To
THE MEMBERS,
GUARDIAN SOUHARDA SAHAKARI BANK NIYAMITA
BANGALORE.

We have audited the attached Balance Sheet of GUARDIAN SOUHARDA SAHAKARI BANK NIYAMITA - BANGALORE as at 31st March 2006 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the management of GUARDIAN SOUHARDA SAHAKARI BANK NIYAMITA. Our responsibility is to express an opinion on these financial statements based on our audit.

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. 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 estimate 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.

 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;

ii) In our opinion, proper books of account as required by law have been kept by GUARDIAN SOUHARDA SAHAKARI BANK NIYAMITA so far as appears from our examination of those books;
                                                                                    
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                      GRAPHICAL REPRESENTATION OF ANNUAL REPORT

AUDITED ACCOUNTS MARCH 2007