United Bank of India

BSE: 533171 | NSE: UNITEDBNK | ISIN: INE695A01019 
Market Cap: [Rs.Cr.] 1,728 | Face Value: [Rs.] 10
Industry: Banks - Public Sector

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Auditor's Report



The President of India

Report On The Financial Statements

1. We have audited the accompanying financial statements of UNITED BANK OF INDIA as atMarch 31, 2013, which comprise the Balance Sheet as at March 31, 2013, the Profit and LossAccount and the Cash Flow Statement for the year then ended, and a summary of significantaccounting policies and other explanatory information. Incorporated in these financialstatements are the returns of 20 branches audited by us and 679 branches audited by branchauditors. The branches audited by us and those audited by other auditors have beenselected by the Bank in accordance with the guidelines issued to the Bank by the ReserveBank of India. Also incorporated in the Balance Sheet, the Profit and Loss Account and theCash Flow Statement are the returns from 33 Regional Offices, 1028 Branches and 1 StaffTraining College which have not been subjected to audit. The unaudited branches accountfor 9.63 per cent of gross advances, 40.94 per cent of deposits, 8.16 per cent of interestincome 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 inaccordance with the Banking Regulation Act, 1949. The responsibility includes the design,implementation and maintenance of internal control relevant to the preparation of thefinancial statements that are free from material misstatement, whether due to fraud orerror.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with the Standards on Auditing issued bythe Institute of Chartered Accountants of India. Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment, including the assessment of the risks of material misstatement of thefinancial statements, whether due to fraud or error. In making those risk assessments, theauditor considers the internal control relevant to the Bank's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement, 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 toprovide a basis for our audit opinion.

Emphasis of Matter

6. In accordance with Standard on Audit (SA) 706 "Emphasis of MatterParagraph", without qualifying our opinion, we draw attention to Note No. 2.3 inSchedule 18 regarding deferment of pension and gratuity liability of the Bank to theextent of Rs. 178.93 crores pursuant to the exemption granted by the Reserve Bank of Indiafrom application of the provisions of Accounting Standard 15 on "EmployeeBenefits".


7. In our opinion, as shown by the books of the Bank and to the best of our informationand according to the explanations given to us:

i. the Balance Sheet, read with the significant accounting policies and the notesthereon is a full and fair Balance Sheet containing all the necessary particulars, isproperly drawn up so as to exhibit a true and fair view of state of affairs of the Bank asat 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 thenotes thereon shows a true balance of the Profit, in conformity with accounting principlesgenerally 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 yearended 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 asrequired by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 andthe limitations of disclosure required therein we report that:

i. We have obtained all the information and explanations which to the best of ourknowledge and belief, were necessary for the purpose of our audit and have found them tobe satisfactory.

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

iii. The returns received from the offices and branches of the Bank have been foundadequate for the purpose of our audit.

10. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statementcomply with the applicable Accounting Standards.

M/s. George Read & Co M/s. D. K. Chhajer & Co M/s. M. Choudhury & Co. M/s. M.C. Bhandari & Co. M/s. Ramesh C. Agrawal & Co. M/s Dinesh Mehta & Co.
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
FRN 302208E FRN 304138E FRN 302186E FRN 303002E FRN001770C FRN 000220N
(CARajivPanja) (CA Alok Kumar Premrajka) (CA Maneesh Choudhury) (CA Neelima Jain) (CA Rohitashwa RC Agrawal) (CA Sanjeev Kwatra)
Partner Partner Partner Partner Partner Partner
Membership No. 057393 Membership No. 076263 Membership No. 069596 Membership No. 065286 Membership No. 408904 Membership No. 090130

Date : 14.05.2013

Place : Kolkata


Peer Comparison

Company Market Cap
(Rs. in Cr.)
St Bk of India 150,642.89 13.51 1.38 14.51 15.4 0.0 0.00
Bank of Baroda 33,325.25 7.42 1.02 15.30 15.1 0.0 0.00
Punjab Natl.Bank 28,230.60 7.70 0.89 12.68 16.5 0.0 0.00
Bank of India 14,104.03 4.82 0.59 14.59 13.0 0.0 0.00
Canara Bank 12,696.18 4.97 0.54 11.92 13.2 0.0 0.00
IDBI Bank 10,626.10 9.18 0.50 12.70 10.2 0.0 0.00
Union Bank (I) 9,599.47 5.03 0.59 13.67 15.0 0.0 0.00
UCO Bank 7,584.96 5.95 0.81 13.54 9.1 0.0 0.00
Oriental Bank 6,853.07 6.03 0.56 12.44 11.5 0.0 0.00
Central Bank 6,772.46 0.00 0.50 13.46 8.3 0.0 0.00
I O B 6,423.81 16.35 0.46 13.27 4.9 0.0 0.00
Syndicate Bank 6,286.40 3.32 0.64 14.12 22.8 0.0 0.00
Indian Bank 6,101.16 5.17 0.56 12.64 15.7 0.0 0.00
Allahabad Bank 5,157.46 4.52 0.47 12.83 11.8 0.0 0.00
Corporation Bank 4,750.60 5.42 0.47 12.57 16.1 0.0 0.00

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Key Information

Key Executives:

Deepak Narang , Executive Director  

Sunil Goyal , Director(PartTime NonOfficial)  

Hiranya Bora , Non-official Director  

Kiran B Vadodaria , Director(PartTime NonOfficial)  

Company Head Office / Quarters:
United Tower,
11 Hemanta Basu Sarani,
West Bengal-700001
Phone : 91-033-22487472
Fax : 91-033-22489391
E-mail : investors@unitedbank.co.in
Web : http://www.unitedbankofindia.com

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