The President of India
Report on the Financial Statements
1. We have audited the accompanying financial statements of SYNDICATE BANK whichcomprise the Balance Sheet as on March 31 2017 Profit and Loss Account Cash FlowStatement for the year then ended and a summary of significant accounting policies andother explanatory information. Incorporated in these financial statements are the returnsof 20 branches audited by us 1862 branches audited by branch auditors and 1 foreignbranch audited by a local auditor. The branches audited by us and those audited by otherauditors have been selected by the Bank in accordance with the guidelines issued to theBank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profitand Loss Account are the returns from 2050 branches which have not been subjected toaudit. These unaudited branches account for 4.98 percent of advances 24.24 percent ofdeposits 6.47 percent of interest income and 27.19 percent of interest expenses.
Management's Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial statements inaccordance with Banking Regulation 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 thepreparation of the financial statements that are free from material misstatement whetherdue 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 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 upon theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditors consider 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 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 sufficient and appropriate toprovide a basis for our audit opinion.
6. In our opinion and 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 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 state of affairs of the Bank ason March 31 2017 in conformity with accounting 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 accounts; and iii) the Cash Flow Statement gives a true and fair view ofthe cash flows 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.
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. c. The returns received from the offices and branches of the Bank havebeen found adequate for the purposes of our audit.
9. 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 GANESAN AND COMPANY ||For MANIAN & RAO ||For M/s P G BHAGWAT |
|Chartered Accountants ||Chartered Accountants ||Chartered Accountants |
|FRN : 000859S ||FRN : 001983S ||FRN : 101118W |
|G HARI GOVIND ||PARESH DAGA ||SANDEEP RAO |
|Partner ||Partner ||Partner |
|Membership No. 206563 ||Membership No. 211468 ||Membership No. 047235 |
|For S N KAPUR & ASSOCIATES || ||For AGASTI & ASSOCIATES |
|Chartered Accountants || ||Chartered Accountants |
|FRN : 001545C || ||FRN : 313043E |
|S N KAPUR || ||RAJ KUMAR AGASTI |
|Partner || ||Partner |
|Membership No. 014335 || ||Membership No. 304920 |
|Place : Bengaluru || || |
|Date : 09.05.2017 || || |