To The President of India
1. We have audited the attached Balance Sheet of United Bank of India as at 31stMarch, 2010 and also the Profit and Loss Account and the Cash Flow Statement annexedthereto for the year ended on that date in which are incorporated the returns of 20branches audited by us and 1095 branches audited by branch auditors. The branches auditedby us and those audited by other auditors have been selected by the Bank in accordancewith the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated inthe Balance Sheet, the Profit and Loss Account and the Cash Flow Statement are the returnsfrom 28 Regional Offices, 417 brancehs and 1 local office (Staff Training College) and 1representative office in Bangladesh which have not been subjected to audit. The unauditedbranches account for 2.08 per cent of gross advances, 6.57 per cent of deposits, 1.87 percent of interest income and 6.53 per cent of interest expense. The preparation of thesefinancial statements is the responsibility of the Banks management. Ourresponsibility 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 acceptedin India. Those Standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. Anaudit includes examining, on a test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basisfor our opinion.
3. The Balance Sheet and Profit and Loss Account have been drawn up in FormsA and B respectively of the Third Schedule to the BankingRegulation Act, 1949.
4. Attention is invited to foot note to the table titled 5.4.2 Particulars of AccountsRestructured in Schedule 18).
5. Subject to the limitations of the audit indicated in paragraph 1 above and asrequired by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 andthe limitations of disclosure required therein and also subject to the pendencyof reconciliation and clearance of outstanding entries the impact whereof is presently notascertainable (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 ourknowledge and belief, were necessary for the purposes of our audit and have found them tobe satisfactory.
(b) The transactions of the Bank, which have come to our notice, have been within thepowers of the Bank.
(c) The returns received from the offices and branches of the Bank have been foundadequate for the purposes of our audit.
6. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statementcomply with the applicable accounting standards.
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, subject to our comments in paragraph 5above:
i. the Balance Sheet, read with the notes thereon is a full and fair Balance Sheetcontaining all the particulars and is properly drawn up so as to exhibit a true and fairview of state of affairs of the Bank as at 31st March, 2010 in conformity with accountingprinciples generally accepted in India;
ii. the Profit and Loss Account, subject to as stated above and read with the notesthereon 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.
As per our separate report of even date annexed
|For M/s. Salarpuria Jajodia & Co. ||For M/s. Maheshwari & Associates ||For M/s. G.p. Agrawal & Co. ||For M/s. S. Ganguli & Associates ||For M/s. tandon Seth & Co. ||For M/s. H.S. Rustagi & Co. |
|Chartered Accountants ||Chartered Accountants ||Chartered Accountants ||Chartered Accountants ||Chartered Accountants ||Chartered Accountants |
|(CA H.K.p. Jain) ||(CA Bijay Murmuria) ||(CA Sunita Kedia) ||(CA S.K. Basu) ||(CA Deepak Kapoor) ||(CAn arendra K. Rustagi) |
|partner ||partner ||partner ||partner ||partner ||partner |
|Membership no 012525 ||Membership no.055788 ||Membership no.060162 ||Membership no.059220 ||Membership no.070069 ||Membership no.085676 |
|Place : Kolkata || || || || || |
|Date : May 03, 2010 || || || || || |