Members of Bank of Maharashtra
1. Report on Financial Statements:
We have audited the accompanying Financial Statements of Bank ofMaharashtra as at 31st March 2018 which comprise the Balance Sheet as at 31st March 2018Profit and Loss Ac-count and the cash Flow Statement for the year ended and a summary ofsignificant accounting policies and Notes on Ac-counts. Incorporated in these financialstatements the return of 20 branches and also Treasury & International BankingDivi-sion audited by us and 956 branches audited by branch audi-tors & 38 branches byconcurrent auditors.
The branches audited by us and those audited by other auditors havebeen selected by the Bank in accordance with the guide-lines issued to the Bank by theReserve Bank of India. Also in-corporated in the Balance Sheet and Profit & Lossaccount and the return from 875 branches which have not been subjected to audit. Theseunaudited branches account for 3.10 % per cent of the advances 23.91 % per cent ofdeposits 13.05 % per cent of interest income and 22.93 % per cent of interest expenses.
2. Management's responsibility for the Financial Statements:
Management is responsible for the preparation of these Finan-cialStatements in accordance with the Banking Regulation Act 1949 complying with Reserve Bankof India Guidelines issued from time to time. This responsibility includes the designimple-mentation and maintenance of internal control relevant to the preparation of thefinancial statements that are free from mate-rial misstatement whether due to fraud orerror.
3. Auditors' Responsibility:
Our responsibility is to express an opinion on these financialstatements based on our audit. We conducted our audit in ac-cordance with the Standards onAuditing issued by the Institute of Chartered Accountants of India. Those Standardsrequire that we comply with ethical requirement and plan and perform the audit to obtainreasonable assurance about whether the fi-nancial statements are free from materialmisstatement. 4. An audit involves performing procedure to obtain audit evidence about theamount and disclosures in the financial statements. The procedure selected depends on theauditors' judgment in-cluding the assessment of the risk of material misstatement ofthe financial statement whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the entity's preparation and fairpresentation of the financial statements in order to design audit procedure that areappropriate in the circumstances but not for the purpose of ex-ercising an opinion on theeffectiveness of the entity's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the ac-countingestimates made by management as well as evaluating the overall presentation of thefinancial statements. 5. We believe that the audit evidence we have obtained issuf-ficient and appropriate to provide a basis for our Audit opinion. 6. Opinion:
In our opinion as shown by books of bank and to the best of ourinformation and according to the explanation given to us we hereby report that: a. TheBalance Sheet read with the notes thereon is a full and fair Balance Sheet containing allthe neces-sary particulars is properly drawn up so as to exhibit a true and fair view ofthe state of the affairs of the Bank as at 31st March 2018 in conformity with accountingprinciples generally accepted in India.
b. Profit and loss Account read with the notes thereon shows a truebalance of loss in conformity with ac-counting principles generally accepted in Indiafor the year covered by the account; and c. The Cash Flow Statement gives a true and fairview of the cash flows for the year ended on that date.
7. Emphasis of Matter:
Note number 10.11 in Schedule 18 of Notes to Accounts to the FinancialStatements regarding recognition of Deferred Tax Assets on account of accumulated lossesamounting to Rs. 1152.96 crore.
8. Report on Other Legal and Regulatory Requirements:
The Balance Sheet and the Profit and Loss Account have been drawn up informs "A" and "B" respectively of the third Schedule to the BankingRegulation Act 1949.
9. Subject to the limitation of the audit indicated in paragraph 1 to 5above and as required by Banking Companies (Acquisition and Transfer of Undertaking) Act1970 and also subject 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 nec-essary for the purpose of the audit and have found them tobe satisfactory. b) The transactions of the bank which have come to our notice have beenwithin the powers of the Bank. c) The returns received from the offices and branches ofthe Bank have been found adequate for the purpose of our audit.
10. We further report that; a) The Balance Sheet and Profit andLoss account dealt with by this report are in agreement with the books of account andreturns; b) The reports on the accounts of the branch offices audited by branch auditorsof the Bank under section 29 of the Banking Regulation Act1949 have been sent to us andhave been properly dealt with by us in preparing this re-port; c) In our opinion theBalance Sheet Profit and Loss Ac-count and Cash Flow Statement comply with theapplica-ble Accounting Standards.
|for KOTHARI & Co || |
for CMRS & AssociatesLLP
for P Parikh & Associates
for M. D. Gujrati & Co
|FRN - 301178E || |
FRN: 101678 W/W100068 Chartered Accountants
FRN - 107564W
|Chartered Accountants || || |
| || || || |
|CA Amitav Kothari || |
CA Maheshwar M. Marathe
CA Ashok B. Rajagiri
CA Manohar Das Gujrati
|Parther || |
|Membership No: 016639 || |
Membership No. 212175
Membership No. 046070
Membership No. 081552