UCO Bank
BSE: 532505 | NSE: UCOBANK | ISIN: INE691A01018 | 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 UCO Bank as on J 1st March, 2009 and the Profit and Loss Account tor the year ended on that date annexed thereto in which are incorporated the returns of 20 branches and the controlling offices audited by us, 1610 branches (including 5 Service Branches) audited by other auditors and 4 foreign branches audited by overseas local auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also, incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 433 branches (including 13 Service Branches) and 2 overseas representative office which have not been subjected to audit. 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 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 mis-statement. 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. 3. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms A and B respectively of the Third Schedule to the Banking Regulation Act, 1 949. 4. a) Subject to limitations of the audit indicated in paragraph 1 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and subject to the limitation of disclosures required therein, we report that: (b) We are unable to express an opinion on the effect on the accounts which may arise on reconciliation and adjustment of outstanding entries in inter-branch transactions (refer to Note No. 1 of Schedule 1 7) . (ii) Accounting of certain income on cash basis which is not in accordance with Accounting Standard 9 on Revenue Recognition issued by the Institute of Chartered Accountants of India (refer to Accounting Policy No. 9.2(b) of Schedule 18). The quantum of such income has not been ascertained. (iii) Attention is drawn to (a) MAT credit aggregating to Rs.74.22 crores recognised in the Profit & Loss A/c. for the year (Refer Note No. 1 1 (a) of Schedule-17). (b) Classification of Credit Linked Notes (CLN) as Loans and Advances instead of Investments (Refer Note No. 5 b of Schedule-17) (c) Provision of Rs.50 crores against advances by way of credit linked notes of Rs. 101.44 crores, following filing of petition for bankruptcy by the holding company of the issuer of CLNs (refer Note No. 5b) and its consequential effects thereof on the financial statements. (iv) Capital Adequacy and Other Ratios disclosed in Note No. 14 (1.1) of Schedule 17 are subject to the effects of the observations in para (i) to (iii) above. Note No 14 (1.4.2a & 1.4.2b) has been relied upon by us on the basis of certificate given by the Management regarding restructured accounts. 5. Subject to our observations in Para 4 (i) to (iv) above and read with Notes on Accounts and Principal Accounting Policies as per Schedules 17 and 18 respectively, we further 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 except to the extent stated in Para 4 (ii) above and (i) The Balance Sheet, is a full and fair Balance Sheet containing all 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 on 31 * March, 2009; (ii) The Profit and Loss Account, shows a true balance of Profit for the year ended on that date; and (iii) The Cash Flow Statement gives a true and fair view of the cash flows for the year. 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 Branches/ Controlling and Overseas offices of the Bank have been found adequate for the purpose of our audit. For K K S & Co. For A. R. & Co. For Chatterjee & Co. Chartered Accountants Chartered Accountants Chartered Accountants (CA S.K. Kulthia) (CA Pawan K. Goel) (CA S.K. Chatterjee) Partner Partner Partner Membership No. 1 7092 Membership No. 072209 Membership No. 03124 For D.R.Mohnot & Co. For Goel Garg & Co. For Bansal & Co. Chartered Accountants Chartered Accountants Chartered Accountants (CA D.R. Mohnot) (CAJ.L Garg) (CA D.S. Rawat) Partner Partner Partner Membership No. 070579 Membership No. 05406 Membership No. 83030 Kolkata, the 8th May, 2009 |
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| Source : Religare Technova | |
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