Punjab National Bank
BSE: 532461 | NSE: PNB | ISIN: INE160A01014 | Banks - Public Sector
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
- Accounting Policy
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| Auditor's Report | Year End : Mar '09 |
1. We have audited the attached Balance Sheet of Punjab National Bank as at 31st March, 2009, the Profit and Loss Account and Cash Flow Statement annexed thereto for the year ended on that date, in which are incorporated the returns of (i) 20 branches and controlling offices (including circle offices) audited by us (ii) 3671 branches (including 2 foreign branches and 1 Offshore Banking Unit) and 38 other offices audited by other auditors and (iii) 738 branches not subjected to audit. These unaudited branches account for 1.24% of advances, 4.48% of deposits, 0.72% of interest income and 3.38% of interest expenses. The branches selected by the Bank for audit are in accordance with the guidelines issued by the Reserve Bank of India. 2. These financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these financial statements based on our audit. 3. We conducted our audit in accordance with the 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 financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 4. The Balance Sheet and Profit and Loss Account have been drawn up in forms A and B respectively of the third schedule to the Banking Regulations Act, 1949. 5. We draw attention: i. to note no.24f of Schedule-18, the bank has disputed tax demands of Rs.1155.15 crores against which payment of Rs.1094.83 crores has been made. ii. to footnote to note no.6c of Schedule-18, Provision for diminution in fair value of restructures of advances of Rs. 1 crore to 25 each has been provided @ 5% of outstanding amount instead of calculating the diminution in each case as prescribed by Reserve Bank of India. 6. Subject to limitation of the audit as indicated in paragraph 1 and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and also subject to the limitations of disclosure required therein, 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 and in conformity with the accounting principles generally accepted in India: I. The Balance Sheet read with significant accounting policies and notes thereon, 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 with the significant accounting policies and notes thereon shows a true balance of the profit for the year covered by the account and III. The Cash Flow Statement gives a true and fair view of cash flows for the year covered by the statement. b) In our opinion the Balance Sheet, Profit and Loss Account and the Cash Flow Statement comply with the applicable Accounting Standards. c) 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. d) The transactions of the Bank, which have come to our notice, have been within its powers. e) The returns received from the offices and branches of the Bank have been found adequate for the purpose of our audit. For V Sankar Aiyar & Co. For N C Rajagopal & Co. Chartered Accountants Chartered Accountants R Raghuraman V Chandrasekaran Partner Partner Membership No 81350 Membership No. 24844 For Gupta & Gupta For P.Jain & Co. Chartered Accountants Chartered Accountants S B Gupta Pankaj Jain Partner Partner Membershp No 06099 Membership No 97279 For Kalani & Co. For Anjaneyulu & Co. Chartered Accountants Chartered Accountants Vikas Gupta D.V. Anjaneyulu Partner Partner Membership No 77076 Membership No 21036 New Delhi DATE: 20th May 2009 |
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| Source : Religare Technova | |
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