Expanding With A Winning · PDF fileExpanding With A Winning Combination Banking Education Health Care ... Vinayak V Rege - Accounts ... Sushil Jadhav - Coordinator

Expanding With A Winning Combination

Banking

Education

Health Care

Tours &Travel

Insurance

Forex Business

th14 Annual Report 2008-09

www.lokmanyasociety.org

Shri. Kiran D. ThakurChairman

Shri. P. N. DhondVice Chairman

Shri. Gajanan N. DhamanekarDirector

Shri. Pandhari P. ParabDirector

Shri. Subodh S. GawadeDirector

Shri. Ajit A. GaragattiDirector

Shri. R.U.Prabhu-TendulkarDirector

Shri. Vithal S. PrabhuDirector

Shri. Shevantilal C. ShahDirector

Shri. Anil B. ChoudhariDirector

Dr. Krishnanand S. PavaskarDirector

Dr. Damodar P. WagleDirector

Shri. Rajan G. SamantDirector

Mrs. Arati S. KulkarniDirector

Board of Directors


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

Business of Society

Diversification

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.

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.


Regional Offices

Belgaum : 0831-2495877 Mapuca : 0832-2254645 Margaon : 0832-2735253

Ratnagiri : 02352-227060 Kolhapur : 0231-2644804 Sawantwadi : 02363-274727

Pune : 020-24539287 Mumbai : 022-24330505

Head Office : 30/2/A/1, Bhagya Nagar, Tilakwadi, Belgaum - 590 006 Phone : 0831-2407050 E-mail : [email protected]



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

KOLHAPUR

SATARA

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

CONTENTS

Particulars Page No.

Notice 1

Corporate Information 2

Chairman’s views & Directors Responsibility Statement 3-4

Profit and Loss Account for the Year 2008-09 5

Balance Sheet as on 31st March 2009 6

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 2009-10 15

Amendment to the Bye-Laws 16-17



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 2008-09.

2) Consideration of the Audit Report and annual report for the year 2008-09.

3) Disposal of Net Profit for the year 2008-09.

4) Approval of Annual Budget 2009-10.

5) To appoint Statutory Auditors for the year 2009-10 and fix their remuneration.

6) To approve Amendments to the bye-law Nos. 3, 5 & 10.

For Lokmanya Multipurpose Co-op. Society Ltd.

Date : 07.09.2009

Place : Belgaum

Sd/-

(Prabhakar N. Patkar)

Secretary

1



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.

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

Corporate Information

2



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 2009. The whole world was in a sort of a recessionary phase. Yet your Society has done well in the F.Y.2008-2009.

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 2006-2007 2007-2008 2008-2009

I) Deposits 89.77 137.40 192.63

II) Loans 69.42 105.54 123.98

III) Working Capital 94.24 148.50 212.46

IV) Profit (In lakhs) 83.46 87.52 149.49

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 08-09 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



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 2008-2009 and the Budget for 2009-2010.

Thank you,

07.09.2009

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 : BelgaumDate : 07.09.2009

Kiran ThakurChairman

P. N. DhondVice-Chairman

For and on behalf of Board of Directors

4

Kiran ThakurChairman



5

P. N.Patkar(Secretary)

P. N. Dhond (Vice-Chairman)

Kiran Thakur (Chairman)

Avinash Dixit(Chartered Accountant)

Date : 07.09.2009

Verified & found correct vide report of even dateFor Lokmanya Multi-purpose Co-op. Society Ltd.,

Profit and Loss Account 01.04.2008 to 31.03.2009

PARTICULARS AMOUNT PARTICULARS AMOUNT

10th Year Celebration 214000.00 Commission from Insurance 178150.75

Advertising Expenses 4881557.00 Commission from MSEB Bills 81373.00

Audit Fees 860000.00 Interest on Gratuity 207128.00

Bank Charges 205655.74 Interest recd on Investments 30605497.40

Brokerage & Commission 72900.00 Interest recd on Loans 195957121.07

Business Promotion Expenses 193610.00 Interest recovered from premature FD A/c 932881.00

Conference Fees 19422.00 Locker Rent 237557.00

Consultancy Fees 2269848.00 Miscellaneous 794921.32

Depreciation 6315576.91 Notice Charges 210166.00

Electricity charges 984468.00 Processing Fees 6565578.00

Fringe Benefit Tax 457098.00 Rent Received 102500.00

Gifts 430793.00

Gratuity A/c 1327405.00

Image Building 563115.80

Insurance Premium 249088.00

Interest Paid 157883865.61

Legal Expenses 379398.00

Lodging And Boarding 128245.00

News Papers & Magazines 60053.00

Office Expenses 1957866.50

Office Rent 6386231.00

Payments to Employees 20193226.36

Petrol Expenses 575925.00

Pigmy Commission 9548944.00

Pooja Expenses 90376.81

Postage & Telegraph 84745.95

Printing & Stationery 220765.68

Professional Tax Society's 43300.00

Rates & Taxes 541530.00

Repairs & Maintenance 893969.00

Security Charges 175283.00

Staff Refreshment 1218646.50

Stamp Duty & Registration Fees 5894.50

Telephone Charges 917401.38

Travelling Expenses 149655.00

Vehicle Expenses 423843.00

Profit 14949170.80

Total 235872873.54 Total 235872873.54



6

BALANCE-SHEET AS ON 31ST MARCH 2009




Avinash Dixit(Chartered Accountant)

Date : 07.09.2009

Verified & found correct vide report of even dateFor Lokmanya Multi-purpose Co-op. Society Ltd.,



7

SCHEDULE "A" ( Deposits )

SCHEDULE "B" ( Accrued Int. on Deposits )

Sr.No Particulars Amount

1 Bal Abhivruddhi 75557.00

2 Fixed Deposit A/c 1235652520.36

3 Kalpavruksha Deposit 73810036.00

4 Locker Deposit 2589308.00

5 Lokmanya Lakshadish Deposit 9317800.00

6 Lokmanya Reinvestment Deposit 290693939.00

7 Madhu Sanchay Deposit 126226608.63

8 Nivrutti Dhansanchay 1120208.00

9 Recurring Deposit A/c 28047657.00

10 Savings A/c 127640996.88

11 Security Deposit 1082509.45

12 Yashodhan Deposit 30140527.00

Total 1926397667.32


1 Bal Abivrudhi 1975.00

2 Fixed Deposit 48656270.12

3 Kalpvruksha 542629.00

4 Locker Deposit 215953.00

5 Madhusanchay 1217184.00

6 Nivrutti Dhansanchay 14932.00

7 Recurring Deposit 1014239.00

8 Security Deposit 82452.01

Total 51745634.13



8

SCHEDULE "D" (Cash & Bank Bal. )


1 Axis Bank 6058410.23

2 B.D.C.C Bank 157351.08

3 Bank of India 1668111.69

4 Bank of Maharashtra 54500.00

5 Canara Bank 412752.45

6 Cash Account 23186930.00

7 Central Bank Of India 339787.74

8 Corporation Bank 16767.50

9 GTB/ Oriental Bank of Commerce 2010747.83

10 IDBI Bank 306975.90

11 Janata Sahakari Bank Ltd 91740.13

12 Parshwanath Co-op Bank 34707.20

13 Shree Mahila Co-op Credit Society 29916.00

14 State Bank of India 188163.49

15 State Bank of Mysore 736099.59

16 Syndicate Bank 2261418.16

17 The Goa State Co-op Bank ltd., 2493792.61

18 The Cosmos Co-op Bank Ltd 169956.97

19 The Saraswat Co-op Bank Ltd., C C A/c 3548561.07

20 The United Western Bank/IDBI 116000.00

21 Union Bank of India 1771052.66

22 Debit Balance in OD a/c 4615949.74

Total 50269692.04

SCHEDULE "C" ( Other Liabilities )


1 Audit fee Payable 700000.00

2 Cheques sent for collection 2587375.03

3 Deposit for Premises 122139.00

4 Dividend Payable 1618977.80

5 F.B.T.Payable 272098.00

7 Lokmanya Services 2028.18

8 MSEB Bill Collection 20810.00

9 Pigmy Suspense 3659.00

10 Recoverable Expenses 780011.00

11 Rent Payable. 200694.00

12 Service Tax 18087.50

13 Seva Trust 1331147.00

14 Shares Suspense Account 530777.00

15 Sundry Creditors 3980365.00

16 Sundry Deposit 3012.00

17 Suspense 11537.04

18 Tax Deducted At Source 13202.00

20 Unclaimed Deposit 583814.00

21 Head-Office 47126277.36

22 Branch Adjustment A/C 24233.00

Total 59930243.91

19

20

21



9

SCHEDULE "E" ( Investments )

SCHEDULE "F" ( Loans & Advances )


1 Axis Bank 10346368.00

2 Bank of India 34949710.27

3 Canara Bank 4332934.00

4 Central Bank Of India 800000.00

5 FD in Sindhudurg Coop. Soc. Ltd 500000.00

6 GTB/ Oriental Bank of Commerce 40379579.00

7 IDBI Bank 15685719.00

8 Janata Sahakari Bank Ltd 700000.00

9 Mutual Fund 2500000.00

10 Shares of Sunshine Housing Society 1000.00

11 Shree Mahila Co-op Credit Society 157400000.00

12 State Bank Of India 2650000.00

13 State Bank of Mysore 11505506.00

14 Syndicate Bank 10002108.71

15 The Goa State Co-op Bank ltd., 22381182.00

16 The Cosmos Co-op Bank Ltd., 400000.00

17 The Saraswat Co-op Bank Ltd., 200515148.00

18 Union Bank of India 22483850.00

Total 537533104.98


1 Bicycle Loan 5576.00

2 Cash Credit Loan 56875501.52

3 Gold Loan 170918.00

4 Housing Loan 363947421.69

5 Hypothecation Loan 87040764.50

6 Industrial Loan 150755931.02

7 Loan Against Deposit 63285282.00

8 Mortgage Loan 170678762.00

9 Personal Loan 347112891.21

Total 1239873047.94



10

SCHEDULE "G" ( Fixed Assets )


1 Air Conditioner 1133164.00

2 Batteries 775812.00

3 Bicycle 8300.00

4 Building Khanapur 87464.00

5 Computer A/C 9380139.00

6 Electrical Equipments 283507.00

7 Electricity Meter 90033.00

8 EPABX Systems 20800.00

9 Fax Machine 17534.00

10 Furniture and Fixtures 21176840.00

11 Generators 533589.00

12 Honda Pleasure 41481.00

13 Hyundai Vehicles 5187367.00

14 Land Bhagya Nagar H.O. 1176180.00

15 Land Congress Rd Tilakwadi 10030730.00

16 Land Khanapur 4641946.00

17 Land Khanapur Road Tilakwadi 9875698.00

18 Land Khanapur Road Udyambag 2091000.00

19 Land Udyambag Industrialist 2302260.00

20 Locker Bhagya Nagar 171473.00

21 Machinery 314536.00

22 Mobile and Telephone 156793.00

23 Parking Space Dadar 1681568.72

24 Premises Locker Swaroop Plaza 528963.00

25 Premises Bhavani Chambers 6360377.00

26 Premises Dadar HO 62077379.00

27 Premises Gondhali Galli 3146575.00

28 Premises H.O. 4160043.00

29 Premises Hindwadi 596022.00

30 Premises Hindwadi Shop 1805080.00

31 Premises Kore Galli 1958183.00

32 Premises Narayan Peth Pune 2697942.00

33 Premises Satara 3758833.00

34 Premises Swaroop Plaza G9 298438.00

35 Premises V Nagar Branch 2146262.00

36 Printers 1135710.00

37 Property Sawantwadi 14819680.00

38 Safe Deposit Locker 317678.00

39 Safe Locker 354151.00

40 Softwares 5025921.00

41 UPS 1854117.00

42 Vehicle Ambulance 436161.00

43 Vehicle Ford 1416010.00

44 Vehicle Indica Car 1295351.00

45 Vehicle Scorpio 1600622.00

46 Vehicle Wagon R 784450.00

Total 189752162.72



11

SCHEDULE "H" ( Accrued Int. on Loans )

SCHEDULE " I " ( Other Assets )


1 Bicycle Loan 1440.00

2 Housing Loan 7746866.00

3 Hypothecation Loan 676576.00

4 Industrial Loan 85403.00

5 Loan Against Deposit 1665750.15

6 Personal Loan 29010462.00

Total 39186497.15


1 Advance for Premises 3285782.00

2 Advance Paid 838416.00

3 Advance Salary 44080.00

4 Closing Stock 1431098.00

5 Deposit for Premises S M Joshi Foundation 10000000.00

6 Disputed Tax 895523.50

7 Electricity Deposit 259839.00

8 Festival Advance 147175.00

9 Interest Receivable 487666.45

10 MSEB Bill Collection Deposit 300000.00

11 Pigmy Machine 64450.00

12 Shares Suspense A/c 179605.00

13 Sundry Debtors 2352869.00

14 TDS Receivable 135169.31

15 Telephone Deposit 253409.00

16 Travel Deposits 160045.00

17 Navi-Peth 47150510.36

Total 67985637.62



12




Place : BelgaumDate : 07.09.2009

For Lokmanya Multi-purpose Co-op. Society Ltd.,

STATEMENT SHOWING DIVISIBLE PROFIT

PARTICULARS AMOUNT AMOUNT

Profit as per Profit & Loss A/C 14949170.80

Add : Int. Accrued on loan for 2007-08 27247245.00

as per provision of sec 62(2) of MSCS Act

42196415.80

Less : Int. Accrued on Loans for 2008-2009 39186497.15

Divisible profit 3009918.65

Deduction:

1. Reserve Fund 25% 752479.66

2. Co-op. Education Fund 22574.39

3. Reserve for Bad-Debts 223486.46

4. Proposed Dividend @ 12% 653216.00

5. Reserve for Bad-Debts 1358162.14 3009918.65



13

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 31.03.2009.

B. In case of Profit and Loss account for the year ended 31.03.2009.

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 Avinash S. Dixit

Date: 07.09.2009 Chartered Accountant

(Membership No 11612)



14

ANNEXURE TO THE AUDITORS REPORT (Annexure 1)

Notes on the accounts for the year 2008-2009:

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 2002.

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 31.03.2009 is taken as per the certificates issued by the Secretary.

Place: Belgaum As per my report attached

Date: 07.09.2009

Avinash. S. Dixit

Chartered Accoutant

(Membership No 11612)



15

Proposed Annual Budget 2009-2010




Place : BelgaumDate : 07.09.2009 For Lokmanya Multi-purpose Co-op. Society Ltd.,



16

Amendments to the Bye-Laws no's: 3, 5 & 10

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.

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.

Existing Bye-Laws Proposed Bye-Laws Reasons For Change

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.

3.Area Of Operation:The area of the operation of the Society Shall be confined to the states of Karnataka, Maharashtra & Goa only.

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.



17

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.

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.”

i. To start and run Educational and Professional institutes, subject to the approval of the Concerned authorities.

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.





Financial ViabilityPaying 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 : 1995 – 96 Financial year : 2008 – 09

Deposits : Rs. 95 Lacs 95 thousand 464 Rs. 192 Crores 63 Lacs 97667

Advances : Rs. 63 Lacs 54 thousand 75 Rs. 123 Crores 98 Lacs 73047

0

200000000

400000000

600000000

800000000

1000000000

1200000000

1400000000

1995-96 96-97 97-98 98-99 99-2000 2000-01 2001-02 2002-03 2003-04 2004-052005-062006-07 2007-08 2008-09

Rs. in Lakhs

Deposits

Loans Advances

1930000000

1995-96 96-97 97-98 98-99 99-2000 2000-012001-022002-032003-04 2004-052005-062006-072007-082008-09-1000000

0

1000000

2000000

3000000

4000000

5000000

6000000

7000000

8000000

9000000

Profit/Loss

10000000

15000000

11000000

12000000

13000000

14000000

1600000000

1800000000


Corporate Vision

Corporate Mission

Corporate Focus

Corporate Strategy

To emerge as the most competitive organization in the

Banking & Finance sector.

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.

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.

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.


Hon. Dignitaries visit to our Branches

Dadar Branch

Hon. Digambar Kamat Chief Minister-Goaat opening of our Gogal Branch

Hon. Hormusji N. CamaPresident, INS

Hon. Minal MohadikarPresident, Maharashtra Chamber of Commerce

Hon. Ravi Naik Home Minister-Goaat opening of our Tisk-Usgaon Branch

Head Office : 30/2/A/1, Bhagya Nagar, Tilakwadi, Belgaum - 590 006 Phone : 0831-2407050 E-mail : [email protected]

From

Regions : Belgaum Mapuca Margaon Ratnagiri Kolhapur Sawantwadi Pune Mumbai

Chairman with Hon. Raj Thackeray

Chairman with Hon. President of IndiaSou. Pratibha Devisingh Patil

Documents

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