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Indian Overseas Bank.

BSE: 532388 Sector: Financials
NSE: IOB ISIN Code: INE565A01014
BSE 00:00 | 23 Aug 9.41 0.16
(1.73%)
OPEN

9.25

HIGH

9.70

LOW

9.04

NSE 00:00 | 23 Aug 9.40 0.20
(2.17%)
OPEN

9.25

HIGH

9.75

LOW

9.00

OPEN 9.25
PREVIOUS CLOSE 9.25
VOLUME 67670
52-Week high 17.25
52-Week low 9.00
P/E
Mkt Cap.(Rs cr) 8,602
Buy Price 9.41
Buy Qty 1000.00
Sell Price 9.60
Sell Qty 13.00
OPEN 9.25
CLOSE 9.25
VOLUME 67670
52-Week high 17.25
52-Week low 9.00
P/E
Mkt Cap.(Rs cr) 8,602
Buy Price 9.41
Buy Qty 1000.00
Sell Price 9.60
Sell Qty 13.00

Indian Overseas Bank. (IOB) - Auditors Report

Company auditors report

To the Members of Indian Overseas Bank Report on the Financial Statements

1. We have audited the accompanying financial statements of Indian Overseas Bank("the Bank") as at 31stMarch 2018 which comprise the Balance Sheet as at31stMarch 2018 and Profit and Loss Account and the Cash Flow statement for the year thenended and a summary of significant accounting policies and other explanatory information.Incorporated in these financial statements are the returns of 20 branches audited by usand 1564 branches (including 8 overseas branches and 9 Regional Offices) 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 1820 branches (Including 39 Regional Offices and 7 ZonalOffices) which have not been subjected to audit. These unaudited branches account for11.24% of advances 25.72% of deposits 8.88% of interest income and 23.83% of interestexpenses.

Management's Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements inaccordance with Banking Regulations 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 the preparationof the financial statements that are free from material misstatement whether due to fraudor error.

Auditor's Responsibility

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 on theauditor's judgement including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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 entity'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.

Opinion

6. In our opinion 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 notes thereon is a full and fair Balance Sheetcontaining all the necessary particulars is properly drawn up so as to exhibit a true andfair view of state of affairs of the Bank as at 31stMarch 2018 in conformity withaccounting principles generally accepted in India;

(ii) 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

(iii) the Cash Flow Statement gives a true and fair view of the Cash Flows for the yearended on that date.

7. Emphasis of Matter

We draw attention to:

a) Note No.6.4 (Schedule 18) relating to recognition of Deferred Tax Asset for the yearaggregating to Rs.2392.02 Crores

b) Note No.7 (Schedule 18) relating to reconciliation of certain Inter branchtransactions.

Our opinion is not modi ed in respect of the above matters.

Report on Other Legal and Regulatory Requirements

8. The Balance Sheet and the Profit and Loss Account have been drawn up in accordancewith Section 29 of the Banking Regulation Act 1949.

9. 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 thereinwe 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; and

(c) The returns received from the offices and branches of the Bank have been foundadequate for the purposes of our audit. 10. We further report that:

a) the Balance Sheet and Profit and Loss account dealt with by this report are inagreement with the books of account and returns;

b) the reports on the accounts of the branch offices audited by branch auditors of theBank under section 29 of the Banking Regulation Act 1949 have been sent to us and havebeen properly dealt with by us in preparing this report;

c) in our opinion the Balance Sheet Profit and Loss Account and Cash Flow Statementcomply with the applicable accounting standards.

For HARIBHAKTI & Co LLP For TALATI & TALATI
Chartered Accountants Chartered Accountants
FRN 103523W/W100048 FRN 110758W
(G.N.RAMASWAMI) (UMESH TALATI)
Partner Partner
M.No.202363 M.No.034834
For R SUBRAMANIAN AND COMPANY LLP For S A R C & ASSOCIATES
Chartered Accountants Chartered Accountants
FRN 004137S/S200041 FRN 006085N
(N KRISHNAMURTHY) (SUNIL KUMAR GUPTA)
Partner Partner
M.No.019339 M.No.084884
Place : Chennai
Date : 29.05.2018