To The President of India / Members of Dena Bank
Report On the Financial Statements
1. We have audited the accompanying financial statements of Dena
Bank (the Bank') as at 31 March 2018 which comprise the
Balance Sheet as at 31 March 2018 and the Profit and Loss
Account and the Cash Flow Statement for the year then ended policies and other and asummary of significant explanatory information. Incorporated in these financialstatements are the returns of 20 branches audited by us and 758 branches audited bystatutory branch auditors. The branches audited by us and those audited by other 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 Statement of Profitand Loss are the returns from 1094 branches (including 72 satellite branches) which havenot been subjected to audit. These unaudited branches account for 11.67 per cent ofadvances 37.87 per cent of deposits 12.21 per cent of interest income and 37.03 per centof interest expenses.
Management's Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof the bank in accordance with Banking Regulation Act 1949 Reserve Bank of Indiaguidelines from time to time and accounting standards generally accepted in India. Thisresponsibility includes design implementation and maintenance of internal controlrelevant to the preparation of the financial statements that are free from materialmisstatement whether due 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 Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatements.
4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements.
The procedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the 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 financial statements in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on effectiveness of the entity's internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by management as well as evaluating the overallpresentation of the financial 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 as shown by books of bank and to the best of our information andaccording to the explanations given to us: (a) 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 the state of affairs of theBank as at 31 March 2018 in conformity with accounting principles generally accepted inIndia;
(b) the Profit and Loss Account read with the notes thereon shows a true balance ofloss in conformity with accounting principles generally accepted in India for the yearcovered by the account; and (c) the Cash Flow Statement gives a true and fair view of thecash 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; Subject to the limitations of theaudit indicated in paragraph 1 to 5 above and as required by the Banking Companies(Acquisition and
Transfer of Undertakings) Act 1970/1980 and subject also to the limitations ofdisclosure required therein we report that: (a) We have obtained all the information andexplanations which to the best of our knowledge and belief were necessary for thepurposes of our audit and have found them to be satisfactory; (b) The transactions of theBank which have come to our notice have been within the powers of the Bank; and
(c) The returns received from the offices and branches of the
Bank have been found adequate for the purposes of our audit.
8. 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 Ramesh C Agrawal & Co ||for ABP & Associates ||for Kailash Chand Jain & Co. ||for Sarda & Pareek |
|Chartered Accountants ||Chartered Accountants ||Chartered Accountants ||Chartered Accountants |
|[R C Agrawal] ||[Prabhat Kumar Panda] ||[Sandeep K. Jain] ||[Niranjan Joshi] |
|Partner ||Partner ||Partner ||Partner |
|M No 070229 ||M No 057140 ||M No 110713 ||M No 102789 |
|FRN 001770C ||FRN 315104E ||FRN 112318W ||FRN 109262W |
|Place: Mumbai || || || |
|Date: 11.05.2018 || || || |