Annual Report

We have great pleasure in presenting the 45th 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.

Membership:

A Class:

The number of members at the beginning of the year was 5446. There were 149 admission and 537 withdrawals. The strength as at the end of the year was 5058

Share Capital:

At the beginning of the year Rs.30,31,59,335.00
Received during the year 4,25,91,099.00
Refunded during the year 2,88,59,553.00
Balance at the end of the year 31,68,90,881.00
Percentage of growth of Share Capital 4.5%

Thrift Deposit:

At the beginning of the year Rs.59,80,04,746.00
Received during the year 9,86,77,799.00
Refunded during the year 6,98,61,653.00
Balance at the end of the year 62,68,20,892.00
Percentage of growth of Thrift Capital 4.8%

Fixed Deposit:

At the beginning of the year Rs.37,39,97,643.00
Received during the year 36,54,17,633.00
Refunded during the year 37,55,54,575.00
Balance at the end of the year 36,38,60,701.00
Percentage of growth of Fixed Capital -2.7%

Recurring Deposit:

At the beginning of the year Rs.2,20,85,400.00
Received during the year 4,14,04,570.00
Refunded during the year 4,01,32,140.00
Balance at the end of the year 2,33,57,830.00
Percentage of growth of Recurring Capital -10.5%

Loans to Members:

Details of the Loan Beginning of the year Loan issued Loan Collected Balance at the end of the year
Surety Loan 149,66,27,167.78 466,20,35,786.28 460,80,36,664.64 155,06,26,289.42
Festival Loan 71,60,312.00 2,55,11,250.00 1,56,27,485.34 1,70,44,076.66
Salary Loan 95,911.00 3,01 000.00 3,37,664.00 59,247.00
N.S.C. Loan 8,750.00 .00 .00 8,750.00
Education Loan 2,21,24,288.00 5,76,46,917.00 3,77,91,614.73 4,19,79,590.27
Total 152,60,16,428.78 474,54,94,953.28 466,18,02,178.71 160,97,09,203.35
Percentage of growth of the loans 5.48%

Appropriation of Net Profit for the year 2018-2019

Our society has earned a Net Profit Rs.5,19,15,008.05 during the year 2019-2020 as a against Net Profit of Rs.5,32,72,286.81 in the previous year.In terms of Bye law No.65 of the Bye Laws of the society and the Multi State Co-operative Societies Act 2002 and Rules,the Board of Directors have recommended the following appropriation of Net Profit and also approved by the 45th Annual General Body Meeting.

S.No. Particulars Percentage Amount
1 Reserve Fund 25% 1,29,78,752.00
2 Coop. Education Fund to National Coop. Union of India Ltd., New Delhi 1% 5,19,150.00
3 Addl. Reserve Fund (Unforeseen Losses) 10% 51,91,500.00
4 Dividend 10.5% 3,20,51,609.00
5 Exgratia to Staff   94,500.00
6 Staff Welfare Fund 2% 10,38,300.00
7 B.D.R. 41,197.05
  Total   5,19,15,008.05

Meetings:

During the year 2019-2020, 9 (Nine) meetings of the Board of Directors and 2 (Two) General Body Meeting have been conducted.

Web Site:

The Society has a Web Site (www.gicsocietychennai.com) for giving information on the function of the society and up-dated balances of member’s account.

Conclusion

We thank the Salary Co-ordinators and of The United India Insurance Co.Ltd., The Oriental Insurance Co.Ltd., The National Insurance Co.Ltd., The New India Assurance Co.Ltd., The Agriculture Insurance Co.Ltd., for effecting recovery from members and for prompt payment of collection to the Society. We also thank the The Central Registrar of Co-op. Societies, New Delhi, The Registrar of Co-operative Societies, Chennai 600 010, The Additional Registrar of Co-op. Societies, Chennai Regiona, The Deputy Registrar of Co-op. Societies (Credit), Chennai 600 108. The Chennai Central Co-op. Bank Ltd., Head Office, Chennai (Our Financing Bank) State Bank of India, Greams Road Branch, Chennai 600 006, City Union Bank Ltd., Mount Road Branch, Chennai 600 006, Allahabad Bank, Thousand Light Branch, Chennai 600 006 and M/s. Soleti Associates, Chartered Accountants (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

i) MANAGEMENTS:

The United India Insurance Co.Ltd., The Oriental Insurance Co.Ltd., The National Insurance Co.Ltd., The New India Assurance Co.Ltd., The Agriculture Insurance Co.Ltd.,

ii) DEPARTMENTS:

The Central Registrar of Co-op. Societies, New Delhi, The Registrar of Co-operative Societies, Chennai 600 010, The Additional Registrar of Co-op. Societies, Chennai Region, The Deputy Registrar of Co-op. Societies (Credit), Chennai 600 108.

iii) BANKS

The Chennai Central Co-op. Bank Ltd., Head Office, Chennai (Our Financing Bank) State Bank of India, Greams Road Branch, Chennai 600 006, City Union Bank Ltd., Mount Road Branch, Chennai 600 006, Allahabad Bank, Thousand Light Branch, Chennai 600 006.