SHAHIN CO-OPERATIVE HOUSING SOCIETY LIMITED (REG. No. BOM/HSG/H-W/6401 OF 1984) AUDIT REPORT 2022-2023 Plot No.344 to 351, Bazar Rd, Bandra West Mumbai 400 050
1 FORM No. N-2 [See Section 81 and rule 69 (3)] INDEPENDENT AUDITORS REPORT The Chairman/Secretary Shahin Co-Operative Housing Society Ltd Plot No.344 to 351 Bazar Road, Bandra West Mumbai 400 050. Ref. Appointment Letter dated 26th December,2022 Report on the Financial Statements as a Statutory Auditor 1) I have audited the accompanying financial statements of SHAHIN COOPERATIVE HOUSING SOCIETY LIMITED, which comprise the Balance Sheet as at 31st, March 2023, 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, 2022 to 31st March 2023 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
2 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, 2023; 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.
3 1) The Balance Sheet, Income and Expenditure Account have been drawn up in accordance with the provisions of the Maharashtra State Cooperative 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 “B” Classification Sd/- Aud. SAJID HUSAIN A SHAIKH Certified Panel Auditor- Co-Op. Society Empanelment No.: 1013645 Place: Mumbai Date: 05th September, 2023.
Liabilities Assets SHARE CAPITAL Authorised Share Capital CASH & BANK BALANCES 5,000.00 500 Shares of Rs.10/- Each 5,000.00 37,30,473.20 As Per Schedule 4 50,74,027.89 3,850.00 SUBSCRIBED AND PAID UP 3,850.00 INVESTMENTS 385 Shares of Rs.50/- Each - As Per Schedule 5 15,30,214.00 - - RESERVES & OTHER FUNDS DUES FROM MEMBERS 80,34,459.29 As Per Schedule 1 99,93,624.24 53,11,158.29 As Per Schedule 6 44,99,807.97 - CURRENT LIABILITIES & PROVISIONS ADVANCES & DEPOSITS 10,25,072.00 As Per Schedule 2 14,94,241.00 4,76,836.00 As Per Schedule 7 8,06,581.00 4,87,496.00 INCOME & EXPENDITURE ACCOUNT 4,75,991.62 FIXED ASSETS As Per Schedule 3 32,409.80 As Per Schedule 8 57,076.00 95,50,877.29 1,19,67,706.86 95,50,877.29 1,19,67,706.86 As per our report of even date attached - For Sajid Husain Shaikh For Shahin Co- Operative Housing Society Ltd. - Certified Auditor -Co.Op Society sd/- sd/- sd/- sd/- (Aud.Sajid H Shaikh) (Mr.Afzal N Sayed ) (Mrs.Surjeet V Gambhir) (Mr.Mohammed Hasan Meghani) Empanelment No.1013645 Chairman Secretary Treasurer Place : Mumbai Date:05/09/2023 Place : Mumbai Date:05/09/2023 As at 31st March, 2022 ₹ As at 31st March, 2023 ₹ As at 31st March, 2022 ₹ As at 31st March, 2023 ₹ Shahin Co-Operative Housing Society Ltd. (Regn. No.Bom/Hsg/H-W)/6401 of 1984) Balance sheet as at 31st, March, 2023
Particulars Particulars To Property Expenses By Contribution 3,29,413.00 Water Bill 2,98,175.00 - From Members 1,18,411.00 Electricity Charges 1,45,266.00 8,58,624.00 Maintenance Charges 8,58,624.00 1,22,327.00 Repair & Maintenance 1,26,530.00 Interest Charges to Member 54,958.68 3,39,582.00 Municipal Taxes 49,988.00 38,325.00 Parking Charges 35,600.00 13,750.00 Plumbing Repairs Expenses 18,500.00 295.00 Interest on Arrears 1,972.00 2,649.00 Electrical Repairs 9,512.00 7,660.00 Cleaning Expenses 850.00 By Other Collection - - - From Members To Administrative - Ground Usage Charges 4,000.00 Expenses 27,600.00 Other Income 1,500.00 3,89,000.00 Salaries 2,76,000.00 900.00 Membership Forms Collection 525.00 15,000.00 Accounting Charges 15,000.00 - 5,455.00 Depreciation 9,833.80 8,000.00 Audit Fees 8,000.00 By Bank Interest 4,468.00 Printing & Stationery 6,792.00 56,351.00 On Saving Account 13,357.00 9,310.00 Conveyance Expenses 6,545.00 4,300.00 Festival Expenses 5,000.00 1,947.00 Bank Charges 2,014.26 - Professional Fees 2,000.00 - 4,965.00 Meeting Expenses 1,950.00 Postage and Courier 85.00 - 10,000.00 Election Expenses By Excess of Expenditure over 231.00 Education Fund - 4,32,428.00 Income carried Forward to B/s. 11,504.38 4,080.00 Miscellenous Expenses 22,000.00 Other Expenses 1,975.00 Tea & Refreshment - - 14,14,523.00 9,82,041.06 14,14,523.00 9,82,041.06 As per our report of even date attached - - For Sajid Husain Shaikh For Shahin Co- Operative Housing Society Ltd. Certified Auditor -Co.Op Society Sd/- Sd/- Sd/- Sd/- (Aud.Sajid H Shaikh) (Mr.Afzal N Sayed) (Mrs.Surjeet V Gambhir) (Mr.Mohammed Hasan Meghani) Empanelment No.1013645 Chairman Secretary Treasurer Place : Mumbai Date:05/09/2023 Place : Mumbai Date:05/09/2023 Shahin Co-Operative Housing Society Ltd. (Regn. No.Bom/Hsg/H-W)/6401 of 1984) Income & Expenditure Account for the year ended 31st March, 2023 For the Year Ended 31st March, 2022 ₹ For the Year Ended 31st March, 2023 ₹ For the Year Ended 31st March, 2023 ₹ For the Year Ended 31st March, 2022 ₹
RESERVES AND OTHER FUNDS SCHEDULE - 1 As at As at 31stMarch,2022 PARTICULARS 31st March,2023 ₹ ₹ ₹ RESERVE & OTHER FUNDS 25,000.00 Transfer Premium 75,000.00 500.00 Membership Fees 1,000.00 177.00 Entrance Fees 477.00 25,677.00 76,477.00 MAJOR REPAIRS FUND 80,00,004.29 Balance As Per Last Balance sheet 80,00,004.29 - Add:Contribution during the year 18,00,001.00 - Add: Interest on Bank saving Deposit 78,149.95 - Add: Interest on Bank FDR 30,214.00 80,00,004.29 Balance at the end of the year 99,08,369.24 EDUCATION & TRAINING FUND 8,778.00 Balance As Per Last Balance sheet 8,778.00 - Add:Contribution during the year - 8,778.00 Balance at the end of the year 8,778.00 80,34,459.29 99,93,624.24 CURRENT LIABILITIES AND PROVISIONS SCHEDULE - 2 As at As at 31st March,2022 PARTICULARS 31st March,2023 ₹ ₹ ₹ ADVANCE From Members 1,500.00 Mr. Mohammed Meghani 1,500.00 - Other 3,895.00 1,500.00 Balance at the end of the year 5,395.00 OUT STANDING EXP & PROVISION 8,000.00 Audit Fees 8,000.00 54,323.00 Water Charges 2,44,476.00 8,16,418.00 BMC Property Tax 11,53,151.00 7,831.00 Electricity Charges Payable 20,219.00 22,000.00 Salaries payable 23,000.00 1,00,000.00 Authorised Officer Salaries 25,000.00 15,000.00 Accounting Fees 15,000.00 10,23,572.00 Balance at the end of the year 14,88,846.00 10,25,072.00 14,94,241.00 INCOME AND EXPENDITURE ACCOUNT SCHEDULE - 3 As at As at 31st March,2022 PARTICULARS 31st March,2023 ₹ ₹ ₹ 9,19,924.00 Balance at the end of the year 4,87,496.00 (4,32,428.00) Less: Excess of Expenditure Trf from Income and - Expenditure Account (11,504.38) 4,87,496.00 Balance at the end of the year 4,75,991.62 4,87,496.00 4,75,991.62 Shahin Co-Operative Housing Society Ltd. (Regn. No.Bom/Hsg/H-W)/6401 of 1984) SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT 31-03-2023
CASH AND BANK BALANCE SCHEDULE - 4 As at As at 31st March,2022 PARTICULARS 31st March,2023 ₹ ₹ ₹ 3,551.00 Cash on Hand 746.00 3,03,833.20 Mumbai District Central Co-Op Bank Ltd. SB Account 5,45,575.20 Bank of India Saving Account 1,124.95 34,23,089.00 Bombay Mercantile Co-Op Bank Saving account 45,26,581.74 37,30,473.20 Balance at the end of the year 50,74,027.89 37,30,473.20 50,74,027.89 INVESTMENTS SCHEDULE - 5 As at As at 31st March,2022 PARTICULARS 31st March,2023 ₹ ₹ ₹ - FDR with Bank of India- Repairs Fund 15,00,000.00 - Accrued Interest during the year 30,214.00 - Balance at the end of the year 15,30,214.00 - 15,30,214.00 ADVANCES AND DEPOSITS SCHEDULE - 7 As at As at 31st March,2022 PARTICULARS 31st March,2023 ₹ ₹ ₹ ADVANCES RECEIVABLE IN CASH OR KIND 4,76,836.00 Property Tax Receivable From Developers 7,63,581.00 Advance Professional Fees 33,000.00 - Advance Security Cabin 10,000.00 4,76,836.00 Balance at the end of the year 8,06,581.00 4,76,836.00 8,06,581.00 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT 31-03-2023 Shahin Co-Operative Housing Society Ltd. (Regn. No.Bom/Hsg/H-W)/6401 of 1984)
FIXED ASSETS AND DEPRECIATION SCHEDULE - 8 Rate % Amount ₹ Furniture & Fixtures 4,050.00 - - 4,050.00 10.00 405.00 3,645.00 Water Pump & Meter 28,359.80 34,500.00 - 62,859.80 15.00 9,428.80 53,431.00 - - - - - Total 32,409.80 34,500.00 - 66,909.80 9,833.80 57,076.00 Previous Year 37,864.80 - - 37,864.80 5,455.00 32,409.80 Balance as on 31-03-2023 ₹ Shahin Co-Operative Housing Society Ltd. (Regn. No.Bom/Hsg/H-W/6401 of 1984) SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT 31-03-2023 Particulars Balance as on Depreciation 01-04-2022 ₹ Additions during the Year ₹ Deductions during the Year. ₹ Total
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