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City Union Bank

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« Mar 15
Auditor's Report (City Union Bank) Year End : Mar '16
1.  We have audited the accompanying standalone annual financial
 statements of City Union Bank Limited (''the Bank''), which
 comprise the Balance Sheet as at 31st March, 2016, the Profit &
 Loss Account and the Cash Flow statement for the year then ended
 and a summary of significant accounting policies and notes to
 the standalone financial statements.
 
 Management''s Responsibility for the Standalone Financial
 Statements
 
 2.  The Bank''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation of these standalone financial statements that give a
 true and fair view of the financial position, financial performance and
 cash flows of the Bank in accordance with the provisions of Section 29
 of the Banking Regulation Act, 1949 accounting principles generally
 accepted in India, including the Accounting Standards specified under
 Section 133 of the Act read with Rule 7 of the Companies (Accounts)
 Rules, 2014 in so far as they apply to the Bank and the guidelines
 issued by the Reserve Bank of India. This responsibility also includes
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding of the assets of the Bank and
 for preventing and detecting frauds and other irregularities; selection
 and application of appropriate accounting policies, making judgments
 and estimates that are reasonable and prudent; and the design,
 implementation and maintenance of adequate internal financial control
 that were operating effectively for ensuring the accuracy and
 completeness of the accounting records, relevant to the preparation and
 presentation of the financial statements that give a true and fair view
 and are free from material misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 3.  Our responsibility is to express an opinion on these standalone
 financial statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made thereunder.  We conducted our
 audit in accordance with the Standards on Auditing issued by the
 Institute of Chartered Accountants of India, as specified under Section
 143 (10) of the Act. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 4.  An audit involves performing procedures to obtain audit evidence
 about the amounts and disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgment including the
 assessment of the risks of material misstatement of the financial
 statements whether due to fraud or error. In making those risk
 assessments the auditor considers internal financial control relevant
 to the bank''s preparation of the financial statements that give a true
 and fair view in order to design audit procedures that are appropriate
 in the circumstances. An audit also includes evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by the Bank''s Directors, as well as
 evaluating the overall presentation of the financial statements. We
 believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the standalone
 financial statements.
 
 Opinion
 
 5.  In our opinion and to the best of our information and according to
 the explanations given to us, the aforesaid standalone financial
 statements together with the notes thereon give the information
 required by the Banking Regulation Act,1949 as well as the Companies
 Act, 2013 in the manner so required for the banking companies and give
 a true and fair view of the state of affairs of the Bank as at 31st
 March, 2016, its profit and its cash flows for the year ended on that
 date.
 
 Report on other legal and regulatory requirements
 
 6.  The Balance Sheet and the Profit and Loss Account have been drawn
 up in accordance with the provisions of Section 29 of the Banking
 Regulation Act, 1949 read with Section 133 of the Companies Act, 2013
 read with the Rule 7 of the Companies (Accounts) Rules,2014.
 
 7.  As required sub section (3) of section 30 of the Banking Regulation
 Act,1949 and the appointment letter dt.  04th September 2015 ,we report
 that;
 
 (a) We have obtained all the information and explanations which, to the
 best of our knowledge and belief, were necessary for the purpose of our
 audit and have found them to be satisfactory;
 
 (b) The transactions of the Bank, which have come to our notice, have
 been within the powers of the Bank; and
 
 (c) The financial results incorporate the relevant returns of 5
 branches / offices of the Bank audited by us and 523 branches audited
 by the other auditors, specially appointed for this purpose.
 
 8.  Further,as required by section 143(3) of the Companies Act, 2013,
 we further report that;
 
 (a) We have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purpose of our audit;
 
 (b) In our opinion, proper books of account as required by law have
 been kept by the Bank so far as it appears from our examination of
 those books;
 
 (c) The Balance Sheet, the Profit and Loss Account and the Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account;
 
 (d) In our opinion, the aforesaid standalone financial statements
 comply with the Accounting Standards specified under section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
 
 (e) On the basis of the written representations received from the
 directors as on 31st March 2016 taken on record by the board of
 directors, none of the directors is disqualified as on 31st March 2016
 from being appointed as a director in terms of section 164 (2) of the
 Act;
 
 (f) with respect to the adequacy of the internal financial controls
 over financial reporting of the Bank and the operating effectiveness of
 such controls, refer to our separate Report in Annexure 1 to this
 report; and
 
 (g) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us;
 
 i.  The bank disclosed the impact of pending litigations on its
 financial position in its standalone financial statements
 
 - Refer Note 12.1 to the standalone financial statements;
 
 ii. The bank has made provision, as required under the applicable law
 or accounting standards, for material foreseeable losses on long-term
 contracts including derivative contracts - Refer Note 10.1 to the
 standalone financial statements; and
 
 iii. There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the Bank
 
 
 
                                         For M/s. P. Chandrasekar
 
                                            Chartered Accountants
 
                                               (Firm No. 000580 S)
 
 
 
                                               P.  Chandrasekaran
 
 Place: Chennai                                           Partner
 
 Date : 23rd May, 2016                              M.No. : 26037
Source : Dion Global Solutions Limited
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