Dear Members,

The Board of Directors of your Bank have pleasure in presenting the 13th Annual Report together with the audited statements of accounts for the financial year ended 31st March 2009.

Financial Results 2008-09

The performance of the Bank in all the business parameters for the year under report is given below. For a better grasp of the growth trends, we have produced the figures of the previous years also along side.
 

Profits and appropriations
In the case of appropriations, the Board has taken a balanced view to build-up various reserves to take care of the Bank in the medium term to long term horizon.

Your Bank’s profit scenario stands as under:

Profit Before Tax

                                                          Rs. 24.95 lakhs

Recommended appropriation

Membership Position:
A broad based membership represents strength and stability of an institution.  The membership at the end of the financial stood at 12655 regular members and 972 nominal members. 

Deposits: Rs. 5030 lakhs (last year Rs. 4462 lakhs)
The Bank’s deposits have recorded a healthy growth @ 12.73%  to Rs. 5,030.00 lakhs.  With your goodwill and support we will endeavor to achieve higher growth in the coming years.

Deposit Insurance:
The safety of the Depositor’s funds ranks as the most sacred duty of a banker. We have been paying deposit insurance premium to the Deposit Insurance & Credit Guarantee Corporation (DICGC) regularly. This means, at present, customer’s deposits upto Rs. 1.00 lac stand covered under this scheme.

Advances: (Rs. 3,543 lakhs (last year Rs. 3,087 lakhs)
Advances have grown by a healthy 14.77 % to reach Rs. 3543.01 lakhs by year end giving a Credit : Deposit
( C: D) Ratio of 70.43 % reflecting optimum use of loanable funds. We have fulfilled RBI’s stipulations in respect of finance to priority and weaker sections.

Banks Net NPAs: (Non Performing Assets) stood at 5.91 % and Gross NPA is at 7.08%.

Capital to Risk Assets Ratio ( CRAR) : 12.63 %
Your Bank’s CRAR works out to 12.63%, well above the RBI stipulation.

Customer Service:
It is well known that banks are service oriented institutions. We have always tried to maintain high standards of customer service. Suggestions made by customers and staff members for enhancing customer satisfaction are being considered for implementation wherever found feasible. With a view to enhance customer service, we have introduced Electrical Bill Payment Facility at our Dombivli West Branch.

Board Meetings:

During the year under report, 14 Board meetings were held to transact business and deliberate action pertaining to day to day activities in addition to lay down the policy guidelines in order to review and direct the Bank’s development. The Directors participated in the deliberation in all the meetings. These meetings have contributed invaluably to the overall growth and progress of the Bank.

Periodical meetings of various subcommittees i.e. Audit, Inspection & Investment Committee, Recovery Committee, Staff Committee, Development Committee & Premises Committee were also held for reviewing various issues.

Audit:
Having written up and completed our books of accounts and the financial statements for the year 2008-09, The statutory auditors had awarded “A” Grade. The Internal Audit was carried out by M/s Yardi Prabhu & Associates, Chartered Accountants, Mumbai, a well known firm of Auditors.

Human resources:
In order to fully equip with banking rules and practice, we are deputing our staff members regularly for orientation programmes conducted by reputed training institutions. Our members of the staff have been contributing silently and effectively all these years for the continuous growth of the Bank .The Board records its appreciation of their valuable contribution.

Professional Recognition:
The Bank has won the following recognitions during the year 2008-09:

 “Award” - Padmabhushan Vasantdada Patil Utkrushta Nagari Sahakari Bank Puraskar – for the year 2007-08 .

With your blessings and wishes we hope to achieve greater heights.

As per District Deputy Registrar, Cooperative Societies, Bandra East, Mumbai’s order recently Bank’s election was held and following were elected to the Board of Directors by the members for the period July, 2009 to July, 2014.

NEWLY ELECTED DIRECTORS
Shri Sadanand D. Nayak
Shri Vittal D. Naik
Shri Umesh S. Bhat
Shri Mahendra T. Nayak
Shri Raghavendra S. Nayak
Shri Upendra N. Kamath
Shri Nityananad B. Naik
Smt. Rama Sudhakar Nayak
Shri Raghunath Nagappa Naik
Shri Ramananda S. Nayak
Shri Prakash Puttanna Shevde
Shri Narayan Shreenivas Nayak
Shri Ramesh Anant Naik
Shri Suresh Devendra Nayak
Smt. Kala Pradeep Nayak
Shri Rohit R. Oval
Shri Santosh Totaram Sonavane
 

Acknowledgements:
The Board of Directors  sincerely thank Rajapur  Saraswat Sangh, Mumbai the sponsorers of the  Bank, Shree Varad Siddhi Vinayak Seva Mandal. Dombivli,Sri Durgaparmeshwari Co-op. Credit Society Ltd., Parel, Shri Sachidananda Kripaposhita Yakshagana Mandali, Mumbai, Vignahartha Shree Mahaganapathy Seva Mandali, Mumbai  all the members, customers, the members of the staff, the Legal Advisors, advocates and valuers on the panel of the Bank and all others who have helped us directly or indirectly  for extending their whole hearted  support and co-operation   for the growth and development of the Bank.

The following Statutory bodies, Institutions and their officials and staff have stood by us and guided us at all times :

The Reserve Bank of India

• The Reserve Bank of India.
• Commissioner for Co-operation & Registrar, Co-operative Societies, Maharashtra State, Pune
• The District Deputy Registrar of Co-operative Societies.
• The Deputy Registrar of Co-operative Societies.
• The Mumbai District Central Co-operative Bank Ltd.
• The Maharashtra State Co-operative Bank Ltd.
• All our Bankers, Press and other media representatives.
• The Statutory Auditors, Internal Auditors and EDP Auditors.
• The Maharashtra State Urban Co-operative Bank’s Federation Ltd.
• The Maharashtra State Urban Co-operative Bank’s Association Ltd.
• Thje Brihan Mumbai Nagari Sahakari Bank’s Association Ltd.
• The Thane District Central Co-operative Bank Ltd.
• The Maharashtra State Electricity Distribution Co. Ltd. Mahavitaran

We Express our heartfelt gratitude to all those mentioned above