janaseva sahakari bank borivli ltd Auditors report

INDEPENDENT AUDITORS REPORT

To:

The Members of: JANASEVA SAHAKARI BANK (BORIVLI) LTD.,

Report On the Financial Statements

1. We have audited the accompanying financial statements of Janaseva Sahakari Bank (Borivli) Ltd.,as at 31st March, 2014,which comprise the Balance Sheet as at March 31, 2014,Profit and Loss Account and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of branches and Head Office audited by us.

Managements Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with The Banking Regulation Act, 1949, Banking Laws (Application to Co-operative Societies) Act, 1965 and The Maharashtra Co-operative Societies Act, 1960. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditors Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to 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 the financial statements. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Banks preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

6. In our opinion, as shown by books of bank, and to the best of our information and according to the explanations given to us:

(i) the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31 st March 2014 in conformity with accounting principles generally accepted in India;

(ii) the Profit and Loss Account, read with the notes thereon shows a true balance of profit, in conformity with accounting principles generally accepted in India, for the year covered by the account;

(iii) the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date; and

(iv) the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards.

Report on Other Legal and Regulatory Requirements

7. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms "A" "and "B" respectively of the Third Schedule to The Banking Regulation Act, 1949 (as applicable to Co-operative Societies).

8. As required by The Maharashtra Co-operative Societies Act, I960, The Maharastra Co-operative Societies Rules 1961 and The Banking Regulation Act, 1949 (as applicable to Co-operative Societies), we further report that:

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

ii. In our opinion, proper books of account as required by law have been kept by the Bank so far, as appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from the branches of the Bank.

iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

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

Bank.

For U. G. DEVI & COMPANY

Chartered Accountants

FRN: 102427W

sd/-

(V. U. Devi)

Partner

M. No. : 38973

Place : Mumbai.

Dated : 26th June 2014.