You are here » Home » Companies » Company Overview » Indian Bank

Indian Bank.

BSE: 532814 Sector: Financials
NSE: INDIANB ISIN Code: INE562A01011
BSE 00:00 | 20 Jul 310.95 -16.05
(-4.91%)
OPEN

327.60

HIGH

327.60

LOW

307.75

NSE 00:00 | 20 Jul 310.25 -17.10
(-5.22%)
OPEN

328.05

HIGH

329.00

LOW

306.45

OPEN 327.60
PREVIOUS CLOSE 327.00
VOLUME 114933
52-Week high 428.00
52-Week low 254.00
P/E 11.84
Mkt Cap.(Rs cr) 14,935
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 327.60
CLOSE 327.00
VOLUME 114933
52-Week high 428.00
52-Week low 254.00
P/E 11.84
Mkt Cap.(Rs cr) 14,935
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indian Bank. (INDIANB) - Auditors Report

Company auditors report

To

The Members of Indian Bank Report on Financial Statements

1. We have audited the accompanying financial statements of INDIAN BANK (the"Bank") as at March 31 2018 which comprise the Balance Sheet as at March 312018 and the Profit and Loss Account and the Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.Incorporated in these financial statements are the returns of 20 branches and theIntegrated Treasury Branch audited by us and 1536 branches audited by Statutory BranchAuditors and 3 foreign branches audited by the local foreign auditors. The Branchesaudited by us and those audited by other auditors have been selected by the Bank inaccordance with the guidelines issued to the Bank by the Reserve Bank of India. Alsoincorporated in the Balance Sheet and the Profit & Loss Account are the returns from1263 branches which have not been subjected to audit. These un-audited branches accountfor 7.03 per cent of advances 20.03 per cent of deposits 7 per cent of interest incomeand 21.37 per cent of interest expenses. .

Management's Responsibility for the Financial Statements:

2. Management is responsible for the preparation of these financial statements inaccordance with the Banking Regulation Act 1949 Reserve Bank of India guidelines fromtime to time and Accounting Standards generally accepted in India. This responsibilityincludes the design implementation and maintenance of internal control relevant to thepreparation of the financial statements that are free from material misstatement whetherdue to fraud or 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 misstatements.

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 purposes of expressing an opinion on theeffectiveness of the Bank'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 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 state of affairs of the Bank asat March 31 2018 in conformity with accounting principles generally accepted in India;(b) the Profit and Loss Account read with the notes thereon shows a true balance ofprofit 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 inaccordance with Section 29 of the Banking RegulationAct 1949.

8. Subject to the limitations of the audit indicated in paragraph 1 to 5 above andas required by the Banking Companies (Acquisition and Transfer of Undertakings) Act1970/1980 and subject also to the limitations of disclosures required therein we 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 beenwithin the powers of the Bank; and c. The returns received from the offices and branchesof the Bank have been found adequate for the purposes of our audit.

9. 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 PRAKASH CHANDRA JAIN & CO For GANDHI MINOCHA & CO For P A M S & ASSOCIATES
Chartered Accountants Chartered Accountants Chartered Accountants
FR No.002438C FR No.000458N FR No. 316079E
PRATEEK NALWAYA AJAY KUMAR KATYAL PRAMOD KUMAR MISRA
Partner Partner Partner
(M No. 414356 ) (M. No 087915) (M. No.052699 )
For P S SUBRAMANIA IYER & CO For M THOMAS & CO
Chartered Accountants Chartered Accountants
FR No.004104S FR No.004408S
J RAGHURAM A ROZARIO
Partner Partner
Place : Chennai (M No. 021929) (M No.021230)
Date : 10.05.2018