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Punjab & Sind Bank.

BSE: 533295 Sector: Financials
NSE: PSB ISIN Code: INE608A01012
BSE LIVE 15:56 | 17 Nov 49.35 -0.35
(-0.70%)
OPEN

52.40

HIGH

52.40

LOW

49.00

NSE 15:59 | 17 Nov 49.40 0
(0.00%)
OPEN

50.75

HIGH

51.45

LOW

49.15

OPEN 52.40
PREVIOUS CLOSE 49.70
VOLUME 40825
52-Week high 72.30
52-Week low 44.45
P/E 15.82
Mkt Cap.(Rs cr) 1,976
Buy Price 0.00
Buy Qty 0.00
Sell Price 49.35
Sell Qty 1946.00
OPEN 52.40
CLOSE 49.70
VOLUME 40825
52-Week high 72.30
52-Week low 44.45
P/E 15.82
Mkt Cap.(Rs cr) 1,976
Buy Price 0.00
Buy Qty 0.00
Sell Price 49.35
Sell Qty 1946.00

Punjab & Sind Bank. (PSB) - Auditors Report

Company auditors report

To

The President of India

Report on the Financial Statements of Punjab & Sind Bank

1. We have audited the accompanying financial statements of Punjab & Sind Bank asat 31st March 2017 which comprise the Balance Sheet as at March 31 2017 and Profit andLoss Account and the cash flow statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information. Incorporated in thesefinancial statements are the returns of 20 branches audited by us and 549 branches auditedby branch auditors. The branches audited by us and those audited by other branch auditorshave been selected by the Bank in accordance with the guidelines issued to the Bank by theReserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss arethe returns from 931 branches which have not been subjected to audit. These unauditedbranches account for 10.19 per cent of advances 28.50 per cent of deposits 6.78 per centof interest income and 23.81 per cent of interest expenses.

Management's Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements inaccordance with accounting standards generally accepted in India and applicable bankinglaws. This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation of the 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 financial 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 judgment 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 the purpose of expressing an opinion on theeffectiveness of the Bank'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 generally sufficient andappropriate to provide a basis for our audit opinion.

Emphasis of matter:

6. Without qualifying our report we draw attention to:

(i) Note no. 1.1 1.2 and 1.3 regarding non reconciliation of balances andclearances/identification of outstanding items in respect of various accounts of incomeexpenditure assets and liabilities the impact of which is not ascertainable

(ii) Note no. 10.9.5 regarding disputed tax liabilities pending in appeals the effectof which is not ascertainable

(iii) Capital adequacy as per Basel-II and Basel-III and other ratios disclosed in theaccounts by the bank are subject to adjustment arising out of the Notes on accountsaccounting policies and our remarks in Para 6 (i) to (iii) above.

(iv) Note No.10.9.6 regarding allowability of claim of bad debts by the Income TaxAuthorities vis-a-vis stand taken by the bank based on expert independent opinion.

7. In our opinion as shown by books of bank and to the best of our information andaccording to the explanations given to us we further report that:

(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 2017 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.

Report on Other Legal and Regulatory Requirements

8. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms"A" and "B" respectively of the Third Schedule to the BankingRegulation 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 read with Notes on Accounts attached and subject also to the limitations ofdisclosure 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.

(c) The returns received from the offices and branches of the Bank have been foundadequate for the purposes of our audit.

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

For Tiwari & Associates For Dhillon & Associates
Chartered Accountants Chartered Accountants
(Sandeep Sandill) (Rajesh Malhotra)
Partner Partner
M. No. 085747 M. No. 090661
FRN : 002870N FRN : 002783N
For Dhawan & Co. For Davinder Pal Singh & Co.
Chartered Accountants Chartered Accountants
(I. J. Dhawan) (Davinder Pal Singh)
Partner Partner
M. No.081679 M. No. 086596
FRN : 002864N FRN : 007601N
May 16 2017
New Delhi