ANNUAL REPORT 2011-2012 1
CONTENTS
Board Of Directors ................................................. 2
Executives & Branch Managers ................................................. 3
From the Chairman’s Desk ................................................. 4-5
Vision & Core Values of the Bank ................................................. 6
A.G.M. Notice ................................................. 7
Directors’ Report ................................................. 8-15
Statutory Auditor’s Report ................................................. 16-17
Balance Sheet ................................................. 18-27
Profit and Loss Account ................................................. 28-29
Schedules I to VIII ................................................. 30
Notes to Accounts ................................................. 31 -38
Salient Features of
Bank’s Loan Schemes ................................................. 39-41
Revision in the rate of Interest
on Term Deposits and
Particulars of Loans and
Advances to Directors &
their Relatives ................................................. 42
Amendment to Bye-Law
(Annexure “A”) &
Our Past Chairmen ................................................. 43
Progress at a Glance ................................................. 44
Details of Branch Offices ................................................. 45
Notice to the Share Holders ................................................. 46
ANNUAL REPORT 2011-20122
BOARD OF DIRECTORS
CHAIRMAN : Shri. Kirthiraj K. Salian, B.E. (Mech.) M.F.M.
VICE-CHAIRMAN : Shri. Shekar Y. Suvarna, B.A.
DIRECTORS : Shri. Ganesh S. Puthran, B.A., L.L.B.
Shri. Pradeep M. Chandan, B.Com., L.L.B., F.C.S., M.D.P.
Shri. Gopal C. Kanchan, M.A., L.L.B., CAIIB
Shri. B. J. Shriyan
Shri. Kishore Kumar, B.Com., F.C.A.
Shri. K. A. Kunder, B.Com., CAIIB
Shri. V. K. Suvarna, B.Com., L.L.B., Dip. in Co-op.
Shri A. K. Thingalaya, B.A., L.L.B.
Shri. Shridhar M. Salian, B.Com., L.L.B.
SC/ST DIRECTOR : Shri. Arun H. Gaikwad
OBC DIRECTOR : Shri. Vasudev J. Tandel
SP. BACKWARD DIRECTOR : Shri. G. M. Tandel
EBC DIRECTOR : Shri. Vasudev Krishna Dhanu
WOMEN DIRECTORS : Smt. Premlata G. Sakpal, B.A., L.L.B.
Smt. T. Anuradha Vijay, M.A.
STAFF REPRESENTATIVES : Shri. Yaduveer B. Puthran, B.Com., GDC&A.
Shri. Kishore C. Kunder, B.Com., JAIIB., GDC&A.
CHIEF EXECUTIVE OFFICER : Shri. K. Sivaram, B. Sc. (Hons.)
STATUTORY AUDITOR : M/s. Mundada Kabra & Co.
Chartered Accountants
CONCURRENT AUDITORS : M/s. Jagdish & Harish, Chartered Accountants
M/s. K.B. Jorapur & Co., Chartered Accountants
M/s. Yashwant & Co., Chartered Accountants
BANKERS : Reserve Bank of India, State Bank of India,
Axis Bank Ltd., Bank of India,The Maharashtra State Co-op. Bank Ltd.,
The Mumbai Dist. Cen. Co-op. Bank Ltd.,The Federal Bank Ltd., IDBI Bank Ltd.
ANNUAL REPORT 2011-2012 3
EXECUTIVES & BRANCH MANAGERS
EXECUTIVES
Shri K. Sivaram B.Sc. (Hons.) Chief Executive Officer
Shri J.M. Shah B.Com., FCA A.G.M. (Accounts)
Shri Shridhar Bangera M.A. (Spl.), CAIIB (I) A.G.M. (Loans, Advances & Development)
Shri Umesh N. Karkera B.Com., Dip. in Co-op., GDC&A Chief Manager
Shri H.C. Kanchan B.Com., Chief Manager
Shri J.B. Karkera B.A., Chief Manager
Shri Kishore R. Amin B.Sc., CAIIB, GDC&A Chief Manager
Smt Shilpa V. Pednekar B.Sc. (Stat), DISM, Sr. Manager - HRD & Admn.
PGDMS, MBA (HR)
Shri N.G. Mendon M.Com., LLB., CAIIB, GDC&A. Sr. Manager - Recovery
Shri Uday Kumar M.Com., CAIIB, GDC&A. Sr. Manager - Internal Audit
Shri Shrikant Tare B.Sc. (Hons)., CAIIB. Sr. Manager - Treasury
Shri B.M. Parikh B.Sc. (Hons.), CAIIB (I) Manager - (Loans & Advances)
Shri S. Ramaswamy B.Com., CAIIB Manager - (Loans & Advances)
Shri Sam Philip B.Com., CAIIB (I) Manager - (Credit Monitoring)
Shri Shrikant Shintre M.Com., CAIIB., ICWAI Advisor - Recovery
Shri Mohd. Khalid Hussain B.E. (Com. Sc. Engr), System Administrator - IT Dept.
Microsoft Cert.Sys. Engr., MCSE, CCNA.,IT Banking Appln. Engr.
BRANCH MANAGERS :
Shri D.B. Puthran B.Com., GDC&A Fort Branch
(Officiating Branch Manager)
Shri Jagdish R. Kotian B.Com., LLB., CAIIB, GDC&A. Andheri (West) Branch
(Sr. Manager)
Shri G.C. Suvarna B.A., LLB., CAIIB, GDC&A. Goregaon Branch
(Sr. Manager)
Shri Suresh K. Amin B.Com., CAIIB, GDC&A. Kurla Branch
(Sr. Manager)
Shri H.K. Shriyan M.Com., CAIIB, GDC&A. Borivali Branch(Sr. Manager)
Shri Madhusudan Iddya B.Com., CAIIB., GDC&A. Ghatkopar Branch(Officiating Branch Manager)
Shri M.S. Kotian B.Com., LLB.(Gen.), CAIIB, GDC&A. Andheri (East) Branch(Sr. Manager)
Shri Gopal M. Karkera M.Com., LLB, CAIIB (I), GDC&A. Saki Naka Branch(Officiating Branch Manager)
Shri Diwakar P. Salian B.Com., LLB., CAIIB., GDC&A Kandivali (W) Branch
(Officiating Branch Manager)
Shri R. V. Ramchandani B.Sc. (Hons.), LLB., CAIIB Vikhroli Branch
Shri. Shashidar M. Salian B.Com.(Officiating Branch Manager) Dombivli (E) Branch
ANNUAL REPORT 2011-20124
From the Chairman’s Desk
Dear Members,
It gives me immense pleasure to place before you the highlights of the Bank’s performanceduring the fiscal year 2011-12. The Share Capital which is a vital financial parameter toassess the inherent strength of the Bank increased from Rs. 14.05 crores to Rs. 15.43crores, registering a growth of Rs 1.38 crores. The Deposits of the Bank increased fromRs. 431.04 crores to Rs. 485.03 crores, accounting for a growth of Rs. 53.99 crores. TheAdvances also increased from Rs. 268.07 crores to Rs. 297.92 crores registering a growthof Rs. 29.85 crores. This year we made an additional provision of Rs.2.00 crores towardsBad and Doubtful Debt Reserve. This provision was made over and above the requiredlimit prescribed by the RBI under the Income, Revenue and Asset Classification normsas a prudent measure which has helped to reduce the Net NPA. Thus the Net Profit ofRs.4.45 crores got reduced to Rs.2.45 crores as compared to Rs.3.35 crores in the previousyear. The Bank has thus shown all round progress in all major financial parameters andthe total business mix is steadily inching towards the Rs. 1000 crore mark which we hopeto achieve by the end of the current financial year.
Mogaveera Bank has a long and glorious past. During its 66 years of existence, the Bankhas with stood the test of time and weathered many a storm. Although the growth of theBank has been on a low ebb considering the long years of existence, its progress duringthe last couple of years has been quite significant. Due credit for this success should beattributed to the unstinted support and cooperation of our members who have firmly stoodby the Bank in the wake of all adversities.
Technology in the Banking sector is playing a dominant role in driving down costs, buildingefficiency and working as an enabler to make available the best possible services to thecustomer. Your Bank has kept pace with the fast growing changes in technology and hasbeen quick to introduce value added services like ATMs, RTGS facility and SMS alerts.Also on the anvil are services like Demat Services, Net/Mobile Banking. In order to giveATM facility to all our customers at all our branches, we have tied up with ICICI Bank tolaunch the Rupay Card which shall be linked to the National Financial Switch managedby the National Payment Corporation of India. Rupay Card is a domestic card like VisaOR Master Card and shall give our customer access to more than One Lac ATMs acrossthe country. The Rupay Card is likely to become operational within 2-3 months.
ANNUAL REPORT 2011-2012 5
I am pleased to inform you that the RBI has withdrawn the restriction imposed on the Bankfor declaring dividend. While we are still pursuing with the RBI for approval of the paymentof dividend declared last year, we have proposed a similar dividend of 6 % this year too.
Year 2012 has been designated by the United Nations as the International year ofCooperatives. This is a huge recognition for all Cooperative Enterprises as they serve notonly for profit but also for the interest of its members and the society.
Your Bank has drawn a long and ambitious plan to reach a business mix of Rs. 5000 Crorein the next 5 years and be among the top 25 Co-operative Banks in India. We are alsonurturing plans to become Multi State and start Banking operations in our home StateKarnataka. All these dreams and aspirations can only take shape if all the well wishers/members come forward with a single purpose of seeing the growth and welfare of the Bank.
I would like to take this opportunity to thank all members of our staff for contributing wholeheartedly to the Bank’s progress. I would also like to extend my gratitude to our valuedstakeholders for their continued patronage. We look forward to your continued faith andsupport to help us in leading the bank to much greater heights, and become one of theleading Co-operative Banks in Maharashtra.
Thanking you,
With warm regards,Kirthiraj K. Salian
Chairman
ANNUAL REPORT 2011-20126
VISION & CORE VALUES OF THE BANK
Bank has adopted the following Vision
Statement and Core Values.
Vision Statement :-
“A GROWING BANK RUN BY TRUSTWORTHY PROFESSIONALS
DRIVING CUSTOMER RELATIONSHIP SINCE 1946”.
Core Values of the Bank :-
(i) RELATIONSHIP BUILDING
(ii) RESPONSIVENESS
(iii) TRUST
ANNUAL REPORT 2011-2012 7
THE MOGAVEERA CO-OPERATIVE BANK LTD.Registered & Administrative Office
203, Venkatesh Chambers, G.T. Marg (Prescot Road), Fort, Mumbai-400 001.
NOTICE
Notice is hereby given that the Sixty Seventh Annual General Meeting of the Members of TheMogaveera Co-operative Bank Ltd. will be held on Saturday, the 11th August, 2012, at 3.30 p.m.
at the “Mogaveera Bhavan”, M.V.M. Educational Campus Road, Andheri (W), Mumbai - 400 058to transact the following business.
1. To confirm the minutes of the 66th Annual General Meeting held on 12th November, 2011.
2. To approve the transfer of an amount of Rs. 14,52,46,544.42 from Bad & Doubtful DebtsReserve to write off 542 old NPA Accounts as on 31st March 2012 duly certified by Statutory
Auditors M/s. K.S. Aiyer & Co., Chartered Accountants.
3. To receive, consider and adopt the audited Balance Sheet as at 31st March, 2012 and Profit
& Loss A/c for the year ended 31st March, 2012 together with the report of the Board ofDirectors thereon.
4. To approve the appropriation of net profit & declare dividend as recommended by the Boardof Directors for the year ended 31st March, 2012.
5. To ratify the appointment of Auditors for the year 2012-13 for conducting Concurrent audit
/ other audits.
6. To approve the amendment to the Bye-laws as proposed by the Board of Directors. (For
text of the amendment, please refer to Annexure-A).
7. Any other matter with the permission of the Chair.
By Order of the Board of Directors,
Sd/-K. Sivaram
Chief Executive OfficerPlace : Mumbai
Dated : 17th July, 2012
N.B.
1. If there is no quorum at the appointed time, the Meeting shall stand adjourned to 4.00 p.m.
on the same day, at the same venue and the agenda of the Meeting shall be transacted whether
there is a quorum or not in terms of Bye-law No. 24(i).
2. The Members desiring to ask questions about the statement of accounts are requested tofurnish the same in writing to the Chief Executive Officer, at the Registered Office, atleast
Three (3) days before the Annual General Meeting.
ANNUAL REPORT 2011-20128
THE MOGAVEERA CO-OPERATIVE BANK LTD.Registered & Administrative Office
203, Venkatesh Chambers, G.T. Marg (Prescot Road), Fort, Mumbai-400 001.
REPORT OF THE BOARD OF DIRECTORS’ TO THE SHARE HOLDERS
Dear Members
PRESENTATION OF THE ANNUAL REPORT
The Board of Directors of your Bank have pleasure in presenting to you the 67th Annual Report
on the business and operational results of your Bank together with Audited Balance Sheet andProfit & Loss Account for the year ended 31st March 2012.
Economic Scenario
During the year 2011-12, Indian economy grew by a meagre 6.9% mainly due to weakening industrialgrowth. This indicates a slowdown compared not just to the previous two years, when the economy
grew by 8.4% but also from 2003 to 2011, except 2008-09, economy downturn, when the growthrate was 6.7%. With agriculture and services sector continuing to perform well, the slowdown can
be attributed entirely to the weakening industrial growth. The industrial sector has performed poorly,
retreating to a 27% share of the GDP. Overall growth during April – December 2011 reached 3.6%compared to 8.3% in the corresponding period of the previous year. Despite the low growth, India
remains one of the fastest growing economies of the world as all major countries including thefast growing emerging economies are seeing a significant slowdown. The economic survey expects
the growth rate of real GDP to pick up to 7.6% in 2012-13 and faster beyond that.
International Year of Cooperatives - 2012
The United Nations General Assembly has declared 2012 as the International Year of Cooperatives,highlighting the contribution of cooperatives to socio-economic development, particularly their impact
on poverty reduction, employment generation and social integration.
With the theme of “Cooperative Enterprises Build a Better World”, The International Year of
Cooperatives has three main objectives:
1. Increase awareness:Increase public awareness about cooperatives and their contributions to socio-economic
development and the achievement of the Millennium Development Goals
2. Promote growth:
Promote the formation and growth of co-operatives among individuals and institutions to addresscommon economic needs and for socio-economic empowerment
3. Establish appropriate policies:Encourage Governments and regulatory bodies to establish policies, laws and regulations
conducive to co-operative formation and growth.
By raising awareness about cooperatives, the Year will help to encourage, support and development
of cooperative enterprises by individuals and their communities.
ANNUAL REPORT 2011-2012 9
“Co-operatives are a reminder to the international community that it is possible to pursueboth economic viability and social responsibility”
Mr. Bank Ki – moon, UN Secretary General.
Financial Highlights – 2012
The salient financial features of the Bank for the year ended 31st March 2012 is summarized as
under:(Rs in Lacs)
31/03/2012 31/03/2011 Growth (%)
1 Share Capital 1543.32 1404.74 9.87
2 Total Reserves 3694.51 4594.07 (19.58)*
3 Total Deposits 48502.66 43103.55 12.53
4 Total Advances 29791.54 26806.60 11.14
5 Working Capital 55998.39 53556.83 4.56
6 Investments 22611.48 23178.34 (2.45)
7 Net Profit 244.68 334.67 (26.89)
* Sharp decline in Total Reserves owing to write off of non-performing old loans aggregating to
Rs.14.52 Crores.
Deposits
Growth and composition of deposits for the last 3 years are given below:
(Rs in Lacs)
S. No. Type of Deposits 2009-10 % 2010-11 % 2011-12 %
1 Current 2606.73 6.80 3161.33 7.33 2956.74 6.10
2 Savings 11190.91 29.17 12540.40 29.09 13067.81 26.94
3 Term & Other Deposits 24569.98 64.03 27401.82 63.58 32478.11 66.96
Total 38367.62 100.00 43103.55 100.00 48502.66 100.00
It can be observed from the above that your Bank’s deposit has registered an increase of Rs.5399.32Lac which shows a growth of 12.53%. Bank’s low cost deposit stood at 33.04%.
Advances
Your Bank has deployed funds judiciously and credit off take has increased from Rs.26806.60 Lacsto Rs.29791.54 Lacs during 2011-12 registering a growth of 11.14%.
Your Bank has continued to advance various types of loans such as Home Loans, Mortgage Loans,Loan against Gold Ornaments, Loan / Overdraft against tangible securities, Easy Loan for employed
persons, Home Renovation / improvement loan to members in accordance with the Bye-Laws /Loan Rules and RBI guidelines.
ANNUAL REPORT 2011-201210
The purpose wise classification of loans and advances outstanding as on 31/03/2012 are as under:
(Rs in Lacs)
Purpose Balance as on 31/03/2012
1 Cottage & Small Scale Industries 6822.76
2 Professional & Self Employed 581.73
3 Road & Water Transport Operations 1338.07
4 Retail Traders 487.06
5 Wholesale Traders 1702.16
6 Education 114.77
7 Ceremonial 71.69
8 Housing
a) Acquisition of House Property 6606.93
b) Repairs to House Property 1474.13
9 Medical -
10 Others 10592.24
Total 29791.54
Share Capital & Membership
During the year your Bank has admitted 2264 new members. After deletion of 581 members who
have ceased to be members on account of death, resignation and transfer of shares, the totalmembership stood at 44073 at the end of the current year as against 42390 in the previous year.
Nominal membership stood at 2812 as against 2789 members last year.
During the year we could add Net Share Capital of Rs.138.59 Lac thus taking total paid up share
capital of your Bank to a comfortable level of Rs.1543.32 Lac as on 31/03/2012. This growth isdue to unflinching support of our valued shareholders.
Reserve and Other Funds
Your Bank’s Reserves and other funds as at 31/03/2012 vis-à-vis 31/03/2011 are as under:
(Rs in Lacs)
31/03/2012 31/03/2011
1 Statutory Reserve Fund 550.62 466.92
2 Building Fund 405.40 130.40
3 Dividend Equalisation Fund 47.40 47.40
4 Bad & Doubtful Debt Reserve 1814.95 3067.41
5 Investment Fluctuation Fund 10.00 10.00
6 Development Fund 25.80 25.80
7 Staff Welfare Fund 1.67 1.67
8 Contingency Pro. Agt. Std. Assets 117.88 92.88
9 Revaluation Reserve 671.61 746.23
10 Investment Depn. Reserve 49.19 5.37
11 Overdue Interest Reserve 1281.62 4077.61
ANNUAL REPORT 2011-2012 11
Proposed Appropriation of Profit
Your Board of Directors recommend the appropriation of Profit of Rs.315.34 Lacs as under
1 Statutory Reserve Fund @ 25% Rs. 80.00 Lacs
2 Dividend @ 6% Rs. 90.00 Lacs
3 Investment Fluctuation Reserve Rs. 60.00 Lacs
4 To be carried over to next year Rs. 85.34 Lacs
Total Rs. 315.34 Lacs
Capital Adequacy
Your Bank has always given importance to the Capital to Risk Assets Ratio which as per ReserveBank of India guidelines is a vital financial parameter to assess the financial strength of a Bank.
The Capital to Risk Asset Ratio (CRAR) of the Bank stood at a healthy 11.98% which is well abovethe stipulated / minimum level of 9%.
Deposit Insurance Cover
Deposit upto Rupees One Lac in respect of each depositor is fully protected by the Deposit Insurance
and Credit Guarantee Corporation of India (DI&CGC).
Your Bank has been regular and prompt in payment of insurance premium to the DI&CGC. The
Board of Directors confirms that the advance premium has been paid upto 30/09/2012.
Loan to Staff
Your Bank has been sanctioning Housing Loans to staff at concessional rate of interest ranging
from 5% to 6 ½ % p.a. as the case may be as per the Memorandum of Settlement subject to overallceiling of 2% NDTL of the Bank. In addition to Housing Loan, your Bank has also been sanctioning
Surety Loan to Staff at a concessional rate of 6% p.a. Additionally Bank has also introduced Staff
Overdraft (SOD) facility to the staff members carrying interest @ 10.5% p.a. The total outstandingin all the staff loans together aggregates to Rs.644.59 Lacs as on 31/03/2012.
Staff Relations
The Board of Directors would like to place on record their sincere appreciation of the efforts putin by the staff at all levels in rendering good customer service and achieving the present level of
progress and growth of the Bank. The relationship between the Management and Employees
continues to be cordial.
During the year promotions were effected in the positions of Sr. Managers & Chief Managers.
Staff Training
The Bank deputes management and staff to various training programmes conducted by wellestablished institutions like Reserve Bank of India - College of Agricultural Banking, VAMNICOM,
NAFCUB etc. The Bank deputed Chief Managers / Sr. Managers / Branch Managers for UDAANTraining – Motivational, Leadership & Driving Change Programme. The Bank also deputed some
of the Managers / Officers to a training session conducted by world renowned trainer Shiv Khera.
ANNUAL REPORT 2011-201212
NPA ManagementThe Bank continued its persistent efforts to restrict NPAs to the least level possible through stringent
recovery and astute legal remedies. Appropriate strategies and consistent follow up resulted in
enabling the Bank to restrict its Gross NPAs at Rs.2614.44 Lacs as on 31st March 2012. Thepercentage of Gross NPAs to Gross Advances stands reduced to 8.78% as against 14.83% in the
previous year. The Net NPAs of the Bank also stands reduced at 2.86% against 3.82% in theprevious year.
Write off of Bad & Doubtful DebtsDuring the year, your Bank has taken a conscientious decision to write off 542 Loan Accounts
aggregating to Rs.14.52 Crores. These are old and sticky NPA Accounts which are fully providedfor and doubtful of recovery and where all remedies of recovery against the borrower and the
guarantors have been exhausted. This will help the Bank to reduce its Gross NPAs considerably
and is a common practice adopted by all Banks to cleanse its Balance Sheet. The Accounts writtenoff are all old accounts and have been identified strictly on the basis of the RBI guidelines and
directives. The write off of loans have been certified by the Statutory Auditors M/s. K. S. Aiyar& Co. as required under the provisions of Section 81 and Rule 49 of the MCS Act 1960 & Rules
1961. The write off shall not amount to any waiver of loan and the Bank’s claim against such
loans shall remain intact and efforts to recover the same will continue. This write off exercise willalso enable Bank to save Income Tax.
Cash & Bank Balance
The Bank maintains requisite cash balance with Reserve Bank of India and sufficient liquid assets
were also maintained as per section 18 and 24 of the Banking Regulation Act, 1949 as applicableto Co-operative Societies.
Treasury Department - Investment Portfolio
Your Bank has an investment of Rs.226.11 Crore as on 31/03/2012 out of which an amount of
Rs.131.33 Crore has been invested in Government and other approved securities. The Bank’stotal investments in Government and other approved securities as on 31/03/2012 works out to 27.97%
of the Net Demand and Time Liability (NDTL) of the Bank as against minimum 25% stipulated bythe Reserve Bank of India.
The investment of funds has been made judiciously taking adequate care to avoid any adverseimpact of the fluctuating market conditions. Your Bank has earned substantial income by carefully
deploying its surplus funds in Fixed Deposits with Private, Commercial and Scheduled Co-operativeBanks. Investment made by your Bank in securities, eligible for SLR are held in constituent SGL
Account with the Federal Bank Limited and Non SLR Investments in Demat Account with Stock
Holding Corporation of India.
Investments made in Government Securities are strictly as per Reserve Bank of India guidelinesand adequate SLR has been maintained by the Bank throughout the year.
Insurance BusinessYour Bank has tied-up with Bajaj Allianz General Insurance Company for General Insurance Business
on referral basis. For Life Insurance solutions Bank has tied up as Corporate Agent of Kotak MahindraOld Mutual Life Insurance Company. This has not only helped generate income to your Bank but
also helped our customers / shareholders to easily avail General as well as Life Insurance facilities
through our Branches.
The Board of Directors seek continued co-operation from the members to strengthen the insurancebusiness with a view to broaden customer base and to augment commission income of the Bank.
ANNUAL REPORT 2011-2012 13
Foundation DayYour Bank celebrated Foundation Day on 19th March 2012 (18th being Sunday) at all the Branches
& Administrative Office to commemorate the establishment of our Bank on the day in the year 1946.
Directors visited branches and met the customers and enquired about the service rendered andif they had any suggestions for the improvement of the Bank.
International Year of Co-operatives - 2012
Your Bank has extended full support to this movement by participating in all the activities initiated
by the State Government as United Nations has declared 2012 as International Year of Co-operatives.Bank has put the International Year logo in all the Visiting Cards, Letter Heads and the Banners
displayed at various occasions / functions / meetings.
Co-option of our Chairman
We are glad to inform the members that Shri Kirthiraj K. Salian our Chairman has been co-optedto the Manging Committee of The Brihan Mumbai Nagari Sahakari Banks Assoication Ltd.,
Mumbai for the year 2012-13.
This is in recognition of his knowledge and experience in the field of Co-operative Banking Industry.
Automated Teller Machine (ATM Facility) – RUPAY Cards
The Board of Directors are pleased to inform the members that Bank has already opened threeATMs at Andheri (W), Kurla and Goregaon Branches.
In order to give the ATM facility to all its customers at all its branches, Bank has tied up with ICICIBank to introduce RUPAY Card which shall be linked to the National Financial Switch managed
by the National Payment Corporation of India. Rupay Card is a domestic card like Visa or MasterCard and shall give our customers access to more than One Lac ATMs across the country. The
RUPAY Cards will become operational within 2 to 3 months.
Core Banking Solutions (CBS)
Your Bank has successfully implemented Core Banking Solutions. All its Branches are inter connectedwith each other enabling customers to avail Banking Facility at any of the Branches. Your Bank
is in consultations with the software vendor for providing valued added services like internet banking
and mobile banking.
Customers are already enjoying the services of SMS alerts enabling them to know their transactionstaking place in their accounts through their mobiles.
All the members are requested to avail the additional facilities available in the CBS programmeand register their mobile numbers with the respective branches immediately.
Amendment to Bye-Laws
The Board of Directors propose an amendment to the Bye-Laws of the Bank for smooth functioning
of the Bank in conformity with the provision of the Maharashtra Co-operative Societies Act, 1960and Rules framed there under. The proposed amendment is furnished on page no. 43 of this report.
We seek your approval for the same.
Audit and Inspection
The Books of the Bank were audited by the Statutory Auditors M/s. Mundada Kabra & Co., CharteredAccountants appointed by the Commissioner for Co-operation and Registrar, Co-operative Societies,
Maharashtra State, Pune.
ANNUAL REPORT 2011-201214
Besides the Statutory Audit, the Bank has also appointed Concurrent Auditors namely:
1. M/s. Jagdish & Harish – Chartered Accountants
2. M/s. Yashwant & Co. – Chartered Accountants3. M/s. K. B. Jorapur & Co. – Chartered Accountants
Your Bank has also been appointing System Auditor and Investment Auditor as required by Reserve
Bank of India.
Statutory Inspection of the Bank under section 35 of the Banking Regulation Act 1949 (as applicable
to Co-operative Societies) was conducted by Shri A. B. Dutta, Assistant General Manager, ReserveBank of India, Urban Banks Department from 30/01/2012 to 14/02/2012 with reference to Bank’s
financial position as on 31st March 2011. No major irregularities has been pointed out in the
Inspection.
Internal Audit DepartmentIn order to further strengthen Internal Control System the Bank had also set up a full fledged Internal
Audit Department.
Various Ancillary Services to Customers
1) Demand Draft FacilityWe are happy to inform the members that Axis Bank is offering us Demand Draft drawing facility.
We wish to state that large number of our customers are availing this service to remit their
funds to places all over the country.
2) RTGS / NEFT Facilities are available for our customers and membersIDBI Bank has been offering RTGS / NEFT facilities to our customers and shareholders. Many
of our customers are using this facility to remit funds both inward and outward.
RBI has issued notification that all Non-Scheduled Co-operative Banks can become sub
members of Banks having RTGS facility. Accordingly your Bank is in consultation with leading
banks for sub membership of RTGS / NEFT facilities. The sub membership will enable customersto send/receive funds directly from their branches as all our branches will have a unique IFSC
Code.
3) Safe Deposit Lockers
We are offering Safe Deposit Locker Facility at our following Branches:i) Andheri (W) v) Andheri (E)
ii) Goregaon (W) vi) Kandivali (W)iii) Borivali (W) vii) Vikhroli (W)
iv) Ghatkopar (E)
We request all our members to avail the Safe Deposit Locker Facilities at the aforesaid Branches.
Acknowledgement
The Board of Directors take this opportunity to express their gratitude to all the members, depositors,
borrowers and well wishers for their whole hearted patronage.
The Board records its appreciation for all the co-operation extended by the officers of the:❖ Reserve Bank of India especially the Urban Bank Department and Public Accounts Department
❖ Government of Maharashtra
ANNUAL REPORT 2011-2012 15
❖ The Commissioner for Co-operation and Registrar of Co-operative Societies, Maharashtra
State, Pune
❖ Divisional Joint Registrar❖ District Deputy Registrar
❖ Deputy Registrar Co-operative Societies, Mumbai (I) City.
The Board is also thankful to
❖ The Mogaveera Vyavasthapaka Mandali – Sponsors of the Bank❖ Brihan Mumbai Bankers Clearing House / National Clearing Cell / SBI Cheque Processing
Centre❖ The Statutory Auditors M/s. Mundada Kabra & Co., Chartered Accountants.
❖ The Statutory Auditors M/s. K S Aiyar & Co., Chartered Accountants.
❖ The Concurrent Auditors M/s. Jagdish & Harish – Chartered Accountants, M/s. Yashwant &Co. – Chartered Accountants, M/s. K. B. Jorapur & Co. – Chartered Accountants.
❖ The Chairman, The Chief Executive Officer and other members of the Brihan Mumbai NagariSahakari Banks’ Association, The Maharashtra Urban Co-operative Banks’ Federation Ltd.
❖ The National Federation of Urban co-op. Banks and Credit Societies Ltd., (NAFCUB) – New
Delhi.❖ The Maharashtra State Co-operative Bank Ltd., Urban Banks Dept., Vashi
❖ The Mumbai District Central Co-op. Bank Ltd., Urban Banks’ Dept., Fort, Mumbai 400 001.❖ The Board conveys its sincere thanks to Our Bankers:
Reserve Bank of India
State Bank of IndiaAllahabad Bank
The Maharashtra State Co-op. Bank Ltd.The Mumbai District Central Co-op. Bank Ltd.
Axis Bank Ltd.
IDBI Bank Ltd.The Federal Bank Ltd.
Bank of India
Saraswat Co-op. Bank Ltd.Shamrao Vithal Co-op. Bank Ltd.
Cosmos Co-op. Bank Ltd.ICICI Bank Ltd.
❖ The Board conveys its sincere thanks to:
Bank’s Legal Advisors Solicitors & AdvocatesM /s. Lata Desai & Pallavi Divakar
M/s. Annie Fernandes & Associates
M/s. Mahesh Menon & Co.M/s. Legaleye Associates
M/s. Unisan & Co.
Sarvashri: M. S. Naik, P. V. Kamath, C. S. Karkera, Ishwar Badigannavar, K. B. Adhyantaya, M.
S. Prasad, Yogendra M. Kanchan, Chandra Naik, M. I Para, Harish Pawar & Smt Megha Mahajan
For and on behalf of the Board of Directors
Sd/-
Place: Mumbai Kirthiraj K. SalianDate: 17th July, 2012 Chairman
ANNUAL REPORT 2011-201216
MUNDADA KABRA & CO.CHARTERED ACCOUNTANTS
OM RAMANAND C.H.S. LTD., SAWARKAR ROAD, DOMBIVALI (EAST) - 421 021.
Tel. : 0251-2457047 • E-mail : [email protected]
STATUTORY AUDIT REPORT OF MOGAVEERA CO-OP. BANK LTD.
To,
The Members of Mogaveera co-op Bank ltd (Under section 81(1) (a) & rules 69(3) ofthe Maharashtra Co-operative Societies Act 1961 & section 30 of the Banking Regulations Act,
1949.)
Report on the Financial Statements.
We have audited the accompanying financial statement of Mogaveera Co-operative Bank ltd, whichcomprise the balance sheet as at March 31,2012 and the Statement of Profit & Loss and Cash
Flow Statement for the year then ended, and a summary of significant accounting policies and other
explanatory information.
A.) In case of Hypothecation loans which are small loans given against hypothecation of householditems in the absence of the valuation reports and verification of the security by the bank,
we are unable to verify whether the loans are fully secured as classified by the bank. As
a result we are unable to ascertain the impact of the same on the asset classification andprovisioning as per the prudential norms prescribed by the Reserve Bank of India.
B.) Major loans are Mortgage loans and OD against Property Mortgage of which we have test
checked. In some cases we have noticed some defects in Property title have been given
in Part “C” of Branch Audit Report. Which may be rectified.
Management’s Responsibility for the Financial Statement.Management is Responsible for the preparation of these financial statements in accordance with
the u/s 81(1) (a) & rules 69(3) of the Maharashtra Co-operative Societies Act 1961 and section
30 of the banking regulation Act, 1949 (as applicable to the co-operative banks). This responsibilityincludes the design, implementation and maintenance of internal control relevant to the preparation
of the financial statement 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. Weconducted 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 planand perform the audit to obtain reasonable assurance about whether the financial statements are
free from material misstatement. An audit involves performing procedures to obtain audit evidence
about the amount and disclosures in the financial statement. The procedures selected depend onthe 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 assessment, the auditor consideredinternal control relevant 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
evaluating the appropriateness of accounting policies used and the reasonableness of the accountingestimates made by management, as well as evaluating the overall preparation of the financial
statements.
ANNUAL REPORT 2011-2012 17
We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinion.
OpinionSubject to our comments above and observations contained in General Report, Audit Memo no.1,7
Part A,B and C of audit Memorandum enclosed herewith, in our opinion and to the best of ourinformation and according to the explanations given to us, the financial statement read with Significant
Accounting Policies and Notes thereon give all the information required by the Maharashtra Co-
operative societies Act, 1961 and rules made there under and by the Banking Regulation Act,1949(as applicable to the Co-operative Banks) in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the Bank as at March 31 2012;
(b) In the case of the Profit and Loss Account , of the profit for the year ended on that date;and
(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report and other legal and regulatory requirements.
Subject to our comments and observations contained in the audit report of even date /of all branchesand General report, 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 purpose of audit.
b) In our opinion, proper books of accounts as required by u/s 81(1) (a) & rules 69(3) of the
Maharashtra Co-operative Societies Act 1961, the bye laws and the law have been kept bythe bank, so far as it 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.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this
report are in agreement with books of accounts.
d) The transactions of the Bank, which have come to our notice, have generally been within
the competence of the Bank and are in compliance with RBI guidelines/directives.
The Bank has been awarded Audit Class “A-” for the year 2011-2012.
For Mundada Kabra & Co.
Chartered AccountantsFirm Reg. No. 121340W
Sd/-P. T. Shimpi
Place: Mumbai. (Partner)Dated: 21st July, 2012. M.No.14241
Statutory Auditors
ANNUAL REPORT 2011-201218
31.03.2011 CAPITAL & LIABILITIES Rupees Rupees
SHARE CAPITAL
Authorised Capital250,000,000 25,00,000 Shares of Rs. 100/- each 250,000,000
Subscribed & Paid-up Capital22,95,392 Shares of face value of Rs 10/ each &13,13,785 Shares of Rs. 100/- each held by
140,473,450 individuals & others 154,332,420– Co-operative Institution – 154,332,420
RESERVE FUND & OTHER RESERVES
46,692,236 Statutory Reserve 55,061,71513,040,000 Building Fund 40,540,000
4,739,772 Dividend Equalisation Fund 4,739,772306,740,535 Bad & Doubtful Debts Reserve 181,495,024
1,000,175 Investment Fluctuation Reserve 1,000,175537,000 Investment Depreciation Reserve 4,919,000166,574 Staff Welfare Fund 166,574
9,288,000 Contingency Prov. against STD Assets 11,788,00074,623,023 Revaluation Reserve 67,160,721
2,580,000 Development Fund 2,580,000
459,407,315 369,450,981
DEPOSIT & OTHER ACCOUNTS(i) Fixed Deposits
648,524,582 1. Individuals 706154094– 2. Central Co-op. Banks 0
3,211,275 3. Other Societies 4040134
651,735,857 710,194,228
(ii) Saving Deposits1,224,060,817 1. Individuals 1271655991
– 2. Central Co-op. Bank 029,979,218 3. Other Societies 35125101
1,254,040,035 1,306,781,092
(iii) Current Deposits315,370,081 1. Individuals 294442462
– 2. Central Co-op. Bank 0763,433 3. Other Societies 1232031
316,133,514 295,674,493(iv) Recurring Deposits
70,570,944 1 Individual 81430015259,420 2 Other Societies 0 81,430,015
70,830,364
599,880,765 carried forward 523,783,401
Balance Sheet
ANNUAL REPORT 2011-2012 19
31.03.2011 PROPERTY & ASSETS Rupees Rupees
CASH AND BANK BALANCES
37,158,522 Cash on Hand 39,692,720
116,878,614 CD with Reserve Bank of India 86,801,041
Current Deposits with :
348,514 SCB/DCCB : SCHEDULE - I 2,852,780
11,768,150 SBI and Notified bank : SCHEDULE - II 13,419,585
10,000 Urban Co-op. Bank : SCHEDULE - III 4,804,001
93,718,009 Pvt. and Comm. Bank : SCHEDULE - IV 130,109,232
105,844,673 151,185,598
– MONEY AT CALL & SHORT NOTICE –
INVESTMENTS
1,067,090,168 Central & State Govt. Securities 1,313,270,186
Face Value 1303240000Market Value 1233708967
39,974,000 Non SLR Investments 39,974,000100,065 Shares & Debentures 100,065
1,107,164,233 1,353,344,251
Fixed Deposits with:
25,169,863 SCB/DCCB : SCHEDULE - V –
1,033,682,418 Urban Co-op. Bank : SCHEDULE - VI 857,804,206
151,817,260 Pvt. and Comm. Bank : SCHEDULE - VII 50,000,000
1,210,669,541 907,804,206 2,261,148,457
2,317,833,774
LOANS AND ADVANCES(i) Short Term Loans
994,463,870 (a) Secured against Tangible Security 1,047,798,783
9,589,871 (b) Unsecured Loans 3,927,821
1,004,053,741 Amount due from 1,051,726,604Individuals 746853767
Amount overdue 152476063
2,577,715,583 carried forward 2,538,827,816
As at 31st March 2012
ANNUAL REPORT 2011-201220
31.03.2011 CAPITAL & LIABILITIES Rupees Rupees
599,880,765 brought forward 523,783,401
(v) Laxmi Daily Deposits
84,582,068 1 Individual 91759598– 2 Other Societies 0 91,759,598
84,582,068
(vi) Matured Fixed Deposits2,441,548 1 Individual 1475214
– 2 Other Societies 0 1,475,214
2,441,548
(vii) Akshaya/Kshema Samridhi / MMS
1,889,449,153 1 Individual 232614424039,800,725 2 Other Societies 36174274 2,362,318,514
1,929,249,878
(viii) Non -Operative Accounts148,446 1 Individual 165946
– 2 Other Societies 0 165,946
148,446
(ix) Other Deposits
1,193,301 1 Individual 467295
– 2 Other Societies 0 467,295
1,193,301
4,310,355,011 4,850,266,395
Borrowings from :
75,392,513 i) Bharat Co-op Bank –
40,569,791 ii) Shamrao Vittal Co-op. Bank –162,933 iii) Cosmos Bank 143,316,725
26,371,836 iv) Karad Bank –148,678,773 v) Abhyudaya Co-op. Bank 14,950,939
83,812,554 vi) Greater Bombay Co-op. Bank – 158,267,664
374,988,400
977,120 Bills for collection (As per Contra) 473,103
407,761,237 OVERDUE INTEREST RESERVE (As per contra) 128,162,328
5,693,962,533 carried forward 5,660,952,891
Balance Sheet
ANNUAL REPORT 2011-2012 21
31.03.2011 PROPERTY & ASSETS Rupees Rupees
2,577,715,583 brought forward 2,538,827,816
(ii) Medium Term Loans
1,084,017,305 (a) Secured against Tangible Security 1,261,058,4428,483,917 (b) Unsecured Loans 5,674,917
1,092,501,222 Amount due from 1,266,733,359
Individuals 479515780
Amount overdue 92730171
iii) Long Term Loans
584,104,891 (a) Secured against Tangible Security 660,693,748
– (b) Unsecured Loans –
Amount due from 660,693,748
Individuals 1272100047Amount overdue 17236301
2,680,659,854 2,979,153,711
INTEREST RECEIVABLE
21,075,115 On Investments 21,216,898
1,892,705 On other Deposits 258,375
1,733,014 On Advance Tax –Locker Rent Receivable 23,664 21,498,937
24,700,834
407,761,237 Loans & Advances on NPA (As per contra) 128,162,328
977,120 Bills for Collection (As per contra) 473,103
2,673,582 Branch Adjustment 535,018
5,694,488,210 carried forward 5,668,650,913
As at 31st March 2012
ANNUAL REPORT 2011-201222
31.03.2011 CAPITAL & LIABILITIES Rupees Rupees
5,693,962,533 brought forward 5,660,952,891
7,383,283 INTEREST PAYABLE ON DEPOSITS 14,788,596
OTHER LIABILITIES1,438,460 Unclaimed Dividend 1,476,295
31,710,168 Pay Order 19,939,125
809,802 Audit Fee Payable 941,52616,645,170 Sundry Liabilities 20,693,522
50,603,600 43,050,468
44,161,752 PROVISION FOR GRATUITY 45,308,582
PROFIT & LOSS ACCOUNT
11,969,202 Profit & Loss as per last Balance sheet 42,933,5192,502,244 Less: Appropriations 35,866,640
9,466,958 7,066,879
33,466,561 Add: Profit as per Profit & Loss A/c 24,467,570
42,933,519 31,534,449 31,534,449
CONTINGENT LIABILITIESBank Liabilities for Guarantee Issued on behalf
of the customers for Rs. 2901645
(Previous year : Rs 74,06,145)
5,839,044,687 carried forward 5,795,634,986
Balance Sheet
ANNUAL REPORT 2011-2012 23
31.03.2011 PROPERTY & ASSETS Rupees Rupees
5,694,488,210 brought forward 5,668,650,913
PREMISES93,132,006 Balance as per last Balance Sheet 90,697,458
7,642,866 Additions during the year –
100,774,872 90,697,458– Less: Deduction –
100,774,872 90,697,4588,291,447 Less: Depreciation on Revaluation Reserve 7,462,3021,785,967 Less: Depreciation on Premises 1,607,375
90,697,458 81,627,781CIVIL WORKS
1,267,567 Balance as per last Balance Sheet 1,177,50540,774 Additions during the year –
130,836 Less: Depreciation 117,756
1,177,505 1,059,749
FURNITURE & FIXTURES14,622,141 Balance as per last Balance Sheet 14,097,603
1,064,337 Additions during the year 828,478
15,686,478 14,926,08141,102 Less: Deduction 74,646
1,547,773 Less: Depreciation 1,455,424
14,097,603 13,396,011ELECTRICAL FITTINGS
1,509,779 Balance as per last Balance Sheet 1,410,915150,120 Additions during the year 96,079
1,659,899 1,506,994– Less: Deduction -
248,984 Less: Depreciation 218,842
1,410,915 1,288,152OFFICE EQUIPMENTS
954,896 Balance as per last Balance Sheet 1,288,114629,280 Additions during the year 814,506
1,584,176 2,102,62019,828 Less: Deduction during the year -
276,234 Less: Depreciation 353,958
1,288,114 1,748,662
SAFE DEPOSIT LOCKERS1,002,541 Balance as per last Balance Sheet 902,288
– Additions during the year –
902,288
100,253 Less: Depreciation 90,231
902,288 812,057
5,804,062,093 carried forward 5,768,583,325
As at 31st March 2012
ANNUAL REPORT 2011-201224
31.03.2011 CAPITAL & LIABILITIES Rupees Rupees
5,839,044,687 brought forward 5,795,634,986
Balance Sheet
5,839,044,687 carried forward 5,795,634,986
ANNUAL REPORT 2011-2012 25
31.03.2011 PROPERTY & ASSETS Rupees Rupees
5,804,062,093 brought forward 5,768,583,325
VEHICLE
279,789 Balance as per last Balance Sheet 1,414,9211,323,433 Additions during the year –
1,603,222 1,414,921
188,301 Less: Depreciation 282,984
1,414,921 1,131,937
CORE BANKING - Hardware
5,065,144 Balance as per last Balance Sheet 2,198,619586,214 Additions during the year 1,130,648
5,651,358 3,329,267
Less: Deduction during the year 52,6703,452,739 Less: Depreciation 2,045,901
2,198,619 1,230,696
ATM MACHINES954,383 Balance as per last Balance Sheet 2,726,467
3,230,756 Additions during the year –
4,185,139 2,726,467
–- Less: Deduction –1,458,672 Less: Depreciation 1,458,671
2,726,467 1,267,796
CORE BANKING - Software248,896 Balance as per last Balance Sheet 269,268
278,201 Additions during the year 81,082
527,097 350,350
257,829 Less: Depreciation 197,263
269,268 153,087
5,810,671,368 carried forward 5,772,366,841
As at 31st March 2012
ANNUAL REPORT 2011-201226
31.03.2011 CAPITAL & LIABILITIES Rupees Rupees
5,839,044,687 brought forward 5,795,634,986
Balance Sheet
5,839,044,687 TOTAL RUPEES 5,795,634,986
As per our report of even dateM/s Mundada Kabra & Co.Chartered AccountantsFRN: 121340W Sd/-
Shri K. SivaramChief Executive Officer
Sd/-P. T. ShimpiPartner M.N.014241
Place : MumbaiDated : 21st July, 2012
ANNUAL REPORT 2011-2012 27
31.03.2011 PROPERTY & ASSETS Rupees Rupees
5,810,671,368 brought forward 5,772,366,841
MTNL Lease Line for Core Banking
327,269 Balance as per last Balance Sheet 402,840
114,561 Additions during the year –
441,830 402,840
38,990 Less: Depreciation 40,284 362,556
402,840
OTHER ASSETS26,341 Stamps on hand 9,036
1,313,862 Stock of Printing & Stationery 1,513,6712,487,962 Security Deposits 2,730,230
1,816,748 Festival Advance 2,096,404
4,273,763 Advance Tax 1,220,00414,379,334 Deferred Revenue Expenditure 10,784,501
3,672,469 Miscellaneous Assets 4,551,743
27,970,479 22,905,589
5,839,044,687 TOTAL RUPEES 5,795,634,986
As at 31st March 2012
DIRECTORSFor and on behalf of the Board Shri Ganesh S. Puthran
Shri Pradeep M. ChandanShri Gopal C.KanchanShri B.J. Shriyan
Sd/- Shri Kishore KumarShri Kirthiraj K. Salian Shri K.A. KunderChairman Shri V.K.Suvarna
Shri A. K. ThingalayaShri Shridhar M. Salian
Sd/- Shri Arun H. GaikwadShri Shekar Y.Suvarna Shri Vasudev J. TandelVice - Chairman Shri G.M. Tandel
Shri Vasudev Krishna DhanuSmt. Premlata G.SakpalSmt. T. Anuradha VijayShri Yaduveer B. Puthran - Staff Rep.Shri Kishore C. Kunder - Staff Rep.
ANNUAL REPORT 2011-201228
31.03.2011 EXPENDITURE Rupees Rupees
263,817,887 Interest on Deposits & Borrowings 351,707,871
87,046,083 Salary & Allowance 95,318,135
650,315 Directors Fees & Allowances 901,950
11,457,534 Rent, Rates & Taxes. 13,536,557
264,700 Legal Charges 487,252
1,781,030 Postage, Telegram and Telephone 1,987,924
1,512,985 Audit Fees 1,776,872
2,226,390 Printing, Stationery & Advertisement 3,156,457
9,486,578 Depreciation on Fixed Assets 7,868,689
4,881,336 Commission on LDD 5,060,212
2,266,309 Repairs & Maintenance 3,760,247
10,669,475 Other Expenses 12,414,308
5,226,606 Amortisation of Premium on Investments 5,226,606
3,818,201 DICGC Premium 4,435,228
30,000 Contribution to Education Fund 30,000
1,500,000 Contingency pro.for Std Assets 2,500,000
– Provision for Investment Depreciation Reserve 4,382,000
– Provision for Bad & Doubtful Debts Reserve 20,000,000
33,466,561 Balance of Profit carried to Balance Sheet 24,467,570
440,101,990 TOTAL RUPEES 559,017,878
Profit & Loss Account
As per our report of even dateM/s Mundada Kabra & Co.Chartered AccountantsFRN: 121340W Sd/-
Shri K. SivaramChief Executive Officer
Sd/-P. T. ShimpiPartner M.N.014241
Place : MumbaiDated : 21st July, 2012
ANNUAL REPORT 2011-2012 29
31.03.2011 INCOME Rupees Rupees
Interest and Discount
238,597,613 Loans and Advances 340,851,952
148,096,569 Investments 188,417,608 529,269,560
386,694,182
1,210,000 Profit on Sale of Investments 8,032,203
1,324,418 Commission & Brokerage 1,327,887
885,088 Locker Rent 1,258,85422,488,302 Miscellaneous Receipts 19,129,374
27,500,000 Reversal of Excess Provision in BDDR –
440,101,990 TOTAL RUPEES 559,017,878
For the year ended 31st March 2012
DIRECTORSFor and on behalf of the Board Shri Ganesh S. Puthran
Shri Pradeep M. ChandanShri Gopal C.KanchanShri B.J. Shriyan
Sd/- Shri Kishore KumarShri Kirthiraj K. Salian Shri K.A. KunderChairman Shri V.K.Suvarna
Shri A. K. ThingalayaShri Shridhar M. Salian
Sd/- Shri Arun H. GaikwadShri Shekar Y.Suvarna Shri Vasudev J. TandelVice - Chairman Shri G.M. Tandel
Shri Vasudev Krishna DhanuSmt. Premlata G.SakpalSmt. T. Anuradha VijayShri Yaduveer B. Puthran - Staff Rep.Shri Kishore C. Kunder - Staff Rep.
ANNUAL REPORT 2011-201230
CURRENT DEPOSITS WITH:
(Amount in Rs.)
31.03.2011 31.03.2012
A SCB of the State/DCB of the District SCHEDULE - I 348514.00 2852780.00
1) Maharashtra State Co-operative Bank. 101997.00 2601997.00
2) Mumbai Distict Co-operative Bank. 246517.00 250783.00
B SBI/NOTIFIED BANKS SCHEDULE – II 11768150.00 13419585.00
1) State Bank of India 299950.00 299950.00
2) Syndicate Bank 99449.00 99449.00
3) Dena Bank 295709.00 0.00
4) Bank of India 10748111.00 12995255.00
6) Canara Bank 324931.00 24931.00
C URBAN CO-OP BANKS SCHEDULE – III 10000.00 4804001.00
1) Saraswat Co-operative Bank 10000.00 402734.00
2) Bharat Co-operative Bank 0.00 1138738.00
3) Shamrao Vithal Co-op Bank 0.00 3262529.00
D PVT / COMMERCIAL BANKS SCHEDULE – IV 93718009.00 130109232.00
1) HDFC 13148.00 329107.00
2) ICICI 98900.00 98900.00
3) Federal Bank 806940.00 345155.00
4) Axis Bank 1912659.00 1897897.00
5) IDBI 90886362.00 127438173.00
FIXED DEPOSITS WITH:
A SCB of the State/DCB of the District SCHEDULE - V 25169863.00 0.00
1) Mumbai Distict Co-operative Bank. 25169863.00 0.00
B URBAN CO-OP BANKS SCHEDULE – VI 1033682418.00 857804206.00
1) Saraswat Co-operative Bank 6854723.00 6863120.00
2) Bharat Co-operative Bank 194724382.00 210492675.00
3) Shamrao Vithal Co-op Bank 179195840.00 129195840.00
4) Cosmos Co-op. Bank 186284731.00 208852059.00
5) Abhyudaya Co-op Bank 170000000.00 190000000.00
6) Greater Bombay Co-op Bank 165162605.00 0.00
7) Karad Co-op Bank 30000000.00 0.00
8) New India Co-op. Bank 101460137.00 112400512.00
D PVT / COMMERCIAL BANKS SCHEDULE – VII 151817260.00 50000000.00
1) Dhanlakshmi Bank 101817260.00 0.00
2) Lakshmi Vilas Bank 50000000.00 50000000.00
ANNUAL REPORT 2011-2012 31
ANNEXURE – I
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS
FORMING PART OF BALANCE SHEET AND PROFIT AND LOSS ACCOUNT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2012.
A) I BACKGROUND :
“The MOGAVEERA CO-OPERATIVE BANK LIMITED”, was incorporated on 04/01/1946
and provides services through Eleven Branches and Administrative Office in Mumbai.
II BASIS OF PREPARATION :
The financial statements have been prepared under the historical cost convention and
on the accrual basis of accounting unless otherwise stated, and in accordance with thegenerally accepted accounting principles and conform to the statutory requirements
prescribed under the Banking Regulation Act, 1949, circulars issued by the Reserve Bankof India (RBI) from time to time and current practices prevailing within the banking industry
in India.
The presentation of the financial statements requires estimates and assumption to be made
that affect the reported amount of assets and liabilities at the date of the financial statementsand the reported amounts of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period in which the results
are known / materialized.
B) SIGNIFICANT ACCOUNTING POLICIES
1) Accounting Conventions:
The financial statements have been prepared on the historical cost basis and on going
concern basis. They conform with the generally accepted accounting principles followed
in India comprising of Statutory and Regulatory provisions issued by the Reserve Bankof India, Accounting Standards issued by the Institute of Chartered Accountants of India
(ICAI) and the practices prevailing within the co-operative banking industry in India exceptotherwise stated.
2) Revenue Recognition:
a) Items of income and expenditure are generally accounted on accrual basis exceptotherwise stated.
b) Interest on non-performing advances is credited to Overdue Interest Reserve Account
and not accounted as income until received.c) Interest for usance period in case of bills discounted under letters of credit is
recognized on cash basis at the time of discounting of bills. Interest on overdue billsis recognized at the time of its realization.
d) Dividend on Investments, Commission, Incidental charges, Service charges on Cash
basis.
ANNUAL REPORT 2011-201232
3) Investments:
❖ Investment portfolio consist of government securities, other approved securities and
other securities. The bank has classified these securities in accordance with theReserve Bank of India (RBI) guidelines in three categories viz. ‘Held to Maturity’ (HTM),
‘Available for Sale’ (AFS) and ‘Held for Trading’ (HFT). However, for disclosure inBalance Sheet, they are classified under three groups viz. Central Government &
State Government Securities, Other Approved Securities and Shares in Co-operative
Institutions.
❖ For the purpose of valuation, following principles have been adopted:-
a) Securities held in ‘Held to At acquisition cost unless it is more than the face
Maturity’ category value, in which case the premium is amortizedover the balance period to maturity.
b) Securities held in ‘Availablefor Sale’ category
i) Central Government At market price computed as per YTM put out by
Securities FIMMDA.ii) State Government At the market price computed on the appropriate
Securities & Other yield to maturity basis, by marking it up by 25Approved Securities. basis points above the yield of GOI securities of
equivalent maturity as put out by FIMMDA.
iii) Non-SLR Securities At the market price computed on appropriate yieldto maturity basis as applicable to GOI securities
by marking it up by spread computed on the basisof applicable credit rating available on records
above the yield of the GOI securities of equivalent
maturity as put out by FIMMDA.
❖ Investments in Available for Sale category are valued scrip-wise at lower of market
value or book value and net depreciation, if any in each category is provided for,while net appreciation if any is ignored.
❖ Brokerage, fees, commission and broken period interest accrued at the time of
acquisition of securities are recognized as expense.
❖ The non-performing investments are identified and depreciation / provision is made
as per RBI guidelines.
4) Advances and Provision thereof:
In pursuance to the guidelines issued by RBI, advances have been classified as Standard,
Sub Standard, Doubtful & Loss Assets and provision thereon are made at rate not lessthan those specified in the Income Recognition & Asset Classification norms prescribed
by RBI. However, the adequacy of the provision in respect of advances depends on
the valuation and ultimate realization of the securities. Overdue Interest on NPA is shownas Overdue Interest Reserve as per guidelines of RBI.
5) Foreign Exchange Transaction:
The Bank does not have any Foreign Exchange Transaction.
ANNUAL REPORT 2011-2012 33
6) Fixed Assets:
❖ Fixed Assets are stated at their respective written down value.
❖ Depreciation on Fixed Assets is charged on written down value as per the rates stated
below which are determined by the Management from the date the assets are putto use, except in the case of computers, which are depreciated as per RBI Guidelines
i.e. 33.33% on Straight Line Method.
Sr. No. Assets Rate % (p.a.)
01 Premises 10 WDV
02 Furniture & Fixture 10 WDV
03 Office Equipments (Other than Computers) 15 WDV
04 Electrical Fittings 15 WDV
05 Motor Vehicles 20 WDV
06 Safe Deposit Vault 10 WDV
07 Computer 33.33 SLM
❖ Depreciation on assets purchased before 1st October of the financial year is chargedat full rates applicable and on assets purchased after September 30th at half the rates
applicable.
❖ No depreciation is charged in case of assets disposed during the year.
❖ Profit/Loss on sale of assets is recognised in the year of sale / disposal.
Fixed Assets are stated at W.D.V. in accordance with AS6 and AS10 issued by Instituteof Chartered Accountants of India (ICAI)
7) Staff Retirements Benefits: (AS – 15)
a) Gratuity and Leave Encashment liabilities towards employees are accounted for onthe basis of actuarial valuation. However, no specific gratuity fund has been created
and consequently no investments have been specifically earmarked.
b) Leave Travel allowance to employees is accounted for as and when the same is
actually paid.
8) Income Tax:-
Since Bank has accumulated business loss of Rs.12.31 cores there is no taxable income,
Bank has not made any provision for income tax. Bank has not recognized the liabilitytowards deferred tax in the accounts.
B) NOTES ON ACCOUNTS
1. Certain items of Income & Expenditure as stated in para ‘III’ of the significant accountingpolicies are accounted on cash basis. These are in deviation from the generally accepted
practice and as laid down by Accounting Standard – 9 on ‘Revenue Recognition’ issued
by The Institute of Chartered Accountants of India, which specifies such items to be
ANNUAL REPORT 2011-201234
accounted for on accrual basis of accounting. This has resulted in such items beingaccounted for only in the year of realization / payment instead of splitting the same over
two or more accounting periods due to the nature of the transactions. Consequently the
Income / Profit of the Bank is understated / overstated to that extent. Further in the absenceof information, we are unable to quantify the effect of the same to the profit of the bank.
2. None of the assets have been revalued during the year.
3. The bank has made adequate provision for sub-standard, doubtful and loss assets.Provision has also been made on the standard assets of the outstanding advances, as
per guidelines issued by RBI.
4. Investment
Premium paid on Government Securities were amortised through Profit & Loss account.
5. Ancillary Business:
The Bank has tied up with Bajaj Alliance General Insurance Company for general Insurance
business on referral basis. For Life Insurance Solutions, the bank has tied up as CorporateAgent of kotak Mahindra Old Mutual Life Insurance Company to enable customers/
shareholders to avail general as well as life insurance facilities.
6. Advances :-
The Bank has made adequate provision for sub-standard, doubtful and loss assets.
Provision has also been made on the standard assets of the outstanding advances as
per guidelines issued by RBI.
7. Due to migration process to ‘Core Banking’, there are few Accounts having small differences
representing various Assets, Liabilities, Deposits, Advances, Income & Expenditure including
those at branches which are still under reconciliation. Any adjustments and subsequentaccounting treatment and the impact of the same on these accounts cannot be ascertained
and hence are not considered by us.
8. Previous year figures have been regrouped and reclassified wherever considered necessary
(including in additional disclosures) to make them comparable with the current year figures.
9. NPA Provisioning :
The Gross NPA as on 31.03.2012 stood at Rs.3,141.90 Lacs and the total provision
requirement at Rs.1584.03 Lacs as against which the Bank held a provision of Rs.1,814.95Lacs. The Gross NPA percentage of the Bank at 10.55 % and Net NPA at 4.74 %.
During the course of statutory audit after the year ending 31st March 2012, 4 NPA a/
cs aggregating to Rs. 32.46 lacs were Closed and 11 NPA a/cs aggregating to Rs. 495.00
lacs were Regularized.
If we Consider the changes in these a/cs as above the NPA position may be as under:
Gross NPA Rs. 2614.44 Lacs 8.78 %
Net NPA Rs. 799.49 Lacs 2.86 %
ANNUAL REPORT 2011-2012 35
10. Contingent Liability :
Contingent Liability towards Guarantees issued by the bank is Rs.29,01,645.00 (Previous
Year Rs.74,06,145.30)
11. The bank has ascertained that there is no material impairment of any of it’s assets except:
Unsecured portion of NPA advance, against which 100% provision is made as per RBI
guidelines.
Hence in the opinion of the bank, bank had made adequate provision in respect of anyimpairment of assets as required under Accounting Standard – 28 on Impairment of Assets
(AS-28) issued by the ICAI.
12. Primary Segment Reporting (By Business Segment) (As per AS - 17) as on 31.03.2012
(Rs. in lakh)
Particulars Treasury Other Banking Total
operations
REVENUE
Segment Revenue 1964.50 3625.67 5590.17
Result 1868.42 (1398.74) 469.68
Unallocated Expenses Nil Nil 225.00
Operating Profit Nil Nil 244.68
Income Tax Nil Nil Nil
Exceptional Item Nil Nil Nil
Net Profit Nil Nil 244.68
Other Information
Segment Asset 22823.65 33846.35 56670.00
Unallocated Asset Nil Nil 1286.35
Total Asset 57956.35
Segment Liabilities 59.19 56610.81 56670.00
Unallocated Liabilities Nil Nil 1286.35
Total Liabilities 57956.35
a) The Bank caters to needs of the Indian customers and operates as a single unit in
India. Thus separate information regarding geographical segment is not given.
b) Business segment is classified as under:
i) Treasury Segment: Dealing operations in Money Market operations, Trading /Investment in Bonds / Government Securities.
ii) Other Banking operations: Retail and Corporate lending and advances to Customers
and related fee based income.
ANNUAL REPORT 2011-201236
13. Accounting Standard (AS 3) – Cash Flow Statement for the year ended 31st March,2012
(Rs. in Lakhs)
Sr. No. Particulars Amount Amount
A Cash Flow from operating activities
Increase in Net Profit (89.99)
Increase in Deposits 5399.11
Increase in Advances (2984.94)
Decrease in Investment 566.86
Decrease in Branch Adjustment 21.39
Decrease in Reserve & Surplus (896.07)
Increase in Interest Payable 74.06
Decrease in Interest Receivable 32.02
Decrease in Other Asset 50.64
Decrease in Other Liability 75.54
Decrease in Gratuity 11.47
Decrease in Accumulated Profit (24.00)
Net Cash Outflow from Operating Activities 2236.09
B Cash Flow for Investing Activities
Increase in Fixed Assets (29.51)
Net cash increased for investing activities (29.51)
C Cash Flow from Financing Activities —
Increase in Share Capital 138.59
Decrease in Borrowings (2167.20)
Net Cash Flow from Financial Activities (2028.61)
Net Increase in Cash & Cash Equivalents 177.97
Cash and Cash equivalents at the beginning of the period 2598.83
Cash and Cash equivalents at the end of the period 2776.80
Net Increase / Decrease in Cash and Cash equivalent 177.97
14. Additional disclosure as per RBI guidelines (Rs. in lakh)
Sr. No. Particulars 31.3.2012 31.03.2011
14.1 CAPITAL TO RISK ASSET RATIO (CRAR) 11.98 % 12.53 %
14.2 MOVEMENT OF CRAR
TOTAL CAPITAL FUND 3319.65 2944.94Risk Weighted Fund 27717.88 23495.35
ANNUAL REPORT 2011-2012 37
14.3 MARKET VALUE OF INVESTMENTS AREAS UNDER
Government / Approved Securities 12337.09 10126.42
Bonds of Public Sector 410.44 404.52Shares 1.93 2.55
TOTAL 12749.46 10533.49FACE VALUE 13432.70 10878.70
TOTAL BOOK VALUE 13533.44 11069.48
14.4 ADVANCES TO SENSITIVE SECTOR
AGAINST:A. Housing 6606.93 5436.49
B. Construction Business 0.00 0.00
C. Other real estate 0.00 0.00D. Against share and debentures 0.00 0.00
14.5 ADVANCES TO
Fund Based Non Fund Based
31.03.12 31.03.11 31.03.12 31.03.11A. Directors NIL NIL NIL NIL
B. Relatives of Directors NIL NIL NIL NILC. Companies / firms
which they are
interested NIL NIL NIL NIL
31.03.12 31.03.1114.6 AVERAGE COST OF DEPOSIT 7.28% 6.42%
14.7 NPA 31.03.12 31.03.11A. Gross NPA 3141.90 3974.65
B. Net NPA 1326.95 907.24
14.8 MOVEMENT IN GROSS NPA
Opening Balance 3974.65 4014.83Additions during the year 1003.61 586.60
Recovered during the year 1836.36 626.78
Closing Balance 3141.90 3974.65
14.9 MOVEMENT IN NET NPAOpening Balance 907.24 672.42
Additions during the year 419.71 234.82
Recovered during the year – —Closing Balance 1326.95 907.24
14.10 PROFITABILITY
A. Interest income as percentage of working fund 9.45% 7.22%
B. Non-Interest as a percentage of working fund 0.53% 0.48%C. Operating Profit as a percentage of working fund 0.92% 0.14%
D. Returns on Assets 0.44% 0.62%E. Business (Deposits + Advances) per employee 389.52 347.81
(Rs. in lacs)
F. Profit per employee (Rs. in lacs) 1.22 1.67
ANNUAL REPORT 2011-201238
14.11 Provisions made towards NPA during the year [lacs] 200.00 0.00
14.12 Provisions made towards depreciation on
investments during the year 43.82 0.00
14.13 MOVEMENT IN PROVISIONS
A. Towards NPA
Opening balance 3067.41 3342.41Additions during the year 200.00 0.00
Excess provision written back to P&L a/c. 1452.46 275.00
Closing Balance 1814.95 3067.41
B. Towards depreciation on investmentOpening balance 5.37 5.37
Additions during the year 43.82 0.00
Less: Written Back 0.00 0.00Closing Balance 49.19 5.37
C. Towards Standard Assets
Opening Balance 92.88 77.88
Additions during the year 25.00 15.00Less: Written Back 0.00 0.00
Closing Balance 117.88 92.88
As per our report of even date
For M/s. Mundada Kabra & Co.
Chartered AccountantsFRN: 121340W
Sd/- Sd/- Sd/-P.T. Shimpi K. Sivaram Shri Kirthiraj K. Salian
Partner Chief Executive Officer Chairman
M.N. 14241
Sd/-Shri Shekar Y. Suvarna
Vice-Chairman
Place: Mumbai
Date : 21st July 2012
ANNUAL REPORT 2011-2012 39
SALIENT FEATURES OF BANK’S LOAN SCHEMES
1. HOME LOANS :
Purpose : For buying a new Flat/ Row House/Constructing your own Bunglow or purchasing
a resale Flat.
Loan Amount: 80% of Agreement value+ Stamp duty & Registration or 40/45 times of net
monthly salary, (Maximum Rs.70 Lacs.)**
Tenure : Maximum 240 months.
Loan Amount Rate of Interest EMI (per lac)
Up to Rs. 5 Lacs 13.50% p.a. Rs.1298
Above Rs. 5 Lacs 14.00% p.a. Rs.1332
For 2nd Home 0.5% additional.
* No Pre-Payment Charges
2. HOME RENOVATION / IMPROVEMENT LOAN:
Purpose : For repair/renovation/improvement / furnishing the Flat/ House.
Loan Amount : Maximum Rs. 2.00 Lacs.
Rate of Interest : 15.50% p.a.
Tenure : Maximum 60 months. EMI per Lac Rs.2405/-
Security : Flat or other liquid security.
• No prepayment charges.
3. MORTGAGE LOAN :
Purpose : Business requirements, educational / Marriage / Medical or for any
other consumption purpose.
Loan Amount : Minimum Rs. 2 Lacs.
Maximum Loan : 2.5 times of last annual gross income or 50% of the value of security,whichever is lower.
Rate of Interest : 15% to 16% p.a.
Tenure : 84 to 120 months.
EMI (per lac) : Rs.1930 to Rs.1613
Processing Fees : 1% + Service Tax.
Note : OD against mortgage of property can also be availed on certain conditions.
ANNUAL REPORT 2011-201240
4. LOAN AGAINST GOLD ORNAMENTS :
Purpose : Any genuine personal/business needs.
Loan Amount : Min. Rs. 25,000/- & Max. Rs. 15.00 Lacs.
Rate of Interest : 13.5% p.a
Margin : 30%
Tenure : 36 months.
EMI (per Lac) : Rs. 3394/-
Processing Fees : 1 % Max Rs.1000/- + Service Tax.
* No Prepayment Charges.* OD against gold ornaments can be availed on certain conditions.
5. LOAN/OVERDRAFT AGAINST TANGIBLE SECURITIES :
Purpose : To meet any genuine need of finance.
Max. Limit : Rs. 10.00 lacs.
Rate of Interest : 13.5% p.a with monthly rest.
Tenure : Max. 60 months.
Security : Pledge of NSC’s, KVP’s, RBI Bonds, Insurance Policies
Margin : * 20%. of value of security i.e KVP, NSC upto 3 years.
* 30% of value of security i.e KVP, NSC above 3 Years* 20% of S.V. of LIC & 10% of S.V under SS Scheme
Processing Fees : 1% + Service Tax.
Other Conditions : * No prepayment charges.* OD facility can also be availed.
* Personal guarantee is required only for third party securities.
6. EASY LOAN FOR EMPLOYED PERSON :
Purpose : For purchase of new consumer items, gold jewellry, repayment of old
debts, repair/renovation of house or any other consumption purpose.
Eligibility : Confirmed employees of reputed PSU’s, Limited Cos, Central / StateGovt. Employees, Professionals, Teachers drawing gross salary of
Rs. 10000/- & net monthly salary of not less then Rs.5000/- (15 times
of monthly net salary.)
Loan Amount : Max. Rs.2.00 lacs: (Secured)
Rate of Interest : @ 17% p.a.
Tenure : 60 months. EMI Rs.2485/-
Security : i) Hypothecation of assets purchased /existing or Pledge of FDR/NSC/
KVP/LIC etc.
ii) Two personal sureties having gross salary of Rs.10000/- p.m.
Processing Fees : 1% + Service Tax
Other Conditions : * No prepayment charges.
* Take home salary should be minimum 40% of Gross Salary
ANNUAL REPORT 2011-2012 41
7. FOR WORKING CAPITAL REQUIREMENTS :
Eligibility : Proprietory concern/Partnership firms/Private/Public Limited
Companies.
Rate of Interest : Up to Rs.10.00 lacs @ 16.50% p.a.Above Rs.10.00 lacs @ 17.00% p.a.
(Note : Borrower availing loan of more than Rs.10 Lacs is
eligible for interest based on credit rating/PLR)
Margin : Stock : 30%, Book Debts. (upto 90 days) : 40%
Tenure : 12 Months.
Securities : Prime : Hypothecation of Stocks & Book Debts.
Collateral : 50% of OD in the form of immovable properties/othertangible securities.
Processing Fees : 1% + Service Tax.
Other Conditions : Registration of Charge with ROC in case of Limited Companies.
8. LOAN FOR PURCHASE OF FIXED ASSETS :
Purpose : Purchase of Plant & Machineries/Gala/Business premises.
Rate of Interest : Up to Rs.10.00 lacs @ 16.50% p.a.Above Rs.10.00 lacs @ 17.00% p.a.
(Note : Borrower availing loan of more than Rs.10 Lacs is
eligible for interest based on credit rating/PLR)
Margin : 25%
Tenure : Max. 120 Months.
Securities : Prime : Mortgage/Hypothecation of Fixed Assets.
Collateral : 30% for loan against Land & Buildings.
40% for loan against Plant & Machineries.
Processing Fees : 1% + Service Tax.
Other Conditions : Registration of Charge with ROC in case of Limited Cos.
9. OUR OTHER LOAN SCHEMES :
• Loan for purchase of new auto rickshaw fitted with CNG or purchase of new three
wheeler commercial vehicle (under tie-up agreement with dealers).
• Loan against Second hand auto Rickshaw (under tie-up agreement with dealers). ·Loan for purchase of new two wheelers and four wheelers.
Note:
For your Financial requirements contact any of our branches or Advances Dept. at Administrative
Office.Conditions Apply.
ANNUAL REPORT 2011-201242
REVISION IN THE RATE OF INTEREST ON TERM DEPOSITS
The Mogaveera Co-operative Bank Ltd. takes pleasure in announcing higher
rates of interest on Term Deposits effective from 20-06-2012
A] FOR GENERAL PUBLIC :
15-30 31-60 61-90 91-120 121-180 181- Above Above AboveDays Days Days Days Days 1 Year 1 year 2 years 3yr-5yrs
4.00% 5.00% 7.00% 7.50% 8.00% 9.00% 10.25% 9.00% 7.50%
B] FOR SENIOR CITIZENS / HOUSING SOCIETY :
15-30 31-60 61-90 91-120 121-180 181- Above Above Above
Days Days Days Days Days 1 Year 1 year 2 years 3yr-5yrs
4.00% 5.00% 7.00% 7.50% 8.00% 9.00% 10.50% 9.50% 7.75%
C] STAFF DEPOSITS :
Staff Members are entitled to 1% extra interest on all slabs.
STATEMENT SHOWING PARTICULARS OF LOANS AND ADVANCESTO DIRECTORS AND THEIR RELATIVES AS ON 31ST MARCH, 2012
(Rs. in lac)
No. of Directors & Secured Loan Amount of Loans & Amount of Recovery Amount of Loans & Overdues if any
their relatives who have as on Advances sanctioned during the Year Advances outstanding out of amount
borrowed from the Bank 31.03.2011 during the Year as on 31.03.2012 in column No. 5
Directors Nil Nil Nil Nil Nil
Relatives
of directors Nil Nil Nil Nil Nil
ANNUAL REPORT 2011-2012 43
ANNEXURE ‘A’
PROPOSED AMENDMENT TO BYE-LAWS
Bye- Existing Text of Bye-Law Proposed Amendment & Bye- Reason for amendmentLaw No. Law after Amendment
OUR PAST CHAIRMEN
* Shri. H. K. A. Kunderan 1946 - 1957
* Shri. B. A. Karkera 1957 - 1963
* Shri. U. Rama Rao 1963 - 1965
* Shri. B. S. Salian 1965 - 1969
* Shri. S. C. Padubidri 1969 - 1972
Prof. G. K. Karkera 1972 - 1975
Shri. K. R. Puthran 1975 - 1977
Prof. S. R. Panambur 1977 - 1978
* Shri. D. H. Kotian 1978 - 1981
* Shri. K. K. Salian 1981 - 1983
Shri. M. K. Kotian 1983 - 1985
Shri. S. K. Salian 1985 - 1986
* Prof. B. N. Amin 1986 - 1987
Shri. G. K. Karkera 1987 - 1994
* Prof. B. N. Amin 1994 - 1997
Shri. D. L. Amin 1997 - 2004
Shri. K. R. Puthran 2004 - 2006
* Since expired
To approve Purchase, Sale and / orpledge of Govt. and Trustee Securities
and other approved securities on
behalf of the bank and to delegatejointly to any one of the Directors
and the Chief Executive Officer,powers for the purchase, sale and
/ or pledge as the case may be of
such securities.
To approve / ratify purchase, saleand / or pledge of Government and
Trustee Securities & other approved
securities on behalf of the Bank andto delegate any one of the Directors
and / or the Chief Executive Officer,powers for the purpose of purchase,
sale and / or pledge as the case may
be of such securities.
To be able to take spotdecisions to purchase / sell
Government and Trustee
Securities & other approvedsecurities, in order to take
advantage of the market con-ditions.
36 ix)
ANNUAL REPORT 2011-201244
1982
7,12
118
,65,
170
19,6
4,71
33,
51,5
9,29
13,
89,8
9,17
42,
63,5
1,82
390
,05,
000
42,8
1,86
736
,92,
615
5,89
,252
12 %
1983
7,34
319
,98,
310
33,1
0,37
73,
63,5
4,12
04,
17,2
0,92
42,
34,5
4,21
21,
41,7
0,20
048
,62,
071
43,7
4,31
04,
87,7
6112
%19
848,
330
26,0
6,97
040
,23,
251
4,93
,70,
357
5,60
,00,
578
2,83
,77,
449
2,33
,42,
500
61,2
9,99
855
,30,
698
5,99
,300
12 %
1985
9,17
031
,48,
035
53,3
1,26
06,
24,4
9,32
57,
09,0
8,68
93,
60,6
9,12
32,
81,3
6,25
179
,50,
131
71,8
2,40
87,
67,7
2312
%19
8610
,123
37,9
4,87
067
,51,
470
8,01
,62,
349
9,07
,08,
689
4,44
,96,
620
3,86
,01,
501
1,02
,61,
622
93,8
6,94
38,
74,6
7912
%19
8712
,071
50,5
4,65
088
,32,
360
10,0
4,44
,729
11,4
3,31
,739
6,35
,20,
533
4,10
,98,
501
1,35
,26,
913
1,23
,88,
166
11,3
8,74
712
%19
8814
,716
71,1
7,80
01,
17,0
8,72
112
,97,
19,0
8414
,85,
45,6
0510
,22,
47,6
254,
09,5
3,50
01,
85,0
6,21
31,
64,3
6,14
620
,70,
067
12 %
1989
17,1
3891
,36,
660
1,54
,52,
106
15,3
7,06
,340
17,8
2,95
,106
13,6
6,57
,829
3,56
,30,
500
2,22
,46,
772
1,99
,78,
033
22,6
8,73
912
%19
9019
,061
1,08
,41,
920
1,91
,59,
944
19,6
2,71
,426
22,6
2,73
,290
16,3
8,29
,899
5,60
,90,
500
2,70
,05,
277
2,42
,18,
917
27,8
6,36
012
%19
9121
,837
1,31
,21,
200
2,34
,04,
935
24,7
7,83
,883
28,4
3,10
,018
20,4
4,72
,838
6,97
,50,
500
3,37
,83,
977
3,13
,00,
931
24,8
3,04
612
%19
9223
,191
1,43
,73,
750
2,71
,12,
462
28,6
8,04
,784
32,8
2,90
,996
22,2
1,89
,343
9,84
,15,
800
3,29
,53,
905
2,97
,52,
898
32,0
1,00
712
%19
9323
,255
1,48
,74,
500
2,90
,54,
260
33,1
9,24
,293
37,5
8,53
,053
22,5
7,87
,889
12,4
7,30
,960
4,49
,63,
628
4,18
,83,
963
30,7
9,66
512
%19
9423
,771
1,63
,87,
830
2,99
,00,
916
40,4
6,92
,940
45,0
9,81
,686
25,5
5,65
,457
16,0
2,12
,802
5,10
,96,
660
4,82
,23,
107
28,7
3,55
312
%19
9523
,810
1,80
,77,
340
4,79
,22,
657
51,9
6,21
,709
58,5
6,21
,709
29,5
8,87
,272
22,4
4,50
,112
5,80
,56,
339
7,52
,19,
543
(-)1,
71,6
3,20
4N
IL19
9623
,780
2,06
,87,
210
7,92
,45,
032
64,8
5,99
,745
73,1
5,54
,168
38,6
4,23
,311
28,6
8,95
,967
7,75
,10,
562
7,38
,39,
719
36,7
0,84
3N
IL19
9723
,783
2,34
,59,
950
9,76
,54,
181
74,8
1,88
,320
87,3
3,22
,571
50,6
4,95
,609
29,3
6,81
,356
11,3
3,94
,676
9,96
,85,
237
1,37
,09,
439
NIL
1998
23,5
982,
53,9
0,08
09,
56,6
1,39
792
,61,
66,6
8811
0,80
,66,
738
61,5
9,16
,035
39,0
3,96
,355
13,7
4,00
,266
10,3
7,35
,622
3,36
,64,
644
15 %
1999
24,4
492,
78,4
5,73
013
,59,
44,4
2411
8,44
,60,
776
138,
58,5
4,21
871
,37,
22,7
4356
,61,
88,3
5517
,58,
11,6
9714
,31,
23,8
133,
26,8
7,88
415
%20
0025
,032
3,09
,16,
620
16,5
4,77
,065
147,
79,2
0,54
717
2,45
,79,
840
87,5
9,72
,418
69,7
2,48
,406
20,9
2,26
,453
16,8
6,54
,299
4,05
,72,
154
15 %
2001
26,6
023,
66,2
4,76
019
,08,
50,1
8718
1,55
,94,
545
212,
69,7
8,09
811
5,55
,50,
996
83,4
9,63
,550
25,3
8,88
,363
20,1
8,30
,529
5,20
,57,
834
15 %
2002
30,3
544,
27,6
9,65
027
,02,
19,5
8221
9,96
,71,
679
259,
68,8
1,70
714
1,69
,34,
265
98,3
9,10
,550
31,3
1,10
,840
27,2
7,04
,760
4,04
,06,
080
15 %
2003
32,0
934,
65,6
1,84
033
,62,
79,0
9622
1,97
,19,
206
268,
02,4
9,07
315
0,51
,46,
169
91,3
1,30
,550
31,0
1,27
,833
29,9
9,28
,443
1,01
,99,
390
15 %
2004
33,6
984,
83,4
0,17
036
,08,
44,8
7625
3,63
,65,
119
300,
45,4
9,99
214
0,83
,76,
045
119,
07,0
0,73
529
,11,
63,4
0327
,06,
52,6
8340
,10,
720
NIL
2005
32,5
614,
69,8
8,60
036
,39,
65,0
6621
7,62
,57,
222
265,
19,4
2,23
012
7,49
,83,
061
102,
64,2
6,71
023
,96,
66,0
9623
,40,
85,1
3655
,80,
960
NIL
2006
31,0
324,
82,6
8,42
051
,61,
86,9
1823
6,96
,90,
522
307,
79,4
7,41
615
7,42
,28,
358
123,
00,2
9,87
523
,54,
54,2
8330
,84,
42,8
12(-)
7,29
,88,
529
NIL
2007
33,0
325,
30,4
1,89
050
,96,
83,1
4925
4,18
,90,
755
346,
61,9
9,92
116
2,73
,45,
583
160,
66,9
8,55
622
,35,
52,9
6822
,33,
48,1
242,
04,8
44N
IL20
0835
,320
6,82
,95,
140
57,9
5,21
,481
293,
45,2
2,09
836
0,85
,95,
076
176,
58,1
7,06
116
1,19
,67,
586
29,7
2,73
,996
28,6
7,57
,350
1,05
,16,
646
NIL
2009
37,6
677,
66,4
0,04
052
,66,
33,3
0832
0,06
,10,
082
380,
47,9
4,48
118
6,16
,10,
686
166,
61,7
8,38
234
,55,
08,1
2030
,75,
37,5
213,
79,7
0,59
95%
2010
39,9
858,
93,2
5,55
049
,11,
92,2
4438
3,67
,62,
341
443,
18,3
4,84
523
6,76
,21,
153
167,
95,7
6,26
437
,27,
80,3
4036
,27,
71,3
631,
00,0
8,97
7N
IL20
1142
,390
14,0
4,73
,450
45,9
4,07
,315
4,31
,03,
55,0
115,
35,5
6,83
,307
2,68
,06,
59,8
542,
31,7
8,33
,774
44,0
1,01
,990
40,6
6,35
,429
3,34
,66,
561
6%*
2012
44,0
7315
,43,
32,4
2036
,94,
50,9
814,
85,0
2,66
,395
5,59
,98,
38,8
342,
97,9
1,53
,711
2,26
,11,
48,4
5755
,90,
17,8
7853
,45,
50,3
082,
44,6
7,57
06%
**
* RBI
app
rova
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ited
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E
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OM
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TA
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SH
OW
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E P
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AN
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RO
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ther
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ANNUAL REPORT 2011-2012 45
Regd. & Admn. Office 18.03.1946/23.09.1990 203, Venkatesh Chambers, G.T. Marg,(Prescot Road), Fort, Mumbai - 400 001.Phone : 22070967, 22071048, 22072682,
22075483, 22079379, 61828300-399Fax : 22076454, 22093769E-mail : [email protected]
Fort Branch 18:03.1946 Nawab Building, 327 Dr. D.N. Road,Fort, Mumbai - 400 001.Phone : 22040762, 22875968,
22816236Telefax : 22816237
Andheri (West) Branch 11.12.1976 Flower Queen, Veera Desai Road,Andheri (West), Mumbai - 400 058.Phone : 26771968, 26772452(With Safe Deposit Vault)Fax : 2677 2574
Goregaon Branch 04.03.1981 Kiran Industrial Estate, M.G. Road,Goregaon (West), Mumbai - 400 062.Phone : 28724764, 28766041(With Safe Deposit Vault)Fax : 28710252
Kurla Branch 26.05.1983 Shop No. 7, 8 & 9, New Dwarka Puri, KailashChowk, L.B.S. Marg, Near Sheetal Cinema,Kurla (West), Mumbai - 400 070.Phone : 25030988Telefax : 25031318
Borivli (West) Branch 21.02.1985 “Panchavati”, Eksar Road,Borivli (W), Mumbai - 400 092.Phone : 2890 7191, 2890 7244(With Safe Deposit Vault)Fax : 28907206
Ghatkopar Branch 06.12.1986 Kavita Co-op. Hsg. Society Ltd.,R.B. Mehta Marg,Ghatkopar (East), Mumbai - 400 077.Phone : 2102 4254(With Safe Deposit Vault)Telefax : 21024077
Andheri (East) Branch 20.05.1991 Rebello Heritage, Gundavali, Azad Road,Andheri (East), Mumbai - 400 069.Phone : 26843455, 26841802(With Safe Deposit Vault)Fax : 2683 4340
Kandivli (West) Branch 16.02.2001 Ram Krupa, Devji Bimji Lane,Mathurdas Road, Kandivli (W),Mumbai - 400 067.Phone : 28653933(With Safe Deposit Vault)Telefax : 2865 4671
Saki Naka Branch 26.02.2001 103, Sagar Pallazio,Opp. Chakra Hotel, Andheri-Kurla Road,Saki Naka, Mumbai 400 072.Phone : 28562785Telefax : 2859 3030
Vikhroli Branch 16.01.2002 Unit No.23/24, Indraprastha Industrial Estate,Hariyali, L.B.S. Marg, Vikhroli, (West),Mumbai - 400 079.Phone : 25774607(With Safe Deposit Vault)Telefax : 2577 4606
Dombivali (East) Branch 23.05.2010 Shop No. 103-106, Saroja Arcade, 1st Floor,Patkar Road, Opp. Railway Station,Dombivali (East), Dist. Thane - 421 201.Phone : 0251-2860485Telefax : 0251-2860375
ANNUAL REPORT 2011-201246
NOTICE
In the AGM dated 2nd November 2002, members have approved the face value of shares
be increased to Rs 100/- from Rs 10/-. This has also been approved by The Registrar of
Co-operative Societives, Pune.
All the members holding shares of face value Rs 10/- are requested to pay the difference
amount of Rs 90/- per share to convert the shares to face value Rs 100/- on or before
31st December 2012. This exercise is to be done in accordance with the directives of The
Registrar of Co-operative Societies, Pune.
The Members who have not collected their Share Certificates so far are hereby advised to take
delivery of the same from the Bank as early as possible on production of Share Money Receipts.
Members who have not collected their dividend for the year 2008-2009 are requested to collect
the same immediately to avoid its forfeiture as on 31st December 2012.
Correspondence pertaining to the notice of the meetings will be sent to the residential address
of the members. Hence, changes in address, if any, should be sent to the Registered Office
immediately to ensure prompt receipt of notices. Members are also requested to intimate any change
in nominee to keep our records upto date.
Members are requested to open SB Accounts with our Bank & to intimate their Account Numbers
to share dept./nearest branch to deposit their Dividend Warrants in their respective accounts.
Dividend will be paid to those share holders whose names appear on the Bank’s record as on 31st
March 2012 and who are entitled to receive dividend proportionately.
Those members who have not yet availed of nomination facility are requested to submit their
nomination in the prescribed form.
No T.D.S. on Term Deposit Interest for members :
Deposits upto Rs. 1.00 Lac are Insured with DICGC.
ANNUAL REPORT 2011-2012 47
THE MOGAVEERA CO-OP. BANK LTD.
Dear Member,
Presently we are dispatching Annual Reports to individual members, although some of them are staying in same
house or having same addresses.
Now we propose to send one common Annual Report to members residing in one house / having the same
address. If you agree with the same, kindly send the perforated sheet (Form A) duly signed by all members
to us, so that in future we can send one Annual Report to all the members.
We have been sending you dividend warrant/s as and when declared to your mailing address. In order to provide
you with more efficient service, we request you to furnish us with your account number so that dividend is credited
as soon as it is approved. This would not only facilitate prompt receipt of dividends but also save cost and
valuable time. Therefore, kindly fill the mandate form (Form B) appended below and submit it duly signed to
the branch where you have an account / nearest branch. This will enable the branch to forward your request
to the share department at our Administrative office.
Thanking you, Yours faithfully,
For THE MOGAVEERA CO-OPERATIVE BANK LTD.
Sd/-
(K. Sivaram)
Chief Executive Officer
FORM A
Address : ________________________________________________
________________________________________________
________________________________________________
________________________________________________
Date : ________________________________________________
To,
The Mogaveera Co-operative Bank Ltd.
203, Venkatesh Chambers
G.T. Marg (Prescot Road), Fort, Mumbai - 400 001.
Dear Sir,
Reg.: Shares of The Mogaveera Co-operative Bank Ltd. held by us
We refer to your above request and agree that you may send one common Annual Report for all share
holders of our family & relatives having above address.
Please credit dividend warrants to my / our Account No._________________with your______________Branch.
Thanking you,
Yours faithfully,
Sr. No. Name of the Share Holder Membership No. Signature
ANNUAL REPORT 2011-201248
FORM B
To,
The Chief Executive Officer,
The Mogaveera Co-operative Bank Ltd.
Share Department
203, Venkatesh Chambers,
Fort, Mumbai - 400 001.
Dear Sir,
Ref : Share Membership No.__________________
Kindly,
a) Credit dividend amount as and when declared to my Savings / Current / Overdraft Account
Number_____________________with your_____________________Branch.
b) Note my change of address as given below.
c) Note my Telephone, Mobile Numbers & Email ID as given below.
Thanking you.
Yours faithfully,
(Signature)
Name : _____________________________________________________________________________________
Address : ___________________________________________________________________________________
___________________________________________________________________________________________
Tel : _____________________ Mobile : _______________________ E-mail : ___________________________
Place : _____________________
Date : ______________________