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Corporation Bank.

BSE: 532179 Sector: Financials
NSE: CORPBANK ISIN Code: INE112A01023
BSE 00:00 | 20 Jul 26.00 -0.65
(-2.44%)
OPEN

26.50

HIGH

26.50

LOW

25.70

NSE 00:00 | 20 Jul 26.00 -0.55
(-2.07%)
OPEN

26.55

HIGH

26.55

LOW

25.75

OPEN 26.50
PREVIOUS CLOSE 26.65
VOLUME 14767
52-Week high 52.70
52-Week low 23.80
P/E
Mkt Cap.(Rs cr) 4,330
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 26.50
CLOSE 26.65
VOLUME 14767
52-Week high 52.70
52-Week low 23.80
P/E
Mkt Cap.(Rs cr) 4,330
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Corporation Bank. (CORPBANK) - Auditors Report

Company auditors report

To

The Members of Corporation Bank Mangaluru

Report on the Standalone Financial Statements:

1. We have audited the accompanying Standalone Financial Statements ofCorporation Bank (‘the Bank') as at March 31 2018 which comprise theBalance Sheet as at March 31 2018 the Profit and Loss Account and the Cash FlowStatement (hereinafter referred to as "Standalone Financial Statements") for theyear then ended and a summary of significant accounting policies and other explanatoryinformation. Incorporated in these Standalone Financial Statements are the returns of 20branches audited by us and 1475 branches audited by statutory branch auditors. Thebranches audited by us and those audited by other auditors have been selected by the Bankin accordance with the guidelines issued to the Bank by the Reserve Bank of India. Alsoincorporated in the Balance Sheet and the Profit and Loss Account are the returns from1022 branches which have not been subjected to audit. These unaudited branches account for6.01 percent of advances 12.62 percent of deposits 4.41 percent of interest income and12.01 percent of interest expenses.

Management's Responsibility for the Standalone FinancialStatements:

2. Management is responsible for the preparation of these StandaloneFinancial Statements in accordance with the Banking Regulation Act 1949 Reserve Bank ofIndia guidelines from time to time and accounting standards generally accepted in India.This responsibility includes design implementation and maintenance of internal controlrelevant to the preparation of the Standalone 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 StandaloneFinancial Statements based on our audit. We conducted our audit in accordance withStandards on Auditing issued by the Institute of Chartered Accountants of India. ThoseStandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the Standalone Financial Statements are freefrom material misstatements.

4. An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the Standalone Financial Statements. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the Standalone Financial Statements whether due to fraud orerror. In making those risk assessments the auditor considers internal control relevantto the Bank's preparation and fair presentation of the Standalone FinancialStatements in order to design audit procedures that are appropriate in the circumstancesbut not for the purpose of expressing an opinion on effectiveness of the entity'sinternal control. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the managementas well as evaluating the overall presentation of the Standalone 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 bank and to the best of ourinformation 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 is properly drawn up so as to exhibit a true and fair view of the state ofaffairs of the Bank as at March 31 2018 in conformity with accounting principlesgenerally accepted in India; (b) the Profit and Loss Account read with the notes thereonshows a true balance of loss in conformity with accounting principles generally acceptedin India for the year covered by the account; and (c) the Cash Flow Statement gives atrue and fair view of the cash flows for the year ended on that date.

Emphasis of Matter:

7. We draw attention to:

Note No. 3.2(d) of Schedule 18 B to the Standalone FinancialStatements regarding unamortized additional gratuity liability amounting to `58.48 crore.Our opinion is not modified in respect of above matter.

Report on Other Legal and Regulatory Requirements:

8. The Balance Sheet and the Profit and Loss Account have been drawn upin Form ‘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 to5 above and as required by the Banking Companies (Acquisition and Transfer ofUndertakings) Act 1970/1980 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 toour notice 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.

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 Act 1949 have been sent tous and have been properly dealt with by us in preparing this report; and c) in ouropinion the Balance Sheet Profit and Loss Account and the Cash Flow Statement complywith the applicable accounting standards.

For Datta Singla & Co. For A.K. Sabat & Co. For Pramod & Associates For Chandran & Raman
Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants
FRN - 006185N FRN - 321012E FRN - 001557C FRN - 000571S
[CA Rajiv Datta] [CA D. Vijaya Kumar] [CA Abhishek Dalmia] [CA P. R. Suresh]
Partner Partner Partner Partner
Membership No. 011546 Membership No. 051961 Membership No. 403936 Membership No. 027488
For S. Ramanand Aiyar & Co.
Chartered Accountants
FRN: 000990N
[CA Binod C. Maharana]
Place : Mangaluru
Partner
Date : 26 May 2018 Membership No. 056373