ANNUAL REPORT OF THE ACTIVITIES FOR THE YEAR 2015-2016
We have great pleasure in presenting the 49th Annual Report and Audited Statements of Accounts for the year ended on 31st March 2017. 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.
1.Membership :
A Class :
The number of members at the beginning of the year was 13280. There were 759 admissions and 1408 withdrawals. The strength as at the end of the year was 12631.
B Class :
The number of members at the beginning of the year was 454. There were 33 admissions in the year. The strength as at the end of the year was 487.
2.Share Capital :
| At the beginning of the year |
Rs.12,17,33,790 |
| Received during the year: |
1,42,65,340 |
| Refunded during the year |
1,16,27,930 |
| Balance at the end of the year: |
12,43,71,200 |
| Percentage of growth of Share Capital: |
2% |
3.Thrift Deposit :
| At the beginning of the year: |
Rs.71,90,83,290 |
| Received during the year: |
21,28,25,174 |
| Refunded during the year |
7,95,43,364 |
| Balance at the end of the year: |
85,23,65,100 |
| Percentage of growth of Thrift Deposit: |
19% |
4.Fixed Deposit :
| At the beginning of the year: |
Rs.83,21,98,516 |
| Received during the year: |
81,12,95,996 |
| Refunded during the year |
84,76,30,168 |
| Balance at the end of the year: |
79,58,64,344 |
| Percentage of growth of Fixed Deposit: |
4% |
5.Loans to Members: (Ordinary Loan)
| At the beginning of the year: |
Rs.1,54,47,92,499 |
| Issued during the year: |
1,15,79,74,820 |
| Recovered during the year |
1,24,81,32,846 |
| Balance at the end of the year: |
1,45,46,34,473 |
| Percentage of growth of Ordinary Loan: |
6% |
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.
7.Meetings :
The Society conducted 8 Board Meetings and an Annual General Body Meeting during the year.
8.Appropriation of Net Profit for the year 2016-2017
The Society earned a net profit of Rs.4,95,28,348 /- for the year 2016-17. The following allocation of Net profit is recommended to the General Body for approval.
| 1. 25% to Reserve Fund |
1,23,82,087 |
| 2. 1% to Coop. Education Fund |
4,95,284 |
| 3. 10% to Reserve fund for unforeseen Losses |
49,52,835 |
| 4. Dividend @20% on share Capital |
2,46,57,040 |
| 5. Ex-gratia to Staff |
91,740 |
| 6. 5% to Dividend Equalisation Fund |
24,76,418 |
| 7. 3% to Member Benevolent Fund |
14,85,850 |
| 8. 5% to Building Fund |
24,76,417 |
| 9. 1.03% to Common Good Fund |
5,10,677 |
| Total |
Rs.4,95,28,348 |
9.Group Insurance Scheme Benefit:
During the year 16 Nominees of Members received Group Insurance Scheme Benefit.
The total amount of claim settled is as follows:
a. Settlement under Group Insurance Scheme Rs.1,28,00,000/-
b. Payment from Member Benevolent Fund Rs. 6,00,000/-
10. 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
S P Suresh kumar
Asst. Secretary