v.nagarajan & co., - basix · krishna bhima samruddhi local area bank limited 1. we have...

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V.NAGARAJAN & CO., Chartered Accountants AUDITORS’ REPORT TO THE MEMBERS OF KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED 1. We have audited the attached Balance Sheet of KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED as at March 31, 2006 and Profit and Loss account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. The Balance Sheet and Profit and Loss Account have been drawn up in accordance with the provisions of the Section 29 of the Banking Regulation Act, 1949 read with section 211 of the Companies Act, 1956. 4. We report that a). We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purposes of our audit and found them to be satisfactory; b). The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; 5. In our opinion, the Profit and Loss Account and the Balance Sheet comply with the accounting standards referred to in subsection 3 (c) of section 211 of the Companies Act, 1956. 6. We further report that: i). The Balance Sheet and the Profit and Loss account dealt with by this report are in agreement with the books of account; ii). In our opinion, proper books of accounts as required by the law have been kept by the bank, so far as appears from our examination of the books maintained by the Bank; # 407, Jamuna Thirth Apartment, 7-1-40/1, Dharam Karam Road, Ameer Pet, Hyderabad-500016 Ph-040-55828742-43. E-Mail: [email protected]

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Page 1: V.NAGARAJAN & CO., - BASIX · KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED 1. We have audited the attached Balance Sheet of KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED as at

V.NAGARAJAN & CO.,

Chartered Accountants

AUDITORS’ REPORT TO THE MEMBERS OF KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED

1. We have audited the attached Balance Sheet of KRISHNA BHIMA SAMRUDDHI

LOCAL AREA BANK LIMITED as at March 31, 2006 and Profit and Loss account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. The Balance Sheet and Profit and Loss Account have been drawn up in accordance with the

provisions of the Section 29 of the Banking Regulation Act, 1949 read with section 211 of the Companies Act, 1956.

4. We report that

a). We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purposes of our audit and found them to be satisfactory;

b). The transactions of the Bank, which have come to our notice, have been within the powers of the Bank;

5. In our opinion, the Profit and Loss Account and the Balance Sheet comply with the

accounting standards referred to in subsection 3 (c) of section 211 of the Companies Act, 1956.

6. We further report that:

i). The Balance Sheet and the Profit and Loss account dealt with by this report are in agreement with the books of account;

ii). In our opinion, proper books of accounts as required by the law have been kept by the

bank, so far as appears from our examination of the books maintained by the Bank;

# 407, Jamuna Thirth Apartment, 7-1-40/1, Dharam Karam Road, Ameer Pet, Hyderabad-500016 Ph-040-55828742-43. E-Mail: [email protected]

Page 2: V.NAGARAJAN & CO., - BASIX · KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED 1. We have audited the attached Balance Sheet of KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED as at

V.NAGARAJAN & CO., Chartered Accountants

# 407, Jamuna Thirth Apartment, 7-1-40/1, Dharam Karam Road, Ameer Pet, Hyderabad-500016 Ph-040-55828742-43. E-Mail: [email protected]

iii). On the basis of the written representations received from the directors as on March 31, 2006 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2006 from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

7. In our opinion and to the best of our information and according to the explanations given to

us, the Balance Sheet and the Profit and Loss Account read together with the notes on accounts attached thereto, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i). In the case of the Balance Sheet, of the state of affairs of the bank as at March 31, 2006 and

ii). In the case of Profit and Loss account, of the profits of the bank for the year

ended on that date. for V. NAGARAJAN & Co., Chartered Accountants Place: Hyderabad Date: May 06, 2006 (V. NAGARAJAN) Par ner t

Page 3: V.NAGARAJAN & CO., - BASIX · KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED 1. We have audited the attached Balance Sheet of KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED as at

KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITEDRs.

BALANCE SHEET AS ON Sch 31-Mar-06 31-Mar-05

CAPITAL AND LIABILITIESCapital 1 50,000,000 50,000,000 Reserves and Surplus 2 5,847,956 4,042,094 Deposits 3 126,642,207 76,576,660 Borrowings 4 105,160,000 40,000,000 Other Liabilities and Provisions 5 4,460,048 3,195,118

Total 292,110,210 173,813,872

ASSETSCash and Balances with Reserve Bank of India 6 5,346,093 2,546,771 Balances with Banks and Money at Call and Short 7 23,098,757 11,091,555 Investments 8 56,152,469 27,822,249 Advances 9 189,535,735 121,777,431 Fixed Assets 10 7,836,216 4,267,588 Other Assets 11 10,140,940 6,308,278

Total 292,110,210 173,813,872

Contingent Liabilities 12 - - Bills for Collection - -

Principal Accounting Policies 18Notes on Accounts 19The schedules referred to above form an integral part of the Balance Sheet

In terms of our report of even datefor V.NAGARAJAN & CO.,

Chartered AccountantsPlace: Hyderabad Managing Director DirectorDate: May 6, 2006

(V.NAGARAJAN)

Partner Director Director

for and on behalf of Board of Directors

Audited Financial Statements as on March 31, 2006

Page 4: V.NAGARAJAN & CO., - BASIX · KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED 1. We have audited the attached Balance Sheet of KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED as at

KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITEDRs.

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED

31-Mar-06 31-Mar-05Sch

I. INCOME Interest Earned 13 44,453,263 23,257,185 Other Income 14 1,058,805 1,176,182

Total 45,512,068 24,433,367

II. EXPENDITURE Interest Expended 15 13,471,594 4,684,118 Operating Expenses 16 27,246,983 17,134,326 Provisions and Contingencies 17 2,987,630 1,641,219

Total 43,706,207 23,459,663

III. PROFIT / LOSS Net Profit/(Loss) for the Year 1,805,862 973,704 Add: Profit/(Loss) Brought Forward 2,593,002 1,814,039 Total 4,398,864 2,787,743

IV. APPROPRIATIONS/TRANSFERS

Statutory Reserve 361,172 194,741 Investment Fluctuation Reserve - - Government / Proposed Dividend - - Balance Carried Over to Balance Sheet 4,037,691 2,593,002 Total 4,398,864 2,787,743

Principal Accounting Policies 18Notes on Accounts 19

In terms of our report of even datefor V.NAGARAJAN & CO.,

Chartered AccountantsPlace: Hyderabad Managing Director DirectorDate: May 6, 2006

(V.NAGARAJAN)

Partner Director Director

%o

for and on behalf of Board of Directors

Audited Financial Statements as on March 31, 2006

Page 5: V.NAGARAJAN & CO., - BASIX · KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED 1. We have audited the attached Balance Sheet of KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED as at

KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITEDRs.

SCHEDULES TO BALANCE SHEET AS ON 31-Mar-06 31-Mar-05SCHEDULE 1:CAPITALAuthorised Capital 100,000,000 50,000,000

100,00,000 Equity Shares of Rs. 10/- each (Previous Year 50,00,000 Equity Shares of Rs.10/- each)

Issued, Subscribed, and Paid-up capital 50,000,000 50,000,000 50,00,000 Equity Shares of Rs. 10/- each

Total 50,000,000 50,000,000 SCHEDULE 2:RESERVES AND SURPLUSI.Statutory Reserves Opening Balance 777,092 582,351 Additions during the Year 361,172 194,741 Deductions during the Year - - Total 1,138,264 777,092 II.Capital Reserves Opening Balance - - Additions during the year - - Deductions during the year - - Total - - III.Share Premium Opening Balance - - Additions during the year - - Deductions during the year - - Total - - IV.Investment Fluctuation Reserve Opening Balance 220,000 220,000 Additions during the year - - Deductions during the year - - Total 220,000 220,000 V. Revenue and Other Reserves Opening Balance 452,000 452,000 Addition During the Year - - Deductions during the year - - Total 452,000 452,000

VI. Balance in Profit and Loss Account 4,037,691 2,593,002 Total (I to VI) 5,847,956 4,042,094 SCHEDULE 3:DEPOSITS A I. Demand Deposits (i) From Banks (ii) From Others 380,129 289,327 II. Savings Bank Deposits 47,395,552 26,335,738 III. Term Deposits (i) From Banks - - (ii) From Others 78,866,525 49,951,595 Total (I, II and III) 126,642,207 76,576,660 B. I. Deposits of branches in India 126,642,207 76,576,660 II. Deposits of branches out side India - - Total 126,642,207 76,576,660

In terms of our report of even datefor V.NAGARAJAN & CO.,

Chartered AccountantsPlace: Hyderabad Managing Director DirectorDate : May 6, 2006

(V.NAGARAJAN)

Partner Director Director

for and on behalf of Board of Directors

Audited Financial Statements as on March 31, 2006

Page 6: V.NAGARAJAN & CO., - BASIX · KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED 1. We have audited the attached Balance Sheet of KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED as at

KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITEDRs.

SCHEDULES TO BALANCE SHEET AS ON 31-Mar-06 31-Mar-05SCHEDULE 4:BORROWINGSI. Borrowings in India i Reserve Bank of India - - ii Other Banks 70,875,000 20,000,000 iii Other Institutions and Agencies 34,285,000 20,000,000 II. Borrowings outside India - - Total 105,160,000 40,000,000

(Secured borrowings included in I & II above - Rs.70,875,000)

SCHEDULE 5:OTHER LIABILITIES AND PROVISIONSI. Bills Payable - - II. Inter-Office adjustments (net) - - III. Interest Accured - - IV. Others (including provisions) 4,460,048 3,195,118

Total 4,460,048 3,195,118 SCHEDULE 6:CASH AND BALANCES WITH RESERVE BANK OF INDIAI. Cash in hand 5,346,093 2,546,771 (including foreign currency notes)II.Balances with Reserve Bank of India (i) in current Account - - (ii) in other Accounts - - Total - (I & II) 5,346,093 2,546,771

SCHEDULE 7:BALANCES WITH BANKS AND MONEY AT CALL AND SHORT NOTICE

I. In India i. Balance with banks a. in current accounts 9,098,757 8,291,555 b. in other deposit accounts 14,000,000 2,800,000 ii.Money at call and short notice a. with banks - - b. with other institutions - - Total 23,098,757 11,091,555 II. Outside India i. In current accounts ii. In Other deposit accounts - - iii. Money at call and short notice - - Total - - Total - (I & II) 23,098,757 11,091,555

In terms of our report of even datefor V.NAGARAJAN & CO.,

Chartered AccountantsPlace: Hyderabad Managing Director DirectorDate : May 6, 2006

(V.NAGARAJAN)

Partner Director Director

for and on behalf of Board of Directors

Audited Financial Statements as on March 31, 2006

Page 7: V.NAGARAJAN & CO., - BASIX · KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED 1. We have audited the attached Balance Sheet of KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED as at

KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITEDRs.

SCHEDULES TO BALANCE SHEET AS ON 31-Mar-06 31-Mar-05SCHEDULE 8:INVESTMENTSI. Investments in India in

i. Government Securities 56,152,469 26,822,249 ii. Other approved securities - - iii.Shares - - iv.Debentures and Bonds - 1,000,000 v.Subsidiaries and/or joint ventures - - vi.Others - -

Total 56,152,469 27,822,249 II. Investments outside India in

i.Government securities (including local authorities) - - ii.Subsidiaries and/or joint ventures abroad - - iii. Other investments - -

Total - - Total - (I & II) 56,152,469 27,822,249

SCHEDULE 9:ADVANCESA i) Bills purchased and discounted - - ii) Cash credits, overdrafts and loans repayable on - - iii) Term Loans 189,535,735 121,777,431 Total 189,535,735 121,777,431 B i) Secured by Tangible Assets 186,880,888 118,393,937 ii) Covered by Bank/Government Guarantee - - iii) Unsecured 2,654,847 3,383,494

Total 189,535,735 121,777,431 C I) Advances in India i) Priority Sectors 186,821,404 120,391,393 ii) Public Sector - - iii) Banks - - iv) Others 2,714,331 1,386,038 Total 189,535,735 121,777,431 II) Advances outside India i) Due from Banks - - ii) Due from Others - - Total - - Total ( C. I & II ) 189,535,735 121,777,431 SCHEDULE 10:FIXED ASSETSI Other Fixed assets (Other than Premises, but, including furniture and fixtures) At cost as on 31st March of the preceding year 6,549,188 3,506,714 Additions during the year 4,893,779 3,225,499 Deductions during the year 14,000 183,025 Depreciation to date 3,592,751 2,281,600 Total 7,836,216 4,267,588

In terms of our report of even datefor V.NAGARAJAN & CO.,

Chartered AccountantsPlace: Hyderabad Managing Director DirectorDate : May 6, 2006

(V.NAGARAJAN)

Partner Director Director

for and on behalf of Board of Directors

Audited Financial Statements as on March 31, 2006

Page 8: V.NAGARAJAN & CO., - BASIX · KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED 1. We have audited the attached Balance Sheet of KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED as at

KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITEDRs.

SCHEDULES TO BALANCE SHEET AS ON 31-Mar-06 31-Mar-05SCHEDULE 11:OTHER ASSETS - I. Inter-0ffice adjustments (net) - - II. Interest accrued 5,702,372 3,112,621 III. Tax paid in advance / Tax deducted at source 972,610 259,008 IV. Stationery and stamps 325,761 173,125 V. Non-banking assets acquired in satisfaction of claims - - VI. Deferred Tax Asset ( Net) - 367,000 VII. Others 3,140,198 2,396,524 Total 10,140,940 6,308,278

SCHEDULE 12:CONTINGENT LIABILITIES

I. Claims against the bank not acknowledged as debts - - II. Liability for partly paid investments - - III. Capital Commitments - - IV. Liability on account of outstanding forward exchange contracts - - V. Guarantees given on behalf of constituents a. In India - - b. Outside India - -

VI. Acceptances, endorsements and other obligations - -

VII.Other items for which the bank is contingently liable - - Total - -

In terms of our report of even datefor V.NAGARAJAN & CO.,

Chartered AccountantsPlace: Hyderabad Managing Director DirectorDate : May 6, 2006

(V.NAGARAJAN)

Partner Director Director

for and on behalf of Board of Directors

Audited Financial Statements as on March 31, 2006

Page 9: V.NAGARAJAN & CO., - BASIX · KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED 1. We have audited the attached Balance Sheet of KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED as at

KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITEDRs.

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31-Mar-06 31-Mar-05

SCHEDULE 13: INTEREST EARNED

I. Interest/discount on advances/bills 30,362,083 15,106,157 II. Income on Investments 3,815,423 1,510,418 III.Interest on balances with Reserve Bank of India and other inter-bank funds 112,222 118,327 IV. Others 10,163,535 6,522,283 Total 44,453,263 23,257,185

SCHEDULE 14:OTHER INCOMEI. Profit on sale of Asset / Investments 2,999 13,408 II. Miscellaneous Income 1,055,806 1,162,774 Total 1,058,805 1,176,182

SCHEDULE 15:INTEREST EXPENDEDI. Interest on Deposits 5,341,342 3,728,901 II.Interest on Reserve Bank of India/Inter-bank borrowings 5,350,845 157,603 II.Others 2,779,407 797,615 Total 13,471,594 4,684,118

SCHEDULE 16:OPERATING EXPENSESI. Payments to and provision for employees 10,902,374 6,913,830 II. Rent, taxes and lighting 1,153,379 807,507 III. Printing and Stationery 1,105,855 574,947 IV. Advertisement and publicity 63,722 47,444 V. Depreciation on bank's property 1,325,150 938,526 VI. Directors' fees, allowances and expenses 227,584 255,841 VII. Auditors' Fees and Expenses 257,981 235,222 VIII. Law Charges - 2,500 IX. Postage, Telegrams, Telephones. Etc. 1,035,545 657,303 X. Repairs and maintenance 416,065 212,181 XI. Insurance 437,523 212,151 XII. Other expenditure 10,321,806 6,276,873 Total 27,246,983 17,134,326

SCHEDULE 17:PROVISIONS AND CONTINGENCIESI. Provision for Non Performing Assets 1,031,965 87,309 II. Provision on Standard Assets 192,065 156,760 III. Provision for Taxation (Including Deferred and Fringe BenefitTax) 1,553,000 546,000 IV. Provision for Depreciation on Investments 210,600 851,150 Total 2,987,630 1,641,219

In terms of our report of even datefor V.NAGARAJAN & CO.,

Chartered AccountantsPlace: Hyderabad Managing Director DirectorDate : May 6, 2006

(V.NAGARAJAN)

Partner Director Director

for and on behalf of Board of Directors

Audited Financial Statements for the year ended March 31, 2006

Page 10: V.NAGARAJAN & CO., - BASIX · KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED 1. We have audited the attached Balance Sheet of KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED as at

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