You are here » Home » Companies » Company Overview » Union Bank of India

Union Bank of India.

BSE: 532477 Sector: Financials
NSE: UNIONBANK ISIN Code: INE692A01016
BSE LIVE 15:48 | 20 Nov 170.60 0.20
(0.12%)
OPEN

171.50

HIGH

172.00

LOW

167.35

NSE 15:50 | 20 Nov 170.60 -0.05
(-0.03%)
OPEN

170.80

HIGH

172.15

LOW

167.30

OPEN 171.50
PREVIOUS CLOSE 170.40
VOLUME 603873
52-Week high 205.00
52-Week low 119.80
P/E
Mkt Cap.(Rs cr) 12,393
Buy Price 0.00
Buy Qty 0.00
Sell Price 170.60
Sell Qty 580.00
OPEN 171.50
CLOSE 170.40
VOLUME 603873
52-Week high 205.00
52-Week low 119.80
P/E
Mkt Cap.(Rs cr) 12,393
Buy Price 0.00
Buy Qty 0.00
Sell Price 170.60
Sell Qty 580.00

Union Bank of India. (UNIONBANK) - Auditors Report

Company auditors report

To The Members of Union Bank of India Report on the FinancialStatements

1. We have audited the accompanying financial statements of Union Bankof India ("the Bank") as at 31st March 2017 which comprises the Balance Sheetas at 31st March 2017 Profit and Loss Account and the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation. Incorporated in these financial statements are returns of 20 branchesincluding 1 Treasury branch 18 Regional offices 23 offices/centres audited by us 2121branches audited by Statutory Branch Auditors and 4 foreign branches audited by localauditors. The branches audited by us and those audited by other auditors have beenselected by the Bank in accordance with the guidelines issued to the Bank by the ReserveBank of India. Also incorporated in the Balance Sheet and the Profit and Loss are thereturns from 2137 branches 44 regional offices and 96 offices/centres which have not beensubjected to audit. These unaudited branches account for 4.88 per cent of advances 24.88per cent of deposits 6.66 per cent of interest income and 24.41 per cent of interestexpenses.

Management's Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financialstatements in accordance with Banking Regulation Act 1949 accounting principlesgenerally accepted in India alongwith recognition and measurement principles laid down inthe Accounting Standards specified by the Institute of Chartered Accountants of India sofar as they are applicable to the Bank and the guidelines and circulars issued by ReserveBank of India from time to time. This responsibility includes the design implementationand maintenance of internal control relevant to the preparation of the financialstatements that are free from material misstatement whether due to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financialstatements based on our audit. We conducted our audit in accordance with the Standards onAuditing issued by the Institute of Chartered Accountants of India. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatements.

4. An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements. The procedures selecteddepend on the auditors' judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments 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 ofexpressing an opinion on the effectiveness of the Bank's internal control. An auditalso includes evaluating the appropriateness of accounting policies used 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 sufficientand appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion as shown by books of the Bank and to the best ofour information and according to the explanations given to us: a. the Balance Sheet readwith the notes thereon is a full and fair Balance Sheet containing all the necessaryparticulars and is properly drawn up so as to exhibit a true and fair view of state ofaffairs of the Bank as at 31st March 2017 in conformity with accounting principlesgenerally accepted in India; b. the Profit and Loss Account read with the notes thereonshows a true balance of profit in conformity with accounting principles generallyaccepted in India for the year covered by the account; and c. the Cash Flow Statementgives a true and fair view of the 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 upin accordance with Section 29 of the Banking Regulation Act 1949.

8. Subject to the limitations of the audit indicated in paragraph 1 to5 above and as required by the Banking Companies (Acquisition and Transfer ofUndertakings) Act 1970 and subject also to the limitations of disclosure requiredtherein we report that: a. We have obtained all the information and explanations whichto the best of our knowledge and belief were necessary for the purposes of our audit andhave found them to be satisfactory; b. The transactions of the Bank which have come to ournotice have been within the powers of the Bank; and c. The returns received from theoffices and branches of the Bank have been found adequate for the purposes of our audit.

9. We further report that: a. The Balance Sheet and Profit and LossAccount dealt with by this report are in agreement with the books of account and returns;b. the reports on the accounts of the branch offices audited by statutory branch auditorsof the Bank under Section 29 of the Banking Regulation Act 1949 have been sent to us andhave been properly dealt with by us in preparing this report; c. In our opinion theBalance Sheet Profit and Loss Account and Cash Flow Statement comply with the applicableaccounting standards.

FOR G. P. KAPADIA & CO. FOR ASHWANI & ASSOCIATES FOR GBCA & ASSOCIATES
CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS
Firm Regn. No.104768W Firm Regn. No. 000497N Firm Regn. No.103142W
(NIMESH BHIMANI) (SANJEEVA NARAYAN) (TANSUKH CHHEDA)
PARTNER PARTNER PARTNER
M.NO.030547 M.NO.084205 M.NO.047157
FOR SUNDAR SRINI& SRIDHAR FOR P A & ASSOCIATES FOR S BHANDARI & CO
CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS
Firm Regn. No.004201S Firm Regn. No.313085E Firm Regn. No. 000560C
(S. SRIDHAR) (DILLIP AGARWALLA) (P P PAREEK)
PARTNER PARTNER PARTNER
M.NO.025504 M.NO.055420 M.NO.071213

 

Place: Mumbai.
Date: 8th May 2017