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Corporation Bank.

BSE: 532179 Sector: Financials
NSE: CORPBANK ISIN Code: INE112A01023
BSE LIVE 15:47 | 21 Jul 51.15 -0.25
(-0.49%)
OPEN

51.85

HIGH

51.85

LOW

51.00

NSE 15:57 | 21 Jul 51.25 -0.25
(-0.49%)
OPEN

51.55

HIGH

51.85

LOW

51.05

OPEN 51.85
PREVIOUS CLOSE 51.40
VOLUME 25246
52-Week high 64.70
52-Week low 35.60
P/E 10.46
Mkt Cap.(Rs cr) 5,867
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 51.85
CLOSE 51.40
VOLUME 25246
52-Week high 64.70
52-Week low 35.60
P/E 10.46
Mkt Cap.(Rs cr) 5,867
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Corporation Bank. (CORPBANK) - Auditors Report

Company auditors report

To

The Members of

Corporation Bank Mangaluru

Report on the Standalone Financial Statements:

1. We have audited the accompanying Standalone Financial Statements of Corporation Bank(‘the Bank') as at March 31 2017 which comprise the Balance Sheet as at March312017 the Profit and Loss Account and the Cash Flow Statement (hereinafter referred toas "Standalone Financial Statements") for the year then ended and a summary ofsignificant accounting policies and other explanatory information. Incorporated in theseStandalone Financial Statements are the returns of 20 branches audited by us and 1522branches audited by Statutory Branch Auditors. The branches audited by us and thoseaudited by other auditors have been selected by the Bank in accordance with the guidelinesissued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheetand the Profit and Loss Account are the returns from 1020 branches which have not beensubjected to audit. These unaudited branches account for 5.23 percent of advances 7.65percent of deposits 3.40 percent of interest income and 5.47 percent of interestexpenses.

Management's Responsibility for the Standalone Financial Statements:

2. Management is responsible for the preparation of these Standalone FinancialStatements in accordance with the Banking Regulation Act 1949 Reserve Bank of Indiaguidelines from time to time and accounting standards generally accepted in India. Thisresponsibility includes design implementation and maintenance ofinternal control relevantto the preparation of the Standalone Financial Statements that are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility:

3. Our responsibility is to express an opinion on these Standalone Financial Statementsbased on our audit. We conducted our audit in accordance with Standards on Auditing issuedby the Institute of Chartered Accountants of India. Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the Standalone Financial Statements are free from material misstatements.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the Standalone Financial Statements. The procedures selected depend onthe auditor's judgement including the assessment of the risks of material misstatement ofthe Standalone Financial Statements whether due to fraud or error. In making those riskassessments the auditor considers internal control relevant to the Bank's preparation andfair presentation of the Standalone Financial Statements in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on effectiveness of the entity's internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the management as well as evaluating the overallpresentation of the Standalone Financial 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 bank and to the best of our information andaccording to the explanations given to us:

(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 affairs of the Bank as at March 31 2017 in conformity withaccounting principles generally accepted in India;

(b) 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

(c) the Cash Flow Statement gives a true and fair view of the cash flows for the yearended on that date.

Emphasis of Matter:

We draw attention to Note No. 4.3 of Schedule 18 A to the Standalone FinancialStatements wherein the provision is made for all accounts in RBI - Risk Based Supervision(RBS) Report for the FY 2015-16 but retaining the asset classification in respect of sixaccounts amounting to Rs.1249.00 Crores as "Standard" pending response torepresentation for re-consideration of classification by RBI. Our opinion is not modifiedin respect of this matter.

Report on Other Legal and Regulatory Requirements:

7. The Balance Sheet and the Profit and Loss Account have been drawn up in Form Rs.A'and Rs.B' respectively of the Third Schedule to 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) Act1970/1980 and subject also to the limitations of disclosure required therein we reportthat:

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; and

c) in our opinion the Balance Sheet Profit and Loss Account and the Cash FlowStatement comply with the applicable accounting standards.

For M. Anandam & Co. For Datta Singla & Co. For A.K. Sabat & Co. For Pramod & Associates
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
FRN - 000125S FRN - 006185N FRN - 321012E FRN - 001557C
[CA B. V. Suresh Kumar] [CA Sandeep Datta] [CA Arun Kumar Sabat] [CA Ravindra Raniwala]
Partner Partner Partner Partner
Membership No. 212187 Membership No. 092413 Membership No. 030310 Membership No. 073191
[For Ponraj & Co.]
Chartered Accountants
FRN: 002672S
[CA K. Paramanandham]
Place : Mangaluru Partner
Date : 20 May 2017 Membership No. 020635