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

REGD. NO. MSCS/CR-27/92

ANNUAL REPORT OF THE ACTIVITIES FOR THE YEAR 2017-2018

We have great pleasure in presenting the 50th Annual Report and Audited Statements of Accounts for the year ended on 31st March 2018. 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 12631. There were 654 admissions and 1057 withdrawals. The strength as at the end of the year was 12228.

 	B Class :

        The number of members at the beginning of the year was 487. There were 13 admissions in the year. The strength as at the end of the year was 500.


2.Share Capital :
At the beginning of the year Rs.12,43,71,200
Received during the year: 1,29,54,600
Refunded during the year 98,19,320
Balance at the end of the year: 12,75,06,480
Percentage of growth of Share Capital: 3%

3.Thrift Deposit :
At the beginning of the year: Rs.79,97,96,363
Received during the year: 19,38,88,912
Refunded during the year 13,06,62,550
Balance at the end of the year: 86,30,22,725
Percentage of growth of Thrift Deposit: 8%

4.Fixed Deposit :
At the beginning of the year: Rs.79,58,64,344
Received during the year: 72,37,73,454
Refunded during the year 80,56,13,529
Balance at the end of the year: 71,40,24,269
Percentage of growth of Fixed Deposit: 10%

5.Loans to Members: (Ordinary Loan)
At the beginning of the year: Rs.1,45,78,17,227
Issued during the year: 1,07,53,52,658
Recovered during the year 1,12,32,27,850
Balance at the end of the year: 1,40,99,42,035
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 5 Board Meetings and an Annual General Body Meeting during the year.


8.Appropriation of Net Profit for the year 2017-2018

The Society earned a net profit of Rs.4,60,59,370/- for the year 2017-18. The following allocation of Net profit is recommended to the General Body for approval.

1.   25% to Reserve Fund 1,15,14,843
2.   1% to Coop. Education Fund 4,60,594
3.    10% to Reserve fund for unforeseen Losses 46,05,937
4.   Dividend @ 22 % on Share Capita 2,73,69,685
5.   Bad Debt’s Reserve 7,93,923
6.   0.50% to Dividend Equalization Fund 2,30,297
7.    1% to Member Benevolent Fund 4,60,594
8.   0.80% to Building Fund 3,68,475
9.   Common Good Fund 1,29,622
               Total Rs.4,60,59,370

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.1,30,00,000/-
              b. Payment from Member Benevolent Fund Rs. 9,50,000/-

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

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