To
The President
The Members
The Cuttack Credit Cooperative Ltd.

We have audited the attached Balance Sheet as on 31st March 2011 and also the Profit  & Loss Account for the year ended on that date of The Cuttack Credit Cooperative Ltd. on the even dates. These financial statements are the responsibility of the Cooperative’s management. 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. These standards required that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements . 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 estimates 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 :-

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) The Balance Sheet and Profit & Loss account dealt with in this report are in agreement with the books of accounts.

c) There is no change in the basis of valuation of assets and liabilities in the year under examination. The assets and liabilities are shown at their book value as on 31.03.2011.

d) As explained to us by the Chief Executive the surplus earned / deficit incurred from providing services to potential members during this year is nil. Therefore question doesn’t arise about the surplus made / deficit incurred from providing services to potential members as distinct from surplus / deficit accruing because of members in normal course of business.

e) The deviation in actual expenses and income from the estimated income and expenses in the approved budget are given in the clause no. 21 of part II of the detailed audit report (Budget and variance analysis) attached herewith.

f) On the basis of written representation received from the Chief Executive and verification of records by us we report that none of the directors is ineligible under the Act to continue in office as director at any time during the cooperative business year under audit.

g) The decision on disposal of the surplus of the cooperative at its previous Annual General Body Meeting was implemented correctly and completely.

h) In our opinion, and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit & Loss Account give the information required by The Orissa Self Help Cooperatives Act 2001 in the manner so required and give a true and fair view.

I) In case of the Balance Sheet of the state of affairs of the Cooperative as at 31st March 2011 and

II) In case of the Profit and Loss Account of the surplus of the Cooperative of the year ended on that date.