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Audit

 Auditor's Report for the year 2009-10

                                                       :: AUDIT CERTIFICATE ::

To
The President
The Members
The Cuttack Credit Cooperative Ltd.

 

We have audited the attached Balance Sheet as at 31st March 2009 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 31.03.2009.

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. 20 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 were 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 2009 and

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



                
Place :- Cuttack
Date  :- 02/06/2010
:: AUDITOR'S REPORT ::

Date of issue of the Report: - 29.05.2009

Audit Report issued by Dash Associates, Chartered Accountants, Partner R.K. Dash Cuttack on the Accounts of The Cuttack Credit Cooperative Ltd, At: - Link Road, A.D.Market, Cuttack- 753012 bearing Registration No. 2 / RCS Dt.03 –09-2002 for the accounting year 2008-09.

The audited financial statements i.e the Receipt and Expenditure Statement for the period from 01-04-2008 to 31-03-2009, the Profit and Loss Account for the year 2008-09 and the Balance Sheet as on 31-03-2009 together with the copy of the audit certificate are appended to this Report.

1) Membership
The membership position of the Cooperative has reached 4898 as against 4081 on 31.03.2008. It has registered a growth of 20.02%.

2) Share Capital
The paid up share capital of the Cooperative as on 31-03-2009 stood at Rs.77,56,000/- as against Rs.70,14,400/- as on 31.03.2008. This has recorded a growth of 10.58 %.

3) Reserve Fund
The reserve position of the Cooperative as on 31-03-2009 has reached Rs.55,09,292.02 as against Rs. 39,83,081.41 of the previous year, which has grown by 38.32 %. The Cooperative paid interest on the unspent reserve fund and other fund amounting to Rs.9,47,238.00 during the year.

4) Deposits
The deposit position of the Cooperative as on 31-03-2009 stands at Rs.10,38,92,384.41 as against Rs. 8,62,16,381.90 at the previous year.end. It has registered a growth of 20.50% over the last year.

5) Loans and Advances
Loans and Advances as on 31-03-2009 stood at Rs.7,88,38,350.00 compared to Rs. 7,18,03,538.00 as at the end of the previous year. It has registered a growth of 9.80% over the past year. The Cooperative has borrowed a sum of Rs.4,44,08,354.00 in total from SBI Staff Association Cooperative Ltd, OSCB BBSR ,OSCB Ctc Branch and CC from OSCB Link Road Branch. Total Loans and Advances constitute 75.88% of total deposits as on 31-03-2009.

6) Working Capital
The working capital of the Cooperative as on 31-03-2009 is arrived at Rs.18,31,08,573.11 as against Rs. 14,39,68,448.72 during the previous year. This has recorded a growth of 27.19 % over the last year.

7) Cost of Management
The cost of management of the Cooperative for the year 2008-09 is arrived at Rs.19,04,563.19 as against Rs. 18,94,137.46 in the previous year. This works out to 1.04% of the working capital for the year under audit. It has registered a fall of 0.28 % over the past year ratio of 1.32%.

8) Cost of Establishment
The cost of establishment of the Cooperative for the year 2008-09 has been arrived at Rs7,48,621.02 which works out to 0.40% of the working capital employed for the year under audit. It has registered a fall of 0.12% over the past year ratio of 0.52%.

9) Demand Collection and Balance
During the year under audit the Cooperative has made a total collection of Rs.2,66,39,646.00 against demand of Rs.2,93,99,000.00 leaving a balance of Rs.27,59,354.00 which works out to 90% of the Demand.

10) Profit & Loss Account
The Net Profit of the Cooperative for the year stands at Rs34,58,520.79 as compared to Rs. 28,82,542.61 for the previous year, which recorded a growth of 19.98 % compared to the previous year.

11) Classification of Audit
                                        Last year ‘ A ’
                                        This year ‘ A ’


                
Place :- Cuttack
Date  :- 02/06/2010
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