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LARSEN & TOUBRO GROUP EMPLOYEES' COOPERATIVE THRIFT & CREDIT SOCIETY LTD

REGD. NO. MSCS/CR-27/92

ANNUAL REPORT OF THE ACTIVITIES FOR THE YEAR 2015-2016

We have great pleasure in presenting the 48th Annual Report and Audited Statements of Accounts for the year ended on 31st March 2016. Inspite of uncertain economic conditions, our Society continues to provide quality financial services to our members with an ultimate aim of improving the living standard of our members. Based on the change of interest rates in the market scenario, we have adopted suitable interest rates both on deposits and lending for the benefit of our members. Although the lending rate and the profit margin are kept at the minimum, the profit for the year has increased by 15% on account of the increased volume of transaction. The progress made on various aspects is given below with relevant figures.

1.Membership :
 	A Class :

         The number of members at the beginning of the year was 13016. There were 1273 admissions and 1013 withdrawals. The strength as at the end of the year was 13276.

 	B Class :

        The number of members at the beginning of the year was 392. There were 62 admissions in the year. The strength as at the end of the year was 454.


2.Share Capital :
At the beginning of the year Rs.10,98,68,220
Received during the year: 1,98,78,270
Refunded during the year 80,12,700
Balance at the end of the year: 12,17,33,790
Percentage of growth of Share Capital: 11%

3.Thrift Deposit :
At the beginning of the year: Rs.55,49,69,627
Received during the year: 21,04,95,613
Refunded during the year 4,63,81,950
Balance at the end of the year: 71,90,83,290
Percentage of growth of Thrift Deposit: 30%

4.Fixed Deposit :
At the beginning of the year: Rs.75,17,30,563
Received during the year: 87,37,83,176
Refunded during the year 79,33,15,223
Balance at the end of the year: 83,21,98,516
Percentage of growth of Fixed Deposit: 11%

5.Loans to Members: (Ordinary Loan)
At the beginning of the year: Rs.1,42,76,26,007
Issued during the year: 1,45,67,87,125
Recovered during the year 1,33,96,20,633
Balance at the end of the year: 1,54,47,92,499
Percentage of growth of Ordinary Loan: 8%

6.Web Site :

        The Society has a Web Site (www.ltempsoc.com) ) for giving information on the functioning of the Society and up-dated balances of member’s A/c. This year we have added additional features to members such as updating of personal details (KYC), change password and forget password options.


7.Meetings :

        The Society conducted 6 Board Meetings and an Annual General Body Meeting during the year.


8.Appropriation of Net Profit for the year 2015-2016

The Society earned a net profit of Rs.54,170,407/- for the year 2015-16. The following allocation of Net profit is recommended to the General Body for approval.

1.   25% to Reserve Fund 13,542,602
2.   1% to Coop. Education Fund 541,704
3.    10% to Reserve fund for unforeseen Losses 5,417,041
4.   Dividend @20% on share Capital 23,200,844
5.    Honorarium 1,00,000
6.   Ex-gratia to Staff 87,744
7.   5% to Dividend Equalisation Fund 2,708,520
8.   10% to Building Fund 5,417,041
9.   5% to Member Benevolent Fund 2,708,520
10.   0.82% to Common Good Fund 446,391
               Total Rs.54,170,407

9.Group Insurance Scheme Benefit:
During the year 8 Nominees of Members received Group Insurance Scheme Benefit. The total amount of claim settled is as follows:
              a. Settlement Under Group Insurance Scheme Rs.74,00,000/-
              b. Payment from Member Benevolent Fund Rs.1,70,000/-

10.Important Developments :
  1. The individual loan limit was increased from Rs.8,00,000- to Rs.10,00,000/-
  2. Contribution of Rs.225/- per member totaling to Rs.30,13,425/- is made by the Society towards Group Insurance Scheme for members.
  3. Member Awareness Program was conducted at L&T EWL Kanchipuram, Cluster Heads, L&T Shipping with CAO, L&T Valves
  4. Society operations have been upgraded by implementation of new software namely EIP to customize the manual operations at present.

11. Conclusion :

We thank the Salary Co-ordinators and of M/s. Larsen & Toubro Limited CAO, L&T Construction, L&T Infotech, L&T Infocity, L&T Ramboll, TLT Pondy, L&T Mysore Works, L&T Infra Development Limited, L&T Coimbatore Campus, L&T Metro Rail Project, L&T Kansbahal Works, L&T Ship Building and Shared Service Centre, Powai for effecting recovery from members and for prompt payment of collection to the Society. We also thank the Central Registrar, Cooperative Officials, Chennai Central Cooperative Bank Limited, Axis Bank Anna Salai Branch, Thrift Cooperative Federation Limited and M/s. Sharp &Tannan (Auditors) for their advice and continued interest shown towards the Society. We thank all the members for their loyal membership and cooperation towards smooth running of the Society.


By order of the Board

Shyamala Devi S

Secretary

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