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Union Bank of India.

BSE: 532477 Sector: Financials
NSE: UNIONBANK ISIN Code: INE692A01016
BSE 00:00 | 20 Mar 88.45 0.70
(0.80%)
OPEN

88.60

HIGH

89.50

LOW

86.30

NSE 00:00 | 20 Mar 88.45 0.80
(0.91%)
OPEN

88.15

HIGH

89.15

LOW

86.20

OPEN 88.60
PREVIOUS CLOSE 87.75
VOLUME 1368754
52-Week high 105.75
52-Week low 61.40
P/E
Mkt Cap.(Rs cr) 10,336
Buy Price 88.70
Buy Qty 4940.00
Sell Price 88.95
Sell Qty 1950.00
OPEN 88.60
CLOSE 87.75
VOLUME 1368754
52-Week high 105.75
52-Week low 61.40
P/E
Mkt Cap.(Rs cr) 10,336
Buy Price 88.70
Buy Qty 4940.00
Sell Price 88.95
Sell Qty 1950.00

Union Bank of India. (UNIONBANK) - Auditors Report

Company auditors report

The President of India / Members of Union Bank of India

Report on the Financial Statements

1. We have audited the accompanying standalone financial statements of Union Bank ofIndia ("the Bank") as at 31st March 2018 which comprise the BalanceSheet as at 31st March 2018 Profit and Loss Account and the Cash FlowStatement for the year then ended and a summary of the significant accounting policiesand other explanatory information. Incorporated in these financial statements are returnsof 20 branches including 1 Treasury branch 20 Regional offices 23 offices/centresaudited by us 2272 branches audited by Statutory Branch Auditors and 4 foreign branchesaudited by local auditors. The branches audited by us and those audited by other auditorshave been selected by the Bank in accordance with the guidelines issued to the Bank by theReserve Bank of India. Also incorporated in the Balance Sheet and the Profit and LossAccount are the returns from 2005 branches 43 regional offices and 136 offices/centreswhich have not been subjected to audit. These unaudited branches account for 7.05 per centof advances 24.17 per cent of deposits 7.79 per cent of interest income and 23.38 percent of interest expenses.

Management's Responsibilityforthe Financial Statements

2. Management is responsible for the preparation of these financial statements inaccordance with the provisions of Section 29 of Banking Regulation Act 1949 Reserve Bankof India guidelines from time to time and accounting principles generally accepted inIndia 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 the guidelines and circulars issued by Reserve bank of Indiafrom time to time. This responsibility includes the design implementation and maintenanceof internal control relevant to the preparation of the financial statements that are freefrom material misstatement whether due to fraud or error.

Auditors' 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 theauditors' 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 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 informationand according 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 and is properly drawn up so as to exhibit a trueand fair view of state of affairs of the Bank as at 31st March 2018 inconformity with accounting 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. The Balance Sheet and the Profit and Loss Account have been drawn up in accordancewith Section 29 of 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 1970and subject also to the limitations of disclosure required therein we reportthat:

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit and have foundthem to be satisfactory;

b. In our opinion 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 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;

b. The reports on the accounts of the branch offices audited by statutory branchauditors of the Bank under Section 29 of the Banking Regulation Act 1949 have been sentto us and have been properly dealtwith 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.

FOR P. A. & ASSOCIATES FOR S. BHANDARI & CO. FOR CNK& ASSOCIATES LLP
CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS
FRN:313085E FRN: 000560C FRN: 101961W
(KAMAL AGRAWALLA) (P P PAREEK) (MANISH SAMPAT)
PARTNER PARTNER PARTNER
M.NO. 059649 M.NO. 071213 M.NO. 101684
FOR KIRTANE & PANDIT LLP FOR R S PATEL & CO. FOR MGB&CO. LLP
CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS
FRN: 105215W FRN: 107758W FRN: 101169W
(SANDEEP D WELLING) (RAJAN B SHAH) (SANJAY KOTHARI)
PARTNER PARTNER PARTNER
M.NO. 044576 M.NO. 101998 M.NO. 048215
Place: MUMBAI.
Date: 10th MAY 2018