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City Union Bank Ltd.

BSE: 532210 Sector: Financials
NSE: CUB ISIN Code: INE491A01021
BSE LIVE 15:40 | 05 Dec 137.20 1.90
(1.40%)
OPEN

135.30

HIGH

138.35

LOW

134.05

NSE LIVE 15:55 | 05 Dec 137.60 2.20
(1.62%)
OPEN

136.35

HIGH

138.75

LOW

134.15

OPEN 135.30
PREVIOUS CLOSE 135.30
VOLUME 10579
52-Week high 152.85
52-Week low 76.90
P/E 17.37
Mkt Cap.(Rs cr) 8207.30
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 135.30
CLOSE 135.30
VOLUME 10579
52-Week high 152.85
52-Week low 76.90
P/E 17.37
Mkt Cap.(Rs cr) 8207.30
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

City Union Bank Ltd. (CUB) - Auditors Report

Company auditors report

THE MEMBERS OF CITY UNION BANK LIMITED

Report on the Standalone Financial Results

1. We have audited the accompanying standalone annual financial statements of CityUnion Bank Limited ('the Bank') which comprise the Balance Sheet as at 31stMarch 2016 the Profit & Loss Account and the Cash Flow statement for the year thenended and a summary of significant accounting policies and notes to the standalonefinancial statements.

Management's Responsibility for the Standalone Financial Statements

2. The Bank's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (the "Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Bank in accordance with theprovisions of Section 29 of the Banking Regulation Act 1949 accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 in so far as theyapply to the Bank and the guidelines issued by the Reserve Bank of India. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Bank and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of Chartered Accountantsof India as specified under Section 143 (10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.

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 judgment 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 financial control relevant to the bank's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Bank's Directors as well as evaluating the overall presentation ofthe financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

Opinion

5. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements together with the notes thereongive the information required by the Banking Regulation Act1949 as well as the CompaniesAct 2013 in the manner so required for the banking companies and give a true and fairview of the state of affairs of the Bank as at 31st March 2016 its profit andits cash flows for the year ended on that date.

Report on other legal and regulatory requirements

6. The Balance Sheet and the Profit and Loss Account have been drawn up in accordancewith the provisions of Section 29 of the Banking Regulation Act 1949 read with Section133 of the Companies Act 2013 read with the Rule 7 of the Companies (Accounts)Rules2014.

7. As required sub section (3) of section 30 of the Banking Regulation Act1949 and theappointment letter dt. 04th September 2015 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 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 financial results incorporate the relevant returns of 5 branches / offices ofthe Bank audited by us and 523 branches audited by the other auditors specially appointedfor this purpose.

8. Furtheras required by section 143(3) of the Companies Act 2013 we further reportthat;

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

(b) In our opinion proper books of account as required by law have been kept by theBank so far as it appears from our examination of those books;

(c) The Balance Sheet the Profit and Loss Account and the Cash Flow Statement dealtwith by this report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the board of directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in termsof section 164 (2) of the Act;

(f) with respect to the adequacy of the internal financial controls over financialreporting of the Bank and the operating effectiveness of such controls refer to ourseparate Report in "Annexure 1" to this report; and

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us;

i. The bank disclosed the impact of pending litigations on its financial position inits standalone financial statements - Refer Note 12.1 to the standalone financialstatements;

ii. The bank has made provision as required under the applicable law or accountingstandards for material foreseeable losses on long-term contracts including derivativecontracts - Refer Note 10.1 to the standalone financial statements; and

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Bank

For M/s. P. Chandrasekar
Chartered Accountants
(Firm No. 000580 S)
P. Chandrasekaran
Place: C hennai Partner
Date : 23rd May 2016 M.No.:26037

We have audited the Internal financial controls over financial reporting of City UnionBank Limited ("the Bank") as of 31st March 2016 in conjunction with our audit ofthe standalone financial statements of the Bank for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Bank's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Bank considering the essential components of internal control stated inthe Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issuedby the Institute of Chartered Accountants of India (the "Guidance Note''). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its Business including adherence to the Bank's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Bank's internal financial controlsover financial reporting based on our audit. We conducted our audit in accordance with theGuidance Note and the Standards on Auditing as specified under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of Internal Financial Controlsboth applicable to an Audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion and the internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent limitations of internal financial controls over financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the bank has in all material respects an adequate internal financialcontrols systems over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2016 based onthe internal control over financial reporting criteria established by the Bank consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For M/s. P. Chandrasekar
Chartered Accountants
(Firm No. 000580 S)
P. Chandrasekaran
Place: C hennai Partner
Date : 23rd May 2016 M.No.:26037

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