AUDITORS
To
The President of India
1. We have audited the attached Balance Sheet of INDIAN BANK as at 31
st March 2009, the Profit and Loss Account and Cash Flow Statement of the Bank for the
year ended on that date annexed thereto in which are incorporated the returns of (i) 20
Branchesand 28 CircleOffices audited by us, (ii) 1405 Branches audited by branch auditors,
and (iii) 2 foreign branches audited by local 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 of 217 branches and 24 other
offices, which have not been subjected to audit. These unaudited branches account for
0.54% of advances, 2.27% of deposits, 0.35% of interest income and 2.00% of interest
expenses. These financial statements are the responsibility of the Bank's Management. Our
responsibility isto express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordancewith 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 from material mis-statements. 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.
3. 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.
4. As required by the Banking Companies (Acquisition and Transfer of Undertakings) Act,
1970 and subject to the limitations of disclosures required therein and the limitations of
the audit indicated in Para (1) above, 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 and offices of the Bank have been
found adequate for the purpose 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 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 the necessary particulars, is properly drawn up so as to exhibit a true and
fair view of the affairs of the Bank as at 31st March 2009 in conformity wit h accounting
principles generally accepted in India.
(ii) The Profit and Loss Account read with the notes thereon shows a true balance of
the Profit in conformity with accounting principles generally accepted in India, for the
year covered by the account; and
(iii) The Cash Flow Statement gives a true and fair view of the cash flows for the year
ended on that date.
| For R SUBRAMANIAN AND COMPANY |
For R GOPAL & ASSOCIATES |
For GRANDHY & CO., |
| Chartered Accountants |
CharteredAccountants |
CharteredAccountants |
| R SUBRAMANIAN |
R P AGARWAL |
G S RAMACHANDRA RAO |
| Partner |
Partner |
Partner |
| (M.No. 008460) |
(M.No. 051979) |
(M.No. 004865) |
| For P L MITTAL 6 CO |
For VISWANATHAN & SWAMINATHAN |
For GANESAN AND COMPANY |
| CharteredAccountants |
CharteredAccountants |
CharteredAccountants |
| P L MITTAL |
S SUNDARA RAMAN |
S SWAMINATHAN |
| Partner |
Partner |
Partner |
| (M.No. 014278) |
(M.No. 022137) |
(M.No.023998) |
Place : Chennai
Date : 27.04.2009