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

REGD. NO. MSCS/CR-27/92
"Ordinary Loan Application Softcopy is now available for download & use by Members. It is under Downloads Menu option. Members can send the filled-in form, duly signed to Society Office."

ANNUAL REPORT OF THE ACTIVITIES FOR THE YEAR 2020-2021

We have great pleasure in presenting the 53rd Annual Report and Audited Statements of Accounts for the year ended on 31st March 2021. 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 :

The number of members at the beginning of the year was 11787. There were 356 admissions and 756 withdrawals. The strength as at the end of the year was 11387.

2.Share Capital :
At the beginning of the year Rs.14,69,23,810
Received during the year: 1,39,89,620
Refunded during the year 91,41,470
Balance at the end of the year: 15,17,71,960
Percentage of growth of Share Capital: 3%

3.Thrift Deposit :
At the beginning of the year: Rs.99,43,30,750
Received during the year: 13,15,71,700
Refunded during the year 7,68,87,714
Balance at the end of the year: 104,90,14,736
Percentage of growth of Thrift Deposit: 5%

4.Fixed Deposit :
At the beginning of the year: Rs.43,72,91,092
Received during the year: 45,06,51,325
Refunded during the year 52,66,57,242
Balance at the end of the year: 36,12,85,175
Percentage of growth of Fixed Deposit: -17%

5.Loans to Members: (Ordinary Loan)
At the beginning of the year: Rs.1,70,81,62,038
Issued during the year: 1,05,47,43,179
Recovered during the year 1,10,97,31,491
Balance at the end of the year (Incld Surety Recovery): 1,65,31,73,726
Percentage of growth of Ordinary Loan: -3%

6.Web Site :

The Society has a Web Site (www.ltempsoc.in) for giving information on the functioning of the Society and up-dated balances of member’s A/c.


7.Meetings :

The Society conducted 4 Board Meetings and an Annual General Body Meeting during the year.


8.Appropriation of Net Profit for the year 2018-2019

The Society earned a net profit of Rs.5,99,20,556/- for the year 2020-21. The following allocation of Net profit is recommended to the General Body for approval.

1.   25% to Reserve Fund 1,49,80,139
2.   1% to Coop. Education Fund 5,99,206
3.    10% to Reserve fund for unforeseen Losses 59,92,056
4.   Dividend @ 20 % on Share Capital 2,96,27,522
5.    Ex-gratia to Staff 1,09,698
6.   5% to Dividend Equalization Fund 29,96,028
7.    4% to Member Benevolent Fund 23,96,822
8.   5% to Building Fund 29,96,028
9.   Common Good Fund 2,23,057
               Total Rs.5,99,20,556

9.Group Insurance Scheme Benefit:
During the year 18 Nominees of Members received Group Insurance Scheme Benefit. The total amount of claim settled is as follows:
              a. Settlement under Group Insurance Scheme Rs.1,80,00,000/-
              b. Payment from Member Benevolent Fund Rs.9,00,000/-

10. Conclusion :

We thank the Salary Co-ordinators of M/s. Larsen & Toubro Limited, L&T Construction, L&T Infotech, L&T Infocity, L&T IEL, TLT Pondy, L&T Mysore Works, L&T Infra Development Limited, L&T Coimbatore Campus, L&T Metro Rail Project, 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, ICICI Bank, IDFC FIRST Bank, 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

Deputy Secretary

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