The Members of UCO Bank
Report On The Financial Statements
1. We have audited the accompanying financial statements of UCO Bank ('the Bank') as at31st March 2017 which comprise the Balance Sheet as at 31st March 2017 and the Profitand Loss 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 21 branches (inclusive of one treasury branch)audited by us and 1129 branches (including service branches) audited by statutory branchauditors and 4 foreign Branches audited by overseas local auditors. The branches auditedby us and those audited by other auditors have been selected by the Bank in accordancewith the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated inthe Balance Sheet and the Profit and Loss Account are the returns from 1950 branches whichhave not been subjected to audit. These unaudited branches account for 7.93 percent ofadvances 36.72 per cent of deposits 12.59 per cent of interest income and 34.87 per centof interest expenses.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements inaccordance with Banking Regulation Act 1949 Reserve Bank of India guidelines from time totime and accounting standards generally accepted in India. This responsibility includesdesign implementation and maintenance of internal control relevant to the preparation ofthe financial statements that are free from material misstatement whether due to fraud orerror.
3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with Standards on Auditing issued by theInstitute 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 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 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.
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 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 the state of affairs of the Bank as at 31st March 2017 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 account; 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
7. -194929The Balance Sheet and the Profit and Loss Account have been drawn up inaccordance with Section 29 of the Banking Regulation Act1949
8. 15 1970:
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 1970and 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 Bank have been foundadequate 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;
194929(b) the reports on the accounts of the branch offices audited by branch auditorsof the Bank under section 29 of the Banking Regulation Act 1949 have been sent to us andhave been properly dealt with by us in preparing this report;
()(c) In our opinion the Balance Sheet Profit and Loss Account and Cash FlowStatement comply with the applicable accounting standards.
|For GUHA NANDI & CO. ||For A. SACHDEV & CO. ||For NIRUPAM & ASSOCIATES |
|Chartered Accountants ||Chartered Accountants ||Chartered Accountants |
|Registration No. 302039E ||Registration No. 001307C ||Registration No. 323575E |
|. 051221 ||078628 ||059207 |
|(CA DR. B. S. KUNDU) ||(CA MANISH AGARWAL) ||(CA M. CHAKRABARTI) |
|Partner Membership No. 051221 ||Partner Membership No. 078628 ||Partner Membership No. 059207 |
| ||For O.P.GARG & CO. ||For TEJ RAJ & PAL |
| ||Chartered Accountants ||Chartered Accountants |
| ||Registration No. 001194N ||Registration No. 304124E |
| ||097038 ||010905 |
|Place: Kolkata ||(CA VIKRAM GARG) ||(CA P. VENUGOPALA RAO ) |
|Dated : 12th May 2017 ||Partner Membership No. 097038 ||Partner Membership No. 010905 |