BalanceSheet 2011 - maharashtra gramin bank

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10) PROVISION FOR TAXATION: Sr. No. Particulars Current Previous Year Year Provision for Income Tax - - - - 11) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS - 29): a) Provision of Rs. 4,64,366 is made in respect of suits filed against the bank by customers and first appellate authority has decided the case against the bank. Provision is made for amount ordered to be made by the first appellate authority. b) Employees union of the bank had filed case against the bank raising demand for payment of matching contribution to the Provident fund. Case has been decided in favor of the bank by High Court and SLP by union is filed at Supreme Court. The matter has been heard and is closed for judgement. This, in the opinion of the management, does not require any provision. -----*****-----
SCHEDULE - 18 NOTES ON ACCOUNTS - FINANCIAL YEAR 20910-11 1) During the year, bank has migrated its entire 327 branches to Core Banking in last 4 months of FY. It has not yet conducted migration audit. Hence there are likely to be un-detected migration errors. Our audit opinion is subject to migration audit. 2) Report of the branch auditors and observations given therein form integral part of audit report and our audit opinion is subject to comments / observation of branch auditors. 3) Reconciliation of entries as on 30.09.2010 in the Branch Adjustment account and other accounts have been drawn. All the branches of the Bank have been reconciled with the Head Office as on 30.09.2010. Debit entries pending over 6 months as on 31.03.2011 are 256 involving amount of Rs. 843.51 lacs whereas credit entries pending over 6 months are 5659 amounting to Rs. 24019.02 lacs. Work of reconciliation of these entries is in progress. Bank is required to provide for at 100% on net debit balance on the entries remaining unadjusted beyond Six months in Branch Adjustments Accounts as at year end. No provision has been made by the Bank as there is net credit balance in Branch Adjustment Account. 4) New DD account has been introduced in the Bank from 22.09.2009 and DD Transactions have been separated from Inter Branch Reconciliation. As on 31.03.2011, 3185 debit entries pending involving amount of Rs. 4704 lacs and 5226 pending credit entries amounting Rs. 4860 lacs are pending. Work of reconciliation of these entries is in progress. 5) Fixed assets such as computers, UPS, furniture, inverter and batteries etc. are sent to branches by debit to Proceeds in Transit a/c. Entries worth Rs. 212.47 lacs are pending in proceeds in transit a/c towards assets sent to branches, since PoB realizations are not received from branches. A provision of Rs. 84,60,482/- is made by debit to P/L Provisions a/c towards depreciation on assets / write off of expenses involved in proceeds in transit a/c 6) During the year, bank has migrated its entire 327 branches to Core Banking in last 4 months of FY. Few instances of excess interest application or interest application to NPA accounts have been identified by branch auditors. Bank has yet to get migration audit completed. To cover up any such instance of excess interest application, bank has made an ad-hoc provision of Rs. 3 crore by debit to P/L Provisions and Credit to G/L Interest Suspense a/c. The provision in our opinion is adequate. 7) Amount lying to the credit of Interest Suspense a/c (towards interest applied to the Distressed Farmers a/c but not credited to Income a/c and held in Interest Suspense a/c) Rs. 1,73,18,482/- has been credited to Profit and Loss a/c, since in the opinion of the management, most of the accounts have been recovered in Debit waiver/relief scheme.
Page 1 and 2: MAHARASHTRA GRAMIN BANK HEAD OFFICE
Page 19 and 20: SCHEDULE - 17 SIGNIFICANT ACCOUNTIN
Page 21 and 22: c) In case of Debentures and bonds,
Page 23: Sr. No. Name Period 1 A A Magdum, C
Page 27 and 28: (Rs. Lakh) Sr. Particulars Current
Page 29 and 30: ii) Non- Performing Non- SLR Invest
Page 31 and 32: 23) Details of Loans Assets subject
Page 33: MAHARASHTRA GRAMIN BANK HEAD OFFICE

BalanceSheet 2011 - maharashtra gramin bank

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