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Andhra Bank.

BSE: 532418 Sector: Financials
NSE: ANDHRABANK ISIN Code: INE434A01013
BSE LIVE 15:46 | 07 Dec 50.75 -0.90
(-1.74%)
OPEN

52.00

HIGH

52.20

LOW

50.60

NSE LIVE 15:57 | 07 Dec 50.65 -0.90
(-1.75%)
OPEN

51.85

HIGH

52.25

LOW

50.40

OPEN 52.00
PREVIOUS CLOSE 51.65
VOLUME 192864
52-Week high 66.75
52-Week low 41.75
P/E 20.55
Mkt Cap.(Rs cr) 3456.89
Buy Price 50.75
Buy Qty 1229.00
Sell Price 0.00
Sell Qty 0.00
OPEN 52.00
CLOSE 51.65
VOLUME 192864
52-Week high 66.75
52-Week low 41.75
P/E 20.55
Mkt Cap.(Rs cr) 3456.89
Buy Price 50.75
Buy Qty 1229.00
Sell Price 0.00
Sell Qty 0.00

Andhra Bank. (ANDHRABANK) - Auditors Report

Company auditors report

To

The Members of Andhra Bank

Report on the Financial Statements

1. We have audited the accompanying financial statements of Andhra Bank as at 31stMarch 2016 which comprise the Balance Sheet as at 31st March 2016 Profit and LossAccount 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 1217 branches audited byBranch Auditors. 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 and Profit and Loss Account are thereturns from 1566 branches which have not been subjected to audit. These unauditedbranches account for 7.60 per cent of advances 20.89 per cent of deposits 4.95 per centof interest income and 16.87 per cent of interest expenses.

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 Reserve Bank of India guidelines fromtime to time and accounting standards generally accepted in India. This responsibilityincludes the design implementation and maintenance of internal controls relevant to thepreparation of the financial statements that are free from material misstatement whetherdue to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatements.

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 judgement 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 internal controls relevant to the Bank's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion oneffectiveness of the entity's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

6. In our opinion as shown by 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 notes thereon is a full and fair Balance Sheetcontaining all the necessary particulars is properly drawn up so as to exhibit a true andfair view of state of affairs of the Bank as at 31st March 2016 in conformity withaccounting principles generally accepted in India;

(ii) the Profit and Loss Account read with the notes thereon shows a true balance ofProfit in conformity with accounting principles generally accepted in India for the yearcovered 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

7. The Balance Sheet and the Profit and Loss Account have been drawn up as per theprovisions 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 asrequired by the Banking Companies (Acquisition and Transfer of Undertakings) Act 1980and 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 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; and

(c) The returns received from the offices and branches of the Bank have been foundadequate for the purposes of our audit.

9. We further report that:

(a) the Balance Sheet and Profit and Loss account dealt with by this report are inagreement with the books of account and returns;

(b) the reports on the accounts of the branch offices audited by branch auditors of theBank under section 29 of the Banking Regulation Act 1949 have been sent to us and havebeen properly dealt with by us in preparing this report;

(c) In our opinion the Balance Sheet Profit and Loss Account and Cash Flow Statementcomply with the applicable accounting standards.

For PREM GUPTA & CO For V.KRISHNAN & CO. For BASHA & NARASIMHAN For SAGAR & ASSOCIATES
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
FRN- 000425N FRN- 001541S FRN- 006031S FRN- 003510S
(CA Prem Behari Gupta) (CA R.Vengatachalam) (CA K. Narasimha Sah) (CA V.Vidyasagar Babu)
Partner (M. No. 080245) Partner (M. No. 208479) Partner (M. No. 201777) Partner (M. No. 027357)

Place: Hyderabad

Date: 07.05.2016

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