Annual Report 13-14 Eng

N AV I K B H A V I S H Y
A NIDHI
YA
SEAMENS PROVIDENT FUND ORGANISATION

(UNDER MINISTRY OF SHIPPING)
ANNUAL ACCOUNT
FOR YEAR 2013 - 2014
ON THE WORKING OF SEAMENS PROVIDENT FUND SCHEME. 1966
OFFICE OF
THE SEAMENS PROVIDENT FUND COMMISSIONER
KRUPANIDHI, 3RD FLOOR, 9, WALCHAND HIRACHAND MARG, BALLARD ESTATE, MUMBAI - 400 001.
FAX - 022-2261 62 02 l PHONE - 22616924/25
Web Site : www.spfo.gov.in l E-mail : spfo@mtnl.net.in / spfoac@gmail.com
FINANCIAL STATEMENTS
FOR
THE CENTRAL AUTONOMOUS BODIES
(NON-PROFIT ORGANISATIONS AND SIMILAR
INSTITUTIONS)
CONTENTS
SEPARATE AUDIT REPORT OF (CAG) ...............................................
6-9
BALANCE SHEET ..............................................................................
10
INCOME & EXPENDITURE ACCOUNT ...............................................
11
SCHEDULES TO THE ABOVE FINANCIAL STATEMENTS ...............
12-31
STATEMENT OF RECEIPTS AND PAYMENTS ....................................
32
SEPARATE AUDIT REPORT OF THE

COMPTROLLER AND AUDITOR GENERAL OF INDIA ON THE ACCOUNTS
OF THE SEAMENS PROVIDENT FUND ORGANIZATION, MUMBAI
FOR THE YEAR ENDED 31ST MARCH, 2014
Comments
1.
2.
3.
Reply
We have audited the attached Balance Sheet of the Seamen's Provident Fund Organization,
Mumbai hereafter referred to as the Organization as at 31st March 2014 and the Income &
Expenditure Account for the year ended on that date under Section 19(2) of the Comptroller and
Auditor General's (Duties, Powers and Conditions of Service) Act, 1971 read with Para 48 of the
Seamen's Provident Fund Scheme, 1966 notified by the Government of India in exercise of the
powers conferred by Section 3 of the Seamen's Provident Fund Act, 1966. These financial
statements are the responsibility of the Organization's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
This Separate Audit Report contains the comments of the Comptroller and Auditor General of
India (CAG) on the accounting treatment only with regard to classification, conformity with the
best accounting practices, accounting standards and disclosure norms, etc. Audit observations
on financial transactions with regard to compliance with the Law, Rules & Regulations
(Propriety and Regularity) and efficiency-cum performance aspects, etc. if any, are reported
through Inspection Reports/CAG's Audit Reports separately.
We have conducted our audit in accordance with auditing standards generally accepted in
India. These standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatements. An
audit includes examining, on a test basis, evidences supporting the amounts and disclosure in
the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management as well as evaluating the overall presentation of
financial statements. We believe that our audit provides a reasonable basis for our opinion.
Based on our audit, we report that:
(i)
We have obtained all the information and explanations, which to the best of our knowledge and
belief were necessary for the purpose of our audit.
Noted
Noted
Noted
Noted
Comments
Reply
(ii)
The Balance Sheet and the Income & Expenditure Account dealt with by this report have been
drawn up in the format approved by the Board of Trustee under Para 47 of the Seamen's
Provident Fund Scheme, 1966.
Noted
(iii)
In our opinion, proper books of accounts and other relevant records have been maintained by
the Seamen's Provident Fund Organization as required under Para 47 of the Seamen's
Provident Fund Scheme, 1966 in so far as it appears from our examination of such books.
Noted
(iv)
We further report that:

A
Balance Sheet
A.1
Corpus / Capital Fund and Liabilities
A.1.1
Earmarked/Endowment funds - Rs. 1116.49 Crore (Schedule 3)
(Forfeiture Fund + SPF + Staff GPF + Pension & Gratuity)
i)
The Earmarked Funds consisting of (i) Seamen's Provident Fund (ii) Provident Fund
forfeited from the members under sub-para (3) of Para 59 of Seamen's Provident Fund
Scheme (iii) Provident Fund of employees of SPFO and (iv) Pension and Gratuity Fund
for SPFO Employees and Pensioners should have been disclosed separately as per the
Uniform Format of Accounts.
The format has been approved by the Comptroller General of

Audit for central Autonomous Bodies (Non-Profit Organization
and similar institutions) Accordingly, under Scheme No. 3 there
are no separate column for head wise. Therefore a consolidated
figures of four head accounts of SPFO has been shown together
as SPF A/c + Forfeiture A/c+ SPF Staff General Provident Fund
account + SPF Staff Pension and Gratuity Fund Account. The
head wise details are shown to the Audit party during the course of
audit.
As per Audit observation it will be complied in future.
ii)
As per Accounting standard 15 and as per Uniform Format of Accounts, retirement

benefit should be provided based on actuarial valuation every year. However, SPFO has
not carried out actuarial valuation of pensions and gratuity liability of its employees and
pensioners as on 31st March 2014. As per the valuation carried out during the year 201112, the actuarial liability of pension and gratuity liability of its employees and pensioners
as on 31st March 2012 was Rs.4.891 Crore against which the liability provided as on
31st March 2014 was Rs.2.66 Crore. Considering the actuarial liability of Rs.4.81 Crore
as on 31st March 2012, there was a short fall of Rs.2.15 Crore. In the absence of
actuarial valuation of pension and gratuity liability of its employees and pensioners as
on 31st March 2014, the exact short fall cannot be worked out
A.1.2 Current Liabilities and provision(Schedule 7)

Current Liabilities Rs.3.38 Crore
i)
This does not include Rs. 26.21 Lakh being arrears of rent payable to M/s. Krupanidhi
Limited. This has resulted in understatement of Current Liabilities and overstatement of
surplus by Rs.26.21 Lakh.

Further a letter to four parties have been issued calling quotation
for actuarial valuation
As per Audit observation, it will be Complied in future
Comments
Reply
Effect of Audit Comments on Accounts

The impact of the comments given in preceding paras is that liabilities were understated and
surplus overstated by Rs. 26.21 Lakh.
Noted
C.
Management Letter
Deficiencies which have not been included in the Audit Report have been brought to the notice
of the Organization through a management letter issued separately for remedial/corrective
action.
Appropriate remedial/corrective measures are being taken

wherever necessary
(i)
Subject to our observations in the preceding paragraphs, we report that the Balance
sheet, Income and Expenditure Account and Receipts & Payments Account dealt with
by this report are in agreement with the books of accounts.
Noted
(ii)
In our opinion and to the best of our information and according to the explanations given
to us, the said financial statements read together with the Accounting Policies and Notes
to Accounts, and subject to the significant matters stated above and other matters
mentioned in Annexure- I to this Audit Report give a true and fair view in conformity with
accounting principles generally accepted in India:
Noted
(a)
In so far as it relates to Balance sheet, of the state of affairs of the Seamen's

Provident Fund Organisation, Mumbai as at 31st March 2014; and
(b)
In so far as it relates to Income and Expenditure Account of the Surplus for the
year ended on that date.
For and on behalf of the

Comptroller & Auditor General of India
Sd/(Roop Rashi)
Principal Director of Commercial Audit &
Ex-officio Member Audit Board-I, Mumbai
Place : Mumbai
Dated : 26th November 2014
Sd/(S. Kumar,),
Administrative-cum-Accounts Officer,
Seamen's Provident Fund Orgn., Mumbai
Annexure I
Comments
1.
Reply
Adequacy of the internal audit system

The internal audit of Seamen's Provident Fund Organization for the year 2013-14 was
conducted by a firm of Chartered Accountants.
2.
Adequacy of internal control system

The internal control system requires strengthening as the un-posted items as on 31st March
2014 was Rs. 12.45 Crore.
3.
System of physical verification of inventory

Physical verification of inventory is not applicable.
5.
Noted, Circular to all shipping companies to provide correct

details of seafarers is issued
System of physical verification of assets

Physical verification of fixed assets was not carried out for the year 2013-14.
4.
The scope of Internal Auditor has been clearly defined by Audit

Committee and was communicated to past and present Internal
Auditor.
Factual Position
Regularity in payment of dues

The Seamen's Provident Fund Organization is regular in payment of statutory dues.
Sd/
(C.S.PANWAR)
Deputy Director
Place : Mumbai
Dated : 26th November 2014
Noted.
Sd/(S. Kumar)
Administrative-cum-Accounts Officer,
Seamen's Provident Fund Orgn,
Mumbai
THE FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS)
Seamens Provident Fund Organisation, Mumbai

BALANCE SHEET AS AT 31 st March, 2014
CORPUS / CAPITAL FUND AND LIABILITIES
Schedule
CORPUS / CAPITAL FUND

RESERVES AND SURPLUS
EARMARKED / ENDOWMENT FUNDS
SECURED LOANS AND BORROWINGS
UNSECURED LOANS AND BORROWINGS
DEFERED CREDIT LIABILITIES
CURRENT LIABILITIEIS AND PROVISIONS
TOTAL
Current Year
2013-2014
(AMOUNT - `)
Previous Year
2012-2013
1
2
3
4
5
6
7
43,494,702.97
NIL
11,164,884,572.65
NIL
NIL
1,336,411.30
33,795,385.17
11,243,511,072.09
34,469,900.68
NIL
10,201,437,051.33
NIL
NIL
2,622,730.30
32,803,219.08
10,271,332,901.39
8
9
10
11
824,963.73
10,758,887,974.35
36,062,258.45
447,735,875.56
959,973.96
9,918,713,826.16
33,063,098.76
318,596,002.51
11,243,511,072.09
10,271,332,901.39
ASSETS
FIXED ASSETS
INVESTMENTS - FORM EARMARKED / ENDOWMENT FUNDS
INVESTMENTS - OTHERS
CURRENT ASSETS, LOANS ADVANCES ETC.
MISCELLANEOUS EXPENDITURE
(to the extent not written off or adjusted)
TOTAL
Sd/Dy. Superintendent
Sd/Superintendent
Sd/Adm.Cum-Accounts Officer
10
Sd/Commissioner

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2014 (AMOUNT - `)
Schedule
INCOME
Income From Sales / Services
Grants / Subsides
Fees / Subscriptions
Income From Investments (income on invest from earmarked to funds)
Income from Royalty, Publication Etc.
Interest earned Accrued Int Adjustment to prior period
Other Income (+) Expenses Written Back
Increase (decrease) In Stock Of Finished Goods and Works-in-progress
TOTAL (A)
EXPENDITURE
Establishment Expenses
Other Administrative Expenses etc.
Expenditure on Grants Subsides etc.
Capital Loss on Maturity of Security / Loss On Sale Of Fixed Assets
Amotisation on Securities
Depreciation (net total at the year end) Correspondint to Schedule 8
TOTAL (B)
Balance being excess of income over Exp. (a-b)
Transfer to Special Reserve (specify each)
Transfer to / from General Reserve
Balance being Surplus / Deficit carried to Corpus / Capital Fund
Significant Accounting Policies
Contingent Liabilities And Notes on Accounts
Current Year
2013-2014
Previous Year
2012-2013
12
13
14
15
16
17
18
19
24,507,086.70
Nil
Nil
976,971.41
Nil
4,114,203.48
56,979.78
NIL
29,655,241.37
21,355,604.70
Nil
Nil
900,972.46
Nil
955,510.95
436,419.00
NIL
23,648,507.11
20
21
16,339,812.50
4,103,626.26
Nil
Nil
840.31
186,160.01
20,630,439.08
Nil
Nil
9,024,802.29
15,256,406.70
3,889,137.28
Nil
82,848.36
840.31
268,967.65
19,498,200.30
Nil
Nil
4,150,306.81
9,024,802.29
4,150,306.81
22
23
24
25
Sd/Superintendent
11
Sd/Commissioner

SCHEDULES FORMING PART OF BALANCE SHEET AS AT 31ST MARCH, 2014
SCHEDULES 1 CORPUS/CAPITAL FUND:
Balance as at the beginning of the year
Add: Contributions towards Corpus / Capital Fund
Add/(deduct) : Balance of income / (expenditure)
Transferred from The Income & Expenditure Account
BALANCE AS AT THE YEAR - END
SCHEDULE 2 - RESERVES AND SURPLUS AND OTHER FUNDS
1. Capital Reserves:
As Per Last Account
Addition During the Year
Less: Deduction During the Year
2. Revaluation Reserves:
As Per Last Account
3. Special Reserves:
As Per Last Account
4. General Reserves
Income & Expenditure Account
As Per Last Account
Interest Suspense Account
As Per Last Account
Total
Current Year 2013-2014
(AMOUNT - `)
Previous Year 2012-2013
34,469,900.68
9,024,802.29
30,319,593.87
4,150,306.81
Nil
Nil
43,494,702.97
12
34,469,900.68
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil

SCHEDULE 3 EARMARKED / ENDOWMENT FUNDS
(Forfieture Fund + SPF + Staff GPF + Pension & Gratuity)
A) Opening Balance of Funds
B) Additions to the Funds:
I) Donations / Grants
Ii) Income from Investments made on Accounts of Funds
Iii) Other Addtions (specify nature) Transfer from Cont.
C) Interest Suspense Account
As Per Last Account
Less: Deduction during the Year
TOTAL (A + B + C)
D) Utilization / Expenditre towards objectives of Funds
I) Capital Expenditure Paid to SWFS / RBS
Fixed
Others Adjust of Accrues Int to Prior Period
Total
Ii) Revenue Expenditure
Salaries, Wages, Allowances etc.
Rent
Other Administrative Expenses
Total
TOTAL (D)
NET BALANCE AS AT THE YEAR END (A+B+C-D)
(AMOUNT - `)

9,761,089,617.21
9,761,089,617.21 9,062,174,275.28
9,062,174,275.28
1,712,193,870.01
1,712,193,870.01 1,567,123,913.62
1,567,123,913.62
Nil
Nil
Nil
Nil
Nil
Nil
440,347,434.12
408,098,936.39
1,183,252,693.13
1,012,346,025.42
1,084,359,991.34
539,240,135.91
980,097,527.69
12,012,523,623.13
11,069,645,623.02
847,639,050.48
868,208,571.69
Nil
Nil
847,639,050.48
847,639,050.48
11,164,884,572.65
Sd/Superintendent
13
440,347,434.12
868,208,571.69
868,208,571.69
10,201,437,051.33
Sd/Commissioner

(AMOUNT - `)
Previous Year
2012-2013
Current Year
2013-2014
SCHEDULE 4
SECURED LOANS AND BORROWINGS:
1 Central Government
Nil
Nil
Nil
Nil
2. State Governments
Nil
Nil
Nil
Nil
a. Terms Loans
Nil
Nil
Nil
Nil
b. Interest accrued and due
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
3. Financial Statements
4. Banks
a) Terms Loans
- Interest Accrued and due
b) Other loans (specify)
- Interest Accrued and Due
5. Other Institutions and Agencies
Nil
Nil
6. Debentures and Bonds
Nil
Nil
7. Others (specify)
Nil
Nil
TOTAL
Nil
Nil
Note: Amounts due within one year
Sd/Superintendent
14
Sd/Commissioner

SHEDULES FORMING PART OF BALANCE SHEET AS AT 31ST MARCH, 2014
(AMOUNT - `)
Current Year 2013-2014 Previous Year 2012-2013
SCHEDULE
5
UNSECURED LOANS AND BORROWINGS:
1.
Central Government
2.
State Governments(specify)
3.
Financial Institutions
4.
Bank:
a) Terms Loans
b) Other Loans (specify)
5.
Other Institutions and Agencies
6.
Debentures and Bonds
7.
Fixed Deposits
8.
Others(specify)
TOTAL
Note: Amounts due within one year
SCHEDULE 6
DEFERRED CREDIT LIABILITIES:

a) Acceptances secured by hypothecation of capital equipment and other assets
b) Others: Returned cheque Account
As per last Balance Sheet
Additions during the year
Less payment during the year
TOTAL
Note: Amounts due within one year or more
Sd/Superintendent
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Current Year
2013-2014
Previous Year
2012-2013
2,622,730.30
(+) 456,973.00
(-) 1,743,292.00
1,336,411.30
544,969.30
(+) 3,904,639.00
(-) 1,826,878.00
2,622,730.30
15
Sd/Commissioner

SCHEDULE 7 CURRENT LIABILITIES AND PROVISIONS:
A. CURRENT LIABILITIES
1. ACCEPTANCES
2. SUNDRY CREDITORS
a) FOR GOODS
b) OTHERS
3. ADVANCES RECEIVEDS
4. INTEREST ACCRUED BUT NOT DUE ON
a) SECURED LOANS / BORROWINGS
b) UNSECURED LOANS / BORROWINGS
5. STATUTORY LIABILITIEIS
a) OVERDUE
b) OTHERS
6. OTHERS CURRENT LIABILITIES
TOTAL (A)
B) PROVISIONS
1. FOR TAXATION
2. GRATUITY
3. SUPERANNUATION
4. ACCUMULATED LEAVE ENCASHMENT
5. TRADE WARRANTIES / CLAIMS
6. OTHERS (SPECIFY) DOUBTFUL INVESTMENT
TOTAL (B)
TOTAL (A + B)
31,348,272.59
(AMOUNT - `)
30,564,722.68
2,447,112.58
33,795,385.17
2,238,496.40
32,803,219.08
33,795,385.17
33,795,385.17
32,803,219.08
32,803,219.08
NIL
33,795,385.17
Sd/Superintendent
NIL
33,795,385.17
16
32,803,219.08
32,803,219.08
Sd/Commissioner

GROSS BLOCK
SCHEDULE 8 - FIXED ASSETS

DESCRIPTION
1. LAND
Cost valuation
as at beginning
of the year
Additions
during
the year
NET BLOCK
DEPRECIATION
Deductions
during
the year
Cost/valuation As at the
at the
beginning
year end
of the year
On
additions
during
the year
Total up to
the year end
On
additions
during
the year
As at
the current
year end
As at the
previous year
end
a) Freehold
b) Leasehold
2. BUILDING
a) On Freehold Land
b) On Leasehold Land
c) Ownership Flats/ Premises
d) Superstructures On Land not
belonging to the entity
184,049.92
184,049.92 18,404.99
18,404.99
165,644.93
184,049.92
3. PLANT MACHINERY AND EQUIPMENT

4. VEHICLES
5. FURNITURE &FIXTURES
465,665.02
465,665.02 46,566.50
46,566.50
419,098.52
465,665.02
6. OFFICE EQUIPMENT
197,410.20
61,468.00 32,118.22
226,759.98 24,878.90
7,787.70
4,732.63
37,399.23
189,360.75
197,410.20
7. COMPUTER / PERIPHERAL
112,848.82
26,800.00
134,648.82 60,209.29 16,080.00
7,500.00
83,789.29
50,859.53
112,848.82
88,268.00 37,118.22 1,011,123.74 150,059.68 23,867.70 12,232.63 186,160.01
824,963.73
959,973.96
5,000.00
8. ELECTRIC INSTALLATIONS
9. LIABRARY BOOKS
10. TUBEWELLS AND W SUPPLY
11. OTHER FIXED ASSETS
NIL
TOTAL OF CURRENT YEAR

PREVIOUS YEAR
TOTAL
959,973.96
Note : to be given as to cost of assets on hire purchase basis included above

NOTE: The method of providing depreciation is according to Income Tax Act, 1961 at the rates specified for relevant financial y ear and depreciation is
calculated on WDV method.
17

(AMOUNT - `)
SCHEDULE 9 - INVESTMENTS FROM EARMARKED/ENDOWMENT FUNDS:
1. IN GOVERNMENT SECURITIES
5,527,788,983.66
5,436,798,961.51
2. OTHER APPROVED SECURITIES (STATE)
2,091,468,281.94
1,665,592,533.27
Nil
Nil
2,806,144,976.95
2,793,821,957.38
Nil
Nil
346,620,731.80
38,035,374.00
3. SHARES
4. DEBENTURES AND BONDS
5. SUBSIDIARIES AND JOINT VENTURES
6. OTHERS (TO BE SPECIFIED) (TDR) & Money Market Instruments
9,934,248,826.16
TOTAL
(13,135,000.00)
15,535,000.00
10,758,887,974.35
9,918,713,826.16
1. IN GOVERNMENT SECURITIES
1,780,736.21
1,779,845.64
2. OTHER APPROVED SECURITIES (STATE)
5,181,522.24
5,183,253.12
Less:
Provision for diminution in value of investment (Provision)
TOTAL
SCHEDULE 10 - INVESTMENTS OTHERS:
3. SHARES
Nil
4. DEBENTURES & BONDS
Nil
5. SUBSIDIARIES & JOINT VENTURES
Nil
6. OTHERS (TO BE SPECIFIED) (TDR) & MONEY MARKET INSTRUMENT
31,500,000.00
LESS : PROVISIONS FOR DIMINUTION IN VALUE OF INVEST. (PROVISION)
(2,400,000.00)
TOTAL
36,062,258.45
Sd/Superintendent
18
26,100,000.00
33,063,098.76
Sd/Commissioner

(AMOUNT - `)
SCHEDULE 11 CURRENT ASSETS, LOANS ADVANCES
A.
Current Year-2013-2014
CURRENT ASSETS:
1. Inventories:
a) Stores And Spares
Nil
Nil
b) Loose Tools
Nil
Nil
a) Debts Outstanding For A Period Exceeding Six Months
Nil
Nil
b) Others
Nil
Nil
c) Stock In Trade
Finished Goods
Work In Progress
Raw Materials
2. Sundry Debtors:
84,664.40
3. Cash Balances In Hand (Including Cheques / Drafts And Interest)
38,859.40
Nil
Nil
Nil
Nil
On Current Accounts
Nil
Nil
On Deposit Accounts(Includes Margin Money)
Nil
Nil
4. Bank Balance:
a) With Scheduled Banks
111,396,273.34
On Savings Accounts
90,864,800.23
Nil
b) With non-scheduled
On Current Accounts
Nil
Nil
On Deposit Accounts
Nil
Nil
On Savings Accounts
Nil
Nil
5. Post Office Savings Accounts
Nil
111,480,937.74
TOTAL
19
90,903,659.63

SCHEDULE 11 CURRENT ASSETS, LOANS ADVANCES
B
Current Year- 2013-14
LOANS ADVANCES AND OTHER ASSETS

1. Loans:
a)
b)
Staff
878,267.00
942,548.00
231,467.00
702,102.41
Other Entities engaged in activities/objectives

similar to that of the entity
c)
Other (specify)
1. PF dues recoverable
14,423.77
2. Admn. Charges recoverable

48,290.00
3. Sundry Deposits (Advances to party)
1,158,024.00
87,290.00
1,746,364.18
2. advances and other amounts recoverable in

cash of in kind or for value to be received:
a)
On capital Account
b)
Payments
c)
Others ( Prepaid Expenses)
Nil
Nil
33,000.00
33,000.00
252,961.00
252,961.00
324,407,749.34
324,407,749.34
215,141,444.60
215,141,444.60
3. Income Accrued:
a) On investments from earmarked/endowment funds
b) With non-scheduled Banks
Nil
nil
c) on loans and advances
Nil
Nil
d) Others (includes income due unrealized Rs)
Nil
nil
4. Claims receivable
TOTAL (B)
10,656,164.48
336,254,937.82
336,254,937.82
227,692,342.88
447,735,875.56
318,596,002.51
TOTAL (A+B)
10,551,573.10
10,656,164.48
Sd/Superintendent
20
10,551,573.10
Sd/Commissioner

SCHEDULE 12 - INCOME FROM SALES/SERVICES
(AMOUNT - `)
24,384,622.71
21,309,587.81
122,463.99
46,016.89
24,507,086.70
21,355,604.70
1. Central Government
NIL
NIL
2.State Government(S)
NIL
NIL
3. Government Agencies
NIL
NIL
4. Institutions/Welfare Bodies
NIL
NIL
5. International Organizations
NIL
NIL
6. Others (specify)
NIL
NIL
NIL
NIL
NIL
NIL
1. Income from Sales

a)
Sale of Finished Goods
b)
Sale of Raw Materials
c)
Sale of Scraps
2. Income From Services

a)
Labour and processing charges
(Income from receipts of Administrative

charges from Shipping Companies.)
b)
Professional/consultancy services (Damages)
c)
Agency commissions and brokerage
d)
Maintenance services(Equipments/Property)
e)
Other (Specify)
TOTAL
SCHEDULE 13- GRANTS/SUBSIDIES

(Irrecoverable grants and subsidies received)
TOTAL
21

SCHEDULE 14-FEES/SUBSCRIPTIONS
1.
Entrance Fees
2.
Annual Fees/Subscriptions
3.
Seminar/Program Fees
4.
Consultancy Fees
5.
Others(specify)
(AMOUNT - `)
TOTAL
NIL
NIL
NIL
NIL
NIL
NIL
Note: Accounting policies towards each item are to be disclosed

SCHEDULE 15 - INCOME FROM INVESTMENTS
Income on investment from earmarked/endorsement
2.
Investment - Others
Current Year
Previous Year
Current Year
PreviousYear
2013-2014
2012-2013
2013-2014
2012-2013
a) On Govt./State Securities
610,524,272.10
494,887,685.66
340,432.00
320,582.02
b) Other Bonds/Debentures
254,309,383.99
261,478,156.58
80,202,317.34
552,554.64
424,881.00
83,984.77
155,509.44
976,971.41
900,972.46
976,971.41
900,972.46
funds transferred to funds)

1.
Investment from Earmarked Fund
Interest
Dividends
a) On Shares
b) On Mutual Fund Securities
3.
Rents
4.
Others (Specify) (TDR)
1,635,847.00
5.
Saving Bank Interest Accounts
2,156,732.49
TOTAL
TRANSFERRED TO EARMARKED /ENDORSEMENT FUNDS
868,626,235.58
836,568,159.58
NOTE: The interest on investment from Earmarked Fund directly credited to respective fund A/c.
Sd/Superintendent
22
Sd/Commissioner

SHEDULES FORMING PART OF INCOME & EXPENDITURE FOR THE YEAR ENDED 31ST MARCH, 2014
(AMOUNT - `)
SCHEDULE 16 INCOME FROM ROYALTY, PUBLICATION
1. Income From Royalty
NIL
NIL
NIL
NIL
69,886.57
69,886.57
4,044,316.91
885,624.38
4,114,203.48
955,510.95
2. Income From Publications

3. Others (specify)
TOTAL
SCHEDULE 17 INTEREST EARNED / ACCRUED INTEREST
1. On Term Deposits:
b) With Non Scheduled Banks
c) With Institutions
d) Others / accrued
2. On Savings Accounts:
b) With Non Scheduled Banks
c) With Institutions
d) Others
3. On Loans:
a) Employees/Staff
b) Others
4. Interest on Debtors and Other Receivables
TOTAL
Note: Tax deducted at source to be indicated
Sd/Superintendent
23
Sd/Commissioner

SCHEDULE 18 OTHER INCOME
1.
Profit On Sale Disposal Of Assets
(AMOUNT - `)
5,181.78
a) Owned Assets
b) Assets Acquired Out Of Grants Or Received Free Of Cost
2.
Export Incentives Realized
3.
Excess provision written back
21,671.00
399,603.00
4.
Miscellaneous Income
30,127.00
36,816.00
56,979.78
436,419.00
TOTAL
SCHEDULE 19-INCREASE/(DECREASE) IN STOCK OF FINISHED GOODS AND WORK IN PROGRESS
a)
Current Year 13-14
Previous Year 12-13
Closing Stock
- Finished Goods
- Work In Progress
b)
Less: Opening Stock

- Finished Goods
- Work In Progress
NET INCREASE/(DECREASE) (a-b)

SCHEDULE 20 ESTABLISHEMENT EXPENSES
a)
Salaries And Wages
3,026,613.50
3,389,087.30
b)
Allowances And Bonus / MACP
4,519,033.00
3,626,555.40
c)
Contribution To Provident Fund
d)
Contribution To Other Fund (Specify) (Gratuity, Leave Salary and Pension Fund)
3,500,000.00
3,500,000.00
e)
Staff Welfare Expenses (Medical bills/Tuition Fees Reimbursement & MACP
681,132.00
705,415.00
f)
Expenses On Employees Retirement And Terminal Benefit
4,528,026.00
3,855,418.00
g)
Other (Specify) Encashment of Leave
9,228.00
134,751.00
h)
Honorarium
75,780.00
45,180.00
16,339,812.50
15,256,406.70
TOTAL
Sd/Superintendent
24
Sd/Commissioner

SCHEDULE 21- OTHER ADMINISTRATIVE EXPENSES ETC
a) Purchases
b) Labour And Processing Expenses
c) Cartage And Carriage Inwards
d) Electricity And Power
e) Water Charges
f)
Insurance
g) Repairs And Maintenance including Development Software on Computers
h) Excise Duty
i)
Rent Rates And Taxes
j)
Vehicles Running And Maintenance
k) Postage Telephone And Communication Charges
l)
Printing And Stationary
m) Traveling And Conveyance Expenses
n) Expenses On Seminar/Work Shops
o) Subscription Expenses/News papers and periodical books
p) Expenses On Fees / Demat Charges
q) Auditors Remuneration
r)
Hospitality Expenses
s) Professional Charges
t)
Provision For Bad And Doubtful Debts/Advances
u) Irrecoverable Balances Written Off
v) Packing Charges
w) Freights And Forwarding Expenses
x) Distribution Expenses
y) Advertisement And Publicity
z) (i) Other (specify) Miscellaneous Expenses
(ii)Contractual employee
(iii) Non-recurring revenue
TOTAL
Sd/Superintendent
347,032.00
271,102.00
398,199.57
1,156.00
420,310.00
390,023.00
452,793.00
274,569.70
155,395.46
240,860.00
508,375.58
220,642.00
285,190.00
10,256.00
2,232.04
291,293.00
10,131.00
23,083.70
310,956.00
232,245.00
123,335.00
14,423.99
239,133.50
1,507,963.00
4,103,626.26
25
(AMOUNT - `)
222,438.00
1,039,625.00
3,889,137.28
Sd/Commissioner

(AMOUNT - `)
SCHEDULE 22 - EXPENDITURE ON GRANTS, SUBSIDIES ETC.

a) Grants Given To Institutions / Organization
NIL
NIL
b) Subsidies Given To Instituion / Organization / Capital Loss on Maturity of Govt Security
64,757.92
c) Loss on sale of Fixed Assets
18,090.44
82,848.36
TOTAL
Note: Name of the entities, their activities along with the amount of grants/subsidies are to be disclosed
SCHEDULE 23 - INTEREST / AMORTIZATION
a) On fixed loans
NIL
NIL
b) On other loans (including bank charges)
NIL
NIL
840.31
840.31
840.31
840.31
c) Other (specify) Amortisation

TOTAL
Sd/Superintendent
26
Sd/Commissioner
FORM OF THE FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS)

SCHEDULES FORMING PART OF BALANCE SHEET AS AT 31ST MARCH, 2014 AND
INCOME & EXPENDITURE FOR THE YEAR ENDED 31ST MARCH, 2014
SCHEDULE 24 - SIGNIFICANT ACCOUNTING POLICIES (Illustrative)
1.
Accounting Convention
The Financial Statements are prepared on the basis of historical cost convention and on the Accrual Basis except Administrative
Charges from Shipping Companies and Damages (Penal Charges) for delayed payments from Shipping Companies which are
accounted on actual receipt (Cash) basis, as the receivable amounts are not determinable. The accounts are prepared mainly on
the principles 'Going Concern and Conservatism'.
2.
Revenue Recognition
(i)
The Provident Fund Contributions are accounted for on Cash Basis. Although Articles of Agreement are received on the employment
of seamen on ships (i.e. sign on), Provident fund and other contributions are remitted within stipulate period of 30 days after sign off
of seamen. It is not practicable to account Provident Fund Contributions on due basis.
(ii)
The income arising from Administrative Charges is also accounted for on Cash Basis. It is also not practicable and prudent to
account for income from Administrative Charges on accrual basis in view of principle of conservatism.
(iii)
The income arising from penal charges on delayed payment of contributions (damages) is also accounted for on cash basis. The
claims for damages are lodged from system generated reports. The damages due can be crystallized only on receipt of explanation/
clarifications from Shipping Companies. Many times, claims are required to be withdrawn due to reasons viz. mistake/error in data
in Provident Fund return, continuous period of voyage, arrears payment etc. Hence, it is prudent to account for damages on Cash
Basis to reflect true and fair picture and to avoid distortion.
(iv)
Interest income on investments in bonds, bank deposits, Government Securities etc. is accounted for on accrual basis and has been
worked out on time proportion basis taking into account face value of the securities invested and rate of return/interest as applicable.
27
3.
4.
5.
6.
7.
Expenditure Recognition
(i)
All the obligatory outstanding expenses pertaining to the current year 2013-2014 but incurred/to be incurred subsequently are accounted
for on accrual basis.
(ii)
The pre-paid expenses sub-merged in the current year's expenditure are also segregated and shown under a separate head.
Assets
(i)
Fixed assets acquired during the year are stated at cost of acquisition inclusive of inward freight, duties and taxes and incidental and
direct expenses related to acquisition less depreciation worked out as per Income Tax Act, 1961.
(ii)
The fixed assets are taken at Written Down Value on 01/04/2013 less depreciation during the year as per rates specified in Income
Tax Act, 1961.
(iii)
During the year, no assets were revalued.
Depreciation
(i)
Depreciation is provided on WDV method as per rates specified in the Income Tax Act, 1961 to relevant financial year.
(ii)
In respect of additions to/deductions from fixed assets during the year, depreciation is considered as per Income Tax Act, 1961.
Investments
(i)
The investments are valued at cost. Cost includes acquisitions expenses like brokerage, transfer stamps.
(ii)
No provision has been made in the books of accounts for seasonal and cyclic fluctuations in the prices of securities.
Government Grants/Subsidies
(i)
8.
No Government grants are received during the year.
Other Disclosures
(i)
The book value of investments of Seamen's Provident fund is Rs. 1,071.34 crore and face value is Rs. 1,063.59 crore.
28
(ii)
Adequate provision for the following doubtful investments has been made as efforts to recover the amounts due have not been
successful so far:a Seamen's Provident Fund:
14.9% UP State Yarn Bonds
Rs.8,242,000.00
16% GSIC Bonds 1999
Rs.1,960,000.00
b Forfeiture Account:
14.9% UP State Yarn Bonds
Rs.733,000.00
c Administration Account:
16%UP Spinning Mills
Rs.2,400,000.00
d Staff Pension & Gratuity Fund:

16% UP Spinning Mills
TOTAL
Rs.2,200,000.00
**Rs.15,535,000.00
** The above investment has become doubtful for recovery. The said investment already made the provision (Bad Debts) in the book of account
(iii)
Legal efforts to recover principal and interest on non-performing investments continue.
(iv)
During the financing year i.e. 2013-2014 an amount of Rs. 702,102.41 in respect P.F. due and Rs. 14,423.77 for Adm. charges has
been written off after approval of Board of Trustees, SFPO
(v)
Pension and gratuity liability in respect of pensioner and employees of Seamen's Provident Fund Organization as per actuarial
valuationis Rs. 4.81 crores in respect of 16 staff members and 30 pensioners and balance in the fund as on 31/03/2012 is Rs. 1.67
crores (actuarial valuation for upto 31.03.2014 is under process). Pension and Gratuity Fund will be strengthened to the required level
gradually Rs. 85 lakhs have been transferred to Pension and Gratuity Fund on adhoc basis during the year. (Rs. 35 lakh has been
transferred from Adm section and Rs. 50 lakh from forfeiture account after approval of the Board of Trustees.
(vi)
Employers' contributions forfeited under Para 59 (3) of the Seamen's Provident Fund Scheme, 1966 are transferred to Forfeiture
Account under Para 61 (3) ibid. During the year 2013-2014 an amount of Rs.26,674/- was transferred to Forfeiture Account.
(vii)
Interest earned on investments of Seamen's Provident Fund monies is credited to interest suspense account and interest at the rate
approved by the Government for the year is appropriated from this account to Seamen's Provident Fund Accounts. During 20132014, the interest accrued on investment but not received has been credited to this account as per mercantile/accrual method of
accounting. Interest received during the year 2013-2014 but pertaining to previous year/s is shown under separate heading.
Sd/Superintendent
29
Sd/Commissioner
FORM OF THE FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS)

SCHEDULES FORMING PART OF BALANCE SHEET AS AT 31ST MARCH, 2013 AND
INCOME & EXPENDITURE FOR THE YEAR ENDED 31ST MARCH, 2013
SCHEDULE 25 CONTINGENT LIABILITIES AND NOTES ON ACCOUNTS
1.
2.
Contingent Liabilities
(i)
During the year Rs. 11,78,922.00 has been paid against the claim M/s. Mumbai Port Trust
(ii)
There is no major event after Balance Sheet involving any major pecuniary loss.
Current Assets, loans and advances

In the opinion of the management, the current assets, loan and advances have a value on realization in the ordinary course of
business, equal at least to the aggregate amount shown in the Balance Sheet.
3.
Taxation
For the purpose of Income Tax Act, 1961, the Fund shall be deemed to be a recognized Provident Fund within the meaning of that Act,
by virtue of section 11 of Seamen's Provident Fund Act, 1966. As such the income of the Fund is not liable for Income Tax. Since the
Seamen's Provident Fund Organization is exempted from Income Tax Act, 1961 in terms of Section 10/(25) Income Tax Act, 1961,
provision for tax is not necessary.
4.
Remuneration to Auditors
As auditors/internal Auditors/Government Audit Dept.
Taxation matters
For management services for certification
Others
30
Rs.2,91,293/Nil
Nil
Nil
5.
Corresponding figures for the previous year have been regrouped/rearranged/reorganized wherever necessary. The figures for t he
current year are on accrual basis as per Common Format of Accounting.
6.
The Details of the periodicity of un-posted items
7.
No. of
Entries
Amount
`
Balance as per Last report
8847
122,327,979.13
Add: During the year 2013-2014
2769
38,780,477.87
11616
161,108,457.00
Less : Cleared during the year
2653
36,592,746.54
Balance
8963
124,515,710.46
Schedule 1 to 25 are annexed to and form an integral part of the Balance Sheet as at 31st March, 2014 and the Income and
Expenditure Account for the year ended on that date.
Sd/Superintendent
31
Sd/Commissioner

RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31st March, 2014
CURRENT YEAR
2013-2014
RECEIPTS
I. Opening Balance
a) Cash in Hand
b)
Bank Balance
i)In current accounts
ii)In deposite acconts
iii)Saving accounts
II. Grants Received
a)
From Government of India
b)
From State Government
c)
From other sources (details)
(Grant for Capital & Revenue
exp. To be shown separately)
III. Income On Investment from
a)
Earmarked/Endow. Funds
b)
Own Funds (Oth. Investment)
IV. Interest Received
a)
On Bank Deposites
b)
Loans, Advances etc.
V. Other Income (specify)
i.
Mis. Income
ii.
Recoveries of advances (festival)
iii.
Other Receipt (Security deposit)
iv.
Returned Cheque accounts
v.
Adm. Charges
vi.
Damages
vii Forfeiture ( Trsnf from PF u/p 39(3)
VI. Amount Borrowed
VII. Any other receipts (give details)
i.
Contribution from shipping com's
ii. Subs. Staff provident fund
iii. Refund of advances staff P.F.
iv. Investment redeemed
v. Other - staff Pen. & Gratuity
vi. Recoveries of HBA
vii. Recoveries of Income Tax
L/S Pension(AO)/Leave salary
Capital Gain
Sale of Fixed Assets
TOTAL
PREVIOUS YEAR
2012-2013
38,859.40
43,581.40
90,864,800.23
120,850,701.88
869,603,206.99
811,092,257.19
30,127.00
33,375.00
39,000.00
456,973.00
24,507,086.70
4,398,831.02
26,674.00
36,816.00
167,625.00
3,904,639.00
21,355,604.70
1,659,842.69
65,331.00
799,692,244.81
912,220.00
410,120.00
193,362,820.10
64,656.00
728,911,484.65
900,100.00
390,700.00
676,564,075.62
66,919.00
37,000.00
183,169.00
1,478,953.11
13,000.00
1,984,477,994.25
2,367,684,800.24
PAYMENTS
I. Expenses
a) Establishment Expenses
b) Administrative Expenses
II. Payments made against funds for
various projects
Payment to MPT & Royal Mumbai Seamen's Club
(Name of the fund or project should be shown along
with the particulars of payments made for cach project)
III. Investments and deposites made
a) Out of Earmarked/Endowment funds
b) Out of own Funds (Investments-Others)
IV. Expenditure on Fixed Assets & Capital
Work In Progress
a) Purchase of Fixed Assets
b) Expenditure on Capital Assets
V. Refund of surplus money/Loans
a) To the Government of India
b) To the State Government
c) To the other providers of funds(Shipping co)
VI. Finance Charges (Interest)
VII. Other Payments (Specify)
i) Final Withdrawal
ii)
Non Refundable Withdrawal
iii) Payment of Advances (including staff
provident fund)
iv) Withdrawal from Staff Provident Fund
v) Returned cheques payment
VIII. Closing Balance
a) Cash in hand
b) Bank Balance
c) In current accounts
d) In Deposites accounts
e) Savings accounts
TOTAL
Sd/Superintendent
32
CURRENT YEAR
2013-2014
PREVIOUS YEAR
2012-2013
9,921,259.50
17,960,296.06
8,753,778.70
24,553,925.24
1,504,164.00
1,191,759.00
1,048,318,763.70
1,416,369,269.82
82,968.00
197,705.00
103,662.00
775,023,521.25
17,431,460.00
206,650.00
807,018,435.85
14,131,630.00
576,544.00
827,000.00
1,743,292.00
2,057,553.00
1,826,878.00
62,346.40
38,859.40
111,396,273.34
-
90,864,800.23
-
1,984,477,994.25
2,367,684,800.24
Sd/Commissioner

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N AV I K B H A V I S H Y

SEAMENS PROVIDENT FUND ORGANISATION

SEPARATE AUDIT REPORT OF (CAG) ...............................................

BALANCE SHEET ..............................................................................

INCOME & EXPENDITURE ACCOUNT ...............................................

SCHEDULES TO THE ABOVE FINANCIAL STATEMENTS ...............

STATEMENT OF RECEIPTS AND PAYMENTS ....................................

SEPARATE AUDIT REPORT OF THE

Based on our audit, we report that:

We further report that:

The format has been approved by the Comptroller General of

As per Accounting standard 15 and as per Uniform Format of Accounts, retirement

A.1.2 Current Liabilities and provision(Schedule 7)

As per Audit observation it will be complied in future.

As per Audit observation, it will be Complied in future

Effect of Audit Comments on Accounts

Appropriate remedial/corrective measures are being taken

In so far as it relates to Balance sheet, of the state of affairs of the Seamen's

For and on behalf of the

Adequacy of the internal audit system

Adequacy of internal control system

As per Audit observation it will be complied in future.

System of physical verification of inventory

Noted, Circular to all shipping companies to provide correct

System of physical verification of assets

The scope of Internal Auditor has been clearly defined by Audit

Regularity in payment of dues

THE FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS)

Seamens Provident Fund Organisation, Mumbai

CORPUS / CAPITAL FUND

THE FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS)

Seamens Provident Fund Organisation, Mumbai

THE FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS)

Seamens Provident Fund Organisation, Mumbai

Current Year 2013-2014

Previous Year 2012-2013

THE FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS)

Seamens Provident Fund Organisation, Mumbai

Previous Year 2012-2013

Current Year 2013-2014

THE FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS)

Seamens Provident Fund Organisation, Mumbai

SECURED LOANS AND BORROWINGS:

b. Interest accrued and due

6. Debentures and Bonds

Note: Amounts due within one year

THE FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS)

Seamens Provident Fund Organisation, Mumbai

DEFERRED CREDIT LIABILITIES:

THE FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS)

Seamens Provident Fund Organisation, Mumbai

Current Year 2013-2014

Previous Year 2012-2013

THE FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS)

Seamens Provident Fund Organisation, Mumbai

SCHEDULE 8 - FIXED ASSETS

3. PLANT MACHINERY AND EQUIPMENT

134,648.82 60,209.29 16,080.00

88,268.00 37,118.22 1,011,123.74 150,059.68 23,867.70 12,232.63 186,160.01

TOTAL OF CURRENT YEAR

Note : to be given as to cost of assets on hire purchase basis included above

THE FINANCIAL STATEMENTS (NON-PROFIT ORGANISATIONS)

Seamens Provident Fund Organisation, Mumbai

Current Year 2013-2014