Secretary’s Desk

Respected Chairman, Vice-chairmen, Directors and Delegates,We are honoured that after taking charges from the previous Board on 8th April 2018 we are convening the 50th Annual General Meeting of the Society. Its a great opportunity to us that we have taking charges such a co-operative which have crossed over 64 glorious years and 49 times have been mate for improvement of the Society. For transparency of members’ transaction and elected management in democratic way, our Society reaches the best employees co-operative credit society in undivided Burdwan District . We have to respect this honour.Previous Board smoothen our way to reach this Society in summit. Previous board have already done many significant works which will help us to moving forward.

MULTIPURPOSE:In order to expand the business of the Society the Bye-laws of the Society amended by the previous board in the Special General Meeting held on 04.06.2017. Authorised share capital of the Society also increased from 10 Crore to 20 Crore. At present we may provide various services including credit business, medicine, industry, petrol pumps, consumers and other services to the members. Its a great opportunity to us that we may participate in the socio-economic system of the local area and we assume that we be capable to start this work.The ARCS of Paschim Bardhaman Range, along with CDO & CI visited our Society on 16/05/2018 and highly satisfied to Society’s activities as well as management. With the help of ARCS we visited DSP Employees Consumer Co-operative Society Ltd, Durgapur and Bankura Wholesale Consumer Co-operative Society Ltd. on 22/05/18. We are also inspired with their activities. We have also been assured from government officials that we shall get some government grant if we start the consumer business.

LOAN DISBURSEMENT: Total Amount of Loan ₹ 32,71,44,000/- has been Disbursed to the 1336 number of members up-to-date from the last Annual General Meeting (16/07/2017). We proposed to the House to increase the 1st loan from 50 thousand to 1 lakh after 10 months deduction. We also proposed to reschedule the interest rate on loan as per following:

  • Short Term Loan (Within 24 Instalments) @ 9% per annum.
  • Mid Term Loan (Within 36 Instalments) @ 10% per annum.
  • Long Term Loan (Within 48 Instalments) @ 11% per annum.
  • Special Term Loan – increase more than ₹ 50,000/- from Previous Loan – @12% per annum.

INTEREST & DIVIDEND PAYMENT: Our Society already paid Dividend @ 12% in the FY 2016-17. As per WB Co-operative Societies Act, 2006, Section 86(1)(a), Society may declared dividend up to a maximum of 12 per cent per annum. We have already paying Interest on TF & GF as per limit of Society’s Bye-laws, i.e. @ 7%. In this year, i.e. 2016-17, Board proposed to pay the Dividend & Interest on TF/GF as per previous year’s rate. In the FY 2017-18 Society will have to pay Dividend ₹ 77,62,452.00 @ 12%, Interest on TF & GF ₹ 1,51,47,171.00 & ₹ 58,81,941.00 respectively @ 7%. Total amount involvement for Dividend & Interest is ₹ 2,87,91,564.00. Last year it was ₹ 2,32,67,697.00. Increased ₹ 55,23,867.00 from last year. As per decision of the 48th Annual General Meeting, we are depositing the Dividend & Interest amount to individual members’ Thrift Fund account. We are getting following positive impacts in this regard.

Some of our achievements are as follows :

  • (a) ₹ 1.5 lakh insurance to every member.
  • (b) Interest Rebate @ 5%.
  • (c) Giving interest @ 7% on TF/GF which is more than nationalised bank’s FD interest.
  • (d) Giving maximum dividend @ 12%.
  • (e) Target to giving loans @ ₹5 lakh to every members
  • (f) Giving the award for excellence to the children of our members.
  • (g) Proposal for giving 1st loan of ₹1 lakh

BANK TRANSACTION: At present we have six current accounts, two overdraft account in different banks. It is decided by the Board and as per decision of the last AGM that except accounts in SBI, Sanctoria Branch & UCO Bank, Dishergarh Branch other all accounts will be closed for better maintenance of books and accounts of the society and stop the blockage of money of the Society. FDs at other banks will be closed and entire amount will be transferred to SBI, Sanctoria. Henceforth all transaction will be done through only from SBI, Sanctoria Branch and for other than SBI account, NEFT/RTGS charge will be bear by Society.

THRIFT FUND: At present member’s Thrift Fund is ₹24,28,15,744/-. It increased 24.12%. Minimum ₹500/- to be contributed by members’ in every month, there will be no maximum limit.

FIXED DEPOSIT: The Fixed Deposit of the Society is ₹1,79,29,399.77 as on 31/05/2018, which is 3.23% of the Society’s Working Capital. Last year it was 3.65%. We have taken Overdraft against fixed deposit at SBI Sanctoria for disbursement of loan.

COMPUTERISATION: Previous Board handed over us a fully computerised office and the system is running properly. All members took their computerised Pass Book. Due to computerisation we are able to provide members’ up-to-date position, audit works in time, proper Bank balance, Tax Audit in proper time etc. They have also introduced the SMS system for providing information to our members about their up to date position of loan balance. Members’ are also known about their deposits in Society in every month. Functioning of the Society can be done without any obstruction though 4 (Four) clerical staffs retired recently.

WORKING CAPITAL: At present the Working Capital of the Society is ₹48,28,98,672/- as on 31.03.2018 and the previous board increased the working capital more than double within their tenure. Therefore it is proud to us that we have just doubled the Society’s capital as well as doubled the benefits to our valued members.

WELFARE ACTIVITIES: Looking towards growth, goodwill and heritage of the Society our Board decided to continue the following attractive welfare activities within our members: –

  • 1.AWARD FOR ACADEMIC EXCELLENCE: To grow a family relationship within the members and the Society, previous Board introduced the “Award for Academic Excellence” amongst the member’s children from the year 2016. Consecutive last three years successfully executed this work and awarded to 47 students in 2016, 42 students in 2017 & 35 students in 2018 of our co-operative family. We will exclusively try from this year it will be perform on 14th November. 14th November is “Baal Diwas” (birthday of our 1st Prime Minister – Pandit Jawaharlal Nehru) and from every year from 14th November to 20th November throughout the country celebrates “Co-operative Week” to encourage the co-operative movement. We decided to organize this function with presence of Co-operative Minister, higher authority of ECL management, ARCS and with other dignitaries’. We also appealed before the House to make it a great success; our honourable delegates should pay their full effort and wide advertisement among our members’.
  • 2.INSURENCE: As per decision of the previous Board we have also continued the ‘Group Insurance Scheme’ as “CMAL Life” in our society’s own fund @ ₹1,50,000/- (Rupees One Lakh Fifty Thousand Only) per member instead of insurance of ₹50,000/- (Rupees fifty thousand only) per member which had come into force from 23rd January 2018. Our Society introduced Group Insurance for the members of our Society at LICI from last three years and we have already paid 24 (twenty four) nominees of our deceased members up to date. 4 (four) claims has already been sent to LICI. Honourable Delegate and Directors are requested to always keep in their mind that every member of our Society are insured @ 1.5 lakh and any type of death of our member their nominee will get the money from our Society. Honourable members of the House are requested that any such incident should be informed immediately for our beneficial. It is our motto that there will be no claim from deceased member’s nominee from our Society by increasing the insurance coverage.

OFFICE DECORATION: We have received a well decorated office from previous board. Outside colour washing, decoration of Board Room etc jobs has done recently. In last 5 years entire setup of office has been changed. Members’ counter, fully air-conditioned office, separate Office-bearer’s and Accountant’s room etc make a corporate look of the Society and grows confidence to the members’. As discussed with CI and other government officials, we have installed two Air Conditioned machine in board room for conducting conference, seminar, cultural function as well as board meeting of the Society.

KYC: Society installed new software of KYC (Know Your Customer). KYC of all members should be taken immediately for the requirement of Income Tax Department. The IT Department already enquired in this matter. Honourable delegates are requested to make aware in this matter to their members in their respective constituencies and extend their hands in this respect.

AUDIT: Audit for the year 2016-17 has completed. Audit for the year 2017-18 is running and likely to be completed shortly. We are hereby placed the Audit Report for the year 2016-17 in this Annual General Meeting for approval. In this Annual General Meeting we are submitting separate Cash Account for the period 01.04.2017 to 31.03.2018 for approval.

MEMBERSHIP: At present our membership reduced to 5428. Due to huge superannuation we have drop off our border line of 6000 membership. We have enrolled 198 new members from last Annual General Meeting; at the same time 308 members took their final settlement in this period. The members of the House requested to give their full efforts to increase the membership.

PAY REVISION: Pay revision of staff concern has due from 1st April 2018. It is decided in Board of Directors meeting that the matter of staff pay revision will be considered by forming a committee after the AGM as per previous practice for the period from 1st April 2018 to 31st March 2023. Staff Gratuity also be discussed with the same.

MANAGERIAL POST: Proposal for crate a post of Manager already placed in last AGM. ARCS, CDO, CI & Auditor again advised us to fulfil the post for smooth functioning of the Society. We once more placed the proposal to create the post of Manager for the Society.

ANNUAL BUDGET: The provisional Budget for the financial year 2018 – 19 placed before the House for approval: –

ESTIMATED INCOME Budget Amount for 2018-19 ESTIMATED EXPENDITURE Budget Amount for 2018-19
Interest Recd & Rec'vble on Loan A/c. 47000000 Interest on TF/GF & Dividend A/c. 29000000
Sale of Form A/c. 15000 Reserve, Bad Debt, Education Fund & Staff Welfare Fund 7000000
Admission Fees A/c. 25000 Audit Fees Due to Govt. A/c. 15000
Interest Recd & Rec'vble on Investment A/c. 1200000 Office Maintenance A/c. 25000
ATM Rent from SBI 6000 Interest Paid Against Advance Against Deposit 600000
Depreciation 300000
Gratuity Provision 500000
Interest Rebate 2500000
Staff Salary A/c. 3200000
PF Contribution 450000
Quaterly Bonus 350000
LTC/LLTC 75000
Puja Bonus 400000
Contingency A/c. 30000
Bank Commission A/c. 20000
Repairing Charges A/c. 50000
Building Repairing A/c. 400000
Entertainment A/c. 25000
Printing & Stationary A/c. 40000
Telephone Charges A/c. 20000
Donation A/c. 20000
A.G.M. Expenses A/c. 250000
National Festival A/c. 10000
Meeting Expenses A/c. 20000
Postage A/c. 2000
Computer Maintenance Chg 100000
Traveling Allowance A/c 40000
Fuel Charges 10000
Group Insurance for Members 1800000
Award for Academic Excellence 150000
Professional Tax 2500
Subscription & Education 1000
Tax Audit & Consultancy Charges 50000
Miscellaneous Expenses 20000
Estimated Net Profit 824500
Total Amount Rs. 48300000 Total Amount Rs. 48300000
Taking charges on 8th April 2018 from the previous board after smooth election by the Cooperative Election Commission and the previous board, the present Board want to pay their full attention to give relief and satisfaction as much as possible to members in the coming five years. We have designated our objectives and to achieve the same your heartfelt co-operation needed. Consecutive last 5 (five) years our society has been classified as ‘AA’ category by Audit Classification and it should be continued by our sincere effort. Last of all I convey my thanks to my Delegates, Directors who are very much helping us to monitor our funds which are always lying in various unit of ECL and once again I giving thanks all the Directors, Delegates, ECL authority, Mr. Abhijit Ghosh, Inspector of Cooperative Societies & Auditor, Govt. of W.B., and those who are directly indirectly help us for Society’s activities. Before conclude my report I convey to my thanks to our staff concern for their sincere service and co-operation.

(Sri Arun Kumar Sarkar)

Society has donated Rs. 1 lakh to ‘Kerala Chief Minister Distress Relief Fund’ on 31.10.2018