VALLE VILLE

VALLE VILLE

CO-OPERATIVE HOUSING SOCIETY LIMITED

Plot No.166, St.Cyril Road, Bandra West, Mumbai-400 050
REG. No. BOM/WHW/HSG/TC/8947 OF 1995

AUDIT REPORT

2021-2022

FORM No. N-2
[See Section 81 and rule 69 (3)]

INDEPENDENT AUDITORS REPORT

The Chairman/Secretary
Valle Ville Co-Operative Housing Society Ltd
Plot No.166, St.Cyril Road, Bandra West
Mumbai 400 050.

Ref. Appointment Letter dated 27th September, 2021

Report on the Financial Statements as a Statutory Auditor

1) I have audited the accompanying financial statements of VALLE VILLE CO-
OPERATIVE HOUSING SOCIETY LIMITED, which comprise the Balance
Sheet as at 31st, March 2022, Income and Expenditure Account for the
year then ended, and a summary of significant accounting policies and
other explanatory information incorporated in these financial statements of
the society audited by me for the period 1st April, 2021 to 31st March
2022

Management’s Responsibility for the Financial Statements

2) Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Society in accordance with the accounting
principles generally accepted in India, the Maharashtra Co-operative
Societies Act, 1960 and Rules there under. This responsibility includes
maintenance of adequate accounting records in accordance provisions of
the Act for safeguarding the assets of the society and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement, whether
due to fraud or error.

Auditor’s Responsibility

3) My responsibility is to express an opinion on these financial statements
based on our audit. I have taken into account the provisions of the Act, the
accounting and auditing standards and matters which are required to be
included in the audit report under the provisions of the Act and Rules made

there under. I have conducted our audit in accordance with the applicable
standards issued by the Institute of Chartered Accountants of India and
under the Maharashtra Cooperative Societies (MCS) Act, 1960. 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.

4) An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures on 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 relevant to the societies preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion of the effectiveness of the societies internal control. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements.

5) I believe that the audit evidence I have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.

Opinion

6) In my opinion and to the best of my information and according to the
explanations given to me, the said financial statements together with the
notes thereon give the information required as per the Maharashtra
Cooperative Societies Act , 1960 and the Maharashtra Co-Operative
Societies Rules 1961, and any other applicable Acts, and or circulars issued
by the Registrar, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:

i. in the case of the Balance Sheet, of the state of affairs of the Society as at
31st March, 2022; and

ii. in the case of the Income and Expenditure Account, of the Deficit for the
period/year ended on that date; and

Report on Other Legal and Regulatory Requirements

As required by the Maharashtra Co-operative Societies Act, 1960 and Rules
made thereunder and in terms of circular No 976/2014 Dated 28/10/2014
we give in part A, B & C a statement on the matter specified in the said parts
to the extent applicable.

1) The Balance Sheet, Income and Expenditure Account have been drawn
up in accordance with the provisions of the Maharashtra State Co-
operative Act, 1960.

2) I report that:
i. I have obtained all the information and explanations which to the best of

our knowledge and belief were necessary for the purpose of my audit and
have found them to be “FAIR”.
ii. The transactions of the society which have come to our notice have been
within the powers of the society.
iii. The returns received from the office of the society have been found
adequate for the purposes of our audit.
3) In my opinion, the Balance sheet, Income and Expenditure Account

comply with applicable Accounting Standards.
4) I further report that:
i. the Balance Sheet, Income and Expenditure Account and Receipt and

Payment Account dealt with by this report are in agreement with the
books of account and the returns and give true & fair view of statements
of affairs.
ii. in our opinion, proper books of account as required by law have been
kept by the Society so far as appears from our examination of these
books
iii. for the year under audit the society has been awarded “A” Classification

Sd/-
Aud. SAJID HUSAIN A SHAIKH
Certified Panel Auditor- Co-Op. Society
Empanelment No.: C1- 1013645
Place: Mumbai
Date: 31st August, 2022

PART‘A’

SPECIFIC REPORT

NOTES ON ACCOUNTS / GENERAL REMARK

1. Financial embezzlement : NIL
2. Misappropriation of funds : NIL
3. Improper appropriation of funds : NIL

4. Effects of the transaction to be caused: Loss of interest income due to non conver-
on due to policy decision -sion of bank balance into Bank Term Deposit

5. Improper and irregular loan transaction: NIL

6. Improper investment : NIL

INFRINGMENT OF THE M.C.S. ACT 1960 RULES 1961 & THE BYE-LAWS OF THE SOCIETY

Sr. Act Rules Bye-Laws Details of Infringements
No.
1 38 32 141(i) Members register in “I” form not kept on record.
2 -- 26 32 Nomination Forms Not Received
3 33 141(2) List of members in “J” form not kept on record
4 82 73 153 Audit rectification report in prescribed “O”
form submission to registrar within prescribed
5 154 time limit
6 160 Conveyance of the property
7 071 (a) Insurance of building
8 127 (i) Defaulter member 3 months
9 145 Managing committee meeting
10 75(iI) 95(9) Payment beyond the limit in cash
11 24(a) 14 A G M within prescribed limit
12 70 54,55 15 Education & Training fund collection
13 65 141 (Ito 16) Investment of fund
14 73 115 Required registers to be kept (property reg.)

15. 73FF 119 B Reservation for female member on the managing
committee.
16 29 Disqualification for membership of managing
committee.
Restriction of transfer of shares & Property.

17 9 Issue of Share Certificates to the Members within
the prescribed limit.
18. 61 146(a) Drafting financial statement after the prescribed
limit.
19 144 Cash in hand beyond the prescribed limit.
20 160 124
21 73 b 73 c 114 Handover the charge to new committee.
Strength of the meeting.

Special Note : Only “BOLD” marked breach are applicable to the society

Sd/-
Aud. SAJID HUSAIN A SHAIKH
Place: Mumbai Certified Panel Auditor- Co-Op. Society

Date: 31ST August, 2022. Empanelment No.: 1013645

1

PART‘B’

NOTES ON ACCOUNTS / GENERAL REMARK

A. MANAGEMENT PART :

1. INTRODUCTION :

NAME OF THE SOCIETY : VALLE VILLE CO-OPERATIVE HSG SOCIETY LTD

REGISTERED ADDRESS : Plot No.166, St.Cyril Rd Bandra (W), Mumbai-400 050

REG. NO & DATE : BOM/WHW/HSG/TC/8947 OF 1995 DT.09/03/1995

PERIOD OF AUDIT : 1st April, 2021 to 31st March, 2022.

AUDIT CLASSIFICATION : "A"

SOCIETY’S LAST ELECTION : 02.08.2015

DATE OF END OF THE TENURE

OF PRESENT COMMITTEE : 01.08.2020

2 MEMBERSHIP : 21

3 NO OF COMMITTEE MEETING : 03

4 ANNUAL GENERAL MEETING : 25.09.2021

5 SPECIAL GENERAL MEETINGS : 11.12.2021

6 AUDIT COMPLIANCE REPORT : NO

7 COMPLIANCE OF STATUTORY CONTROLS. : As per audit objection &
general remarks

B. FINANCE MANAGEMENT :
1. APPROPRIATION OF FUNDS : NIL
2. PROVISIONS : Provisions made towards outstanding liabilities.

C. LOAN TRANSACTIONS : Not Applicable

Cash balance: Rs. 7,946 /- was lying in hands at the end of 31-03-2022
Bank Balance : Society has Accounts in the following banks.ar the end of 31-03-2022
The details are as under:
Saving Account - Mumbai District Central Co-op Bank Ltd Rs.16,19,006/-

Society’s liabilities status as on 31-03-2022.
Audit fee payable Rs. 2,500/-
Water Charges Rs.8,000/-

2

TDS Payable Rs.5,990/-
Water pump Expenses Rs.19,852/-
Professional Fees Rs 10,000/-
Ground Rent Rs.5/-
Property Tax Reserve Rs.46,581/-
Security Charges Rs.13,040/-
Pricilla Nileshwar Rs.65/-

Valuation of property: Land & building : Rs.1,37,42,270/- ( as per Balance Sheet)

1. No personal expenses recorded in income & expenditure a/c.
2. All the expenses incurred for fulfilling the objectives of the society.
3. There are no such transaction which hurts the interest of the society.
4. Society is fulfilling its liability towards the members
5. There is not any loan kept overdue by the society. : NA
6. Amount to be spent for fulfilling the objectives : YES
7. Society has not received any financial assistance from any authority for fulfillment of its

objectives.

Society’s managing committee formed on Dated as follows.

Name Designation

Mrs. Pearl Desilva Chairperson
Mr. Milton D’Silva Secretary
Mr. Kenneth Valles Treasurer
Mr. Gillroy Valles Managing Committee Member
Mrs. Bernardine Sequeira Managing Committee Member
Mrs. Pricilla Nileshwar Managing Committee Member
Mrs. Melba Dias Managing Committee Member

Sd/-
Aud. SAJID HUSAIN A SHAIKH
Certified Panel Auditor- Co-Op. Society
Empanelment No.: 1013645
Place: Mumbai
Date: 31ST August, 2022.

3

PART‘C’

VALLE VILLE CO- OPERATIVE HOUSING SOCIETY LIMITED

AUDIT OBJECTIONS & GENERAL REMARKS.

SN SUBJECT COMPLIANCE OF THE SUGGESTIONS
O FOLLOWING NOT DONE

01 Limit of Cash on Hand Cash in hand at the closing At the close of every day, a
sum, not exceeding Rs.
31/03/2022 was Rs.7946/- 5,000/-.

The Society is advised to

02 Investments Loss of interest Income invest it’s Income &
because of the society due Expenditure Balance, Reserve
keeping huge balance in Fund and other Funds if any in

Saving Account Bank Fixed Deposits and

should get earmarked.

Payments beyond Payments in excess of All payments in excess of
certain Limit by Cash. Rs.1500/- were made in cash Rs.1500/- shall be made by
03 Fire Audit crossed a/c payee's cheques.
04 Society shall undertake to
05 Lift Inspection No fire Audit Carried out by the carry out periodical Fire Audit
06 Co-operative Society during the year of its property as per the State
education and training Fire Policy
07 The Society shall carry out
Collection of Training No Lift Inspection seem to be periodical Inspection of Lifts /
& Education fund carried out by the Society Elevators

during the year Committee

No Co-operative education and members/employees of the
Society are required to take
training done by the society Co-operative education and

training as per the provisions
of Section 24A of the Act.

The Society has not collected The Society is directed to

training & Education fund collect Education & Training
during the year and imparted Fund @ Rs.10/- Per month per
training to its members members as per by laws and
employee & officers. invest the same in fixed

deposits of prescribe Banks.

08 Creation of Repairs & Society has not made proper The Repairs and Maintenance
provision for Repairs & Fund, @ 0.75% pa of the
Maintenance Fund Maintenance Fund construction cost of each flat
The Sinking Fund @ 0.25% pa
Creation of Sinking Society has not made proper of the construction cost of
09 Fund provision for Sinking Fund each flat

4

Managing Committee During the year under audit The Society is advised to
10 Meeting the 3 Managing Committee conduct at least one

meetings were held in view of committee meeting per
pandemic covid-19 month and approve
expenses of the current

month in the next month’s
Committee Meeting
Society has not provided the Society must Adopt Model
11 Model Bye Law appropriate documents for the Bye Laws and should get it

adoption of Model Bye Law approved from the registrar

12 Strength of the Not Applicable Strength of the Managing

Managing Committee Committee shall be
maintained as per section

73B and 73C of the Act.

13 Online Account with online Account with The Society needs to open
Registrars Portal mahashakar Online Account with
Registrars Portal (Web site of
Department of Co-operation,
Marketing & Textile,
Maharashtra, Govt of
Maharashtra) and need to do
all online procedures
prescribed in this behalf.

14 Election Fund No election fund has been Society hereby directed to
created by the society charges and collect election
fund as per by laws
No.67a(xv)

15 Managing Committee Regular Election as per as Govt. The society has to conduct
Election Gr. dated 13/09/2021 not the election with immediate
conducted effect and follow the

procedure of election of
conduct of election as per

amended Laws.

Sd/-
Aud. SAJID HUSAIN A SHAIKH
Certified Panel Auditor- Co-Op. Society
Empanelment No.: 1013645
Place: Mumbai
Date: 31st August, 2022

5

STATUTORY REPORT AS REQUIRED U/S 81 (2)

NAME OF THE SOCIETY : VALLE VILLE CO-OPERATIVE HSG. SOC. LTD.
PERIOD OF AUDIT : 1st April, 2021 to 31st March, 2022.

SCHEDULES

Schedule: I Transaction involving infringement of the provisions of the Act. Rules and
Byelaws. : Vide General Remarks.

Schedule: II. Particulars of sums, which ought to have been but have not been brought in to
the account. : NIL

Schedule: III. Improper and irregular payments.: NIL

Schedule: IV List of doubtful debts.: NIL

Schedule: V. List of Movable & Immovable Property and Other Assets. considered
doubtful of realization. : NIL

Sd/-

Aud. SAJID HUSAIN A SHAIKH
Certified Panel Auditor- Co-Op. Society
Empanelment No.: 1013645
Place: Mumbai

Date: 31st August, 2022.

6

Valle Ville Co-Operative Housing Society Ltd.

(Regn. No.BOM/WHW/HSG/TC/8947 of 1995)

Balance sheet as at 31st, March, 2022

As at Liabilities As at 31st As at Assets As at 31st
31st March, 2021
SHARE CAPITAL March, 2022 31st March, 2021 March, 2022
₹ Authorised Share Capital
2000 Shares of Rs.50/- Each ₹₹ ₹
1,00,000.00
1,00,000.00 CASH & BANK BALANCES 16,26,951.95
5,35,917.15 As Per Schedule 5

5,250.00 SUBSCRIBED AND PAID UP 5,250.00 25,24,308.00 INVESTMENTS 24,59,970.00
250 Shares of Rs.50/- Each 35,90,346.05 - As Per Schedule 6 57,453.00
- 1,37,42,270.00
RESERVES & OTHER FUNDS 37,676.00 ADVANCES & DEPOSITS 1,37,66,802.00
24,37,518.05 As Per Schedule 1 As Per Schedule 7
-
CONTRIBUTIONS FROM MEMBERS FIXED ASSETS
1,37,42,270.00 As Per Schedule 2 1,37,71,047.00 As Per Schedule 8

CURRENT LIABILITIES & PROVISIONS -
1,05,478.00 As Per Schedule 3
1,06,033.00

5,78,432.10 INCOME & EXPENDITURE ACCOUNT 4,67,277.90 -
As Per Schedule 4
1,79,11,176.95 1,68,68,948.15 1,79,11,176.95
1,68,68,948.15 -
-
As per our report of even date attached For Valle Ville Co- Operative Housing Society Ltd.
For Sajid Husain Shaikh
Certified Auditor -Co.Op Society

sd/- sd/- sd/- sd/-
(Aud.Sajid H Shaikh) Chairman Secretary Treasurer
Empanelment No.1013645
Place : Mumbai Date:31/08/2022 Place : Mumbai Date:31/08/2022

Valle Ville Co-Operative Housing Society Ltd.

(Regn. No.BOM/WHW/HSG/TC/8947 of 1995)

Income & Expenditure Account for the year ended 31st March, 2022

For the Year Particulars For the Year Ended For the Year Particulars For the Year Ended
Ended 31st March, 31st March, 2022 Ended 31st March, 31st March, 2022
₹
2021 ₹ ₹ 2021 ₹
4,06,080.00
To Property Expenses By Contribution 2,35,728.00

- Conveyance Expenses 3,89,275.00 - From Members 30,816.00
8,740.00
2,35,498.00 Municipal Taxes 2,35,498.00 4,06,080.00 General Maintenance Charges
75,168.00
1,58,580.00 Security Charges 1,56,480.00 2,35,728.00 Municipal Taxes -
-
63,166.00 Insurance 60,860.00 30,816.00 Water Charges -

32,790.00 Repairs & Maintenance 39,400.00 8,640.00 Parking Charges 3,384.00
38,016.00
37,952.00 Lift Repairs & Maintenances 39,132.00 51,672.00 Insurance Charges
708.00
46,070.00 Electricity Charges 38,890.00 22,621.00 Interest on Arrears
4,000.00
33,850.00 Water Bill 25,152.00 5,000.00 Shifting Charges 100.00

2,520.00 Education Training Fund 2,520.00 43,776.00 Lift Renovation -
28,250.00
15,981.00 Pest Control - 2,538.00 Non Occupancy Charges
1,84,881.00
- - 34,026.00 Lift Maintenance Charges

To Administrative - Bank Charges

Expenses

57,600.00 Salaries 57,935.00 By Other Income
54,000.00 - Coconut Sales
42,000.00 Accountant Salaries 11,050.00 750.00 Misc Income

3,000.00 Professional Fees 5,500.00 By Bank Interest
4,245.00 - On FDR Account
4,500.00 Festival Expenses 2,478.00 13,847.00 On Saving Account
1,860.00
3,197.00 Depreciation 1,684.00 - By Amount trf To fund
Conveyance Expenses Fund
1,978.00 Audit Fees 826.00
165.20
1,378.00 Conveyance Exp
75.00
270.00 Printing & Stationery

826.00 Subscription Charges

768.78 Bank Charges

43.00 Postal Expenses

To Excess of Income over Exp- By Excess of Expenditure over
1,13,526.22 enditure carried Forward to B/s
- Income carried Forward to B/s. 1,11,154.20
-
8,55,494.00 - 11,27,025.20
-
As per our report of even date attached 11,27,025.20 8,55,494.00
For Sajid Husain Shaikh
Certified Auditor -Co.Op Society -

For Valle Ville Co- Operative Housing Society Ltd.

sd/- sd/- sd/- sd/-
(Aud.Sajid H Shaikh)
Empanelment No.1013645 Chairman Secretary Treasurer
Place : Mumbai Date:31/08/2022
Place : Mumbai Date:31/08/2022

Valle Ville Co-Operative Housing Society Ltd.

(Regn. No.BOM/WHW/HSG/TC/8947 of 1995)

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT 31-03-2022

RESERVES AND OTHER FUNDS SCHEDULE - 1

As at PARTICULARS As at
31stMarch,2021 31st March,2022
RESERVE & OTHER FUNDS ₹₹
₹ Balance As Per Last Balance sheet
Add: Entrance Fees 69,491.05
69,491.05 Balance at the end of the year 100.00
-
69,591.05
69,491.05

15,90,309.00 SINKING FUND 17,26,724.00
18,096.00 Balance As Per Last Balance sheet 18,096.00
Add:Contribution during the year
1,18,319.00 Add: Interest on Fund FDR/RD 1,26,497.00
17,26,724.00 Balance at the end of the year
18,71,317.00

60,546.00 PAINTING FUND 77,823.00
14,400.00 Balance As Per Last Balance sheet 15,14,416.00
Add:Contribution during the year
2,877.00 Add: Interest on Bank Recurring Deposit 3,936.00
- Less:Amt utilised during the year (4,14,060.00)
Balance at the end of the year
77,823.00 11,82,115.00

2,92,326.00 REPAIRS FUND 3,65,999.00
33,600.00 Balance As Per Last Balance sheet 33,600.00
40,073.00 Add:Contribution during the year 52,604.00
Add: Interest on Bank FD/RD
3,65,999.00 Balance at the end of the year 4,52,203.00

10,080.00 EDUCATION & TRAINING FUND 12,600.00
2,520.00 Balance As Per Last Balance sheet 2,520.00
Add:Contribution during the year
12,600.00 Balance at the end of the year 15,120.00

1,84,881.00 PROPERTIES CONVEYANCE FUND 1,84,881.00
- Add:Contribution during the year (1,84,881.00)
Less:Amt utilised during the year
1,84,881.00 Balance at the end of the year -

24,37,518.05 35,90,346.05

CONTRIBUTION FROM MEMBERS TOWARDS ACQUIRING ASSETS SCHEDULE - 2

As at PARTICULARS As at
31st March,2021 31st March,2022
COST OF LAND AND BUILDING ₹₹
₹ Balance As Per Last Balance sheet
1,37,42,270.00
1,37,42,270.00 -

- 1,37,42,270.00
1,37,42,270.00 Balance at the end of the year

1,37,42,270.00 1,37,42,270.00

Valle Ville Co-Operative Housing Society Ltd.

(Regn. No.BOM/WHW/HSG/TC/8947 of 1995)

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT 31-03-2022

FIXED ASSETS AND DEPRECIATION SCHEDULE - 8

Particulars Balance as on Additions Deductions Total Depreciation Balance as on
01-04-2021 31-03-2022
during the during the ₹
₹
Year ₹ Year. ₹

Rate Amount

Land & Buildings - 1,37,42,270.00 % ₹
Furniture & Fixtures 1,37,42,270.00 - - - 1,37,42,270.00
Water Meter 1,435.00 -
Water Pump 5,248.00 - - 1,435.00 10.00 144.00 1,291.00
Total -
22,094.00 - - 5,248.00 15.00 787.00 4,461.00
1,37,71,047.00
- 22,094.00 15.00 3,314.00 18,780.00

- 1,37,71,047.00 4,245.00 1,37,66,802.00

Previous Year 1,37,74,244.00 - - 1,37,74,244.00 3,197.00 1,37,71,047.00

FORM 1

Audit Memo (For all types of Co-op. Societies)

Audit Period 2021-2022

Particulars Remarks
Name of the society:
Sr. No. of the audit memo as per audit register: Valle Ville Co-Operative
Full Registered Office: Housing Society Limited

N.A.

Plot No.166, St. Cyril Road, Bandra

West, Mumbai 400 050

Administrative Office: As above
Taluka: Bandra
District: Greater Mumbai
Registration No. BOM/WHW/HSG/TC/8947/1995
i) Audit Classification – ‘’A’’
ii) Audit Classification given during the last three audits – ‘’A’’ “B” “B”
Date of Registration: Date: 9TH March, 1995
Area of Operation: Greater Mumbai
No. of Branches, depots and shops: N.A.
1. Audit Information:
Mr. Sajid Husain Ahmed Shaikh,
1) Full Name, designation and Head Quarters of auditing RNo.2, House No.323A, Thakersey Amarsey
officer. Chl, Bazar Road, Near Jain Mandir Bandra
(W), Mumbai – 400 050
2) Period covered during the present audit: 01/04/2021 to 31/3/2022

Dates on which: 22/08/2022
28/08/2022
3) 1) Audit was commenced 31/08/2022
2) Audit was completed

3) Audit memo was submitted

2. Membership:

No. of members

i) a] Individual (i) Ordinary – 21
(ii) Nominal- Nil
(iii) Sympathiser Nil
Nil
b)Societies Nil

C) Others

ii) Have new members been duly admitted? Have they paid No ( only one associated member added )
entrance fees?

iii) Are their written applications in order and filled properly? No

iv) Is the members’ register kept in Form “I” Yes

v) Is a list of members kept in Form “J” under Rule 33 of the Yes
M.C.S. Rules 1961?

Have due remarks been passed against names of the

vi) deceased, dismissed or resigned members in the members’ NA

register?

vii) Are resignations in order and are they duly accepted? N.A.

Have nominations made under rule 25 of the M.C.S. Rules

viii) 1961 been duly entered in the members’ register under NO

rule 26? Yes
Yes
3. Shares: Yes
Yes
i) Are applications for shares in order? Yes
Yes
ii) Is share register written up-to-date? Yes

iii) Do the entries in share register tally with the entries in the NA
cash book? NA

iv) Is share ledger written up-to-date?

v) Do the total of share ledger balances tally with the figures
of share capital in the Balance Sheet?

vi) Have share certificates been issued to the shareholders for
all the shares subscribed?

vii) Are share transfers and refunds in accordance with the
provisions of the Bye-laws, Act and Rules?

4. Outside Borrowers:

i) What is the limit fixed in the Bye-laws for borrowings of the
society?

ii) Has it been exceeded?

iii) If so, state whether necessary permission NA

5. Meetings: 25/09/2021
i) Give dates of: 11/12/2021

a) Annual General Meeting. 3 -Due to Covid-19
b) Special General Meeting. -
ii) State the no. of meetings held during the period as follows: -
a) Board or Managing Committee Meetings. -
b) Loan Committee Meetings -
c) Recovery Committee -
d) Audit & Inspection Committee -
e) Computer Committee -
f) Asset Liability Management Committee -
g) Development Committee
h) Staff Committee Yes
i) Investment Committee
6. Rectification Reports: - See General remarks
Has the society submitted audit rectification reports of the
i) previous audit memos? If so, give dates of submission. If not,
state the reason for non-submission.
Have any important points mentioned in the previous audit
memos been neglected by the society? If so, state them in
ii) general remarks.

7. Audit Fees: Rs.2478/-
i) Give amount of audit fees last assessed. 01/04/2020 to 31/03/2021

a) State period for which assessed:

b) State the date of recovery of audit fees, name of treasury 20/08/2021
Paid to P.G. Ranade & Co
and amount credited (Give no. and Date of Treasury
N.A
Challan retained as per rule)
Society does not have internal audit system
ii) If audit fees have not been paid by the society, give details
about outstanding audit fees and reasons for non-payment. N.A.

8. Internal or Local Audit: Mr. Milton D’Silva (Hon. Secretary)
Nil - Honorary Basis
i) If there is internal or local audit, state by whom done, period N.A.
covered and whether memo is on record of the society. No
Yes
ii) State whether there is a proper co-ordination between
Statutory and Internal auditor. No

9. A] Managing Director/ Manager/ Secretary: NA

i) Name of the officer

ii) Pay drawn

iii) Grade

iv) State other allowances, if any, any facilities given such as
rent-free quarters etc.

iv) State whether he is a member

If so, whether he has borrowed or has been given any credit

v) facilities? State the amount borrowed and the amount of

overdues, if any.

vi) If other amounts are due from him, give details.

B] Obtain a list of staff showing names, designations,
qualifications, scales, present pay and allowances given, date NA
from which employed, security furnished.

10. Breaches:

i) Does the bank possess a copy of the Act, Rules, and its Yes
registered Bye-laws? See General Remarks

Give only no. of breaches of the Act, Rules and Bye-laws.

ii) a) Section no._________

b) Rule no. ___________

c) Bye-laws ___________

Have any rules been framed under the Bye-laws? Are they

iii) approved by appropriate authority? Are they properly Yes
followed? (These breaches should be discussed in brief in

general remarks).

11. Profit & Loss:

i) What is the amount of profit earned or loss incurred during Deficit of Rs.1,11,154/-
the last co-operative year?

State how the net profits are distributed? (In case of non- Sr. Particulars Amount
No. (Rs.)
ii) business societies, figures of surplus or deficit may be given
against query no. 11(i) above). 1 N0

N0

12. Cash, Bank Balances and Securities:
a) Cash:

i) Count cash and sign the cash book stating the amount so At the end of the year, the cash balance on
counted and date on which counted. hand is not physically verified, because audit
is conducted after the year end.
Cash in Hand of Rs.7,946/-

ii) Who produced the cash for counting? Give his name and N.A
designation. Is he authorized to keep cash? N.A.
N.A.
iii) Is it correct according to the cash book?
Yes
iv) Are arrangement for safety of cash in safe and cash in transit
adequate? Yes
Yes.
b) Bank Balance: N.A.
N.A.
Do the bank balances shown in Bank pass books or bank

statements and bank balance certificates tally with such

balances shown in books of accounts? If not, check

reconciliation statements.

c) Securities:

i) Verify securities physically and see whether they are in the
name of the Bank.

ii) Are dividends and interest being duly collected?

iii) If securities are lodged with the bank, are relevant
certificates obtained?

iv) Is Investment Register kept and written up-to-date?

13. Movable and Immovable Property:

i) Are relevant registers maintained and written up-to-date? Yes
Verified and list obtained
ii) Verify property physically and obtain its list. Does the Not verified by us
balance tally with Balance Sheet figures? Yes

iii) In case of immovable property including lands, verify title Yes
deeds and see whether they are in the name of the Society. Furniture-10% Water Pump-15% P.A.
Yes
iv) Is the property duly insured where necessary? If so, give
details in general remarks?

v) Depreciation:

a) Is due depreciation charged?

b) State the rate of depreciation charged on various assets.

14. Have you discussed the draft audit memo in the Board or

Managing Committee Meeting? If not, state the reasons for the

same:

Sd/-

Aud. SAJID HUSAIN A SHAIKH
Certified Panel Auditor- Co-Op. Society
Empanelment No.: C1- 1013645
Place: Mumbai
Date: 31st August, 2022

VALLE VILLE CO-OPERATIVE HOUSING SOCIETY LIMITED

Plot No.166, St.Cyril Road, Bandra West Mumbai 400 050.

S. No Audit period- 01/4/2021 to 31/3/2022 Remarks
1. FORM NO 28
Part-II No

Description NA
Borrowings :- NA
NA
(i) State the loans obtained by the society for various NA
purposes from Government and other agencies NA
1 Agency Sanctioning Loan NA
NA
2 Purpose for which the loan is sanctioned NA
NA
3 Amount of loan sanctioned NA

4 Maximum amount drawn NA
NA
5 Repayments made

6 Outstanding

7 Amount overdues, if any

8 Remarks

(ii) Are repayments of loans punctual?

(iii) Are all conditions laid down for grant of various
loans and credits observed?

Note breaches, if any.

(iv) Are necessary documents laid down for grant of
various loans and credits Note breaches; if any?

2. Government Financial Assistance :- NA
NA
(i) What is the amount of Government Subsidy
sanctioned and received by the society NA
(II) Has Government sanctioned any amount for land
development, If so, state the amount? Have
development expenses exceeded the said amount?

3. Membership :- NA

(i) State whether in case of backward class co- NA
operative housing societies, certificates from the NA
social welfare officers are obtained for their
eligibility to membership and obtaining of financial
assistance
(II) State whether certificates are obtained from
officers of the concerned industry in case of the
concerned industry housing scheme.

(III) Have declarations been obtained from members
that they and their family members do not own land

or houses in the area of operation of the society as
per provision in the byelaws?

4. Lands and their developments :-

(i) State whether lands for constructions of houses Construction of Building already
have been secured purchased or obtained on lease. completed
Give details of the land stating total area, survey no
and C R S nos. if any price for which purchases lease
rent etc.

(ii) See the title deeds and ascertain whether they are Yes, during the year under
properly executed in favor of the society? consideration conveyance deed
registration process was under

way, the same has not been
verified by us

(iii) State how the lands has been utilized for :- As per BMC Approved Plan

(a) Construction of Houses Yes-As per BMC Approved Plan

(b) Construction of Roads As per BMC Approved Plan

(c ) Open spaces. As per BMC Approved Plan

(d) Other purposes. (Give details) As per BMC Approved Plan

v) Have the layouts and plans for development been Yes
approved by municipal authorities before actual
commencement of the work.

vi) Have completion certificate been obtained from Yes
appropriate authorities for drainage water of
building is commenced?

5. Construction of building :-

(i) (a) Have building constructions commenced ? N.A. (Building construction is
already completed in 1995)

(b) State the Nos.of houses or flats constructed and 21 Flats – construction already
under construction. completed

(C ) Have the completed houses and flats allotted to Yes
members

(ii) Are building constructed on contract basis ? N.A.

See the terms and conditions of contracts and state N.A.
whether they have been properly observed. Note
breaches, if any.

(iii) Are these contracts properly sanctioned by the N.A.
competent authority as per bye-law of the society?

(iv) Have tenders or quotations been called after N.A.
giving due advertisements in local newspapers? If
the works are not given to the contractors quoting
the lowest figures, see whether reasons for the same
are recorded?

(v) Are contractors paid after necessary work N.A.
progress certificates are obtained from the

Architects? Are running and final bills obtained
before payments are made to the contractor?

(vi) See the terms on which the architects are N.A.
employed. Are there any breaches?

(vii) See whether completion certificates have been N.A.
completed according to the approved plans,
specifications and other terms of contracts Yes
(viii) Is a property register kept in proper form? Is N.A.
it written up-to-date?
(ix) When buildings are built departmentally .state N.A.
whether the following books are kept and written N.A.
up-to-date. N.A
N.A.
(a) Job registers & measurement books. N.A.
(b) Stock registers.
(c ) Are valuation certificates from qualified N.A
engineers and or architects obtained?
(d) Is expenditure allocated properly between items Yes
of capital & revenue nature? N.A.
(x) State whether buildings have been constructed
according to the original plan and estimates N.A.
submitted with the loan applications and which are
approved by the Competent authority. Are there any N.A.
deviations If so are they approved from the
competent authority? See General Remarks
(xi) In case of flat owners societies, see whether titles N.A.
to the land have been transferred in the name of the
society? N.A.
(xii) Are buildings and other constructions got N.A.
insured? N.A.
(xiii) In case of flat owners societies, have the Yes
promoters fulfilled their obligations as per Yes
agreements entered with them by the member prior NA
to the registration of the society. NA
(xiv) Examine the agreements entered into with the
promoters and see whether they are in the interest
of the society
(xv) Has the society executed lease deeds in favors of
members for giving plots and or buildings on lease to
them?
(xvi) Has the society created sinking fund as per
provisions of the byelaws?
(xvii) Examine the basis on which monthly rents or
contributions are fixed in case of tenant co.
partnership societies or flat owners societies and see
that the societies and see that the following items are
adequately covered.
(i) Amount required for repayment of loan
installments.
(ii) Municipal and other taxes.
(iii) Lease rent.
(iv) Service Charges and common expenses
(v) Contribution to the Sinking Fund

6. Loan to Members : -

(i) Are recoveries of loans punctual?

(ii) State the amount of overdue. NA
(iii) State what steps are being taken to N A.

recover overdue Yes

7. Expenditure :-
Has the expenditure been approved by the Managing
committee from time to time

Sd/-
Aud. SAJID HUSAIN A SHAIKH
Certified Panel Auditor- Co-Op. Society
Empanelment No.: C1- 1013645
Place: Mumbai
Date: 31st August, 2022