Bank of baroda

Year
Name of Auditors
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.
The Bank did not prepare consolidated financial statements for the years 2000-2001 and 2001-2002, since the
relevant accounting standard was not mandatory for those years and hence the same are not set out in the report.
The Bank has prepared consolidated financial statements for the half years ended September 30, 2004 and 2005.
We have carried out limited review for the half-year ended September 2005 only. The consolidated financial
statements for the half year ended September 30, 2004 is based upon reportings by the bank to Reserve bank of
India.
We have not carried out any audit or adjustments to the same. However, we have compared the financial information
in 
Annexure I
with the Bank’s consolidated financial statements.
13.
We have also examined the following financial information relating to the Bank on a stand alone basis, proposed
to be included in the offer documents, as prepared and approved by the Bank and annexed to this report:
(i)
Summary of accounting ratios based on the adjusted profits relating to earnings per share, net asset value
and return on net worth as set out in 
Annexure J.
(ii)
Capitalization statement as at March 31, 2005 of the Bank as set out in 
Annexure K
.
(iii)
Statement of tax shelter as set out in 
Annexure L
.
(iv)
Statement of borrowings as set out in 
Annexure M
.
14.
a)
In our opinion, the financial information of the Bank as stated in 
Annexure A
above read with respective
significant accounting policies, after making groupings and adjustments as were considered appropriate by us
and 
subject to non-adjustment of certain matters as stated in the said Annexure
, have been prepared in
accordance with the SEBI Guidelines.
b)
In our opinion, the financial information as given in Annexures B to M have been properly extracted from the
Bank’s and its Subsidiaries audited financial statements for the years ended March 31, 2005 / December 31,
2004 and as prepared by the Bank for the periods ended September 30, 2004 and September 30, 2005 or
have been correctly prepared from the financial information in Annexure A as applicable and in accordance
with the SEBI guidelines 
subject to consequential effect of adjustment not carried out as described in Annexure
A-VI.
15.
This report is intended solely for your information and for inclusion in the offer document in connection with the
public issue of the shares of the Bank and is not to be used, referred to or distributed for any other purpose without
our prior written consent.

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16.
This report should neither in any way be construed as a reissuance or redrafting of any of the previous audit
reports issued by us or by other firms of chartered accountants nor construed as a new opinion on any financial
statements referred to herein.