UNITED BANK OF INDIA
ANNUAL REPORT 2011-2012
AUDITORS` REPORT
To
The President of India
Report On The Financial Statements
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 Rs. 268.39 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 M/s. Ramesh C. Agrawal M/s Dinesh Mehta
& Co. & 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 |