VIJAYA BANK Auditors Report

INDEPENDENT AUDITORS’ REPORT


To


The President of India/ Members,


Report On the Financial Statements


1. We have audited the accompanying financial statements of Vijaya Bank as at 31st March, 2017, which comprise the Balance Sheet as at March 31, 2017, 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 912 branches 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 Profit and Loss account are the returns from 1098 branches which have not been subjected to audit. These unaudited branches account for 9.91 per cent of advances, 22.92 per cent of deposits, 8.99 per cent of interest income and 23.63 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 Banking Regulation Act, 1949, Reserve Bank of India guidelines and recognized accounting policies and practices including Accounting Standards issued by ICAI as applicable. 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 Bank’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 the 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 the 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 and is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March 2017 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 as per provisions of Section 29 of the Banking regulation Act, 1949.


8. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, and subject also to 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. We further report


(a) that the balance sheet and profit and loss account are in agreement with the books of account and returns.


(b) The reports on the accounts of the branches audited by other branch auditors of the bank under section 29 of the Banking Regulation Act1949 have been sent to us and have been properly dealt with by us in preparing this report.


(c) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement comply with the applicable accounting standards except clause relating to accounting of proposed dividend and tax thereon under AS 4 as amended by ICAI, pending clarification from RBI.


For M/s PKF SRIDHAR & SANTHANAM LLP For M/s JAGANNATHAN & SARABESWARAN


Chartered Accountants Chartered Accountants


Registration No: 003990S/S200018 Registration No: 001204S


RAJESHWARI S P S NARASIMHAN


Partner Partner


Membership No: 024105 Membership No: 020936


For M/s SHIV JINDAL & CO For M/s O P BAGLA & CO


Chartered Accountants Chartered Accountants


Registration No: 011316N Registration No: 000018N


VIKRAM JINDAL RAKESH KUMAR


Partner Partner


Membership No:095464 Membership No: 087537


Place : Bengaluru Date : 09.05.2017


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