Bank of Maharashtra
1. Report on Financial Statements:
We have audited the accompanying Financial Statements of Bank of Maharashtra as at 31stMarch 2017 which comprise the Balance Sheet as at 31st March 2017 Profit and Loss Accountand the Cash Flow Statement for the year ended and a sum-mary 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 962branches audited by branch auditors & 19 branches by concurrent auditors.
The branches audited by us and those audited by other auditors have been selected bythe Bank in accordance with the guide-lines issued to the Bank by the Reserve Bank ofIndia. Also in-corporated in the Balance Sheet and Profit & Loss account and thereturn from 938 branches which have not been subjected to audit. These unaudited branchesaccount for 6.03% per cent of the advances 23.83 % per cent of deposits 8.51% percent of interest income and 22.12 % per cent of interest expenses.
2. Management's responsibility for the Financial Statements:
Management is responsible for the preparation of these Finan-cial Statements inaccordance with the Banking Regulation Act 1949 complying with Reserve Bank of IndiaGuidelines issued from time to time. This responsibility includes the designimple-mentation and maintenance of internal control relevant to the preparation of thefinancial statements that are free from mate-rial 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 ac-cordance 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 fi-nancial 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 in-cluding 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 ex-ercising an opinion on the effectiveness ofthe entity'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 suf-ficient and appropriateto provide 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 par-ticulars 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 2017 in conformity withaccounting principles gen-erally accepted in India.
b. Profit and loss Account read with the notes thereon shows a true balance of lossin conformity with accounting principles generally accepted in India for the year coveredby 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. Emphasis of Matter:
(a) Note number 4.13.1 in schedule 18 in respect of classification of restructuredadvances under CDR/non CDR mechanism.
(b) Note number 10.10 in Schedule 18 of Notes to Accounts to the Financial Statementsregarding recognition of De- ferred Tax Assets on account of provisions for Bad andDoubtful Debts (NPA) amounting to Rs. 761.25 crores.
8. 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.
9. 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.
10. 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 Parakh & Co. ||for A.R. Sulakhe & Co. ||for KOTHARI & Co ||for CMRS & AssociatesLLP |
|FRN: 001475C ||FRN: 110540W ||FRN - 301178E || |
|Chartered Accountants ||Chartered Accountants ||Chartered Accountants ||FRN: 101678 W/ W100068 |
| || || ||Chartered Accountants |
|CA Indra Pal Singh ||CA Anand Sulakhe ||CA Manaswy Kothari ||CA Maheshwar M Marathe |
|Parther ||Parther ||Parther ||Parther |
|Membership No. 410433 ||Membership No. 33451 ||Membership No. 64601 ||Membership No. 212175 |
|Place : Pune || || || |
|Date : 4th May 2017 || || || |