larsen & toubro group employees' cooperative thrift & credit society limited...
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1Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
Regd. Office: TC-1, 1ST Floor, L&T Construction Campus, Mount Poonamallee Road, Manapakkam, Chennai 600 089
Telephone : 2252 2201 / 2252 2437 | Website : www.ltempsoc.in | E-mail : [email protected]
Regd. No.MSCS/CR-27/92
2018-2019
2Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
MR.T.SUKUMAR B.Com., ACA., AICWA., ACS.,
PRESIDENT
MR.T.T.N SUDHARSHAN B.A., B.L., DIRECTOR
MR.SANJU JOHN BE (MECHANICAL) GMP IIM - L
VICE PRESIDENT
MR. R. ANAND B.Com., L.L.B., MBA(HR).,
ML.DIT., DIRECTOR
MR.BIKRAM KESHORI NAYAK B.Sc., (PHYSICS)., M.A IN PM&IR.,
EHRM XLRI., DIRECTOR
MR. M.V.RAVISHANKAR (PhD), CS., FCMA., MPhil., MBA.,
MSc(IT)., DIRECTOR
MR. K.V.R.RAGHUNATHAN B.Com.,
DIRECTOR
MR.S.P.SURESH KUMAR B.Com., DCM., M.Com.,
ASST.SECRETARY
BOARD Of DIREcTORS
3Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
LARSEN & TOUBRO GROUP EMPLOYEES’ cO-OPERATIVETHRIfT & cREDIT SOcIETY LIMITED
Tc-I Buldg, 1 st Floor,L&T Construction Campus,Mount Poonamallee Road, Manapakkam, Chennai-600 089
NOTICE
Notice is hereby given that the 51st Annual General Body Meeting of the Society will be held on Saturday, 21st September 2019 at 5.00 p.m. at the TC-2 Building, Auditorium, L & T Construction Campus, Manapakkam Office, Chennai-89.
AGENDA
1. Consideration of the Audited Statement of accounts for the year 2018-2019
2. Consideration of the Audit Report and the Annual Report for the year 2018-2019
3. Appropriation of Net Profit for the year 2018-2019
4. Approval of Annual Budget for the year 2019-2020
5. Appointment of Auditors for the year 2019-2020
6. Other significant Items if any
(By Order of the Board)
04th September 2019
S P Suresh Kumar Asst.Secretary
To All Members Notice Board
4Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
ANNUAL REPORT Of THE AcTIVITIES fOR THE YEAR 2018-2019We have great pleasure in presenting the 51st Annual Report and Audited Statements of Accounts for the year ended on 31st March 2019. 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 12229. There were 689 admissions and 780 withdrawals. The strength as at the end of the year was 12138.
B Class:
The number of members at the beginning of the year was 500. There were 10 admissions in the year. The strength as at the end of the year was 510.
2. Share Capital :
At the beginning of the year : ` 12,75,06,480
Received during the year : 1,83,86,890
Refunded during the year : 75,24,160
Balance at the end of the year : 13,83,69,210
Percentage of growth of Share Capital : 9%
3. Thrift Deposit :
At the beginning of the year : ` 86,30,22,725
Received during the year : 13,95,63,130
Refunded during the year : 6,26,87,265
Balance at the end of the year : 93,98,98,590
Percentage of growth of Thrift Deposit : 9%
4. Fixed Deposit :
At the beginning of the year : ` 71,40,24,269
Received during the year : 53,70,34,588
Refunded during the year : 74,20,70,493
Balance at the end of the year : 50,89,88,364
Percentage of growth of Fixed Deposit : (29%)
5. Loans to Members :
At the beginning of the year (Incld Surety Recovery) : ` 1,40,99,42,035
Issued during the year : 1,24,31,58,499
Recovered during the year : 1,07,36,71,059
Balance at the end of the year (Incld Surety Recovery) : 1,57,94,29,475
Percentage of growth of Ordinary Loan : 12%
LARSEN & TOUBRO GROUP EMPLOYEES’ cOOPERATIVETHRIfT & cREDIT SOcIETY LIMITEDTc-I Buldg, I st Floor,L&T Construction Campus,
Mount Poonamallee Road, Manapakkam, Chennai-600 089
5Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
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 7 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 ` 5,07,85,311/- for the year 2018-19. The following allocation of Net profit is recommended to the General Body for approval.
` IN LAKHS
1 25% Reserve Fund 1,26,96,328
2 1% to Coop. Education Fund 5,07,853
3 10% to Reserve Fund for unforeseen Losses 50,78,531
4 Dividend @ 20 % on Share Capital 2,63,48,966
5 Ex-gratia to Staff 1,62,486
6 4% to Dividend Equalization Fund 20,31,412
7 4% to Member Benevolent Fund 20,31,412
8 3% to Building Fund 15,23,559
9 Common Good Fund 4,04,764
Total : 5,07,85,311
9. Group Insurance Scheme Benefit:
During the year 11 Nominees of Members received Group Insurance Scheme Benefit.
The total amount of claim settled is as follows:
Settlement under Group Insurance Scheme ` 10,800,000/- Payment from Member Benevolent Fund ` 7,90,000/-
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, 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
6Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
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11Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
Total Expenditure
12Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
13Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
from
14Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
15Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
16Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
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20Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
21Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
LARSEN & TOUBRO GROUP EMPLOYEES’ cOOPERATIVE THRIfT & cREDIT SOcIETY LIMITED
BUDGET fOR THE YEAR 2019-2020
CAPITAL BuDGET : PuRCHASE OF COMPuTER & PRINTERS RS.2,00,000/-
INcOME
BUDGET
EXPENDITURE
BUDGET
2019-2020 2019-2020
Rs. Rs.
Interest on Loans 161,633,082 Establishment Expenses 3,000,000
Interest on Investments 16,473,382 Printing Charges 130,000
Miscellaneous Income 1,000,000 G B Meeting Expenses 2,500,000
Dividend Income 456,815 Member Education Programme 100,000
Interest on Thrift Deposit 74,234,704
Interest on Fixed Deposit 43,533,767
Interest on Recurring Deposit 2,774,123
Travelling & Conveyance 100,000
Training & Development 30,000
Telephone Charges 30,000
Computer Software & Maintenance 200,000
Consultancy Charges 550,000
Audit Fees 240,000
Bank Charges 5,000
Postage 30,000
Legal Fees 100,000
Journals, Momento, binding, pooja, sundry wages and others
100,000
Depreciation on Fixed Assets 50,000
Provision for Income Tax 500,000
Total Income 179,563,279 Total Expenditure 128,207,594
Surplus 51,355,685
Grand Total 179,563,279 Grand Total 179,563,279
22Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
LARSEN & TOUBRO GROUP EMPLOYEES’ cOOPERATIVE THRIfT & cREDIT SOcIETY LIMITED
Important Note for the information of the members onWithdrawal of Membership, Dividend Payments,
Thrift Interest and confirmation of Balances
Any employee can become a member of the Society by giving an application voluntarily. As such when a member wants to withdraw his membership on account of his retirement or on leaving the Company or at request or as per Bye Law of the Society has to send a letter for membership withdrawal addressed to the Secretary. On receipt of it, the Society will refund the Share Capital, Thrift Deposit, Interest on Thrift Deposits, etc., after recovering Loan and Interest dues if any. Otherwise his account will be closed and kept under “Sundry Creditors Account” which has to be claimed by the member for refund within a period of 3 years.
Similarly members who have withdrawn their membership during the Current Financial year have to claim the dividend amount after the month of July in the subsequent year subject to the declaration of dividend by the Annual General Body Meeting.
Members on Roll can get their Interest on Thrift Deposit & Dividend on Shares thro’ their Salary A/c in the month of April & September-2019 respectively.
Any amount due by the Society and not claimed with-in a period of 3 years shall be added to the Reserve fund of the Society as per bye Law.
Sd/-S P Suresh Kumar
Asst. Secretary
23Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
comparative Statement Showing the Growth of the Society during the last 5 years
Particulars As on As on As on As on As on
31.03.2015 31.03.2016 31.03.2017 31.03.2018 31.03.2019
Membership (count)
13016 13280 12631 12228 12138
Working Capital(C.A, Loans, R&S)
155.32 140.94 143.79 145.01 147.03
Share Capital 10.99 12.17 12.43 12.75 13.83
Thrift Deposit 55.50 71.91 79.97 86.30 93.98
Recurring Deposit 3.01 3.14 2.82 2.96 2.78
Fixed Deposit 75.17 83.22 79.58 71.40 50.89
Reserve Fund 6.71 8.38 10.27 12.31 13.92
Loan to Members 142.76 155.96 145.78 140.99 157.94
Investment with Coop. Bank, TCF
16.51 31.03 52.78 59.63 34.54
Borrowings from Banks
- - - - -
Profit 4.71 5.41 4.95 4.60 5.07
Lending Rate 12.00% 10.75% 10.75% 10.50% 10%
T.D. Interest Rate 10% 8.75% 8.75% 8.25% 7.75%
Dividend 19% 20% 20% 22% 20%
(Rs. In Crores)
LARSEN & TOUBRO GROUP EMPLOYEES’ cOOPERATIVE THRIfT & cREDIT SOcIETY LIMITED
24Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
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25Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
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26Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
(IN L
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27Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
It’s time to recall the vision of Pandit Jawaharlal Nehru, the first Prime Minister of Independent India, who considered cooperatives as pillars of democracy. During his time the world has seen capitalism/socialism and therefore he expected cooperative to be a middle path and as a way of life to do more good to workers/peasants particularly at the grassroot level and serving the whole community with basic values of cooperation.
- Pandit Jawaharlal Nehru
28Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 51st Annual Report
LARSEN & TOUBRO GROUP EMPLOYEES’ COOPERATIVE THRIFT & CREDIT
SOCIETY LIMITEDINTEREST RATES WITH EFFECT
FROM 01.06.2018
MEMBER BENEVOLENT FUNDAmount payable to nominee of the member in case of death or payable to
member in case of loss of employment due to disability: Rs. 50,000/-
Fixed Deposit
Cash Certificate
Recurring Deposit
Thrift Deposit
7.75% p.a
7.75%p.a (Yield 7.98% p.a)
7.75%p.a
7.75%p.a
Rate of Interest on Deposit
10.00% p.aOrdinary Loan
Rate of Interest on Loan(On diminishing balance)
All members are covered under group insurance of Rs. 10 lakhs