FINAL AUDIT REPORT FOR THE YEAR 2020-21

1. Name of the Society /Urban Bank with

Registration Number

THE KRANTHI CO-OPERATIVE URBAN   BANK LTD.  Regd. No.TBC -626
2. Date of Registration 04.01.1996
3. Area of operation of the Society/Urban Bank Ranga Reddy Dist . And Twin cities of Hyderabad and Secunderabad.
4. Date of Starting 04.01.1996 under APCS Act.(Now. TSCS) 24.04.1996   by RBI
5. Date of commencement of Banking

Operations

 

28.08.1996

6. Postal address of the Society/Urban Bank 7-4-158, 2ndFloor, Hotel Samrat Complex, Main Road, Balanagar, Hyderabad-500011,
7. Agency employed for Audit M/S. Padarthi Venkatesh &Co
8. Name of the Auditor CA.  P.H.S.S.VENKATESH
9. H.O. of the Auditor Hyderabad
10. Dates of Audit 02.08.2021 to 07.08.2021
11. Classification of the Society under the year of Audit  

Under Class “A “

12. Membership of the Society/Urban Bank.

I. a. At the beginning of the year

b. Admitted during the year

c. Removed during the year

d. At the end of the year

II. Below 30 share Members

 

No. of  Members                Share Amount

2284                                 2,79,56,100.00

152                                       9,84,500.00

24                                        2,36,500.00

  2412                                2,87,04,100.00

  1756                                     9,56,350.00                                   

13. What is the Working Capital

of the Society/Urban Bank

 

Rs.  4936.21 Lakhs

14. Maximum borrowing limits of the Society (50) times of Paid-up Share Capital plus

Reserve Fund Minus bad debts reserve and accumulated losses.

15. Total Loans / Subsidy given by the  Government to the bank. Interest Ex-gratia on Moratorium period.

Rs. 101751.00

16. Who is in-charge of the Cash Balance with reference to byelaws  

Manager & Cashier

17. Whether the cash balance verified YES
18. Books of Accounts maintained by the

Society / Bank:

List verified
19. Remarks of the Auditor Enclosed to the report
20.

 

Managing Committee Meetings 12 Managing Committee Meetings held during the period from 01.04.2020 to 31.03.2021.
21 General Body Meetings in FY 2020-21

2ND AGM dt. 30-3-2021

1stAGM dt.  28.09.2020
22. a).Rule 45 particulars

b).Variations between particulars and

actual figures

NA
23. Bad Debts Reserves against /

Estimated Bad Debts NPA’s, S.S.As,

NPAs as on 31.03.2021      : Rs. 1,13,67,867.00

Prov.      : Rs.  47,88,611.00

Net  NPA % to Net Advances:    2.95%

24. Maintenance of Cash Reserves / Liquid Assets Yes
25. Civil works undertaken If any under, if so furnish the details of Administrative sanctions etc. NIL
26. Inspection of branches by the officers YES- Concurrent Auditor
27. Inspection of Societies by the Bank NA
28. Verification of Long Term Loans and

results of such verification

YES
29.

 

Disbursement of “B” component

Loans

NA
30.

 

Maintenance of Cash Balance as at

the end of the year

 

Rs. 60,60,875.00

31. Payment of Bonus / Ex gratia and their provision in Books of Accounts  

Yes

32. Creation of Reserve u/s 46 of TSCS Act  

Yes

33. Banks Net Worth as on 31.03.2021  Rs.692.76 Lakhs
34.

 

Reconciliation of Bank’s Inter Branch & Head Office vice-versa  

Reconciled

35. Reconciliation of Bank Accounts Tallied as  31.03.2021
36.

 

Reconciliation of borrowings with APCCADB Bank / APCOB  

No borrowings from APCCADB / APCOB

37. Default to APCCADB / APCOB NA
38. Verification of Cash Balances  and Insurance cover  

Yes

39. Maintenance of Telephone and Trunk Call Register  

NA

40. Inspection of Physical units borrowers  of Short and Medium Term advances.  

Yes

41. Approval of Section 116(c) Proposal submitted to the RCS, AP, Hyd.
42. Classification of defects A &B NA
43. Super checks and Long Term Loans NA
44. Legal Action taken against over due

and amounts involved in Legal Action

Notices under section 71(1) of the APCS Act 7 of 1964 issued against defaulters where ever needed and executing the recoveries .
45. Any irregularities noticed in

disbursement of loans including Non Farm Sector Loans

 

NIL

46. Audit cost and its percentage on

Working Capital of the Bank

 

Rs.0.002%

47. Audit cost and its percentage on total results and contingent charges NA
48. Sanctioned Auditor’s strength NA
49. Engagement of vehicles for hire NIL
50. Collection of 1% towards charges on Short Term / Medium Term / Long Term over due loan recovered  

NA

51. Any misappropriation cases noticed during the Audit NIL
52. Any special reports submitted NIL
53. Any serious reports submitted NIL
54.

 

Any cases of infringement of byelaws, noticed during the year of Audit NIL
55. Depreciation as per Income Tax rates Written Down Value
56. Due to and Due by age wise NIL
57. Any extension of Loans was given, if

So, details

SIX MONTHS MORATORIUM IS GIVEN TO M/S SAMAD BATTERIES in accordance with RBI circular on Covid-19
58. Unserviceable Assets NIL
59. The Kranthi Co.Op. Urban Bank Ltd. staffing pattern CEO-1, DY.CEO-1, AGM-1,

Branch Heads -2 ,Managers-3,

Dy Manger-3 , Clerks 2 sub staff-2.

60. Incentives paid to the employees NIL
61 Verification of Gold Loans Yes
62. Test verification and utilization of

Loans

YES

 

63. Viability of  Branches Yes
64. Reconciliation Memos Enclosed
65. Non Farm Sector loans

·Violations

·Over dues

·Action taken

NIL

66. Marks to the President NA
67. Audit objections &creation of reserve NIL
68. Test checking of SAO Loans by the Officers of the Bank 5% NA
69. Budgetary  provisions Approved by the Board
70. Seminars and Tours NIL
71. D V Files verification NA
72. Borrowings and Lending’s imbalance NIL
73. I. Guidelines issued by APCOB &APPCCADB in the distribution and implementation of different program in physical and financial terms to the PACS

II. Deviation and defects in the implementation of programme if any, physical and financial terms (furnish details)

NA

 

N.A