To The Members of Dena Bank Report On the Financial Statements
1. We have audited the accompanying financial statements of Dena Bank (theBank) as at 31 March 2017 which comprise the Balance Sheet as at 31 March 2017 andthe Profit and Loss Account and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information. Incorporatedin these financial statements are the returns of 20 branches audited by us and 745branches 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 Statement of Profit and Loss are the returns from 1109 branches (including 72satellite branches) which have not been subjected to audit. These unaudited branchesaccount for 7.73 per cent of advances 34.51 per cent of deposits 7.43 per cent ofinterest income and 31.41 per cent of interest expenses.
Managements Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial statements thatgive a true and fair view of the financial position financial performance and cash fiowsof the bank in accordance with 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 financial statements that are free from materialmisstatement whether due to fraud or error.
3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatements.
4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditors judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal control relevant to the Bankspreparation and fair presentation of the 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 entitys internal control. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by management as well as evaluating theoverall 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.
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 notesthereon is a full and fair Balance Sheet containing all the necessary particulars isproperly drawn up so as to exhibit a true and fair view of the state of affairs of theBank as at 31 March 2017 in conformity with accounting principles generally accepted inIndia; (b) the Profit and Loss Account read with the notes thereon shows a true balanceof 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 ofthe cash fiows for the year ended on that date.
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; Subject to the limitations of theaudit indicated in paragraph 1 to 5 above and as required by the Banking Companies(Acquisition and Transfer of Undertakings) Act 1970/1980 and subject also to thelimitations of disclosure required therein we report that: (a) We have obtained all theinformation and explanations which to the best of our knowledge and belief werenecessary for the purposes of our audit and have found them to be satisfactory; (b) Thetransactions of the Bank which have come to our notice have been within the powers ofthe Bank; and (c) The returns received from the offices and branches of the Bank have beenfound adequate for the purposes of our audit.
8. We further report that: a) the Balance Sheet and Profit and Loss account dealt withby this report are in agreement with the books of account and returns; b) the reports onthe accounts of the branch offices audited by branch auditors of the Bank under section 29of the Banking Regulation Act 1949 have been sent to us and have been properly dealt withby us in preparing this report; c) In our opinion the Balance Sheet Profit and LossAccount and Cash Flow Statement comply with the applicable accounting standards.
|for Jain & Jain ||for Ramesh C Agrawal & Co ||for ABP & Associates ||for Kailash Chand Jain & Co. |
|Chartered Accountants ||Chartered Accountants ||Chartered Accountants ||Chartered Accountants |