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Indian Overseas Bank.

BSE: 532388 Sector: Financials
NSE: IOB ISIN Code: INE565A01014
BSE LIVE 15:59 | 18 Aug 22.70 -0.20
(-0.87%)
OPEN

22.75

HIGH

22.80

LOW

22.50

NSE 15:58 | 18 Aug 22.60 -0.15
(-0.66%)
OPEN

22.65

HIGH

22.80

LOW

22.40

OPEN 22.75
PREVIOUS CLOSE 22.90
VOLUME 42747
52-Week high 32.25
52-Week low 21.10
P/E
Mkt Cap.(Rs cr) 5,572
Buy Price 0.00
Buy Qty 0.00
Sell Price 22.70
Sell Qty 3074.00
OPEN 22.75
CLOSE 22.90
VOLUME 42747
52-Week high 32.25
52-Week low 21.10
P/E
Mkt Cap.(Rs cr) 5,572
Buy Price 0.00
Buy Qty 0.00
Sell Price 22.70
Sell Qty 3074.00

Indian Overseas Bank. (IOB) - Auditors Report

Company auditors report

To the Members of Indian Overseas Bank Report on the Financial Statements

1. We have audited the accompanying fi nancial statements of Indian Overseas Bank("the Bank") as at 31sMarch 2017 which comprise the Balance Sheetas at 31 stMarch 2017 and Profit and Loss Account and the Cash Flow statementfor the year then ended and a summary of signifi cant accounting policies and otherexplanatory information. Incorporated in these financial statements are the returns of 20branches audited by us and 1657 branches(including 8 overseas branches and 14 RegionalOffices) 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 1773 branches (Including 35Regional Offices and 7 Zonal Offices) which have not been subjected to audit. Theseunaudited branches account for 8.40% of advances 20.29% of deposits 7.22% of interestincome and 16.61% of interest expenses.

Management's Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements inaccordance with Banking Regulations Act 1949 Reserve Bank of India guidelines from timeto time and accounting standards generally accepted in India. This responsibility includesthe design implementation and maintenance of internal control relevant to the preparationof the financial statements that are free from material misstatement whether due to fraudor error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these fi nancial statements based onour audit. We conducted our audit in accordance with the Standards on Auditing issued bythe 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 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 judgement 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 control relevant to the Bank's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion oneffectiveness of the entity's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial 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 the Bank and to the best of our informationand according to the explanations given to us:

(i) 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 state of affairs of the Bank as at 31stMarch 2017 in conformitywith accounting principles generally accepted in India;

(ii) 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

(iii) the Cash Flow Statement gives a true and fair view of the Cash Flows for the yearended on that date.

7. Emphasis of Matter

We draw attention to Note No.7.2 (Schedule 18) with regards to migration to newOperating System during the year and the relevant issues.

Our opinion is not qualified in respect of the above.

Report on Other Legal and Regulatory Requirements

8. The Balance Sheet and the Profit and Loss Account have been drawn up in accordancewith Section 29 of the Banking Regulation Act 1949.

9. 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.

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

For VARDHAMAN & CO For ASA & ASSOCIATES LLP For A V DEVEN & CO
Chartered Accountants Chartered Accountants Chartered Accountants
FRN 004522S FRN 009571N / N500006 FRN 000726S
(ABHA JAIN) (S. SUNDAR RAJAN) (P. KANNAN)
Partner Partner Partner
M.No. 015454 M.No.211414 M.No.024687
For HARIBHAKTI & CO LLP For TALATI & TALATI
Chartered Accountants Chartered Accountants
FRN 103523W/W100048 FRN 110758W
(G. N. RAMASWAMI) (UMESH H. TALATI)
Partner Partner
M.No. 202363 M.No.034834
Place : Chennai
Date : 17.05.2017