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| ANNUAL REPORT OF THE ACTIVITIES FOR THE
YEAR 2010-2011 |
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We have
great
pleasure in
presenting
the 43rd
Annual
Report and
Audited
Statements
of Accounts
for the year
ended on
31st March
2011. In
spite of
uncertain
economic
conditions,
our Society
continues to
provide a
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
86.5% on
account of
the
increased
volume of
transaction.
The progress
made on
various
aspects are
given below
with
relevant
figures. |
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| 1. Membership : |
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A Class : |
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The number of members at the beginning of the year was 6072. There were 1494 admissions and 311 withdrawals. The strength as at the end of the year was 7255. |
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B Class : |
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The number of members at the beginning of the year was 215. There were 31 admissions in the year. The strength as at the end of the year was 246. |
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| 2. Share Capital : |
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At the beginning of the year: |
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Rs. 4,66,08,910 |
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Received during the year: |
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1,33,76,040 |
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Refunded during the year: |
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19,80,360 |
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Balance at the end of the year: |
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5,80,04,590 |
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Percentage of growth of Share Capital: |
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24% |
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| 3. Thrift Deposit : |
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At the beginning of the year: |
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Rs. 13,06,02,322 |
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Received during the year: |
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5,16,79,628 |
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Refunded during the year: |
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76,29,932 |
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Balance at the end of the year: |
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17,46,52,018 |
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Percentage of growth of Thrift Deposit: |
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33.7% |
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| 4.Fixed Deposit : |
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At the beginning of the year: |
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Rs. 28,17,61,209 |
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Received during the year: |
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49,73,44,525 |
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Refunded during the year: |
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39,54,19,853 |
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Balance at the end of the year: |
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38,36,85,881 |
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Percentage of growth of Fixed Deposit: |
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36.2% |
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| 5. Loans to Members : |
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| The details relating to loans are shown below: |
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| S.No. |
Heads |
Outstanding ason 31.3.2010 |
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Issued during the Year |
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Recovered during the Year |
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Outstanding as on 31.3.2011 |
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(in Rs) |
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(in Rs) |
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(in Rs) |
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(in Rs) |
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| 1 |
Emergency Loan |
1,500 |
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7,500 |
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9,000 |
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NIL |
| 2 |
Ordinary Loan |
46,84,15,451 |
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61,68,55,297 |
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45,11,66,401 |
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63,41,04,347 |
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Total |
46,84,16,951 |
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61,68,62,797 |
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45,11,75,401 |
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63,41,04,347 |
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| Percentage of increase in Loan Outstanding :
37.7% |
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| 6. Web Site : |
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The Society has launched a Web Site (www.ltempsoc.com) for giving information on the functioning of the Society as well as up-dated balance on member’s A/c. |
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| 7. Meetings : |
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| The Society conducted 5 Board Meetings and an
Annual General Body Meeting during the year.
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| 8. Appropriation of Net Profit of Rs.1,87,89,326/- for the
year 2010-2011 |
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| The following allocation of net profit is
recommended to the General Body for approval. |
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1. 25% to Reserve Fund |
46,97,332 |
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2. 1% to Coop. Education Fund |
1,87,893 |
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3. 10% to Reserve fund for unforeseen Losses |
18,78,933 |
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4.Dividend @18% on share Capital |
93,96,636 |
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5. Honorarium |
50,000 |
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6. Ex-gratia to Staff |
1,64,118 |
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7. 5% to Dividend Equalisation Fund |
9,39,466 |
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8. 5% to Building Fund |
9,39,466 |
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9. 2% to Member Benevolent Fund |
3,75,787 |
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10. (0.85%) to Common Good Fund(balance) |
1,59,695 |
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Total |
Rs.1,87,89,326 |
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n
| 9. Important Developments : |
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During the year 10 Nominees of Members received Death Relief Claim.
each as follows:
- LIC of India Group Insurance Scheme Rs.3,00,000/-
- Thrift Co-operative Federation Death Relief Scheme Rs.1,00,000/-
- Benevolent Fund of our Society Rs.20,000/-
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Individual Loan Limit is increased from Rs. 4,50,000/- to Rs. 5,50,000/-.
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Election conducted in January 2011 for the present Board of Directors on the expiry of
three years term of the previous Board.
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| 10. Conclusion : |
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| We thank the Salary Co-ordinator of M/s. Larsen & Toubro Limited CAO,
Independent Companies of ECC Division,
L&T Infotech, L&T Infocity, L&T Ramboll, TLT Pondy,
L&T Mysore Works, L&T Infra Development Limited, L&T Coimbatore
Campus 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, 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.
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| BY ORDER OF THE BOARD |
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| P.Benedict |
| Secretary |
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