Expanding With A Winning Combination

Transcription

1 Expanding With A Winning Combination Banking Education Health Care Tours &Travel Insurance Forex Business

2 Board of Directors Shri. Kiran D. Thakur Chairman Shri. P. N. Dhond Vice Chairman Shri. Gajanan N. Dhamanekar Director Shri. Pandhari P. Parab Director Shri. Subodh S. Gawade Director Shri. Ajit A. Garagatti Director Shri. R.U.Prabhu-Tendulkar Director Shri. Vithal S. Prabhu Director Shri. Shevantilal C. Shah Director Shri. Anil B. Choudhari Director Dr. Krishnanand S. Pavaskar Director Shri. Rajan G. Samant Director Dr. Damodar P. Wagle Director Mrs. Arati S. Kulkarni Director

3 Lokmanya Society Established in 1995 at Belgaum... Purpose - To extend credit facilities to those who are sincere, honest and hardworking, but are unable to fulfil stringent norms of financial institutions. Has financed the weaker section of society without jeopardising interests of the shareholders and depositors. Has stimulated growth of countless small enterprises and has created direct or indirect job opportunities for more than 50,000 unemployed youth. Network of 7 Regional offices & 67 branches run by dedicated staff is the real asset of this institute. Main objective at branch level - Hassle free service and cautious approach towards depositor s hard earned savings. Fully computerised and well furnished branches. Highlights A Strong multipurpose organization Vast network of branches spread across Maharashtra, Goa and Karnataka Fully computerized interface with up-to-date technology Well trained personnel Diversified activities - Finance, Education, Tours and Travels, Healthcare, Insurance (Life & General), Forex Corporate Social Responsibility Ambulance service, Subsidies Education

4 Business of Society Accepting deposits for the purpose of lending or investment in deposits, repayable on demand or otherwise and withdrawable by withdrawal slips or otherwise. Marketing, selling & distributing Insurance products - both Life as well as General Insurance. New feathers in cap - Educational Institutes, Tours & Travel business, Hospital & Health Care. To deal in Forex Business : Money changer, Money transfer. Diversification Education : Education of underprivileged and public at large. Provision of scholarships and educational facilities to the deserving and assistance to the needy. Bill collection : Tie up with other institutions for collection of utility bills like - Mobile phone bills, Electricity bills, Life Insurance & General, Recharge of prepaid mobile cards, Recharge fo DTH cards, Real estate consultancy and Locker facilities. Forex business : Transfer of Money through Western Union, Sale and purchase of foreign currency through Weizmann Forex Ltd.

5 Head Office : 30/2/A/1, Bhagya Nagar, Tilakwadi, Belgaum Phone : info@lokmanyasociety.org Regional Offices Belgaum : Mapuca : Margaon : Ratnagiri : Kolhapur : Sawantwadi : Pune : Mumbai :

6 Area of operation Maharashtra, Goa and Karnataka Our Branch Network BELGAUM SHAHAPUR UDYAMBAGH TILAKWADI CAMP VADGAON BASWAN GALLI ANSURKAR GALLI HINDALGA V NAGAR FORT ROAD GOAVES SAMBRA KHANAPUR SADASHIVGAD BHAGYA NAGAR HINDWADI R.C.NAGAR KORE GALLI RAMLINGKHIND GALLI M.M.EXTN NIPPANI CHANDGAD KARWAR GOA PANJIM SANKHALIM MAPUSA PONDA VASCO BICHOLIM CHURCHOREM PANJIM MARKET VALPOI BAINA MADGAON NEW VADDEM GOGAL USGAO TISK CANACONA KONKAN RATNAGIRI MALWAN KANAKAVLI DEVRUKH BANDA SAWANTWADI PUNE NAVIPETH MANDAI DHAHANUKAR COLONY GURUGANESH NAGAR CHINCHWAD BIBEWADI MARKET YARD HADAPSAR KARVE NAGAR AUNDH NIGADI GHOLE ROAD PARVATI MODEL COLONY BAVDHAN SAHAKAR NAGAR PAUD ROAD NIBM NARAYAN PETH MUMBAI DADAR BYCULLA KOLHAPUR SATARA

7 CONTENTS Particulars Page No. Notice 1 Corporate Information 2 Chairman s views & Directors Responsibility Statement 3-4 Profit and Loss Account for the Year Balance Sheet as on 31st March Schedules forming Part of Accounts 7-11 Statement showing Divisible Profit 12 Auditors Report to the Members of Lokmanya Multipurpose Co-op. Society Ltd. 13 Annexure to the Auditors Report 14 Proposed budget for the Year Amendment to the Bye-Laws 16-17

8 NOTICE Notice is hereby given to the members that the 14th Annual General Body meeting of the Lokmanya Multipurpose Co-op Society Ltd., Belgaum will be held on 30th September 2009 at 4.30 pm at society s registered office 30/2/A/1, Bhagyanagar, Tilakwadi, Belgaum, Karnataka to transact the following business. AGENDA 1) To consider and adopt the audited statement of accounts for the year ) Consideration of the Audit Report and annual report for the year ) Disposal of Net Profit for the year ) Approval of Annual Budget ) To appoint Statutory Auditors for the year and fix their remuneration. 6) To approve Amendments to the bye-law Nos. 3, 5 & 10. For Lokmanya Multipurpose Co-op. Society Ltd. Date : Place : Belgaum Sd/- (Prabhakar N. Patkar) Secretary 1

9 Corporate Information Head Office : Patkar P. N.Secretary Prasad V. N. - General Manager Vinayak V Rege - Accounts & Administration Preeti Talvatti - Monitoring Cell Shamal Bhatkhande - Accounts Dept. Aarti Welangi - Manager HR Regional Offices : BELGAUM Ajit Shinde - Regional Manager Vivek Kamat - Recovery Officer Prasad Kulkarni - Legal Cell GOA (MAPUCA / MARGAON) Kumar Priyolkar - Regional Manager (Mapuca) Prakash Surlakar - Coordinator (Mapuca) Suhas Khandeparkar - Regional Manager (Margaon) SAWANTWADI / KOLHAPUR / RATNAGIRI R. A. Patil - Regional Manager (Sawantwadi) Abhijeet Sambhaji - Regional Manager (Kolhapur) Milind Kolhatkar - Coordinator PUNE Sushil Jadhav - Coordinator Suresh Chinchalikar - Regional Manager Charuta Ambe - Manager HR Amol Shirke - Accounts Dept. Statutory Auditor Mr. Avinash S. Dixit B.Com.LL.B. (FCA) Legal Consultants Shri. Mukund V. Parab Shri. Madan V. Deshpande Shri. Raj Deshpande Shri. Ajay Sunalkar Smt Rekha Prabhu Shri. Abhay Sonis (Pune) Shri. Laxmikant Palekar (Goa) Shri. Nilesh Musale (Mumbai) Architect & Valuators Mr. Umesh Sarnobat - Belgaum Region Mr. Sadanand Gadgil - Belgaum Region Mr. Kundan Prabhu - Goa Region Mr. Shekhar Thite - Pune Region Bankers State Bank of India The Saraswat Co-op Bank Ltd Union Bank of India Central Bank Syndicate Bank Canara Bank Bank of Maharashtra IDBI Bank Ltd. Corporation Bank State Bank of Mysore The B.D.C.C. Bank Oriental Bank of Commerce Bank of India The Goa State Co-op Bank Ltd. Axis Bank Ltd. 2

10 Dear Shareowners, I deem it my privilege to welcome you all to the 15th Annual General Meeting of your Society. I am deeply honoured by your precious presence. In April 2008, hardly anyone could have predicted what the Global Economy would turn out to be by March The whole world was in a sort of a recessionary phase. Yet your Society has done well in the F.Y The Society's Annual Report for the year ended 31st March 2009 has been circulated to you. With your permission I would like to read it, as well as present the Chairman's analysis and discussion on the same. 1. Financial Results: (Rs. In Crores ) Sr.no Particulars I) Deposits II) Loans III) Working Capital IV) Profit (In lakhs) This has been a landmark year for Lokmanya. I am happy to report that Lokmanya continues to surpass previous records in Financial Performance. During FY your Society has staged an excellent performance in core sectors. The Deposits grew by 40%. The Loans grew by around 17%. Core Income streams such as interest on Loans & Investments showed an impressive growth. The Profit grew by almost 71%. 2. Value Creation : Last year we assured you that we are committed for wealth and value creation for Lokmanya. I am happy to state that we have stood by our words. The impressive growth in all the sectors speaks for themselves. I am reminded of the words of Mukesh Ambani, Chairman RIL, who once said I think that our fundamental belief is that for us growth is the way of life and we have to grow at all times. The Society will grow in size and also will add significant value to the wealth of Lokmanya. 3. Message to the Lokmanya team: The Society has grown into a big organization and the Board wishes to place on records its appreciation towards you all for the same. Without your efforts we would not have been able to achieve what we have achieved today. I recall here words of Late. Shri. Dhirubhai Ambani who once said to his employees I will not be happy if my employees achieve the target given to them, but I will be happy if they can beat it. I expect the same dedication, sincerity and focus from all of you and expect you to put in more efforts to beat my targets. 3

11 4. Acknowledgements: I would like to take this opportunity to thank our Members, Depositors, Bankers, Govt,. Departments, Advisors, Auditors and Well-Wishers of the Society for their consistent and resolute support. I thank all my colleagues on the Board for their support and their encouragement. My sincere regards to one and all and pray for the ever increasing progress of the Society. With this I furnish the Annual Report and Financial Report for the year and the Budget for Thank you, Kiran Thakur Chairman Director's Responsibility Statement: The Board of Directors of the Society confirm 1. That in preparation of Annual Accounts, the applicable accounting standards have been followed and there has been no material departure. 2. That the selected accounting policies were applied consistently and the Directors and made the judgments and estimates that are reasonable and prudent so as to give true and fair view of the state of the affairs of the Society as 31st March 2009 and of the Profits of the Society for the year ended on that date. 3. That the proper and sufficient care has been taken for the maintenance of the adequate accounting records, for safeguarding the assets of the Society and for preventing and detecting fraud and other irregularities and 4. That the Annual accounts have been prepared on a going concern basis. Place : Belgaum Date : For and on behalf of Board of Directors Kiran Thakur Chairman P. N. Dhond Vice-Chairman 4

12 Profit and Loss Account to PARTICULARS AMOUNT PARTICULARS AMOUNT 10th Year Celebration Commission from Insurance Advertising Expenses Commission from MSEB Bills Audit Fees Interest on Gratuity Bank Charges Interest recd on Investments Brokerage & Commission Interest recd on Loans Business Promotion Expenses Interest recovered from premature FD A/c Conference Fees Locker Rent Consultancy Fees Miscellaneous Depreciation Notice Charges Electricity charges Processing Fees Fringe Benefit Tax Rent Received Gifts Gratuity A/c Image Building Insurance Premium Interest Paid Legal Expenses Lodging And Boarding News Papers & Magazines Office Expenses Office Rent Payments to Employees Petrol Expenses Pigmy Commission Pooja Expenses Postage & Telegraph Printing & Stationery Professional Tax Society's Rates & Taxes Repairs & Maintenance Security Charges Staff Refreshment Stamp Duty & Registration Fees Telephone Charges Travelling Expenses Vehicle Expenses Profit Total Total Date : For Lokmanya Multi-purpose Co-op. Society Ltd., P. N.Patkar (Secretary) P. N. Dhond (Vice-Chairman) Kiran Thakur (Chairman) Verified & found correct vide report of even date Avinash Dixit (Chartered Accountant) 5

13 BALANCE-SHEET AS ON 31ST MARCH 2009 Date : For Lokmanya Multi-purpose Co-op. Society Ltd., P. N.Patkar (Secretary) P. N. Dhond (Vice-Chairman) Kiran Thakur (Chairman) Verified & found correct vide report of even date Avinash Dixit (Chartered Accountant) 6

14 SCHEDULE "A" ( Deposits ) Sr.No Particulars Amount 1 Bal Abhivruddhi Fixed Deposit A/c Kalpavruksha Deposit Locker Deposit Lokmanya Lakshadish Deposit Lokmanya Reinvestment Deposit Madhu Sanchay Deposit Nivrutti Dhansanchay Recurring Deposit A/c Savings A/c Security Deposit Yashodhan Deposit Total SCHEDULE "B" ( Accrued Int. on Deposits ) Sr.No Particulars Amount 1 Bal Abivrudhi Fixed Deposit Kalpvruksha Locker Deposit Madhusanchay Nivrutti Dhansanchay Recurring Deposit Security Deposit Total

15 SCHEDULE "C" ( Other Liabilities ) Sr.No Particulars Amount 1 Audit fee Payable Cheques sent for collection Deposit for Premises Dividend Payable F.B.T.Payable Lokmanya Services MSEB Bill Collection Pigmy Suspense Recoverable Expenses Rent Payable Service Tax Seva Trust Shares Suspense Account Sundry Creditors Sundry Deposit Suspense Tax Deducted At Source Unclaimed Deposit Head-Office Branch Adjustment A/C Total SCHEDULE "D" (Cash & Bank Bal. ) Sr.No Particulars Amount 1 Axis Bank B.D.C.C Bank Bank of India Bank of Maharashtra Canara Bank Cash Account Central Bank Of India Corporation Bank GTB/ Oriental Bank of Commerce IDBI Bank Janata Sahakari Bank Ltd Parshwanath Co-op Bank Shree Mahila Co-op Credit Society State Bank of India State Bank of Mysore Syndicate Bank The Goa State Co-op Bank ltd., The Cosmos Co-op Bank Ltd The Saraswat Co-op Bank Ltd., C C A/c The United Western Bank/IDBI Union Bank of India Debit Balance in OD a/c Total

16 SCHEDULE "E" ( Investments ) Sr.No Particulars Amount 1 Axis Bank Bank of India Canara Bank Central Bank Of India FD in Sindhudurg Coop. Soc. Ltd GTB/ Oriental Bank of Commerce IDBI Bank Janata Sahakari Bank Ltd Mutual Fund Shares of Sunshine Housing Society Shree Mahila Co-op Credit Society State Bank Of India State Bank of Mysore Syndicate Bank The Goa State Co-op Bank ltd., The Cosmos Co-op Bank Ltd., The Saraswat Co-op Bank Ltd., Union Bank of India Total SCHEDULE "F" ( Loans & Advances ) Sr.No Particulars Amount 1 Bicycle Loan Cash Credit Loan Gold Loan Housing Loan Hypothecation Loan Industrial Loan Loan Against Deposit Mortgage Loan Personal Loan Total

17 SCHEDULE "G" ( Fixed Assets ) Sr.No Particulars Amount 1 Air Conditioner Batteries Bicycle Building Khanapur Computer A/C Electrical Equipments Electricity Meter EPABX Systems Fax Machine Furniture and Fixtures Generators Honda Pleasure Hyundai Vehicles Land Bhagya Nagar H.O Land Congress Rd Tilakwadi Land Khanapur Land Khanapur Road Tilakwadi Land Khanapur Road Udyambag Land Udyambag Industrialist Locker Bhagya Nagar Machinery Mobile and Telephone Parking Space Dadar Premises Locker Swaroop Plaza Premises Bhavani Chambers Premises Dadar HO Premises Gondhali Galli Premises H.O Premises Hindwadi Premises Hindwadi Shop Premises Kore Galli Premises Narayan Peth Pune Premises Satara Premises Swaroop Plaza G Premises V Nagar Branch Printers Property Sawantwadi Safe Deposit Locker Safe Locker Softwares UPS Vehicle Ambulance Vehicle Ford Vehicle Indica Car Vehicle Scorpio Vehicle Wagon R Total

18 SCHEDULE "H" ( Accrued Int. on Loans ) Sr.No Particulars Amount 1 Bicycle Loan Housing Loan Hypothecation Loan Industrial Loan Loan Against Deposit Personal Loan Total SCHEDULE " I " ( Other Assets ) Sr.No Particulars Amount 1 Advance for Premises Advance Paid Advance Salary Closing Stock Deposit for Premises S M Joshi Foundation Disputed Tax Electricity Deposit Festival Advance Interest Receivable MSEB Bill Collection Deposit Pigmy Machine Shares Suspense A/c Sundry Debtors TDS Receivable Telephone Deposit Travel Deposits Navi-Peth Total

19 STATEMENT SHOWING DIVISIBLE PROFIT PARTICULARS AMOUNT AMOUNT Profit as per Profit & Loss A/C Add : Int. Accrued on loan for as per provision of sec 62(2) of MSCS Act Less : Int. Accrued on Loans for Deduction: Divisible profit Reserve Fund 25% Co-op. Education Fund Reserve for Bad-Debts Proposed 12% Reserve for Bad-Debts Place : Belgaum Date : For Lokmanya Multi-purpose Co-op. Society Ltd., P. N.Patkar (Secretary) P. N. Dhond (Vice-Chairman) Kiran Thakur (Chairman) 12

20 Auditors Report to the members of Lokmanya Multipurpose Co-op Society Ltd 1. I have audited the attached Balance-Sheet of Lokmanya Multi-Purpose Co-op. Society Ltd., as at 31st March 2009, the Profit and Loss account of the Society for the year ended on that date. These financial statements are the responsibility of the Society's management. My responsibility is to express an opinion on these financial statements based on my Audit. 2. I conducted this audit in accordance with the generally accepted auditing standards in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statements. I believe that my audit provides a reasonable basis for my opinion 3. Further, to my comments referred above i) I have obtained all the information and explanations, which to the best of my knowledge and belief were necessary for the purpose of audit. ii) In my opinion proper books of accounts as required by law has been kept by the Society so far as it appears from the examinations of the books. iii.)the Balance-Sheet and Profit and Loss account of the Society dealt in by the report are in agreement with the books of account subject to general observations made separately and in opinion and depending upon the information and explanations given to me, the accounts give the information as required by the law in the manner required and gives a true and fair view. A. In case of Balance Sheet, of state of affairs as on B. In case of Profit and Loss account for the year ended I thank the Chairman, Board of Directors, Secretary, General Manager and the Staff for their wholehearted co-operation extended during the course of audit. Place: Belgaum Date: Avinash S. Dixit Chartered Accountant (Membership No 11612) 13

21 ANNEXURE TO THE AUDITORS REPORT (Annexure 1) Notes on the accounts for the year : Significant Accounting Policies: A. Inventories: Closing Stock has been valued at cost or market price whichever is lower based, on physical verification as certified by the Management. B. Depreciation: Depreciation on asset is provided as per rates provided for last year. C. Revenue Recognition: Interest on loans and advances is worked according to accrual to comply with statutory requirements of the Income-Tax Act. It should be noted that for calculation divisible profits, accrued interest is reduced from the interest received to comply with the requirements of Section 62(2) of MSCS Act D. Fixed Assets: Fixed Assets includes all expenditure of capital in nature and is shown at cost less depreciation that finally shows W.D.V. E. Investments: Interest on investment is taken as based on certificates. F. Cash as on is taken as per the certificates issued by the Secretary. Place: Belgaum Date: As per my report attached Avinash. S. Dixit Chartered Accoutant (Membership No 11612) 14

22 Proposed Annual Budget Place : Belgaum Date : For Lokmanya Multi-purpose Co-op. Society Ltd., P. N.Patkar (Secretary) P. N. Dhond (Vice-Chairman) Kiran Thakur (Chairman) 15

23 Amendments to the Bye-Laws no's: 3, 5 & 10 Existing Bye-Laws Proposed Bye-Laws Reasons For Change 3.Area Of Operation: The area of the operation of the Society Shall be confined to the states of Karnataka, Maharashtra & Goa only. 3.Area Of Operation: The area of the operation of the Society shall be confined to the states of Karnataka, Maharashtra, Goa, Kerala & NCT of Delhi. Since persons are interested to become members from the State of Kerala & National Capital Territory of Delhi and also to enlarge the activities of the Society to other states this amendment has been necessitated based on the decision of the General Body. 5. Objectives And Functions: The following are the objectives and functions of the Society. a. Promote Social and economic betterment of members through self help and mutual aid in accordance with co-operative principles as specified in first schedule of the Act. b. Issue of shares to members. c. Raise funds for the business of the Society. d. Accept grants, subsidies, assistance and concessions from internal and external sources subject to any law for time being in force. e.to accepts deposits from Members. f. To grant loans to members. g.to start, manage Specialty & Super specialty Hospitals and to undertake the related activities, subject to the approval of concerned authorities. h.to conduct Tour and Travel Agency business. 5. Objectives And Functions: The following are the objectives and functions of the Society. a. Promote Social and economic betterment of members through self help and mutual aid in accordance with co-operative principles as specified in first schedule of the Act. b. Issue of shares to members. c. Raise funds for the business of the Society. d. Accept grants, subsidies, assistance and concessions from internal and external sources subject to any law for time being in force. e.to accepts deposits from Members. f. To grant loans to members. g. To start, manage Specialty & Super specialty Hospitals and to undertake the related activities, subject to the approval of concerned authorities. h. To conduct Tour and Travel Agency business. 16

24 Existing Bye-Laws Proposed Bye-Laws Reasons For Change i. To start and run Educational and Professional institutes, subject to the approval of the Concerned authorities. i. To start and run Educational and Professional institutes, subject to the approval of the Concerned authorities. j. To do such other activities which are incidental and conducive for the promotion or advancement of the above stated objects. 10.Ordinary Members : No person shall be admitted as a member of the Society except the following namely ; An Individual Competent to contract under sec 11 of Indian Contract Act 1872 and resides within area of operation of Society. j. Procuring and Soliciting Insurance Business. k. To Act as a sub-broker for shares and other related instruments. l. To enter into Real Estate & Construction Business. m.to enter and run Hotel Business. n. To do such other activities which are incidental and conducive for the promotion or advancement of the above stated objects. 10.Ordinary Members : No person shall be admitted as a member of the Society except the following namely ; a. An Individual Competent to contract under sec 11 of Indian Contract Act 1872 and resides within area of operation of Society. b. Any other Co-operative Society. c. State Govt. or the Central Govt. d. The Life Insurance Corporation of India, State Ware Housing Corporation of India and Such other institutes as may be approved by the Govt. e. Such class or classes of persons of association of persons as may be permitted by the Central Registrar. To broad base the activities of the Society, as per the request of the members the proposed objects and functions are included in this bye-law. Based on the members request and to enlarge the business activities of the Society and to cater all areas of business this amendment is proposed. 17

25 Financial Viability Paying rich dividends to its share holders in the range of 12 to 15 percent for the last 14 Years. Historical Growth & Present Status Base year : Financial year : Deposits : Rs. 95 Lacs 95 thousand 464 Rs. 192 Crores 63 Lacs Advances : Rs. 63 Lacs 54 thousand 75 Rs. 123 Crores 98 Lacs Rs. in Lakhs Deposits Loans Advances Profit/Loss

26 Corporate Vision To emerge as the most competitive organization in the Banking & Finance sector. Corporate Mission To emerge as most prominent corporate entity in Maharashtra, Karnataka, Goa and other states To be responsive and adoptive to the changing market scenario. To emerge as the most economical organization by cutting the cost and increasing the revenue. Corporate Focus The Corporate focus of the organization is maximization of shareholders wealth, corporate excellence through sound corporate governance and achieving a profit of Rs. 5 lacs per employee. Corporate Strategy In the years to come the profit margins would be under increasing pressure. To overcome such a trend the Society s corporate strategies are: - To build business volume by penetrating other segments with innovative products. - To use technology for better customer comfort & satisfaction coupled with reduction in operating expenses. - To provide most efficient, speedy and courteous customer service. - Increased emphasis for commission based divergent products and services.

27 Hon. Dignitaries visit to our Branches Dadar Branch Hon. Hormusji N. Cama President, INS Hon. Minal Mohadikar President, Maharashtra Chamber of Commerce Hon. Digambar Kamat Chief Minister-Goa at opening of our Gogal Branch Hon. Ravi Naik Home Minister-Goa at opening of our Tisk-Usgaon Branch

28 Chairman with Hon. President of India Sou. Pratibha Devisingh Patil Chairman with Hon. Raj Thackeray From Head Office : 30/2/A/1, Bhagya Nagar, Tilakwadi, Belgaum Phone : info@lokmanyasociety.org Regions : Belgaum Mapuca Margaon Ratnagiri Kolhapur Sawantwadi Pune Mumbai