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Lakshmi Vilas Bank
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« Mar 12
Auditor's Report (Lakshmi Vilas Bank) Year End : Mar '13
REPORT ON THE FINANCIAL STATEMENTS
 
 1.  We have audited the accompanying financial statements of THE
 LAKSHMI VILAS BANK LIMITED, KARUR as at 31st March, 2013, which
 comprise the Balance Sheet as at March 31, 2013, and Profit and Loss
 Account and Cash Flow Statement for the year then ended and a summary
 of significant Accounting Policies and other explanatory information.
 Incorporated in these financial statements are the returns of 16
 Branches, 8 Regional Offices, Technology Centre, RTGS Cell, DP Cell,
 Centralised Processing Cell and Integrated Treasury, audited by us, 275
 Branches and 6 Service Branches audited by other branch auditors. The
 branches audited by us and those audited by other auditors have been
 selected by Bank in accordance with the guidelines issued by the
 Reserve Bank of India.
 
 MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
 
 2.  Management of the Bank is responsible for the preparation of these
 financial statements that give true and fair view of the financial
 position and financial performance of the Bank in accordance with
 Banking Regulation Act, 1949 and complying with Reserve Bank of India
 Guidelines issued from time to time. This responsibility includes the
 design, implementation and maintenance of internal control relevant to
 the preparation and presentation of the financial statements that are
 free from material misstatement, whether due to fraud or error.
 
 AUDITOR''S RESPONSIBILITY
 
 3.  Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. 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 control relevant to the
 Bank''s preparation and fair presentation of the financial statements 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 management, as well as evaluating the overall
 presentation of the financial statements.
 
 5.  The financial information as at and for the year ended 31st March,
 2013 of 275 Branches and 6 Service Branches has been audited by other
 auditors whose reports have been furnished to us and our opinion is
 based solely on the reports of such other auditors.
 
 6.  We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion.
 
 OPINION
 
 7.  Without qualifying our opinion, we draw attention to Note No.3.10
 of the Schedule 18 to the financial statements, regarding deferment of
 pension liability and gratuity liability of the Bank, pursuant to the
 exemption granted by the Reserve Bank of India to the Lakshmi Vilas
 Bank from application of the provisions of Accounting Standard (AS) 15,
 Employees Benefits vide circular no. DBOD.BP.BC/80/21.04.018/2010-11,
 dated 09.02.2011 on Re-opening of Pension Option to the employees and
 Enhancement in Gratuity Limits - Prudential Regulatory Treatment.
 Accordingly, out of the unamortized amount of Rs.55.85 crore as on
 01/04/2012, the Bank has amortized Rs.15.56 crore for Pension and
 Rs.3.06 crore for Gratuity being proportionate amount for the year
 ended March 31, 2013 and balance amount to be amortized in future
 period for Pension is Rs.31.12 crore and for Gratuity is Rs.6.13 crore.
 
 8.  In our opinion as shown by the books of the Bank, and to the best
 of our information and according to the explanations given to us, we
 report that:
 
 i) the Balance Sheet read with the significant accounting policies and
 notes thereon, is a full and fair balance sheet containing all the
 necessary particulars, is properly drawn up so as to exhibit a true and
 fair view of state of affairs of the Bank as at 31st Match, 2013, in
 conformity with accounting principles generally accepted in India;
 
 ii) the Profit and Loss Account, read with the significant accounting
 policies and notes thereon, shows a true balance of profit, in
 conformity with accounting principles generally accepted in India, for
 the year covered by accounts; and
 
 iii) the Cash Flow Statement gives a true and fair view of the cash
 flows for the year ended on that date.
 
 REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
 
 9.  The Balance Sheet and the Profit and Loss Account have been drawn
 up in Forms ''A'' & ''B'', respectively, of the third Schedule to the
 Banking Regulation Act, 1949.
 
 10. Subject to the limitations of the audit indicated in paragraphs 1
 to 6 above and as required by the Banking Regulation Act 1949 and
 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 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, as
 supplemented with the information furnished by the Management, have
 been found adequate for the purposes of our audit.
 
 11. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
 Flow Statement comply with the applicable Accounting Standards.
 
                                 For SAGAR & ASSOCIATES
 
                                 Chartered Accountants
 
                                 FR No. 003510S
 
                                (D. MANOHAR)
 
  Place:Karur                    Partner
 
 Date : 27th May 2013            Membership No. 029644
Source : Dion Global Solutions Limited
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