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Oriental Bank of Commerceकी ऑडीटर रिपोर्ट

Mar 31, 2019

To

The Members of Oriental Bank of Commerce

Opinion

1. We have audited the financial statements of Oriental Bank of Commerce (the ‘Bank’) which comprise the Balance Sheet as at 31st March, 2019, the Profit and Loss Account and the Cash Flow Statement for the year then ended and notes to financial statements including a summary of significant accounting policies and other explanatory information, in which are included returns for year ended on that date of 20 branches audited by us and 1388 branches 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 included in the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement are the returns froRs.982 branches which have not been subjected to audit. These unaudited branches account for 6.04 percent of advances, 17.74 per cent of deposits, 4.34 per cent of interest income and 16.83 per cent of interest expenses.

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Banking Regulation Act, 1949 (the ‘Act’) in the manner so required for bank and are in conformity with accounting principles generally accepted in India and give:

a) true and fair view in case of the Balance sheet, of the state of affairs of the Bank as at 31st March, 2019;

b) true balance of profit in case of Profit and Loss Account for the year ended on that date; and

c) true and fair view in case of Cash Flow Statement for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (ICAI). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements’ section of our report. We are independent of the Bank in accordance with the code of ethics issued by the Institute of Chartered Accountants of India together with ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the code of ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matters

How our matter was addressed in the audit

Advances - classification and provisioning

Our Audit Procedure:

(Refer Schedule 9 to the financial statements, read with the Accounting Policy No. 17.5)

The advances are classified as performing and nonperforming advances (NPA) and provisioning thereon is made in accordance with the prudential norms as prescribed by the Reserve Bank of India (RBI). The classification and provisioning is done by the Bank’s IT software integrated with its Core Banking Solution (CBS). The extent of provisioning of NPA under the prudential norms are mainly based on its ageing and recoverability of the underlined security.

In the event of any improper application of the prudential norms or consideration of the incorrect value of the security, as the valuation of the security involves high degree of estimation and judgement, the carrying value of the advances could be materially misstated either individually or collectively, and in view of the significance of the amount of advances in the financial statements i.e. 58.58% of total assets, the classification of the advances and provisioning thereon has been considered as Key Audit Matter in our audit.

We obtained an understanding of the Bank’s software, circulars, guidelines and directives of the RBI and the Bank’s internal instructions and procedures in respect of the assets classification and its provisioning and adopted the following audit procedures:

- Evaluation and testing of the effectiveness of the IT Software controls and other key internal control mechanisms with respect to the advances monitoring, identification / classification, assessment of the loan impairment including testing of relevant data quality, and review of the real data entered / existing in the software.

- Verification / review of the documentations, operations / performance and monitoring of the advance accounts, on test check basis of the large and stressed advances, to ascertain any overdue, unsatisfactory conduct or weakness in any advance account, to ensure that its classification is in accordance with the prudential norms of RBI, in respect of the branches / verticals audited by us. In respect of the branches audited by the branch statutory auditors, we have placed reliance on their reports.

- Review of the reports of the credit audit, inspection audit, internal audit, concurrent audit, regulatory audit and any other audit / inspection mechanisms to ascertain the advances having any adverse indication / comments, and review of the control mechanisms of the bank to ensure the proper classification of such advances and provisioning thereof.

Our Results:

The results of our audit process were observed to be adequate and satisfactory considering the materiality of the transactions.

Investments - valuation, and identification and

Our Audit Procedure:

provisioning for Non-Performing Investments

(Refer Schedule 8 to the financial statements, read with

the Accounting Policy No. 4)

Investment portfolio of the bank comprises of Investments in Government Securities, Bonds, Debentures, Shares, Security Receipts and other Approved Securities which are classified under three categories, Held to Maturity, Available for Sale and Held for Trade.

Valuation of Investments, identification of Non-performing Investments (NPI) and the corresponding nonrecognition of income and provision thereon, is carried out in accordance with the relevant circulars / guidelines / directions of RBI. The valuation of each category (type) of aforesaid security is to be carried out as per the methodology prescribed in circulars and directives issued by the RBI which involves collection of data/ information from various sources such as FBIL rates, rates quoted on BSE/ NSE, financial statements of unlisted companies, NAV in case of security receipts etc. As per the RBI directions, there are certain investments that are valued at market price however certain investments are based on the valuation methodologies that include statistical models with inherent assumptions, assessment of price for valuation based on financial statements etc. Hence, the price discovered for the valuation of these Investments may not be the true representative but only a fair assessment of the Investments as on date. Hence the valuation of Investments requires special attention and further in view of the significance of the amount of Investments in the financial statements i.e. 29.15% of total assets), the same has been considered as Key Audit Matter in our audit.

Our audit approach towards Investments with reference to the RBI circulars / directives included the review and testing of the design, operating effectiveness of internal controls and substantive audit procedures in relation to valuation, classification, identification of Non Performing Investments, provisioning / depreciation related to Investments. In particular,

- We evaluated and understood the system and internal control as laid down by the Bank to comply with relevant RBI guidelines regarding valuation, classification, identification of Non Performing Investments, Provisioning/ depreciation related to Investments.

- We assessed and evaluated the process adopted for collection of information from various sources for determining fair value of these investments.

- For selected sample of investments (covering all categories of investments based on nature of security) we tested accuracy and compliance with the RBI Master circulars and directions by re-performing valuation for each category of security in accordance with the RBI Master Circular/ directions.

- We assessed and evaluated the process of identification of NPIs, and corresponding reversal of income and creation of provision.

- We carried out substantive audit procedures to re-compute independently the provision to be created.

Our Results:

The results of our audit process were observed to be adequate and satisfactory considering the materiality of the transactions.

Information Other than the Financial Statements and Auditor’s Report thereon

5. The Bank’s Board of Directors is responsible for the other information. The other information comprises the Corporate Governance Report (but does not include the financial statements and our auditor’s report thereon), which we obtained prior to the date of this auditor’s report, and Directors’ Report, including annexures, if any, thereon, which is expected to be made available to us after that date.

Our opinion on the financial statements does not cover the other information and Pillar 3 disclosure under Basel III and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

When we read the Directors’ Report, including annexures, if any, thereon, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of the Management and Those Charged with Governance for the Financial Statements

6. The Bank’s Board of Directors is responsible with respect to 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 accounting principles generally accepted in India, including the Accounting Standards issued by ICAI, and provisions of Section 29 of the Banking Regulation Act, 1949 and circulars and guidelines issued by the Reserve Bank of India (‘RBI’) from time to time. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Bank’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

7. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

- Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the bank to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

8. We did not audit the financial statements/ information of 1388 branches included in the financial statements of the Bank whose financial statements/ information reflect total assets of Rs. 75543 crores as at 31st March, 2019 and total revenue of Rs. 6241 crores for the year ended on that date, as considered in these financial statements. The financial statements/ information of these branches have been audited by the branch auditors whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the report of such branch auditors.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

9. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949;

10. Subject to the limitations of the audit indicated in paragraphs 5 to 7 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, 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 purposes 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; and

c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

11. We further report that:

a) in our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

b) the Balance Sheet, the Profit and Loss Account and the Cash Flows Statement dealt with by this report are in agreement with the books of account and with the returns received from the branches not visited by us;

c) the reports on the accounts of the branch offices audited by branch auditors of the Bank under section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report; and

d) In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flows Statement comply with the applicable accounting standards, to the extent they are not inconsistent with the accounting policies prescribed by RBI.

For B. C. Jain & Co. For S. N. Dhawan & Co. LLP

Chartered Accountants Chartered Accountants

FRN:001099C FRN: 000050N/N500045

(Pooja Jain) (S. K. Khattar)

Partner Partner

M. No. 406783 M. No. 084993

For S. P. Chopra & Co. For Batra Deepak & Associates

Chartered Accountants Chartered Accountants

FRN: 000346N FRN: 005408C

(Pawan K. Gupta) (Kapil Kumar Bhagirath)

Partner Partner

M. No. 092529 M. No. 095639

Place: Gurugram

Dated: May 13, 2019


Mar 31, 2018

Report on Financial Statements

1. We have audited the accompanying financial statements of Oriental Bank of Commerce (“the Bank”) as at 31st March, 2018, which comprise the Balance Sheet as at 31st March, 2018, the Profit & Loss account and the 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 20 branches audited by us and 1334 branches 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 1035 branches which have not been subjected to audit. These unaudited branches account for 6.91% of advances, 21.36% of deposits, 4.48% of interest income and 18.69% of interest expenses.

Management’s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act, 1949, accounting principles generally accepted in India alongwith recognition and measurement principles laid down in the Accounting Standards specified by the Institute of Chartered Accountants of India so far as they are applicable to the Bank and guidelines and circulars issued by Reserve Bank of India from time to time. This responsibility includes design, implementation and maintenance of internal control relevant to the preparation 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 misstatements.

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 judgement, 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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. 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:-

(a) 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, 2018, in conformity with accounting principles generally accepted in India;

(b) the Profit and Loss Account, read with the notes thereon shows a true balance of loss, in conformity with accounting principles generally accepted in India, for the year covered by the account; and

(c) 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

7. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949.

8. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, 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 purposes 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; and

(c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

9. We further report that:

(a) the Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account and returns;

(b) the reports on the accounts of the branch offices audited by branch auditors of the Bank under Section 29 of the Banking Regulation Act,1949 have been sent to us and have been properly dealt with by us in preparing this report; and

(c) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards.

For V K Dhingra & Co. For Sudit K. Parekh & Co.

Chartered Accountants Chartered Accountants

FRN 000250N FRN 110512W

(V.K Dhingra) (Nemish Kapadia)

Partner Partner

M.No. 014467 M.No.111929

For V.K. Ladha & Associates For B. C. JAIN & CO.

Chartered Accountants Chartered Accountants

FRN 002301C FRN 001099C

(S.C. Nerkar) (Ranjeet Singh)

Partner Partner

M. No.:076585 M. No. 073488

Place : Gurugram

Date : 12th May, 2018


Mar 31, 2017

INDEPENDENT AUDITOR’S REPORT

To

The Members of Oriental Bank of Commerce

Report on Financial Statements

1. We have audited the accompanying financial statements of Oriental Bank of Commerce (“the Bank”) as at 31st March, 2017, which comprise the Balance Sheet as at 31st March, 2017, the Profit & Loss account and the 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 20 branches audited by us and 1306 branches 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 Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 1050 branches which have not been subjected to audit. These unaudited branches account for 6.27% of advances, 23.15% of deposits, 4.87% of interest income and 21.92% of interest expenses.

Management’s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act, 1949, accounting principles generally accepted in India along with recognition and measurement principles laid down in the Accounting Standards specified by the Institute of Chartered Accountants of India so far as they are applicable to the Bank and guidelines and circulars issued by Reserve Bank of India from time to time. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation 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 misstatements.

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

Opinion

6. 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:- -

(a) 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, 2017, in conformity with accounting principles generally accepted in India;

(b) the Profit and Loss Account, read with the notes thereon shows a true balance of loss, in conformity with accounting principles generally accepted in India, for the year covered by the account; and

(c) 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

7. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949.

8. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, 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 purposes 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; and

(c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

9. We further report that:

(a) the Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account and returns;

(b) the reports on the accounts of the branch offices audited by branch auditors of the Bank under Section 29 of the Banking Regulation Act,1949 have been sent to us and have been properly dealt with by us in preparing this report;

(c) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For A Bafna & Co For Lunawat & Co For V K Dhingra & Co . For Sudit K. Parekh & Co.

For V.K. Ladha & Associates

Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants

Chartered Accountants

FRN 003660C FRN 000629N FRN 000250N FRN 110512W FRN 002301C

(Mukesh Kumar Gupta) (Ramesh K. Bhatia) (Lalit Ahuja) (Nemish Kapadia)

(V.K. Ladha)

Partner Partner Partner Partner Partner

M.No.073515 M.No. 080160 M.No. 085842 M.No.111929

M.No.071501

Place : Gurugram

Dated :12th May, 2017


Mar 31, 2015

1. We have audited the accompanying financial statements of the Oriental Bank of Commerce as at 31st March, 2015, which comprise the Balance Sheet as at 31st March, 2015, the Profit and Loss account and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information thereon. Incorporated in these fnancial statements are the returns of 20 branches audited by us and 1176 branches audited by 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 1055 branches which have not been subjected to audit. These unaudited branches account for 6.21% of advances, 18.34% of deposits, 4.00% of interest income and 16.74% of interest expenses.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these fnancial statements in accordance with the Banking Regulation Act, 1949, accounting principles generally accepted in India alongwith recognition and measurement principles laid down in the Accounting Standards specified by the Institute of Chartered Accountants of India so far as they are applicable to the Bank and guidelines and circulars issued by Reserve Bank of India from time to time. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the fnancial statements that are free from material misstatement, whether due to fraud or error.

Auditors'' 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 fnancial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fnancial statements. The procedures selected depend on the auditors'' judgement, including the assessment of the risks of material misstatement of the fnancial 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. We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion, as shown by books of bank, and to the best of our information and according to the explanations given to us -

(I) 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, 2015, in conformity with accounting principles generally accepted in India;

(II) 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

(III) the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Emphasis of Matters

7. We draw attention to:- 1) Note No. 15 (d) of Schedule – 18 wherein the plan assets of the pension fund and gratuity fund include an amount of Rs.58.00 Crores and Rs.59.20 Crores respectively invested by the trust in the Bank''s own Bonds which is not in accordance with Accounting Standard – 15 "Employee''s benefits" issued by the Institute of Chartered Accountants of India.

2) Note No. 16 of Schedule 18 regarding deferment of provision of Rs.73.39 Crores pursuant to the RBI circular no. RBI/2014-15/535 DBR.No.BP. BC.83/21.04.048/2014-15 dated 01.04.2015.

Our opinion is not modifed in respect of above matters.

Report on Other Legal and Regulatory Requirements

8. 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.

9. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, and subject also to the limitations of disclosure required therein, we report that: -

(I) 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.

(II) The transactions of the Bank, which have come to our notice have been within the powers of the Bank.

(III) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

10 In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For A Bafna & Co For Lunawat & Co Chartered Accountants Chartered Accountants FRN 003660C FRN 000629N

(Anil Bafna) (Ramesh K. Bhatia) Partner Partner M.No.071288 M.No.080160


Mar 31, 2014

1. We have audited the accompanying financial statements of the Oriental Bank of Commerce as at 31st March, 2014, which comprise the Balance Sheet as at 31st March, 2014, the Profit & Loss account and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us and 1100 branches audited by 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 1007 branches which have not been subjected to audit. These unaudited branches account for 4.97% of advances, 15.69% of deposits, 3.24% of interest income and 14.11% of interest expenses.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act, 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditors'' 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 auditors'' 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 entity''s internal control. 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Basis for Qualified opinion:

6. We draw attention to note no. 15 (d) of Schedule – 18 wherein the plan assets of the pension fund and gratuity fund includes an amount of Rs.117.51 crore and Rs.59.20 crore respectively invested by the trust in the Bank''s own Bonds / Deposits which is not in accordance with Accounting Standard – 15 "Employee''s Benefits" issued by the Institute of Chartered Accountant of India.

Opinion

7. Except for the matter described in the basis for qualified opinion paragraph 6, in our opinion, as shown by books of bank, and to the best of our information and according to the explanations given to us -

(i) 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, 2014, in conformity with accounting principles generally accepted in India;

(ii) 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

(iii) the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Emphasis of Matter

8. We draw attention to- (i) Note no. 15(e) of schedule 18 regarding deferment of pension liability to the extent of Rs.170.90 Crores (previous year Rs.341.80 Crores) pursuant to exemption granted by the Reserve Bank of India to the public sector banks from application of the provisions of Accounting Standards (AS) 15, "Employee Benefits" vide its circular no. DBOD. BP.BC/80/21.04.018/2010-11 dated 09.02.2011 on Re-opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits – Prudential Regulatory Treatment.

(ii) Note No.15(l) of Schedule 18 regarding funds of M/s JNPT and pending investigation of matter by Central Bureau of Investigation. Due to uncertainty relating to future outcome of the investigation, we are unable to comment on claim on bank which may arise on finalization of investigation.

Our opinion is not qualified in respect of above matters.

Report on Other Legal and Regulatory Requirements

9. 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.

10. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, and subject also to the limitations of disclosure required therein, we report that: -

(i) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of audit and have found them to be satisfactory.

(ii) The transactions of the Bank, which have come to our notice have been within the powers of the Bank.

(iii) The returns received from the offices and branches of the Bank 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 JAIN KAPILA For P.L. TANDON & CO. For SHAH & TAPARIA

ASSOCIATES Chartered Accountants Chartered Accountants Chartered Accountants FRN 000186-C FRN 109463-w FRN 008186-N

(D.K. Kapila) (Rajendra Kumar Gupta) (Nand Lal Shah)

Partner Partner Partner

M.No.016905 M.No.073250 M.No.006936

For BANSAL R. KUMAR For R.S. SIPAYYA & Co.

& ASSOCIATES Chartered Accountants

FRN 000321-N

Chartered Accountants

(R.K. Gupta)

Partner

M.No.086851

R.S. Sipayya)

Partner

M.No.017762

Place : Gurgaon

Dated : 30th April, 2014


Mar 31, 2013

1. We have audited the accompanying financial statements of the Oriental Bank of Commerce as at 31st March, 2013, which comprise the Balance Sheet as at 31st March, 2013 and Profit and Loss account and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us and 976 branches audited by 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 Statement of Profit and Loss are the returns from 1004 branches which have not been subjected to audit. These unaudited branches account for 6.57% of advances, 20.72% of deposits, 4.43% of interest income and 19.22% of interest expenses.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act, 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement whether due to fraud or error.

Auditors'' 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 auditors'' judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those assessments, the auditor considers interal 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 evaluting the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Basis for Qualified Opinion

6. We draw attention to note no. 15(d) of Schedule - 18 wherein the plan assets of the pension and gratuity fund includes an amount of Rs. 251.48 crore and Rs. 64.20 crore respectively invested by the trust in the Bank''s own Bonds / Deposits which is not in accordance with Accounting Standard - 15* Employee''s Benefits* issued by the Institute of Chartered Accountant of India.

Emphasis of Matter

7. Without qualifying our opinion, we draw attention to :-

(i) Note no. 15(d) of schedule 18 regarding deferment of pension liability to the extent of Rs. 341.80 crores (previous year Rs. 512.70 Crores) pursuant to exemption granted by the Reserve Bank of India to the public sector banks from application of the provisions of Accounting Standards (AS) 15, "Employee Benefits" vide its circular no. DBOD. BP.BC/80/21.04.018/2010-11 dated 09.02.2011 on Re-opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits - Prudential Regulatory Treatment.

Opinion

8. In our opinion, as shown by books of bank, and to the best of our information and according to the explanations given to us

(i) the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars is property drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March, 2013, in conformity with accounting principles generally accepted in India;

(ii) 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

(iii) the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on the 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" and "B" respectively of the Third Schedule to the Banking Regulation Act, 1949.

10. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980, and subject also to the limitations of disclosure require therein, we report that:-

(i) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purpose of audit and have found them to be satisfactory.

(ii) The transactions of the Bank, which have come to our notice have been within the powers of the Bank.

(iii) The returns received from the offices and branches of the Bank have been found adequate for the purpose 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 Agiwal & Associates For B. Purushottam & Co.

Chartered Accountants Chartered Accountants

FRN 000181-N FRN 002808-S

(P.C. AGIWAL) (B.S. PURSHOTHAM)

Partner Partner

M.No. 080475 M.No. 026785

For Jain Kapila Associates For P.L. Tandon & Co.

Chartered Accountants Chartered Accountants

FRN 000287-N FRN 00186-C

(D.K. KAPILA) (ANIL K. AGRAWAL)

Partner Partner

M.No. 016905 M.No. 071548

For Shah & Taparia For Bansal R. Kumar & Associates

Chartered Accountants Chartered Accountants

FRN 109463-W FRN 008186-N

(NAND LAL SHAH) (R. K. GUPTA)

Partner Partner

M.No. 006936 M.No. 086851


Mar 31, 2012

1. We have audited the accompanying financial statements of the Oriental Bank of Commerce as at 31st March, 2012, which comprise the Balance Sheet as at 31st March, 2012 and the Profit and Loss account and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us and 1365 branches audited by 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 Statement of Profit and Loss are the returns from 387 branches which have not been subjected to audit. These unaudited branches account for 1.23% of advances, 5.93% of deposits, 0.60% of interest income and 4.70% of interest expenses.

Management's Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act, 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' 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 auditors' judgement, 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Basis for Qualified Opinion

6. We draw attention to note no. 15 of Schedule - 18 wherein the plan assets of the pension and gratuity fund includes an amount of Rs.591.24 crore and Rs. 126.63 crore respectively invested by the trust in the Bank's own Bonds/Deposits which is not in accordance with Accounting Standard-15 "Employee's Benefits" issued by the Institute of Chartered Accountants of India.

Opinion

7. In our opinion, as shown by books of bank, and to the best of our information and according to the explanations given to us except for the effects of the matter described in the Basis for Qualified Opinion paragraph: -

(i) 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, 2012, in conformity with accounting principles generally accepted in India;

(ii) 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

(iii) the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Emphasis of Matter

8. Without qualifying our opinion, we draw attention to: -

(i) Note no.15(d) of schedule 18 regarding deferment of pension liability to the extent of Rs.512.70 Crores pursuant to exemption granted by the Reserve Bank of India to the public sector banks from application of the provisions of Accounting Standard (AS) 15, "Employee Benefits" vide its circular no. DBOD. BP.Bc/80/ 21.04.018/2010-11 on Re-opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits - Prudential Regulatory Treatment.

(ii) Note no.4 of Schedule 18 regarding obtaining of permission from regulatory authority for proposed dividend for the financial year 2011-12.

Report on Other Legal and Regulatory Requirements

9. 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.

10. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, and subject also to the limitations of disclosure required therein, we report that: -

(i) we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of audit and have found them to be satisfactory.

(ii) the transactions of the Bank, which have come to our notice, have been within the powers of the Bank.

(iii) the returns received from the offices and branches of the Bank have been generally found adequate for the purposes of our audit and where the particulars in the returns received were incomplete/inadequate, we have relied upon the information and explanations furnished by the Management.

11. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards, subject to our comments in paragraph 6 above.

For S.P. MARWAHA & CO. For MANIAN & RAO

Chartered Accountants Chartered Accountants

(Firm Registration Firm Registration

No.: 000229-N No.: 001983-S

(ASHUTOSH SAXENA) (RAVINDRA.C)

Partner Partner

M.No. 086358 M.No. 213658

For TEJ RAJ & PAL For AGIWAL & ASSOCIATES

Chartered Accountants Chartered Accountants

Firm Registration No.: 304124-E Firm Registration No.: 000181-N

(B. VIJAY) (P.C. AGIWAL)

Partner Partner

M.No.214678 M.No.080475

For B. PURUSHOTTAM & CO. For JAIN KAPILA ASSOCIATES.

Chartered Accountants Chartered Accountants

Firm Registration No.: 002808-S Firm Registration No.: 000287-N

(T. RAVEE) (D.K. KAPILA)

Partner Partner

M.No. 028243 M.No. 016905


Mar 31, 2011

1. We have audited the accompanying financial statements of the Oriental Bank of Commerce as at 31st March, 2011, which comprise the Balance Sheet as at 31st March, 2011 and the Profit and Loss account and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us and 1355 branches audited by 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 Statement of Profit and Loss are the returns from 245 branches which have not been subjected to audit. These unaudited branches account for2.83% of advances, 3.24% of deposits, 2.14% of interest income and 2.61% of interest expenses.

Managements Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act, 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditors 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 auditorsjudgement, 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 banks 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Basis for Qualified Opinion

6. We draw attention to note no. 6 of Schedule -18 wherein the impact, if any, on account of balancing of books, confirmation/reconciliation and clearance of outstanding entries in certain accounts is not accounted for as the same is not ascertainable.

Opinion

7. In our opinion, as shown by books of bank, and to the best of our information and according to the explanations given to us except for the effects of the matter described in the Basis for Qualified Opinion paragraph: -

(i) 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, 2011, in conformity with accounting principles generally accepted in India;

(ii) 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

(iii) the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date. Emphasis of Matter

8. Without qualifying our opinion, we draw attention to: -

(i) Note no. 17(c) of schedule 18 regarding deferment of pension liability to the extent of Rs.683.60 Crores pursuant to exemption granted by the Reserve Bank of India to the public sector banks from application of the provisions of Accounting Standard (AS) 15, "Employee Benefits" vide its circular no. DBOD.BP.BC /80/21.04.018/2010-11 on Re-opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits - Prudential Regulatory Treatment.

(ii) Noteno.11 ofschedule 18 regarding the claim lodged by the bank with Government of India under Agricultural Debt Waiver and Debt Relief Scheme 2008.

(iii) Note no. 19 of schedule 18 regarding inclusion of not readily realisable advances and not readily realisable assets pertaining to erstwhile global trust bank as part of assets of the bank, which was otherwise required to be taken on collection basis as per the scheme of amalgamation.

(iv) Note no.4 of Schedule 18 regarding obtaining of permission from regulatory authority for proposed dividend for the financial year 2010-11. Report on Other Legal and Regulatory Requirements

9. 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.

10. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies

(Acquisition and Transfer of Undertakings) Act, 1980, and subject also to the limitations of disclosure required therein, we report that:-

(i) we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of audit and have found them to be satisfactory.

(ii) the transactions of the Bank, which have come to our notice, have been within the powers of the Bank.

(iii) the returns received from the offices and branches of the Bank have been generally found adequate for the purposes of our audit and where the particulars in the returns received were incomplete/inadequate, we have relied upon the information and explanations furnished by the Management.

11. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For V KRISHNAN & CO., For S.P.MARWAHA & CO.,

Chartered Accountants Chartered Accountants

Firm Reg. No.: 001541-S Firm Reg. No.: 000229-N

(K.ULGANAATHAN SHANKAR) (M.L. JOTWANI)

Partner Partner

M No.208480 M. No.009604

For MANIAN & RAO For TEJ RAJ & PAL

Chartered Accountants Chartered Accountants

Firm Reg. No.: 001983-S Firm Reg. No.: 304124-E

(PARESH DAGA) (P. VENUGOPALA RAO)

Partner Partner

M.No. 211468 M.No. 010905 For AGIWAL& ASSOCIATES For B. PURUSHOTTAM & CO.

Chartered Accountants Chartered Accountants

FirmReg.No.:000181-N FirmReg.No.:002808-S

(P.C.AGIWAL) (B.S. PURSHOTHAM)

Partner Partner

M.No. 080475 M.No. 026785


Mar 31, 2010

1. We have audited the attached Balance Sheet of Oriental Bank of Commerce as at March 31, 2010, and also the Profit and Loss account and the Cash Flow statement annexed thereto for the year ended on that date in which are incorporated the returns of 20 branches audited by us, 1259 branches audited by 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 & Loss Account are the returns from 229 branches and a representative office at Dubai which have not been subjected to audit. These unaudited branches account for 0.56 per cent of advances, 3.36 per cent of deposits, 0.25 per cent of interest income and 3.43 per cent of interest expense. 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 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 misstatement(s). 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, 1949.

4. Without qualifying our opinion attention is invited to:

a) Note no. 11 of schedule 18 regarding the claim lodged by the bank with Government of India under Agricultural Debt Waiver and Debt Relief Scheme 2008.

b) Note no. 17 of schedule 18 regarding adhoc provision of Rs. 304.00 crore made on account of wage revision.

c) Note no. 21 of schedule 18 regarding inclusion of not readily realisable advances and not readily realisable assets pertaining to erstwhile global trust bank as part of the assets of the bank, which was otherwise required to be taken on collection basis as per the scheme of amalgamation.

5. The impact, if any, on account of balancing of books, confirmation/reconciliation and clearance of outstanding entries in certain accounts is not accounted for as the same is not ascertainable (refer note no.6 of schedule 18).

6. Subject to the limitations of the audit indicated in paragraph 1 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, and subject also to the limitations of disclosure required therein and further subject to our observations in paragraph 5 above, we report that:

i) 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.

ii) The transactions of the bank, which have come to our notice have been within the powers of the bank.

iii) The returns received from the offices and branches of the bank have generally been found adequate for the purposes of our audit and where the particulars in the returns received were incomplete/ inadequate, we have relied upon the information and explanations furnished by the management.

iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards.

v) 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:

a) The Balance Sheet, read with Significant Accounting Policies and Notes to Accounts 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 the state of affairs of the bank as at 31st March, 2010 in conformity with the accounting principles generally accepted in India;

b) The Profit and Loss account, read with Significant Accounting Policies and Notes to Accounts shows a true balance of the Profit, in conformity with accounting principles generally accepted in India, for the year ended 31st March, 2010; and

c) The Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

For P.B. VIJAYARAGHAVAN & CO For FARUQUI & COMPANY

Firm Reg.No : 004721-S Firm Reg.No : 002504-N

Chartered Accountants Chartered Accountants

(P.B.SANTHANAKRISHNAN) (RAJESH AGGARWAL)

Partner (M.No. 020309) Partner (M.No. 085697)

For V. KRISHNAN & CO For S.P. MARWAHA & CO

Firm Reg.No : 001541-S Firm Reg.No : 000229-N

Chartered Accountants Chartered Accountants

(M. GOPINATH) (M.L. JOTWANI)

Partner (M No. 023819) Partner (M.No. 009604)

For MANIAN & RAO For TEJ RAJ & PAL

Firm Reg.No : 001983-S Firm Reg.No : 304124-E

Chartered Accountants Chartered Accountants

(R. SRIKANTH) (B. GANGARAJU)

Partner (M.No. 203138) Partner (M.No. 007605)

Place : New Delhi Date : April 29, 2010.

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