Auditors Report

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 2009 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 of 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;

iii) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account;

iv) The Balance Sheet and the Profit and Loss Account dealt with by this report are prepared in accordance with the accounting standards issued by the institute of Chartered Accounts of India.

v) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a. In case of the balance sheet of the state of affairs of the GUARDIAN SOUHARDA SAHAKARI BANK NIYAMITA as at 31st March 2009;

b. In the case of the Profit and Loss Account of the profit of the bank for the year ended on that date.