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Page | 4

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8. (A)(5)

8.(a)(5)

Salima Rupani & Associates.

Chartered Accountants

Dharmshala Road,

Bilkha,

(Salima H. Rupani)

Propritor

Salima Rupani & Associates

Mem. No : 100841

ANNEXURE-E

AUDITOR'S REPORT

THE JUNAGADH COMMERCIAL CO.OPBANK LTD.

Choksi Bazar

Junagadh

All Members,

We are appointed as statutory auditors for your bank for the year ending 31/03/2012 by the Registrar, Co-operative

Societies, Gujarat State, Gandhinagar vide order No.ASN/2460/J-4/300/2011 dated 25/05/2011. As per the conditions of the order,

we have complete the audit on the basis of information provided by the bank, In respect of year ended on 31/03/2012, after

auditing the financial statements referred to above are the responsibility of the Bank's Management. Our responsibility is to

express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with Auditing Standards generally accepted in India. These standards require

that we plan and perform the audit to obtain reasonable assurance about includes examining, on a test basis, evidence supporting

the amounts and disclosure in the financial statements. An audit also includes assessing the Accounting Principles used and

Significant Estimates made by management, as well as audit provides a reasonable basis for our opinion. Subject to our notes to

accounts. We submit our report as under :

3. The books of Accounts and Accounts and Accounting System are maintained as required under provision of Co-

operative law and also the instructions of RBI.

In cases of compromise of dues through courts, bank's interest is not jeopardized. There are no such cases and hence not

applicable.

1. The Board of Directors has conducted the working of the bank as per bye-laws and also provisions of co-operative law/

rules. The Board of Directors has followed the rules and regulations.

2. The Board of Directors has carried out the instructions of RBI, given from time to time.

4. Bank's Balance Sheet as on 31/03/2012 reflects the True and Fair view of the Financial Position. The figures of capital,

borrowings, assets, investments and profit for the year ended 31/03/2012 show true position.

5. Bank has properly maintained SLR and CRR Standards.

6. Bank has made proper classification of NPAs as per RBI guidelines and sufficient provisions are made for the same.

7. The advances allowed to members of the board of directors of their relations are as per RBI guidelines and in terms of

provisions of Co-operative law. All such advances are recoverable. There are no such advances and hence not

applicable.

8. The directors or other office bearers are not disqualified for their position.

9. The RBI Guidelines for one time settlement of advances amounting below Rs.25000/- and Circular of State Registrar for

Co-operative Societies dated 24/11/1994 and set off of deposits against advances are properly adhered to the bank.

There are no such cases and hence not applicable.

10. In cases of write off / compromise of dues undertaken during the year instructions given by RBI and Registrar of Co-

operative Societies are properly adhered to by the bank. There are no such cases and hence not applicable.

11.

Place : Junagadh

Date : 28-5-2012

Page | 5

Page | 6

31/03/2011 31/03/2012LIABILITIES

BALANCE SHEET AS AT 31 MARCH - 2012st

2,00,00,000.00

1,83,46,600.00

8,24,92,298.36

64,64,59,222.93

7,92,61,707.48

32,30,590.88

2,47,94,878.30

1,20,19,257.31

12,47,658.38

11,94,769.39

2,21,52,467.00

51,59,000.00

31,97,000.00

16,00,000.00

65,400.00

20,00,000.00

38,23,245.63

20,08,031.47

5,00,000.00

3,50,713.00

39,882.49

3,57,458.39

10,56,279.00

9,26,258.00

36,90,61,694.74

16,19,75,081.42

11,54,22,446.77

1. SHARE CAPITAL

Authorised Capital:

Issued & Subscribed Capital:

2. RESERVE FUND AND OTHER RESERVES:

A: Reserves:

B: Other Reserves / Funds:

3. DEPOSIT AND OTHER ACCOUNTS

4,00,000 shares of F.V. Rs. 100/- each

2,00,000 shares of F.V. Rs. 50/- each

Face Value Rs. 100/- x 2,07,466 Shares.

Face Value Rs. 10/- * 69659 (Merged Limbid Branch)

Total Capital held by Individual Members

No. of Members 20,365 (Last Year-19425)

1. Statutory Reserve

2. Building Reserve

3. Dividend Equalisation Reserve

4. Development Reseve Reserve

5. Bad & Doubtful Debts Reserve

6. Special Bad & Doubtful Debts Reserve

7. Bad & Doubtful Debts Reserve(NPAs)

8. Contingent Provisions Against Standard Assets

9. Investments Depreciation Reserve

10. Reserve for FDR with Madhavpura Merc Co-op. Bank.

11.Over Due Interest Reserve (Capitalised)

11.Capital Reserve - On Merger

[Difference between valuation of assets and consi-

-deration paid on takeover of three Banks on going

concern basis)

1. Contingency Reserve

2. Charity Reserve

3. Co-Operative Propaganda Reserve

4. Welfare Reserve

5. Share Holders' Benevolent Reserve

6. Urban Bank Credit Equalisation Reserve

7. Education Fund

8. Staff Benefit Fund

1. Term Deposits

2. Savings Deposits

3. Current Deposits

20744600.00

696590.00

9,64,53,724.88

3,47,81,843.92

1,36,30,374.39

16,96,779.80

11,94,769.39

3,00,00,000.00

58,82,825.58

20,00,000.00

5,49,600.00

0.00

37,84,656.63

29,32,875.17

29,78,853.77

6,51,031.67

4,17,669.26

1,06,917.85

6,22,458.39

00.00

9,26,258.00

1,25,737.60

1,28,781.00

41,49,96,321.70

18,13,54,017.83

10,42,71,574.37

5,00,00,000.00

2,14,41,190.00

9,94,32,578.65

70,06,21,913.90


31/03/2011 31/03/2012ASSETS

1. CASH IN HAND

2. BALANCES WITH BANKS

a. In Current Account

b. In Fixed Deposit

3. Money at Call & Short Notice

4. INVESTMENTS

5. LOANS & ADVANCES

1. Short term - Cash Credit & Over Drafts:

2. Medium Term - Loans

3. Long Term - Loans

4. Bills Purchased/Discounted

6. INTEREST RECEIVABLE

1. State & Central Co-Operatives Bank

2. State Bank of India & Notified Banks

3. Other Banks

1. State & Central Co-Operatives Bank

2. State Bank of India & Notified Banks

3. Other Banks

1. Government Security

2. Shares of State / Central Co-Operative Bank

3. Shares of other Co-Operative

4. FDRs - Provident Fund-Gratuity-Leave Salary

a. Secured

b. Unsecured

a. Secured

b. Unsecured

a. Secured

b. Unsecured

a. Secured

b. Unsecured

1. On Fixed Deposits

2. On Government Securities

3. On Staff Loans

4. Loans & Advances - NPAs (as per contra)

1,63,11,536.33

15,18,90,611.98

2,00,00,000.00

16,39,34,069.00

39,34,96,940.57

90,20,868.00

4,00,78,390.98

38,36,057.89

1,80,89,084.83

1,81,53,248.26

11,18,12,221.00

4,80,80,000.00

6,17,32,221.00

20,00,000.00

16,28,38,569.00

10,95,000.00

500.00

27,13,21,007.87

27,08,18,499.75

5,02,508.12

8,81,13,582.45

8,28,52,093.95

52,61,488.50

3,40,62,350.25

3,40,62,350.25

0.00

0.00

0.00

17,19,652.00

14,35,293.00

12,32,570.00

46,33,353.00

3,54,70,279.86

40,39,184.32

1,49,39,606.39

1,64,91,489.15

7,03,04,553.00

2,80,00,000.00

4,23,04,553.00

0.00

19,62,59,569.00

13,68,200.00

1,000.00

32,47,26,477.09

32,43,46,861.48

3,79,615.61

10,66,90,011.55

9,06,25,508.10

1,60,64,503.45

5,07,21,436.25

5,07,21,436.25

0.00

0.00

0.00

50,94,795.00

19,55,367.00

12,09,241.00

86,80,466.75

1,60,38,087.07

10,57,74,832.86

2,00,00,000.00

19,76,28,769.00

48,21,37,924.89

1,69,39,869.75

Page | 7

Total

Place: JunagadhDate:20/07/2012

Page | 8

0.00

15,17,801.92

0.00

46,33,138.00

17,85,082.00

67,42,527.77

78,49,800.44

13,00,000.00

48,25,503.86

77,59,51,975.28


31/03/2011 31/03/2012LIABILITIES

4. BORROWINGS

5. BILLS FOR COLLECTION BEING BILLS

RECEIVABLE (as per contra)

6. BRANCH ACCOUNTS

7. OVERDUE INTEREST RESERVE

8. OVERDUE INTEREST RESERVE

9

10. OTHER LIABILITIES

11. PROVISIONS:

12. PROFIT & LOSS ACCOUNT

12. CONTINGENT LIABILITIES

13. Off Balance Sheet Items (Note)

Outward Bills for Collection

(GOLD A/C.)

Bankers' Cheque / Demand Draft Issued

Dividend Payable

Provisions for Expenses

Sundries Payable

1. Income Tax Paid under appeals provision

2. Income Tax Refund Receivable

3. Income Tax Provision (2011-2012)

Profit Brought forward

Less: Appropriation

Add: Current Year Profit

Employees GGCA Trust Fund

(as per contra)

. INTEREST PAYABLE

(Bank Gaurentee)

provision

Leave Encase Trust Fund GLES Fund A/c.

Provident / Leave / Gratuity Fund

Share Holder Gift Payable - Silver Coin


Propritor

Mem. No : 100841

Subject to Our Report of even date

Subject to Accounting Policies and Notes forming part of the accounts Schedule -1

15,17,801.92

31,41,265.30

10,90,199.00

24,42,000.00

11,76,336.14

13,00,000.00

1,07,25,372.33

-1,07,25,372.33

48,25,503.86

1,13,06,122.00

12,64,265.00

76,62,224.00

4,57,262.36

3,00,078.00

2,06,89,873.36

9,63,221.06

86,80,466.75

25,86,159.00

80,26,433.53

33,06,056.30

9,78,132.00

27,66,000.00

19,55,613.14

36,72,336.00

12,12,070.00

35,00,000.00

48,25,503.86

-48,25,503.86

23,33,867.80

1,35,48,068.00

19,61,095.00

81,99,451.00

4,51,989.12

3,00,078.00

2,41,60,603.12

0.00

9,63,221.06

12,24,475.50

86,80,466.75

25,86,159.00

80,26,433.53

90,05,801.44

83,84,406.00

23,33,867.80

86.27.00.513.63


31/03/2011 31/03/2012ASSETS

7. BILLS RECEIVABLES BEING BILLS

FOR COLLECTION (as per contra)

8. Branch Accounts

9. BUILDINGS (at depreciated value)

10.FURNITURE-VEHICLES

11. OTHER ASSTES

12. NON-BANKING ASSETS ACQUIRED IN

SATISFACTION OF DEBTS

13. MISCELLANEOUS EXPENDITURE:

4. CONTINGENT LIABILITIES (Bank Gaurentee)

15. Off Balance Sheet Items (Note)

Employees GGCA Investment (Lic)

Leave Encase Investment (LIC)

Share Holder Gift Stock - Silver Coin

1. Stamps

2. Staff Receivable

3. Expenses Prepaid

4. Income Tax - Advance & TDS

5. Income Tax Refund Receivable

6. Taxes Paid under Appeals

7. Others

(To the extent not written off or adjusted)

Loss of Acquired Rushika Mahila Nagrik

Co-Op. Bank Ltd., Gandhinagar.

1

(at depreciated value)

Provident / Leave / Gratuity Fund

Total

15,17,801.92

5,22,016.48

39,01,893.00

69,07,585.00

70,21,258.00

0.00

14,27,395.00

77,59,51,975.28

16,16,672.00

5,62,014.00

8,37,873.00

30,76,893.00

0.00

5,61,810.00

3,65,996.00

14,27,395.00

1,13,06,122.00

12,64,265.00

76,62,224.00

4,57,262.36

3,00,078.00

2,06,89,873.36

10,88,497.00

5,88,654.00

64,888.00

35,00,000.00

12,12,070.00

38,19,075.00

3,76,079.00

0.00

1,35,48,068.00

19,61,095.00

81,99,451.00

4,51,989.12

3,00,078.00

2,41,60,603.12

9,63,221.06

0.00

48,55,122.00

77,13,424.00

1,06,49,263.00

0.00

0.00

86,27,00,513.63

Page | 9

(Rajesh Maradia) (P. D. Gadhavi)(A. J. Mankad) (V.K. Bhatt)

Manager Vice ChairmanM.D. Chairman

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2012ST

2010-2011 2011-2012EXPENDITURE

Total

Place: JunagadhDate: 20/07/2012


Propritor

Mem. No : 100841

Subject to Our Report of even date

Subject to Accounting Policies and Notes forming part of the accounts Schedule -1

3,60,15,019.40

1,98,06,273.00

0.00

15,47,068.94

1,11,010.00

3,91,440.00

2,69,681.00

18,76,543.00

5,45,776.50

25,32,906.84

3,33,598.00

14,59,228.00

14,27,395.00

6,63,15,939.6848,25,503.86

1,00,00,000.00

8,11,41,443.54

1. INTEREST ON DEPOSITS & BORROWINGS

2. SALARY & ALLOWANCES

3. DIRECTOR'S FEES & ALLOWANCES

4. RENT, TAXES, INSURANCE & LIGHTING

5. LEGAL & CONSULTATION CHARGES

6. POSTAGE, TELEGRAM & TELEPHONES

7. AUDIT FEES

8. DEPRECIATION ON PROPERTIES

9. STATIONERY, PRINTING & ADVERTISEMENT

10. OTHER EXPENDITURE

11. WRITTEN OFF

12. PROVISIONS & CONTINGENCIES

13. Rushika Mahila Nagrik Co-Op. Bank Loss14. Limbdi Vibhagiya Nagrik Sahkari Bank Ltd.

LossSub-Total

NET PROFIT FOR THE YEAR

Extra Ordinery Items:15.

16.

17.

1. Repairing & Maintenance2. Vehicles Expenses3. Service Tax4. Others

1. G-Sec Premium (Amortised)

1. Income Tax2. Investment Depreciation3. For Standard Assets4. For Bad & Doubful5. Income Tax Paid under appeals provision6. Income Tax Refund receivable provision

Madhavpura Mercantile Co-Op. Bank Ltd.,FDR written offMadhavpura Mercantile Co-Op. Bank Ltd.,

Daily Collection Deposits Merged BankLimbdi Branch

3,34,603.932,18,973.556,41,025.00

13,38,304.36

3,33,598.00

14,59,228.000.00

80,00,000.00

20,00,000.00

4,41,500.243,04,600.147,76,732.00

24,15,494.38

3,49,552.00

35,00,000.004,84,200.004,00,000.007,76,830.21

36,72,336.0012,12,070.00

20,00,000.00

50,39,814.00

4,47,33,606.00

2,03,28,933.00

0.00

27,83,825.09

2,10,491.00

3,51,383.24

2,86,989.00

20,66,839.23

9,28,700.10

39,38,326.76

3,49,552.00

1,00,45,436.21

14,27,395.00

92,96,508.849,67,47,985.47

23,33,867.80

70,39,814.00

10,61,21,667.27

Page | 10

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2012ST

2010-2011 2011-2012INCOME

Total

6,94,36,302.30

13,75,583.73

0.00

60,67,728.51

2,08,129.00

40,53,700.00

8,11,41,443.54

1. INTEREST & DISCOUNTOn AdvancesOn Investments - Call MoneyOn Investments - G-SecOn Bank FDRs

2. COMMISSION & EXCHANGE

3. INCOME FROM BANKING ASSETS & PROFITON SALE OF NON-BANKING ASSETS:Rent Income

4. OTHER INCOME4.1 Service Charge4.2 S.D. Locker Rent4.3 Stationery4.4 Notice Fee4.5 Dividend4.6 Others

5. PARA-BANKING INCOME5.1 Stamp Sale Commission5.2 Insurance Commission

6. PROVISION WRITTEN BACK6.1. Share holders Benevolent Reserve7. RESERVE WRITTEN OFF:

Contingency ReserveMMCB Provision Written BackDaily Depo. Merged Bank Limbdi Written Back

5,26,08,524.754,56,767.02

1,02,76,972.2260,94,038.31

0.00

47,97,398.585,27,395.002,59,955.932,54,389.00

58,010.001,70,580.00

1,47,055.0061,074.00

40,53,700.00

6,61,18,670.8612,06,108.58

1,30,65,540.3387,23,272.20

0.00

62,80,528.814,00,263.002,75,900.502,84,043.001,25,329.00

1,40,000.0060,802.00

10,56,279.00

20,00,000.0050,39,814.00

8,91,13,591.97

13,45,115.99

0.00

73,66,064.31

2,00,802.00

70,39,814.00

10,61,21,667.27

10,56,279.00

Page | 11



hj® 2011-2012_p _ap_u apmhZu_u v$fMpõs :-fuT®h b¢L$ Ap¡a B[ÞX$ep, klL$pfu L$pev$p s¡dS> b¢L$_p `¡V$p r_edp¡_¡ Apr^_ S>ê$fu sdpdÅ¡NpBAp¡ bpv$, _pZp„qL$e hj® 2011-2012 _p A„s¡ b¡L¡$ê$p.2333867.80 _p¡ Qp¡¿Mp¡_ap¡ _p¢^ph¡g R>¡, S>¡_u _uQ¡ dyS>b_u apmhZu L$fhp_u bp¡X®¡$cgpdZ L$f¡g R>¡ S>¡¡_¡ d„Sy>fuAp`hp rh_„su R>¡.>:-

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S|>_pNYsp.4-9-2012

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Page | 12

Ly$g fL$d ê$p. 2333867.80

Schedule - 1

NOTES FORMING PART OF ACCOUNTS FOR THE YEAR ENDED ON 31 MARCH 2012.

(A)

1.

2.

3.

4.

:

ST

SIGNIFICANT ACCOUNTING POLICIES:

ACCOUNTING CONVENTION:

REVENUE RECOGNITION:

EXPENDITURE

EMPLOYMENT BENEFITS:

Defined Contribution Plans:

Defined Benefit Plans

The accompanying financial statements have been prepared on historical cost conventionon going concern basis and conform to the statutory provisions and practices prevailing inIndia, unless otherwise stated.

The revenues are accounted for on accrual basis except in the cases described hereinafter:-a) Commission & Brokerage are generally accounted for on cash basis.b) Interest and other Income on Non Performing Assets is recognised on cash basis.c) Interest on Non Performing Investment is accounted for on cash basis.d) Safe Deposit Vault Rent is accounted for as income on receipt basis while no liability is

created for locker rent received in advance during the year.e) Guarantee Commission is accounted for as income on receipt basis while no liability is

created for guarantee commssion received in advance during the year.f) Income from redemption of PSU Bonds and Government Securities is recognised as &

when those securities are redeemed and shown as "Profit on sale of Investment" in Profitand Loss Account.

g) Rent from premises is accounted for on cash basis.h) Dividend on Investment is accounted for on cash basis.

:Expenditures are accounted for on accrual basis except in cases described hereinafter:-a) Electricity, Telephones, Conveyance-Tours & Travels, Leave Fare Concession,Tax

Consultant's Fees & Expenses and Office Expenses are accounted on cashbasis.b) Interest on matured deposits are accounted on accrual basis at contracted rate and

recognised as deposits till the same are renewed or with drawn by the depositors.c) Legal expenses incurred in suit filed accounts, as per RBI directives.

i. Post employment Benefitsa)

The Bank has Defined Contribution Plans for post employment benefits, charged to Profit &Loss Account, in form of: "Provident Fund / Employee's Pension Fund" administered by theRegional Provident Fund Commissioner.

(b)Funded Plan: The Bank has Defined Benefit Plan for post employment benefit in the form ofGratuity and Leave Encashment for all employees administered through Trust, funded withLife Insurance Corporation of India. Liability for the above is provided on the basis ofActuarialvaluation, as at the Balance Sheet date. TheActuarial method used for measuring the liabilityis the "Projected Unit Credit Method".

Page | 13

ii. The Actuarial gains and losses arising during the year are recognised in the Profit & LossAccount for the year.

a) Fixed assets are stated at their historical cost less accumulated depreciation. Cost includesincidental expenses incurred on acquisition of assets.

b) Depreciation on Fixed Assets (except Computer & UPS) is provided on Written Down Valuemethod at the rates mentioned below:

c) Depreciation on Computers (Hardware & Software) & UPS is provided on Straight LineMethod over a period of 3 years.

d) Depreciation onAssets purchased during the year is provided proportionately on the basis ofnumber of days used, while no depreciation is provided on sale/deduction from Fixed Assetsduring the year.

e) Profit or loss on sale of assets is recognized as and when the assets are sold.

:a) Advances are classified into Performing and NonperformingAssets and provisions are made

based on Management Assessment, which is more than the requirement as per RBIguidelines.

b) Advances are stated at gross value while provision for Performing & Non Performing Assetsas per R.B.I. guidelines is shown under the Head "Reserves & Other Funds" under sub-heads "Bad & Doubtful Debts Reserve Fund", "Special Bad Debts Reserve Fund","B.D.D.R.(NPAs) and "Contingent ProvisionAgainst StandardAssets".

a) State & Central Government Securities;b) Approved Trustee Securities;c) Shares of Co-operative Banks & Institutions;d) Other Investments (PSU Bonds); ande) Treasury Bills.

a) Held To Maturity;b) Available For Sale; andc) Held For Trading.iii. Full provision is made for those Investments where there is default in payment of Interest

and/or Principal.

5.

6.

7.i. Investments are categorized as under:

ii. Investments are further classified as:

FIXED ASSETS AND DEPRECIATION:

ADVANCES

INVESTMENTS:

Sr.No.

Fixed Assets Rate of Depreciation

1 Building (including land) 10 %

2 Furniture & Fixtures 10 %

3 Lockers 10 %

4 Air Conditioners & Electrical Fittings 20 %

5 Vehicles 15 %

Page | 14

iv. Investments classified as Held to Maturity are carried at acquisition cost unless it is morethan face value, in which case, the premium is amortised over the remaining maturityperiod.

v. nvestments classified as Held for Trading andAvailable for Sale are marked to market,category wise and the resultant provision for depreciation, if any, is recognised. Netappreciation is ignored.

:i. Current Tax

Current Tax is provided as per the provisions of income Tax Act.1961.ii.

Bank is not following Accounting Standard 22 on "Accounting for Taxes on Income".Therefore, Deferred Tax Liability, if any, is not provided and also Deferred Tax Assets isnot recognised.

Material adjusting events (that provides evidence of condition that existed at the balancesheet date) occurring after the balance sheet date are recognised in the financial statements.Non adjusting events (that are indicative of conditions that arose subsequent to the balancesheet date) occurring after the balance sheet date that represents materials change andcommitment affecting the financial position are disclosed in the reports of the Board ofDirectors.

Provisions involving substantial degree of estimation in measurement are recognized whenthere is a present obligation as a result of past events and it is probable that there will be anoutflow of resources even though the amount cannot be determined with certainty andrepresents only a best estimate in the light of available information. Contingent liabilities arenot recognized but are disclosed in the notes, Contingent assets are neither recognized nordisclosed in the financial statements.

Previous Year's figures are regrouped or rearranged or reclassified wherever necessary.

8.

9.

10.

(B)

1.

2.

TAXATION

Deferred Tax:

EVENTS OCCURING AFTER THE BALANCE SHEET DATE

PROVISIONS:

NOTES ONACCOUNTS:

Arrangement of Data Reported:

Details of Balance Sheet Items as required under Banking RegulationAct:

Balance Sheet - Group: 31.03.2012 31.03.2011

:Deposits & Other Accounts: (Amt. in Rs.) (Amt. in Rs.)

Fixed Deposits: 369061694.74

Of which belongs to:

- Individuals 367122780.74

- Co-Operative Societies 1938914.00

414996321.70

409269871.70

5726450.00

Page | 15

Saving Deposits: 161975081.42




Current Deposits: 115422446.77




- Co-Operative Bank 15750.00

:Investments:

In Central & State Govt. Securities:

Book Value 162838569.00

Face Value 162500000.00

In Shares of Co-Operative Banks:

Purchase Value 1095000.00

Face Value 1095000.00

In Shares of other Co-Operative Institutions:

Purchase Value 500.00

Face Value 500.00

:Loans & Advances:

For Short Term Loans - Cash Credit-Overdrafts: 271321007.87

of which Secured Against:

- Government & Other Approved Securities

- Other Tengible Securities 270818499.75

Of the Advances, amount due from individuals 270818499.75

Of the Advances, amount overdue 9723382.18

Of the Advances, Considered Bad & Doubtful of

Recovery.8103456.24

For Medium Term Loans 82852093.95


- Government & Other Approved Securities 0.00



Of the Advances, amount overdue 7856937.95

Of the Advances, Considered Bad & Doubtf ul of

Recovery.10658719.95

For Long Term Loans: 34062350.25





Of the Advances, amount overdue


Recovery.

For Bills Purchased/Discounted:

181354017.83

104271574.37

196259569.00

197500000.00

1368200.00

1368200.00

1000.00

1000.00

324726477.09

324726477.09

324726477.09

4194495.52

8643865.48

106690011.55

0.00

106690011.55

106690011.55

371555.00

12218346.55

50721436.25

50721436.25

50721436.25

2256991.16

15750.00

101998833.21

180183434.70

1170583.13

Page | 16

3.

i. AS-3

ii. AS-5

iii.

AS-9

The Bank is not followingAccounting Standard - Cash Flow Statement .

As required by , no prior period items of income and expenditure of material nature havebeen accounted for in Profit & LossAccount for the year.

Certain item of income/expenditure have been accounted for on cash basis as stated inSignificant Account Policy No 2 & 3 which is not in accordance with the Accounting Standard

on "Revenue Recognition" issued by the Institute of Chartered Accountants of India. Themanagement is of the view that the same are consistantly followed since long and hence has noor marginal effect on the profit of the bank. It is not possible to ascertain their financial impect onthe profit of the bank.

Compliance withAccounting Standards:

IV.AS-15

a. Defined Contribution Plans:

Employees' BenefitsThe Accounting Standard (Revised) "Employee Benefits" is issued by ICAI. Inaccordance with the above standard, the obligation of the Bank, on account of employee benefit,based on independent actuarial valuation is accounted for in the books of account.The Bank has classified the various benefits provided to employees as under:

Provident Fund / Employees' Pension FundDuring the year, the bank has recognised the following amounts in the Profit & Loss Account:

Rs. In Lakh

Employees Contribution to Provident Fund / Employees PensionFund

14.51

The above amounts are included in Salary & Allowances in the Profit & Loss Account.



- Other Tengible Securities

Of the Advances, amount due from individuals

Of the Advances, amount overdue


Recovery.

:Fixed Assets:

Buildings: At Cost 9211719.45

Less: Depreciation 5309826.45

Book Value 3901893.00

Furniture - Vehicles: At Cost 19377384.18

Less: Depreciation 12469799.18

Book Value 6907585.00

9211719.45

5309826.45

3901893.00

19377

12469799.18

6907585.00

11119656.45

6264534.45

4855122.00

22218480.41

14505056.41

7713424.00

Page | 17

b. Amount Recognised in Financial Statements:

v.

vi.

vii.

viii.

During the year, consequnt upon change in defined Benefit Obligation and Fair Value of PlanAssets in respct of Gratuity and Leave Encashment, the Bank has recognised the followingamounts in Financial Statements:

Bank's planned assets in respect of Gratuity & Leave Encashment are funded through the Schemeof the Life Insurance Corporation of India.

Estimates of future salalry increases, considered in actuarial valuation, based on account ofinflation, security, promotion and other relevant factors such as supply and demand in theemployment market.

The Bank's operation are solely in the Banking Service Industry including Investment/TreasuryOperations. As interest income accounts for nearly 91 % of Bank's total revenue, separatesegment reporting as perAccounting Standard-17 is not considered necessary.

Key Management Personnel consist of the Managing Director and other Directors of the Bank.None of the Directors have obtained any financial accomodations / loans from the bank andhence stipulated disclosure under Accounting Standard is Nil. Further, bank is not paying anyremuneration or sitting fees to the directors.

The bank is not following Accounting Standard - 22 on "Accounting for Taxes on Income".Accordingly, net deferred Tax Liability due to timing difference is not provided for, to this extentprofit determined by the bank is over stated.

A sunstantial portion of the Bank's assets comprise of 'financial assets' to which AccountingStandard 28 “Impairment of Assets” is not applicable. In respect of assets to which standardapplies, in the opinion of the management, there are no indications, internal or external, whichcould have effect of impairing the value of the assets to any material extent as at 31 March 2012requiring recognition in terms of standard.

The Segment Reporting as perAS-17:

Related Party disclosure as perAs-18:

Accounting for Taxes on Income As 22:

Impairment ofAssets:AS 28:

st

( Amount in Lakh)

Financial StatementLeaveSalary

Gratuity

Total Expenses recognised in the P. & L. Account 5.85 14.32

Page | 18

ix.

4.

5.

6.

7.

Movement in Provisions:

Taxation and Other Sums:Income Tax:

Contingent Liabilities:

Deposit Insurance Premium:

Priority & Weaker SectionAdvances:

Claims against bank not acknowledge as debts amounts to Rs.3819075/- that comprise ofincome tax claims in disputed cases. The bank has filed appeals against the disputes beforevarious Appellate authorities and it is confident to get a favourable judgement in respect of thecases involved. The status of disputed issues and the amount involved is given below. Which ispaid by the Bank and shown under 'Taxes paid under appeal' under other assets.

A.Y. Disputed Issues Disputed Appellant Amount ofLaying Tax DemandBefore raised

2002-07 Allowability claims of ITAT Our Bank 5,34,380/-Deduction under RajkotSec.80P

2009-10 Allowability claims of CIT Our Bank 32,84,695/-Bad debts, HTM RajkotInvestment,

Guarantees given on behalf of constituents were Rs.3.00 lakh (P.Y. 3.00 lakh) 100% Secured bylien of bank's term deposits.

The Bank has paid in advance, as per rules of the DICGC, required premium of Rs.701961/- forextending insurance cover to the deposits of the bank for the period up to March 2012 Similarly,on 21-4-2012, paid in advance Rs.360000/- towards premium for the half year ending Sept.2012

The Priority Sector advances are 62.67% of Adjusted Bank Credit as against requirement of40% as per RBI guidelines. Advances to Weaker Section are 24.18% of Priority SectorAdvances as against requirement of 25%.

US.36(1)(viia)

(Rs. In lakh)

Particulars

Provision Balance----------> Opening Add/Ded. Closing Opening Add/Ded. Closing

Deprecialtion on Investments 0.65 4.85 5.50 0.65 0.00 0.65

Standard Assets 16.00 4.00 20.00 16.00 0.00 16.00

Overdue interest Reserve 38.23 (0.38) 37.85 42.28 (4.05) 38.23

B.D.D.R. 253.49 46.51 300.00 253.49 0.00 253.49

Special B.D.R. 51.59 7.24 58.83 35.50 16.09 51.59

31.03.2012 31.03.2011

Page | 19

As on 31-3-2012 bank provide 3672336.00 provision against above two items.

8.

9.

10.

11.

12.

13.

I. SLR Investments:

B) Current Investments(i) For Sale (AFS):

(ii) For Trading (HFT):

Share Linked Borrowings:

Nominal Members:

Guarantees Rs. 1,00,000/- Issued and Lapsed:

Balancing of Books & Reconciliation ofAccounts:

Netting of Income & Expenses:

Classification and Valuation of Investments:

Bank has fully implemented the percentage of Share Linkage on Advances as per R.B.Iguidelines except in the cases of members of the merged banks viz; Shri Vanthli VibhagiyaNagrik Sahakari Bank Ltd., (Sawp Ratio 2:1), Rushika Mahila Nagrik Sahakari Bank Ltd.(SwapRatio 39 (F.V. Rs.25/-) : 1 (F.V.Rs.100/-)) and Limbadi Vibhagiya Nagrik Sahkari Bank Ltd.(Swap Ratio 74(F.V. Rs.10/-) : 1 (F.V.Rs.100/-)) Accordingly, proportionate linked share capitalcontribution are reduced to the sahre swap extent.

Nominal Members (881) are 4.33% of Regular Members(20365), which is less than the limitof 20% prescribed by the R.B.I guidelines.

18 Bank Guarantees for total value of Rs. 3 lakh given on behalf of constituents other thangovernment have expired during the year but are still shown as contingent liabilities in theBalance sheet as at 31.03.2012. Bank has the practice of marking off bank Guarantees afterreceipt of Original Bond from the party.

Subsidiary Ledgers of the Bank are balanced and tallied with the General Ledger as on31.03.2012. Inter-Branch Account is reconciled and tallied upto 31.03.2012. Similarly, accountswith other banks are reconciled and tallied upto 31.03.2012. In both the cases, steps foradjustments / elimination of outstanding entries are in progress.

In the following accounts, netting of Income & Expenditure has been made in the books ofaccounts and only net amount is shown in the financial statements:(i) Commission (ii) Postage-Telegram & Telephones(iii) Stationery & Printing (iv) Legal Expenses(v) Advertisement

The Bank has classified the Investments as per the RBI guidelines as under:

"NIL" No Investment under this category.

(A) Permanent (HTM): (Amt. in Lakh)

Partuculars31.03.2012 31.03.2011

Book Value Book Value

Central Government Securities 1727.49 1628.39

(Amt. in Lakh)

Partuculars31.03.2012 31.03.2011

Book Value Book Value

Central & State Govt. SecuritiesTresury Bill - 91 Days

87.59147.52

0.000.00

Page | 20

II. Breakup of Total Investments:

B) Current Investments(i) For Sale (AFS):

(ii) For Trading (HFT):

15.

16.(

"NIL" No Investement under this category.

Non-SLR investments have been classified for "Extent of rated securities" as per the ratingsgiven by the CRISIL as available from the prospectus at the time of issue and remaining Non-SLR investments are classified as unrated securities. Amount reported under "Extent of..."columns is not mutually exclusive.

i) SME Debt RestructuredAccounts: NIL(ii) Other Category ofAdvances: NIL(iii) Application for restructuring under process but restructuring package have not been

approved: NIL

Non-SLR Investment Portfolio:

Disclosure regarding RestructuredAccounts:

(A) Permanent (HTM): (Amt in Lakh)

(i) Issuer comosition of Non-SLR Investments: (Amt in Lakh)

(ii) Non Performing Non SLR Investments:

Book Value Face Value Book Value Face Value

1 Central & State Govt. Securities 1727.49 1725.00 1628.39 1625

2 Shares of State & Dist. Co-Op.Banks 13.68 13.68 10.95 10.95

3 Shares of Other Co-Operative Institutes. 0.01 0.01 0.01 0.01

Sr.No. Particulars

31.03.2012 31.03.2011

Book Value Face Value Book Value Face Value

1 Central & State Govt. Securities 87.59 100.00 0 0

2 Tresury Bill - 91 Days 147.52 150.00 0 0

Sr.No. Particulars

31.03.2012 31.03.2011

Sr. No. Issuer Amount Extent of "below

invetsment grade"

securities

Extent of

"unrated"

securities

Extent of

"unlisted"

Securities

1 PSUs Nil Nil Nil Nil

2 FIs Nil Nil Nil Nil

3 Nationalised Banks Nil Nil Nil Nil

4 Others 13.69 Nil 13.69 13.69

5 Provisions held towrads depreciation 3.39 Nil 3.39 3.39

- -

Particulars Rs. In Lakh

Opening Balance 0.65

Additions during the year

Reduction during the year

Closing Balance 2.74

Total Provisions 3.39

Page | 21

17. Average cost of Deposits:

18. Movement of CRAR: - CapitalAdequacy:

19.Advances:

Average cost of deposits has gone up to 6.63% as on 31.03.2012 as compared to6.17% as at 31.03.2011.

(i) Advances against Real Estate, Construction Business and Housing areRs.637.05 (P.Y. Rs. 721.90) Lakh.

(ii) Advances against Shares and / or Debenture are "NIL"(P.Y. "NIL").(iii) Unrealised interest income on Non-Performing Assets Accounts, which are debited to

borrowers account and corresponding such amount are credited to Overdue InterestReserveAccount.

(iv) The bank has created Mirror / Contra Account for interest accrued in respect of Non-Performing Accounts by debiting "Outstanding Interest Receivable Account" andcreditting "Outstanding Interest ReserveAccount".

Particulars 31.03.2012 31.03.2011

Capital to Risk Assets Ratio (in %) 19.37 18.46

Movement in CRAR 0.91% 1.29%

(v) Classification of Advances: (In Lakh)

(vi) Gross and Net NPAs: (In Lakh)

(vi) Movement of NPAs : (In Lakh)

Classification of Assets

31.03.12 31.03.11 31.03.12 31.03.11 31.03.12 31.03.11

Standard 4592.42 3727.53 18.37 14.91 20.00 16.00

Sub-standard 53.39 74.47 10.23 12.10 189.98 166.77

Doubtful 144.92 112.88 115.28 86.61 172.00 104.00

Loss 30.65 20.09 30.65 20.09 35.00 25.00

TOTAL 4821.38 3934.97 174.53 133.71 416.98 311.77

Advances Provisions Required Provisions Made

Particulars 31.03.2012 31.03.2011

Gross NPAs 228.96 207.44

Net NPAs 0 0

% of Gross NPAs to Total Advances 4.75% 5.27%

% of Net NPAs to Net Advances 0.00% 0.00%

Particulars 31.03.2012 31.03.2011

Opening Balance 207.44 489.16

Addition during the year 107.08 74.47

Deduction during the year 85.56 356.19

Closing Balance 228.96 207.44

Page | 22

20. Foreign Currency Transactions:During the current year transaction in foreign currency is "Nil".

21. Profitablity Ratios:

22. Provisions: (In Lakh)

In respect of I nter-Branch and Inter-Bank A ccounts, no provisions are required to bemade.

23. Net Profit determined after following provisions: (In Lakh)

Sr. No. Particulars 31.03.2012 31.03.2011

I Interest Income as % of Working Fund 9.21% 9.18%

Ii Non-interest Income as % of Working

Fund

1.04% 1.01%

Iii Operating Profit as % of Working Fund 2.63% 2.38%

Iv Return on Assets 1.13% 0.64%

V Business per Employee ( In Lakh) 146.02 155.22

Vi Operating Profit per Employee (In Lakh) 2.77 2.69

Required Made Required Made

1 Standard Assets 18.37 20 14.91 16.00

2 NPA Provisions 156.16 396.98 118.80 253.49

3 Overdue Interest Reserve 16.6 37.85 24.27 38.23

4 Investement Depreciation Reserve 3.39 3.39 0.65 0.65

5 Interest on Matured Deposits 30.29 30.29 19.49 19.49

Sr.No. Particulars

31.03.2012 31.03.2011

Amount Amount Amount Amount

1 Gross Profit before Provisions 220.27 134.98

2 Less: Provisions 158.85 86.73

2.1 Standard Assets Reserve 4.00 0

2.2 Contingency Reserve -40.54

2.3 Rushika Mahila Nagrik Co-Op. Bank Loss Provision 14.27 14.27

2.4 Limbdi Vibhagiya Nagrik Sah. Bank Loss Provision 92.97

2.5 B.D.D.R. (NPAs) Provision 7.77 0

2.6 Income Tax Provision 35.00 13

2.7 Madhavpura Bank FDRs W/off 20.00 100

2.8 Limbdi Br. Daily Coll. W'off 50.40 0

2.9 Investment Depreciation Reserve 4.84

3 Provision W'back -MMCB/Limbdi Daily Coll -70.40

4 Net Profit for Appropriation 61.62 48.25

Sr.No. Particulars 31.03.2012 31.03.2011

Page | 23

24. Investemnts with Madhavpura Mercantile Co-Op. Bank Ltd's in FDRs-Write Off:

Bank's total exposure with theMadhavpuraMercantile Co-Operative Bank Ltd., Ahmedabad

(MMCB), a bank under revival scheme, was aggregating to Rs.3,00,74,098/- as on the date of

Notification of Revival Scheme by Government of India. The said deposits were scheduled to be

repaid in five equal yearly installments along with accrued interest commencing from 25.08.2005.

The MMCB defaulted in repayment of principal and interest. As on the date of the Balance Sheet,

amount receivable from the MMCB is Rs. 2,21,04,462/- towards principal and accrued Interest

from 26.02.2007. Considering the default read together with RBI's guideline on Non-Performing

Investment, the Bank considers this exposure as sub-standard. However, the Bank, as prudent

policy, decided to partially write off this investment. Accordingly, a sum of Rs. 73,68,154/- and Rs.

47,36,308/- were written off by debit to Profit & Loss Account and simultaneous write off of

Contingency Reserve with the same amount during the F.Y. 2007-2008 and 2008-2009

respectively. Both the entries were made below the line and hence no impact on profit for the

relevant current year. During the F.Y.2010-11 bank had written off Rs.80,00,000/- & provisions

Rs.20,00,000/- Non Performing Investment (N.P.I.). During the year Bank had Provision Write

BackRs.20,00,000/- & the sameWriteOff subject to permission of A.G.M.

Place : Junagadh

Date : 28-5-2012

Chartered Accountants

For, Salima Rupani & Associates.

No. Liab. Amt.

1 Prov. Closing Allow Payable 925000

2 Prov. Bonus Payable 1025000

3 Prov. Leave Salary Payable 400000

4 Prov. Audit Fees Payable 165000

5 Prov. Special Allowance Payable 251000

Total 2766000

ANNEXURE-I

THE JUNAGADH COMMERCIAL CO. OP. BANK LTD.

PROVISIONS FOR EXPENSES

Page | 24



PROGRESS REPORT

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N°plL$p¡ s\p kæeîuAp¡ dpV$¡ ANÐe_y„

Year Share

Capital

Reserve &

Fund

Deposit Advances Working

Capital

Profit No. of

Branch

Dividend

1980 3.76 6.31 44.11 24.02 56.23 1.90 1 12%

1985 6.88 23.07 158.92 89.17 214.88 6.22 1 12%

1990 10.77 53.34 387.22 200.75 521.46 8.00 1 12%

1995 15.31 104.81 465.27 423.07 727.35 10.97 1 15%

2000 39.56 132.87 1356.41 987.07 1779.00 13.59 3 15%

2005 72.47 285.21 2573.02 1609.82 3298.95 35.11 3 12%

2006 81.35 347.40 2859.65 1750.29 3483.04 63.03 4 12%

2007 102.65 475.26 3825.80 2408.98 4759.90 44.43 7 12%

2008 111.62 461.06 4431.85 3052.12 5527.19 102.33 7 12%

2009 135.73 633.37 5293.84 3374.54 6397.12 134.29 7 15%

2010 166.52 835.65 6255.16 3796.65 7571.89 107.25 8 15%

2011 183.47 863.31 6464.59 3934.97 7774.63 48.25 8 15%

2012 214.41 1057.24 7006.22 4821.38 8530.57 23.34 9 15%

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