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Punjab & Sind Bank.

BSE: 533295 Sector: Financials
NSE: PSB ISIN Code: INE608A01012
BSE 14:54 | 18 Jul 28.40 0.20
(0.71%)
OPEN

28.45

HIGH

29.20

LOW

28.20

NSE 14:44 | 18 Jul 28.40 -0.15
(-0.53%)
OPEN

28.65

HIGH

29.25

LOW

28.20

OPEN 28.45
PREVIOUS CLOSE 28.20
VOLUME 7124
52-Week high 57.50
52-Week low 27.35
P/E
Mkt Cap.(Rs cr) 1,604
Buy Price 28.45
Buy Qty 6.00
Sell Price 28.55
Sell Qty 228.00
OPEN 28.45
CLOSE 28.20
VOLUME 7124
52-Week high 57.50
52-Week low 27.35
P/E
Mkt Cap.(Rs cr) 1,604
Buy Price 28.45
Buy Qty 6.00
Sell Price 28.55
Sell Qty 228.00

Punjab & Sind Bank. (PSB) - Auditors Report

Company auditors report

To

The Members of Punjab & Sind Bank

Report on the Financial Statements

1. We have audited the accompanying financial statements of Punjab & Sind Bank asat 31st March 2018 which comprise the balance sheet as at March 31 2018 and profit andloss account and the cash flow statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information. Incorporated in thesefinancial statements are the returns of various departments of head office; all the 24zonal offices 20 branches and 1 integrated treasury branch audited by us and 620 branchesaudited by statutory branch auditors. The branches audited by us and those audited byother branch auditors have been selected by the Bank in accordance with the guidelinesissued to the bank by the Reserve Bank of India. Also incorporated in the balance sheetand the profit and loss account are the returns from 874 branches which have not beensubjected to audit. These unaudited branches account for 9 per cent of advances 22.13 percent of deposits 6.70 per cent of interest income and 21.66 per cent of interestexpenses.

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 the guidelines issued by the ReserveBank of India from time to time and Accounting standards generally accepted in India. Thisresponsibility includes the 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.

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 judgment 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 generally sufficient andappropriate to provide a basis for our audit opinion.

Emphasis of matter:

6. Without qualifying our report we draw attention to:

(a) Note no. 1.11.2 and 1.3 regarding non reconciliation of balances andclearances/identification of outstanding items in respect of various accounts of incomeexpenditure assets and liabilities the impact of which is not ascertainable;

(b) Note no. 10.9.5 regarding disputed tax liabilities pending in appeals the effectof which is not ascertainable;

(c) Capital adequacy as per Basel - II and Basel - III and other ratios disclosed inthe accounts by the bank are subject to adjustment arising out ofthe Notes on accountsaccounting policies and our remarks in Para 6 (a) & (b) above;

Opinion

7. 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 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 31st March 2018 in conformity withaccounting principles generally accepted in India;

(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 accounts; and

(c ) the cash flow statement gives a true and fair view of the cash flows for the yearended on that date.

Report on Other Legal and Regulatory Requirements

8. The balancesheet 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 andTransfer of Undertakings) Act 1970/1980read with Notes on Accounts attached and subject also to the limitations of disclosurerequired 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;

(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 the 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 the cash flowstatement comply with the applicable accounting standards.

For Dhawan & Co. For Davinder Pal Singh & Co.
Chartered Accountants Chartered Accountants
FRN : 002864N FRN : 007601N
Deepak Kapoor Inderjit Kaur
(Partner) (Partner)
M. No. 072302 M. No.500143
For S. Mann & Co. For BaldevKumar&Co.
Chartered Accountants Chartered Accountants
FRN: 000075N FRN : 013148N
Subhash Mann Baldev Garg
(Partner) (Partner)
M. No. 080500 M. No.092225
Place : New Delhi
Date : 16 May 2018