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1. We have audited the attached Balance Sheet of Dena

Bank as at 31st March, 2008 and the Profit and Loss Account

annexed thereto for the year ended on that date, in which are

incorporated the returns of 20 branches and 20 Regional

Offices audited by us, 740 branches audited by other auditors

and 301 branches which were not subject to audit. 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. The

unaudited branches account for 2.45% of advances, 12.51%

of deposits, 1.84% of interest income and 11.44% of interest

expenses. We have also audited the cash flow statement

annexed to the balance sheet for the year ended on that date.

These financial statements are the responsibility of the bank’s

management. Our responsibility is to express our opinion on

these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing

standards generally accepted in India. These standardsrequire that we plan and perform the audit to obtain

reasonable assurance as to whether the financial statements

are free of material mis-statements. An audit includes

examining on a test basis, evidence supporting the amounts

and disclosure 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 statements 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. Subject to the limitations of the audit indicated inparagraphs 1 & 2 above, and as required by the Banking

Companies (Acquisition and Transfer of Undertakings) Act,

1970/1980 and subject to the limitation of disclosures required

therein, we report that:

(i) As referred to in Note No. 18.1 of Schedule 18 of Notes

to Accounts: -

(a) Initial matching of entries in Inter-Branch Accounts

has been done up to 28th February, 2008 and the

process of reconciliation is in progress,

(b) Balancing of subsidiary ledgers/registers and

reconciliation with general ledgers is in progress at

some branches,

(c) There are outstanding entries in the accounts of

demand drafts payable, drafts paid ex-advice,

suspense accounts, dividend/interest warrants,

refund orders paid, clearing adjustments,

reconciliation between the service branches and

participating branches in respect of clearing,

balances with Reserve Bank of India and other

banks which are in the process of reconciliation/ 

balancing/adjustments.

Yeejle kesÀ je<ì^ Heefle keÀer mes Jee ceW uesKee Hejer#ekeÀeW keÀer efjHeesì& REPORT OF THE AUDITORS TO THE PRESIDENT OF INDIA

1.  nceves osvee yeQ  keÀ kesÀ 31 cee®e&, 2008  kes À mebueive leg  ueve-He$e leLee Gmekes À meeLe  mebueive Gmeer leejerKe keÀes meceeHle DeJeefOe kes  À ueeYe-neef     ve ues KeeW keÀe ues Kee-Hejer#eCe  ef   keÀ³ee nw, ef   pemeceW nceejs Üeje ues Kee Hejer ef#ele 20 MeeKeeSb leLee 20 #es $eer ³e keÀe³ee& ue³eeW

  keÀer efJeJejefCe³eeb Yeer Meeefceue nQ, Dev³e uesKee Hejer#ekeÀeW Üeje uesKee Hejeref#ele 740

 MeeKeeSb Deew j  301 MeeKeeSb ef    pevekeÀer uesKee Hejer#ee veneR  ngF& nw. nceejs Üeje leLee Dev³e ues  Kee Hejer#ekeÀeW Üeje uesKee-Hejer ef  #ele MeeKeeDeeW keÀe ®e³eve Yeejleer³e efj]  peJe& yeQ  keÀ Üeje yeQkeÀ keÀes ef   oS ieS ef   oMee efveoxMeeW kesÀ Deveg  meej efkeÀ³ee ie³ee nw. Fve iewj ues Kee   Hejeref#ele MeeKeeDeeW kesÀ Deefûece kegÀue DeefûeceeW kesÀ, 2.45%, peceejeefMe³eeb kegÀue   peceejeefMe³eeW kesÀ, 12.51%, y³eepeiele Dee³e kegÀue y³eepeiele Dee³e kesÀ, 1.84%

Deew j y³eepeiele J³e³e kegÀue y³eepeiele J³e³e kesÀ, 11.44% nes les nQ . nceves leg  ueve He$e  kes À meeLe Gmeer leejerKe keÀes meceeHle Je<e& kes À efueS vekeÀoer ÒeJeen ef   JeJejCe keÀer Yeer ues Kee   Hejer#ee keÀer nw. Fve efJeÊeer³e efJeJejCeeW kesÀ efueS yeQkeÀ ÒeyebOeve efpecces  oej nw. nceeje  oeef    ³elJe DeHeveer ues Kee Hejer#ee kesÀ DeeOeej Hej Fve ef     JeÊeer³e ef     JeJejCeeW Hej DeHevee cele  J³ekeÌ   le keÀjvee nw.

2.  nceves DeHeveer uesKeeHejer#ee Yeejle ceW meeceev³ele³ee mJeerke= Àle ues KeeHejer#ee ceeveob [eW

 kes À Deveg  meej keÀer nw. Fve ceeveob [eW keÀer DeHes#ee nw efkeÀ nce ues KeeHejer#ee keÀer ³eespevee SJeb GmekeÀe keÀe³ee& vJe³eve Fme ÒekeÀej keÀjW ef   keÀ Gmes Ss mee ³eg  efkeÌle³eg  keÌ  le DeeMJeemeve ÒeeHle nes ef    keÀ ³es efJeÊeer  ³e ef     JeJejCe ef    keÀmeer meej³egkeÌ   le met   ®evee mes jef    nle vener nQ . ues  KeeHejer#ee ceW  vecetvee DeeOeej Hej OevejeefMe³eeW Deewj efJeÊeer  ³e ef     JeJejCeeW kes  À ÒekeÀìve kes  À meceLe&ve ceW mee#³eeW keÀe Hejer#eCe Meeefceue nes  lee nw. ues  KeeHejer#ee ceW Òe³egkeÌle uesKeeb  keÀve efme×ebleeWDeew j ÒeyebOeve Üeje efkeÀS ie³es cenlJeHetCe& Deveg  ceeveeW kesÀ DeekeÀueve kes À meeLe-meeLe meceûe  ©He mes efJeÊeer³e efJeJejCeeW kesÀ Òemlegleve keÀe cetu³eebkeÀve Yeer Meeefceue neslee nw. nceW ef   JeMJeeme nw ef   keÀ nceejer uesKeeHejer#ee nceejs Fme cele keÀe ³egef   keÌ  le ³eg  keÌle DeeOeej GHeueyOe   keÀjeleer nw.

3.   legueve-He$e Deew  j ueeYe Je neefve ues  Kee yeQef     kebÀie efJeef     ve³eceve DeefOeefve³ece, 1949

  keÀer leermejer Devegmet®eer kesÀ ¬eÀceMeë HeÀe@ce& ``keÀ'' Deewj ``Ke'' ceW lew³eej efkeÀS  ieS nQ.

4.   THej Hewje 1 Deew j  2  ceW ef   veefo&  <ì ues KeeHejer#ee keÀer meer  ceeDeeW kes  À DeOeer  ve Deew j  yeQefkebÀie kebÀHeveer (GHe¬eÀceeW keÀe Depe&ve Deewj DeblejCe) DeefOeefve³ece, 1970/1980

  Üeje DeHesef   #ele Deew  j GmeceW ³eLee ÒekeÀìve keÀer meer ceeDeeW keÀer DeHes#ee kesÀ DeOeer  ve nce  ef   jHeesì& keÀjles nQ  ef   keÀë

(i)  ues Kee keÀer ef   ìHHeef   Ce³eeW keÀer Devegmet®eer 18 keÀer ef   ìHHeCeer mebK³ee 18.1 ceW ef   keÀS ieS   GuuesKe kes  À Deveg  meejë

  keÀ) Devlej MeeKee uesKeeW keÀer Òeef    Jeef    <ì³eeW keÀe Òeejbef   YekeÀ ef    ceueeve 28 HeÀjJejer2008 lekeÀ keÀj ef     ue³ee ie³ee nw Deew  j GvekesÀ mecee³eespeve keÀer Òeef¬eÀ³ee   peejer nw.

 Ke) Deveg<ebieer yeefn³eeW/jefpemìjeW kesÀ meb  legueve leLee GvekesÀ ÒeOeeve yener mes  meceeOeeve keÀe keÀe³e& kegÀís  keÀ MeeKeeDeeW ceW peejer nw.

 ie) Yegieleeve ke sÀ e f   ueS os³e ceeb ie [^ eHeÌ  ìeW, ef   yevee met  ®evee Deoe ef   keÀS ieS [^ eHeÌ  ìeW, G®eble KeeleeW, ueeYeebMe y³eepe Jeejb ìeW, Deoe efkeÀ³es ieS JeeHemeer DeeosMeeW,  meceeMeesOeve, mecee³eespeve mesJee MeeKee SJeb meceeMeesOeve ceW Yeeie uesves Jeeueer MeeKeeDeeW kesÀ yeer®e meceeOeeve leLee Yeejleer³e efj]  peJe& yeQkeÀ leLee Dev³e yeQ  keÀeW keÀer peceejeefMe³eeW kesÀ KeeleeW ceW yekeÀe³ee ÒeefJeef<ì³eeb nQ, ef   pevekeÀe  meceeOeeve/mecee³eespeve keÀe³e& peejer nw.

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Impact of the above, as also on the other disclosures / 

ratios is not ascertained.

(ii) Certain income/expenditure have been accounted for on

cash basis instead of accrual basis as mentioned in Para

17.6(a), 17.6(b) and 17.6(c) of Schedule 17 to the

Accounts, the same being not in accordance with the

Accounting Standard-9 ‘Revenue Recognition’ issued by

The Institute of Chartered Accountants of India (ICAI).

The impact of the same, as also on the other disclosures

  / ratios is not ascertained.

5. We further report that:

(i) Subject to our comments in paragraphs 4(i) to (ii) above,

read with the Notes to Accounts and Schedules

mentioned therein, 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:

(a) The Balance Sheet read with the Significant

Accounting Policies and the Notes thereon is a full

and fair Balance Sheet containing the necessaryparticulars and it is properly drawn up so as to

exhibit a true and fair view of the affairs of the Bank

as at 31st March 2008.

(b) The Profit and Loss Account read with the

Significant Accounting Policies and the Notes

thereon shows a true balance of profit for the year

ended 31st March 2008.

(c ) The Cash Flow Statement gives the true and fair

view of the cash flows for the year ended 31st

March 2008.

(ii) 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.(iii) The transactions of the bank, which have come to our

notice, have been within the powers of the bank.

Yeejle kesÀ je<ì^Heef   le keÀer mesJee ceW uesKee Hejer#ekeÀeW keÀer ef   jHeesì& REPORT OF THE AUDITORS TO THE PRESIDENT OF INDIA

 GHe³eg   &keÌle leLee Dev³e ÒekeÀìveeW /Deveg  HeeleeW Hej Yeer Fvekes  À ÒeYeeJe keÀe Helee veneR   ueiee³ee ie³ee nw.

(ii)  uesKee Deveg  met®eer 17 kes À Hew je 17.6( keÀ ), 17.6( Ke )  leLee  17.6( ie )  ceW ³eLeeJeef   Ce&le 

 kegÀís  keÀ Dee³e/J³e³e GHe®e³e DeeOeej kesÀ mLeeve Hej vekeÀo DeeOeej Hej oMee& S   ieS nQ, pees efkeÀ Yeejleer³e meveoer ues  KeekeÀej meb  mLeeve (DeeF&meerSDeeF&) Üeje  peejer ``jepemJe Deef   YeefveOee& jCe''mes mebb yebef  Oele ues KeebkeÀve ceevekeÀ 9  kes  À Devegmeej   veneR nw. GHe³eg&keÌle leLee Dev³e ÒekeÀìveeW/DevegHeeleeW Hej Yeer Fvekes  À ÒeYeeJe keÀe   Helee veneR ueiee³ee ie³ee nw.

5.  nce Deeies efjHees ì& keÀjles nQ efkeÀë

(i)  ues Kee ef   ìHHeef   Ce³eeW SJeb GmeceW Gef   uueefKele Deveg  met  ef®e³eeW kes À meeLe Heef   þle GHejes keÌ  le 4(i)  mes (ii)  ceW oer ieF& nceejer efìHHeefCe³eeW keÀer Mele& Hej leLee nceejer je³e ceW Deew j   nceejer meJeeXÊece met®evee kesÀ DeeOeej Hej leLee nceW ef    oS ieS mHe<ìer  keÀjCe kesÀ Deveg   meej SJeb yeQkeÀ keÀer yeef   n³eeW ceW ³eLee Òeoef    Me& leë

(keÀ) cenlJeHet   Ce& uesKee veerefle³eeW Deewj Gve Hej oer ieF& efìHHeefCe³eeW kesÀ meeLe  Heef    þle leg   ueve He$e DeHeves DeeJeM³ekeÀ y³eewjeW kesÀ meeLe HetCe& Deewj mener nQw leLee Fmes Ssmes Gef   ®ele ©He mes lew ³eej efkeÀ³ee ie³ee nw efkeÀ Gmemes 31 cee®e&2008 keÀes yeQkeÀ kes À keÀe³e&keÀueeHeeW keÀe mener Deew j mHe<ì ef   ®e$e GHeef   mLele 

  nes mekesÀ.

(Ke) cenlJeHetCe& uesKee veerefle³eeW Deewj Gvemes mebyebefOele efìHHeefCe³eeW kesÀ meeLe  Heef   þle ueeYe neef   ve uesKee 31  cee®e& 2008 keÀes meceeHle Je<e& kes À ueeYe kes À   JeemleefJekeÀ DeefleMes<e keÀes oMee&lee nw.

(ie) vekeÀoer ÒeJeen ef   JeJejCe 31 cee®e& 2008  keÀes meceeHle Je<e& keÀer vekeÀoer ÒeJeen  keÀer Jeemleef    JekeÀ efmLeef     le oMee&  lee nw.

(ii)  nceejer meJeeX Êece peevekeÀejer SJeb efJeMJeeme kesÀ Devegmeej nceejer ues Kee Hejer#ee kesÀ  Òe³ees  peve nsleg nceves meYeer DeeJeM³ekeÀ met  ®eveeSb SJeb mHe<ìer  keÀjCe ÒeeHle ef     keÀS nQ Deew  j GvnW meb  lees<epevekeÀ Hee³ee nw.

(iii)  yeQkeÀ kesÀ mebJ³eJenej, pees nceejer peevekeÀejer ceW DeeS nQ , yeQ  keÀ kesÀ Deef  OekeÀej #es $e  ceW nQ .

 ke=Àles ve= Hes vê SC[ keb  À. k e= Àl es De ej. k es À. oe rH ek eÀ SC[ keb À. k e= Àl es ye er . i eg Hl ee SC[ keb À. k e= Àl es H ee r He ee fjKe SC[ Smees efmeSì dm e k e= Àl es pe wv e ®ee wI ejer SC[ keb À. meveoer uesKeekeÀej meveoer uesKeekeÀej meveoer ues KeekeÀej meveoer uesKeekeÀej meveoer uesKeekeÀej  FOR NRIPENDRA & CO. FOR R. K. DEEPAK & CO. FOR B. GUPTA & CO. FOR P. PARIKH & ASSOCIATES For JAIN CHOWDHARY & CO.

Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants

 Sve. kesÀ. iegHlee oerHekeÀ iegHlee oerHebkeÀj mejkeÀej Heer. Sve. HeeefjKe Sme. meer. pewve  N. K. Gupta Deepak Gupta Dipankar Sircar P. N. Parikh S. C. Jain

Yeeieeroej Partner Yeeieeroej Partner Yeeieeroej Partner Yeeieeroej Partner Yeeieeroej Partner

(Sce. veb. 10657) (Sce. veb. 82153) (Sce. veb. 73514) (Sce. veb. 4770) (Sce. veb. 14871)

 mLeeve ë cegbyeF&, efoveebkeÀ ë 30 DeÒewue, 2008

Place : Mumbai, Date : 30th April, 2008