annual report 2013-14 : year 80th - jpcbank€¦ · · 2014-07-10union bank of india punjab...

thAnnual Report 2013-14 : Year 80

Mr. Bhalchandra Prabhakar PatilChairman

Mr. Shivnarayanji ZawarVice Chairman

Mr. Anil Shantaram Patkar Chief Executive Officer

Mr. Dattatray Natthu Chaudhari Director

Dr. Chandrakant Baliram Chaudhari Director

Mr. Durgadas Dattatray NeveDirector

Mrs. Surekha Vilas ChaudhariDirector

Mrs. Smita Prakash PatilDirector

Prof.Dr. Maheshchandra Prabhakar JoshiDirector

Prof.Vilas Chudaman BoroleDirector

Mr. Ramesh Daulat PatilDirector

Mr. Pragji Mulji GujrathiDirector

Mr. Sunil Prabhakar PatilDirector

Mrs. Jyoti Prakash SarafDirector

Dr. Prakash Mangilal KothariExpert Director

Mr. Jagdish Mannalal AgrawalExpert Director

Mr. Namdeo Tukaram ChaudhariEmployee Representative

Board of Directors

01

02

03

04

05

16

18

20

22

24

31

36

37

39

40

Information of Bank [ Annexure ‘A’ ]

From the Chairman’s Desk

Notice to Shareholders

Board of Directors’ Report 2013 -14

Corporate Governance

Statutory Auditors Report [ Annexure ‘A’ ]

Balance Sheet

Profit & Loss Account

Schedules to Balance Sheet

Notes to Accounts

Disclosure 2013-14

Non SLR Investment

Income & Expenditure Budget [Annexure ‘B’ ]

Branch Addresses, Ph.Nos. & Instructions to

Shareholders

Index

1. Mr. Anil Shantaram PatkarChief Executive Officer

2. Mr. Santosh Dharmaraj WaniGeneral Manager - Information Technology

3. Mr. Sachin Madhukar BhavsarGeneral Manager - Administration

4. Mrs. Swati Avinash SardaDy. General Manager & Board Secretary

Management :

Nashirabad Branch :

Chairman : Ex-MP Mr.Yashwant Girdhar Mahajan

Member : Mr.Gendalal Liladhar Chaudhari.

Member : Mr.Janardan Waman Rote.

Member : Mr.Hari Pandu Patil.

Member : Mr.Dharmendra Shantilal Jain.

Member : Branch Manager.

Asoda Branch :

Chairman: Dr. Ramchandra Asaram Borole.

Member : Mr.Dinkar Chendu Nehete.

Member : Mr. Gunwant Murlidhar Patil.


Bhadli Branch :

Chairman: Mr.Pitambar Ramu Chaudhari.

Member : Mr.Arvind Krushna Narkhede.


Kanlda Branch :

Chairman: Dr. Mr.Baliram Vitthal Rane.

Member : Mr. Dnyandeo Manga Yeole.

Member : Mr. Prabhakar Pundlik Rane.


The Chairman & Chief Executive Officer of the Bank

are the Ex-Officio Members of all the Advisory

Committees.

Advisory Committee of branches

02

Registered Office : 152, Polan Peth, Dana Bazar, Jalgaon - 425 001.Registration Date & No. : 23/12/1933/7208R.B.I. Licence Date & No. : Dt.04.05.1984/UBDM.H.388 P.Area of operation : State of Maharashtra & Madhya Pradesh

Reserve Bank of IndiaState Bank of IndiaState Bank of HyderabadUnion Bank of IndiaPunjab National BankCorporation BankI.D.B.I. BankH. D. F. C. Bank.I.C.I.C.I. BankAxis BankKotak Mahindra Bank Ltd.The Maharashtra State Co-op.Bank Ltd.The Jalgaon District Central Co-op.Bank LtdThe Pune Dist. Central Co-op. Bank Ltd.The Aurangabad Dist. Central Co-op. Bank Ltd.The Dhule Dist. Central Co-op. Bank Ltd.The Cosmos Co-op. Bank Ltd.The Saraswat Co-op.Bank Ltd.The Thane Janata Sahkari Bank Ltd.The Kallapanna Awade Ichalkaranji Janata Sah. Bank Ltd.Dombivali Nagari Sahkari Bank Ltd.

Auditors

Statutory AuditorM/s. A.K.N.S. & Associates,Chartered Accountants, Nasik.

Internal AuditorM/s.Anil Rane & Co.Chartered Accountants, Jalgaon.

Legal Advisor

Mr. A. P. Pawar - AdvocateMr. V. D. Hon - AdvocateMr. Sanjay Natu - AdvocateMr. Vikram A. Pawar - AdvocateMr. Dhananjay Deshpande - Advocate

Particulars

No.of Branches

Shareholders

Nominal Members

Share Capital

Total Reserve & other Funds

Saving Deposits

Current Deposits

Fixed & Other deposits

Loans :

Secured

Unsecured

% to Priority Sector Advances

% to Weaker Section Advances

Borrowings

Investment

NPA (Net)

Audit Classification 2013-14

Profit 2013-14

Total Staff

Sub-Staff

Working Captial

Dt. 31.03.2014

29

14521

3827

1196.95

9639.32

17853.01

3781.47

82649.73

71469.30

574.59

71.86%

7.15%

---

27107.24

1.69%

‘A’

759.43

270

54

115418.82

Bankers Annexure ‘A’ (` in Lacs)

03

Bhalchandra Patil - Chairman

` in croresYear NPAs at beginingof the year

2011

2012

2013

84661

97920

142054

Addition duringthe year

69598

106740

136446

Reductionduring the year

56338

62606

85301

NPAs at the endof the year

97920

142054

193200

from Chairman’s desk

Dear Shareholders ,

Greetings to all of you !

At the outset , our fantabulous progress towards arrival in 81st year attracts a humongous gratitude towards yourvaluable support as always and gives me immense pleasure while presenting this 80th Annual Report of your Bank.After a 30 years of prolonged duration its an extremely pacifying thought to witness a single party Government towin majority in the Loksabha Elections. It would bare minimum expectation from the citizen of India to bring a positivecontrol on issues like slowing economy, money laundering, corruption and infrastructural facilities amidst the longseen political upheaval. Lok-sabha elections and its post facto impact on the fiscal policy is expected late this financialyear. We as a Country needed a stable Government with decisive and honest leadership under Prime MinisterShri.Narendra Modi that should be an answer to plethora of macro-economic issues the Corporates, Industries,MSME and all other linked sectors and optimistic in looking forward to get us out of policy paralysis and corruption.

RBI has initiated several measures to achieve greater Financial inclusion. Of the 6 lakh plus villages in India, as onMarch 2013 only about 2.68 lakh villages, had access to banking service. Similarly, the credit penetration from thebanking system is abysmally low at 10%. The biggest challenge and opportunity for banking industry is to servethe mass and huge market of India. Cutting the operational cost, encountering the challenges by product innovation- differentiation with Technology up-gradation are the inevitable aspect with Internet banking, mobile banking andATM service as evolved alternate channels of delivery where your Bank has already taken concrete steps. The keyto success lies in customer education, awareness, experiential marketing to encourage the use of new technologies.

In- Line with the Financial inclusion directive of RBI, Bank has opened 160 and more SHG accounts to create basefor our rural India which also brings in women empowerment with extension of credit facilities to help them exploreentrepreneurship. In co-ordination with NABARD we are getting guidance and promotional support as an incentive.

Being a "Sahastrachandra Darshan" year .. as we have fondly named it , the team was committed to deliver our bestever numbers. In terms of Business growth we achieved a stupendous rise of 24.87 % achieving an ever high 1763crores business mix with 351 crores quantum leap. Net profit stood at 7.59 crores with a 15% rise. For the 1st timeour deposits crossed the precious 1000 Crs. this fiscal despite a hailstorm, tight liquidity, high interest rates andchanging competitive landscape. At the helm of driving growth, Loans and Advances facilitate availability of credit toour customers to continue fuelling the consumption driver for boosting growth. Here, as well the bank observed a equallycommendable growth to `720 crs with 26.5% rise. Net Worth above 108 crs and Capital adequacy are at 12.39% .

On National level, NPAs & restructured assets, especially in the infrastructure segment have increased substantially.If we analyse the NPA's for last three years- we can feel pulse of deteriorating quality of Assets.

The NPAs on National level at the end of March 2014 are estimated to the tune of `2,50,000 crores. On this backdropyour Bank has done exceedingly well to keep NPAs within control.

Your Bank has already received the status of "Multi-state" Bank and now eyeing upon reaching a "Scheduled Bank"status which would expose us to major advantages from RBI along with better governance for the benefit of ourcustomers. We called " You all" for the "Extra-ordinary General meeting" to take due cognizance of certain bad debtsto be written off thereby helping us reach the goal of 3.32% Gross NPA well below the prescribed norm of 5% withnet NPA at 1.69%. While we continue our momentum to excel, we are equally concerned to pay-back our gratitudeto our society being a Responsible bank.

With a stable Government and forward looking fiscal policies we would continue our growth story with Three Ds =Dedication, Devotion and Determination benchmarking "Efficiency "as our "Work" theme. I am thankful to all ourShareholders, Depositors , Borrowers, Suppliers, Print & Electronic media for their esteemed support as always .

04

By order of the BoardPlace : Jalgaon. Anil PatkarDate : 19.05.2014 Chief Executive Officer

80th Annual General Meeting of the Members of the Bank will be held under Chairmanship of Mr.BhalchandraPrabhakar Patil, on Sunday, 22nd June 2014 at 8.30 A.M. at Yashwantrao Patil Muktangan, Saraswati Nagar,Jalgaon to consider the following business. Members are requested to attend the meeting.

: Agenda :

1. To read & confirm the minutes of the Annual General Meeting of the Bank held on 28th July 2013 &Special General Meeting held on 2nd March 2014.

2. To consider, approve & adopt report of the Board of Directors for the period from 01.04.2013 to 31.03.2014.

3. To consider, approve and adopt the audited Profit & Loss A/c. for the year ended on 31st March, 2014and the Balance Sheet as on that date.

4. To consider & approve appropriation of Profit, as recommended by the Board, for the year 01.04.2013 to31.03.2014 and declare dividend.

5. To appoint Statutory Auditor from this Annual General Meeting to next Annual General Meeting & giveauthority to Board of Directors to decide their fees. The Board recommends to appoint AKNS Associates,Nasik, as Statutory Auditor of the Bank.

6. To consider, approve & adopt Statutory Auditor’s Report for the F.Y. 2013-2014 (Annexure ‘A’).

7. To consider & approve Audit Rectification Report of the Statutory Auditor for the F.Y. 2013-14.

8. To appoint Internal Auditor for the period 2014-15 & Authorise the Board of Directors to decide the fees.

9. To approve excess expenditure over budgeted expenditure for the year 2013-14.

10. To approve the budget for Income & Expenditure for the year 2014-15 (Annexure ‘B’).

11. To submit necessary proposal to Reserve Bank of India for inclusion of Bank’s name in the Second Scheduleof Reserve Bank of India Act 1934.

12. To take review of expenditure incurred from the various funds of the Bank.

13. To take review of the name of Employees who are relatives of the Bank’s Board of Directors &Chief Executive Officer.

14. To grant leave of Absence to those members who have not attended this Annual General Meeting.

15. To consider any other matter with the permission of the Chairman.

Notice of 80th Annual General Meeting : For Members

NOTES :

1. If there is no quorum for the meeting at the appointed time, the meeting shall stand adjourned to 9.30 A.M.on the same day and the Agenda of the meeting shall be transacted at the same venue irrespective of thequorum.

2. If member desires to have any information in respect of Annual General Meeting, he/she is requested toobtain the said from the Head Office of the Bank during working hours. If member desires to discuss anysubject in Annual General Meeting, he/she is requested to send letter in writing addressed to the Chairman,7 days prior to date of Annual General Meeting.

3. Please bring copy of Annual Report/Identity Card with you.4. Please provide your e-mail address & change in address, if any, to the Bank.

31.03.2013

1100.19

9427.06

84254.78

56957.95

141212.73

22819.47

95654.89

658.35

Increase %

8.79%

2.25%

23.77%

26.49%

24.87%

18.79%

20.66%

15.35%

31.03.2013

13.59%8.33%8.30%

5.53%65.25%

3.41%0.69%

67.60%

12.03%571.71%

31.03.2014

1196.95

9639.32

104284.21

72043.89

176328.10

27107.24

115418.82

759.43

31.03.2014

13.58%8.38%8.18%

2.60%69.16%

3.63%0.66%

69.08%

12.39%653.07

20000

400006000080000

100000120000140000160000

ShareCapital

Reserves Deposits Advances Business Investment Workingcapital

PAT

2014 2013

180000

0

05

Particulars

Average Yield on AdvancesAverage Yield on InvestmentAverage Cost of deposit

Non Interest income to total incomeExpenses to Net total incomeNet Interest MarginReturn on Average AssetCD Ratio

CRARBusiness per employee

Particulars

Share Capital

Reserves

Deposits

Advances

Business Mix

Investment

Working Capital

Profit after tax

Parameters

No changeIncrease in the rate of return on the investmentsReduction in the cost of deposits due to reducedinterest rates.Reduction in other sources of income.Increase in the overall expenses.Increase in income.Profit percentage has decreased.Increase in Loan and advances portfolio hasincreased the CD ratio.Increase in the Capital Adequacy ratio.Increase in the operational efficiency of employeesleading to higher per employee business

Board of Director’s Report2013-2014

Dear Shareholders,

Your Directors have great pleasure to present 80th Annual Report on business & operation of your bank togetherwith the Audited Profit & Loss Account and Balance Sheet as on March 31st, 2014.

1. GROWTH IN THE BUSINESS :

Despite having turbulances and uncertainty in the financial market with many ups & downs, the Bank’s progressis satisfactory. [` in lacs]

2014 2013

` 84254.78 lacs

`104284.21 lacs

06

Deposits

100000

90000

80000

70000

65000

0

10000

20000

30000

2013 19491.23 3532.27 4328.91 5527.36 24078.18

2014 29504.00 3947.24 7029.95 3704.64 27858.06

1.69% 1.76%

2. DEPOSITS :

Your Bank’s deposits have grown by `20029.44 lacs

& the growth rate is 23.77%. For the first time, the rise

in deposit by over `200 crores shows trust bestowed

on us by common Depositors & Shareholders. CASA

deposit of the Bank is 20.75%.

Interest rate on Savings A/c.

Upto 1 lac : `4.00%

Above 1 lac : `4.50%

Period 2013-1415 to 24 months 1.50%25 to 37 months 1.50%Above 38 months 1.50%

Labh-Sahbhag Deposit Scheme : Under this scheme Bank hasdeclared Labh Sahbhag to the depositors as on 31.03.2014 as under :

[` in lacs]

3. ADVANCES :

Your Bank’s Advances have increased by26.49%. With the rise of `15085.94 lacs,Advances have reached to `72043.89 Lacs.Throughout the year credit deposit ratiowas hovering between 67.60% to 69.08%.I appeal all the shareholders to bring forwardgood quality Borrower.

[SSI - Small Scale Industries]

5. INVESTMENTS :

Your Bank continues to have investment policy in place which is reviewed continuously in accordance with theguidelines issued by the Reserve Bank of India from time to time. Your Bank has in place system of InternalAudit of Investment on quarterly basis as per the Reserve Bank of India guidelines.Your Bank has maintainedadequate CRR & SLR as stipulated by R.B.I during the Financial Year 2013-2014. Similarly, your bank has alsomaintained non SLR investment as per limit set by R.B.I. The yield on investment is 8.38% . For shifting ofGovernment securities from AFS category to HTM category your bank has utilised `152.90 lacs from theInvestment Depreciation Reserve.

4. NON PERFORMING ASSETS :

With much concentrated efforts and valuable support fromshareholders, our bank has succeeded in reducing the Net NPAlevel from 1.76% to 1.69%. The Bank has written off Bad Debts of

`1187.12 lacs by utilising the amount from Bad Debts ReserveFund.

SSI Housing Professional Weaker Other

NPA

2.0

1.5

1.0

0

20142013

` Amount

2,35,00,000.00

8,00,000.00

76,00,000.00

1,72,00,000.00

1,45,00,000.00

15,00,000.00

80,00,000.00

3,00,000.00

25,00,000.00

86,480.38

7,59,86,480.38

7500

8000

8500

9000

9500

10000

2014 2013

`10836.27 lacs

`10527.25 lacs

07

No. Particulars

1. Reserve Fund (25%) (Under Section 63 (1) A )

2. Co-op. Education fund (1%) (Under Section 63 (1) B)

3. Contingency Fund (Under Section 63 (1) C)

4. Dividend 15%

5. Building Fund

6. Investment Fluctuation Reserve

7. Shareholder Welfare Fund

8. Charitable Fund

9. Technology Upgradation Fund

10. Profit available for appropriation for next year

Total

Own Funds

6. PROFIT :

As on 31st March 2014, your Bank’s profit after tax is `7,59,42,596.67. Afteradding last year’s undistributed profit of `43,883.71; total profit for currentyear is `7,59,86,480.38.

7. PROFIT APPROPRIATION : The Board of Directors recommends following appropriation out of profit.

8. DIVIDEND :

The Board of Directors are pleased to recommend dividend @ 15 % for the year 2012-13.

9. OWN FUNDS :

Reserves of the Bank have increased by `309.02

lacs and stood at `10836.27 lacs. The rise is 2.94%

as compared to last year. As on 31.03.2014, CRAR

of the Bank is 12.39%

10. BANCASSURANCE :

Your Bank has taken Corporate Agency with non risk participation of Life Insurance Corporation of India & ICICILombard General Insurance. Under Bancassurance, the bank has mobilised good business and earnedcommission of `17.63 Lacs and `12.54 lacs from LIC and ICICI Lombard General Insurance respectively.

08

11. EXPANSION :

During the year with the permission of Reserve Bank of India your Bank has opened new branches at Hudco-Aurangabad and Nasik Road-Nasik.

Kalyan Own premises Inauguration :

Kalyan branch was inaugurated in own premises of the Bank.Seen from left - bank’s Director Mrs.Surekha Chaudhari,Bhashaprabhu Mr.Satchidanandji Shevade, Bank’s DirectorMr.Dada Neve, Mr. Sunil Patil, Author Late Mr. S.N. Navare,Bank’s Director Prof.Vilas Borole, Mr.Ramesh Patil, ChairmanMr.Bhalchandra Patil, Director Mrs.Smita Patil.

12. OWN PREMISES OF THE BANK :

Out of 29 branches; premises of 12 branches viz Main Branch & Head Office, Ganeshwadi, Ganesh Colony, JilhaPeth, Vitthal Peth, Asoda, Nashirabad, Bhadli, Bhusawal, Dhule, Kalyan,Nasik Road and premises of bank’sRegional Office at Akurdi-Pune, are owned by your bank.

13. HR DEPARTMENT :

In order to face the challenges of competitive market environment, your bank, is in constant process of skilldevelopment of employees. During the year; 3880 hours of training were imparted to 210 officers of the bank.The bank recognises that, its people are the key to success of the organisation. Per employee business of thebank is increased from `571.71 lacs to `653.07 lacs.

Hudco Aurangabad Branch Inauguration :

Seen from left - Bank’s Director Mrs.Jyoti Saraf, Mrs.SurekhaChaudhari, Bank’s Chairman Mr.Bhalchandra Patil, DirectorMr.Sunil Patil, Retired Judge Mr.Narendra Chapalgaonkar,Director Mr.Dada Neve, Mr.Ramesh Patil, Poet PadmashriMr. N.D. Mahanor, Director Prof.Vilas Borole, EmployeeRepresentative Mr.Namdeo Chaudhari, CEO Mr.Anil Patkar.

Nasik Road-Nasik Branch Inauguration :

Seen from left - Bank’s Director Mr.Sunil Patil, Prof.VilasBorole, Editor-Gavkari Mr.Vandan Potnis, Bank’sChairman Mr.Bhalchandra Patil, Famous EconomistDr.Vinayak Govilkar, Mr.Trimbak Gaikwad, Bank’sDirector Mr.Ramesh Patil, Employee RepresentativeMr.Namdeo Chaudhari, CEO Mr.Anil Patkar.

09

18. AWARDS :

Your Bank has felicitated with ‘Best Solution for CreditRating’ by Banking Frontier.

Seen from right- Bank’s Pachora Branch ManagerMr.Rajendra Sonar, General Manager Mr.Santosh Wani.Seen from left- Mr.Babu Nayar, Mr.Ratnakar Devale,Mr.V. Babu & others.

Considering huge medical expenses, our bank has taken Medical Insurance of `2.00 lacs per employee. Frommotivational point of view, bank organises a yearly Employee Appreciation Programme for the bank branchesas well as various Departments. Apart from this, Best Branch, Best Department, Best Recovery, DepositMobilisation & Loan Disbursement are the various individual awards given to Officers/ Branch Managers, fortaking this initiative further. This year efforts will be taken to increase productivity & efficiency of the employees.

14. RISK MANAGEMENT :

Your bank is observing the parameters of Risk Management set by the Regulatory body. The Board of Directorshas approved Credit Risk Policy prepared by the Credit Department. Based on it, the loan portfolio has beencategorised as ‘High Risk’, ‘Medium Risk’ & ‘Low Risk’. As on 31.03.2014, in percentage term, loan accountsunder ‘High Risk’ category are 10.79% & the bank has made efforts to keep this percentage at minimum level.Further, loan accounts under ‘Medium & Low Risk’ categories are 89.21%. Secondly, credit rating in respect ofloan accounts of `25.00 lacs & above has been completed and this area has been broaden by inclusion of loanaccounts of `10.00 lacs and above in this gambit. As per same, grades are from AAA to D and interest ratesare linked to Base Rate of the bank. For Risk categorization of deposit, it has been completed as per the RBIguidelines. The bank also takes utmost care for risk mitigation in Investment and Trading operations. In nutshell,due care of Risk Management on all operational fronts is being taken. Risk categorisation of Deposit is also donein line with policy guidelines issued by RBI . On those lines “High risk category” deposits are 0.74%, “Mediumrisk” deposits are 2.35% and “Low risk” deposits are to the tune of 96.91%. Bank is always instrumental in takingdue precautionary measures from time to time for minimizing the risk in Investments and Treasury as well asBanking operations .

15. INFORMATION TECHNOLOGY :

The following are some of the major tasks completed by the IT department during the Financial Year 2013-14 :

- NGRTGS system implementation.- CTS Clearing System : In concurrence to the recent RBI guidelines this is a advance version of clearing

system and has been implemented in Mumbai, Pune, Aurangabad and Nasik branches of our bank whereverwe had MICR clearing system prevalent earlier.

- Adoption of advance server and operating system.- Based on client ID, our IT department has developed a Client risk categorization system which has been implemented.- As per the Credit risk categorization policy , the department has also developed a Credit risk module for our

borrowers.

16. SELF HELP GROUP :

Your Bank has got permission from NABARD to establish Self Help Group through its 16 branches. And the Bankhas opened 162 Self Help Group Saving accounts. The Bank has provided loans to 34 Self Help Groups.

17. FUTURE PLANS :

Bank is instrumental in getting the Scheduled Bank status for which we have complied with all the relevant andessential parameters. Once our Bank achieves this status our Acceptability would be across Pan- India. Thisalso throws open doors for “ Refinance facility” for the loans like : Housing finance, Agriculture, etc at much lesserrate would be possible. We have already received the status of “Multi-state” Bank under which we have appliedto open a branch at Burhanpur apart from new branches at Akurdi-Pune , Sinhagad Road – Pune, Chalisgaon,Bodwad, Parola, Dadawadi- Jalgaon. For adequacy of share capital we are planning to launch a Long termdeposit scheme for which we have already applied to RBI.

10

Your Bank has felicitated with second award for ‘BestBanking System’ in `500-`1000 Crore Deposit categoryby BANKO.On the bahalf of the Bank: Dy. General Manager Mrs.SwatiSarda, Officer Mrs.Chitra Chirmade.Seen from left: Mr.Ashok Naik, Mr.Dinesh Oulkar (UpperCommissioner & Registrar, Co-op. Society, M.S., Pune),Mr.Dhananjay Doifode (Asst.Registrar, UCB, Co-op.Society, M.S., Pune).

Your Bank has felicitated with ‘Best Bank’ by NUBA (NasikUrban Bank Association)

Seen from left: Bank’s Director Prof.Vilas Borole,Mr.Ramesh Patil, Mr.Vidyadhar Anaskar (President,Maharashtra Urban Co-op. Banks Fed.), bank’s DirectorMr.Dada Neve, Mr.Vilas Desai (NAFCUB), Mr.NanasahebSonawane, Mr.Bhaskarrao Kothavade, Mr.AjaykumarBramhecha, bank’s Director Mrs.Surekha Chaudhari &Mrs.Jyoti Saraf.

22. CORPORATE SOCIAL RESPONSIBILITY :

1. On Ganpati Visarjan day, food packets were distributedto Police Officers on duty, Home Guards, Traffic Police.Seen fron left : Bank’s Chief Manager- Main BranchMr.Vilas Dasnurkar, CEO Mr.Anil Patkar, Vice ChairmanMr.Shivnarayanji Zawar, Hon’ble Police SuperintendentMr.S. Jaykumar, Bank’s Director Mr.Sunil Patil, Dr.C.B.Chaudhari, Mr.Dada Neve & PRO Mr.Govind Khande.

2. Provided water tanks of 5000 litres capacity to the draught affected villages.3. Distributed umbrellas to the streethawkers.4. As per practise, on the Labour Day, Blood Donation was done by bank Employees.

19. AUDIT & INSPECTION :Inspection for the period 2011-12 & 2012-13 was conducted by Reserve Bank of India. And Statuory Audit for2013-14 was conducted by M/s. A.K.N.S. & Associates, the Bank has achieved ‘A’ Grade in the same. Bankis thankful to RBI Officials & Statutory Auditors for valuable guidence.

20. ISO CERTIFICATION :ISO Audit for the Quality Management System (QMS - ISO 9001:2008) and Information Security ManagementSystem (ISMS - ISO 27001:2005) was conducted by the certifying agency and it is valid for next three years.Also, the bank has achieved certification for Business Continuty Management (BCMS - ISO 22301:2012) forHead Office & 9 branches of Jalgaon city.

21. VISITS OF DIGNITARIES :During the year following honourable dignitories visited the Bank : Shri Babamaharaj Satarkar, Mr.DnyaneshwarRajurkar (IAS) (Ex- Collector, Jalgaon), Mr.S.Jaykumar (Police Superintendent, Jalgaon), Mr.Sanjay Kapadnis(Commissioner, Jalgaon Muncipal Corporation), Mrs.Shital Ugale ( CEO, Jilha Parishad, Jalgaon), Mr. G.S.Suryawanshi (Addl.Commissioner, Income Tax Dept., Jalgaon), Mr.Sunil Padmakar (Dy. Commissioner, IncomeTax Dept., Jalgaon), Dr.Ashok Gardi (Taluka Asst.Registrar, Jalgaon), Mr.Pratap Padvi (Asstt. Registrar, Jalgaon),Mr.Bhagvati Prasad Ravat (Sr. General Manager, BSNL), Mr. G.M. Somvanshi (Dist. Development Manager,NABARD), Author of ‘Panipat’ Dr.Vishwas Patil (IAS), Late Anand Modak (Music Director), Mr.Santosh Kolhe(Film Director), Mr. Pramod Kurlekar (Painter) & Mr.Krushna Mali (Speaker).

11

1. Drawing Competition

Drawing Competition was inaugurated at the auspicious hands of Mr. A.N. Sapkale (Drawing Teacher, R.R.Vidyalay, Jalgaon). Seen from left : bank’s Vice Chairman Mr.Shivnarayanji Zawar, Director Mrs.SurekhaChaudhari, Mr.Viraf Pesuna (Principal, Rustomji International School, Jalgaon), Director Mr.Sunil Patil, Mrs.NaliniSharma (Principal, B.U.N. Raisoni Marathi School, Jalgaon), Director Mr. Dada Neve, Chairman Mr.BhalchandraPatil, Director Prof.Vilas Borole, CEO Mr.Anil Patkar, Director Mrs.Jyoti Saraf.Seen in another photo - Chief Guest of bank’s Drawing Competition Prize distribution Painter Mr.PramodKurlekar; with prize winning students.

23. EVENTS DURING THE YEAR :

2. Calendar Distribution

Calendar 2014 was inaugurated at the auspicious hands of honourable shareholders- seen from left :Mrs. Jyotsna Lahoti, Mrs. Trupti Chaube, Mr. Hitendra Mehta, Mr. Gajanan Joshi, Chairman Mr. Bhalchandra Patil,

Mr. Vijubhau Kabra, Vice Chairman Mr.Shivnarayanji Zawar and Mr.Pralhad Chaudhari.

3. Navratri Mahotsav for Self Help Groups

In order to gear up products of SHG connected to Bank, Navratri Mahotsav was conducted by Bank.

Seen from left : Director Mrs.Jyoti Saraf, Mr.Dnyaneshwar Rajurkar (Hon.Collector),Mr. G.M. Somvanshi (Dist. Development Manager, NABARD), Chairman Mr.Bhalchandra Patil,Vice Chairman Mr.Shivnarayanji Zawar & Smt. N.Ambika (Hon.Upper Police Superintendent).

Seen in another photo : Dignatories visiting stalls of Self Help Groups.

12

4. Shri Satyanarayan Mahapuja on event of entering 81st year

Bank is celebrating its 81st year from 23.12.2013 to 22.12.2014 as SahastraChandraDarshani year.

Seen in photo : Chairman Mr.Bhalchandra Patil addressing couples at Shri Satyanarayan Mahapuja.

5. Hon. Babamaharaj Satarkar : Three days Kirtan Sohla

Felicitation of Hon’ble Mr.Eknathraoji Khadse, M.L.A. & Opposition Leader, M.S., by giving ‘Sanmanpatra’

Seen from left : Bank’s Employee Representative Mr.Namdeo Chaudhari, Director Mr.Ramesh Patil, Mr.GurumukhJagwani, Dr. A.G. Bhangale, Director Prof.Vilas Borole, Hon’ble Mr.Eknathraoji Khadse (M.L.A. & Opposition Leader,M.S.) accepting Sanmanpatra at the hands of Chairman Mr.Bhalchandra Patil & Hon’ble Babamaharaj Satarkar,Director Dr. C.B. Chaudhari, Director Mr.Sunil Patil, bank’s senior shareholder Mr.Lakshmandas Adwani, Shri ChinmayMaharaj, Sau.Rukminitai Satarkar, Director Mrs.Smita Patil, Mrs.Surekha Chaudhari & Mrs. Jyoti Saraf.

Felicitation of Poet Padmashri Hon’ble N. D. Mahanor by giving ‘Sanmanpatra’as he was honoured with Poet V. D. Karandikar Lifetime Achievement Award.

Seen from left : Bank’s Director Mrs.Surekha Chaudhari, Mrs. Jyoti Saraf, Prof.Vilas Borole, Hon. M.L.A. Mr.ShirishjiChaudhari, Director Mr.Sunil Patil, Poet Padmashri Hon’ble N.D. Mahanor accepting Sanmanpatra at the handsof Mr.Dada Neve, Chairman Mr.Bhalchandra Patil, Hon’ble Babamaharaj Satarkar & Hon. M.P. Mr.Ishwarlalji Jain,

Sau.Rukminitai Satarkar, Shri Chinmay Maharaj, Mayor Mrs.Rakhitai Sonawane, Mr. Nitin Laddha.

13

24. Educational

6. Women’s Day programme

Mr.Krushna Mali is seen delivering speech on Women Self Help, at Head Office of the Bank.Also seen: Mrs.Prathibhatai Shirsat, Bank’s Director Mrs.Surekha Chaudhari & Mrs.Jyoti Saraf, Mrs.Kalpana Patil,Mrs.Leena Patil.

Winner women from competition held at Nasik Branch, on the event of Women’s Day, are seen in another photo.

1. Felicitation of meritorious students

Student with parent receiving an award at felicitation ofmeritorious children of Shareholders.

Seen from left : Director Mr.Ramesh Patil, Mr.Sunil Patil,Vice Chairman Mr.Shivnarayanji Zawar, Chief GuestAdv.Sushil Atre, Mr.Vivek Katdare, Mr.Vishwasrao ShelkePatil & Bank’s Chairman Mr.Bhalchandra Patil.

2. Notebook & School Material distribution

Notebook & other educational material was distributed to poor & needy students in Jalgaon at- Harijan KanyaChatralay Jalgaon, Late Kakasaheb Ramdas Patil Vidyalay Jalgaon, K.U. Kolhe Vidyalay Jalgaon, Adarsh Vidyalay& Junior College Kanalda, Abhiman Mahadu Warke Mahavidyalay Vidgaon, Shravan Vikas Mandir Savkheda,Prakash Highschool Sunasgaon, New English School Nashirabad, Jaihind Vidyalay Kadgaon, Sarvjanik VidyalayAsoda & Mahatma Gandhi Vidyalay Bhadli.

Distributing Notebook & other educational material to student at Mahatma Gandhi Vidyalay Bhadli, seen from left: School’s Headmaster Mr.Sonawane, School’s Director Mr.Vijay Patil, Mr.Umakant Jawale, School’s Director &Bank’s Bhadli Branch Advisory Committee Chairman Mr.Pitambar Chaudhari, School’s Director Mr.Krushna Attarde,School’s Secretary Mr.Sunil Narkhede, Bank’s Director Mr. Dada Neve, Chairman Mr.Bhalchandra Patil, ViceChairman Mr.Shinarayan Zawar, Director Mr.Sunil Patil, Prof.Vilas Borole, Mrs.Jyoti Saraf & Mr.Ramesh Patil.

14

25. SHAREHOLDER WELFARE SCHEME :

1. Pitamah Amrut Siddhi Yojana : This scheme is for existing shareholders of our Bank who have completed75 years of age. They are eligible for cheque of `501/- (one time). 77 shareholders have been benefitedduring the year.

2. Family Planning Operation : Shareholder & his/her wife/husband gets financial assistance of `1500/- forfamily planning operation done in any hospital. 6 Shareholders have been benefited during the year.

3. Eye Surgery :A] Cataract/Glucoma/Squint - Male Shareholders, his parents & wife. Female Shareholders, her husband& in laws, son below 25 years & unmarried daughter get financial assistance of `3500/-, if either of theabove operation is performed in Prabhakar Patil Netralaya. If operation is not performed in Prabhakar PatilNetralaya, no financial assistance is payable. During the year 163 shareholders are benefited by theScheme.

B] Retina - Male Shareholders, his parents and wife. Female Shareholders, her husband and in-Laws,son below 25 years and unmarried daughter get financial assistance of `3,500/-. Even if the operation isperformed in any other hospital, financial assistance is payable.

4. Deafness surgery : Male Shareholders, his parents & wife. Female Shareholders, her husband & in laws,son below 25 years & unmarried daughter get financial assistance. During the year financial assistance of`3000/- is paid. One shareholder is benefited during the year.

5. Kidney Dialysis & Kidney Transplant : Only shareholder himself/herself gets financial assistance of`15,000/-. During the year 3 shareholders are benefited by the Scheme.

6. Heart & Cancer Operation :

(a) Heart Operation/Engioplasty/Pace Maker, Valve Replacement. (b) Cancer operation/Chemotheropy.

Bank gives financial assistance of `15,000/- for any one surgery from ‘A’ group or any one surgery from‘B’ Group. Benefit is available to shareholder himself & his/her husband/wife, unmarried sister of maleshareholder, unmarried daughter & son below 25 age years. 58 shareholders are benefitedduring the year.

7. Accidental Insurance :

Bank has taken Accidental Insurance cover of `3.00 Lacs for shareholders during the year. Family of2 shareaholders received the insurance claim during the year. Shareholders who have submitted shareholderinformation forms & who are eligible as per Insurance Company’s norms are being benefited under the scheme.Shareholders who have not submitted shareholder information forms or who are not eligible as per norms ofInsurance Co. in such case, for accidental death, financial assistance of `15,000/- is being given to heirs ofdeceased shareholder.

8. Felicitation of meritorious students :

Since 2013, following degrees are added in the program :

1] B.E./ B.Tech- more than 60%. 2] M.E./M.Tech/ M.S. 3] M.B.B.S./ M.S./ M.D.

4] Phd 5] C.A./ I.C.W.A./ C.S. 6] M.T.S./N.T.S.- According to Merit list.

Since 2013, B.A., B.Com, BSc degrees are removed from the felicitation program.

Son, Daughter, Grandson & Grand daughter of the shareholder is eligible for the program.

0

600

800

1000

1200

1400

2009-10 2010-11 2011-12

`974/-

`1275/-`1073/-

1600

1800 `1376/-

2012-13 2013-14

`1539/-

15

9. Blood Bag Supply :

Bank has donated `1,00,001/- to Indian Red Cross Society under which Shareholder/ Employee of the bankcan avail One Blood Bag free of cost, once in a year. Quantity of the bags are limited, which please note. Duringyear, one family have received the facility.

10. Kanya Janmotsav :

The said scheme is initiated against Female foeticide. At the birth of Girl child of shareholder/shareholder’sson/daughter, deposit of `1001/- is being made in the name of girl child by the bank. During this year,100 parents have received the deposit receipt.

11. Including above schemes & dividend, bank has spent `2,23,45,626/- on Shareholder Welfare.

26. Obituary :

The Board of Directors offer their sincere condolence to dignitories who left for heavenly abode during the year.Homage to Nobel Prize winner Nelson Mandela, Nobel Prize winner Physiologist Robert Edwards, MathamaticianShakuntala Devi, Religious Guru of Bohra community Syedna Burhanuddin, Andhashraddha Nirmulan Samiti’sfounder Narendra Dabholkar, Sarabjit Singh, founder of Vippassana Satyanarayan Goenka, Entrepreneur AmarBose, founder of PN Gadgil Jwelllers Dajikaka Gadgil, founder of Kalnirnay calendar Jayant Salgaonkar, HeartSpecialist Dr.Nirmal Shrishrimal, Author S.N. Navare, Poet Namdeo Dhasal, Playwright G.P. Deshpande, SingerShamshad Begum, Director Rajiv Patil, Actress Suchitra Sen, Actor- Pran, Faruq Shaikh, Vinay Apte, SatishTare,Producer Sudhakar Bokade, Advocate Madhavrao Chitre, Founder Chairman of Jalgaon Janta Bank Dr.AvinashAcharya, bank’s branch advisory committee member Yashwant Rane.

27. Gratitude :

Your Board of Directors wishes to thank all shareholders for the trust and confidence they have reposed in theleadership and management of The Jalgaon Peoples Co-operative Bank Ltd., Jalgaon. Also like to place on therecord deep sense of gratitude to the Reserve Bank of India and all their officials. Central Registrar of Co-op.Societies, Delhi, Commissioner for Co-operation & Registrar Co-op. Societies, Maharashtra State, Pune, andtheir officials for valuable guidance, support and co-operation; The Maharashtra State Co-op. Banks AssociationLtd, Mumbai, The Maharastra State Co-op.Urban Banks Federation, Mumbai, Branches Advisory Board,Advocates, Auditors, Newspapers, print media, non print media and events organiser. Your Board is also proudto acknowledge the contribution of employees at all levels and they deserve appreciation.

For & on behalf of the Board of DirectorsBhalchandra Patil - Chairman

: CORPORATE GOVERNANCE :(Forming part of the Directors’ Report for the year 2013 - 14)

1. Philosophy on Code of Governance :The Bank is an institution of trust. And the decisions of Board of Directors & Management have impact on all itsshareholders, depositors, customers, vendors, service providers, employees, corresponding banks and membersof society.The Bank’s philosophy on Corporate Governance is towards :1. A high degree of transparency. 2. Commitment to its values.3. Ethical business practices. 4. Accountability & protection of interest of stakeholders.

2. Board of Directors :The general superintendence, direction and management of the business is vested with the Board of Directors.The responsibilities of the Board include formulation of Policies, new initiatives, performance review, control andsanction cases falling beyond the powers delegated to various functionaries of the Bank. The Board hasconstituted committees and delegated powers in different functional areas.

3. Committees of Directors :The Board of Directors of the Bank has constituted 8 committees. Policy formulation & control function vestswith the Board, whereas operational matter & recommending authority vests with the committee.

16

a. Audit Sub Committee :1. Mr. Bhalchandra P. Patil Chairman2. Mr. Shivnarayan Zawar Member3. Mr. Sunil P. Patil Member4. Mr. Anil S. Patkar CEO5. CA Dr. Prakash M. Kothari Special Invitee6. CA Mr. Jagdish M. Agrawal Special Invitee

b. Investment & A.L.M. Sub Committee1. Mr. Bhalchandra P. Patil Chairman2. Mr. Shivnarayan Zawar Member3. Dr. Chandrakant B. Chaudhari Member4. Mr. Sunil P. Patil Member5. Mr. Anil S. Patkar CEO6. CA Dr. Prakash M. Kothari Special Invitee7. CA Mr. Jagdish M. Agrawal Special Invitee

c. Loans & Advances Sub Committee :1. Mr. Bhalchandra P. Patil Chairman2. Mr. Shivnarayan Zawar Member3. Dr. Chandrakant B. Chaudhari Member4. Mr. Sunil P. Patil Member5. Mr. Anil S. Patkar CEO6. CA Dr. Prakash M. Kothari Special Invitee7. CA Mr. Jagdish M. Agrawal Special Invitee

d. One Time Settlement Sub Committee :1. Mr. Bhalchandra P. Patil Chairman2. Mr. Shivnarayan Zawar Member3. Dr. Chandrakant B. Chaudhari Member4. Mr. Durgadas D. Neve Member5. Mr. Anil S. Patkar CEO

e. Purchase & Expenditure Sub Committee :

1. Mr. Bhalchandra P. Patil Chairman2. Mr. Shivnarayan Zawar Member3. Dr. Chandrakant B. Chaudhari Member4. Mr. Durgadas D. Neve Member5. Mr. Sunil P. Patil Member6. Mr. Anil S. Patkar CEO7. CA Dr. Prakash M. Kothari Special Invitee

f. Recovery Sub Committee :

1. Mr. Bhalchandra P. Patil Chairman2. Mr. Shivnarayan Zawar Member3. Mr. Dattatray N. Chaudhari Member4. Dr. Chandrakant B. Chaudhari Member5. Mrs. Smita P. Patil Member6. Mr. Ramesh D. Patil Member7. Mr. Anil S. Patkar CEO

g. Staff & Shareholder Welfare Sub Committee :

1. Mr. Bhalchandra P. Patil Chairman2. Mr. Shivnarayan Zawar Member3. Mr. Dattatray N. Chaudhari Member4. Mr. Durgadas D. Neve Member5. Mr. Vilas C. Borole Member6. Mr. Anil S. Patkar CEO7. Mr. Namdeo T. Chaudhari Special Invitee

h. Staff Sub Committee :

1. Mr. Bhalchandra P. Patil Chairman2. Mr. Shivnarayan Zawar Member3. Mr. Dattatray N. Chaudhari Member4. Mrs.Surekha V. Chaudhari Member5. Mr. Anil S. Patkar CEO6. Mr. Namdeo T. Chaudhari Special Invitee

4. Attendance of Directors at Board Meetings :

During the year 23 Board Meetings and 55 various Sub-Committee’s meeting were held. Details of Attendanceof Directors at Board Meeting and Sub-Committee is as under :

No. Name Designation Board Meeting Sub-Committee

01. Mr. Bhalchandra Prabhakar Patil Chairman 23 5302. Mr. Shivnarayan Shankarlal Zawar Vice Chairman 20 4603. Mr. Dattatray Nathu Chaudhari Director 14 --04. Dr. Chandrakant Baliram Chaudhari Director 23 4205. Mr. Durgadas Dattatray Neve Director 22 1706. Mrs. Surekha Vilas Chaudhari Director 21 0407. Mrs. Smita Prakash Patil Director 23 0408. Prof.Dr. Maheshchandra Prabhakar Joshi Director 16 NA09. Prof. Vilas Chudaman Borole Director 22 0410. Mr. Ramesh Daulat Patil Director 21 0111. Mr. Pragji Mulji Gujrathi Director 23 NA12. Mr. Sunil Prabhakar Patil Director 23 3313. Mrs. Jyoti Prakash Saraf Director 22 NA14. CA Dr. Prakash Mangilal Kothari Expert Director 06 1415. CA Mr. Jagdish Mannalal Agrawal Expert Director 20 2116. Mr. Namdeo Tukaram Chaudhari Staff Representative 18 07

Leave of Absence of 6 months was granted to Mr. Dattatray Nathu ChaudhariLeave of Absence of 2 months was granted to Prof.Dr. Maheshchandra Prabhakar Joshi.

5. Remuneration of Directors :

In terms of rule 107A of The Maharashtra Co-operative Societies Rules 1961 the Directors are eligible fortravelling and Daily Allowance and sitting fees but setting the high standards in Co-operation; Chairman, ViceChairman & Directors of the Bank do not take any of these.

6. Last 3 Annual General Meetings were held as follows :

AGM Day & Date Time Location79th Sunday 28th July 2013 8.30 am Yashwatrao Muktangan, Neri Naka, Jalgaon.78th Sunday 12th August 2012 8.30 am Yashwatrao Muktangan, Neri Naka, Jalgaon.77th Sunday 07th August 2011 8.30 am Yashwatrao Muktangan, Neri Naka, Jalgaon.

7. Dividend history of last 3 years :

F.Y. Rate of Dividend Declaration Date Date of payment2012-13 15% 28.07.2013 29.07.20132011-12 15% 12.08.2012 13.08.20122010-11 15% 07.08.2011 08.08.2011

Unclaimed Dividend :Shareholders who have not received their dividend should collect it from Head Office.Dividend not claimed for 3 years will be transferred to Reserve fund.

8. Distribution of Shareholders as on 31st March 2014 :Individual Members 14085Firms 259Others 177Total 14521

9. Share Transfers : No. of shares transferred/transmitted during the last 3 years as under :

2013-14 2012-13 2011-12

No. of shares transferred 61 247 310No. of shares transmitted 123 142 182

10. Disclosures :

Other than those in the normal course of banking business, the bank has not entered into any materially significanttransaction with its directors or their relatives etc. that may have potential conflict with the interests of the bankat large. Bank has not given any Loan to Directors & their relatives.

17

A K N S & AssociatesChartered Accountants

STATUTORY AUDITOR’S REPORT(Under Section 31 of the Banking Regulation Act, 1949 and Section 73(4) of

Multi State Co-operative Societies Act, 2002 and Rule 27 of Multi State Co-operative Societies Rules)

To the Members of the THE JALGAON PEOPLES CO-OPERATIVE BANK LTD., JALGAON .

Report on the Financial Statement :

1. We have audited the accompanying financial statements of The Jalgaon Peoples Co-operative Bank Ltd.,("the Bank"), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Lossand the Cash Flow Statement for the year then ended, and a summary of significant accounting policies andother explanatory information. Incorporated in these financial statements are the returns of 29 Branches of theBank audited by us.

Management’s Responsibility for the Financial Statement :

2. Management is responsible for the preparation of these financial statements in accordance with the provisionsof Banking Regulation Act, 1949, the Multistate Co-operative Societies Act 2002 and rules made there under.Management is also responsible for Preperation of these financial statements that give a true and fair view ofthe financial position, financial performance and cash flows of the Bank in accordance with the AccountingStandards issued by The Institute of Chartered Accountants of India.This responsibility includes the design, implementation and maintenance of internal control relevant to thepreparation and presentation of the financial statements that give a true and fair view and are free from materialmisstatement, whether due to fraud or error.

Auditor’s Responsibility :

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conductedour audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India(the ICAI). Those Standards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the auditor’s judgment, including the assessment ofthe risks of material misstatement of the financial statements, whether due to fraud or error. In making thoserisk assessments, the auditor considers internal control relevant to the Bank’s preparation and fair presentationof the financial statements in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by management, as well as evaluating the overall presentation of the financialstatements.

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

6. Opinion :

In our opinion and to the best of our information and according to the explanations given to us the said financialstatements together with the Accounting policies and explanatory Notes thereon give the information requiredby the Banking Regulation Act, 1949 read with the provisions of The Multi State Co-operative Societies Act 2002and rules made there-under in the manner so required for the Urban Co-operative Banks and give a true andfair 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 March 31, 2014;b) in the case of the Statement of Profit & Loss, of the profit for the year ended on that date; andc) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.d) The bank is awarded “A” class for the year 2013-14.

18

STATUTORY AUDITOR’S REPORT [contd.]Report on Other Legal and Regulatory Requirements:

7. The Balance Sheet and the Statement of Profit and Loss have been drawn up in accordance with theprovisions of Section 29 of Banking Regulation Act, 1949 and Multi-State Cooperative Societies Act, 2002, andrules made there-under.

8. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required under Rule 27(3)of Multi State Co-operative Societies Rules, 2002 (“Rules”)and subject also to the limitations of disclosurerequired therein, we report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief werenecessary for the purpose of our audit and have found them to be satisfactory;

b) In our opinion proper books of accounts as specified in Rules and bye-laws have been kept by the MultiState Co-operative Bank so far as it appears from the examination of those books and returns received fromthe branches.

c) In our opinion the Balance Sheet and Profit and Loss account dealt with by this Report exhibit a true andfair view of the state of affairs of the multi state co-operative society according to the best of his information andexplanation given to us and as shown by the books of the multi-state co-operative society; and

d) To the best of our knowledge and belief and according to the information and explanation given to us, hasnot been any material impropriety or irregularity in the expenditure or in the realization of money due to the multistate co-operative society;

e) In our opinion the guidelines issued, as applicable to the bank, by the Reserve Bank of India and NABARDand Rural Development Bank have been adhered to.

9. As required by the Directives issued by the Reserve Bank of India under Banking Regulation Act 1949, wegive separately additional report in the prescribed form called Long Form Audit Report.

10. In our opinion, the Balance sheet, Profit & Loss account and the Cash flow Statement comply with theAccounting Standards prescribed by The Institute of Chartered Accountants of India (ICAI).

11. The schedules giving the particulars referred to in Rule 27(3) of Multi State Co-operative Societies Rules,2002 to the extent applicable are attached to this report.

Schedules Forming Part of Auditors’ Report on Balance Sheet and Profit & Loss Account ofThe Jalgaon Peoples Co-op, Bank Ltd., as on 31st March, 2014 as required under Rule 27 of Multi StateCo-op. Societies Rules, 2002 to the extent applicable.

a) The Bank has received rent of `0.37 Lacs from letting part of its premises owned by the bank is given onlease basis to tenants which is not within the powers of the bank [Rule 27 (3)(b)].

b) The following monies due to the Bank appear to be doubtful of recovery (Advances categorized as doubtfuland loss assets as per prudential norms are considered as doubtful of recovery) [Rule 27 (3)(c)].

Place : JalgaonDate : 05-05-2014

For AKNS & Associates,Chartered Accountants

Firm Registration No.:104466W

Anant P. KumatPartner

Membership No.:113877

* There is adequate provision of `984.16 lacs against the above advances.

(` in Lacs)Category Amount Outstanding as on 31.03.14

Doubtful Assets 1118.47Loss Assets 0.00Total 1118.47

19

11,96,95,300.00

96,39,32,087.09

----

1042,84,21,386.47

---

18,36,40,084.96

23,46,887.00

9,56,45,021.39

---

5,44,40,506.93

5,11,51,229.94

43,49,330.00

7,59,86,480.38

1,26,76,869.00

1199,22,85,183.16

9,06,52,479.00

58,42,924.00

31.03.2014` Ps

11,00,19,200.00

94,27,05,852.31

----

842,54,78,492.91

----

17,36,37,469.19

15,33,314.28

33,17,62,338.73

---

4,59,85,295.93

7,69,10,079.96

43,49,330.00

6,58,43,883.71

2,07,12,128.00

1019,89,37,385.02

6,34,69,050.00

66,71,279.00

31.03.2013` Ps

ScheduleNo.

01

02

03

04

05

06

07

08

09

10

11

12

13

A

B

C

D

E

F

G

H

T

Place : JalgaonDate : 05.05.2014

Bhalchandra PatilChairman

Shivnarayan ZawarVice Chairman

Durgadas NeveDirector

20

Balance Sheet as on 31.3.2014

Capital & Liabilities

Share Capital

Reserve Fund and Other Funds

Principal and Subsidiary State

Partnership Fund Account

Deposits and other Accounts

Borrowings

Bills for collection Being Bills

Receivable (As per Contra)

Branch Adjustments

Overdue Interest Reserve

On Non-Performing Advances

On Investments

Interest Payable

Other Liabilities

Dhule Urban Bank Collection

Account Payable

Profit and Loss Account

Deferred Tax Liability

NOTES ON ACCOUNTS

TOTAL...

Contingent Liabilities :

Bank Guarantees

Letters of Credit Issued

59,57,44,749.42

46,05,58,351.33

----

271,07,23,694.00

720,43,89,281.06

2,91,61,453.40

10,48,59,387.00

9,56,45,021.39

18,36,40,084.96

50,94,11,138.83

2,88,82,440.44

3,89,40,773.90

----

3,03,28,807.43

1199,22,85,183.16

31.03.2014` Ps

39,85,57,871.03

70,60,29,013.50

----

228,19,47,825.00

569,57,95,338.67

2,44,76,013.40

8,52,67,134.00

33,17,62,338.73

17,36,37,469.19

42,10,41,536.83

4,80,68,570.24

20,25,467.00

---

3,03,28,807.43

1019,89,37,385.02

31.03.2013` Ps

ScheduleNo.

01

02

03

04

05

06

07

08

09

10

11

12

I

J

K

L

M

N

O

Dr. C. B. ChaudhariDirector

Anil PatkarChief Executive Officer





21

Balance Sheet as on 31.3.2014

Property & Assets

Cash and

Bank Balance

Balance With Other Banks

Money at Call and

Short Notice (In CBLO)

Investments

Advances

Interest Receivable

Interest on Staff Loan

Interest on Deposits and Securities

Overdue Interest on Loans & advances

Bills Receivable Being Bills

for Collection (as per Contra)

Fixed Assets (Gross Block )

Other Assets

Non-Banking Assets Acquired in

Satisfaction of Claims

Differed Tax Asset

Dhule Urban Bank Rec. A/c

TOTAL...



Shivnarayan ZawarVice Chairman


73,08,70,712.27

33,38,032.52

14,80,50,259.44

---

4,11,32,918.62

20,51,683.00

25,97,702.05

25,41,562.00

2,63,61,951.89

1,24,69,201.69

51,31,501.00

2,48,21,879.17

1,64,286.12

1,80,00,000.00

60,00,000.00

3,42,00,000.00

12,80,68,490.30

7,14,07,337.67

35,00,000.00

(80,35,259.00)

7,59,42,596.67

125,72,07,517.74

31.03.2014` Ps

63,59,59,069.90

31,42,560.19

13,21,99,436.08

---

3,67,88,004.45

---

23,87,781.16

22,89,155.00

2,01,96,420.16

84,22,653.81

46,96,338.00

2,05,26,384.38

16,024.00

90,00,000.00

60,00,000.00

1,62,00,000.00

86,05,528.00

9,05,95,933.74

2,80,13,349.32

(32,52,866.00)

6,58,35,450.42

99,70,25,288.87

31.03.2013` Ps

No.

01

02

03

04

05

06

07

08

09

10

11

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13

14

15

16

17

18

P

Q

T

22

Schedule

Profit and Loss Account for the year ended 31.3.2014

Expenditure

Interest on Deposits, Borrowings etc.

Commission Paid

Salaries, Allowances, Provident Fund

Contribution & Gratuity etc.

Director's Fees & Allowances

Rent, Taxes, Insurance, Light etc.

Legal Charges

Postage, Telegram & Telephone

Audit Fee

Depreciation, repairs, maintenance to

Bank's Property

Stationery, Printing, Advt. etc.

Amortization of Premium

on Securities

Other Expenditure

Loss on Sale of Non Banking Assets

Amount Tr. to Ear marked Fund

Dhule Urban Bank Loss write off

Provision for Assets

Bad Debts Written off

Profit before tax

Less : Income Tax

(Add) / Less : Deferred Tax

Net Profit After Tax

NOTES ON ACCOUNTS

TOTAL...

110,22,10,264.06

24,64,946.30

2,93,71,322.08

8,81,096.00

35,68,003.00

11,87,11,886.30

125,72,07,517.74

31.03.2014` Ps

94,18,74,323.86

37,82,074.05

3,30,01,289.71

1,77,97,855.25

5,69,746.00

---

99,70,25,288.87

31.03.2013` Ps No.

01

02

03

04

05

06

Dr. C. B. ChaudhariDirector






23

Schedule

Profit and Loss Account for the year ended 31.3.2014

Income

Interest and Discount

Commission & Exchange

Other Receipts

Excess Provisions Reversed

Recovery from Bad debt Written off

Credit from B.D.D.R.

TOTAL...

R

S

7,47,07,250.00

4,49,88,050.00

27,07,83,311.57

18,37,44,590.00

11,97,80,028.20

1,00,000.00

3,00,00,000.00

1,99,74,430.55

2,10,10,500.00

4,38,648.65

10,61,836.00

18,49,255.57

11,83,24,900.77

51,21,000.00

29,02,000.00

16,49,38,585.78

1,54,00,000.00

3000.00

78,00,000.00

7,00,000.00

31.03.2014` Ps

31.03.2013` Ps No.

A

B

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

17

18

31.03.2014` Ps

25,00,00,000.00

11,96,95,300.00

96,39,32,087.09

15,00,00,000.00

11,00,19,200.00

7,09,82,700.00

3,90,36,500.00

25,14,78,202.57

13,83,44,590.00

21,08,91,914.50

---

2,35,00,000.00

3,52,64,560.55

2,10,10,500.00

10,04,154.65

4,61,836.00

22,91,984.57

9,91,83,030.45

51,21,000.00

29,02,000.00

12,80,49,079.02

1,54,00,000.00

3,000.00

78,00,000.00

---

94,27,05,852.31

24


SCHEDULE - "A"

SHARE CAPITAL

Authorised Capital

Shares of ` 50/- each

Issued, Subscribed and Paid-up :

Shares of ` 50 each fully paid

held by

Individuals : 1494145

Others : 899761

SCHEDULE - "B"

Reserve Fund & Other Funds

Statutory Reserve Fund

Building Fund

Reserve for Bad & Doubtful Debts

- Urban

Reserve for Bad & Doubtful Debts

- Rural Branch

Contingent Provision for Standard

Assets

Contingent Provisions against

depreciation in Investments

Investment Fluctuation Reserve ¸

Festival & Ceremony Fund

Charity Fund

Member Welfare Fund

Depreciation Fund

Technology Up gradation Fund

Dividend Equalization Fund

Building Revaluation Reserve

Special Reserve as per Income

Tax Act, 1961

Co-operative Education Fund

Contingency Fund

Education Fund

Particulars

622,89,62,482.00203,60,10,849.55

164,10,92,027.0014,42,10,290.76

13,46,97,248.0024,34,49,289.16

4,64,00,230.931,00,000.00

74,26,581.005,13,695.00

5,68,861.0036,100.00

68,27,927.07---

19,97,199.0029,52,410.96

1,22,639.004,62,500.00

69,700.00---

27,886.0072,430.00

9,83,398.001,67,998.91

1,04,50,000.0022,56,214.00

2,466.003,500.00

2,41,50,000.00

31.03.2014` Ps

31.03.2013` Ps No.

1

2

3

1234

abcdefghijkl

mnopqrs

31.03.2014` Ps

826,49,73,331.55

178,53,01,517.76

37,81,46,537.161042,84,21,386.47

---

5,44,40,506.93

5,11,51,229.94

536,47,52,314.62128,06,34,059.00664,53,86,373.62

146,69,60,996.952,38,90,347.00

149,08,51,343.95

17,38,35,540.3411,54,05,235.0028,92,40,775.34

842,54,78,492.91

---

3,85,93,910.931,50,000.00

67,30,479.005,10,906.00

4,59,85,295.93

6,75,122.0070,988.00

97,03,400.1030,000.00

21,34,222.0031,25,788.56

1,46,137.003,30,200.00

65,700.002,73,00,000.00

1,19,200.009,35,561.00

13,84,200.004,50,630.30

1,06,00,000.0016,88,931.00

------

1,81,50,000.00

7,69,10,079.96

25


SCHEDULE - "C"DEPOSIT AND OTHER A/CsTERM DEPOSITSa)From Individualsb) From Institutions

SAVINGS BANK DEPOSITSa)From Individualsb) From Institutions

CURRENT DEPOSITSa)From Individualsb) From Institutions

SCHEDULE - "D"BORROWINGSSCHEDULE - "E"INTEREST PAYABLEOn FDROn overdraft with BankOn Matured depositsOther

SCHEDULE - "F"OTHER LIABILITIESDividend PayableAdvance for Hire purchasePay orderEducation Fund PayableAudit Fees PayableStale Demand DraftTax Deducted at Source PayableLight Charges PayableTelephone Charges PayableProvision for Income TaxSecurity Charges PayableOther Expenses PayableExpenses PayableExpenses With Head officeStaff Expenses PayableSundry CreditorsProceeds Of Bills By DraftService TaxProvision for Dhule Urban LossWrite off

Particulars

6,58,43,883.71

43,883.71

1,90,00,000.00

1,56,00,000.00

7,00,000.00

6,00,000.00

---

2,74,00,000.00

25,00,000.00

---

---

---

7,59,42,596.67

12,48,83,612.00

14,06,74,598.00

2,48,32,924.37

39,14,123.46

67,02,163.59

4,73,87,328.00

4,02,50,000.00

20,71,00,000.00

31.03.2014` Ps

31.03.2013` Ps

No.

a

b

c

d

e

f

g

h

i

j

a

b

c

d

e

f

g

h

31.03.2014` Ps

43,49,330.00

7,59,86,480.38

59,57,44,749.42

43,49,330.00

6,21,48,433.29

8,433.29

1,81,40,000.00

1,40,00,000.00

--

5,00,000.00

5,00,000.00

2,00,00,000.00

25,00,000.00

35,00,000.00

20,00,000.00

10,00,000.00

6,58,35,450.42

6,58,43,883.71

7,60,53,517.00

1,62,86,582.26

1,40,12,220.55

32,64,261.73

1,82,70,944.49

4,33,20,345.00

7,52,50,000.00

15,21,00,000.00

39,85,57,871.03

26


SCHEDULE - "G"

Dhule Urban Bank Collection A/c

SCHEDULE - "H"

PROFIT AND LOSS ACCOUNT

Profit as per last Balance Sheet

Less : Appropriation

Balance of Profit

Statutory Reserve Fund

Dividend

Education Fund

Charity Fund

Festival Ceremony Fund

Building Fund

Member Welfare Fund

Provision for Bad Debts & Doubtful

Debts

Technology Up gradation Fund

Investment Fluctuation Reserve

Add : Net Profit for the year as per

Annexed A/c

SCHEDULE - "I"

CASH IN HAND ¸

BANK BALANCES

Reserve Bank of India Current A/c.

State Bank of India

The M.S.C. Bank Mumbai

District Central Co-op. Bank

FDR with State Bank of India

FDR with MSC Bank

FDR with District Central Co-op

Bank

Particulars

18,42,93,280.5127,62,65,070.82

249,55,54,694.0021,51,47,000.00

22,000.00

15,87,056.50

434,68,56,864.395,55,91,520.20

---

4,55,13,667.8819,04,700.00

---

275,29,35,472.09---

31.03.2014` Ps

31.03.2013` Ps

No.

ab

abc

1

a

bc

iii

2

a

bc

iii

3

a

bc

iii

31.03.2014` Ps

46,05,58,351.33

271,07,23,694.00

440,40,35,441.09

4,74,18,367.88

275,29,35,472.09

720,43,89,281.06

32,97,63,942.6837,62,65,070.8270,60,29,013.50

205,77,70,825.0022,40,84,000.00

93,000.00228,19,47,825.00

325,90,19,833.91

4,84,89,749.57

238,82,85,755.19

569,57,95,338.67

27


SCHEDULE - "J"BALANCES WITH OTHER BANKSCurrent Deposits with other BanksFixed Deposits with other Banks

SCHEDULE - "K"INVESTMENTIn Central & State Govt. SecuritiesOther TrusteesShares in Co-op. Institutions.

SCHEDULE - "L"ADVANCESShort Term Loan, Cash Credit,Overdraft and Bill Discounted ofwhich secured againstGovernment & Other approvedsecuritiesOther Tangible SecuritiesPersonal Sureties

Amount overdue `4,82,61,041.72Amounts considered Bad & Doubtful ofrecovery `2,77,71,422.06Medium Term Loan of whichSecured against :Government & Other approvedsecuritiesOther Tangible SecuritiesPersonal Sureties

Amount overdue `19,44,730.00Amounts considered Bad & Doubtfulof recovery `7,39,074.00Long Term Loans of which Securedagainst :Government & Other approvedsecuritiesOther Tangible SecuritiesPersonal Sureties

Amount overdue `12,12,78,944.20Amounts considered Bad & Doubtfulof recovery `20,29,50,674.60

Particulars

57,35,983.5812,79,460.00

21983.0032,40,230.0019,67,084.53

1,47,05,242.0022407.70

19,10,049.63

31.03.2014` Ps

31.03.2013` Ps No.

abcdefgh

31.03.2014` Ps

2,88,82,440.44

3,03,28,807.43

54,60,783.5885,63,900.00

25,899.0023,81,050.00

9,59,530.002,81,85,449.00

22,407.7024,69,550.96

4,80,68,570.24

3,03,28,807.43

2,48,21,879.17

31.03.2014` Ps

31.03.2013` Ps

No. 31.03.2014` Ps

2,04,491.1728,69,240.0013,31,151.0016,18,635.11 8,28,538.005,60,191.917,13,441.00

---31,77,606.00

3,614.0098,19,934.98

2,88,034.0059,369.00

10,46,975.003,22,960.00

12,71,014.003,37,701.003,68,983.00

iiiiiiivvviviiviiiixxxixiixiiixivxvxvixviixviii

1,32,142.7624,99,743.90

8,30,873.0010,52,978.25

8,21,334.003,96,621.102,81,729.00

30,000.0021,16,179.00

74,717.0096,02,242.86

2,19,549.0038,500.00

15,27,309.001,11,463.005,07,873.512,83,129.00

---

2,05,26,384.38

28


Particulars

SCHEDULE - "N"OTHER ASSETSDepositsDebtorsPAN Coupon in handStamp in handPrepaid ExpensesAdvance TaxVATStationery Stock in Hand

SCHEDULE - "O"Dhule Urban Receivable Account

Schedules to Profit & Loss Account

Particulars

SCHEDULE - "P"OTHER EXPENDITUREConveyanceTravelling ExpensesEntertainment ExpensesMiscellaneous ExpensesDiwali ExpensesGeneral Meeting ExpensesBranch Opening ExpensesEducation FundRecovery ExpensesDress of StaffSecurity ChargesMembership & Subscription FeeBranch Yearly CeremonyConsultancy FeeISO Certification ChargesService Charges paid by BankVehicle ExpensesATM Transaction & Driving Fees

31.03.2014` Ps

31.03.2013` Ps

No.

abc

12

123456789

101112

13

1415

161718192021222324

31.03.2014` Ps

1,10,00,000.0028,00,000.0024,00,000.00

1,62,00,000.00

68,90,75,622.4225,27,98,701.4494,18,74,323.86

22,16,228.975,93,688.741,10,975.40

21,425.001,23,017.30

1,45,20,498.0013,030.00

9,87,500.0011,08,198.00

---9,456.00

37,200.00

1,15,768.00

46,62,171.8510,20,080.00

21,23,539.204,960.00

31,84,050.0010,12,453.75

1,04,416.004,225.00

25.0010,28,383.50

---3,30,01,289.71

2,77,00,000.0065,00,000.00

---

83,59,08,190.7826,63,02,073.28

24,66,276.213,45,561.261,21,517.80

---1,14,005.84

1,40,97,714.009,750.00

12,54,474.20 17,63,849.00

---18,047.0037,200.00

1,08,000.00

51,99,131.157,84,930.00

20,01,277.866,513.00

----6,15,482.001,11,057.50

4,950.00 7,775.00

----3,03,810.26

3,42,00.000.00

110,22,10,264.06

2,93,71,322.08

29

SCHEDULE - "Q"PROVISION FOR ASSETSBad & Doubtful Debt ReserveStandard AssetsSpecial Reserve as per IT Act

SCHEDULE - "R"INCOME FROM INTEREST &DISCOUNTInterest on Loans & AdvancesInterest from Investments

SCHEDULE - "S"OTHER RECEIPTSIncidental ChargesMiscellaneous ReceiptAccount ChargesDocumentation ChargesService ChargesProcess FeesSolvency ChargesGeneral Insurance CommissionLIC Insurance CommissionInterest on Income Tax RefundPan Card Process FeesRent Received from BankBuilding H.ORent Received from Bank BuildingJilha PethRent Received from LockerCommission Received from onFranking StampInoperative ChargesInland Letter issueSaving Minimum Balance ChargesCash Deposit ChargesAWB ChargesLocker Visit ChargesATM Card Duplication ChargesLaw Charges(Cr. Balance)NFS ATM Transaction Charges

Particulars

Schedules to Profit & Loss Account

30

SC

HE

DU

LE -

"M"

FIX

ED

AS

SE

TS

No

1 2 3 4 5 6 7 8 9 10

Fixe

d As

sets

Land

& B

uildin

g

Furn

iture

& F

ixtur

e

Elec

tric F

itting

AWB

Mac

hiner

y

Dead

stoc

k

Car (

Innov

a)

Hond

a Acti

va

Lift

Liabr

ary

Pach

ora L

ease

Gros

s Tot

al

Ope

ning

as p

er

31.0

3.20

13

2472

6117

9.90

4006

6818

.47

1797

3138

.09

7188

331.

00

9893

5077

.13

1389

441.

00

5445

0.00

3254

258.

00

1565

12.0

0

4762

331.

24

#421

0415

36.8

3

Addi

tions

/

Adj

ustm

ent

dur

ing

year

2645

2423

.00

4987

395.

00

2641

639.

50

1836

95.2

0

1594

6274

.73

0.00

0.00

8043

75.0

0

1443

2.00

0.00

5103

0234

.43

Reva

luat

ion

3871

1096

.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

3871

1096

.00

Dele

tions

durin

g

year 0.

00

6604

28.0

0

1341

6.00

0.00

5811

13.0

0

0.00

0.00

0.00

0.00

*116

771.

43

1371

728.

43

Clos

ing

as p

er

31.0

3.20

14

3124

2469

8.90

4439

3785

.47

2060

1361

.59

7372

026.

20

1143

0023

8.86

1389

441.

00

5445

0.00

4058

633.

00

1709

44.0

0

4645

559.

81

#509

4111

38.8

3

Up to

31.0

3.20

13

1633

2629

.36

1499

6866

.32

7046

999.

80

5285

733.

25

5331

4658

.04

1301

577.

47

2101

0.90

8373

05.5

4

4624

9.77

0.00

#991

8303

0.45

For t

he Y

ear

2013

-14

2879

780.

37

2725

865.

07

1271

275.

43

2991

66.8

0

1059

5118

.97

4393

1.77

5015

.87

4228

70.9

9

1811

9.13

0.00

^182

6114

4.39

On

Reva

luat

ion

1801

680.

81

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

@18

0168

0.81

Dele

tion

0.00

4407

44.8

8

0.00

0.00

4802

10.0

0

0.00

0.00

0.00

0.00

0.00

9209

54.8

8

Tota

l

2101

4090

.54

1728

1986

.51

8318

275.

23

5584

900.

05

6342

9567

.01

1345

509.

24

2602

6.77

1260

176.

53

6436

8.90

0.00

#118

3249

00.7

7

as o

n

31.

03.2

013

2309

2855

0.54

2506

9952

.15

1092

6138

.30

1902

597.

75

4562

0419

.09

8786

3.53

3343

9.10

2416

952.

46

1102

62.2

3

4762

331.

24

3218

5850

6.39

as o

n

31.0

3.20

14

2914

1060

8.36

2711

1798

.97

1228

3086

.37

1787

126.

15

5087

0671

.85

4393

1.76

2842

3.24

2798

456.

47

1065

75.1

0

4645

559.

81

3910

8623

8.05

GR

OS

S B

LOC

KD

EP

RE

CIA

TIO

NN

ET

BLO

CK

H$m¶‘

qOXJ

r

* D

elet

ion

of `

1167

71.4

3 un

der P

acho

ra L

ease

incl

udes

am

ount

of `

968

63 o

n am

ortis

atio

n of

orig

inal

cos

t mad

e du

ring

the

year

and

`19

908.

43 o

n re

valu

ed a

mou

nt.

# Th

e Fi

xed

Ass

ets

are

show

n at

orig

inal

cos

t on

the

Ass

et s

ide

of B

alan

ce S

heet

and

acc

umul

ated

dep

reci

atio

n th

ereo

n a

re s

how

n in

Dep

reci

atio

n Fu

nd u

nder

Res

erve

and

Sur

plus

on

Liab

ility

sid

e.

^ D

epre

ciat

ion

of `

1826

1144

.39

for t

he y

ear 2

013-

14 h

as b

een

debi

ted

to P

rofit

& L

oss

Acc

ount

.

@ D

epre

ciat

ion

of `

1801

680.

81 o

n re

valu

atio

n of

Fix

ed A

sset

s ha

s be

en d

ebite

d to

Rev

alua

tion

Res

erve

Acc

ount

.

(As

per B

alan

ce S

heet

)

NOTES FORMING PART OF THE BALANCE SHEET AS AT 31st MARCH, 2014& PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st MARCH, 2014]

I] Background :1) The Jalgaon Peoples Co-operative Bank Ltd., was incorporated on 23rd December, 1933. The Bank is a

Multi State Co-operative Bank w.e.f.13th November, 2013 and provides services through 29 Branches andHead Office. The area of operation is Maharashtra & Madhya Pradesh.

2) Basis of Preparation : The financial statements have been prepared and presented under the historical costconvention on accrual basis of accounting, unless otherwise stated, and comply with generally acceptedaccounting principles in India, statutory requirements prescribed under the Banking Regulation Act 1949, andthe Multi State Co-operative Societies Act 2002, circulars and guidelines issued by the Reserve Bank of India(RBI) from time to time, the Accounting Standards (AS) issued by the Institute of Chartered Accountants ofIndia (ICAI) and current practices prevailing within the banking industry in India.

3) Use Of Estimates: The presentation of the financial statements requires estimates and assumptions to bemade that affect the reported amount of assets and liabilities as on the date of the financial statements andthe reported amounts of revenues and expenses during the reporting period. The Management believes thatthe estimates used in the preparation of financial statements are prudent and reasonable. Difference betweenthe actual results and estimates are recognized in the period in which the results are known / materialized.

II] Significant Accounting Policies:1) Accounting Convention : The financial statements are drawn up in accordance with the historical cost

convention and ongoing concern basis.2) Revenue Recognition : Income:a) Revenue is recognized to the extent that it is probable that the economic benefits will flow to the bank and

the revenue can be reliably measured.b) Interest income on Advances other than NPA is recognized in the profit & loss statement on accrual basis.

These are accounted as receivables in the Balance Sheet on the date of accrual.c) In the case of non-performing assets, Interest Income is recognized upon realisation as per IRAC norms of RBI.d) Dividend on investment, rent on lockers, commission, incidental charges, services charges are accounted

on cash basis.Expenditure: All expenses are accounted on accrual basis. Provision is made for all known losses andliabilities. Further provision is made on standard as well as NPA advances as per RBI Norms.

3) Investments:a) Categorization of investment: In accordance with guidelines issued by RBI, the Bank classifies its investment

portfolio into the following two categories :i) 'Held to Maturity' - Securities acquired by the Bank with the intention to hold till maturity.ii) Available for Sale' - Securities which do not fall within the above one category is Classified as

'available for sale'.b) For the purpose of disclosure in the Balance Sheet, Investments have been classified under four groups as

required under RBI guidelines - Government Securities, Other trustee Securities, Shares in co-operativeinstitutions and other Investments.

c) Valuation of investments :Held to Maturity (HTM): Investments in securities under HTM category are carried at cost of acquisition lessamortization of premium, if any paid on acquisition. The premium paid on acquisition cost is amortized overthe balance period of time till the date of maturity.Available for sale (AFS): Investments in securities under this category are valued at market rate based onrates quoted in the FIMMDA guidelines. Net depreciation, if any being difference between cost of acquisitionor market value is provided as expenses. Net appreciation, if any is ignored.Broken period interest on Government Securities is treated as a revenue item. Brokerage, commission, etc.pertaining to investments paid at the time of acquisition is charged to revenue.Profit in respect of investments sold from "HTM" category is included in Profit on Sale of Investments andequal amount is transferred to Investment Fluctuation Reserve by way of appropriation.Investments in corporate bonds are valued at cost or market value whichever is lower.

4) Advances :a) The bank has classified its advances portfolio into three categories as -

i) Short Term Loans, ii) Medium Term Loans and iii) Long Term Loans.b) As per prudential norms laid down by RBI on Income recognition and Assets classification, the advances

have been further classified into Standard, Sub- Standard, Doubtful and Loss Assets.Provision for non-performing advances comprising sub-standard, doubtful and loss assets are made inaccordance with the RBI guidelines which prescribes minimum provision levels and also encourages banksto make higher provisions based on sound commercial judgment. The provisioning done is higher than the

31

minimum prescribed level under RBI guidelines.c) Overdue interest in respect of NPA is shown as Interest Receivable on Loans & Advances, as per guidelines

of RBI.5) Fixed Assets and Depreciation:a) Premises (other than premises of merged banks) are stated at cost upon acquisition. Premises of the merged

banks are recorded at fair market value upon merger. Premises have been revalued from time to time asper the Valuation Reports of registered Govt. approved valuers. The surplus, if any arising out of suchrevaluation is carried to Premises and is accounted under Revaluation Reserve. Depreciation on revaluedamount is debited to Revaluation Reserve and depreciation on cost is debited to Profit and Loss a/c.

b) A leasehold premise is valued at cost less accumulated amortization.c) Other Fixed Assets are stated at cost less accumulated depreciation.d) Profit / Loss on sale of assets is recognized in the year of sale / disposal.e) Depreciation on fixed assets purchased during the year is charged for entire year if the asset is purchased

and retained for 180 days or more, otherwise it is charged at 50 % of the normal rate.f) Depreciation on Fixed Assets is charged on written down value (WDV) basis as per the rates decided by the

management except in the case of computer where the depreciation is charged at the rate of 33.33% onStraight Line method as stipulated in RBI circular. The rates of depreciation are as under-

g) Dead stock consists of Furniture & Fixtures, computers, software and equipments. Depreciation is providedat rates mentioned in above table as applicable to relevant items of Fixed Assets.

6) Accounting for Amalgamation:Accounting for amalgamation in case of amalgamated banks is carried out as per guidelines issued by theRBI, from time to time.

7) Employee Benefits:a) Short Term Benefits including Mediclaim premium paid by bank for benefit of employees are charged to Profit

and Loss Accounts.b) The bank's contribution to provident fund is accounted for on the basis of contribution to the scheme.c) Bank's contribution to Gratuity Fund and Leave Encashment Fund is accounted for on the basis of contribution

to the scheme.8) Tax on Income: Income Tax expenses comprises of Current Tax, Deferred Tax and Tax for earlier year.a) Provision for current tax is made on the basis of estimated taxable income for the year.b) Deferred tax is recognised, subject to consideration of prudence, on timing difference, representing the

difference between taxable incomes and accounting income that originated in one period and is capable ofreversal in one or more subsequent periods. Deferred tax assets and liabilities are measured using tax ratesand tax laws that have been enacted or substantially enacted on the Balance Sheet date.

9) Provisions, contingent liabilities and contingent assets:a) A provision is recognised when the Bank has a present obligation as a result of past event where it is probable

that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimatecan be made. Provisions are not discounted to its present value and are determined based on best estimaterequired to settle the obligation at the balance sheet date. These are reviewed at each balance sheet dateand adjusted to reflect the current best estimates.

b) When there is a possible or a present obligation in respect of which the likelihood of outflow of resources isremote, no provision or disclosure is made.

III] Notes forming parts of accounts for the year ended 31.03.2014:1) Prior Period Items & Extra ordinary items (AS - 5 ): There are no items of material significance regarding

prior period accounting, which require disclosure.2) Write off of Bad Debts: The bank has written off Bad debts of `1280.68 Lacs which includes amount of

`92.78 lacs for the year 2012-13, certified by the Statutory Auditors & approved by Annual General Meetingheld on 28th July 2013 & `1187.90 lacs for the year 2013-14, certified by the Statutory Auditors & approvedby the Special General Meeting held on 2nd March, 2014. The said NPAs had been classified as Doubtful/Loss Assets and been fully provided for in the earlier years.

32

No.

1)2)3)4)5)6)7)8)9)

Name of Fixed Assets

Buildings/PremisesFurniture & FixturesElectrical Fitting & FixturesMotor CarScooterLibrary BooksAny Where Banking SoftwareComputer & related softwareDead stock

Rate of Depreciation

2 %10%10%50%15%15%15%

33.33%Refer Point “e” below

3) Revaluation Reserve: The bank has revalued the premises of Nasik Road and Akurdi, Pune branches onthe basis of fair market value as on 31.3.2014, as certified by the bank's approved valuers and revaluationreserve has been credited by `387.11 Lacs to the extent of difference between acquisition cost of `256.76Lacs and fair market value of `643.87 Lacs as on the date of valuation. The depreciation on revalued portionof buildings of `18.02 Lacs is adjusted against revaluation reserve. Valuation disclosure in respect ofrevaluation of Assets. ( `in lacs)

4) Micro, Small, Medium Enterprises: Suppliers/Service providers covered under Micro, Small, MediumEnterprises Development Act, 2006, have not furnished the information regarding filing of necessarymemorandum with the appropriate authority. Therefore, information relating to cases of delays in paymentsto such enterprises or of interest payments due to delays in such payments, could not be given.

5) Amalgamation of Dhule Urban Co-operative Bank Limited (AS - 14 ) : The Dhule Urban Co-operativeBank Ltd was taken over by the bank on 01/10/2010 as per merger scheme approved by commissioner ofcooperation and Registrar of Cooperative Societies, Pune.

a) The paid up share capital of said bank is shown of `43.49 Lacs.b) The accumulated Loss of the said bank on the date of take over amounted to `303.29 Lacs.c) As per Merger scheme, It is decided to write off the loss on pro rata basis in 5 years. During the current year,

`60 Lacs have been written off. (Previous year `60 Lacs)d) The outstanding balance as on date of balance sheet in Dhule Urban Co-operative Bank Receivable account

is `303.29 Lacs which is shown on assets side. The corresponding amortization of loss of `241.50 Lacsis shown on Liability side under the head other liabilities.

6) Employee Benefit(AS - 15 ): Arrangement of contribution to Gratuity fund, Leave Encashment & SuperAnnuation Fund is made with Life Insurance Corporation of India (LIC). The Current year Contribution of`29.60 Lacs is as per the amount determined by LIC. The total accumulated Investment along with interestthereon as on 31/03/2014 is `507.97 Lacs.The Current year Contribution of `79.73 Lacs is as per the amountdetermined by LIC. The total accumulated Investment along with interest thereon as on 31/03/2014 is`231.25 Lacs. Similarly, employer has contributed `21.91 Lacs during the year towards LIC Super AnnuationScheme. Medical Insurance premium for employees during the year amounted to `4.96 Lacs is paid to ICICILombard General Insurance Company Ltd.

7) Segmental Reporting (AS - 17 ): The bank organize its business into two business segments mainly -Treasury, primarily comprising of trading/investments in Government Securities. Other Banking operations,primarily comprising of loans & advances to corporate, retails loans and advances to customers. The abovesegment are based on the currently identified segments taking into the nature of services provided, the risksand returns and overall organisation structure of the bank and internal financial reporting system.

RevenueSegment RevenueResultUnallocated ExpensesOperating ProfitIncome TaxNet ProfitOther InformationSegment AssetsUnallocated AssetsTotal AssetsSegment LiabilitiesLiabilitiesUnallocated LiabilitiesTotal Liabilities

Business Segment Treasury OtherBanking Operations Total

Current year

2663.02679.26

0.00421.58

0.000.00

28194.970.00

28194.97

409.850.00

409.85

Previous year

2527.99538.26

0.00403.58

0.000.00

30174.140.00

30174.14

562.750.00

562.75

Current year

9909.051584.93

0.00983.69

0.000.00

83300.530.00

83300.53

1527.270.00

1527.27

Previous year

7681.921255.94

0.00941.70

0.000.00

61795.360.00

61795.36

2364.360.00

2364.36

Current year

12572.082264.19

265.261405.27(45.35)759.43

111495.505634.50

117130.00

1937.12115192.88117130.00

Previous year

10209.901794.21

215.441345.28

247.61658.35

91969.504965.88

101989.37

2927.1194008.27

101989.37

33

( `in lacs)

No.

12345

Particulars

Original Cost of Book Value of BuildingsTotal Revaluation done up to 31/03/2014Total Revalued amount as on 31/03/2014 (1+2)Depreciation on Revalued amount up to 31/03/2014Revaluation Reserve as on 31/03/2014 (2-4)

Amount (`)

1409.661761.053170.71

111.661649.39

Segment revenues, results, assets & liabilities include the respective amounts identifiable to each of thesegment and amounts apportioned/allocated on a reasonable basis.

Secondary segment information: the bank caters mainly to the needs of Indian customers and henceseparate information regarding secondary segment i.e.; Geographical segment is not given.

8) Related Party Disclosure(AS - 18 ): The bank is a co-operative society under the Multi State Co -operativeSocieties Act, 2002 and there are no related parties, requiring disclosure under Accounting Standard 18 issuedby ICAI other than Key Management Personnel i.e. Mr. Anil Shantaram Patkar, Chief Executive Officer of thebank. However, in terms RBI Circular dated 29th March, 2003, he is being a single party coming under thiscategory, no further details there on needs to be disclosed.

9) Leases (AS - 19 ):a) The Bank has taken its premises at Pachora (District - Jalgoan) on lease basis. The lease period is 50 year

starting from financial Year 2003-2004. Lease premium consist of Initial premium of `20.94 lacs andrecurring annual lease premium of `0.25 lacs.

b) The initial lease premium is to be written off in 50 equal installments of `0.96 lacs. Further the annual premiumis also charged as expenditure. The outstanding lease premium as on 31st March 2014 is `46.45 lacs(Previous Year `47.62 lacs)

c) The Amortization pertaining to revaluation portion amounting to `0.20 lacs. This is adjusted against valueof Pachora Lease.

10) Earning Per Share(AS - 20 ):

Particulars

Net Profit available to ShareholdersNo. of shares at end of YearWeighted Average No. of SharesBasic & Diluted Earning per ShareNominal value per share

2013-14

`7,59,42,59723939062290200

`33.16`50.00

2012-13

`6,57,45,96922003842073876

`31.76`50.00

No.

1.2.3.4.5.

11) Deferred Taxes(AS - 22 ):

As on31.3.2013

169.44

037.68

207.12

000

0

207.12

Correctionduring 2012-13

(0.32)

00

(0.32)

000

0

(0.32)

Tax effect2013-14

38.85

432.72(18.54)

453.03

95.28437.28

0.51

533.07

80.04

As on31.3.2014

207.98

432.7219.14

659.84

95.28437.28

0.51

533.07

126.77

No.

A)

1)

2)3)

B)

1)2)3)

C)

Particulars

Deferred Tax Liability

Deferred Tax liability on account oftiming difference in books depreciation& as per Income Tax law.Diminution in value of Govt.SecuritiesLoss of Dhule Urban Bank claim in yearof merger for Income Tax purpose.

Total

Deferred Tax AssetsUnabsorbed DepreciationCarry forward of business lossesOthers item

Total

Net Deferred Tax Liability/(Asset)

34

(`in lacs)

No.

123456789

1011

Bank Name

M.S.Co-op. Bank LtdCosmos Co-op Bank Ltd, DadarIDBI Bank LtdCosmos Co-op Bank Ltd, JalgoanDombivili Nagri Sahkari Bank LtdState Bank of India Ltd,JalgaonState Bank of India Ltd,BhusawalState Bank of India Ltd,PachoraSaraswat Co-op Bank LtdJalgaon Janta Sahkari Bank LtdThane Janta Sahkari Bank Ltd

FDR amount `

150.00101.00900.00600.00300.00360.69

63.1850.0025.00

125.00611.27

Purpose for which FDR Liened

Overdraft FacilityOverdraft FacilityFor Bank GuaranteeOverdraft FacilityOverdraft FacilityOverdraft FacilityOverdraft FacilityOverdraft FacilityFor Bank GuaranteeFor Bank GuaranteeOverdraft Facility

OD amount

NILNILNILNILNILNILNILNILNILNILNIL

15) Bacassurance Business :

No.

12

Particulars of Income

Life Insurance PoliciesGeneral Insurance PoliciesTotal

2013-2014 (`)

17.6412.5430.18

2012-2013 (`)

11.089.87

20.95

16) Contingent Liabilities (AS -29 ): Contingent liabilities are consisting of Bank Guarantee and In land lettersof Credit. The Liabilities there on is dependent on terms of contractual obligations & demand raised byconcern parties. The Bank holds margin and other collateral securities against the said liabilities. TheSummary is as under :

12) Intangible Assets(AS - 26 ): Intangible assets consist of computer software. As per circular issued byReserve Bank of India, softwares are depreciated (amortized) @ 33.33%. Part of software is classified underhead Dead stock in the Balance sheet.

13) Impairment of Assets(AS - 28 ): The bank has ascertained that there is no material impairment of any ofit's assets except unsecured portion of NPA advance, against which necessary provision is made in line with theRBI guidelines. Hence, in the opinion of bank no separate provision required under this accounting standard.

14) Fixed Deposits with Banks: Fixed Deposit with Banks includes deposits which are subject to lien as perdetails below:

35

No.1.2.

3.4.

ParticularsOpening BalanceAdd:- AdditionsSub totalLess:- Amortization during the yearClosing Balance

2013-1436.1510.0446.1913.7232.47

2012-134.11

41.3845.49

9.3436.15

(ìn lacs)

(ìn lacs)

(ìn lacs)

No.

a)i)ii)

b)i)

ii)

Particulars

Bank Guarantees and Letter of CreditsFor Bank guarantees issuedFor Inland letter of Credits issued

Claims not acknowledged as DebtsFor Suit by Union Bank of India for Recoveryon basis of 1st ChargeFor civil suit filed by customer before State ConsumerForum claiming non repayment of Term DepositTotal

31.3.2014

906.5258.43

15.75

NIL

980.70

31.3.2013

634.6966.71

15.75

2.65

719.80

(ìn lacs)

Particulars

Capital to Risk Asset RatioMovement of CRARi) Tier - I Capitalii) Tier - II Capitaliii) Total Capital Fundsiv) Risk weighted Assetsv) Tier - I Capital ratio (%)vi) Tier - II Capital ratio (%)Investmentsa) Book Valueb) Face Valuec) Market ValueAdvances againstReal Estate,Construction Business,HousingAdvances against shares & debenturesAdvances to Directors, their relatives, companies/firms in which they are interested.a) Fund Basedb) Non-Fund BasedAverage Cost of DepositsNPAsa) Gross NPAs

% of Gross NPAs to Loansb) Net NPAs

% of Net NPAs to LoansMovement of NPAsa) Principle -

Opening Balance - PrincipleAdd : AdditionLess : Recovery ActualLess : Up-gradation + Write OffClosing Balance - Principle

b) Provision -Opening Balance - ProvisionAdd : AdditionLess : Write off + ReductionClosing Balance - Provision

Profitabilitya) Interest income as a percentage of working fundsb) Non-interest income as a percentage of working fundsc) Operating profit as a percentage of working fundsd) Return on Assetse) Business (Deposits + Advances) per employeef) Profit per employeeProvision made towards:-a) NPAsb) Depreciation on InvestmentMovement in Provisions:-a) Towards NPAs (BDDR)

Opening BalanceAdd:- Addition during the yearLess:- Reduction during the yearClosing Balance

b) Towards Depreciation on InvestmentOpening BalanceAdd:- Addition during the yearLess:- Reduction during the yearClosing Balance

c) Towards Standard AssetsOpening BalanceAdd:- Addition during the yearLess:- Reduction during the yearClosing Balance

Foreign Currency Assets & Liabilities, if applicableTotal Amount of Loan Assets subject to restructuring under CDRPenalty Imposed by RBIPayment of Insurance premium to DICGCPremium for the period ending 30/09/2013 & 30/09/2014 paid on respectively-

(` in lacs)No.

12

3

4

56

78

9

10

11

12

13141516

2013-2014

12.39%

6465.361784.548249.90

66576.399.712.68

27107.0227090.3327141.47

2404.074954.983947.24

NILNILNILNIL

8.18%

2394.073.32%

1195.271.69%

3074.851331.12

766.901245.002394.07

2108.92292.00

1202.121198.80

9.54%0.28%1.22%0.72%653.06

2.81

1198.80199.74

2108.92292.00

1202.121198.80

352.6540.00

192.91199.74

235.0065.00

0.00300.00

NIL976.95

NIL

05/05/2014

2012-2013

12.03%

5576.471217.176793.62

56485.899.882.15

22818.5522527.0022560.94

2155.114254.623532.27

NILNILNILNIL

8.30%

3074.855.40%965.931.76%

3346.48846.20

1037.4880.35

3074.85

1963.92255.00110.00

2108.92

9.85%0.58%1.02%0.69%571.71

2.67

2108.92352.65

1963.92255.00110.00

2108.92

569.1432.00

248.49352.65

207.0028.00

0.00235.00

NIL759.35

NIL

29/05/2013

36

17) Previous year comparative figures : Figures for previous year have been re-grouped wherever necessary to make themcomparable with the current year.

a) Additional Disclosure as Per RBI Circular No. UBD.CO.BP.PCB.20/ 16.45.00/ 2002-03., BDT. 30.10.02. Ref. No. B.P.38/16.45.00/ 2002-03 dtd. 06.03.2003.

c) Issuer composition of Non SLR Investments :Issuer

(2)

PSUsFIsPublic Sector BanksCorporate BondsYes BankING Vyasya BankShriram City UnionIndusind BankIndia Bulls Financial ServicesReliance CapitalEdu. Comp. Solutions*NTPC Tax FreeIIFCL Tax FreeOthers - Shares of MSC & DCC BankProvision Held towards Depreciation

No

(1)

1234

56

Amount

(3)

NILNILNIL

99.95248.64200.00539.55650.00100.00100.00

63.33150.00

0.2215.74

Extent of ‘BelowInvest. Grade’

Securities(4)

NILNILNIL

NILNILNILNILNILNIL

100.00NILNILNIL

0.00

Extent of‘Unrated’Securities

(5)

NILNILNIL

NILNILNILNILNILNILNILNILNILNILNIL

Extent of‘Unlisted’Securities

(6)

NILNILNIL

NILNILNILNILNILNILNILNILNIL

0.220.22

b) Particulars of Advances Restructured :

* The Debt Fund invested in Edu. Comp. Solutions was rated "AA+" at the time of purchase, however later onthe date of balance sheet it was downgraded by CARE.

d) Non Performing Non SLR Investment :No.

12345

ParticularsOpening BalanceAdditions during the year since 1st AprilReduction during the above periodClosing BalanceTotal Provision held

Amount (`)0.930.00

*0.710.220.22





37

For The Jalgaon Peoples Co-operative Bank Limited

* Received amount of `0.71 lacs towardsredemption of shares of Apex Co-op. Bankof Maharashtra.


Shivnarayan ZawarVice-Chairman


Dr.C.B. ChaudhariDirector


Standard advancesrestructured

Sub standard advancesrestructured

Doubtful advancesrestructured

Total

No. of BorrowersAmount outstandingSacrifice (diminution in the fair value)No. of BorrowersAmount outstandingSacrifice (diminution in the fair value)No. of BorrowersAmount outstandingSacrifice (diminution in the fair value)No. of BorrowersAmount outstandingSacrifice (diminution in the fair value)

Housing Loan

5126.30

NILNILNILNILNILNILNIL5

126.30NIL

SME DebtStructuring

3546.94

NILNILNILNIL1

225.11NIL4

772.05NIL

Others

6755.81

NILNILNILNIL1

3.85NIL7

759.66NIL

(ìn lacs)

(ìn lacs)

(ìn lacs)

CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH, 2014

PARTICULARS

CASH FLOW FROM OPERATING ACTIVITIES:Net Profit before TaxesAdd- Adjustment forProvision for TaxationDepreciation on AssetsSpecial Reserve as Per ITProvision on Standard AssetsProvision on N.P.ALoss on Sale of Non Banking AssetsBad Debts W/offAmount tranferred to Earmarked FundLoss on Merger of Dhule Urban W/offProvision for RebateProvision for Staff BenefitsAmount tranferred from B.D.D.RAmortization of Premium on HTM Investment

Reversal of provisionDeferred Tax Assets

Adjustment forIncrease in InvestmentIncrease in AdvancesDecrease (Increase) in Other AssetsIncrease (Decrease) in Non Banking AssetsDecrease in Dhule Urban ReceivableDecrease in Interest ReceivableIncrease (Decrease) in FundIncrease in DepositDecrease in Other Liabilites & ProvisionIncrease in Interest PayableIncreases in Branch AdjustmentNet cash genrated from Operating Activities before taxIncome Tax PaidNet cash genrated from Operating Activities after tax (A)

CASH FLOW FROM INVESTING ACTIVITIES:Purchase of Fixed AssetsSale of Fixed AssetsNet cash generated from Investing Activities (B)

CASH FLOW FROM FINANCING ACTIVITIES:Increase in Share CapitalIncrease/ (Decrease) in BorrowingDividend PaidNet cash generated from Financing Activities (C )Cash or Cash Equivalents at the beginning of the Year ( A+ B+C )Net Increases/ Decrease in cash or Cash EquivalentsCash or Cash Equivalents at the end of the Year

Cash and Cash EquivalentsCashBalances with Banks

31.03.2014 31.03.2013

Amount65835450.42

100341445.48166176895.90

(21227688.25)144949207.65

62024966.85206974174.50(21508336.00)185465838.50

(68032229.50)

(2876085.00)343093944.71114557524.00457651468.71

76053517.00381597951.71457651468.71

Amount

28013349.3217279952.162400000.002800000.00

11000000.0016024.00

8035782.009000000.006000000.00500000.00

10600000.000.00

4696338.00

(17974822.25)(3252866.00)

(9063285.00)(878365438.36)

(7623584.80)272729.0013925.79

25378035.71(27966262.00)940821904.74(3625240.51)21437190.00

744992.28

(68272361.50)240132.00

10932300.000.00

(13808385.00)

Amount75942596.67

102092395.51178034992.18

(8916355.00)169118637.18

(81300113.53)87818523.65(3500000.00)84318523.65

(50860518.43)

(5808772.00)457651468.7127649233.22

485300701.93

124883612.00360417089.93485300701.93

Amount

3500000.0018358007.39

0.006500000.00

27700000.00164286.12

124500487.3018000000.006000000.00500000.00

10450000.00(118711886.30)

5131501.00

(881096.00)(8035259.00)

(357974353.00)(1633094429.69)

19186129.80(36915306.90)

0.00(24277693.00)(18608384.00)

2002942893.56(41327754.02)

7955211.00813572.72

(51030234.43)169716.00

9676100.000.00

(15484872.00)


38




Membership No.:113877Bhalchandra Patil

ChairmanShivnarayan Zawar

Vice-ChairmanDurgadas Neve

DirectorDr.C.B. Chaudhari

Director Anil Patkar

Chief Executive Officer

No.

01.02.03.04.

No.

01.02.03.04.05.06.07.08.09.10.11.12.13.14.15.16.17.18.19.20.21.22.

2013-14Budget

9450.002610.00

435.000.00

12495.00

2013-14Budget

8300.0011.002.00

1600.000.00

415.0018.0030.0023.00

220.0080.0050.0035.00

120.00150.00

25.0025.00

270.000.50

50.0060.00

1010.5012495.00

2013-14Actual

8359.082663.02

362.851187.13

12572.08

2013-14Actual

7296.8311.8733.38

1480.500.00

411.3320.5225.9825.42

217.451280.68

51.3246.17

124.69342.00

0.000.00

248.221.64

180.0060.00

714.0712572.08

Increase/Decrease

-1090.9253.02

-72.151187.13

77.08

Increase/Decrease

-1003.170.87

31.38-119.50

0.00-3.672.52

-4.022.42

-2.551200.68

1.3211.174.69

192.00-25.00-25.00-21.78

1.14130.00

0.00-296.43

77.08

2014-15Budget

10417.022775.00

400.000.00

13592.02

2014-15Budget

8797.3312.50

1.101742.00

0.00475.00

22.0030.0028.50

255.0085.0053.0050.00

155.00150.00

0.0025.00

325.002.00

300.0063.30

1020.3013592.02

39

INCOME

Interest on Advances.Interest on InvestmentOther IncomeRecovery from Bad Debts written offTotal ...

EXPENDITURE

Interest on DepositsInterest on BorrowingCommission PaidSalary and AllowancesDirector AllowanceRent, Rates TaxesLegal ChargesPostage, Telegraph, Telephone chargesAudit FeeDepreciation on Dead StockBad Debts written offAmortisationRepairs to Dead StockStationary, Printing & AdvertisementProvision for Std. Asset and NPASpecial ReserveDepreciation on InvestmentOther ExpensesLoss on sale of Non Banking assetOther provisionsLoss on - Dhule Urban Co-op. BankProfit Before Tax.

Total...Notes :A. Income on loans & expenses on deposit was less than expected.B. Other income reduced as commission received from Demand Draft & Franking service has not gone up

as per expectations.C. The provision against Bad & Doubtful Debts which were written off in current Financial Year is transferred to

the Profit & Loss Account.D. Due to not opening of new branches, salary & allowances has not been increased as per expectations.E. For improving Balance Sheet, bad debts of `1280.68 lacs have been written off without affecting Bank’s rights

of its recovery.F. Excess provisioning made for NPA.G. A special provision of `180 lacs has been made for Building Fund.

A

BC

A

D

E

F

G

Income Expenditure Budget for the year 2014-15 [ Annexure ‘B’ ] [ ` in lacs]

40

* 1. Head Office & Main Branch : 152, Polan Peth, Dana Bazar, Jalgaon 425001. Ph. 0257-2227711 to 16. Fax. 2227719, 2222032.Industrial Business Finance Center : 0257-2240117. Fax: 2240116.

* 2. MIDC Branch : Shripati Compound, Near Hotel Trimurti, Ajintha Road, Jalgaon 425003. Ph.0257- 2272811 to 13. Fax. 2272814.* 3. Jilha Peth : Ring Road, Shikshak wadi, Jalgaon 425 001. Ph. 0257- 2240645, 2240646.

4. Vittal Peth : CS No. 159/3A, Vitthal Peth, Jalgaon 425001. Ph. 0257- 2227718.* 5. Ganeshwadi : 7, Dixit wadi, In front of Tol Kata, Ganeshwadi, Jalgaon 425001. Ph. 0257- 2237714.

6. Ganesh Colony : Balaji Sankul, In front of Unity Chambers, Ganesh Colony, Jalgaon - 1. Ph. 0257- 2252704.7. Lewa Boarding : Lewa Boarding Shopping Complex, Stadium Road, Jalgaon - 425001. Ph. 0257- 2240649.8. M.J.College : M.J.College Campus, Jalgaon- 425002. Ph. 0257- 2227703.

* 9. Mahabal : Near Mahabal Police Chowky, Mahabal Colony, Jalgaon - 425001. Ph. 0257- 2261512.10. Asoda : At Post Asoda, Tal. Dist. Jalgaon. Ph. 0257- 2357517.11. Bhadli : At Post Bhadli, Jalgaon. Ph. 0257- 2465629.12. Kanlda : At Post Kanlda, Jalgaon. Ph. 0257- 2467212.13. Nashirabad : At Post Nashirabad, Tal.Dist. Jalgaon. Ph. 0257- 2356254.14. Pachora : Shop No.15,Laxmi Plaza, Bhadgaon Road, Pachora 424201. Ph. 02596- 240185. Fax 240187.

* 15. Chopda : Near Bharatratna Dr. Babasaheb Ambedkar Statue, Chopda. Ph. 02586- 222033/44.* 16. Bhusawal : Shop No. 1-4, Nisarg Plaza, Near Pandurang Talkies, Jamner Road, Bhusawal 425201. Ph. 02582- 229988.

17. Dhule : 4773/C, Garudbag, Dhule. Ph. 02562- 235487.* 18. Nasik- Untawadi Road : Shop No. 29-32, Madhura Tower, Behind Central Mall, Khetwani Nagar, Untwadi Road, Nasik.

Ph. 0253- 2370727/28.* 19. Nasik- Nasik Road : Gayakwad Sankul, A Wing, Ground Floor, Gaykwad Mala Road, Behind Regimental Plaza, Near MuktiDham

Temple, Devlali Shivar, Nasik Road, Nasik. Ph. 0253- 2463727/28.* 20. Aurangabad- Kushal Nagar : Plot No.6, Annapurna Tower, Kushal Nager, Adalat Road, Aurangabad. Ph. 0240- 2346713.

Fax 2344836.* 21. Aurangabad- Hudco : Plot No.4, N-9/K, Survey No.18/P, Ground Floor, Near TV Centre, Hudco, Pavan Nagar, Aurangabad.

Ph. 0240- 2380144/244.* 22. Pimpri : Kamla Cross Road, Shop No. 1-4, In front of Pimpri Chichwad Municipal Corp., Pimpri, Pune 411018.

Ph. 020- 27424490. Fax 27424491.* 23. Hadapsar : Office No. 104, S.No. 84, Vaibhav Commercial Complex, Pune-Solapur Road, Hadapsar, Pune 411028.

Ph. 020- 26812852, 26812854.* 24. Paud Road : S.No. 135/12B, Plot No.1, Prabha Society, Paud Road, Kothrud, Pune 411038. Ph. 020- 25447893/95.* 25. Sangvi : Onkar Heights, S.No. 45/1/1A, Vidya Nagar, Pimpale-Gurav, Navi Sangvi, Pune. Ph. 020- 27250196/27254980.* 26. Dombivali : Bhadsavle Bungalow, Janki Raghunath Residency, Agarkar Road, Dombivali (E) 421201. Ph.0251- 2430166.* 27. Panvel : Shop No. 3-7, Plot No. 236, Parmar House, Near MTNL Office, Old Panvel. Ph. 022- 27453817.

28. Vashi : C-64, APMC Masala Market, Sector-19, Vashi, New Mumbai 400703. Ph.022-27882791/92. Fax 27882793.* 29. Kalyan: Shop No.8, Aum Supreme, Ramwadi, Juna Bail Bazar, Kalyan (W), Dist.Thane 421301. Ph. 0251-2306865.

Branch Addresses and Phone Numbers

* ATM facility available ** Offsite ATM : Motel Kozy Cottage, Onkareshwar Temple Road, Jalgaon.

: Important Instructions to Shareholders :

1] As per provisions of Bye-laws & Multistate Co-operative Societies Act 2002, if member do not attend three consecutiveGeneral Meeting and such absence is not condoned by the majority of member- in such case member would not be eligibleto remain as member. Hence, all members are requested to Attend meeting or inform their absentee in writing.

2] Member shall not be treated as Active Member if he does not keep deposit in the Bank of minimum of `1,000/- or do notavail loan of minimum `5,000/- or do not avail any other service of the Bank of minimum of `500/-. Such services shouldbe availed at least once in six months.

3] Notice of the Annual General Meeting and the Annual report's copy would be available on the Bank's website www.jpcbank.comfrom 8th June 2014 onwards.

4] All the Shareholders are requested to register their mobile numbers and email ID with the Bank.

annual report 2013-14 : year 80th - jpcbank€¦ · · 2014-07-10union bank of india punjab...

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