Members of Bank of Maharashtra
1. Report on Financial Statements
We have audited the accompanying Financial Statements of Bank of Maharashtra as at 31stMarch 2016 which comprise the Balance Sheet as at 31st March 2016 Profit and Loss Accountand the cash Flow Statement for the year ended and a summary of significant accountingpolicies and Notes on Accounts. Incorporated in these financial statements the return of20 branches and also Treasury & International Banking Division audited by us and 903branches audited by branch auditors.
The branches audited by us and those audited by other auditors have been selected bythe Bank in accordance with the guidelines issued to the Bank by the Reserve Bank ofIndia. Also incorporated in the Balance Sheet and Profit & Loss account and the returnfrom 962 branches which have not been subjected to audit. These unaudited branches accountfor 8.55 % of the advances 25% of deposits 7.43% of interest income and 22.99% ofinterest expenses.
2. Managements responsibility for the Financial Statements:
Management is responsible for the preparation of these Financial Statements inaccordance with the Banking Regulation Act 1949 complying with Reserve Bank of IndiaGuidelines issued from time to time. This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation of thefinancial statements that are free from material misstatement whether due to fraud orerror.
3. Auditors Responsibility:
Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirement and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.
4. An audit involves performing procedure to obtain audit evidence about the amount anddisclosures in the financial statements. The procedure selected depends on the auditors'judgment including the assessment of the risk of material misstatement of the financialstatement whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the entity's preparation and fair presentation ofthe financial statements in order to design audit procedure that are appropriate in thecircumstances but not for the purpose of exercising an opinion on the effectiveness of theentity's internal control. 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.
In our opinion as shown by books of bank and to the best of our information andaccording to the explanation given to us we hereby report that:
a. 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 the state of the affairs of the Bank as at 31st March 2016 in conformity withaccounting principles generally accepted in India.
b. Profit and loss Account read with the notes thereon shows a true balance ofprofit/loss in conformity with accounting principles generally accepted in India for theyear covered by the account; and
c. The Cash Flow Statement gives a true and fair view of the cash flows for the yearended on that date.
7. Report on Other Legal and Regulatory Requirements:
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 BankingRegulation Act 1949.
8. Subject to the limitation of the audit indicated in paragraph 1 to 5 above and asrequired by Banking Companies (Acquisition and Transfer of Undertaking) Act 1970/1980 andalso subject 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 purpose of the audit and have found them to besatisfactory.
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 purpose 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 Act1949 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 Parakh & Co. ||For A R Sulakhe & Co. ||For Kothari & Co. ||For C M R S & Associates LLP |
|FRN: 001475C ||FRN:110540W ||FRN - 301178E ||FRN:101678W/W100068 |
|Chartered Accountants ||Chartered Accountants ||Chartered Accountants ||Chartered Accountants |
|CA Thalendra Sharma ||CA J V Dhongde ||CA Amitav Kothari ||CA Maheshwar M Marathe |
|Partner ||Partner ||Partner ||Partner |
|Membership No:079236 ||Membership No:37290 ||Membership No:016639 ||Membership No:212175 |
Place : Pune
Date : 12th May 2016