Bank of baroda

FINANCIAL STATEMENTS
The Board of Directors,
Bank of Baroda,
Baroda Corporate Centre,
Bandra Kurla Complex,
MUMBAI
Dear Sirs,
We have been engaged to examine and report on the financial information of Bank of Baroda (the Bank), which have
been prepared in accordance with the Securities and Exchange Board of India (Disclosure and Investor Protection)
Guidelines, 2000 issued by the Securities and Exchange Board of India (SEBI) on January 19, 2000 in pursuance of
Section 11 of the SEBI Act, 1992, (the SEBI Guidelines). The preparation and presentation of this financial information is
the responsibility of Bank’s management. Moreover, we have reported on the above statements on the basis of books
and other records produced before us and information and explanations provided by the management, so as to obtain a
reasonable assurance that such financial information is free of material misstatement. These financial information are
proposed to be included in the offer document of the Bank in connection with its proposed follow on public offer of equity
shares.
1.
For our examination, we have placed reliance on the following:
a)
The financial statements of the Bank for the financial years ended on March 31, 2001, 2002, 2003, 2004 and
2005, which were audited and reported upon by the respective auditors, names of whom and the year of their
audit are furnished below:
Year
Name of Auditors
2000-01
Khandelwal Jain & Co., B.C. Jain & Co., S.K. Mittal & Co., J.N. Sharma & Co.,
K.C. Khanna & Co., Kanwalia & Co.
2001-02
S.K. Mittal & Co., B.C. Jain & Co., J.N. Sharma & Co., K.C. Khanna & Co.,
Kanwalia & Co., Shah Gupta & Co.
2002-03
B.C. Jain & Co., R.K. Khanna & Co., K.C. Khanna & Co., Shah Gupta & Co.,
S.S. Kothari & Associates, Kalyaniwalla & Mistry
2003-04
R.K. Khanna & Co., K.C. Khanna & Co., Shah Gupta & Co., K K Soni & Co.,
T. R. Chadha & Co., S. Venkatram & Co.
2004-05
Shah Gupta & Co., K K Soni & Co., T. R. Chadha & Co.,
S. Venkatram & Co., Ray & Ray, G. Basu & Co.
b)
Limted Review financial statements of the Bank for the six months period ending on September 30, 2004,
which were reviewed and reported by Shah Gupta & Co., K K Soni & Co., T. R. Chadha & Co., S. Venkatram
& Co., Ray & Ray and G. Basu & Co.
c)
The financial statements of the Bank for the half-year ended September 30, 2005 were subject to a limited
review by us. The aforesaid financial statements incorporated the relevant returns of 20 branches reviewed by
us and unreviewed returns in respect of 2569 Indian branches and 8 Overseas branches. In the conduct of
our review, we had taken note of the review reports received from the concurrent auditors of 105 branches.
These review reports covered (i) 53.07% of the domestic advances portfolio of the Bank excluding advances
portfolio of asset recovery branches and outstanding food credit and (ii) 59.11% of domestic non-performing
advances. We had also considered the review reports from the local statutory branch auditors of 31 overseas
branches.
Since no financial statements have been reviewed subsequent to September 30, 2005 till date, the said financial
statements of the Bank for the half year ended September 30, 2005 have been incorporated.

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