state bank of bikaner and jaipurmerged Auditors report

TO,

THE STATE BANK OF INDIA

REPORT ON THE FINANCIAL STATEMENTS

1. We, the undersigned Auditors of State Bank of Bikaner & Jaipur, appointed under section 41(1) of the State Bank of India (Subsidiary Banks) Act, 1959, do hereby report on the Balance Sheet as at 31^st March, 2015, the Profit and loss account and the Cash flow Statement for the year ended on that date. We have audited the accompanying financial statements of State Bank of Bikaner & Jaipur as at 31^st March, 2015, which comprise the Balance Sheet as at March 31, 2015, and 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 661 branches and 61 processing centers 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 and the Statement of Profit and Loss are the returns from 580 branches and 14 other offices which have not been subjected to audit. These unaudited branches account for 6.84 per cent of advances, 18.90 per cent of deposits, 4.62 per cent of interest income and 16.01 per cent of interest expenses.

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, State Bank of India (Subsidiary Banks) Act, 1959 and regulation framed thereunder and prescribed accounting standards to the extent they are not inconsistent with accounting policies and comply with Reserve Bank of India Guidelines from time to time. This 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.

AUDITOR’S 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 auditor’s judgement, 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 auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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.

OPINION

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 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 31st March 2015 in conformity with accounting principles generally accepted in India;

(ii) the Profit and Loss Account, read with the notes thereon shows a true balance of 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

7. 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.

8. Subject to the limitations of the audit indicated in paragraph 1 to 5 above read with disclosures in notes to accounts and as required by the State Bank of India (Subsidiary Banks) Act, 1959 with the limitations of disclosure required therein, 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 of the Bank have been found adequate for the purposes of our audit.

9. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards.

For Chaturvedi & Co.	For M. K. Aggarwal & Co.
Chartered Accountants	Chartered Accountants
FR NO.302137 E	FR NO. 01411N
(CA Satish Chandra	(CA M.K. Aggarwal)
Chaturvedi)	(M.No.14956)
(M.No.12705)	Partner
Partner
For. P S D & Associates.	For Uberoi Sood & Kapoor
Chartered Accountants	Chartered Accountants
FR NO. 004501 C	FR NO. 001462 N
(CA Prakash Sharma )	(CA Sanjay Sood)
(M.No.072332 )	(M.No.80527)
Partner	Partner
Place : Mumbai
06th May, 2015