BELGHORIA JANAKALYAN SAMITYHead Office- AE-592, Sectot-1, Salt Lake City, Kolkata-700064

Reg Office- 13, Rishi Bankim Road, Nimta, Kolkata-700049

$TATEMENT OF AGGOIUNT$ & AUDITORS'REPORT

FOR THE YEAR ENDED 31ST N/ARCH, 2014

K.N. lainVCo.Chartered Accountants

2, Lal Bazar Street,2"d Floor,Room No.204, 205Kolkata - 700 00'lPhone +9133 22316502 16503Fax +913322316504Email info@kn iainco. com

K, N. /ain U Co.Chariered Accountants

2, Lal Bazar Slreet,Jnd F oor, R. No- 204,205, Kolkata - 700 001

Phone :033 2231-6502/03, Fax : 033 2231-6504

E-mail : info@knialnco.com, Web: www.knja nco.com

BAANCHES: .GlBlDlH

lndependent Auditor's Report

To the lllembers ofBelqhoria Janakalvan Samitv

Report on the Financial Statements

We have audited the accompanying financial statements of Belghoria JanakalyanSamity, having it's Registered Office at 13, Rishi Bankim Road, Nimta, Kolkata-700049,which comprise theBalance Sheetas at 31"1 March ,20'14 and the lncome andExpenditure Account for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

lvlanagement's Responsibility for the Financial StatementsThe Company's Management is responslble for the preparaiion of thesefnancialstatements that g ve a true and fa r view of the financ al pos tion. This responslbility includes

the design implementation and rna ntenance of interna control relevant to the preparat on

and presentatlon of the f nancial statements that give a true and fair v ew and are free frorn

material mlsstatement, whether due to lraud or error.

Auditors' ResponsibilityOur responsibl ty is to express an opinion on these flnancial statements based on our audit.

We conducted our audit in accordance wth the Standards on Auditlng issued by the lnsttuteof Chartered Accountants of lnd a. Those Standards require that we comply with the ethical

requirements and plan and perform the audt to obtain reasonable assurance about

whether the financial statements are free from material misstatement

An aud t involves perform ng procedures to obtain audit evidence about the amounts and the

disclosures in the iinancial staternents. The procedures selected depend on the auditor'sjudgment, including the assessn'rent of the risks of materia misstatement ofthe financia

statements, whether dLre to fraud or error. ln making those risk assessr.ents the auditorconsiders the internal control relevant to ihe Organ zation s preparation and fair presentation

ofthe financial staten'rents in order to desgn audit procedures that are approprate in the

c rcumstances. An audit also ncludes evaluating the appropriateness of accounting policies

used and the reasonableness of the account ng estimates made by the i^nanagernent as well

as evaluatlng the overall presentation of the financ al statements.

\,

K,N.IainU Co.Chartered Accountants

We believe that the audit evidence we have obtained is suflicient and appropriate to provide

a basis for our audit opinion.

Opinion

ln our opinion and to the best of our information and according to the explanations given to

us, the financial statements of Belghoria Janakalyan Samity for the year ended 31't March,

2014 are prepared in all material respects in accordance with relevant law in the manner so

required and give a true and fair view in conformity with the accounting principles generally

accepted in lndia.

For K.N. JAIN & Co.Chartered AccountantsFirm Reg. No- 3191'19E

Date: 3'd June, 2014Place; Kolkata

(",_,-_, (-c^ -ZSamya SenguptaPartnerl\rlembership No. 059027

BELGHORIA JANAKALYAN SAMITYHead Office- AE-s92, Sector-1, SaLt Lake Clly, Ko kata-7000064

Req. Oifice- 13 Rishi Bankim Road, Nimia Kolkata-7o0049

BALANCE SHEET AS AT 31.I MARCH 2O'14

As At 31't March, 2014 As At 3lsilvlarch, 2013

I, SOURCES OF FUNDS

B. India Micro Finance Equity Fund"SlDBl

C. Business Capitalfrom KlvA- usa

Secured Loans

E. Current Liabilities

F. Loan Loss Reserve

II. APPLICATION OF FUNDS

A. Fixed Assets

B.lnvestments

C. CurrentAssets, Loan and Advancesa) Loan Podfo iob) Loans & Advancesc)Cash and Cash Equ valentsd) Other C!rreni Assets

1

2.4

2.8

3

4

5

8I1011

T 0,034,118

15,000,000

7,243,499

49,880,839

317,455

774,236

7 403,305

15,000 000

39,968,398

258 276

577 111

43,245,747 63,207,090

166,057

163,630

1T,023,644312,793

1,085,313494,310

s89,727

2,960,296

57,711072216117934 576395 302

83.245,747 63,207,090

Notes to the Balance Sheet enclosed

As per our attached repod of even date

FoTKNJAIN&CO.Chafiercd AccouftantsReg. No 319119E

4,4^-\"r \,/. r Ju 1^,r_ A

(Samya sensupta)

l\4em. No.059027Kolkata,3rd June.2014.

On behalfofBelghorja Janakalyan Samity

BdlghoriaJ r xttin Srrirr-

.UI'

'i'

BELGHORIA JANAKALYAR SAMITYHead Office- AE-s92 Sector-1, Salt Lake City, Kolkata-7000064

Reg. Ofiice- 13, Rish Bankim Road Nimta, Ko kata-700049

INCOIME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31"I IVIARCH 20,I4

For the year ended 31"tMatch.2014

Forthe year ended

31"t March. 2013

INCOME

Revenue from OperaironGranl received f om NABARDOiher lncome

Totalof{A)

EXPENDITURE

Emp oyee Benefit ExpensesF nanc al ExpensesAdmjnistralive and other ExpensesExpenses for Social acUvltiesDepreciationBad Debi written off

rotal of(B)

SURPLUS FOR THE YEAR {A.B)Transfer to Capital Fund

121314

15'16

17186

5

1A O 11,14847,504

544,244

15,527 28662,715

350,350

18.563,488 15,940,351

4 504,1477.634,3042,919,458

365,338320,303

193.125

4.441,4537,112 6692,0T 1 309

629 305405,12469,83733 000

15.932.675 14,702.697

2,630,813 1,237,654

Notes to lncome and Expenditure accdunt Enclosed

As per our altached report of even date

FoTKNJAIN&CO,Chartered AccountanisReg No-319T19E

/)il {_,^.-_ I _ ({

-

(Samya Sengupta)

Mem. No.i 59027Kolkata.3rd June- 2014

On behalf ofB€lghoria Janakalyan Samity

_} E4

lr! -lrunJ irnJriri.,n SrnI y

BELGHoRIA JANAKALiAN SAIMITYHead Ofiice_ AE 592, Sectorl , Satt Lake Cly Kotkata-7000064

Reg. OfJice, 13, RishiBankim Road, Nimta, Kotkaia 700049

GENERAL DISCLOSURES

Basis of Preparation

Jff":f:15*::"lj$il'fi;X'53"1i&:::::ll-:: rhe acco!nts are p.epared on ihe h stor ca cost basis, as a so ns(rcAr)to lhe enenta;;r;abi-'

-rF '--- ^!!w^rns standards rssued bv the nsiittlte orclrartered Accountafls or nda

The presentaUon of tfaica statements rn cofrorm ty wth hdran Gef..alty Ac.epred Accolntinq pnncipies relrires:Xl;',:Ti::$,::i::il]:l,T:ii,:"::i:'jii;.'Pr'n"'r '"" 'p"';";;;"G;;;"":;"1;ii::fi* *d.""**"

"id!.r's tre reporr,.g p.riod. At$ouor "u"l

u",i,,']I1l"ar statemerls and repoded amo!nts of revenles efd eilefses

"-,1-r' "., ",'.l,i'.'"a," ;:;i:;#i ;#;,""::'"m?'rein a reasonabr€ md ptudenr basis takr.g rntc acccu.t .rr

Notes on Business Operations

Belo. oria d ero,dr S"n.,,s.-osr-red -oq.heWerBe,9a,:o.eresReg,s..o.01 A...961 ._eq.ra,on ..nbe,s L 62e_ -r-o,o". ..".f. .n.o.orio, "".;.", "",,;i;",1;^,".;, ",.:i,,;"""pen "o. ,oLs6,oo. col prs,1o o, r.e , ood ...

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",," , ._,.". .:,.,,". ; , ,;,; ";".,,,"f;"l

.eqm-",, ^r..

. o.emosr y un reached by rhe rormar bafk fs systems wlh rhe p ,".,p" p,, p*" "i

p,"."1,";:iil;;;J""],r"","

A ^sen

nenr ber Erecutive commiltee s lhe h g hest po rcy matrng pta tfo.m o r the orga. zatrof. These cornm lee menbersmeer every quarler to asses3 periorm.nce oaiamersec c ar. o. r e

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. t",.^"d ,:;";o,e toaedil'oooeJa'oIo p.,e e'o^..oc|o,eoeai2r.,o

..pe ., ver ro F e'Lte " 'd o.e+- o") ro od, .ara96ne1. o.ope.rl,o a.

Prese.Uy the orgrnrzatron .eaches lo rts ta oeted c€zo p",g**

""i *", "iin"i;;;;;l;ji;il:;;l::"'" "roush ure

'e\'o'k or 1o brafches. 5 oi which are rocared n Norrh

The organ sarion s reg slered ufders;clion j2A{b) andSOGoithe incofre taxAcr j961

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BELGHORIA JANAKALYAN €AMlTYHead Office AE 592 SecioFl Salt Lake Ciiy, Kolkala:7000064

Req. Otfice 13, RishiBankim Road, Nimta, Kolkata-700049

Ason3lstMarch20'l4theorganizatonhasnopasidLe oan, entre porifolio was siandard The organizalon has practice toprovlde oan loss resetue @'l% on entire portfolio oulslanding According y prdision was required Rs.7 70,236. Provision ofRs 5,77 111 was zkeady made up io 3'lst lvlarch 2013 resioftheamo!ntRsl93l25provdedduringtheyear.

Fxed assels are slaied at cosl nei ol deircciaiion The cost ol af asset comprlses ol its purchase price and any costdneclyatirbuiabe forbrng n9 the assetlo its working condltion and location for its intefded use.

Deprec at on s provlded on lhe assets io ow ng W D.V method al ihe rates approprate as per ihe lncome Tax Act, 1961

Al assetsoftheorqanizationaetangblefxedassetsDuringthec!nentfranciayearlxedassetswoi(hRs.396,633hasbeen purchased and Rs.2 66 000was layng as work-r-progress The company has nol so d ordisposed off any assets

DelaisoffxedassetshavebeengivennseparalesheetasAnne^!rellotheNote6oflheBalanceSheet.

ffi\--.-/-,/

?L

As at31"1March,2014 As At 31't ltlarch,2o13

LnteresiAccrued bui not D!€

Employees contribuiionEmployers Conlr butionP F Admin slralve ChargeEmp oyees state lnsuran@ (eS )Employees ConiributionEmployers Coftr bution

SHG lnsurafce Premium

12,65212,652

1.701

30 000129,24Q

27,005

13,8141,574

1Q9,50C

6.306

1l 90611 906

1 604

20 00088 014

25,416

12,9142,080

104,Q00

5.852

3,72410.086

3 4BT9 427

317,455 254,276

As At 31"1irarch. 20l4 as ar 31'r ^ilarch,

2013

Openins Loan loss ReserveAdd:Reserve crealed durng the year

Lessr Loan Wrillen Offduring the year

5f7,111193125

770 236

54411133 000

577111774,236 577111

770,236 577,111

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BELGHORIA JANAKALYAN SAMITY

Head Office'AE-592, Sector'1, Salt Lake qty Ko kata_7000064

Reg. Office'13, Rishi Bankim Road, Nlmta, Kolkata_700049

Note Ann€xed to and Forming Partof lncome and ExPenditure Accounts

Nore No- 12

Note No- 13

Note Nol4

The Organ zaton provldes velihood pronrot on sevlces m ain y to the ow income ru ra , ! rban, semi u$an a nd peri

!rban holseholds cornpdsing of live hood and oiher rn cro fnanca servces to ihose pop! auon segmentswhich

are mostly !njeached by the foffna bank ng syslems wiih the prnc paLp!rpose oiprcrnot ng sustainable

Revenue Recoonition

All n cornes ar s n9 frcm va rloLrs bus ness segmenls and micro flna nce a.e recog n zed on accnr a bas s Lrnless

otherw se stated

nterest on oans are charged and acco!nted foron dlminish ng ba ance method A lied incorne and oan pro.eselng

charges a€ accounted for as per contracis wth the borrowels However ncor.eon non periom ng assets (NPA)

s recognized only when it is realized and unrealized iterest on Non Pedormlng Assets (NPA) s reversed from lhe

cuffent inierest. when an asset beconres NPA

Ernpoyee benefit expenses are accounted forthe.!ftent fnancialvear has been cons dered

on accrua basls Employers coniribuUon to ES and PF re ated tounder EnrploVee Benefit expenses

31"t March, 2014 31'r March, 2013

lnterest on Loan from SHG ltlembers[4]croflnance Loan Processlrg Fees

16 640,468 '14,404 TA6

1,122,58014.O11.744 15,527,286

31"t March, 2014 31"'March. 2013

Grants fiorn NABARDGrants Frbri SBI (CSR Fund)

42,5445.000

a2 715

47 500 62,715

lnterest on lnvestmentinterest on Sav ngs Bank Accountlntercst on Staff LoansRe@ived against NABARD Prolect l,4onltoringSlrbscrpton from EC MembercRece ved agaifst Cancer Deiection CampReceived against F nancialLiteracy Training

205 9686 607

32617

350

242 666'16 032

277 63010.6T6

28.800350

14,530

'17.541

504,240 350 350

.teresi on fxed deoosit is inclusive of accftred nteresi of Rs 1051

3'1't [,la.ch. 2013

StalfSala.yBonus and Exgratia to StaifLeave Trave A owance

Empoyers Contibut on to PFEmp oyers Contrlbuton to ESIPF Adm n stEtive Charges

3 995 789151 218

1 79037 878

162 303129 33321 836

3 955 547135 807

41 743159 346125 AT7

231T34,500,147 4,441,453

BELGHORIA JANAKALYAN SAMITY

Head office- AE-592 Sector-1 Salt Lake C,ity Ko kata 7000064

Reg. office'13, RishiBankim Road Nimta, Kolkala-7000,19

No" 16

cialEx

inierest and other cost incurred ln connecuon with

bass oftrne !n ess othelwise siated Accoidingly

Loa. process ng and other charges has been pald toBGVB (Rs.115358) aga nstdsbursernentof oan and

nclusive of the setuice tax pa d

the borowing of iunds are charged to revenue on proportonaie

lnterest on loan has been iaken nto acco!nts on accrualbrss

lDBl (Rs.28090), loB (Rs.102000) SB (Rs 43269) and

re\riew of loan accouni dur ng the year The charges are

31"'Marcli, 2014 31't March, 2013

A l-Ilerce!-e-!-g.es-!-q!9gi!49!e!!!l

B !!erc9!9d9l! !.93-!l

C Loan Processins Charses

3 320 126

4 025,461

2,733272

4.217 037

162,360

Total(A+B+c) 7,634,304 7,112,66S

Administrative and other Ex

31"( [,larch, 2o'14

AG'vl/EC l,,leet ng ExpensesB!rsiness Deve opmeniCode Of Conduct Alditlns!rance CharcesProfessional fees for Consu tancyPenaLty on PrcJesslona Tax Payn-rent

Rating ExpensesWebs te Deve oprneniSHG Member Weliare Expenses

Bank ChargesUtensis and Cookeres

rMonth y Coorclination ltleet ng

Stat onery and PerodicalsStaff Recru tment CostStaff Training and DevelopmentE ectricityRefreslrment and Hospltality

Postage and TelephoneRepa.s and Ma ntenanceTrave ng ancl Conveyancelnterest on Staffs Security Depositl,liscellanpous ExpensesStaif WeLfare Expenses

33 97611 000

4 624'13740

168 540

13 00070 88080 504T6 94012,77245,55415,988

181,541

383,532154,675113,523154,610661,405114,297113,447541,513

4,3131,485

11.594

12,066

35.1134.536

10,200100

T65 4503 500I 000

35 000117 616

11 7293 290

53,0002414989,530

1,83085,87494 50545,123

142,906559,56266,667

112,210

3,993

5.5002,919,458 2 011.309

Other Expenses has also been laken into account on accrualbasis Expend i!re has been provded where evernecessary.

1,

BELGHORIA JANAKALYAN SAMITY

Head Office- AE-592, Sector-1, Salt Lake C,ity, KoLkata-7000064

Reg. office- 13, Rishi Bankinr Road, N mta, Kolkata-700049

Note No.18

The Organ zaton speni an amount of Rs.3 65 338 under Soca Wefarc expenses for sk deveopmeniofSHG

rnembels, financial teracy train ng to SHG rnembers, dstrbuton ofbooks, statione es bags io ihe snr'leii of

BJS sclrool where ch dren oibrlck fed workers are sildd nS and gave donation io loca bodles to organize bood

do.aton camp spo(s and culturalprogramrne

Provision of lncome Tax Liabilitv

The O rga nisation s rcg istered undet section 1 2A(b) of the lncome{ax Act, 1 961 as char tab e nst tlt on

Accum!Lated nconre oithe organ satio. d!rng theyearwhlch willbe utilised forthe sarne purpose is less than

T 5% oi total ifcome of lhe organisaUon hence provision of lncorne Tax ab ty s n ot rcquired Deta s ot

Prev ols year fs!res have been re-grouped and re affanged \lhercver necessary

ffi

3ls'NIarch.2013Expenses for Common Facilitation CentrcNABARD Prolect [Ionitor]ng Expenses

Skill DevelopmentTrainingCancer DeiecUon CampTra n ng of SHG lt4embersExpenses ior F nancial L:teracy Tralning

Donation to Local BodlesSo ar Llght

T39,491

ft6,57451,98911,34515.935

15,76515.232

495 72314 09045 010

16,85926,626

365.338 629.305

Totalincome durlng the year

Amo!nt Ut sed duang tlre year for Chartable purpose

Less: Loan Loss Provision

Add Fired Asset Purchase dudng the year

Add Advance for Expenses

Sulp us durlng the year

Slro us for the vea.less than 15% of tota ncome

15 932 675(320 303)(193125)

18,563,488

16 061 250

'15 419,247490,633

2 542.238

2 744.523

1282,285l,

BELGHORIA JANAKALYAN SAMITY

Head Office- AE-592, Sector-1, Salt Lake City, Kolkata-7000064

Reg. Office- 13, Rishi Bankinr Road, Nimta, Kolkata-700049

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2014

2014As on 31'' Nlarch,

A CASH FLOW FROI\'I OPERATING ACTIVITIES:

Net Surplus before Tax

Adjustment for Non Cash Expenditure:Depreciation on Flxed AssetsLoan Loss ProvisionAccrued lnterest on BofiowingAdjustment for Non Cash lncomeAccrued nterest on Loan

Accrued Lnierest on FDR

Operating Profit before Working Capital Change

Adjustment for(lncrease)/ Decrease in Operat ng AssetsDisburcenrents of Loan to BoTrowers

Recovery of aforesaid Loans

Loan Wrtten OtfOther Advances/ Recoverable

lncrease/ (Decrease) n Operating Liability

Cash Flow Before Extraordinary ltems

Net Cash Flow From Operating Activities (A)

B CASH FLOW FROII/I INVESTING ACT]VITIES:Purchase of Fixed AssetsFlxed Deposit (Pledged against Secured loan)

F xed Deposit (ln hand)

Net Cash Fiow From lnvesting Activities (B)

C CASH FLOW FROM FINANCING ACTIVITIES:Secured Loan taken dudnq the period

Repaymenl of Secured Loanllnsecured Loan iaken duanq the pedod

Repayment of Unsecured Loan

Securty Deposit Co lected during ihe per od

Secur ty Deposit Refunded during the year

Proceeds from Subordi.ated Debl from SIDBI

Business Cap talncrease/( Decrease) in Cash Oredit AccounlNet Cash Flow From Financing Activities (C)

Net lncrease or Decrease in Cash and Cash Equivalents(A+B+c)

Add:Opening Cash and Cash Equivalents

closino cash and cash eouivalents as per Books

2,630,813

320,30319312541 246

338,465(50.743)

1,237,654

445,12433,00088 014

(151 629)t220.610)

3,473,209 '1,39'1,553

(154,233 000)134,920,428

(144,941)17.933

t112258 AAA)

108,888.19669,837

473,44411.442

{19.439.5801 {2,815,037)

I15-966.371 1-423.4A4\

(496,633)

1541,799)

(336 944)

11,038,432) {336,944)

20,200 000(12,559 249')

7 243 A992271654

20 000 000(27 850 730)

(2,s56,;oo)15,000,000

12 068 376)

17.155.540 2.124.794'150737

934.576

364,366

570 2141.085.313 934.576

As per our Reporl of even date

For K.N. JAIN & Co.Charlered AccountantsReg. No-319119E

Ji.,^ " t*Q^ ^z

on behalf ofBelghoria Janakalyan samity

D-.t-

BclghorirJ ukalJrnSrDl)'Samya Sengupta

tvlembersh p No. 059027Date: 3rd June 2014

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