CHA:1 INTRODUCTION

1.1

MEANING

A budget is a financial plan for the future concerning the revenues and costs of a business.
However, a budget is about much more than just financial numbers.
Budgetary control is the process by which financial control is exercised within an organisation.
Budgets for income/revenue and expenditure are prepared in advance and then compared with
actual performance to establish any variances.
Managers are responsible for controllable costs within their budgets and are required to take
remedial action if the adverse variances arise and they are considered excessive.
There are many management uses for budgets. For example, budgets are used to:

Control income and expenditure (the traditional use)

Establish priorities and set targets in numerical terms

Provide direction and co-ordination, so that business objectives can be turned into
practical reality

Assign responsibilities to budget holders (managers) and allocate resources

Communicate targets from management to employees

Motivate staff

Improve efficiency

Monitor performance

Whilst there are many uses of budgets, there are a set of guiding principles for good budgetary
control in a business.

1.2 DEFINITON:
CIMA has defined Budget as A financial and/or quantitative statement
,prepared and approved prior to a defined period of time, of the policy to be
pursued during the period for the purpose of attaining a given objective. It
may include income ,expenditure and the employment of capital.

THE NAV
JEEVAN
COOPERATIVE
BANK Ltd.

CHAPT : 2 OBSEVATION
2.1 PERFORMANCE :
Against this background of disinflationary and lower rates, together with
recovery in nascent stage ,our Bank continued to show focused and steady
growth.

There has been substantial rise in Capital and reserves over last five
years at annualized growth rate of around 14% with total Reserves of
the Bank comfortably placed at rs.78.8crores as at 31st march ,2015
The total deposits of our Bank have increased by Rs.42.3crores during
the year from RS.524.3CRORESTO Rd.566.6crores-annualized growth
rate of over8% .
Foe FY 15-16 ,we are looking at ambitious Business Target of over
RS.1075crores.

2.2DIVIDEND:
The Board of Directors are pleased to recommend a DIVIDEND OF
15%members for the years 2013-14,which is maximum under the
Maharashtra Co-operative Society ACT,1960 and a very good return on par
value to our stakeholder maintained by the Bank over a number of years

2.3 SATUTORY REQUIREMENTS:

Adequacy & quality of capital is the most essential for any sound and healthy
Bank .As against RBI stipulation of 9% for CRAR(CAPITAL TO RIDK ASSET
RATO),CRAR of our Bank continues to improve and stands at a healthy level
of 17.7% as on 31st march ,2015 against 17.3%as on 31st march 2014.

Further, our core capital consisting of share capital ,statutory reserves and
other fee reserves constitute more than 80% of the total capital funds f the
bank ,which is assign of healthy net worth position

2.4 INVESTMENTS:
Aggregate Investment of our Bank as on 31st march,201increased
to RS.246CRORE FROM rs.232.5crore registering a growth of
about6% yielding an average return of 9.0%.The bank has also
maintained NON-SLR investment within the prescribed limit set by
RBI.

CHAP:3 ANNUAL BUDGET

3.1 APPROPRIATION OF PROFIT

A) PROFITS
Profit Brought forward
Profits for the current year
Total Net profit available for distribution

31.03.2015
RS. IN Lacs
5.72
611.85
617.57

B) APPROPRIATION
Statutory reserve
Additional statutory reserve(10%)
Dividend
Investment Fluctuation Fund

155.00
62.00
141.83
62.00

General reserve Fund

40.00

Education Fund

30.00

Technological Development fund

45.00

Building Fund

50.00

Staff welfare fund

20.00

Total

605.83

Balance carried over

11.74

3.2 ANNUAL BUDGET

Targets for the F.Y 2015-16
TARGET
2015

Particulars

ACTUAL 2015

% estimated
change

80.00

Capital & Reserve

78.76

7%

590.00

Deposits

566.58

15%

410.00

Advances

426.00

20%

70.00

Gross profits

76.95

13%

PROFITS AND LOSS A/C ( BUDGET FOR 2015-2016)

Budget201
5

INCOME

ACTUAL
2015

Target 2016 %
estimated
change

6530.00

By interest
&Discount

6322.00

7100.00

12%

20.00

By
19.51
commission
&Exchange

25.00

28%

450.00

By other
Receipts

570.00

20%

473.54

7000.00

TOTAL

6815.05

7695.00

13%

BUDGET
2015

EXPENDITU
RE

ACTUAL
2015

TARGET OF
2016

%
ESTIMATED
CHANGE

4400.00

To Intrest
paid on
deposits
Borrowing
etc

4350.91

4900.00

13%

500.00

To salaries
and
Allowances

521.74

625.00

20%

400.00

To rent
taxes
insurance

412.44

450.00

12%

400.00

To other
562.48
Administrati
ve
Expenses

600.00

9%

600.00

To Amount
of
Provisions

646.94

720.00

To Balance
of profit

356.54

700.00

11%
400.00

12%

7000.00

TOTAL

6815.05

7695.00

13%

3.4 STATUTORY AUDITORS REPORT

Financial Statements
The Companys Board of Directors is responsible for the matters
stated in Section 134(5) of the
Companies Act, 2013 (the Act) with respect to the preparation
and presentation
of these
standalone
financial statements that give a true and fair view of the financial pos
ition, financial performance and
cash flows of the Company in accordance with the accounting principles generally
accepted in India,
including the Accounting Standards speci
fied under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of
adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the
Compan
y 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 interna
l 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 m
isstatement, whether due to fraud or error.

Auditors Responsibility
Our responsibility is
to express an opinion on these standalone
financial statements based on our
audit.
We 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
the
Rules made thereunder
.
We conducted our audit in accordance with the Standards on Auditing specified under
Section
143(10)
of the Act.
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.
An audit involves performing procedures to obtain aud
it evidence about the amounts and the
disclosures in the financial statements. The procedures selected depend on the
auditors judgment,
including the assessment of the risks of material misstatement of the financial
statements, whether due
to fraud or err
or. In making those risk assessments, the auditor considers internal financial control
relevant to the Companys preparation of the financial statements that give a true and
fair view in
order
to design audit procedures that are appropriate in the circumst
ances, but not for the purpose of
expressing an opinion on whether the Company has in place an adequate internal
financial controls
system over financial reporting and the operating effectiveness of such controls. An
audit also
includes.
Opinion
In our opinion and to the best of our information and according to the explanations given
to us, the aforesaid standalone financial statements give the informationrequired by the
Actin the manner so requiredand give

a true and fair view in conformity with the accounting principles generally accepted
in India, of the state of affairs of the Company as at 31 March 2015 and its profit
and its cash flows
for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1.AS required by the Companies (Auditors Report) Order, 2015 (the Order) issued by
the
Central
Government of India in terms of sub
-section (11) of section 143 of the Act, we give in the
Annexure a statement on the matters specified in the paragraph 3 and 4 of the
Order to the extent
applicable
.
2.As required by Section 143 (3) of the Act, we report
that:
(a)we have sought and obtained all the information and explanations which to the best
of our
knowledge and belief were necessary for the purposes of our audit.
(b)in our opinion proper books of account as required by law have been kept by the
Company
so far as it appears from our examination of those books;
(c)the balance sheet, the statement of profit and loss
and the cash flow statement dealt with by
this Report are in agreement with the books of account;
(d)in our opinion, the aforesaid standalone financial statements comply with the
Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014; (e)
on the basis of the written representations received fr
om the directors as on 31 March 2015
taken on record by the Board of Directors, none of the directors is disqualified as on
31 March 2015 from being appointed as a director in terms of Section 164 (2) of the
Actand(f)
with respect to the other
matters to be included in the Auditors Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the
best of
our information and according to the explanations given to us:
i.the Company has disclosed the impct of pending litigations on its financial position
in itsfinancial statements.

CHAP: 4 CONCLUSION
THE NAV JEEVAN BANK in the banking sector on Tuesday expressed happiness at the signing
of the wage agreement for more than 800,000 employees in government and private-owned
banks.
"The agreement has been signed and the wage arrears would be paid in 90 days time,"
C.H.Venkatachalam, general secretary, All India Bank Employees Association (AIEBA) told
IANS on Tuesday.
On Monday, the NAV JEEVAN BANK and the Indian Banks' Association (IBA) signed the 10th
bipartite settlement.
"The agreement signed between the IBA and Trade Union Organisations of Banking Industry
would be effective from Nov 1, 2012, giving rise of 15 percent on pay slip components," said
Harvinder Singh, general secretary, All India Bank Officer's Confederation (AIBOC).
Terming the settlement as satisfactory, he said the major gains apart from this are in the form of
getting two Saturdays off in a month and medical insurance cover to the employees, including
the retirees.
Since AIBOC expressed its dissatisfaction on non-settlement of retirees' issues like dearness
allowance neutralisation, pension updation and revision in family pension, the IBA incorporated
the issues in the Record Note and assured to resolve the issues at the earliest, Singh added.

BIRLA COLLEGE OF ARTS SCIENCR & COMMERCE , KALYAN

SUB MANE: Advanced cost ACCOUNTING
SUBITTED TO
UNIVERSITY OF MUMBAI FOR SEMESTER-1
MASTER OF COMMERCE
BY
ANJALI ANANT MORE
( ROLL NO : 61 SEAT NO:

UNDER THE GUIDANCE OF

MISS. ANURADHA HASTAK

YEAR 2015-16

BIRLA COLLEGE OF ARTS SCIENCR & COMMERCE , KALYAN

SUB MANE: STRATEGIC MANAGEMENT
SUBITTED TO
UNIVERSITY OF MUMBAI FOR SEMESTER-1
MASTER OF COMMERCE
BY
ANJALI ANANT MORE
( ROLL NO : 61 SEAT NO:

UNDER THE GUIDANCE OF

MISS. SNEHAL DHARPAWAR

YEAR 2015-16

BIRLA COLEGE OF ARTS SCIENCE AND COMMERCE ,KALYAN

DECLERATION BY THE STUDENT

Anjali Anant More student of m.com part 1 ROOL NO 61 SEAT NO

here by

declare that the project for the paper ADVANCED COST ACCOUNTING
ANNUAL BUDGET.
Submitted by me for semester during the academic year 2015-16 is based on actual
work
carried out by me under the guidance and supervision of miss ANURADHA HASTAK
I further state that this worl is original and not submitted any where else for any
examination

signature of student

Evaluation certificate
This is to certify that the undersigned have assessed and evaluated the project on

ANNUAL BUDGET submitted by ANJALI ANANAT MORE Student of m.com part-1

This project original to best of our knowledge and has accepted for internal
assessment .

INTERNAL EXAMINER

EXTERNAL EXAMINER

BIRLA COLEGE OF ARTS SCIENCE AND COMMERCE ,KALYAN

DECLERATION BY THE STUDENT

Anjali Anant More student of m.com part 1 ROOL NO 61 SEAT NO

here by

declare that the project for the paper ADVANCED COST ACCOUNTING
management information system (MIS)
Submitted by me for semester during the academic year 2015-16 is based on actual
work
carried out by me under the guidance and supervision of miss SNEHAL DHARPAWAR
I further state that this worl is original and not submitted any where else for any
examination

signature of student

Evaluation certificate
This is to certify that the undersigned have assessed and evaluated the project on
MNAGEMENT INFORMATION SYSTEM (MIS) submitted by ANJALI MORE Student

of m.com part-1
This project original to best of our knowledge and has accepted for internal
assessment .

INTERNAL EXAMINER

EXTERNAL EXAMINER