Union Bank of India
BSE: 532477 | NSE: UNIONBANK | ISIN: INE692A01016 | Banks - Public Sector
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
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| Auditor's Report | Year End : Mar '09 |
1. We have audited the attached Balance Sheet of UNION BANK OF INDIA
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 19 branches, 1 Treasury Branch, 18 Regional
Offices audited by us and 2176 branches, 33 Service Branches and 1
Foreign Branch audited by other auditors and 75 unaudited offices /
centres. The Branches audited by us and those audited by other auditors
have been selected by the Bank in accordance with the guidelines issued
by the Reserve Bank of India. Also incorporated in the Balance Sheet
and the Profit and Loss Account are the returns from 363 branches which
have not been subjected to audit. These un-audited branches account for
0.74% of advances, 3.76% of deposits, 0.37% of interest income and
2.63% of interest expenses. These financial statements are the
responsibility of the Banks Management. Our responsibility is to
express an opinion based on our audit.
2. We 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 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. Subject to the limitations of the audit indicated in paragraph 1
above and as required by Banking Companies (Acquisition and Transfer of
Undertakings) Act, 1970 and subject to the limitations of disclosure
required therein;
We report that
(a) 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, 1949.
(b) 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
maintained in accordance with the generally accepted accounting
principles in India:
(i) The Balance Sheet read with the notes thereon and significant
accounting policies 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 affairs of the Bank as at 31st March, 2009.
(ii) The Profit and Loss Account read with the notes thereon and
significant accounting policies shows a true balance of the Profit for
the year ended 31st March, 2009.
(iii) The Cash Flow Statement gives a true and fair view of the cash
flows for the year ended 31st March, 2009.
(c) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes 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 the powers of the Bank.
(e) The returns received from the offices and branches of the Bank have
generally been found adequate for the purposes of our audit except that
in the case of some branches, particulars inclusive of classification
of advances were incomplete and in such cases the information available
at the controlling offices has been relied upon.
For PRICE PATT & CO. For DASS MAULIK MAHENDRA For S R GOYAL & CO
K. AGRAWALA & CO.
CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS
(M. NAGANATHAN) (MAHAVIR MUNDHRA) (PRAVEEN GOYAL)
PARTNER (M. No. 7547) PARTNER (M. No. 58295) PARTNER (M.No. 74789)
For CHANDABHOY &
JASSOOBHOY For G. D. APTE & CO. For JAGANNATHAN & SARABESWARAN
CHARTERED
ACCOUNTANTS CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS
(SAMIR M CHINOY) (C M DIXIT) (N. RANGAN)
PARTNER
(M. No. 40853) PARTNER (M. No. 17532) PARTNER (M.No. 12190)
Place : Mumbai
Date : 7th May 2009
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| Source : Religare Technova | |
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