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State Bank of Mysore

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Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

Report on the Financial Statements

  1. We, the undersigned Auditors of State Bank of Mysore appointed under section 41(1) of the State Bank of India (Subsidiary Banks) Act, 1959, do hereby report on the Balance Sheet as at 31st March 2016, the Profit and Loss Account and Cash Flow Statement of the Bank for the year ended on that date and the significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us, 553 branches including 12 Loan Processing Units audited by Statutory Branch 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 530 branches which have
    not been subjected to audit. These un-audited branches account for 8.25 percent of advances, 19.19 percent of deposits, 5.71 percent of interest income and 17.34 percent of interest expenses.

Management's Responsibility for the Financial Statements

  1. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial
    performance and cash flows of the bank in accordance with The Banking Regulation Act, 1949, The State Bank of India (Subsidiary Banks) Act, 1959, guidelines issued by Reserve Bank of India from time to time, recognised accounting policies and practises generally accepted in India and accounting standards prescribed by the Institute of Chartered Accountants of India. This responsibility of the management includes the design, implementation and maintenance of internal controls and risk management systems relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In making those risk assessments, the management
    has implemented such internal controls that are relevant to the preparation of the financial statements and designed procedures that are appropriate in the circumstances so that the internal control with regard to all the activities of the bank is effective.

Auditors' Responsibility

  1. 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. 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, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control.An audit alsoincludes 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

  1. In our opinion, as shown by books of the Bank, and to the best of our information and according to the explanations given to us:

  1. the Balance Sheet, read with the 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 March 2016 in conformity with accounting principles generally accepted in India; the Profit and Loss Account, read with the notes thereon shows a true balance of profit, in conformity with accounting principles generally accepted in India, for the year covered by the account; and 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

  1. 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 Bannking Regulation Act, 1949. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the State Bank of India (Subsidiary Banks) Act, 1959 and subject also to the limitations of disclosure required therein, we report that:

  1. 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.

  2. The transactions of the Bank, which have come to our notice have been within the powers of the Bank. The returns received from the offices and branches of the Bank generally have been found adequate for the purposes of our audit.

We report that :

a. The balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of accounts and returns; In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards.

STATUTORY CENTRAL AUDITORS

For P. B. VIJAYARAGHAVAN & CO.,

Chartered Accountants FRN : 004721S
Sd/-

(CA P. B. SANTHANAKRISHNAN)

Partner

Membership No. 020309

For P. G. JOSHI & CO.,

Chartered Accountants FRN : 104416W
Sd/-

(CA PRANAV A. JOSHI)

Partner

Membership No. 147149

For J. V. RAMANUJAM & CO.,

Chartered Accountants FRN : 02947S
Sd/-

(CA J. VEDANTHA RAMANUJAM)

Partner

Membership No. 022188

For B.P.RAO & CO.,

Chartered Accountants FRN : 0031165
Sd/-

(CA B. Satish Rao)

Partner

Membership No. 024559

Place

Date

Mumbai

26th April, 2016