Corporation Bank

1.  We have audited the attached Balance Sheet of CORPORATION BANK as
 at 31st March, 2009 and the Profit and Loss Account annexed thereto for
 the year ended on that date, in which are incorporated the returns of
 20 branches, audited by us, 832 branches audited by other Auditors, 203
 un-audited branches and 34 administrative offices, the returns of which
 are certified by the Branch Managers. The branches audited by us and
 the branches audited by other Auditors have been selected by the Bank
 in accordance with the guidelines issued by the Reserve Bank of India.
 The un-audited branches account for 0.53 per cent of advances, 2.61 per
 cent of deposits, 0.27 per cent of interest income and 0.45 per cent of
 interest expense. We have also audited the cash flow statement as
 stated in Notes forming part of accounts for the year ended on that
 date. These financial statements are the responsibility of the Banks
 Management. Our responsibility is to express an opinion on these
 financial statements based on our audit.
 
 2.  We have conducted our audit in accordance with auditing standards
 generally accepted in India. Those standards require that we plan and
 perform the audit to obtain reasonable assurance about whether the
 financial statements are free of material misstatements. An audit
 includes examining, on a test basis, evidence supporting the amounts
 and disclosures in the financial statements. An audit also includes
 assessing the accounting principles used and significant estimates made
 by the Management, as well as evaluating the overall presentation of
 financial statements. We believe that our audit provides a reasonable
 basis for our opinion.
 
 3.  The Balance Sheet and the Profit and Loss Account have been drawn
 up in form A and B respectively of the Third Schedule to the
 Banking Regulation Act, 1949.
 
 4. Subject to the limitations of the audit, indicated in paragraph 1
 above, and the limitations of disclosures contained in the Banking
 Companies (Acquisition and Transfer of Undertakings) Act, 1980 and
 subject to Notes No. 10 regarding Inter-Branch Transactions, 11 (b) and
 11 (c) regarding Balancing of Books and 12 regarding claim for
 Agricultural Debt Waiver under verification and Scheme for Agricultural
 Debt Relief under implementation, of Schedule — 18, where adjustments
 are pending, the consequential effect whereof on the accounts could not
 be ascertained;
 
 We report that:
 
 a.  In our opinion and to the best of our information, and according to
 the explanations given to us, and as shown by the Books of the bank,
 the financial statements are in conformity with the accounting
 principles generally accepted in India, and:
 
 (i) The Balance sheet, read together with the Significant Accounting
 Policies and Notes forming an integral part of the Accounts, is a full
 and fair Balance Sheet containing the necessary particulars and is
 properly drawn up so as to exhibit a true and fair view, of the state
 of affairs of the Bank as at 31st March, 2009;
 
 (ii) The Profit and Loss Account read together with the significant
 accounting Policies and Notes forming an integral part of the Accounts,
 shows a true balance of profit in conformity with accounting principles
 generally accepted in India for the year covered by the accounts; and
 
 (iii) The cash flow statement gives a true and fair view of the cash
 flows for the year covered by the Statement.
 
 b.  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;
 
 c.  The transactions of the Bank which have come to our notice have
 been within the powers of the Bank;
 
 d.  The returns received from the offices and branches of the bank have
 been found adequate for the purposes of our audit.
 
 
 for M/s Rao & Swami         for M/s Kishore & Kishore
 Chartered Accountants       Chartered Accountants
 
 [H. Anilkumar]              [A.K. Mathur]
 Partner (M.No. 22329)       Partner (M.No. 509176)
 
 
 for M/s Padmanabhan Ramani & Ramanujam     for M/s Jain Chopra & Company
 Chartered Accountants                      Chartered Accountants 
 
 [D. Jayabalan]                             [Ashok Chopra}
 Partner (M.No. 28370)                      Partner (M.NO. 17199)
 
 
 for M/s Padmanabhan Prakash & Co.   for M/s R. Devendra Kumar & Associates
 Chartered Accountants               Chartered Accountants
 
 [E. Prakash]                        [D.K. Gupta]
 Partner (M.No. 019388)              Partner (M.No. 09032)