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Oriental Bank of Commerce.

BSE: 500315 Sector: Financials
NSE: ORIENTBANK ISIN Code: INE141A01014
BSE 00:00 | 17 Aug 78.75 2.00
(2.61%)
OPEN

77.50

HIGH

79.50

LOW

76.60

NSE 00:00 | 17 Aug 78.85 2.20
(2.87%)
OPEN

77.15

HIGH

79.35

LOW

77.15

OPEN 77.50
PREVIOUS CLOSE 76.75
VOLUME 511152
52-Week high 159.75
52-Week low 65.80
P/E
Mkt Cap.(Rs cr) 4,983
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 77.50
CLOSE 76.75
VOLUME 511152
52-Week high 159.75
52-Week low 65.80
P/E
Mkt Cap.(Rs cr) 4,983
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Oriental Bank of Commerce. (ORIENTBANK) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

To

The Members of Oriental Bank of Commerce

Report on Financial Statements

1. We have audited the accompanying financial statements of Oriental Bank ofCommerce ("the Bank") as at 31st March 2018 which comprise the BalanceSheet as at 31st March 2018 the Profit & Loss account and the Cash Flow Statementfor the year then ended and a summaryofsignificantaccounting policies and otherexplanatory information. Incorporated in these financial statements are the returns of 20branches audited by us and 1334 branches audited by statutory branch auditors.The branches audited by us and those audited by other auditors have been selected by theBank in accordance with the guidelines issued to the Bank by the Reserve Bank of India.Also incorporated in the Balance Sheet and the Profit and Loss Account are the returnsfrom 1035 branches which have not been subjected to audit. These unaudited branchesaccount for 6.91% of advances 21.36% of deposits 4.48% of interest incomeand 18.69% 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 accounting principles generally acceptedin India alongwith recognition and measurement principles laid down in the AccountingStandards specified by the Institute of Chartered Accountants of India so far as they areapplicable to the Bank and guidelines and circulars issued by Reserve Bank of India fromtime to time. This responsibility includes design implementation and maintenance ofinternal control relevant to the preparation of the financial statements that are freefrom material misstatement whether due 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 purpose 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 and appropriate to provide abasis 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:-(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 31 st 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.

8. 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) Act 1980and subject also 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 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 Bankhave been found adequate for the purposes of our audit.

9. 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 Act1949 have been sent to us and havebeen properly dealt with by us in preparing this report; and

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

. . . . .
FRN 002301C FRN 001099C
For V.K. Ladha & Associates For B. C. JAIN & CO.
Chartered Accountants Chartered Accountants
FRN 002301C FRN 001099C
(. .) ()
. 076585 . 073488
(S.C. Nerkar) (Ranjeet Singh)
Partner Partner
M. No.:076585 M. No. 073488

Place : Gurugram

Date : 12th May 2018