The President of India/Members
Report on the Financial Statements
1. We have audited the accompanying standalone financial statements ofSYNDICATEBANK which comprise the Balance Sheet as on March 31 2018 Profit and LossAccount Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information. Incorporated in these financialstatements are the returns of 20 branches audited by us 1975 branches audited bystatutory branch auditors and 1 foreign branch audited by a local auditor in respectivecountry. The branches audited by us and those audited by other auditors have been selectedby the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank ofIndia. Also incorporated in the Balance Sheet and the Profit and Loss Account are thereturns from 2017 branches which have not been subjected to audit. These unauditedbranches account for 8.33 percent of advances 23.98 percent of deposits 6.68 percent ofinterest income and 23.85 percent of interest expenses.
Management's Responsibility for the Financial Statements
2. The Bank's management is responsible for the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Bank in accordance with therequirements of the Reserve Bank of India the provisions of the Banking Regulation Act1949 and recognised accounting policies and practices including the Accounting Standardsissued by the Institute of Chartered Accountants of India (ICAI). This responsibility ofthe management includes the design implementation and maintenance of internal controlsand risk management systems relevant to the preparation of the standalone financialstatements that are free from material misstatement whether due to fraud or error. Inmaking those risk assessments the management has implemented such internal controls thatare relevant to the preparation of the standalone financial statements and designedprocedures that are appropriate in the circumstances so that the internal control withregard to all the activities of the Bank is effective.
3. Our responsibility is to express an opinion on these financialstatements based on our audit. We conducted our audit in accordance with the Standards onAuditing issued by the Institute 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 misstatement.
4. An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements. The procedures selecteddepend upon the auditors' judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditors consider internal control relevant to the Bank'spreparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances but not for the purpose of expressingan opinion on effectiveness of the bank's internal control. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by management as well as evaluating the overall presentation ofthe financial statements.
5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion.
6. In our opinion and as shown by books of the Bank and to the best ofour information and according to the explanations given to us: i) The Standalone BalanceSheet read with the significant accounting policies and notes thereon is a full and fairBalance Sheet containing all the necessary particulars is properly drawn up so as toexhibit a true and fair view of state of affairs of the Bank as on March 31 2018 inconformity with accounting principles generally accepted in India; ii) The StandaloneProfit and Loss Account read with the notes thereon shows a true balance of Loss inconformity with accounting principles generally accepted in India for the year covered bythe accounts; and iii) The Standalone Cash Flow Statement gives a true and fair view ofthe cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements:
7. The Standalone Balance Sheet and the Profit and Loss Account havebeen drawn up in accordance with Section 29 of the Banking Regulation Act 1949.
| || || |
|For MANIAN & RAO Chartered Accountants ||For S. N. KAPUR & ASSOCIATES ||For AGASTI & ASSOCIATES Chartered Accountants |
|FRN : 001983S ||Chartered Accountants ||FRN : 313043E |
| ||FRN : 001545C || |
| || ||B. AGASTI |
|RAVINDRA C. ||AVICHAL SN. KAPUR ||Partner |
|Partner ||Partner ||Membership 051026 |
|Membership 213658 ||Membership 400460 || |
|For VAITHISVARAN & CO. LLP ||For J. S. UBEROI & CO. |
|Chartered Accountants ||Chartered Accountants |
|FRN : 004494S/S200037 ||FRN : 111107W |
|R. KRISHNAN ||NITIN SARDA |
|Partner ||Partner |
|Membership 014281 ||Membership 108392 |
|Place : Bengaluru || |
|Date : 15.05.2018 || |