SYNDICATE BANK
ANNUAL REPORT 2011-2012
AUDITORS` REPORT
To
The President of India
We have audited the attached Balance Sheet of Syndicate Bank as at 31st
March, 2012, the Profit and Loss Account and the Cash Flow Statement
annexed thereto for the year ended on that date in which are incorporated
the returns of 20 branches and 38 Regional Offices audited by us, 2012
branches audited by branch auditors and 1 foreign branch audited by the
overseas auditor. The branches audited by us and those audited by other
auditors have been selected by the Bank in accordance with the guidelines
issued by the Reserve Bank of India. Also incorporated in the Balance Sheet
and the Profit and Loss Account are the returns of 663 branches which have
not been subjected to audit. These unaudited branches account for 1.37
percent of advances, 6.49 percent of deposits, 0.98 percent of interest
income and 6.51 percent of interest expenses. These financial statements
are the responsibility of the Bank`s Management. Our responsibility is to
express an opinion on the financial statements based on our audit.
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 misstatements. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by the management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
The Balance Sheet and the Profit and Loss Account have been drawn up in
Forms "A" and "B" respectively of the Third Schedule to the Banking
Regulation Act, 1949.
Subject to 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 subject also to the limitations of disclosure
required therein; We report that: 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.
The transactions of the Bank, which have come to our notice, have been
within the powers of the Bank.
The returns received from the offices and branches of the Bank have been
found adequate for the purpose of our audit.
In our opinion and to the best of our information and according to the
explanations given to us and as shown by the books of the Bank, we report
that: The Balance Sheet read with Significant Accounting Policies and the
Notes on Accounts thereon is a full and fair Balance Sheet containing the
necessary particulars and is properly drawn up so as to exhibit a true and
fair view of the affairs of the Bank as at 31st March, 2012.
The Profit and Loss Account read with Significant Accounting Policies and
the Notes on Accounts thereon shows a true balance of Profit for the year
ended 31st March, 2012. The Cash Flow Statement read with Significant
Accounting Policies and the Notes on Accounts thereon gives a true and fair
view of the cash flows for the year ended 31st March, 2012.
For Jain & Associates
Chartered Accountants
(Regn No.: 001361N)
(S.C. PATHAK)
Partner
Membership No.: 010194
For Prakash Chandra Jain & Co
Chartered Accountants
(Regn No.: 002438C)
(PRATIBHA SHARMA)
Partner
Membership No.: 400755
For S Sonny Associates
Chartered Accountants
(Regn No.: 003935S)
(S. SUNDAR)
Partner
Membership No.: 023425
For R Vender Gupta & Associates
Chartered Accountants
(Regn No.: 002614N)
(RAGHVENDER GUPTA)
Partner
Membership No.: 081544
For Thakur, Vaidyanath Aiyar & Co
Chartered Accountants
(Reg No.: 000038N)
(K.N. GUPTA)
Partner
Membership No.: 009169
For Chandiok & Guliani
Chartered Accountants
(Reg No.: 001199N)
(V.K. LALLA)
Partner
Membership No.: 080847
Place: Bangalore
Date : 05.05.2012 |