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Oriental Bank of Commerce.

BSE: 500315 Sector: Financials
NSE: ORIENTBANK ISIN Code: INE141A01014
BSE LIVE 15:49 | 13 Dec 118.40 -2.35
(-1.95%)
OPEN

120.15

HIGH

122.40

LOW

117.50

NSE 15:54 | 13 Dec 118.45 -2.60
(-2.15%)
OPEN

120.60

HIGH

122.40

LOW

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OPEN 120.15
PREVIOUS CLOSE 120.75
VOLUME 140899
52-Week high 190.80
52-Week low 101.70
P/E
Mkt Cap.(Rs cr) 4,099
Buy Price 118.40
Buy Qty 2239.00
Sell Price 0.00
Sell Qty 0.00
OPEN 120.15
CLOSE 120.75
VOLUME 140899
52-Week high 190.80
52-Week low 101.70
P/E
Mkt Cap.(Rs cr) 4,099
Buy Price 118.40
Buy Qty 2239.00
Sell Price 0.00
Sell Qty 0.00

Oriental Bank of Commerce. (ORIENTBANK) - Auditors Report

Company auditors report

To

The Members of Or iental Bank of Commerce

Report on the Financial Statements

1. We have audited the accompanying financial statements of Oriental Bank of Commerce("the Bank") as at 31st March 2016 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 the significant accounting policies and other explanatoryinformation. Incorporated in these financial statements are the returns of 20 branchesaudited by us and 1246 branches audited by statutory branch auditors. The branches auditedby us and those audited by other auditors have been selected by the Bank in accordancewith the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated inthe Balance Sheet and the Profit and Loss Account are the returns from 1085 branches whichhave not been subjected to audit. These unaudited branches account for 4.75% of advances19.25% of deposits 28.71% of interest income and 21.13% of interest expenses.

Management’s ResponsibiIity for the Financial Statements

2. Management is responsible for the preparation of these financial statements inaccordance with the Banking Regulation Act 1949 accounting principles generally acceptedin India alongwith recognition and measurement principles laid down in the AccountingStandards specified by the Institute of Chartered Accountants of India so far as they areapplicable to the Bank and guidelines and circulars issued by Reserve Bank of India fromtime to time. This responsibility includes design implementation and maintenance ofinternal control relevant to the preparation of the financial statements that are freefrom material misstatement whether due to fraud or error.

Auditor’s Responsibility

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 theauditor’s 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 Bank’spreparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances but not for the purpose of expressingan opinion on effectiveness of the entity’s internal control. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by management as well as evaluating the overall presentation ofthe 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 ouropinion as shown by books of the Bank and to the best of our information andaccording 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 31st March 2016 in conformity withaccounting principles generally accepted in India;

(ii) 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

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

Emphasis of Matters

7. We draw attention to Note No. 9 (c) of Schedule 18 to the financial statements inrespect of deferment of shortfall arising from sale of certain non performing assetsduring the year ended 31st March 2016. The total unamortised balance as on 31st March2016 is Rs. 40.33 Crores.

Ouropinion is not qualified in respect of the above stated matter.

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) Act 1980and subject also to the limitations of disclosure required therein we report that:

(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 ofouraudit.

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 Act1949 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 A Bafna & Co. For Lunawat & Co. For V. K. Dhingra & Co. For Sudit K. Parekh & Co. ForV. K. Ladha & Associates
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
FRN 003660C FRN 000629N FRN 000250N FRN 110512W FRN 002301C
T. 071288 080160 084312 016316 ^T. 071501
(Anil Bafna) (Ramesh K. Bhatia) (Vipul Girotra) (Durgaprasad S. Khatri) (V K Ladha)
Partner Partner Partner Partner Partner
M. No. 071288 M. No. 080160 M. No. 084312 M. No. 016316 M. No. 071501

Place : Gurgaon

Date : 11th May 2016