Auditor Report of United Bank of India [Amalgamated]

Mar 31, 2019

Report on Audit of the Financial Statements

Opinion

1. We have audited the financial statements of United Bank of India (âthe Bankâ), which comprise the Balance Sheet as at 31stMarch 2019, the Statement of Profit and Loss and the Statement of Cash Flows for the year then ended, and notes to financial statements including a summary of significant accounting policies and other explanatory information in which are included returns for the year ended on that date of 20 branches and treasury operation audited by us and 942 branches/ retail hubs which includes 1 Central Payment Hub, 1 Central Pension Processing Centre and 1 Inward Clearing Processing Centre audited by statutory 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 included in the Balance Sheet, the Statement of Profit and Loss and Statement of Cash Flows are the returns from 36 Regional Offices, 1087 branches, 3 Staff Training Colleges, 1 CMS and 1 Data Centre at Head Office which have not been subjected to audit. These unaudited branches account for 9.97% of gross advances, 29.81% of deposits, 5.69% of interest income and 30.26% of interest expenses.

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Banking Regulation Act, 1949 in the manner so required for bank and are in conformity with accounting principles generally accepted in India and give:

a. true and fair view in case of the Balance sheet, of the state of affairs of the Bank as at 31st March, 2019;

b. true balance of loss in case of Profit and Loss account for the year ended on that date; and

c. true and fair view in case of statement of cash flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) issued by ICAI. Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Bank in accordance with the code of ethics issued by the Institute of Chartered Accountants of India together with ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the code of ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matters	Auditors Response
Assets Classification and Provisioning in respect of Advances
Advances comprise, a substantial portion of the Bankâs assets and since the management exercises significant judgement in the asset classification and provision, this has been considered by us as a key audit matter	In order to ensure the effectiveness of the operation of the key controls and compliance to the directions of the RBI in this regards, we have verified whether both CBS system and the management have,
Banks are governed by the prudential norms issued by the Reserve Bank of India on Income recognition, Asset Classification and provisioning pertaining to Advances.	(a) timely recognised the depletion in the value of both primary and collateral security; (b) made adequate provisioning based on such time to time monitoring and identification of asset classification.
Identification of such non-performing advances is carried out in the Bank based on system identification, by the Core Banking Solution (CBS) software in operation i.e. Finacle based on the various controls and logic embedded therein. The management also exercises significant judgement in adherence to the IRAC norms and adequate provisioning in required cases.	We have also placed reliance on and performed the following procedures: (a) reviewed and placed reliance upon the Independent Auditors Report of the Statutory Branch Auditors as well as all MOC passed by us both at branches as well as H.O. (b) ensured that changes suggested by the Statutory Branch Auditors with respect to income recognition, asset classification and provisioning have been appropriately dealt.

Information Other than the Financial Statements and Auditorsâ Report Thereon

5. The Banks Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our auditorâs report thereon. The annual report is expected to be made available to us after the date of this auditorâs report.

Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and report it to Reserve Bank of India and Securities and Exchange Board of India (SEBI).

Responsibilities of Management and Those Charged with Governance for the Financial Statements

6. The Bankâs Board of Directors is responsible with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with the accounting principles generally accepted in India, including the Accounting Standards issued by ICAI, and provisions of Section 29 of the Banking Regulation Act, 1949 and circulars and guidelines issued by the Reserve Bank of India (âRBIâ) from time to time. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Bankâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

Auditorâs Responsibilities for the Audit of the Financial Statements

7. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

- Conclude on the appropriateness of managementâs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the bankâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the bank to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

8. We did not audit the financial statements/ information of 942 branches/ offices included in the financial statements of the Bank whose financial statements/ financial information reflect total assets (gross) of Rs.23,975.18 Crores as at 31st March 2019 and total revenue of Rs.1,365.57 Crores for the year ended on that date, as considered in the financial statements. The financial statements/ information of these branches have been audited by the branch auditors whose reports have been furnished to us. And in our opinion in so far as it relates to the amounts and disclosures included in respect of branches, is based solely on the report of such branch auditors.

Our opinion is not modified in respect of this matter.

9. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949;

10. Subject to the limitations of the audit indicated in paragraphs 5 to 7 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; and

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

11. We further report that:

a) in our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

b) the Balance Sheet, the Profit and Loss Account and the Statement of Cash Flows dealt with by this report are in agreement with the books of account and with the returns received from the branches not visited by us;

c) the reports on the accounts of the branch offices audited by branch auditors of the Bank under section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report; and

d) in our opinion, the Balance Sheet, the Profit and Loss Account and the Statement of Cash Flows comply with the applicable accounting standards, to the extent they are not inconsistent with the accounting policies prescribed by RBI.

For Arun K. Agarwal For Mookherjee Biswas For Dinesh Jain For SBA Associates

& Associates & Pathak & Associates

Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants

(FRN: 003917N) (FRN: 301138E) (FRN: 004885N) (FRN: 308136E)

Sd/- Sd/- Sd/- Sd/-

CA Arun Kumar Agarwal CA Sankar Prasanna

Mukherjee CA Neha Jain CA Nilanjana Sen

(Partner) (Partner) (Partner) (Partner)

M. No: 082899 M. No: 010807 M. No : 514725 M. No : 061768

Date : 13^th May 2019

Place : Kolkata

Mar 31, 2018

Report on the Financial Statements

1. We have audited the accompanying financial statements of UNITED BANK OF INDIA as at 31^st March, 2018, which comprise the Balance Sheet as at March 31,2018, and Profit and Loss Account and the cash flow statement for the year ended on that date, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches and treasury operations audited by us and 869 branches/retail hubs which includes 1 Cash Management System and 1 Central Pension Processing Centre and Inward Clearing Processing Centre 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 Account are the returns from 36 Regional Offices. 1172 branches, 5 Staff Training Colleges, 1 Data Centre at Head office which have not been subjected to audit. These unaudited branches account for 9.96% of gross advances. 31.11% of deposits, 8.50% of interest income and 31,52% of interest expenses.

Managementâs Responsibility for The Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with Banking Regulation Act 1949, Reserve Bank of India guidelines from time to time and accounting standards generally accepted in 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.

Auditorsâ 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 auditorâs judgement, including the assessment of The risks of material misstatement in The financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bankâs 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 bankâs 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 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 explanation given to u s:

(i) The Balance Sheet, read with the notes thereon is a full and fair Balance Sheet of the Bank containing all the necessary particulars is properly drawn up so as to exhibit a true and fair view of slate of affairs of the Bank as at 31st March, 2018 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 Loss, 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 flow s 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 accordance with the provisions of section 29 of the Banking Regulation Act. 1949.

Subject to the I imitations 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 transact ions of the Bank, which have come to our notice, have been within the powers of the Bank; and

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

8. We further report that:

a) The Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account and returns.

b) The reports on the accounts of the branch offices audited by branch auditors of the Bank under section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report,

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

For Arun K.Agarwal For Mookherjee Biswas For Dinesh Jain For SBA Associates

& Associates & Pathak & Associates

Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants

(FRN:003917N) (FRN:301138E) (FRN:004885N) (FRN:308136E)

Sd/- Sd/- Sd/- Sd/-

AC Rajesh Surolia CA Sankar Prasanna C A Dinesh Kumar Jain CA Sankaracharyya

Mukherjee Mukhopadhyay

(Partner) (Partner) (Partner) (Partner)

M.No.088008 M.No:010807 M.No:082033 M.No:011517

Mar 31, 2017

To The Members of United Bank of India

Report on the Financial Statements

1. We have audited the accompanying financial statements of UNITED BANK OF INDIA as at 31st March, 2017, which comprise the Balance Sheet as at March 31, 2017, and Profit and Loss Account and the cash flow statement for the year ended on that date, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches and treasury operations audited by us and 768 branches/retail hubs 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 Account are the returns from 36 Regional Offices, 1296 branches, 5 Staff Training Colleges, 1 Cash Management System and 1 Central Pension Processing Centre, which have not been subjected to audit. These unaudited branches account for 9.98% of gross advances, 33.87% of deposits, 8.19% of interest income and 33.42% of interest expenses.

Managementâs Responsibility for the Financial Statements

Auditorâs Responsibility

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 auditorâs judgment, including the assessment of the risks of material misstatement in the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bankâs 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 bankâs 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 explanation given to us:

(i) The Balance Sheet, read with the notes thereon is a full and fair Balance Sheet of the Bank 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, 2017 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 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; and

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

8. We further report that:

a) The Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account and returns;

b) The reports on the accounts of the branch offices audited by branch auditors of the Bank under section 29 of the Banking Regulation Act,1949 have been sent to us and have been properly dealt with by us in preparing this report;

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

For M/s. Nundi & Associates For M/s. Arun K. Agarwal & Associates For M/s. Mookherjee Biswas & Pathak

Chartered Accountants Chartered Accountants Chartered Accountants

FRN: 309090E FRN: 003917N FRN : 301138E

CA. Soumen Nandi CA. Arun Kumar Agarwal CA. Sankar Prasanna Mukherjee

Partner Partner Partner

Membership No: 059828 Membership. No : 082899 Membership. No : 010807

Date : 18th May 2017

Place : Kolkata

Mar 31, 2016

1. We have audited the accompanying financial statements of UNITED BANK OF IND aIsA at 31st March, 2016, which comprise the Balance Sheet as at March 31, 2016, and Profit and Loss Account and the cash flow statement for the year ended on that date, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches and treasury operations audited by us and 670 branches/retail hubs 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 Account are the returns from 35 Regional Offices, 1319 branches, 1 Staff Training Colleges, 1 Cash Management System and 1 Central Pension Processing Centre, which have not been subjected to audit. These unaudited branches account for 9.81% of gross advances, 36.55% of deposits, 8.95% of interest income and 36.26% 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, Reserve Bank of India guidelines from time to time and accounting standards generally accepted in 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 disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement in 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 explanation given to us:

( i ) The Balance Sheet, read with the notes thereon is a full and fair Balance Sheet of the Bank 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, 2016 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 Loss, 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 accordance with the provisions of section 29 of 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, 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; and

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

9. We further report that:

a) The Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account and returns;

b) The reports on the accounts of the branch offices audited by branch auditors of the Bank under section 29 of the Banking Regulation Act,1949 have been sent to us and have been properly dealt with by us in preparing this report;

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

M/s. Ramamoorthy(N) & Co. M/s. Nundi & Associates. M/s. P C Bindal & Co.

Chartered Accountants Chartered Accountants Chartered Accountants FRN 002899S FRN 309090E FRN 003824N

CA Surendranath Bharathi CA Soumen Nandi CA Samit Gupta

Partner Partner Partner

Membership No. 023837 Membership No. 059828 Membership No. 093783

S P M R & Association Charted Accountants FRN 007578N

C A Promod Krmaheshwari Patner membership No.085362

Date : 17.05.2016 Place : Kolkata

Mar 31, 2015

1. We have audited the accompanying financial statements of UNITED BANK OF INDIA as on 31st March, 2015 which comprises the Balance Sheet as at March 31,2015 and Profit and Loss Account and the cash flow statement for the year ended on that date, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches and treasury operations audited by us and 705 branches retail hubs audited by branch auditors. The branches audited by us and thosed 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, the Profit and Loss Account and the Cash Flow statement are the returns from 35 Regional Offices, 1275 branches, 2 Staff Training Colleges, 1 Cash Management System and 1 Central Pension Processing Centre, which have not been subjected to audit. These unaudited branches account for 9.30% of gross advances, 35.45% of deposits, 6.47% of interest income and 34.10% of interest expense.

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 applicable. Accounting Standards issued by the Institute of Chartered Accountants 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 disclosures in the financial statements. The procedure selected depend on the auditor's judgement, including the assessment of the risks of material misstatement in 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 beleieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

6. Emphasis of Matter

6.1 In accordance with Standard of Audit (SA) 706 "Emphasis of Matter Paragraph", without qualifying our opinion, we draw attention to Note No.3.5 in Schedule 18 regarding deferment of pension and gratuity liability of the Bank to the extent of 89.46 crores pursuant to the exemption granted by the Reserve Bank of India from application of the provisions of Accounting Standard(AS) 15 on "Employee Benefits".

We draw attention to Note 3.5 to the financial statements, pending settlement of the proposed wage revision effective from November 2012, an adhoc provision of 290 crores is held as at 31st March 2015.

Opinion

7. Subject to what is stated above, in our opinion, and to the best of our information and according to the explanation given to us and as shown by the books of the bank, and read with the Accounting Policies and the Notes on the Accounts, we report that

(i) The Balance Sheet, is a full and fair Balance Sheet of the Bank containing all the necessary particulars as required by the Banking Regulation Act 1949 and is properly drawn up so as exhibit a true and fair view of state of affairs of the Bank as at 31st March, 2015 and is in conformity with accounting principles generally accepted in India;

(ii) The Profit and Loss Account, 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 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.

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 officess 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.

M/s. Ramamurthy(N) & Co. Chartered Accountants FRN 0028998

CA Surendranath Bharathi Partner Membership No. 023837

M/s. Naudi & Associates Chartered Accountants FRN 309090E

CA Madan Nandi Partner Membership No. 016369

M/s. PC Bindal & Co. Chartered Accountants FRN 003824N

CA Virendar K.Maini Partner Membership No. 088730

M/s. SPMR & Associated. Chartered Accountants FRN 007578N

CA Pramod Kr. Maheshwari Partner Membership No: 085362

Date: 07.05.2015 Place: Kolkata

Mar 31, 2014

1. We have audited the accompanying financial statements of UNITED BANK OF INDIA as at March 31st, 2014, which comprises the Balance Sheet as at March 31, 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 20 branches and treasury operations audited by us and 621 branches/retail hub 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, the Profit and Loss Account and the Cash Flow Statement are the returns from 35 Regional Offices, 1354 Branches; 1 Staff Training College, 1 Cash Management System and 1 Central Pension Processing Centre which have not been subjected to audit. These unaudited branches account for 7.73% of gross advances, 35.42% of deposits, 4.94% of interest income and 33.61% of interest expense.

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 applicable Accounting Standards issued by the Institute of Chartered Accountants 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 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 Company''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 entity''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

6.1 In accordance with Standard of Audit (SA) 706 "Emphasis of Matter Paragraph", without qualifying our opinion, we draw attention to Note 4.3 to the financial statements, 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 RBI''s Circular No.DBDO.No. BP.BC.77/21.04.018/2013-14 dated 20th December 2013.

Pending settlement of the proposed wage revision effective from November 2012, an adhoc provision of Rs.170 crores is held as at 31st March 2014.

6.2 In accordance with Standard of Audit (SA) 706 "Emphasis of Matter Paragraph", without qualifying our opinion, we draw attention to Note No.3.4 in Schedule 18 regarding deferment of pension and gratuity liability of the Bank to the extent of Rs.89.47 crores pursuant to the exemption granted by the Reserve Bank of India from application of the provisions of Accounting Standard (AS)-15 on "Employee Benefits".

Opinion

7. Subject to what is stated above, in our opinion, and to the best of our information and according to the explanation given to us and as shown by the books of the bank, and read with the Accounting Policies and the Notes on the Accounts, we have to report that:

i. The Balance Sheet, is a full and fair Balance Sheet of the Bank containing all the necessary particulars, as required by the Banking Regulation Act 1949 and 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, shows a true balance of Loss, 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.

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:

i. 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.

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

iii. 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.

M/s. P C Bindal & Co. M/s. S P M R & Associates

Chartered Accountants Chartered Accountants

FRN 003824N FRN 007578N

(CA P C Bindal) (CA Pramod Kr. Maheshwari)

Partner Partner

Membership No. 082683 Membership No. 85362

Date : 05.05.2014

Place : Kolkata

Mar 31, 2013

1. We have audited the accompanying financial statements of UNITED BANK OF INDIA as at March 31, 2013, which comprise the Balance Sheet as at March 31, 2013, the Profit and Loss Account and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us and 679 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, the Profit and Loss Account and the Cash Flow Statement are the returns from 33 Regional Offices, 1028 Branches and 1 Staff Training College which have not been subjected to audit. The unaudited branches account for 9.63 per cent of gross advances, 40.94 per cent of deposits, 8.16 per cent of interest income and 38.61 per cent of interest expense.

Management''s Responsibility For The Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act, 1949. The 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 the internal control relevant to the Bank''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Emphasis of Matter

6. In accordance with Standard on Audit (SA) 706 "Emphasis of Matter Paragraph", without qualifying our opinion, we draw attention to Note No. 2.3 in Schedule 18 regarding deferment of pension and gratuity liability of the Bank to the extent of 178.93 crores pursuant to the exemption granted by the Reserve Bank of India from application of the provisions of Accounting Standard 15 on "Employee Benefits".

Opinion

7. 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 significant accounting policies and 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 significant accounting policies 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 Profit and Loss Account have been drawn up in Forms ''A'' and ''B'' respectively of the Third Schedule to the Banking Regulation Act, 1949.

9. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the limitations of disclosure required therein we report that:

i. 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.

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

iii. 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.

M/s. George Read & Co. M/s. D. K. Chhajer & Co. M/s. M. Choudhury & Co. Chartered Accountants Chartered Accountants Chartered Accountants

FRN 302208E FRN 304138E FRN 302186E

(CA Rajiv Panja) (CA Alok Kumar Premrajka) (CA Maneesh Choudhury)

Partner Partner Partner

Membership No. 057393 Membership No. 076263 Membership No. 069596

M/s. M.C. Bhandari & Co. M/s. Ramesh C. M/s Dinesh Mehta Agrawal & Co. & Co.

Chartered Accountants Chartered Accountants Chartered Accountants

FRN 303002E FRN 001770C FRN 000220N

(CA Neelima Jain) (CA Rohitashwa RC Agrawal) (CA Sanjeev Kwatra)

Partner Partner Partner

Membership No. 065286 Membership No. 408904 Membership No. 090130

Date : 14.05.2013

Place : Kolkata

Mar 31, 2012

1. We have audited the accompanying Financial Statements of United Bank of India as at March 31, 2012 which comprises the Balance Sheet as at March 31, 2012, the Profit and Loss Account and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us and 1032 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, the Profit and Loss Account and the Cash Flow Statement are the returns from 33 Regional Offices, 596 Branches and 1 Staff Training College which have not been subjected to audit. The unaudited branches account for 1.92 per cent of gross advances, 19.11 per cent of deposits, 3.10 per cent of interest income and 13.51 per cent of interest expense.

Management's Responsibility For The Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act, 1949. The 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 auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider the 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 the accounting policies used and the reasonableness of the accounting estimates made by the 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. In accordance with Standard on Audit (SA) 706 "Emphasis of Matter Paragraph", without qualifying our opinion, we draw attention to Note No. 2.3 in Schedule 18 regarding deferment of pension and gratuity liability of the bank to the extent of Rs268.39 crores pursuant to the exemption granted by the Reserve Bank of India from application of the provisions of Accounting Standard 15 on "Employee Benefits".

Opinion

7. 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 significant accounting policies and 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 March 31, 2012 in conformity with accounting principles generally accepted in India;

ii. the Profit and Loss Account, read with the significant accounting policies and 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 Profit and Loss Account have been drawn up in Forms 'A' and 'B' respectively of the Third Schedule to the Banking Regulation Act, 1949.

9. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the limitations of disclosure required therein we report that:

i. 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.

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

iii. 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.

M/s. George Read & Co. M/s. D. K. Chhajer & Co. M/s. M. Choudhury & Co.

Chartered Accountants Chartered Accountants Chartered Accountants

FRN 302208E FRN 304138E FRN 302186E

(CA Rajiv Panja) (CA Abhimanyu Kumar) (CA D. Choudhury)

Partner Partner Partner

Membership No. 057393 Membership No. 213872 Membership No. 052066

M/s. M.C. Bhandari & Co. M/s. Ramesh C. M/s Dinesh Mehta Agrawal & Co. & Co.

Chartered Accountants Chartered Accountants Chartered Accountants

FRN 303002E FRN 001770C FRN 000220N

(CA Neeraj Jain) (CA Manoj Agrawal) (CA Anup Mehta)

Partner Partner Partner

Membership No. 064393 Membership No. 076918 Membership No. 093133

Date : 05.05.2012

Place : Kolkata

Mar 31, 2011

1. We have audited the accompanying Financial Statements of United Bank of India as at 31st March, 2011 which comprises the Balance Sheet as at March 31, 2011, the Prof t and Loss Account and the Cash Flow Statement for the year then ended, and a summary of signif cant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us and 1196 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, the Prof t and Loss Account and the Cash Flow Statement are the returns from 30 Regional Of ces, 381 Branches and 1 Staf Training College which have not been subjected to audit. The unaudited branches account for 1.58 per cent of gross advances, 5.83 per cent of deposits, 1.30 per cent of interest income and 5.29 per cent of interesThexpense.

Managements Responsibility For The Financial Statements

2. Management is responsible for the preparation of these f nancial statements in accordance with the Banking Regulation Act, 1949. The 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 f 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. T ose Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the f nancial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audiThevidence about the amounts and disclosures in the f nancial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the f nancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control relevant to the Banks preparation and fair presentation of the f nancial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the f nancial statements.

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

6. In accordance with Standard on Audit (SA) 706 "Emphasis of Matter ParagraphÃ, without qualifying our opinion, we draw attention to:

i. Note No. 5.3 (a) in Schedule 18 regarding charging of the residual portion of transitional obligations during the year in respect of employee benef ts and

ii. Note No. 5.3 (b) in Schedule 18 regarding deferment of pension and gratuity liability of the bank to the extent of Rs.357.85 crores pursuant to the exemption granted by the Reserve Bank of India from application of the provisions of Accounting Standard 15.

Opinion

7. 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 signif cant policies and 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 af airs 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 significant policies and the notes thereon, shows a true balance of the prof 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 f ows for the year ended on that date.

Report On Other Legal And Regulatory Requirements

8. The Balance Sheet and Prof t and Loss Account have been drawn up in Forms A and B respectively of the T ird 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 the limitations of disclosure required therein we report that:

i. 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.

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

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

10. In our opinion, the Balance Sheet, Prof t and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

M/s. H.S. Rustagi & Co.

Chartered Accountants

(CA N.K. Rustagi)

Partner

Membership No. 085676

M/s. George Read & Co.

Chartered Accountants

FRN 302208E

(CA Rajiv Panja)

Partner

Membership No. 057393

M/s. D. K. Chhajer & Co.

Chartered Accountants

FRN 304138E

(CA Niraj Jhunjhunwala)

Partner

Membership No. 057170

M/s. M. Choudhury & Co.

Chartered Accountants

FRN 302186E

(CA M. Choudhury)

Partner

Membership No. 003800

M/s. M.C. Bhandari & Co.

Chartered Accountants

FRN 303002E

(CA Neelima Jain)

Partner

Membership No. 065286

M/s. Ramesh C. Agrawal & Co.

Chartered Accountants

FRN 001770C

(CA Ramesh C. Agrawal)

Partner

Membership No.070229

Date : 29.04.2011 Place : Kolkata

Mar 31, 2010

1. We have audited the attached Balance Sheet of United Bank of India 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 20 branches audited by us and 1095 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, the Profit and Loss Account and the Cash Plow Statement are the returns from 28 Regional Offices, 417 brancehs and 1 local office (Staff Training College) and 1 representative office in Bangladesh which have not been subjected to audit. The unaudited branches account for 2.08 per cent of gross advances, 6.57 per cent of deposits, 1.87 per cent of mterest income and 6.53 per cent of interest expense. The preparation of these financial statements is the responsibility of the Banks 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also mcludes 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 Profit and Loss Account have been drawn up in Forms A and B respectively of the Third Schedule to the Banking Regulation Act, 1949.

4. Attention is invited to foot note to the table titled 5.4.2 Particulars of Accounts Restructured in Schedule 18).

5. Sublet to the limitations of the audit indicated in paragraph 1 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the limitations of disclosure required therein and also subject to the pendency of reconciliation and clearance of outstanding entries the impact whereof is presently not ascertainable (refer Note no.1 (b) of Schedule-18), 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 die offices and branches of the Bank have been found adequate for the purposes 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 the Bank and to the best of our information and according to the explanations given to us,subject to our comments in paragraph 5 above:

i.the Balance Sheet,read with the notes thereon is a full and fair Balance Sheet containing all the particulars and 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,2010 in conformity with accounting principles generally accepted in India;

ii.the Profit and Loss Account,subject to as stated above and 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.

For M/s.Salarpuria Jajodia &Co. For M/s.Maheshwari & Associates For M/s.G.P.Agrawal & Co. Chartered Accountants Chartered Accountants Chartered Accountants

FRN 001862C FRN 311008E FRN302082E

(CAH.K.P.Jaio) (CA Bijay Murmuria) (CASunitaKedia)

Partner Partner Partner

Membership No 012525 Membership No.055788 Membership No.060162

ForM/s.S.Gaiiguli & Associates For M/s.Tandon Seth &Co. For M/s.H.S.Rustagi &Co.

Chartered Accountants Chartered Accountants Chartered Accountants

FRN 302192E FRN002340C FRN001890N

(CA S.K.Basu) (CA Deepak Kapoor) (CA Narendra K.Rustagi)

Partner Partner Partner

Membership No.059220 Membership No.070069 Membership No.085676

Place :Kolkata Date:May 03,2010

Mar 31, 2009

1. We have audited the attached Balance Sheet of United Bank of India as at 31st March, 2009 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 and 1020 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, the Profit and Loss Account and the Cash Flow Statement are the returns from 28 Regional Offices, 408 branches and 1 other office which have not been subjected to audit. These unaudited branches account for 1.93 per cent of advances, 8.07 per cent of deposits, 1.90 percent of interest income and 7.58 per cent of interest expense. Preparation of these financial statements is the responsibility of the Banks 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 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 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 Profit and Loss Account have been drawn up in Forms A and B respectively of the Third Schedule to the Banking Regulation Act, 1949.

4. Subject to the limitations of the audit indicated in paragraph 1 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and also subject to the limitations of disclosure required therein and subject to

(i) Note nos. 1(a) and1(b) of Schedule-18 regarding reconciliation and clearance of outstanding balances as stated in :he said notes,

ii) Attention is invited to para no. 5 f)(ii) of Schedule no.18 of Notes on A;counrs regarding restructured advances:

(a) Advances amounting to Rs.336.49 crore relating to 20 branches audited by us, where restructuring of these advances was under process / implementation as at 31.03.2009 wherein bank has treated the advances as Standard pending clarification from RBI, and

(b) Provision for economic sacrifice in respect of certain advances has been made on proportionate basis as stated therein.

The impact of such treatment on the provisioning is not ascertainable.

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.

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

6. 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, subject to as stated above read with the notes thereon is a full and fair Balance Sheet containing all the particulars and is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March, 2009 in conformity with accounting principles generally accepted in India;

ii. the Profit and Loss Account, subject to as stated above and 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.

For M/s Salarpuria Jajodia & Co. For M/s Maheshwari For M/s G.P. & Associates Agarwal & Co. For M/s S. Ganguli & Associates Chartered Chartered Accoun Chartered Acc Chartered Accountants -tants -ountants Accountants (CA H. K.P.Jain)

Partner Partner Partner Partner Membership Membership Membership Membership No. 012525 No. 055788 No.017643 No. 014879

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