Mar 31, 2015
We, the undersigned auditors of State Bank of Travancore, appointed
under Section 41 (1) of the State Bank of India (Subsidiary Banks) Act,
1959 do hereby report that:
1. We have audited the accompanying fnancial statements of State Bank
of Travancore as at 31st March, 2015, which comprise the Balance Sheet
as at March 31, 2015, profit and Loss Account, Cash Flow Statement for
the year then ended, Principal Accounting Policies and Notes to
Accounts. Incorporated in these fnancial statements are the returns of
Zonal Ofces, various departments of Head Ofce and 20 branches audited
by us and 785 branches and 10 Centralised Loan Processing Units 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 Account are
the returns from 342 branches which have not been subjected to audit.
These unaudited branches account for 4.37% of Advances, 5.34% of
Deposits, 2.66% of interest income and 4.17% of interest expenses of
the Bank.
Management''s responsibility for the fnancial statements
2. Management is responsible for the preparation of these fnancial
statements in accordance with the applicable laws of India. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation of the fnancial statements
that are free from material mis-statement whether due to fraud or
error.
Auditor''s responsibility
3. Our responsibility is to express an opinion on these fnancial
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 fnancial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the fnancial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material mis-statement of the fnancial
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 fnancial statements in
order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
efectiveness 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 fnancial statements.
5. We believe that the audit evidence we have obtained is sufcient and
appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion, as shown by the 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 afairs 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
fows 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 the 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 State Bank of India (Subsidiary Banks)
Act, 1959 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 ofces and branches of the Bank have
been found adequate for the purpose of our audit.
d. The reports on accounts of the branches audited by branch auditors
have been dealt with in preparing our report in the manner considered
necessary by us.
9. In our opinion, the Balance Sheet, profit and Loss account and Cash
Flow Statement comply with the applicable Accounting Standards.
For Kumar Vijay Gupta & Co. For G.Venugopal Kamath & Co.
Chartered Accountants Chartered Accountants
Mahesh Kumar Goyal V.Vinod Kamath
Partner Partner
Membership No.088958 Membership No.022234
FRN: 007814N FRN: 004674S
For Gopalaiyer and Subramanian For Babu A. Kallivayalil & Co.
Chartered Accountants Chartered Accountants
S.Sundar E.V.Thomas
Partner Partner
Membership No.202725 Membership No.003679
FRN: 000960S FRN: 005374S
Mumbai
05th May, 2015
Mar 31, 2014
1. We have audited the accompanying financial statements of State Bank
of Travancore as at 31st March 2014, which comprise the Balance Sheet
as at March 31, 2014, Profit and Loss Account, Cash Flow statement for
the year then ended. Principal Accounting Policies and Notes to
Accounts. Incorporated in these financial statements are the returns of
Zonal Offices, various departments of Head Office and 20 branches
audited by us and 752 Branches and 8 Centralised Loan Processing Units
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 Account
are the returns from 337 branches which have not been subjected to
audit. These unaudited branches account for 4.22% of Advances, 5.03%
of Deposits, 352% of interest Income and 3.75% of
Interest expenses of the Bank.
Management''s Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial
statements in accordance with the applicable laws 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.
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 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
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.
Opinion
6. In our opinion, as shown by the books of the Bank and to the best
of our information and according to the explanations given to us:
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;
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 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. We draw attention to Note 9.4.1 to the financial statement, which
describes deferment of Pension and Gratuity liability of the Bank to
the extent of Rs.134.38 crores pursuant to the exemption granted by the
Reserve Bank of India to the public sector banks from application of
the provisions of Accounting Standard (AS)-15, Employee Benefits vide
its circular No. DBOD.BP.BC.80/21.04.018/2010-11 dated Feb 9,2011 on
Re-opening of pension option to employees of Public Sector Banks and
enhancement in Gratuity limits - Prudential Regulatory Treatment.
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 Irrespectively 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 State Bank of India (Subsidiary Banks)
Act, 1959 and subject a so 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.
10. In our opinion, the Balance Sheet, Profit and Loss account and Cash
Flow Statement comply with the applicable Accounting Standards.
For Abraham & Jose For COao& Co For RGN Price & Co For Kumar Vijay Gupta
& Co
Chartered
Accountants Chartered
Accountants Chartered
Accountants Chartered Accountants
Mukesh K.P B Suryanarayana
Reddy R M Veeramani Mahesh Kumar Goyal
Partner Partner Partner Partner
Membership
No: 214773 Membership
No: 021071 Membership
No: 023933 Membership No: 088958
FRN:000010S FRN:003124S FRN:002785S FRN:07814N
Bengaluru, 25th April, 2014
Mar 31, 2013
We, the undersigned auditors of State Bank of Travancore, appointed
under section 41(1) of the State Bank of India (Subsidiary Banks) Act,
1959 do hereby report that:
1. We have audited the accompanying financial statements of State Bank
of Travancore as at 31st March 2013, which comprise the Balance Sheet
as at March 3 1, 2013, Profit and Loss Account, Cash Flow Statement for
the year then ended, Principal Accounting Policies and Notes to
Accounts. Incorporated in these financial statements are the returns
of Zonal Offices, various departments of Head Office and 20 branches
audited by us and 660 branches and 8 Centralized Loan Processing units
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 Account
are the returns from 333 branches which have not been subjected to
audit. These unaudited branches account for4.64 percent of advances,
5.94 percent of deposits, 4.53 per cent of interest income and 5.46 per
cent of interest expenses ofthe bank.
Management''s Responsibility forthe Financial Statements
2. Management is responsible for the preparation of these financial
statements in accordance with applicable laws 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, whetherdue 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 auditors'' judgment, including the
assessment of the risks of material misstatement ofthe 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 the books ofthe 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 31 st 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 ofthe cash
flows forthe year ended on that date.
Emphasis of Matter
7. We draw attention to Note 9.4.1 to the financial statement, which
describes deferment of pension and gratuity liability of the bank to
the extent of Rs.268.76 crores pursuant to the exemption granted by the
Reserve Bank of India to the public sector banks from application ofthe
provisions of Accounting Standard (AS) 15, Employee Benefits vide its
circular no. DBOD. BRBC/80/21.04.018/2010-1 I dated Feb 9,201 I on
Re-opening of pension option to employees of Public Sector Banks and
enhancement in gratuity limits - Prudential Regulatory Treatment.
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 I to
5 above and as required by the State Bank of India (Subsidiary Banks)
Act, 1959 and subject also to the limitations ofdisdosure 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 withinthe powers ofthe 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 Jagdish Chand & Co For B.VRao & Co For Sridhar & Co
Chartered Accountants Chartered Accountants Chartered Accountants
Praveen Kumar Jain B.VRao I.Jayasindhu
Partner Partner Partner
Membership No: 085629 Membership No: 019138 Membership No: 205660
FRN: 000129N FRN: 003118S FRN: 003978S
For Abraham & Jose For G.K.Rao & Co For RGN Price & Co
Chartered Accountants Chartered Accountants Chartered Accountants
Jose Pottokaran Suryanarayana Reddy.B PM.Veeramani
Partner Partner Partner
Membership No: 012056 Membership No: 021071 Membership No: 023933
FRN: 00001OS FRN: 003124S FRN: 002785S
Dated : 26th April 2013
Place : Mumbai
Mar 31, 2012
We, the undersigned auditors of State Bank of Travancore, appointed
under section 41(1) of the State Bank of India (Subsidiary Banks) Act,
1959 do hereby report that:
1. We have audited the accompanying financial statements of State Bank
of Travancore as at 31st March 2012, which comprise the Balance Sheet
as at March 31, 2012, Profit and Loss Account and the Cash Flow
Statement for the year then ended, and the Principal Accounting
Policies and other explanatory information. Incorporated in these
financial statements are the returns of Zonal Offices, various
departments of Head Office and 20 branches audited by us and 727
branches and 9 Central Loan Processing Units 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 Account are
the returns from 130 branches which have not been subjected to audit.
These unaudited branches account for 1.27 percent of advances, 2.43
percent of deposits, 0.55 per cent of interest income and 1.07 per cent
of interest expenses.
2. Management is responsible for the preparation of these financial
statements in accordance with the applicable laws 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.
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 the
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 our audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
6. Without qualifying our opinion, we draw attention to
i) Note 9.4.1 to the financial statements, which describes deferment of
pension and gratuity liability of the bank to the extent of Rs. 403.15
crores pursuant to the exemption granted by the Reserve Bank of India
to the public sector banks from application of the provisions of
Accounting Standard (AS) 15, Employee Benefits vide its circular no.
DBOD. BP.BC/80/21.04.018/2010-11 dated Feb 9, 2011 on Re-opening of
pension option to employees of Public Sector Banks and enhancement in
gratuity limits - Prudential Regulatory Treatment; and
ii) Note No.11 regarding status of Reconciliation of various items.
7. In our opinion, as shown by the 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 2012 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.
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 State Bank of India (Subsidiary Banks)
Act, 1959, 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 Sridhar & Co For Jagdish Chand &Co For B.V. Rao & Co
Chartered Accountants Chartered Accountants Chartered Accountants
R.Srinivasan J.C.Gupta B.A.S.P. Ranga
Partner Partner Partner
Membership No. 200969 Membership No. 006107 Membership No. 022649
FRN: 003978S FRN: 000129N FRN: 003118S
For Abraham & Jose For G K Rao & Co. For RGN Price & Co.
Chartered Accountants Chartered Accountants Chartered Accountant
s
Paulson Thengumpallil Suryanarayana Reddy.B P.M.Veeramani
Partner Partner Partner
Membership No. 208694 Membership No. 021071 Membership No. 023933
FRN: 000010 S FRN: 003124S FRN: 00278SS
Mumbai, 27th April 2012
Mar 31, 2011
We, the undersigned auditors of State Bank of Travancore, appointed
under section 41(1) of the State Bank of India (Subsidiary Banks) Act,
1959 do hereby report that:
1. We have audited the accompanying financial statements of State Bank
of Travancore as at 31st March 2011, which comprise the Balance Sheet
as at March 31, 2011, Profit and Loss Account and the Cash Flow
Statement for the year then ended, and the Principal Accounting
Policies and other explanatory information. Incorporated in these
financial statements are the returns of Zonal Offices, various
departments of Head Office and 20 branches audited by us and 705
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 Account are the returns from 64 branches which have not been
subjected to audit. These unaudited branches account for 0.36 percent
of advances, 0.67 percent of deposits, 0.09 per cent of interest income
and 0.20 per cent of interest expenses.
2. Management is responsible for the preparation of these financial
statements in accordance with the applicable laws 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.
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 the
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 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 our audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
6. Without qualifying our opinion, we draw attention to
i) Note 9.4.1 to the financial statements, which describes deferment of
pension and gratuity liability of the bank in respect of continuing
employes to the extent of Rs. 537.53 lakhs pursuant to the exemption
granted by the Reserve Bank of India to the public sector banks from
application of the provisions of Accounting Standard (AS) 15, Employee
Benefits vide its circular no. DBOD. BP.BC/80/21.04.018/2010-11 dated
Feb 9, 2011 on Re-opening of pension option to employees of Public
Sector Banks and enhancement in gratuity limits à Prudential Regulatory
Treatment; and
ii) Note No.11 regarding status of Reconciliation of various items.
7. In our opinion, as shown by the 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 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 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.
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 State Bank of India (Subsidiary Banks)
Act, 1959, 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 Saha Ganguli & Associates For Ramanatham & Rao For Jain & Jain
Chartered Accountants Chartered Accountants Chartered
Accountants
Samir Kumar Saha C. Kameswara Rao Niranjan M Jain
Partner Partner Partner
Membership No. 051392 Membership No. 024363 Membership
No. 101360
FRN: 302191 E FRN: 002934 S FRN: 103869 W
For Jagadish Chand & Co. For B V Rao & Co. For Sridhar & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
Praveen Kumar Jain A R Unni R Sridhar
Partner Partner Partner
Membership No. 085629 Membership No. 007447 Membership No.
026343
FRN: 000129 N FRN: 003118 S FRN: 003978 S
Mumbai, 27th April 2011
Mar 31, 2010
We, the undersigned auditors of State Bank of Travancore, appointed
under section 41(1) of the State Bank of India (Subsidiary Banks) Act,
1959 do hereby report that:
1. We have audited the attached Balance Sheet of State Bank of
Travancore as at 31st March 2010 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 Zonal Offices, various
departments of Head Office and 20 branches audited by us and 689
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 Account are the returns from 37 branches duly certified by the
Branch Managers, which have not been subjected to audit. These
unaudited branches account for 0.06 per cent of advances, 0.28 per cent
of deposits, 0.01 per cent of interest income and 0.03 per cent of
interest expense. These financial statements are the responsibility of
the BankÃs Management. Our responsibility is to express an opinion on
these 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 mis- statement(s). 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. The Balance Sheet and the Profit and Loss Account have been drawn
up in Form ÃAÃ and ÃBÃ respectively of the Third Schedule to the
Banking Regulation Act, 1949.
4. Reference is invited to Note No. 11, Schedule-18 regarding status
of Reconcilation of various items.
5. Subject to the limitations of the audit indicated in paragraph 1
above and as required by the State Bank of India (Subsidiary Banks)
Act, 1959 and Regulations 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 the branches of the Bank
have been found adequate for the purpose of our audit.
6. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement comply with the applicable accounting standards.
7. In our opinion, as shown by the 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 Accounting Policies and 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 2010 in conformity
with accounting principles generally accepted in India.
ii) The Profit and Loss Account, read with the Accounting Policies and
Notes there on 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.
For Prem Gupta & Company For Sodani & Company
Chartered Accountants Chartered Accountants
Anil Kumar Gupta Rajesh Sodani
Partner Partner
Membership No. 082847 Membership No. 77005
FRN No. 000425 N FRN 000880 C
For Saha Ganguli & Associates For Ramanatham & Rao For Jain & Jain
Chartered Accountants Chartered Accountants Chartered
Accountants
Samir Kumar Saha C. Kameswara Rao Niranjan M. Jain
Partner Partner Partner
Membership No. 051392 Membership No. 24363 Membership
No. 101360
FRN 302191 E FRN 002934 S FRN 103869 W
Kozhikode, 23rd April 2010
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