gyMZm · 02 Vnerc 31 _mM© 2014 AIoa (a¸$_ ê$. cmImV) (H$m°c_ 1, 2, 6A, 6~, 9, 10, 12 gmoSy>Z) }-----1. _w»` H$m`m©c`mgh EHy$U emIm+

01

97 ì`m dm{f©H$ gd©gmYmaU g oMr

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g onwT>rc {df`

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grE. [X. _. Jwad

ñWi : H$amS {X. : 4 gßQ>|~a 2014

1) {X. 04.08.2013 amoOr Pmboë`m 96 ì`m dm{f©H$ gd©gmYmaU g oMm d¥Îmm§V dmMyZ H$m`_ H$aUo.

2) gZ 2013-2014 dfm©À`m ~±Ho$À`m H$m_H$mOm~ÔbMm Ahdmb, coImnar{jV Z\$m-VmoQ>m nÌH$ d Vmio~§X nÌH$ _§Oya H$aUo.

3) gZ 2013-2014 À`m d¡Ym{ZH$ boImnarjU AhdmbmMr Zm|X KoUo.

4) gZ 2012-2013 À`m d¡Ym{ZH$ coImnarjU AhdmcmÀ`m XmofXþê$ñVr AhdmcmMr Zm|X KoUo.

5) gZ 2013-2014 À`m Z\$m dmQ>Urg g§MmcH$ _§S>imZo {e\$mag Ho$ë`mZwgma _§Owar XoUo.

6) gZ 2013-2014 Mo A§XmOnÌH$ d àË`j pñWVr mMr VwcZmË_H$ _m{hVr Am{U gZ 2014-2015 Mo A§XmOnÌH$ d

7) ghH$ma H$m`ÚmVrc ~XcmZwgma {deof gd©gmYmaU g oZo ({X.07.04.2013) _§Owar {Xcoë`m AmXe© nmoQ>{Z`_mV ghH$ma ImË`mMo gyMZoZwgma Ho$coë`m ~Xcmg AZgwê$Z ghH$ma ImË`mZo _§Oya Ho$coë`m nmoQ>{Z`_m§Mr Zm|X KoUo.

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13) godH$ AmH¥${V~§Y cm _§Owar XoUo.

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(Staffing Pattern)

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02

Vnerc

31 _mM© 2014 AIoa (a¸$_ ê$. cmImV)(H$m°c_ 1, 2, 6A, 6~, 9, 10, 12 gmoSy>Z)

}

--------------------

1. _w»` H$m`m©c`mgh EHy$U emIm+ {dñVm[aV H$j2. g^mgX {Z`{_V Zm_Ymar3. dgyc ^mJ ^m§S>dc4. amIrd d BVa {ZYr5. R>odr gopìh¨½O Mmcy _wXV6. H$O} VmaUr H$O} {~ZVmaUr H$O}A. AJ«H«$_ joÌ~. Xw~©c KQ>H$7. ~mhoarc XoUr H$O}8. Jw§VdUyH$9. WH$~mH$sMo à_mU10. Am°S>rQ> dJ©11. Z\$m (H$anyd©)12. EHy$U godH$ 13. IoiVo ^m§S>dc

5823711193

5592.069743.84

197020.5726182.2010210.25

160628.12 122873.17 119268.23

3604.9449.99 %12.41 %2000.00

63803.043.17 %

"A'947.37

699 220099.15

48+1+1

{X H$amS> A~©Z H$mo- Am°n. ~±H$ {c., H$amS>. (eoS>çÿëS> ~±H$)

516/2, e{Zdma noR>, emhÿ Mm¡H$, H$amS> -415 110, {O. gmVmam

24.01.1917

w.~r.S>r./E_.EM./885 nr.{X. 15.10.1987

gmVmam, gm§Jcr, nwUo, gmocmnya, H$moëhmnya, aËZm{Jar d am`JS> `m {Oëøm§Vrc ZmJar/{Z_ZmJar H|$Ðo Am{U Ë`mH§o$Ðm^modVrÀ`m 10 {H$. _r. n[agamVrc J«m_rU ^mJ d Zdr _w§~B©, _w§~B© _hmZJa d {VMr CnZJao

~±Ho$Mo Zmd

_w»` H$m`m©c`nÎmm

Zm§oXUr {XZm§H$

[aPìh© ~±H$cm`goÝg Z§~a

H$m ©joÌ :

}

n[a{eîQ> "A'

PARTICULARS

}

Name of BankThe Karad Urban Co-opeativeBank Ltd., Karad (Scheduled Bank)

Head Office Address

516/2, Shaniwar Peth, Shahu Chowk,Karad, Dist. Satara PIN- 415110

Registration Date 24-01-1917

Reserve Bank License No.

UBD/MH/885P, Dated.15-10-1987

Area of Operation

Urban/Semi urban Centers including rural area within the periphery of 10 K.M. from those centers from Satara, Sangli, Pune, Solapur, Kolhapur, Ratnagiri, Raigad District and new Mumbai, Greater Mumbai and its suburbs.

ANNEXURE-"A"

As on 31st March 2014 (Rs. in Lakhs)(except 1,2,6A,6B,9,10,12)

}

--------------------

5823711193

5592.069743.84

197020.5726182.2010210.25

160628.12 122873.17 119268.23

3604.9449.99 %12.41 %2000.00

63803.043.17 %

"A'947.37

699 220099.15

48+1+1Total Branches (H.O.+Extn. Counter)Membership ShareholdersNominal MemberPaid Up Share CapitalReserve and Other FundsDepositsSavingsCurrentFixedLoans and Advances SecuredUnsecured% of Priority Sector% of Weaker SectionBorrowingsInvestments% of OverduesAudit ClassProfit (Before Tax)Total Staff Working Capital

1.

2.

3.4.5.

6.

A)B)7.8.9.1011.12.13.

03

dm{f©H$ Ahdmb (2013-2014)

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ê$.129.92 H$moQ>r R>odr g§H${cV Pmë`m.

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Am{W©H$ àJVr:

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VgoM {X.5 Am°JñQ> 2013 Vo 31 _mM© 2014 m H$mcmdYrgmR>r 31 _mM© 2014 m H$mcmdYrgmR>r

( aH$_m ê$. H$moQ>rV)

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29.58

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11.60

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193.52

167.54

25.98

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8.62

33.16

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31.01

3.60

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20.11

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6.21

5.36

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04

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WH$~mH$s d EZ.nr.E.

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Ahdmc gmcmV ~±Ho$Zo dgwcrgmR>r ì`mnH$ à`ËZ Ho$co. EH§$XarV dgwcrÀ`m AmKmS>rda g_mYmZH$maH$ H$m_{Jar Ho$cr AgyZ OwÝ`m EZ.nr.E. ImË`mVyZ dgwcr Pmcocr Amho. ±Ho$Mr EHy$U EZ.nr.E. dgwcr ê$. 15.02 H$moQ>r§n ªV Pmcr Amho. _mM© 2013 AIoa T>mo~i EZ.nr.E. Mo à_mU 4.34% EdT>o hmoVo, Vo _mM© 2014 AIoa 6.70% Va {Zìdi> EZ.nr.E. À`m à_mUmV JVdfuÀ`m VwcZoV dmT> hmoD$Z Vo 4.28% Pmco Amho. VgoM Ahdmc df©AIoarg WH$~mH$sMo à_mU 3.17% BVHo$ am{hco Amho.

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(CRAR)

~±

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1) J§JmOir (25%)

2) {deof AmH$pñ_H$ H$maUmH$[aVm ZŠV Zâ`mÀ`m 10%)

3)

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cm^m§e (8%)

Vnerc ê$n o

1,55,34,324.07

62,13,729.63

3,98,71,178.00

5,18,064.57

6,21,37,296.27

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05

Vnerc

g§MmcH$ H$O}

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g§ñWm/àm. {c. H§$. Am{U BVa

EHy$U

33.33

54.59

52.96

140.88

231.38

58.71

53.86

343.95

82.07

64.06

48.96

195.09

182.64

49.24

57.86

289.74

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(aH$_m ê$. cmImV)

06

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AJ«oga

Certificate Course in Banking, Advance Course in

Banking

07

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09

VwcZmË_H$ àJVr VŠVmCOMPARATIVE PROGRESS CHART

(* Aer IyU Agcoë`m AmoitVrc AmH$S>o gmoSy>Z BVa AmoitVrc AmH$S>o ê$n o cmImV ) (Rs. in lakh except row marked as*)

2013-20142009-2010 2010-2011 2011-2012 2012-2013Vnerc

g^mgX Members*

emIm Branches+HO+Ext.Counter*

godH$ Staff*

Am°{S>Q> dJ© Audit Class*

cm^m§e Dividend*

^mJ^m§S>db Share Capital

J§JmOir d BVa {ZYr

Reserve & Other Funds

ñd{ZYr Own Funds

R>odr Deposits

R>odrVrc dmT> à_mU

Growth Rate of Deposits *

H$O} Loans & Advances

H$Om©Vrc dmT> à_mUGrowth Rate of Loans & Advances*

AJ«H«$_ H$O} Priority Sector Advances

AJ«H«$_ H$O}à_mU% of Priority Sector Advances *

Jw§VdUyH$ Investment

IoiVo ^m§S>dc Working Capital

H$anyd© {Zìdi Z\$m Net Profit Before Tax

WH$~mH$s Overdues

WH$~mH$sMo H$Om©er à_mU% of Overdues to Loans & Advances*

g§e{`V ~wS>rV H$O}Doubtful & Loss Advances

g§e{`V d ~wS>rV H$O© {ZYrBad & Doubtful Debts Reserve

15335.90

197020.57

14.47%

220099.15

3898.01

7348.20

106601.62

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118084.62

2671.52

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9743.844547.13 5127.47 5980.37 7290.56

12020.75

166697.86

18.19%18.87 % 9.12 % 20.98 % 18.45%

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15.92%

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188289.03

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3693.30

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10

{X. 31 _mM© 2014 AIoaMm Vmio~§X

Place : Karad

Date : 25-07-2014

V. K. Joshi Dy. Chief Executive Officer

(Accounts Dept.)

CA. Dilip M. GuravChief Executive Officer

For U V K & AssociatesChartered Accountants

Subject to our Audit Report As per our Report of even date

For M/s. Limaye & CompanyChartered Accountants

CA. Vijay Thakkar (Partner)Statutory Auditors M. No. 035607

CA. Uday V. Kulkarni (Partner)Internal Auditors M. No. 049715

Capital & Liabilities ^m§S>db d XoUr ScheduleSr. No.

As on 31-3-2014 Rs. Ps.

As on 31-3 2013 Rs. Ps.

1 Share Capital 1

2 Reserve Fund & Other Reserves 2

3 Principal / Subsidiary State Partnership A/c - -- --

5

7 Other Liabilities and provisions 6

8 Income Tax Provision -

9 Branch Adjustments - --

10 Overdue Interest Reserve on Non Performing Assets -(As per Contra)

11 Bills for Collection -

12 Profit & Loss Account - 62,137,296.27

13 Collection A/c Shri Parshwanath Co-op. Bank Ltd. - 12,819,925.00

Bank Guarantees / - 452,551,617.34

Inland Letter of Credit / - 18,591,120.00

^mJ^m§S>db

amIrd {ZYr d BVa {ZYr

emgZmMo à_wI / ghmæ`H$mar {ZYr ImVo

BVa XoUr d VaVwXrAm`H$a VaVwXr

emIm O_mIM©

CËnÞ j_Vm Zgboë`m H$O© ImË`mdarb (EZnrE)WH$ì`mO VaVyX (Xw~oaOr)

dgwbrgmR>r ñdrH$mabobr {~bo (Xw~oaOr)

Z\$m VmoQ>m ImVo

H$coŠeZ ImVo (lr nmíd©ZmW H$mo-Am°n. ~±H$ {c.)

~±H$ J°a§Q>rO²

559,205,710.00

974,383,803.64

472,968,720.00

729,055,925.03

4 Deposits & Other Accounts 3 19,702,056,919.94

92,915,909.22

32,600,000.00

364,216,433.75

8,316,186.42

16,669,786,390.80

R>odr d AÝ` ImVr

Outside Borrowings 4 200,000,000.00 250,000,000.00

6 Interest Payable (Deposits & Borrowings) 5 373,794,928.07 361,950,970.26

126,164,427.21

73,800,000.00

--

278,649,565.94

10,863,540.12

132,356,252.81

12,819,925.00

346,902,560.48

83,203,962.00

~mhoarc H$O}

ì`mO XoUo (R>odr d H$Om©darb)

(Being Bills Receivable as per Contra)

Total

Contingent Liabilities /

Total 471,142,737.34

EHy$U

EHy$U

22,382,447,112.31 19,118,415,717.17

g§^mì` XoUr

Xoem§VJ©V boQ>a Am°\$ H«o${S>Q>

430,106,522.48

11

Balance Sheet as on 31st March 2014

Dr. Rajiv T. AhireVice-Chairman

Dr. Subhash S. ErramChairman

Directors

V. P. Gokhale C. V. Doshi Dr. A. S. Lahoti

S. G. Mantri S. S. Joshi A. P. Shinde

S. S. Shinde B. B. Raiwad

V. R. Jadhav

Adv. V. B. Patil

Mrs. M. C. DhawaleMrs. S. A. Palkar

S. R. Joshi D. B. Jadhav

S. R. Kulkarni

R. A. Mohite S. V. Jadhav A. A. Bodhe A. S. Inamdar

1 Cash and Balance with Banks 7 2,760,639,480.04

2 Investments 8 6,380,304,474.00

3 Investment out of the Principal / Subsidiary State - -- --Partnership A/c.

4 Loans & Advances 9 12,287,317,048.46

5 Fixed Assets 10 250,307,314.63

6 Other Assets 11 284,746,174.01

7 Advance Income Tax - 46,600,000.00

8 Overdue Interest Receivable on Non Performing - 364,216,433.75Assets (As per Contra)

9 Bills Receivable - 8,316,186.42

10 Non Banking Assets - 1.00 1.00

2,659,193,137.63

4,900,193,435.40

10,734,226,779.22

218,067,657.15

243,421,600.71

73,800,000.00

278,649,565.94

10,863,540.12

amoI {eëbH$ d ~±Ho$Vrb {e„H$

Jw§VdUyH$

emgZmMo à_wI/ghmæ`H$mar {ZYrMo Jw§VdUyH$ ImV

H$O}

H$m`_ _mb_Îmm

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AmJmD$ Am`H$a

H$O© ImË`mdarb (EZnrE) WH$ì`mO oUo (Xw~oaOr)

dgwbrgmR>r nmR>{dbobr {~bo (Xw~oaOr)

Zm°Z ~±qH$J A°goQ>g²

o

CËnÞ j_Vm Zgboë`m

(Being Bills for Collection as per Contra)

Total EHy$U 22,382,447,112.31 19,118,415,717.17

Properties & Assets qOXJr d _mc_Îmm Schedule As on 31-3-2014 Rs. Ps.

As on 31-3 2013 Rs. Ps.

Sr. No.

V. Y. Patil (Staff Rep.) R. C. Pawar (Staff Rep.)

12

{X. 31 _mM© 2014 amoOr g§nboë`m Am{W©H$ dfm©Mo Z\$m-VmoQ>m nÌH$

Profit & Loss Account for the year ended 31-3-2014

-

1 INCOME

Total Income 2,281,266,942.36

2 EXPENDITURE

Total Expenditure 1,985,454,589.09

3 GROSS PROFIT

4 PROVISIONS

5 PROFIT BEFORE TAX

6 INCOME TAX PROVISION

7 NET PROFIT

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VaVwXr

H$anyd© Z\$m

Am`H$a VaVwXr

{Zìdi Z\$m

(Vmio~§Xmg dJ©)

Interest Received 12 2,114,470,862.42

Other income 13 166,796,079.94

Interest on Deposits & Borrowings 14 1,496,393,809.10

Staff Salaries & Allowances etc. 269,777,458.76

Establishment Expenses 15 219,283,321.23

295,812,353.27

16 201,075,057.00

94,737,296.27

32,600,000.00

62,137,296.27

(Transferred to Balance Sheet)

{_imbobo ì`mO

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R>odr d H$Om©darb ì`mO$

godH$ nJma d ^Îmo B.

ì`dñWmnZ IM©

EHy$U IM©

1,767,181,738.69

168,070,226.99

1,227,604,891.61

254,924,649.20

192,914,589.06

259,807,835.81

53,651,583.00

206,156,252.81

73,800,000.00

132,356,252.81

1,935,251,965.68

1,675,444,129.87

Dr. Rajiv T. AhireVice-Chairman

Dr. Subhash S. ErramChairman


(Accounts Dept.)


TOTAL 2,281,266,942.36 1,935,251,965.68

Particulars ScheduleSr. No.

As on 31-3-2014 Rs. Ps.

As on 31-3 2013 Rs. Ps.

Directors

V. P. Gokhale C. V. Doshi Dr. A. S. Lahoti

S. G. Mantri S. S. Joshi A. P. Shinde

S. S. Shinde B. B. Raiwad

V. R. Jadhav

Adv. V. B. Patil

Mrs. M. C. DhawaleMrs. S. A. Palkar

S. R. Joshi D. B. Jadhav

S. R. Kulkarni

R. A. Mohite S. V. Jadhav A. A. Bodhe A. S. Inamdar

V. Y. Patil (Staff Rep.) R. C. Pawar (Staff Rep.)






13

SCHEDULES TO THE B/S and P & L ACCOUNT

SCHEDULE 3 - DEPOSITS & OTHER ACCOUNTS

SCHEDULE 2 - RESERVE FUND & OTHER RESERVES

SCHEDULE 7 - CASH AND BALANCE WITH BANKS

SCHEDULE 1 - SHARE CAPITAL

SCHEDULE 6 - OTHER LIABILITIES AND PROVISIONS

SCHEDULE 4 - OUTSIDE BORROWINGS

SCHEDULE 5 - INTEREST PAYABLE (DEPOSITS & BORROWINGS)

As on 31-3 2013 Rs. Ps.

As on 31-3 2013 Rs. Ps.

As on 31-3 2013 Rs. Ps.

As on 31-3 2013 Rs. Ps.

Particulars

Particulars

Particulars

Particulars

As on 31-3-2014 Rs. Ps.

As on 31-3-2014 Rs. Ps.

As on 31-3-2014 Rs. Ps.

As on 31-3-2014 Rs. Ps.

A. Authorised Share Capital

(7,50,00,000 Equity Shares of Rs.

10 each)

B. Subscribed and Paid-up Capital

55920571 (Previous year 47296872)

Shares of Rs.10 each

Total

750,000,000.00

472,968,720.00

472,968,720.00

750,000,000.00

559,205,710.00

559,205,710.00

A. Statutory Reserve Fund

B. Building Fund

C. Bad & Doubtful Debts Reserve

D. Investment Fluctuation Fund

E. Capital Reserve Fund

F. Contingent Provision Against Standard Assets

G. Provision against Contingencies

H. Contingent Provision Against Depreciation on Investments

Total

186,094,011.27

154,479,091.45

261,567,423.81

48,056,500.00

7,223,500.00

45,000,000.00

3,635,398.50

23,000,000.00

729,055,925.03

221,645,813.77

160,886,202.91

309,936,388.46

105,280,000.00

0.00

57,500,000.00

3,635,398.50

115,500,000.00

974,383,803.64

A. Fixed Deposits

1. Individual

2. Co-Operative Societies

Sub Total - A

B. Savings Deposits

1. Individual


Sub Total - B

C. Current Deposits

1. Individual


3. Cash Credit (Credit Balance)

Sub Total - C

Total Deposits (A + B + C)

10,466,183,416.42

2,849,028,154.00

13,315,211,570.42

2,478,688,992.56

6,095,906.65

2,484,784,899.21

714,397,138.87

77,546,913.46

77,845,868.84

869,789,921.17

16,669,786,390.80

12,401,001,946.69

3,661,810,466.00

16,062,812,412.69

2,609,929,085.90

8,290,756.64

2,618,219,842.54

836,425,001.49

121,462,075.12

63,137,588.10

1,021,024,664.71

19,702,056,919.94

A.

B.C.

Small Industries DevelopmentBank of India (Refinance)NABARD (Refinance)MSC Bank Ltd. (Overdraft againstFixed Deopsits)

Total

0.00

250,000,000.00

0.00

250,000,000.00

0.00

200,000,000.00

0.00

200,000,000.00

As on 31-3 2013 Rs. Ps.

As on 31-3 2013 Rs. Ps.

As on 31-3 2013 Rs. Ps.

Particulars

Particulars

Particulars

As on 31-3-2014 Rs. Ps.

As on 31-3-2014 Rs. Ps.

As on 31-3-2014 Rs. Ps.

A. Interest Payable on Deposits

B. Interest Payable on outside Borrowings

Total

360,312,614.26

1,638,356.00

361,950,970.26

370,820,681.07

2,974,247.00

373,794,928.07

A. Dividend Payable

B. Anamat Payable

C. Miscellaneous Payable

D. Sundry Creditors (General Reserve Fund)

Total

2,049,474.35

4,321,082.69

110,920,632.75

8,873,237.42

126,164,427.21

1,482,193.95

3,863,628.00

75,905,525.96

11,664,561.31

92,915,909.22

A. Cash in hand and at ATM

B. Current Accounts with Banks

1. Reserve Bank of India

2. State Bank of India

& Associate Banks

3. Satara, Sangli, Kolhapur,

Solapur, Pune, Ratnagiri District

Central Co-op. Banks Ltd.

4. Maharashtra State Co-op.

Bank Ltd. Mumbai

5. IDBI Bank Ltd.

6. ICICI Bank Ltd.

7. HDFC Bank Ltd.

8. Axis Bank Ltd.

C. Fixed Deposits with Banks

1. Satara District

Central Co-op. Bank Ltd

2. Maharashtra State Co-op.

Bank Ltd. Mumbai (Of which Rs. 30 lakh

pledged with MSC Bank Ltd. as security

for Overdraft facility)

3. Other Banks

129,672,211.69

1,487,020,443.00

26,995,622.35

126,146,998.46

1,788,685.57

10,451,276.34

186,092,810.40

6,400,018.60

6,519,303.26

1,851,415,157.98

102,194,771.00

3,000,000.00

674,357,339.37

779,552,110.37

2,760,639,480.04

83,523,147.25

1,399,709,228.34

20,838,016.08

110,990,853.91

1,903,587.67

3,168,781.50

153,739,184.97

1,425,108.68

9,800,837.42

1,701,575,598.57

103,050,000.00

3,000,000.00

768,044,391.81

874,094,391.81

2,659,193,137.63

Total C

Total (A + B + C)

Total B

14

SCHEDULE 9 - LOANS & ADVACNES

SCHEDULE 8 - INVESTMENTS SCHEDULE 9 - LOANS & ADVACNES

SCHEDULE 10 - FIXED ASSETS

SCHEDULE 11 - OTHER ASSETS

ParticularsAs on 31-3-2014 Rs. Ps.

As on 31-3 2013 Rs. Ps

A. Central/State Government Securities

B. Unamortised Depreciation on Investments

C. Shares of Co-op. Societies

D. Other Investments

Face Value Rs. 6223720000 (P. Y. Rs. 4802940000)

Market Value Rs. 6183904651.15

(P. Y. Rs. 4813173838.40)

(Of which Rs. 234738163 earmarked as

Reseve Fund Investment.)

1. Satara D. C. C. Bank Ltd. Satara

2. Maha. State Co-op. Bank Ltd. Mumbai

3. Karad Urban M.S.Grahak Bhandar Ltd.

4. Apex Co-op. Bank of Maharashtra

& Goa Urban Banks Ltd. Mumbai

5. Maha. State Urban Co-op. Bank Ltd.

Total (C)

1. Industrial Finance Corp. Ltd. Shares

2. VHTRL DDB 2016

3. Bank of India Bonds

4. Margin with CCIL for Security Segment

5. Margin with CCIL for CBLO Segment

Total (D)

Total (A + B + C + D)

4,816,011,585.40

2,987,000.00

1,600,000.00

1,667,000.00

100.00 449,000.00

10,000.00

3,726,100.00

40,000.00 9,228,750.00

8,000,000.0060,100,000.00

100,000.00

77,468,750.00

4,900,193,435.40

6,298,272,724.00

1,286,000.00

1,600,000.00

1,667,000.00

0.00

0.00

10,000.00

3,277,000.00

40,000.00 9,228,750.00

8,000,000.0060,100,000.00

100,000.00

77,468,750.00

6,380,304,474.00


As on 31-3 2013 Rs. Ps

C. Long Term Loans & Advances

a. Secured against Govt. & Other

Trustee Securities

Of which overdues

Including Bad & Doubtful

b. Secured against Other Tangible Assets

Of which overdues


c. Individual Guarantees (Clean Loans)

Of which overdues


Total Loans & Advances (A+B+C)

6,162,702,977.18

1,616,618.00

0.00

0.00

0.00

5,892,860,363.36

156,662,141.57

1,510,325.00

268,225,995.82

1,641,383.73

10,734,226,779.22

6,365,610,532.65

1,020,882.00

0.00

0.00

0.00

6,087,625,689.44

183,802,135.34

8,642,157.72

276,963,961.21

2,837,712.18

12,287,317,048.46


As on 31-3 2013 Rs. Ps

A.

B.

Short Term Loans & Advances

a. Secured against Govt. &

Other Trustee Securities

of which overdues


b. Secured against Other

Tangible Assets

of which overdues


c. Individual Guarantees

(Clean Loans)

of which overdues


Medium Term Loans & Advances

a. Secured against Govt. &

Other Trustee Securities

Of which overdues


b. Secured against Other

Tangible Assets

Of which overdues


c.Individual Guarantees

(Clean Loans)

Of which overdues


3,084,509,011.47

4,525,276.00

0.00

0.00

3,032,038,402.88

162,034,134.30

7,725,103.43

47,945,332.59

2,766,631.01

572,245.00

1,487,014,790.57

11,409,252.89

0.00

0.00

1,468,636,867.64

45,350,758.90

6,655,831.84

6,968,670.04

874,502.12

108,061.00

1,777,259,709.95

10,848,579.00

496,115.00

0.00

1,756,663,746.43

42,324,382.27

7,218,531.03

9,747,384.52

694,668.00

226,044.00

4,144,446,805.86

10,593,734.00

453,869.00

0.00

4,060,070,047.64

156,286,151.84

8,536,840.93

73,783,024.22

2,905,633.67

367,546.00

A. Land & Buildings (Less Depreciation)

B. Dead Stock & Furniture (Less Depreciation)

C. Machinery, Computers & Softwares

(Less Depreciation)

D. Vehicles (Less Depreciation)

E. Miscellaneous Assets (Less Depreciation)

Total

94,357,936.00

66,398,082.00

37,746,479.00

3,824,188.00

15,740,972.15

218,067,657.15

111,463,835.00

79,530,171.00

45,636,637.00

5,414,178.00

8,262,493.63

250,307,314.63

Particulars As on 31-3-2014 Rs. Ps.

As on 31-3 2013 Rs. Ps


As on 31-3 2013 Rs. Ps

A. Advances Given

Interest Receivable on Investments B.

Other ReceivablesC.

Total

12,639,944.90

121,431,293.36

109,350,362.45

243,421,600.71

26,719,259.70

141,033,063.30

116,993,851.01

284,746,174.01

SCHEDULE 12 - INTEREST RECEIVED


As on 31-3 2013 Rs. Ps.

Interest Received on

a. Loans & Advances

b. Investments

Total

1,364,698,477.64

402,483,261.05

1,767,181,738.69

1,575,763,635.50

538,707,226.92

2,114,470,862.42

15

SCHEDULE 15 - ESTABLISHMENT EXPENSES

SCHEDULE 16 - PROVISIONS

40,391,290.63

9,527,298.58

56,182,120.60

2,030,143.00

5,619,848.00

384,374.66

3,740,719.93

14,400,862.00

40,372,032.36

374,599.00

19,891,300.30

192,914,589.06

46,302,132.61

9,729,002.78

54,794,586.00

663,174.00

9,473,504.00

192,247.00

4,697,617.14

18,654,177.00

53,978,187.45

903,128.00

19,895,565.25

219,283,321.23

A.

B.

C.

D.

E.

F.

G.

H.

I.

J.

K.

Rent,Light,Insurance,Taxes etc.

Printing, Stationery &

Advertisement

Depreciation & Repairs of

Proper ty

Directors, Local Advisory Committee

Fees, Allowances & Travelling Exp.

Audit Fees

Legal Charges

Postage Telegram & Telephone

Deposit Insurance (DICGC)

Premium

Other Expenses

Loss on Sale of Assets

Pigmy Commission

Total

A.

B.

C.

D.

E.

Towards Amortisation of Premium

on Investments

Towards Bad & Doubtful Debts

Reserve

Towards Provision for Standard

Assets

Provision for Depreciation in

Investments

Investment Fluctuation Reserve

Total

4,916,583.00

30,000,000.00

8,500,000.00

0.00

10,235,000.00

53,651,583.00

7,756,775.00

48,000,000.00

12,500,000.00

132,818,282.00

0.00

201,075,057.00

SCHEDULE 13 - OTHER INCOME

SCHEDULE 14 - INTEREST ON DEPOSITS & BORROWINGS

Particulars

Particulars

Particulars

Particulars

As on 31-3-2014 Rs. Ps.

As on 31-3-2014 Rs. Ps.

As on 31-3-2014 Rs. Ps.

As on 31-3-2014 Rs. Ps.

As on 31-3 2013 Rs. Ps.

As on 31-3 2013 Rs. Ps.

As on 31-3 2013 Rs. Ps.

As on 31-3 2013 Rs. Ps.

A.

B.

C.

D.

Commission, Exchange,

Brokerage etc.

Profit on Sale of Securities

Profit on Sale of Assets

Other Receipts

i) Dividend on Shares

ii) Locker Rent

iii) Other Income

Total

18,268,403.39

98,578,474.00

42,630.00

163,250.00

8,977,469.96

42,039,999.64

168,070,226.99

15,672,119.12

79,060,680.00

15,408,675.00

328,690.00

9,854,905.00

46,471,010.82

166,796,079.94

A.

B.

C.

Interest paid on Deposits

Interest paid on Borrowings

Repo Interest Expenses

Total

1,225,907,068.48

1,647,502.00

50,321.13

1,227,604,891.61

1,468.826,743.30

21,232,103.00

6,334,962.80

1,496,393,809.10

16

Disclosures as per RBI Guidelines (Rs. in Lacs)

Sr.No.


As on 31-3 2013 Rs. Ps.

1

2

3

4

5

6

7

8

Capital to Risk Assets Ratio

Movement in CRAR

Value of Investments

A. SLR Investments - Govt. Securities ( Book Value )

B. Non SLR Investments ( Book Value )

C. Other Investments

D.Fixed Deposit with Banks

Total Face Value

Total Book Value

Total Market Value

Advances against Real Estate, Construction Business, Housing.

Total

Advances against Shares & Debentures

Advances to Directors & their Relatives

A. Advances to Directors

B. Advances to Relatives of Directors

Total

Average Cost of Deposits

NPAs.

A. Tier I Capital

B. Tier II Capital

C. Total Capital Funds ( A+B )

D. Risk Weighted Assets

E. Tier I Capital to Risk Weighted Assets

F. Tier II Capital to Risk Weighted Assets

G. Total Capital Funds to Risk Weighted Assets

a. Bonds of PSUs.

b. Shares of Co-op. Institutions

c. Shares of Financial Institution

a. Margin with CCIL for Security Segment

b. Margin with CCIL for CBLO Segment

a. MSC,DCC Banks

b. Other Banks

A. Builders & Developers (Construction Business)

B. Housing

C.Others

a. Fund Based

b. Non Fund Based

a. Fund Based

b. Non Fund Based

A. Gross NPAs.

% to Total Advances

B. Net NPAs.

% to Net Advances

11.60%

9102.62

1624.13

10726.75

92473.19

9.84 %

1.76 %

11.60 %

48160.12

172.29

37.26

0.40

601.00

1.00

1060.50

7680.44

1773.27

14591.88

4001.18

N I L

33.33

N I L

107.55

N I L

8.34%

4653.62

4.34 %

2553.62

2.43%

57582.29

57713.01

57684.63

20366.33

140.88

10.85 %

9640.75

1636.83

11277.58

103915.66

9.28 %

1.57 %

10.85 %

62982.73

172.29

32.77

0.40

601.00

1.00

1051.95

6743.57

3485.09

15469.01

2399.53

182.64

N I L

107.10

N I L

8.32%

8230.98

6.70 %

5131.62

4.28 %

70840.18

71585.71

70442.03

21353.63

NIL

289.74

17

Disclosures as per RBI Guidelines(Rs. in Lacs)

Sr. No.


As on 31-3 2013 Rs. Ps.

9

10

11

12

13

14

Movement in NPAs.

Opening Balance

Add : Additions during the year

Less : Recovery during the year

Closing Balance

Profitability Ratios

A. Interest Income as % of Working Funds

B. Non Interest Income as % of Working Funds

C. Operating Profit as % of Working Funds

D. Return on Assets

E. Business ( Deposits + Advances ) per Employee

F. Profit per Employee

Provisions made during the year

A. Towards NPA

B. Towards Depreciation on Investments

C. Towards Investment Fluctuation Reserve

D. Towards Standard Advances

E. Towards Amortisation cost of Acquisition

F. Towards Investment Depreciation Reserve

Movement in Provisions

A. Towards NPA

Opening Balance

Add : Provision made during the year

Add : Recovery from Loan

Closing Balance

B. Towards Depreciation on Investments

Opening Balance


Closing Balance

C. Towards Standard Assets

Opening Balance


Closing Balance

Foreign Currency Assets & Liabilities

Deposit Insurance (DICGC) Premium Paid

April 2013 - Sept. 2013 / April 2012 - Sept. 2012

Oct. 2013 - Mar. 2014 / Oct. 2012 - Mar. 2013

April 2014 - Sept. 2014 / April 2013 - Sept. 2013

(The payments are made within stipulated time)

3353.57

1894.76

594.71

4653.62

10.54 %

1.00 %

1.55 %

0.79 %

394.87

1.91

300.00

49.17

102.35

85.00

0.00

0.00

2311.67

300.00

4.00

2615.67

230.00

0.00

230.00

365.00

85.00

450.00

N I L

69.28

74.73

80.51

4653.62

5079.30

1501.94

8230.98

10.66 %

0.84 %

1.49 %

0.31 %

457.64

0.89

480.00

1405.75

0.00

125.00

0.00

0.00

2615.67

480.00

3.69

3099.36

230.00

925.00

1155.00

450.00

125.00

575.00

N I L

80.51

96.08

105.88

18

Disclosures as per RBI Guidelines

16 DISCLOSURES OF REPO / REVERSE REPO TRANSACTIONS(Rs. in Lacs)

(Rs. in Lacs)

Sr

No.Particulars Amount

Extent of ‘belowinvestment

grade’Securities

Extent of‘unlisted’ Securities

Extent of ‘unrated’Securities

15 Issuer composition of Non SLR

Investments-

i)

1

2

3

4

5

6

PSUs

FIs

Public Sector Banks

a) Bonds

b) FDs

Mutual Funds

Others

a) Bonds

b) FDs

Provision held towards

Depreciation

TOTAL -

—

0.40

80.00

2617.69

—

92.29

4125.88

—

6916.26

—

—

—

—

—

—

—

—

0.00

—

0.40

—

—

—

92.29

—

—

92.69

—

0.40

—

—

—

92.29

—

—

92.69

ii) Non performing Non-SLR investments -

Opening Balance

Additions during the year since 1st April

Reductions during the above period

Closing Balance

Total Provisions held

Nil

Nil

Nil

Nil

Nil

REPO CROM

Particulars 31-03-2014 31-03-2013 31-03-2014 31-03-2013

1

2

3

Securities Sold

Minimum (Outstanding during the year)

Maximum (Outstanding during the year)

Daily Average (Outstanding during the year)

Securities Purchased

Minimum (Outstanding during the year)

Maximum (Outstanding during the year)

Daily Average (Outstanding during the year)

As on Balance

NIL

NIL

NIL

117.95

1035.03

655.27

NIL

NIL

NIL

NIL

80.63

1044.96

747.60

NIL

184.64

3204.02

898.60

99.11

5199.20

1059.76

NIL

850.25

1488.17

1169.21

194.24

4999.58

973.52

NIL

17 Penalty Imposed by RBI - NIL

19

Notes Forming Part of The Financial Statements

(A) SIGNIFICANT ACCOUNTING POLICIES

1. ACCOUNTING CONVENTIONS :The accompanying financial statements have been prepared following the going concern concept, on historical cost basis unless otherwise stated and conform to

the Generally Accepted Accounting Principles (GAAP) in India, which encompasses applicable statutory provisions, regulatory norms prescribed by the Reserve

Bank of India, Accounting Standards (AS) and pronouncements issued by The Institute of Char tered Accountants of India and accounting practices prevalent in the

banking industry in India.

The preparation of financial statements requires the management to make estimates and assumptions considered in the reported amount of assets and liabilities

(Including Contingent Liabilities) as of date of the financial statements and the reported income and expenses for the repor ting period. Management believes that

the estimates used in the preparation of the financial statements are prudent and reasonable.

(a) Income/Expenditure is generally accounted for on accrual basis, unless otherwise stated.

(b) Interest on performing advances is recognized on accrual basis.

(c) Income on Non-performing Assets (NPAs) is recognized on realization, in terms of the RBI guidelines.

(d) Interest on fixed income securities is recognized on accrual basis.

(e) Commission income on the bank guarantees is recognized as income on realization basis.

(f) Locker Rent, Building Rent is generally recognized on realization basis.

(g) Other items of income are recognized on realization basis.

(h) Cost towards Staff incentives is recognized on cash basis.

(I) Loan subsidy is recognized on realization basis.

(a) In terms of guidelines issued by the RBI, advances to borrowers are classified into “Performing” or “Non-Performing” assets based on recovery of

Principal/ Interest. NPAs are further classified as Sub-Standard, Doubtful and Loss Assets.

(b) Povision for Standard assets, Sub-Standard, Doubtful and Loss assets is made as per RBI guidelines.

(a) Investments are classified under Held to Maturity' (HTM), 'Held for Trading' (HFT) and 'Available for Sale' (AFS) categories as per RBI guidelines.

(b) Bank decides the category of each investment at the time of acquisition and classifies the same accordingly. Shifting of securities from one category to

other is done as per RBI guidelines with the approval of Board of Directors. The depreciation if any on such shifting is provided for and book value of the

security is changed accordingly.

(c) The Bank has adopted the Accounting Procedure prescribed by the RBI for accounting of Repo and Reverse Repo transactions. Costs and revenues

are accounted for as interest expenditure / income, as the case may be.

(d) Investments are valued in accordance with the RBI guidelines.

a. Securities under the category Held to Maturity' (HTM) are valued at cost. Where ever cost is higher than face value, the premium is amortized

over the remaining period of maturity.

b. Securities under the category 'Available for Sale' (AFS) are marked to market and are valued at Market Rate declared by FIMMDA as on 31st

March 2014. On the basis of valuation if it results in appreciation the same is ignored and if it results in depreciation the same is provided for.

The book value is not changed after the valuation at year end.

c. Securities under the category 'Held for Trading' (HFT) are valued as per prices declared by FIMMDA. The depreciation if any is provided for.

The book value is not changed after the valuation at year end.

(e) Profit and Loss on sale of investment is accounted for in the Profit & Loss account considering the book value of security.

a) Fixed Assets are stated at Cost net of Deprecation.

b) Depreciation on assets is charged on the Written down Value at the rates determined by the Bank, except in respect of computers, vehicles where it is

calculated on the Straight Line Method, at the rates prescribed by RBI.

c) Depreciation on fixed assets is charged for the full year if the asset is purchased and installed during the first six months of the year. If the asset is

purchased and installed in the later six months then 50% of the normal rate of depreciation is charged.

2. REVENUE RECOGNITION :

3. ADVANCES :

4. INVESTMENTS :

5. FIXED ASSETS & DEPRECIATION :

20

7. Earning per Share :

8. EMPLOYEE BENEFITS :

9. TAXES ON INCOME :

10. EXTRAORDINARY ITEMS :

11. Other Notes :

(a) Earning per share are calculated by dividing the net profit for the period after tax attributable to equity shareholders (before appropriation) by weighted

average number of equity shares outstanding during the period.

(b) The weighted average number of equity shares outstanding during the period are calculated by aggregating the equity shares outstanding at thebeginning

of the period adjusted by the number of shares surrendered/ forfeited or issued during the period multiplied by the time- weighting factor, which is the

number of days for which the shares are outstanding as a propor tion of total number of days during the year. Net worth of the Bank as on date of Balance

Sheet is Rs. 990771000.00 thus value of the share comes to Rs. 17.72.

a) Provident Fund & Pension Fund :- The defined contribution as per Provident Fund & Pension Fund scheme is charged to Profit & Loss Account.

b) Gratuity :- Gratuity liability is recognized as per actuarial valuation made at the end of financial year. The bank pays contribution to Life Insurance

Corporation of India who maintains Gratuity Policy for bank employees.

c) Leave Encashment :- Bank has provided for Leave encashment benefit on the basis of declaration obtained from bank employees regarding exercises

the option.

(a) Income Tax comprises the current tax provision.

(b) (I) Scrutiny assessment for A.Y. 2007-08 to A. Y. 2011-12 were completed by Income Tax Department making huge additions.

(ii) Bank has filed appeals with CIT(A) Pune against all these assessments.

(iii) CIT(A) has passed order for A. Y. 2007-08 to A.Y 2009-10.Appeals before CIT (A) are pending for A. Y. 2010-11 and A. Y. 2011-12 . Bank has also

filed appeals against appellate orders passed by CIT (A) for A. Y. 2007-08 to A. Y. 2009-10 before ITAT Pune Bench.

(iv) All these appeals cases are decided by ITAT Pune bench in February 2014 and bank has got major relief in Appellate orders. Some points

arepending for which Bank has filed Misc. Petition with ITAT Pune Bench.

(v) On the basis of relief got by the Bank from ITAT Pune Bench, bank is not required to make any provision for demands raised by Assessing Officer,

Satara.

(vi) Income tax Department has demanded Rs. 801.37 lacs for A.Y.2007-08 to A. Y. 2011-12. Bank has paid 680.65 lacs against scrutiny assessment

order.

(vii) Bank has filed application to get refund of amount paid for A. Y. 2007-08 to A.Y. 2009-10 on the basis of appellate orders.

Shri Parshwanath Co-op Bank Ltd., Sangli merged with the Bank w.e.f 03/12/2007. The assets and liabilities and the reserves and provisions taken

over from the merging bank are incorporated in the financial statements. The SPCB Collection A/c is reflected separately in Balance Sheet.

a. The Bank has ascer tained that there is no material impairment of any of its assets and as such no provision under Accounting Standard 28 issued by

the ICAI is required.

b. Reconciliation of inter Bank Accounts as on 31/03/2014 are completed.

c. Previous year figures are regrouped or rearranged or reclassified wherever necessary to confirm the layout of the accounts of the current year.

(Rs. In Lakh)

Total Consideration

201.10

Lease amount debited to P & L A/c up to 31/3/13

Lease amount debited to P & L A/c in the current year i.e.

2013-14

Balance amount as on 31/03/2014

179.583.0718.45

6. Lease Payment :

Operating lease payments are recognized as an expense in the Profit and Loss account on a straight line basis over the lease term. The details of Lease

Payment as below -

21

13. Restructured Accounts :

Number of Borrowers

Number of Borrowers

Number of Borrowers

Number of Borrowers

Amount Outstanding

Amount Outstanding

Amount Outstanding

Amount Outstanding

Sacrifice (Diminution in the fair value)



Provision

Particulars of Account Restructured

Housing Loan SME Debt Restructuring Others

StandardAdvancesRestructured

SubStandardAdvancesRestructured

DoubtfulAdvancesRestructured

Total

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

----

1


Provision

---- ----14.63

50.00

14.63

50.00

942.14

1

----

(Rs. In Lakh)

----

----

942.14

12. The Segment Reporting Statement on the basis of Product & Services AS ON 31.03.2014

Revenue

Expenses

Provisions

Profit Before Tax

Profit After Tax

Taxation

Segment Assets

Segment Liabilities

Treasury Operations(Dealing in Govt. Securities)

Other Banking Operations(Loans & Advances and Other Services)

Total

5321.53

5040.74

1405.74

-1124.95

0.00

-1124.95

63757.02

60569.17

17491.14

14813.81

605.01

2072.32

326.00

1746.32

156342.13

159529.98

22812.67

19854.55

2010.75

947.37

326.00

621.37

220099.15

220099.15

22

(B) Cash Flow Statement For Year Ended 31-03-2014

Place : KaradDate : 25-07-2014.

Sr. No.

ParticularsAs on 31-3-2014

Rs. Ps.

(Rs. in Lacs)

A1

2

B

C

D

Cash Flow Generated From Operating ActivitiesNet Profit as per profit and Loss A/c

LESS :

Operating Profit before Working Captial Changes Adjustments for working Capital Changes

Net Working Captial Changes

Net Cash generated from Operating ActivitiesCash Flow From Investing Activities

Cash Flow From Financing Activities

Net Increase in Cash & Cash Equivalents

Ajustments for Depr./ Amortisation of Fixed AssetsProvision MadeProvision for taxation

Loss on Sale of Assets

Profit on sale of Assets

(Increase) / Decrease in Investment / Decrease in Advances

Increase / (Decrease) in BorrowingsIncrease / (Decrease) in DepositsIncrease / (Decrease) in Interest payable(Increase) / Decrease in Other Assets(Increase) / Decrease in Advance Income TaxIncrease / (Decrease) in Other LiabilitiesIncrease / (Decrease) in I.Tax liability

Fixed Assets Acquisition (Net)

Increase in Share CapitalPayment of Dividend

Cash & Cash Equivalents at the beginning of the yearCash & Cash Equivalents at the end of the year NOTE: Cash & cash Equivalents1. Cash Balance2. Balance with Reserve Bank Of India3. Balances with other Banks

Dead Stock wriiten OffEntrance Fees & otherRecovery in writte off account

(Increase)

621.37429.80

2010.75326.00

2.2324.63

3.699.03

154.093273.41

(15281.86)(15530.90)

(500.00)30322.71

118.44(413.24)

272.00(326.81)(738.00)

(2077.66)

1195.75

(609.39)

862.37(434.27)

26591.9327606.39

1296.7214870.2011439.47


(Accounts Dept.)







23

To,

The Members of

The Karad Urban Co-operative Bank Ltd.

[Under Section 31 of the Banking Regulation Act, 1949

(As applicable to Co-operative Societies)

and Section 81(5)(b) and

Rule 69 of the Maharashtra Co-op. Societies Act/Rules]

We have audited the accompanying financial statements of Dist. – Satara, which comprise

the Balance Sheet as at March 31, 2014, the Profit & Loss Account and Cash Flow Statement for the year ended on that date, and a summary of

significant accounting policies and other explanatory information. These financial statements incorporate the return of 25 branches which are

audited and certified by the Branch Statutory Auditors.

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial

performance and cash flow of the Bank prepared in accordance with the Maharashtra State Co-operative Societies Act, 1960 and Rules made

there under, the Banking Regulation Act, 1949 (as applicable to co-operative societies) and the accounting principles generally accepted in

India, including the Accounting Standards issued by the Institute of Chartered Accountants of India. This responsibility includes the design,

implementation and maintenance of internal controls relevant to the preparation and presentation of the financial statements that give a true

and fair view and are free from material misstatement, whether due to fraud or error.

Our responsibility is to express our opinion on these financial statements based on our audit. We conduct our audit in accordance with the

Standards of Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical

requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material

misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The

procedures selected depend on the auditor's judgement, including the assessment of the risk of material misstatement of the financial

statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank's

preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made

by the management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

In our opinion and to the best of our information and according to the explanations given to us, the financial statements, give the information

required by the Maharashtra State Co-operative Societies Act, 1960 and Rules framed there under and the Banking Regulation Act, 1949 in the

manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the Bank as at 31st March 2014;

(b) In the case of the Profit and Loss Account, of the profit for the year ended on that date; and

(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Financial Statements

The Karad Urban Co-operative Bank Ltd. Karad

Management's Responsibility for the Financial Statements

Auditor's Responsibility

Opinion

Statutory Auditors' Report for the year ended 31st March, 2014

24

Report on other Legal and Regulatory Requirements

1. As required under section 81(5)(b) of the Maharashtra Co-operative Societies Act, 1960 and the Banking Regulation Act, 1949, and

subject to our remarks and comments in part A, B and C of our audit report, we report that:

a. 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;

b. In our opinion, proper books of account as required by the Maharashtra Co-operative Societies Act, 1960 and rules made there under

have been kept by the bank so far as appears from our examination of those books and proper returns adequate for the purposes of

our audit have been received from the branches and offices audited by Branch Statutory Auditor;

c. The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the

books of account, returns and memorandum of changes annexed.

d. As required by Section 30(3) of the Banking Regulation Act, 1949, we fur ther report that the transactions of the Bank, which have

come to our notice, have been within the powers of the Bank.

Place :

Date :

KARAD 25 2014July

For M/s. LIMAYE & COMPANY

CA. VIJAY THAKKAR (Partner)

Chartered Accountants

Statutory Auditors

FRN – 105614W

M. No. 035607

AMENDMENT IN BYE-LAWS

Sr. No.

Bye-Law No.

NewBye-Law

No.

Text of Present Bye-Law Text of Bye-Law after incorporation of proposed amendments

Purpose of amendments

25 (i) 1

2

Share certificate Every person admitted as an ordinary member shall be entitled to receive a share certificate gratis stating the number of shares and their distinctive numbers. The share certificate shall be singed by the Chairman or any Director duly authorized and the Chief Executive. The share certificate bear the Bank’s seal.

25 (i) Share certificate Every person admitted as an ordinary member shall be entitled to receive a share cer tificate gratis stating the number of shares and their distinctive numbers. The share certificate shall be singed by the Chairman Or any Director duly authorized and the Chief Executive Officer/Dy.Chief Executive Officer/Head of Department. The share certificate bear the Bank’s seal.

To deliver Share Certificates immediately and give prompt service to Members of the Bank as well as to facilitate administrative work.

---- ------------ 44

2. u.

Powers and Functions of the Board of Directors.To appoint and to fix remuneration of Internal/Concurrent Auditors, and also other type of Auditors as per need and directions of Reserve Bank of India.

No specific provision in Model Bye-Laws regarding appointment of Auditors except Statutory Auditors.

Documents

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