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Audit Report

Financial Year 2015 - 2016



2nd Floor, Manchu Complex Ph: 2362910, 2382923

P.T.Usha Road, Kochi -11 E-mail:





Report on the Financial Statements

We hae audited the accompanying financial statements of THE KODUNGALLUR TOWN CO-OPERATIE BANK LIMITED – NO.102, which comprise the Balance Sheet as at March 31, 2016, and the Profit and Loss Account and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that gie a true and fair iew of the financial position, financial performance and cash flows of the Bank in accordance with the accounting standards issued by the Institute of Chartered Accountants of India. This responsibility includes the design, implementation and maintenance of internal control releant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

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.

An audit inoles performing procedures to obtain eidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, 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 releant to the Bank’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes ealuating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as ealuating the oerall presentation of the financial statements.

We beliee that the audit eidence we hae obtained is sufficient and appropriate to proide a basis for our qualified audit opinion.

The Balance Sheet, Profit and Loss account and Cash Flow Statement hae been drawn in Form – A and B respectiely of Third schedule to the Banking Regulation Act, 1949 and in accordance with directies/guidelines issued by the Resere Bank of India.

Basis for Qualified Opinion

  1. Proision for liability towards Earned Leae Encashment made is not on actuarial aluation in accordance with AccountingStandard 15 – Employee Benefits. The total proision made upto 31-03-2016 amounts to Rs. 163,31,928/- against the estimated liability of Rs.232,95,699/- as computed by the bank. The balance amount is proposed to be proided in two equal installments commencing from 2016-17 onwards as disclosed in Note – 6.3. The actual liability can only be ascertained on receipt of actuarial aluation certificate.

  1. Income tax liability up to the year 2011-12 was proided on the basis of

assessments made by the Income Tax Department. The Bank has filed

appeals against the orders and are pending at different leels. The

assessments for the years 2013-14 and 2014-15 are pending. The current

year’s proision has been made on the basis of the computation of income made by the Bank. It is reported that additional proisions, if any, will be made as and when the demand arises. Since the assessments are in appeals at arious leels, we are not in a position to ascertain the actual liability.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations gien to us, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements gie a true and fair iew in conformity with the accounting principles generally accepted in India:

  1. in the case of the Balance Sheet, of the state of affairs of the Bank as at 31st March 2016; and

  2. in the case of Profit and Loss Account, of the profit for the year ended on that date; and.

  3. in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

We report that:

  1. We hae obtained all the information’s and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

  1. In our opinion, proper books of accounts as required by law hae been kept by the Bank so far as appears from our examination of those books;

  1. The Balance sheet, Profit &Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

                                                                                        For MENON AND MENON

Place: Ernakulam                                                                               Chartered Accountants

       Date: 09.09.2016                                                                                     (Reg. No. 002060S)

                                                                                                       M.P. ITTYRAH (Partner)

                                                                                                           Membership No.18483

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