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City Union Bank
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Auditor's Report (City Union Bank) Year End : Mar '15
 1. We have audited the accompanying financial statements of City Union
 Bank Limited (herein after referred to as the Bank), which comprise
 the Balance Sheet as at 31st March, 2015, the Profit and Loss Account
 and the Cash Flow Statement for the year then ended and a summary of
 the significant accounting policies and other explanatory information.
 Incorporated in these financial statements are the returns of 4
 branches / offices and Central Office of the Bank audited by us and 473
 branches / offices audited by branch auditors.
 
 Management''s Responsibility for the 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 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 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. This responsibility also includes
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding 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 design, implementation
 and maintenance of adequate internal financial controls, 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.
 
 Auditors'' Responsibility
 
 3. Our responsibility is to express an opinion on these financial
 statements based on our audit.
 
 4. 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.
 
 5. We conducted our Audit in accordance with the Standards on Auditing
 specified u/s 143(10) of the Companies Act, 2013. 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.
 
 6. 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 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, but not for the purpose of expressing an opinion on
 whether the Bank has in place an adequate internal financial control
 system over financial reporting and the operating effectiveness of such
 controls. 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.
 
 7. We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 8. In our opinion and to the best of our information and according to
 the explanations given to us, the aforesaid financial statements
 together with the accounting policies and 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 in conformity with accounting
 principles generally accepted in India:
 
 (i) in the case of the Balance Sheet, of the state of affairs of the
 Bank as at 31st March, 2015;
 
 (ii) in the case of the Profit & Loss Account of the profit for the
 year ended on that date; and
 
 (iii) in the case of the Cash flow Statement, of Cash flows for the
 year ended on that date.
 
 Report on Other Legal and Regulatory Matters
 
 9. The Balance Sheet and the Statement of Profit and Loss 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
 and Rule 7 of the Companies (Accounts) Rules, 2014.
 
 10. As required by sub - section (3) of Section 30 of the Banking
 Regulation Act, 1949, 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.
 
 (c) The Returns received from the offices and branches of the Bank have
 been found adequate for the purposes of our audit.
 
 11. Further, as required by Section 143 (3) of the Companies Act, 2013,
 we report that:
 
 (i) 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.
 
 (ii) In our opinion, proper books of account as required by law have
 been kept by the Bank so far as appears from our examination of those
 books.
 
 (iii) The reports on the accounts of the branch offices audited by the
 branch auditors of the Bank under Section 143(8) of the Companies Act,
 2013 have been sent to us and have been properly dealt with by us in
 preparing this report.
 
 (iv) The Balance Sheet, the Profit and Loss Account and the Cash Flow
 Statement dealt with by us in the Report are in agreement with the
 books of account.
 
 (v) In our opinion, the aforesaid financial statements comply with the
 Accounting Standards specified under Section 133 of the Companies Act,
 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.
 
 (vi) On the basis of the written representations received from the
 directors as on 31st March 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Companies Act, 2013.
 
 (vii) 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:
 
 a. The bank has disclosed the impact of pending litigation on its
 financial position in its financial statements - Refer 12.1 in Notes of
 Accounts;
 
 b. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the Bank.
 
                                              For M/s. P. Chandraseker
                                                 Chartered Accountants
                                                    (Firm No. 000580S)
 
                                                           Lakshmy. C
 Place: C hennai                                              Partner
 Date : 23rd May, 2015                                  M.No. : 28508
Source : Dion Global Solutions Limited
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