l&t group employees society annual report 2019-20 · 2020. 12. 16. · 4 larsen & toubro...

Regd. Office: TC-1, 1st Floor, L&T Construction Campus,

Mount Poonamallee Road, Manapakkam, Chennai 600 089 |

Telephone : 044-2252 2201 / 2252 2437 / 2252 6767 | Website : www.ltempsoc.in | E-mail : [email protected]

Regd. No.MSCS/CR-27/92

2019-2020

LARSEN & TOUBRO GROUP EMPLOYEES’ COOPERATIVETHRIFT & CREDIT SOCIETY LIMITED

Machinery may be there,

building may be there….

but without people, its all nothing

people are our only assets

The secret of happiness

is not in doing what one likes

but in liking what one has to do

- Henning Holck-LarsenJuly 04, 1907 - July 27,2003

- Soren Kristian ToubroFeb 27, 1906 - March 4, 1982

Mr. S. Manoharan B.Com.,CMA.,MBA

(Finance)., ACS.,

President

Mr. V.S. NarayananM.Com., MBA (Finance)., ICMA.,

Director

Mr. R. Ranganathan B.E.,

Vice-President

Mr. C.N. UnnikrishnanB.Sc (Maths).,PGPM.,

Director

Mr. S.P. Suresh Kumar B.Com., DCM.,M.Com.,

Deputy Secretary

Mr.S. ThiagarajanD.EEE.,BCA.,

Director

Mr.T. SureshACMA., MBA (Finance).,

Director

Mr.S. Parthasarathy,B.Sc (Chemistry).,

Director

BOARD OF DIRECTORS

Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 52nd Annual Report 2019-20204

LARSEN & TOUBRO GROUP EMPLOYEES’ COOPERATIVETHRIFT & CREDIT SOCIETY LIMITEDTc-I Buldg, 1st Floor, L&T Construction Campus,

Mount Poonamallee Road, Manapakkam, Chennai-600 089.

NOTICE

Notice is hereby given that the 52nd Annual General Body Meeting of the Society will be

held on Friday, 18th December 2020 at 5.00 p.m. at the TC-2 Auditorium,

L & T Construction Campus, Manapakkam Office, Chennai-89.

AGENDA

1. Consideration of the Audited Statement of accounts for the year 2019-2020

2. Consideration of the Audit Report and the Annual Report for the year 2019-2020

3. Appropriation of Net Profit for the year 2019-2020

4. Approval of Annual Budget for the year 2020-2021

5. Appointment of Auditors for the year 2020-2021

6. Other significant Items if any

(By Order of the Board)

02nd December 2020

S. P. Suresh Kumar

Deputy Secretary

To All Members Notice Board

Larsen & Toubro Group Employees’ Cooperative Thrift & Credit Society Limited - 52nd Annual Report 2019-2020 5

ANNUAL REPORT OF THE ACTIVITIES FOR THE YEAR 2019-2020We have great pleasure in presenting the 52nd Annual Report and Audited Statements of Accounts for the

year ended on 31st March 2020. 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 12138. There were 718

admissions and 1069 withdrawals. The strength as at the end of the year was 11787.

B Class:

The number of members at the beginning of the year was 510. There were 7

admissions and 361 withdrawals. The strength as at the end of the year was 156.

2. Share Capital :

At the beginning of the year : ` 13,83,69,210

Received during the year : 1,83,99,110

Refunded during the year : 98,44,510

Balance at the end of the year : 14,69,23,810

Percentage of growth of Share Capital : 6%

3. Thrift Deposit :



Refunded during the year : 8,17,31,140


Percentage of growth of Thrift Deposit : 6%

4. Fixed Deposit :



Refunded during the year : 54,70,60,390


Percentage of growth of Fixed Deposit : (-14%)

5. Loans to Members :

At the beginning of the year (Incld Surety Recovery) : ` 1,57,94,29,475

Issued during the year : 1,24,80,29,947

Recovered during the year : 1,11,92,97,384

Balance at the end of the year (Incld Surety Recovery) : 1,70,81,62,038

Percentage of growth of Ordinary Loan : 8%

LARSEN & TOUBRO GROUP EMPLOYEES’ COOPERATIVETHRIFT & CREDIT SOCIETY LIMITEDTc-I Buldg, 1st Floor, L&T Construction Campus,

Mount Poonamallee Road, Manapakkam, Chennai-600 089.


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 9 Board Meetings and an Annual General Body Meeting during the year.

8. Appropriation of Net Profit for the year 2019-2020:

The Society earned a net profit of ` 6,48,29,094 /- for the year 2019-20. The following allocation

of Net profit is recommended to the General Body for approval.

` IN LAKHS

1 25% Reserve Fund 1,62,07,274

2 1% to Coop. Education Fund 6,48,291

3 10% to Reserve Fund for unforeseen Losses 64,82,909

4 Dividend @ 20 % on Share Capital 2,84,18,221

5 Ex-gratia to Staff 1,76,304

6 7% to Dividend Equalization Fund 45,38,037

7 5% to Member Benevolent Fund 32,41,455

8 7% to Building Fund 45,38,037

9 Common Good Fund 5,78,566

Total : 6,48,29,094

9. Group Insurance Scheme Benefit:

During the year 5 Nominees of Members received Group Insurance Scheme Benefit.

The total amount of claim settled is as follows:

Settlement under Group Insurance Scheme ` 50,00,000/-

Payment from Member Benevolent Fund ` 2,50,000/-

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, ICICI

Bank Manapakkam 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

Deputy Secretary


LARSEN & TOUBRO GROUP EMPLOYEES’ COOPERATIVE THRIFT & CREDIT SOCIETY LIMITED

BUDGET FOR THE YEAR 2020-2021

CAPITAL BUDGET : PURCHASE OF COMPUTER & PRINTERS RS.2,00,000/-

INCOME

BUDGET

EXPENDITURE

BUDGET

2020-2021 2020-2021

Rs. Rs.

Interest on Loans 16,55,64,141 Establishment Expenses 40,00,000

Interest on Investments 1,57,22,343 Printing Charges 1,00,000

Miscellaneous Income 10,00,000 G B Meeting Expenses 25,00,000

Dividend Income 4,50,000 Member Education Programme 50,000

Interest on Thrift Deposit 7,77,41,306

Interest on Fixed Deposit 3,87,26,643

Interest on Recurring Deposit 25,00,048

Travelling & Conveyance 1,00,000

Training & Development 30,000

Telephone Charges 50,000

Computer Software & Maintenance 4,28,000

Consultancy Charges 13,12,000

Audit Fees 2,50,000

Bank Charges 5,000

Postage 30,000

Legal Fees 1,00,000

Journals, Momento, binding, pooja,

sundry wages and others2,00,000

Depreciation on Fixed Assets 1,00,000

Provision for Income Tax 4,00,000

Total Income 18,27,36,484 Total Expenditure 12,86,22,997

Surplus 5,41,13,487

Grand Total 18,27,36,484 Grand Total 18,27,36,484



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 September 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 May & December 2020 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 Deputy Secretary


Comparative Statement Showing the Growth of the Society during the last 5 years

Particulars As on As on As on As on As on

31.03.2016 31.03.2017 31.03.2018 31.03.2019 31.03.2020

Membership (Count)

13280 12631 12228 12138 11787

Working

Capital(C.A, Loans,

R&S)

140.94 143.79 145.01 147.03 159.40

Share Capital 12.17 12.43 12.75 13.83 14.69

Thrift Deposit 71.91 79.97 86.30 93.98 99.43

Recurring Deposit 3.14 2.82 2.96 2.78 2.63

Fixed Deposit 83.22 79.58 71.40 50.89 43.72

Reserve Fund 8.38 10.27 12.31 13.92 15.71

Loan to Members 155.96 145.78 140.99 157.94 170.81

Investment with

Coop. Bank, TCF31.03 52.78 59.63 34.54 23.21

Borrowings from

Banks - - - -

Profit 5.41 4.95 4.60 5.07 6.48

Lending Rate 10.75% 10.75% 10.50% 10.% 9.75%

T.D. Interest Rate 8.75% 8.75% 8.25% 7.75% 7.50%

Dividend 20% 20% 22% 20% 20%

(Rs. In Crores)



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Cooperative culture means intra- personal development towards

dedication, spirit of cooperation, honest dealing, selfless and service mindedness

The cooperative movement will be a blessing to india only to the extent that it is a moral movement strictly directed by

man fired with religious fervour.

Cooperation should be confined to men wishig to be morally right.

- Mahatma Gandhi


LARSEN & TOUBRO GROUP EMPLOYEES’

COOPERATIVE THRIFT & CREDIT SOCIETY LTD

INTEREST RATES WITH EFFECT FROM 01.10.2020

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

7.25% p.a

7.25% p.a (Yield 7.45% p.a)

7.25% p.a

7.25% p.a

Rate of Interest on Deposits

9.25% p.aOrdinary Loan

Rate of Interest on Loan (On diminishing balance)

All members are covered under group insurance of Rs. 10 lakhs

l&t group employees society annual report 2019-20 · 2020. 12. 16. · 4 larsen & toubro...

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