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TO THE MEMBERS
1. We have audited the annexed Balance Sheet, of THE RATNAKAR BANK LTD. as at March 31, 2012 and the Profit & Loss Account for the year ended on that date and the Cash Flow Statement annexed thereto for the year ended on that date in which are incorporated the returns of 25 branches (including treasury and service branch) audited by us and 77 branches audited by the other auditors. The Balance Sheet and Profit & Loss Account have been drawn up in accordance with the provision of Section 29 of the Banking Regulation Act, 1949 read with Section 211 of the Companies Act, 1956. The financial statements are the responsibility of the Bank's Management. Our responsibility is to express an opinion on the financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statement. An audit also includes assessing the accounting principles used and significant estimate made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
3. We report that,
a) We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purpose of our audit and have found them to be satisfactory.
b) The transactions of the Bank, which have come to our notice, have been carried out within the powers of the Bank.
c) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement, dealt with by this report are in compliance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956, in so far as they apply to the Bank.
d) In our opinion, proper books of accounts as required by law, have been kept by the Bank so far as appears from our examination of those books. The returns received from the branches of the Bank have been found adequate for the purpose of audit.
e) The Bank's Balance Sheet, Profit & Loss account dealt with by this report are in agreement with the books of accounts and the returns.
f) On the basis of written representations received from the Directors, as on 31 March, 2012, and taken on record by the Board of Directors, we report that none of the Directors of the Bank is disqualified as on 31 March, 2012 from being appointed as a Director of the Company in terms of clause (g) of Sub section (1) of Section 274 of the Companies Act, 1956.
g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required for Banking companies and give a true and fair view in conformity with the accounting principles generally accepted in India:
i) In the case of Balance Sheet of the state of affairs of the Bank as at March 31, 2012;
ii) In the case of Profit & Loss Account of the profit for the year ended on that date; and
iii) In case of Cash Flow Statement, of the cash flow for the year ended on that date.
For M/s. P.G. BHAGWAT
Firm Regn. No. 101118W
Nikhil M. Shevade
M. No. 217379
Date: June 20, 2012