Date of issue of the Report: - 14.05.2011

Audit Report issued by SRB & Associates, Chartered Accountants, Partner Sanjit Patra, Bhubaneswar 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 2010-11.

The audited financial statements i.e the Receipt and Expenditure Statement for the period from 01-04-2010 to 31-03-2011, the Profit and Loss Account for the year 2010-11 and the Balance Sheet as on 31-03-2011 together with the copy of the audit certificate are appended to this Report.

1) Membership
The membership position of the Cooperative has reached 6380 as against 5714 on 31.03.2010. It has registered a growth of 11.66%.

2) Share Capital
The paid up share capital of the Cooperative as on 31-03-2011 stood at Rs.1,02,90,100/- as against Rs.95,84,700/- as on 31.03.2010. This has recorded a growth of 7.36 %.

3) Reserve Fund
The reserve position of the Cooperative as on 31-03-2011 has reached Rs.89,90,669.32 as against Rs. 69,48,478.81 of the previous year, which has grown by 29.39 %. The Cooperative paid interest on the unspent reserve fund and other fund amounting to Rs.13,13,858.00 during the year.

4) Deposits
The deposit position of the Cooperative as on 31-03-2011 stands at Rs.13,54,72,636.92 as against Rs. 11,61,58,661.65 at the previous year end. It has registered a growth of 16.62 % over the last year.

5) Loans and Advances
Loans and Advances as on 31-03-2011 stood at Rs.8,10,20,207.00 compared to Rs. 8,64,66,026.00 as at the end of the previous year. The Cooperative has borrowed a sum of Rs.1,48,75,774.00 in total from OSCB BBSR and CC from OSCB Link Road Branch and loan against F.D. from OSCB Link Road Branch. Total Loans and Advances constitute 59.47% of total deposits as on 31-03-2011.

6) Working Capital
The working capital of the Cooperative as on 31-03-2011 is arrived at Rs.20,03,07,208.29 as against Rs.16,76,86,383.86 during the previous year. This has recorded a growth of 19.45% over the last year.

7) Cost of Management
The cost of management of the Cooperative for the year 2010-11 is arrived at Rs.24,21,246.09 as against Rs. 23,36,808.67 in the previous year.  This works out to 1.21% of the working capital for the year under audit. It has registered a fall of 0.18% over the past year ratio of 1.39%.

8) Cost of Establishment
The cost of establishment of the Cooperative for the year 2010-11 has been arrived at Rs.11,37,596.89 which works out to 0.57% of the working capital employed for the year under audit. It has registered a hike of 0.02% over the past year ratio of 0.55%.

9) Demand Collection and Balance
During the year under audit the Cooperative has made a total collection of Rs.2,86,25,288/- against demand of Rs.3,16,50,239/- leaving a balance of Rs. 30,24,951/- which works out to 90% of the Demand.           

10) Profit & Loss Account
The Net Profit of the Cooperative for the year stands at Rs.54,00,232.16  as compared to Rs. 52,56,108.51 for the previous year, which recorded a growth of 2.74 % compared to the previous year.

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

Place :- Cuttack Date  :- 14.05.2011