DHAVALGANGA CHSL

DHAVALGANGA

CO-OPERATIVE HOUSING SOCIETY LIMITED
(REG. No. BOM/HSG/2749 OF 1971)

AUDIT REPORT

2021-2022

1ST Carter Road,
Bandra West

Mumbai 400 050



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

INDEPENDENT AUDITORS REPORT

The Chairman/Secretary
Dhavalganga Co-Operative Housing Society Ltd
1st Carter Road, Bandra West Mumbai 400 050.

Ref. Appointment Letter dated 23rd October,2021

Report on the Financial Statements as a Statutory Auditor

1) I have audited the accompanying financial statements of DHAVALGANGA
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

1

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.

2

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.: 1013645
Place: Mumbai
Date: 31st August, 2022.

3

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 of the society due to
on due to policy decision unutilized bank balance with SBI Current A/c

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
5 154 prescribed 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 : DHAVALGANGA CO-OPERATIVE HSG SOCIETY LTD

REGISTERED ADDRESS : 1, Carter Road Bandra West, Mumbai-400 050

REG. NO & DATE : BOM/HSG/2749/1971- 21st January, 1971

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

AUDIT CLASSIFICATION : "A"

SOCIETY’S LAST ELECTION : 30.01.2022

DATE OF END OF THE TENURE

OF PRESENT COMMITTEE : 29.01.2027

2 MEMBERSHIP : 50

3 NO OF COMMITTEE MEETING : 09

4 ANNUAL GENERAL MEETING : 26.09.2021

5 SPECIAL GENERAL MEETINGS : 04.07.2021

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. 2,527 /- 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.8,223.33
Current Account- State Bank of India Rs.6,22,585.28

Society’s liabilities status as on 31-03-2022.
Audit fee payable Rs. 5,500/-
Finalization Charges Rs 600/-

2

Retention Money Rs.2,95,477/-
Salary Rs 41,100/-
Professional Fees Rs 8,950/-
N.A Tax Rs.7,526/-
ALM Charges Rs.87,500/-
Security Charges Rs.32,600/-
Repairs & Maintenance Rs.2,500/-

Valuation of property: Land & building : Rs.23,60,677/- ( 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

Mr. Vinay Khatu Chairman
Mrs.Tabassum Parkar Secretary
Mr. Vinit Durve Joint Secretary
Mr. Naushad Contractor Treasurer
Mr. Sharman Joshi Managing Committee Member
Mrs. Jyoti Pillai Managing Committee Member
Mrs. Savita Samant Managing Committee Member
Mr. Ajay Chako Managing Committee Member
Ms. Lubeina Shapurwala Managing Committee Member
Mrs. Alka Shetye Managing Committee Member
Capt. Ram Java 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’

DHAVALGANGA 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 Not Applicable At the close of every day, a
sum, not exceeding Rs.
5,000/-.
Loss of interest because of
the society due keeping
02 Bank Balance Not Applicable huge balance in Saving

Account. It is suggested to
open FD MSC Bank.
All payments in excess of
03 Payments beyond Not Applicable Rs.1500/- shall be made by
certain Limit by Cash.
crossed a/c payee's
cheques.
Not Applicable Society must take Building
04 Building Insurance Insurance.

05 Society Conveyance Not Applicable Society has to Complete
Deed Conveyance Deed.
Statutory Society must maintain
06 Registers/Books Not Applicable Statutory Books

07 Issue of Share Not Applicable Society must issue share
Certificate Certificate within a period of

six months of the allotment
of the shares.

Nomination of Not Applicable Society must collect
Members Nomination form from
08 Members.

09 Strength of the Not Applicable Society has to adopt
Committee members in a management
committee.

Society shall undertake to
carry out periodical Fire
10 Fire Audit Not Applicable Audit of its property as per

the State Fire Policy
The Society shall carry out
periodical Inspection of Lifts
12 Lift Inspection Not Applicable / Elevators

13 Maintenance Charges Not Applicable Maintenance must charge as
per mentioned in Bye Law.
There is Members not paid The committee shall issue
14 Defaulters Monthly Maintenance more notices and initiate a
than 6 months. recovery proceeding under
section 101 of the Act.

4

15 Interest on defaulted Not Applicable Society can charge simple
charges interest at 21% p.a, or, at
such lower rate as may be
fixed by the General Body

16 Collection of Training The Society has not collected As per MCS Act, 2019 every

& Education fund training & Education fund society has to collect fund &
during the year and imparted organize co-operative
training to its members education and training or
employee & officers. under go to its Members,

Employees officers &
Committee Members

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

18 Creation of Sinking Society has not made proper The Sinking Fund @ 0.25%
Fund provision for Sinking Fund pa of the construction cost
of each flat

Audit Rectification Society has not submitted Audit rectification report
19 Report Audit Rectification Report. has to submit to registrar

within 90 days from the
date of obtaining audit
report.
Society must Adopt Model
20 Model Bye Law Society has not provided the Bye Laws.
appropriate documents for
the adoption of Model Bye
Law 2014

21 Federation Not Applicable Society has to take a
Membership Membership of Federation

Special Note : Only “BOLD” marked audit objections and general remarks are applicable to the
society

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 : DHAVALGANGA 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.

1

Dhavalganga Co-Operative Housing Society Ltd.

(Regn. No.Bom/Hsg/2749 of 1971)

Balance sheet as at 31st, March, 2022

As at Liabilities As at As at Assets As at
31st March, 2021 31st March, 2022 31st March, 2021 31st March, 2022
SHARE CAPITAL
₹ Authorised Share Capital ₹ ₹ ₹
2000 Shares of Rs.50/- Each
1,00,000.00 1,00,000.00 CASH & BANK BALANCES 6,33,335.61
13,57,751.26 As Per Schedule 4
48,86,879.00
12,500.00 SUBSCRIBED AND PAID UP 12,500.00 45,99,254.00 INVESTMENTS
250 Shares of Rs.50/- Each 41,85,115.36 - As Per Schedule 5 4,94,833.00
-
RESERVES & OTHER FUNDS 3,35,187.00 DUES FROM MEMBERS 3,58,439.00
41,94,441.36 As Per Schedule 1 As Per Schedule 6
- 26,71,437.35
CONTRIBUTIONS FROM MEMBERS 24,38,999.35 ADVANCES & DEPOSITS 2,21,154.58
24,38,999.35 As Per Schedule 2 2,46,848.00 As Per Schedule 7
92,66,078.54
CURRENT LIABILITIES & PROVISIONS 26,29,463.83 FIXED ASSETS -
25,69,666.90 As Per Schedule 3 26,76,567.35 As Per Schedule 8

INCOME & EXPENDITURE ACCOUNT

92,15,607.61 92,66,078.54 92,15,607.61

As per our report of even date attached -
For Sajid Husain Shaikh
Certified Auditor -Co.Op Society For Dhavalganga Co- Operative Housing Society Ltd.

Sd/- Sd/- Sd/- Sd/-
(Aud.Sajid H Shaikh) (Mr.Naushad Contractor)
Empanelment No.1013645 (Mr.Vinay Khatu) (Mrs.Tabassum Parkar)
Treasurer
Place : Mumbai Date:31/08/2022 Chairman Secretary

Place : Mumbai Date:31/08/2022

Dhavalganga Co-Operative Housing Society Ltd.

(Regn. No.Bom/Hsg/2749 of 1971)

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 31st March, 2022 Ended 31st 31st March, 2022
March, 2021 To Property Expenses March, 2021 By Contribution
Security Charges ₹ From Members ₹
₹ Municipal Taxes ₹ General Maintenance Charges
Electricity Charges 3,94,800.00 Municipal Taxes 8,80,000.00
4,14,391.00 Fire Hydrant Expenses 2,76,724.00 - Water Charges 2,76,948.00
2,76,724.00 Water Bill 2,41,910.00 4,80,000.00 Parking Charges 2,25,000.00
2,36,390.00 Repairs & Maintenances 1,27,673.00 2,76,948.00 Facility Charges 2,10,900.00
Insurance 1,12,412.00 2,25,000.00 Interest on Arrears
59,841.00 ALM subscriptions 1,95,000.00 ALM Contributions 49,200.00
76,089.00 Pest Control 97,162.00 Shifting Charges 46,916.00
85,514.00 Intercom Maintenance Charges 57,760.00 51,600.00 Non Occupancy Charges 30,000.00
50,522.00 CCTV Expneses 30,000.00 43,979.00 Servent/Driver Charges 40,000.00
30,000.00 Non Agricultural Tax 26,800.00 30,000.00 Intercom Maintenance Charges 18,960.00
Education Training Fund 20,671.00 20,000.00 Bank Charges 15,200.00
4,960.00 Garden Maintenance 18,703.00 11,680.00
15,066.00 Major Repairs & Renovation 12,558.00 9,792.00
19,765.00 9,394.00 354.00
6,000.00 9,792.00
- - -
6,000.00 - 354.00 -
1,460.00
54,47,111.00 5,32,850.00 By Other Collection 81,345.00
54,000.00 From Members 263.00
To Administrative 12,440.00 - Misc Income
Expenses 10,000.00 100.00 Sale of Scrap -
4,79,500.00 Salaries 5,500.00 5,500.00
55,500.00 Accountant Salaries 3,620.00 2,21,154.58
8,664.00 Printing & Stationery 2,570.00 By Bank Interest
31,000.00 Professional Fees 1,629.58 2,20,034.00 On FDR Account 21,06,032.58
5,000.00 Audit Fees 826.00 -
3,720.00 Staff Welfare Expenses 435.00 254.00 On Saving Account
3,290.00 Conveyance Exp 148.00
1,534.00 Bank Charges 120.00 By Amount trf To fund
326.00 Subscription Charges 58,721.00 50,42,817.00 Major Repairs Fund
150.00 Postal Expenses
- General Expenses By Excess of Expenditure over
- Meeting Expenses 8,50,427.00 Income carried Forward to B/s.
35,100.00 Depreciation
1,25,262.00 Income Tax Paid -
- 21,06,032.58 74,72,879.00
74,72,879.00
-
As per our report of even date attached For Dhavalganga Co- Operative Housing Society Ltd.
For Sajid Husain Shaikh
Certified Auditor -Co.Op Society

Sd/- Sd/- Sd/- Sd/-
(Aud.Sajid H Shaikh)
Empanelment No.1013645 (Mr.Vinay Khatu) (Mrs.Tabassum Parkar) (Mr.Naushad Contractor)
Place : Mumbai Date:31/08/2022 Treasurer
Chairman Secretary

Place : Mumbai Date:31/08/2022

Dhavalganga Co-Operative Housing Society Ltd.

(Regn. No.Bom/Hsg/2749 of 1971)

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: Transfer & Entrance Fees 8,00,445.97
8,00,445.97 Balance at the end of the year 26,400.00
-
8,26,845.97
8,00,445.97

22,58,795.00 SINKING FUND 24,18,407.00
13,200.00 Balance As Per Last Balance sheet 13,200.00
Add:Contribution during the year
1,46,412.00 Add: Interest on Fund FDR 1,41,978.00
24,18,407.00 Balance at the end of the year
25,73,585.00

NEW LIFT FUND 5,00,212.75
4,11,891.75 Balance As Per Last Balance sheet 2,00,000.00
1,50,000.00 Add:Contribution during the year
336.00
Add: Interest on Bank Recurring Deposit (86,677.00)
(61,679.00) Less:Amt utilised towards Lift Maintence
5,00,212.75 Balance at the end of the year 6,13,871.75

REPAIRS & RENOVATION FUND 4,39,375.64
11,68,462.64 Balance As Per Last Balance sheet 5,42,500.00
(9,81,875.64)
8,82,330.00 Add:Contribution during the year
(9,99,990.00) Less:Amt trf to Major Repairs Fund -
(6,11,427.00) Less:Loss during the year
4,39,375.64 Balance at the end of the year (0.00)

MAJOR REPAIRS FUND -
40,42,827.00 Balance As Per Last Balance sheet 9,81,875.64
17,62,900.00
9,99,990.00 Add: Amt Trf from Repairs Fund
Add:Contribution during the year 603.00
(26,50,566.00)
- Add: Interest on Bank Recurring Deposit
(50,42,817.00) Less:Amt utilised towards Major Repairs 94,812.64

- Balance at the end of the year

30,000.00 EDUCATION & TRAINING FUND 36,000.00
6,000.00 Balance As Per Last Balance sheet 6,000.00
Add:Contribution during the year
36,000.00 Balance at the end of the year 42,000.00

COMMON AMENTIES FUND 58,515.00
Add:Contribution during the year (24,515.00)
- Less:Amt utilised towards Garden Maint
- Balance at the end of the year 34,000.00

41,94,441.36 41,85,115.36

Dhavalganga Co-Operative Housing Society Ltd.

(Regn. No.Bom/Hsg/2749 of 1971)

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

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
Less:Transfer to Miscellenous contribution 23,76,219.35
23,76,219.35 Balance at the end of the year (15,542.00)
-
23,60,677.35
23,76,219.35

MISC CONTRIBUTION -
- Balance As Per Last Balance sheet 15,542.00
- Less: Transfer from cost of land & bldg
- Balance at the end of the year 15,542.00

62,780.00 INVESTMENT IN MSCHE 62,780.00
- Balance As Per Last Balance sheet -

62,780.00 Balance at the end of the year 62,780.00
24,38,999.35
24,38,999.35

Dhavalganga Co-Operative Housing Society Ltd.

(Regn. No.Bom/Hsg/2749 of 1971)

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

CURRENT LIABILITIES AND PROVISIONS SCHEDULE - 3

As at PARTICULARS As at
31st March,2021 31st March,2022
DEPOSIT FROM MEMBERS TOWARDS ₹₹
₹ STILT PARKING
Names of Members Flat No. 1,50,000.00
1,50,000.00 Mrs A.P. Khatu 7-A 1,50,000.00
1,50,000.00 Mrs T.A. Parkar 7-C 1,50,000.00
1,50,000.00 Mr. N.Z. Contractor 10-C&D 1,50,000.00
1,50,000.00 Mr. Hoshang Hansotia 9-A 1,50,000.00
1,50,000.00 Mr. Vinit Durve 5-A 1,50,000.00
1,50,000.00 Mrs. A.D. Shetye 1-A 1,50,000.00
1,50,000.00 Mr. A.G. Fazal 7-E 1,50,000.00
1,50,000.00 Ms. M.G. Dhutia 6-D 1,50,000.00
1,50,000.00 Mrs. Savita P. Samant 1-E 1,50,000.00
1,50,000.00 Mr. P.K. Bhatia 5-B 1,50,000.00
1,50,000.00 Mrs. S.S. Pandit 5-C 1,50,000.00
1,50,000.00 Ms Sweta Vyas 6-B 1,50,000.00
1,50,000.00 Mr. Rajeev Durve 6-C 1,50,000.00
1,50,000.00 Mrs. Shamin Aga 2-A
21,00,000.00 Balance at the end of the year
21,00,000.00

51,081.90 ADVANCE RECD AGAINST MAINTENANCE Flat No. 1,999.00
BILLS -MEMBERS 1-C 9,609.83
- Mr. Sharman Joshi 3-B 2,935.00
- Dr. Priya Iyer 3-C
243.00 Ms. Pooja Bhattacharya 7-C 176.00
214.00 Mrs. T.A. Parkar 10-B 9,132.00
734.00 Mr. F.P. Langrana
52,272.90 Balance at the end of the year 23,851.83

70,000.00 SECURITY DEPOSITS FROM MEMBERS 6,100.00 10,000.00
70,000.00 Balance at the end of the year 9,359.00 4,95,612.00
OUT STANDING EXP & PROVISION 2,95,477.00
6,100.00 Audit Fees 8,950.00
25,000.00 Water Charges 7,526.00
1,00,000.00 Retention Money-Rajkiran 87,500.00
12,000.00 Professional Fees 32,600.00
N.A. Tax 41,100.00
7,526.00 ALM Charges 2,500.00
57,500.00 Security Charges
33,700.00 Salary -
41,500.00 Repairs & Maintenance 4,500.00
58,398.00 Electricity Charges
Accountant Salaries
1,170.00 Balance at the end of the year
4,500.00
3,47,394.00

25,69,666.90 26,29,463.83

Dhavalganga Co-Operative Housing Society Ltd.

(Regn. No.Bom/Hsg/2749 of 1971)

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

CASH AND BANK BALANCE SCHEDULE - 4

As at PARTICULARS ₹ As at
31st March,2021 2,527.00 31st March,2022
Cash on Hand 8,223.33
₹ Mah State C.Bank SB-002310642001290 6,22,585.28 ₹
2,782.00 State Bank of India CA-36194819918
7,960.33 Balance at the end of the year 6,33,335.61
13,47,008.93
13,57,751.26

13,57,751.26 6,33,335.61

INVESTMENTS SCHEDULE - 5

As at PARTICULARS ₹ As at
31st March,2021 100.00 31st March,2022
Share of MDCHF Ltd of Rs.100 each
₹ Balance at the end of the year ₹
100.00
100.00 100.00

22,33,600.00 FDR with State Bank of India -Sinking Fund 24,24,978.00
- Invested(net) during the year 76,894.00
Accrued Interest 50,884.00
1,91,378.00 Balance at the end of the year
24,24,978.00 25,52,756.00

21,07,552.00 FDR with State Bank of India -Stilt Park 21,07,552.00
- Invested(net) during the year 22,837.00
Accrued Interest 21,290.00
66,624.00 Balance at the end of the year
21,74,176.00 21,51,679.00

- RD with State Bank of India -Major repair -
- Invested(net) during the year 1,31,500.00
- Accrued Interest
- Balance at the end of the year 538.00

1,32,038.00

- RD with State Bank of India -Lift Fund -
- Invested(net) during the year 50,000.00
- Accrued Interest
- Balance at the end of the year 306.00

50,306.00

45,99,254.00 48,86,879.00

Dhavalganga Co-Operative Housing Society Ltd.

(Regn. No.Bom/Hsg/2749 of 1971)

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

DUES FROM MEMBERS SCHEDULE - 6

As at PARTICULARS As at
31st March,2021 31st March,2022
Names of Members ₹₹
₹ Mrs Shamim Aga
3,35,187.00 Mrs. V.S. Muthreja Flat No. 33,882.00 -
M/S Topline Marketing 2-A 30,369.00 4,94,833.00
- Mr. Varun Jain 4-D 68,860.00
- Mr. Sadiq Yusuf 5-D 36,277.00
- Mr. Rajeev Durve 5-E
- Mrs Amreen Sayed Akil 6-A 7,382.00
Mr. Vinay Khatu 6-C 6,554.00
- Dr. Sangam Mishra 6-E 23,780.00
- Mrs. M.T. Chimbaikar 7-A 15,185.00
Mrs Sunita Hassani 8-A 1,03,042.00
3,35,187.00 Balance at the end of the year 9-B 1,56,264.00
10-A 13,238.00

3,35,187.00 4,94,833.00

ADVANCES AND DEPOSITS SCHEDULE - 7

As at PARTICULARS As at
31st March,2021 31st March,2022
DEPOSITS ₹₹
₹ With MCGM
With Adani Electricity 12,748.00
12,748.00 With Bombay High Court 56,425.00
56,425.00 With Tata Telephone 20,500.00
20,500.00 Balance at the end of the year
1,000.00
1,000.00
90,673.00 90,673.00

31,800.00 ADVANCES RECEIVABLE IN CASH OR KIND 25,960.00
36,250.00 Prepaid Insurance 58,750.00
60,000.00 Prepaid Pest Control Expenses 84,500.00
Advance Tax A.Y.21-22 48,000.00
28,125.00 Advance Tax A.Y.22-23 28,125.00
- TDS-A.Y.21-22 22,431.00
TDS-A.Y.22-23
1,56,175.00 Balance at the end of the year 2,67,766.00

2,46,848.00 3,58,439.00

Dhavalganga Co-Operative Housing Society Ltd.

(Regn. No.Bom/Hsg/2749 of 1971)

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. ₹

Land 5,74,889.50 - - 5,74,889.50 Rate Amount 5,74,889.50
Buildings 17,85,787.85 - - 17,85,787.85 % ₹ 17,85,787.85
Fire Fighting Equipments - - - -
Intercom systems 1,42,581.00 - - 1,42,581.00 - - 1,21,194.00
Fogging Machine 30,372.00 - - 30,372.00 25,816.00
Composting Barrel Machine 8,788.00 - - 8,788.00 15.00 21,387.00 7,470.00
Lifts 22,783.00 - - 22,783.00 15.00 4,556.00 19,365.00
Furniture & Fixtures 45,641.00 - - 45,641.00 15.00 1,318.00 38,795.00
Computer & Printer 23,085.00 - 3,000.00 23,085.00 15.00 3,418.00 20,777.00
Water Pump & Meter 20,812.00 38,300.00 - 17,812.00 15.00 6,846.00 10,687.00
CCTV Equipments 3,828.00 18,291.00 - 42,128.00 10.00 2,308.00 35,809.00
Total 18,000.00 56,591.00 3,000.00 36,291.00 40.00 7,125.00 30,847.00
15.00 6,319.00
26,76,567.35 27,30,158.35 15.00 5,444.00 26,71,437.35

58,721.00

Previous Year 27,11,667.35 - - 27,11,667.35 35,100.00 26,76,567.35
-

FORM NO. 1

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

PART - I

Name of the Society : DHAVALGANGA CO-OPERATIVE HOUSING SOCIETY LIMITED
Sr. No. of the Audit Memo :
as per Audit Register : Nil
Full Registered Address :
Taluka or Block : 1, Carter Road Bandra West, Mumbai-400 050
District :
: Andheri.
:
Mumbai Suburban

(i) Audit Classification : "A"

(ii) Audit Classification given : "B"

during the last three audits

Registration No. : BOM/HSG/2749/1971

Date of Registration : 21st January, 1971

Area of Operation : H west Ward - Bandra West

No. of Branches, Depots or : Not applicable

Shops (Give Separate figures)

1 AUDIT INFORMATION

(1) Full Name, Designation and : Sajid Husain Ahmed Shaikh- Certified Auditor

Head Quarters of Auditing Officer R.No.2 House No.323/A Thakersey Amarsi

Bazar Road, Bandra (W), Mumbai-400 050

(2) Period covered during the : 1st April, 2021 to 31st March, 2022

present audit

(3) Date of Which (1) Audit was commenced and continued : 25.06.2022

(2) Audit was completed : 27.08.2022

(3) Audit memo was submitted : 31.08.2022

2 MEMBERSHIP

(i) No. of Member (a) Individuals : (i) Ordinary : 50

(ii) Nominal : ---

(iii) Sympathiser : ---

(b) Societies : ---

(c) Others : ---

Give Details of the other members if any ----

Total 50

1

(ii) Have New Members been duly admitted ? : Yes

Have they paid entrance fees ? : Yes

(iii) Are their written applications in order and are they filed properly ? : Yes

(iv) Is the member register kept in Form "I" prescribed under Rules 32 : Yes

and 65 (i) of the MCS. Rules 1961 ?

(v) Is a list of member kept in Form "J" under Rules 39 of the : Yes

MCS Rules 1961 ?

(vi) Have due remarks been passed against name of the deceased, : N.A

dismissed, or resigned members in the members register ?

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

(viii) Have nominations made under Rule 25 of MCS Rules 1961 been : Yes

duly entered in the member register under Rule 26 ?

3 SHARES

(i) Are application for shares in order ? : Yes

(ii) Is share register written up-to-date ? : Yes

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

(iv) Is share Ledger written up to date ? : NO

(v) Do the total of share ledger balances tally with the figures of : NA

share capital in the balance sheet

(vi) Have share certificates been issued to the share holders for : Yes

all the shares subscribed ?

(vii) Are share transfer and refunds in accordance with the provision : Yes

of the Bye-Laws Act & rules

4 OUTSIDE BORROWINGS

(i) What is the limit fixed in the Bye-laws for borrowings of the society As per MCS Rules 35

(ii) Has it been exceeded ? No

(iii) If so, state whether necessary permission has been obtained from the N.A.

competant authority ?

5 MEETINGS

(i) Give Dates of :-

a) Annual General Meeting : 26th September, 2021

b) Special General Meeting : 4th July, 2021

(ii) State the No. of meetings held during the period as follows

a) Board or Managing Committee Meeting : 09

b) Executive or Sub-Committee Meetings : ----

c) Other meetings : ----

2

6 RECTIFICATION REPORTS

(i) Has the society submitted audit rectification reports of the : Yes

previous Audit Memo ? If so, give dates of submission. 10.12.2021

If not, state the reason for non-submission

(ii) Have any important points mentioned in the previous : See General

Audit Memos been neglected by the Society ? Remarks

If So, state them in general remarks ?

7 AUDIT FEES

(i) Give Amount of Audit fees last assessed : Rs. 5500/-

(ii) State period for which assessed : 01.04.20 to 31.03.21

(iii) State the date of recovery of audit fees, name of Treasury : pd on 28.08.2021

and amount credited ( Give No. and Date of Treasaury Challan )

(iv) If audit fees have not been paid by the Society, give details : NA

About outstanding audit fees and reasons for non-payment

8 INTERNAL OR LOCAL AUDIT

(i) If there is internal or local audit, state by whom done, period : NO

covered andwhether memo is on the recorded of the society

(ii) State Whether there is a proper co-ordination between : NA

Statutory Auditor and Internal Auditor ?

9 A) MANAGING DIRECTOR / MANAGER / SECRETARY

i) Name ot the Officer : Mrs. Tabassum Parkar

ii) Pay Drawn : Honorary

Grade Secretary

iii) State other allowance if any, and facilities, : NO

given such as rent quarters, etc.

iv) State whether she is member ? : YES

v) If So, whether she has borrowed or has been : NO

given any credit facilities ? State the amount

borrowed and the amount of overdues if any.

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

b) Obtain a list of staff showing names, designations, : As per Register
qualifications, scales, Present pay and allowances
dates from which employed security furnished etc

3

10 BREACHES :

i) Does the Society possess a copy of the Act, Rules : Society possess a copy

and its registered Bye-Laws ? of Registered Bye-Laws.

ii) Give only numbers of breaches of the Act, Rules and Bye-Laws ?

1.Section Nos.

2.Rules Nos. : Refer General Remarks

3.Bye-laws Nos.

11 PROFIT AND LOSS :

1. What is the amount of profit earned or loss incurred : As per Income & Exp.

during the last co-operative year A/c. enclosed

2 State how the net profits are distributed ? : Transfer to

(In case of non-business societies figures of surplus Balance Sheet

or deficit may be given against querry No. 11(1) above

12 CASH, BANK BALANCE AND SECURITIES :

A) CASH.:

a. Count Cash and sign the Cash book Starting : Not Physically

the amount so counted and date on which counted. counted by us

b. Who produced the cash for counting ? :

Give his name and designation. :

Is he authorized to keep cash ? : Not Applicable

c. Is it correct according to the Cash Book ? : Not applicable

d. Are arrangement for safety of cash in safe : Yes

and cash in-transit adequate ?

B) BANK BALANCE :

Do the bank balance shown in Bank pass books or : Yes and Reconciled

Bank statement and Bank Balance certificates tally

with such balances shown in books of accounts ?

If not, check reconciliation Statement

C) SECURITIES :

1. Verify securities physically and see whether : Yes

they are in the name of Society ?

2. Are dividends and interest being duly collected ? : Dividend not Collected

3. If securities are lodged with the bank, are : NA

relevant certificates obtained ?

4. Is Investment register kept and written up-todate ? : Yes

4

13 MOVABLE AND IMMOVABLE PROPERTY :

1. Are relevant registers maintained and written up to date : Yes

2. Verify property physically and obtain its list. : Yes

Do the balance tally with balance sheet figures?

3. In case of immovable property including lands, verify title : Yes

deeds and see whether they are in the name of the society?

4. Is the property duly insured where necessary? : Yes

If so, give details in general remarks ?

5. Depreciation :

(i) Is due depreciation charged? : Yes

(ii) State the rate of depreciation charged on : As prescribed under the Income

various assets. Tax Act, refer Fixed Asset Schedule

14 Have you discussed the draft audit memo in the : Yes

Board or Managing Committee Meeting?

If not, state reasons for the same. :

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

Empanelment No.: 1013645
Place: Mumbai
Date: 31st August, 2022

5

FORM NO. 28

(Audit Memo Dhavalganga Co-operative Housing Society Limited)

PART II

I. BORROWINGS:

(i) State the loans obtained by the Society for

various purposes from Government & other agencies: : NIL
: NA
1. Agency Sanctioning Loan : : NA
: NA
2. Purpose for which the Loan is sanctioned. : NA
: NA
3. Amount of LoanSanctioned : NA
: NA
4. Maximum amount drawn : NA
: NA
5. Repayments made
: NA
6. Outstanding : NA

7. Amount overdue, if any : NA
: NA
8. Remarks
: Society is not
(ii) Are repayments of loans punctual. Backward Class
Hence, NA
(iii) Are all conditions laid down for grant of various
: NA
loans and credits observed? Note breaches, if any. :
: NA
(iv) Are necessary documents executed in favour

of the authority sanctioning the loan.

2. GOVERNMENT FINANCIAL ASSISTANCE:

(i) What is the amount of Government subsidy

Sanctioned and received by the Society. :

.(ii) Has Government sanctioned any amount for

land development? If so, state the amount. Have

development expenses exceeded the said amount. :

3. MEMBERSHIP:

(i) State whether in case of backward class co-operative

housing societies, certificates from the 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

subsidized industrial housing scheme.

(iii) Have declarations been obtained from members

that they and their family members do not own lands

or houses in the area of operation of the Society

as per provisions in the Bye-laws.

6

4. LANDS AND THEIR DEVELOPMENTS: Free Hold Land
(i) State whether lands for constructions of Total Area 2378.30 Sq.Mtrs
House have been secured, purchased (P.Card 3805.30Sq.Mtrs)
or obtained on lease. Give details of the lands,
stating total area, survey Nos. and C.R.S. Nos. CTS No.291A Ward Bandra-C
if any, price for which purchased, lease rent etc. : Yes
: (ii) See the title deeds and ascertain whether they
are properly executed in favour of the Society : As per Approved Plan
(iii) State how the land has been utilized for : Constructed by Builder
(a) Construction of houses : Constructed by Builder
(b) Construction of roads : Constructed by Builder
(c) Open spaces : NA
(d) Other Purposes give details
(iv) Have the layouts and plans for development : NA
been approved by the Municipal authorities
before actual commencement of the work
(v) Have completion certificates been obtained
from appropriate authorities for drainage, water
supply, roads, etc. before construction work of
buildings is commenced

5. CONSTRUCTION OF BUILDINGS:

(i) (a) Have building constructions commenced : Building already Completed

(b) State the no. of houses or flats constructed and under construction. : 50

(c) Have the completed houses and flats allotted to Members. : YES

(ii) Are building constructed on contract basis? : NA

See the terms and conditions of contracts and state

whether they have been properly observed.

Note breaches, if any.

(iii) Are these contracts properly sanctioned by the : NA

competent authority as per Byelaws of the Society :

(iv) Have tenders or quotations been called after giving due : NA

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.

7

: : NA

(v) Are contractors paid after necessary work : NA
: NA
progress certificates are obtained from the
: Yes, not updated
Architect. Are running and final bills
: NA
obtained before payment are made to the : NA
: NA
contractors. : : NA
: NA
(vi) See the terms on which the architects are : NA

employed. Are there any breaches. : : Yes
: Yes
(vii) See whether completion certificates have been

obtained from the qualified engineers and architects,

stating that the constructions have been completed

according to approved plans, specifications and

other terms of contracts. :

(viii) Is a property register kept in proper form?

Is it written up-to-date. :

(ix) When buildings are build departmentally, state

whether the following books are kept and written

up-to-date. :

(a) Job registers and measurement books. :

(b) Stock registers. :

(c) Are valuation certificates from qualified

engineers and/ or architects obtained :

(d) Is expenditure allocated properly between items

of capital and revenue nature :

(x) State whether building has been constructed

according to the original plans and estimates

submitted with the loan applications and which are

approved by the competent authority. Are there

any deviations? If so, are they got approved from

the competent authority. :

(xi) In case of flat-owners societies, see whether

titles to the land have been transferred in the name

of the society.

(xii) Are buildings and constructions got insured.:

8

(xiii)In case of flat-owners societies, have the promoters : NA

fulfilled their obligations as per agreement entered : NA

with them by the members prior to the : NO

registration of the Society. : YES
:
(xiv) Examine the agreements entered into with the NA
: Yes
promoters and see whether they are : NA
: Yes
in the interest of the society. : . : Yes
: NA
(xv) Has the Society executed lease deeds in favour : NA
: NA
of members for giving plots and/or buildings on :
Yes
lease to them. : :

(xvi) Has the Society created sinking fund as per

provisions of the Bye-laws. :

(xvii)Examine the basis on which monthly rents or

contributions are fixed in case of tenant co-partnership

societies or flats owners societies and see that the

following items are adequately covered. :

(i) Amounts required for re-payments of loan installments.

(ii) Municipal and other taxes. :

(iii) Lease rent :

(iv) Service charges and common expenses:

(v) Contribution to the sinking fund.

6. LOANS TO MEMBERS:

(i) Are recoveries of loans punctual

(ii) State the amounts of over-dues

(iii) State what steps are being taken to recover overdue

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.: 1013645
Place: Mumbai
Date: 31st August, 2022.

9

1