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Corporation Bank.

BSE: 532179 Sector: Financials
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OPEN 45.00
VOLUME 72581
52-Week high 51.00
52-Week low 30.75
Mkt Cap.(Rs cr) 5213.34
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 45.00
CLOSE 44.70
VOLUME 72581
52-Week high 51.00
52-Week low 30.75
Mkt Cap.(Rs cr) 5213.34
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Corporation Bank. (CORPBANK) - Auditors Report

Company auditors report


The Members of Corporation Bank Mangaluru

Report on the Standalone Financial Statements

1. We have audited the accompanying Standalone financial statements of CORPORATIONBANK (‘the Bank’) as at March 31 2016 which comprise the Balance Sheet asat March 31 2016 and the Profit and Loss Account and the Cash Flow Statement(hereinafter referred to as "Standalone Financial Statements") for the year thenended and a summary of significant accounting policies and other explanatory information.Incorporated in these Standalone financial statements are the returns of 20 branchesaudited by us and 1178 branches audited by statutory branch auditors. The branchesaudited by us and those audited by other auditors have been selected by the Bank inaccordance with the guidelines issued to the Bank by the Reserve Bank of India. Alsoincorporated in the Balance Sheet and the Profit and Loss Account are the returns from1279 branches which have not been subjected to audit. These unaudited branches accountfor 6.15 percent of advances 8.24 percent of deposits 3.82 percent of interest incomeand 9.00 percent of interest expenses.

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 of internal controlrelevant to the preparation of the Standalone financial statements that are free frommaterial misstatement 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 materialmisstatement of the Standalone financial statements whether due to fraud or error. Inmaking those risk assessments the auditor considers internal control relevant to theBank’s preparation and fair presentation of the Standalone financial statements inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on effectiveness of the entity’s internalcontrol. An audit also includes evaluating the appropriateness of accounting policies usedand the reasonableness of the accounting estimates made by the management as well asevaluating the overall presentation 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.


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 2016 in conformity withaccounting principles generally accepted in India;

(b) the Profit and Loss Account read with the notes thereon shows a true balance ofloss 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

Without qualifying our opinion we draw attention to Note No. 4.3 Schedule 18A to thefinancial statements regarding classification income recognition and provisioning ofrestructured advances which have been done based on substantial compliance of majorconditions contained in the CDR/JLF/RBI guidelines.

Report on Other Legal and Regulatory Requirements

7. The Balance Sheet and the Profit and Loss Account have been drawn up in accordancewith 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) 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;

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

For B. K. Ramadhyani & Co. LLP For Nripendra & Co. For GMJ & Co. For M. Anandam & Co.
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
FRN - 002878S/S200021 FRN - 000379C FRN - 103429W FRN – 000125S
[CA C. R. Deepak] [CA Pradeep Kumar Gupta] [CA Atul Jain] [CA M. R. Vikram]
Partner Partner Partner Partner
Membership No. 215398 Membership No. 070855 Membership No. 037097 Membership No. 021012

Place : Mangaluru

Date : 18 May 2016

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