHNAN) (MAHAVEER CHAPLOT) (RAJIV KUMAR WADHAVAN)

PARTNER (M. No.18073) PARTNER (M. No.403633) PARTNER (M. No.091007)

Firm Regn. No.: 307092E Firm Regn. No.: 000127C Firm Regn. No.: 008744N

Place : MUMBAI Date : 6th May, 2011


Mar 31, 2010

1. We have audited the attached Balance Sheet of Union Bank of India as at 31st March, 2010, the Profi t and Loss Account and Cash Flow Statement annexed thereto for the year ended on that date, in which are incorporated the returns of 19 branches, 1 Treasury Branch, 18 Regional Offi ces audited by us and 2176 branches, 34 Service Branches and 1 Foreign Branch audited by other auditors, 609 unaudited branches and 84 offi ces centres, the returns of which are certifi ed by the Branch Manager. 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. These un-audited branches account for 1.09 % of advances, 4.61 % of deposits, 0.55 % of interest income and 3.15 % of interest expenses. These fi nancial statements are the responsibility of the Banks Management. Our responsibility is to express an opinion 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 fi nancial statements are free of material mis- statement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made by the Management, as well as evaluating the overall fi nancial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. Sub ect to the limitations of the audit indicated in paragraph 1 above and as required by Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and sub ect to the limitations of disclosure required therein

We report that

(a) The Balance Sheet and the Profi t and Loss Account have been drawn up in Forms A and B respectively of the Third Schedule to the Banking Regulation Act, 1949.

(b) 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 maintained in accordance with the generally accepted accounting principles in India:

(i) The Balance Sheet read with the notes thereon and signifi cant accounting policies 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, 2010.

(ii) The Profi t and Loss Account read with the notes thereon and signifi cant accounting policies shows a true balance of the Profi t for the year ended 31st March, 2010.

(iii) The Cash Flow Statement gives a true and fair view of the cash fl ows for the year ended 31st March, 2010.

(c) 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.

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

(e) The returns received from the offi ces and branches of the Bank have generally been found adequate for the purposes of our audit.

For CHANDABHOY & JASSOOBHOY For G.D. APTE & CO. For JAGANNATHAN & SARABESWARAN

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

(AMBESH A. DAVE) (CHETAN R. SAPRE) (P S NARASIMHAN)

PARTNER (M. No. 49289) PARTNER (M. No. 116952) PARTNER (M. No. 20936)

Firm Regn. No.: 101647W Firm Regn. No.: 100515W Firm Regn. No.: 001204S

For ARUN K. AGARWAL & ASSOCIATES For J. L. SENGUPTA & CO. For OM PRAKASH S. CHAPLOT & CO.

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

(ARUN AGARWAL) (S. R. ANANTHAKRISHNAN) (MAHAVEER CHAPLOT) PARTNER (M. No. 082899) PARTNER (M. No. 18073) PARTNER (M. No. 403633) Firm Regn. No.: 003917N Firm Regn. No.: 307092E Firm Regn. No.: 000127C

Place : MUMBAI Date : 6th May, 2010

 
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