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| ANNUAL REPORT OF THE ACTIVITIES FOR THE
YEAR 2008-2009 |
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We have
great
pleasure in
presenting
the 41ST
Annual
Report and
Audited
Statements
of Accounts
for the year
ended on
31st March
2009. 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
20% 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 3803. There were 1078 admissions and 300 withdrawals. The strength as at the end of the year was 4581. |
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B Class : |
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The number of members at the beginning of the year was 181. There were 17 admissions in the year. The strength as at the end of the year was 198. |
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| 2. Share Capital : |
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At the beginning of the year: |
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Rs. 2,80,22,740 |
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Received during the year: |
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Rs. 82,52,540 |
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Refunded during the year: |
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Rs. 20,11,070 |
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Balance at the end of the year: |
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Rs. 3,42,64,210 |
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Percentage of growth of Share Capital: |
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22.3% |
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| 3. Thrift Deposit : |
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At the beginning of the year: |
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Rs. 7,62,57,347 |
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Received during the year: |
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Rs. 2,41,31,235 |
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Refunded during the year: |
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Rs. 60,09,337 |
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Balance at the end of the year: |
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Rs. 9,43,79,245 |
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Percentage of growth of Thrift Deposit: |
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23.8% |
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| 4.Fixed Deposit : |
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At the beginning of the year: |
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Rs. 12,63,55,569 |
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Received during the year: |
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Rs. 18,67,83,850 |
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Refunded during the year: |
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Rs.12,22,80,162 |
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Balance at the end of the year: |
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Rs. 19,08,59,257 |
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Percentage of growth of Fixed Deposit: |
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51% |
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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 31.3.2008 |
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Issued during the Year |
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Recovered during the Year |
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Outstanding as on 31.3.2009 |
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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 |
2,000 |
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25,000 |
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24,500 |
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2,500 |
| 2 |
Ordinary Loan |
28,28,72,795 |
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32,34,37,000 |
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26,62,30,751 |
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34,00,79,044 |
| 3 |
House Mortgage Loan |
3,47,719 |
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- |
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1,69,958 |
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1,77,761 |
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Total |
28,32,22,514 |
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32,34,62,000 |
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26,64,25,209 |
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34,02,59,305 |
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| Percentage of increase in Loan Outstanding :
20.1% |
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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.95,40,165/- for the
year 2008-2009 |
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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 |
Rs. 23,85,041 |
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2. 1% to Coop. Education Fund |
Rs. 95,402 |
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3. 10% to Reserve fund for unforeseen Losses |
Rs. 9,54,017 |
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4. Dividend @ 18% on share Capital |
Rs. 56,37,517 |
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5. Honorarium |
Rs. 50,000 |
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6. Ex-gratia to Staff |
Rs. 1,15,260 |
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7. 1% to Member Benevolent Fund |
Rs. 95,402 |
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8. 1% to Bad Debt Reserve |
Rs. 95,402 |
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9. 1.18% to Common Good Fund(balance) |
Rs. 1,12,124 |
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Total |
Rs. 95,40,165 |
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| 9. Important Developments : |
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During this year the Society conducted Member Education Programme at Bangalore,
Hyderabad, Chennai Area Office, ECC-CTS Job Site MEPZ, Tambaram, ECC-ITC Job Site,
Guindy and L&T Ramboll Limited to create an awareness on the activities and
performance of the Society.
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During the year 5 Nominees of members received Death Relief Claim of Rs.1 Lakh
each from LIC. They were also covered under Death Relief Scheme of the Thrift Co-
operative Federation upto Rs.50,000/-. Further their nominees were paid Rs.10,000/-
each from the member Benevolent Fund of the Society.
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Individual Loan Limit is increased from Rs. 3,00,000/- to Rs. 3,50,000/-.
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The Society organized a celebration of its 40th anniversory on 22nd January 2009 at
L&T-ECC Convention Center, Manapkkam. The Chief Guest on the occasion was Mr.K.V.
Rangaswamy, President (Construction) who is a founder member of the Society. The
first five highest Thrift Deposit Holders were given gifts as on encouragement for
inculcating the savings habits. In commemoration of the celebration a rechargeable
torch-light was issued to all members and nominal members.
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During the year the Society cleared the borrowings of Rs.6 Crore from Chennai Central
Co-operative Bank & Karur Vysya Bank and once again become self-reliant for finance.
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Initiated move for enhancing the LIC Group Life Insurance coverage of Rs.1 Lakh to
Rs.2 Lakh with a very low premium of Rs.400/-p.a.
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| 10. Conclusion : |
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| We thank the Salary Disbursement Officers and Staff of M/s. Larsen & Toubro Limited CAO, 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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