Year 2019-20 - MSEB Engineers Co-op Credit Society

Shri. Mhaske DhammapalShri. Dhammapal Mhaske

The M.S.E.B. Engineers Co-Op Credit Society Ltd., Mulund.

MECCS/MC/Notice/20-21/14 Date: 05.03.2021

To,

All Members,

The M.S.E.B. Engineers Co-Operative Credit Society Ltd., Mulund

Sub: Notice of 38th Annual General Body Meeting of the M.S.E.B. Engineers Co-Operative Credit

Society Ltd., Mulund is scheduled on Sunday, 21st March 2021 @ 10:30 a.m. through VC, ensuring

ongoing Government guidelines.

Dear Member,

Notice is hereby given that the 38th Annual General Meeting (AGM) for the financial year 2019-2020 of

The M.S.E.B. Engineers Co-Operative Credit Society Ltd., Mulund will be held at Vinayak Banquet

Hall, Sarvoday Garden, Behind Kalyan Nagari, Near Society office, Kalyan(West) on Sunday,

21March 2021 @ 10:30 a.m. to transact the following business:

As per the government guidelines, the assembly of 50 people at one place is prohibited due to COVID-

19. Therefore, physical presences of 50 members are allowed in AGMs, who enrolled their name

sufficiently in advance. Rests of the members are requested to please join AGM through Video

conferencing. However, on the backdrop of Government regulation to control pandemic, meeting may be

cancelled with prior notice.

1. Felicitation of Retired Members through Video Conferencing

2. Glorification of ward of the members through Video Conferencing

3. To read and confirm the minutes of the 37th AGM of the Society held on 22.09.2019 at Vinayak

Banquet Hall, Sarvoday Garden, Behind Kalyan Nagari, Near Society office, Kalyan (West)

4. To receive and adopt from the Managing Committee, the 37th Annual Report for the period from

01.04.2019 to 31.03.2020, Balance Sheet, the Income & Expenditure Account, appropriation of Profit

and dividend proposed by the Managing Committee.

5. To consider and adopt the Statutory Auditor’s Report for the year 2019-2020

6.To appoint an Auditor for the Statutory Audit and internal Audit for the year 2020-2021 and fix their

remuneration

7.To approve budget estimates for 2020-21 and expenditure exceeding 2019-20 budget estimate

8. To discuss and resolve to enhance loan limit from 15 Lac to 25 Lac and Emergency loan from 20000/-

to 50000/-

9. To resolve to effect amendment to existing bye-laws passed in AGM held on 22.09.2019 – bye laws

No.C-1/03 (The Authorized Share Capital of the Society will be Rs. 2,00,00,000/-, Face value of each

share shall be Rs.500/- and Maximum limit to hold the share by each member shall be Rs. 20,000/-)

10. Briefing on purchase of plot and construction of new Society building

11. Any other business of Society with the permission of chair

Place: Kalyan

Date: 5th March 2021

P B Bhanushali

Hon. Secretary

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N.B.:

1. If there is no quorum at the time appointed for the Annual General Meeting of the Society, the

Meeting shall be adjourned to 11:00 a.m. on the same day at the same venue and the adjourned

meeting will commence with the members present.

2. Any other matter should be brought before the meeting with 7 (seven) days clear notice in writing to

the Hon Secretary

3. Members may kindly bring their own copies of the Annual Report at the venue of the meeting

4. Members attending meeting physically are requested to strictly follow all the government guidelines

And rules while attending meeting as follows:

a. Only member who enrolled their name sufficiently in advance shall attend the meeting at Hall.

Rest of Members may please join through VC

b. Face mask is compulsory

c. Sanitize your hands properly

d. Please follow social distancing

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The M.S.E.B Engineers Co-Op. Credit Society Ltd., Mulund.

Mulund.

Dear Member,

We have great pleasure in presentingthe38th

ANNUAL REPORT together with the Audited Accounts for

the financial year 2019-20. We are pleased with the significant progress we have achieved in 2019-20 while

maintaining our heritage and long-term commitment to the members. Every day we champion a better way

of doing business by offering a range of services which create value in its broadest sense for our members

1. Meeting of Managing Committee:

There were totally 12 Managing Committee Meetings during the year. All the meetings were well

attended. All decisions were take unanimously after free and frank expression of opinions and

views by the members of the committee. Besides the MC meetings, Annual General Body Meeting

of the society was held on 22nd

September 2019 at Kalyan.

2. Membership:

During the year 57 new members added whereas membership of 53 retired members seized. By

the end of financial year2019-20, total 762 members are leading our society.

We have initiated enrollment of new Members on our Website. Simply logon to www.meccs.in click

on New Membership menu and fill the simple form; that's all. Our representative will approach the

interested member and complete all the formalities to become a member. Members are hereby

appealed to take advantage of such facility and insist newly joined Engineers in the Company to be

our member. During last couple of months 23 Members enrolled on website and all of them became

our Member. -

3. Financial Progress:

31.03.2017 31.03.2018 31.03.2019 31.03.2020

1 Members 840 768 758 762

a) Active Members 750 678 681 712

b) Inactive Members 90 90 77 50

2 Share Capital 75,64,950 73,22,225 57,35,800 58,64,800

3 Deposits 4,73,91,075 6,07,78,566 7,22,92,772 7,53,57,858

4 Loans to Members 5,78,73,945 5,90,36,398 7,93,63, 984 9,92,21,615

5 Net Profit 3,80,664 24,28,014 30,39,190 53,50,812

6 Audit Class B B A A

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http://www.meccs.in/

The M.S.E.B. Engineers Co-Op Credit Society Ltd., Mulund

Highlights of financial performance:

Deposits increased by 95.25 Lakh at a growth rate of+14.47%.

Advances increased by 198.57 Lakh at a growth rate of +25.02%.

Net Profit is increased by23.11 Lakhat a growth rate of+76.06%.

Income from interest is increased by 16.51 Lakh at a growth rate of +23.68%

Audit Class of the Society is improved to ‘A’

4. Dividend:

The net profit of our society for the year 2019-20 is tuned to Rs.53,50,812.73. The managing

committee has the great pleasure to propose the DIVIDEND @ 14.00% and the General Body is

requested to please approve and declare the same.

5. Interest on FD and RD: The managing committee proposes the interest on Fixed Deposit and

Recurring Deposits @8.00% and same may be please approved and accepted.

6. Interest on Saving Accounts:

The managing committee proposes the interest on saving Accounts @6.00% and same may be

please approved and accepted.

7. Interest on Mrutunjay Yojana:

The managing committee proposes the interest on Mrutunjay Yojana @6.00% and same may be

please approved and accepted.

8. Appropriation of Profit: During the Financial year ended 31stMarch 2020, the Society has made

decent profit of Rs. 53,50,812.73 The managing committee recommends appropriation of profit as

follows:

Opening Balance 355.36

Add Net Profit for the year 2019-20 53,50,812.73

Total Profit 53,51,168.09

Less - Reserve Fund 25% on Profit 13,37,703.00

Net Balance 40,13,465.09

14.00% Dividend on Share Capital of Rs.57,35,800.00 as on 31.03.2019 7,81,181.00

Balance for Appropriation 32,32,284.09

Building Fund – 100% 32,32,000.00

Net Balance Carried to next year 284.09

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9. Accomplishment Statement:

We are pleased to present satisfactory tally of our accomplishments as manager of the

society. We succeeded well in advancing our responsibilities and pioneering new ideas.

Society Website:

It was a great pleasure for us to start our website www.meccs.in last year. We just wanted

to share some useful information to the members on their finger tip, but due to your

enormous support our website is growing quite fast. We are thankful to all our members for

making this website successful. We are always working to make our website exactly what

our member’s need, hence your feedbacks will definitely help us to decide which feature to

build and what improvements should be made to help us make our website best it can.

Mrutunjay Yojana

Last year we have started 'Mrutunjay Yojana Fund'. This Yojana is very useful and

important for member's family and the Sureties. We know losing a partner can be

devastating, emotionally and financially. We deeply saddened to inform you that, some of

our beloved Members passed away during this period and good thing we could do is, we

released financial assistance of Rs.10 Lakh to following nominee of the deceased members

1) Smt. Neha Suhas Lakhan

2) Smt. Pramila Chiman Shelar

Free Health Checkup Camps

Our member’s wellness is paramount for us. With an intention to promote member’s

health and encourage fitness among them, we organized free health checkup camps at

Kalyan, Panvel, Thane, and Vasai in association with Medlife International Ltd. We

offered 86 Medical tests absolutely free for members and extended unbelievable

concessional offer rates for their relatives. Amazing response came from the members and

402 members become firsthand participant in these camps.

Donation to Chief Minister Covid-19 Fund

On appeal of the Chief Minister and Dy. Registrar, Co-op. Societies, we contributed Rs.2

Lakh a possible help voluntarily and will be of great value and help in the state’s battle

against Covid-19 outbreak.

Income Tax Assessment

Since last 2 years we are continuously in follow up with many assessment orders,

attachments orders and notices which were served upon us from Income Tax Department

for AY 2012, 2013, 2014, 2015 and 2016. We immediately filed appeals to Income Tax

Commissioner with request of delay condone. Consequently, hearing for the Appeal

No.112/2015-16 was conducted by IT Commissioner on 04.09.2019. Our Say and

submission was highly appreciated by madam commissioner and appellate order passed in

favor of Society. Assessment claimed by Assessing Officer was disallowed. Its remarkable

victory we achieved. It will help us to get back entire amount paid by the society to

Income Tax. Order copy is attached in this Annual Report.

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http://www.meccs.in/


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10. Appeal to the Members:

Members who have not submitted their nomination are requested to please submit

immediately and who have already submitted may review the same and change the

nomination if required so as to avoid complications in future.

Please submit your KYC (Adhar Card and PAN Card) immediately.

Please update your correct Residential address and mobile numbers in Society records for

the timely communications and correspondence.

Please submit your RTGS/NEFT mandate form immediately.

Please intimate society office immediately on your transfer to new place and ensure your

society deductions by your new disbursing office. Otherwise, society will not be

responsible for affecting the loan’s regular recovery and Penal Interest will be charged as

per rules

Borrowers and Sureties are collectively responsible for repayments of the loan. Therefore,

Surety must ensure repayments of the loan by the Borrower time to time to avoid recovery

from them.

Please try to enroll your colleagues as a member of the Society and increase our strength

Please attend all the Society meetings and members training program without fail

Committee welcomes your valuable suggestions

Surety of suspended member should not be taken.

As per section 45 of MCS Rules 1961, loan cannot be granted to a member who has

obtained loan from any other similar Society.

11. Accounts:

We would like to thank our Internal Auditor M/s. Rohan Naik, C.A. and Statutory Auditor

M/s.B. R. Sawant & Co., C.A., Government Certified Auditor (Panel No. A-15025) for their

comprehensive audit of the Society and Statements for the year 2019-20.We are pleased that the

both the Auditors, after thorough review and analysis of the Society accounting systems and

procedures issued an unqualified opinion of the financial statements for the period ended 31st

March 2020. Both the audits are an important component of ensuring financial and management

integrity, and they contribute to the overall effectiveness and efficiency of the Society.

12. Vote of Thanks:

We are very much thankful to the administration of MAHAGENCO, MAHATRANSCO and

MAHAVITARAN for their valuable co-operation. We are also very much thankful to Hon.

Commissioner and the Divisional Joint Registrar, Co-operative Societies for their valuable

guidance and co-operation. We are grateful to the administration of MDCC Bank and KJSB

Bank. We express gratitude from bottom of our hearts to all our honorable members who are

the pillars of the society. We would like to convey a special thanks to Mr. Sali Pravin, Mr.

Bobale Swapnil and Mr. Shinde Mangesh, Mr. Dhammapal Mhaske for all the work they

done for the Society, Thanks to them.

Er. Sanjay Thakur

Chairman

Er. Shriniwas Bobade

Vice Chairman

Er. Prashant Bhanushali

Secretary

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Er. Chandrakant Rokade

Treasure


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MINUTES OF THE MEETING

Proceedings and minutes of the 37 Annual General Body Meeting of the M.S.E.B. Engineers co-op. Credit Society Ltd., Mulund held on 22.09.2019 at 10:30 a.m. at Vinayak Banquet Hall, Sarvoday Garden. Behind Kalyan Nagari, Near Society office, Kalyan (West) There was no quorum at the time appointed for the Annual General Meeting of the Society. Therefore, the

meeting adjourned to 11:00 a.m. and the adjourned meeting commenced at the same venue with the

members present accordingly following business of the society transacted during the meeting:

Subject-1: Felicitation of Retired Members and glorification of ward of the members

Mrs. Anita Chaudhary hosted the program and welcomed all the present members. She also welcomed

Members of the Managing Committee with a bouquet of flowers. The Chairman Mr. Sanjay Thakur and

Committee members worshiped the image of Sir. Mokshgundam Visvesvaraya and offered a coronet, The

Chairman announced the inauguration of the meeting with Deep Prajwalan,

The working President of Members Welfare Committee Mr. Sanjay Dond presented the report of all the

activities implemented by the Welfare Committee during the year to the house. The Chairman presented

37" Annual report and accomplishments of year 2018-19.

After that, 12 members who were retired in the financial year were welcomed and felicitated with their better

half by offering them bouquet, shawl, Shrifal and memento. And then 38 ward of the members glorified for

their achievements and attainments in various fields by giving them floral. award and certificate

On this occasion the Managing Committee expressly appreciated and felicitated employee of Society Mr.

Pravin Sali, Mr. Swapnil Bobale and Mr. Mangesh Shinde by offering them flower bouquet, shawl and

Memento for their honest, responsible and hardworking contribution when flood water Jogged in and

reinstated inundated Society office. The Managing Committee further felicitated Team Medlife for

successfully conducted Health Camps at four different locations especially in adverse situations, then

committee gratefully honored Mr. Sanjay Thakur and Mr. Shriniwas Bobade representing SEA by offering

them flower bouquet and shawl for their active participation in the historical Pay Revision. The Managing

Committee further felicitatedMr. Ravindra Nahide. Mr. Sudershan Kambale, Mr. Srinivasan and Mr. Atul

Yeole for their leading relief efforts, volunteering helping hands of donation and providing aid to the flood

victims in Sangli

The Chairman started with few words about preamble of the meeting and expressed his gratitude to the

members of both the committees and concluded first session of the AGM. He further read Agenda of the

meeting and accordingly following business of the society transacted during the meeting

Subject-2: To read and confirm the minutes of the 36 “Annual General Body Meeting of the Society

held on 30/09/2018 at Shri Krupa Hall, Sector No 6. Khanda Colony, New Panvel

Hon. Secretary read out the Minutes of the 16 Annual General Body Meeting of the Society held on 30

09/2018 at Shri Krupa Hall, Sector No. 6. Khanda Colony, New Panvel and following resolution passed

unanimously.

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"Resolved that, the house of GB unanimously passed and confirmed the minutes of 36" Annual General Body meeting of the society held on 30/09/2018 at Shri Krupa Hall, Sector No. 6. Khanda Colony, New Panvel" Proposed by Mr. Ravindra Nahide Seconded by Mr. Rajshekhar Kore Carried unanimously Subiect-3: To receive and adopt from the Managing Committee the 37" Annual Report for the period from 01.04.2018 to 31.03.2019, Balance Sheet, the Income & Expenditure Account, appropriation of Profit and dividend proposed by the Managing Committee and to approve the same: Hon. Treasurer of the society read out the 37" Annual Report for the period from 01.04.2018 to 31.03.2019, Balance Sheet, the Income & Expenditure Account, appropriation of Profit and dividend proposed by the Managing Committee. After detail discussions following resolution passed unanimously: "Resolved that the 37th Annual report, Balance Sheet and Income & Expenditure Account for the year ended 31st march 2019 be and is hereby accepted and adopted. Appropriation of Profit for the year ended 31" March 2019 recommended by the committee is also accepted and passed. It is further resolved that as proposed by the committee 14% dividend be and is hereby approved and declared for the year ended 31" March 2019." Proposed by Mr. Sutej Mhatre Seconded by Mrs. Anita Choudhary Carried unanimously Subject-4: To consider and adopt the Statutory Audit Report for the year 2018-2019. Hon. Secretary of the society read out the Statutory Auditor's Report for the year 2018-2019. He also highlighted remarks of Auditors. After detail discussions following resolution passed unanimously: "Resolved that the Statutory Audit Report for the year 2018-2019 be and is hereby accepted und adopted by the General Body." Proposed by Mr. Sudershan Kambale Seconded by Mr. Sanjay Dond Carried unanimously Subject-5: To approve budget estimates for 2019-20 and expenditure exceeding 2018-19 budget estimate. Hon. Secretary of the Society presented the budget statement of expenditure for the year 2019-20 and expenditures exceeding budget estimate for the year 2018-19. After discussions the house of GB passed following resolution. "Resolved that, the General Body accepted the Budget estimate for the year 2019-20 and also considered and approved expenditures exceeding budget estimate for the year 2018-19." Proposed by Mrs. Anita Choudhary Seconded by Mr. Sudershan Kambale. Carried unanimously

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Subject-6: To seek approval to effect amendment to existing bye laws recommended by the

Committee

Hon, Secretary of the Society explained necessity of amendment to Bye-law No.C1 3 of Bye Laws. After

discussions the house of GB passed following resolution.

"Resolved that, as recommended by the committee the General Body accepted proposed

amendment to existing byelaws as follows: The Authorized Share Capital of the Society will be

Rs. 2,00,00,000/- (Rupees Two Crore only). Face value of each share shall be Rs, 500/-. In the

accordance with Section 28 of Maharashtra Co-operative Societies Act, 1960, maximum limit to

hold the share by each member shall be Rs. 20,000/- (Rupees Twenty Thousand Only) and

beyond that his subscription will be credited to the Recurring Deposit. The Amount to be

recovered in Recurring deposit shall be approved in General Body meeting and the Society has a

right to deduct from every month Salary of every member as prescribed. The rate of interest on

Recurring Deposit shall be decided by the Managing Committee and must be less than that of

interest rate on loan. It is further resolved that, this amendment shall be implemented

immediately after approval from the Divisional Joint Registrar, Co-operative Societies, Pune."

Proposed by Mr. Ravindra Nahide

Seconded by Mr. Atul Yeole

Carried unanimously

Subject-7: To move and pass resolution regarding Service Regulations of Employees

Hon, Secretary of the Society read out draft Service Regulations of Employees of the Society wholly and

urged General Body to approve the same. After discussions the house of GB passed following

resolution.

"Resolved that, as recommended by the committee the General Body accepted and adopted

proposed Service Regulations of Employees. It is further resolved that, Service Regulations of

Employees shall be in force immediately after approval from the Divisional Joint Registrar, Co-

operative Societies, Pune."

Proposed by Mr. Sanjay Dond

Seconded by Mr. Patil

Carried unanimously

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Subiect-8: To move and pass resolution regarding Sale of existing Society office and to purchase

new Society office.

Hon. Secretary of the Society invited kind attention of the General Body towards badly affected Society

office when flood water logged in the society office. All the Computers, furniture and society record is

spoiled and it was very difficult to reinstate it to the normal situation again This was not first time and it is

happened many time in the past also. In the view of above he urged General Body to pass resolution to

sell existing society office and purchase new society office.

Hon. Secretary further appealed General body that, due to extreme demand from the Members and

society's pledge to fulfill their requirements, society has utilized all the Reserve funds and in need 1to

establish some special scheme like high-interest-yielding term deposit so as to purchase new property.

After discussions the house of GB passed following resolution.

"Resolved that, as recommended by the committee the Society will sell existing society office for

minimum amount of Rs.40,00,000/-(Rupees Forty Lakh Only) at earliest and will purchase new

property jointly with SEA, Kalyan; maximum amount for purchase of new property shall be

limited to Rs.2,00,00,000/- (Rupees Two Crore only). It is further resolved that, the Chairman, the

Vice Chairman, Hon. Secretary. and Hon. Treasurer of the Society are authorized to execute and

sign on behalf of Society the documents of Sale Deed of existing office, MOU of partnership with

SEA, Kalyan, Purchase Deed of new property jointly with SEA, Kalyan. It is further resolved that,

the managing committee will plan and announce a special scheme like high-interest-yielding

term deposit named Building Fund Fixed Deposit and members will invest their small share in

this scheme specifically for the purchase of new property."

Proposed by Mr. Sanjay Dond.

Seconded by Mr. Patil

Carried unanimously

Subiect-9: To appoint an Auditor for the Statutory Audit and internal Audit for the year 2018-2019

and fix their Remuneration

Hon. Secretary placed before the house of GB, Proposals received from various firms for statutory Audit

and Internal Audit of the Society for the year 2019-20. Accordingly following resolution passed

unanimously:

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"Resolved that M/s. B.R. Sawant & Co. Chartered Accountant be and is appointed as the auditor

for statutory audit of the Society for the year 2019-2020 and their remuneration may be fixed as

per the bye laws of the Society, it is further resolved that, the Managing Committee be and is

authorized to appoint any internal auditor for the year 2019-2020 and their remuneration may be

fixed by Managing Committee.

Proposed by Mr. Atul Yeole

Seconded by Mr.

Carried unanimously

Subject-10: To accent and record apologies of the absent members for the AGM

Hon Secretary placed before the GB, member's request to accept apologies of the absent members for

the AGM. After discussion following resolution passed unanimously.

"Resolved that, apologies of all the absent members for AGM are hereby accepted and

recorded."

Proposed by Mr.

Seconded by Mr.

Carried unanimously

Subject-11: Ay other business of society with permission of chair.

No other subject to discuss

Meeting concluded with vote of thanks to the chair.

Prashant Bhanushali

Hon. Secretary.

The M.S.E.B. Engineers co-op. Credit Society Ltd., Mulund

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Year Total

Member Share

Capital Reserve

Fund

Mrutunjay Yojana

Ter Deposit

Recurring Deposit

Loan Disbursed

Building Fund Profit Dividend

%

1983 428 66,000 – – – – 55,400 – [Loss] 1281 –

1983-84 537 310,650 – – – – 332,800 – 7,996 3%

1984-85 602 629,485 1,978 – – – 783,600 – 27,981 4%

1985-86 702 967,835 8,029 – – – 923,500 – 77,560 7%

1986-87 731 1,324,260 27,439 – – – 1,426,600 – 126,229 8%

1987-88 751 1,681,970 59,037 – – – 2,936,700 2,500 190,709 9%

1988-89 764 2,037,200 107,012 – – – 3,159,950 8,000 265,765 10%

1989-90 763 2,357,425 173,477 – – – 2,421,300 18,000 273,589 10%

1990-91 757 2,646,620 241,956 – – – 1,695,500 19,000 288,174 10%

1991-92 784 2,988,910 314,004 – – – 2,818,700 19,000 313,142 8%

1992-93 804 3,252,630 889,670 – – – 2,161,125 19,000 285,634 (9 Month) 7%

1993-94 806 3,948,480 577,103 – – – 3,752,350 19,000 527,523 10%

1994-95 845 4,742,960 720,559 – 232,150 – 6,589,350 25,000 596,965 10%

1995-96 908 5,624,575 880,043 – 730,050 351,400 1,015,900 30,000 650,123 10%

1996-97 915 6,439,550 1,042,694 – 1,123,200 1,212,400 8,396,900 31,000 1,031,286 12%

1997-98 926 7,193,725 1,346,232 – 1,386,750 2,013,900 7,560,400 53,000 1,427,836 13%

1998-99 946 7,161,700 1,716,933 – 2,108,650 3,599,025 11,266,000 231,000 1,249,844 14%

1999-00 963 7,483,600 2,053,819 – 2,523,000 4,833,400 12,074,850 231,000 1,321,253 14%

2000-01 1003 7,791,775 2,384,220 – 3,218,300 6,473,725 11,987,840 231,000 1,487,371 12%

2001-02 1009 7,899,600 2,601,685 – 3,754,800 9,040,775 17,496,600 660,000 1,300,148 13%

2002-03 1015 8,059,350 2,798,010 – 4,783,150 11,936,450 17,975,625 760,000 1,407,987 13%

2003-04 1001 7,877,475 2,966,172 – 3,612,985 13,522,550 15,514,600 985,000 1,111,313 12%

2004-05 988 7,975,275 3,135,432 – 3,307,359 16,172,325 19,368,865 1,015,000 943,333 11%

2005-06 1006 8,074,200 3,248,435 – 3,660,759 18,752,075 22,058,530 1,015,000 1,067,376 11%

2006-07 994 7,774,800 3,454,927 – 4,379,675 21,277,445 21,182,400 1,015,000 1,588,442 14% +3%

2007-08 1004 7,788,475 3,726,136 – 4,728,125 23,664,350 30,325,000 1,015,000 2,219,242 14%

2008-09 997 7,864,675 4,059,067 – 5,322,300 25,909,725 33,920,345 1,665,000 2,477,360 14%

2009-10 990 7,676,075 4,394,732 – 5,739,800 27,723,450 25,685,000 2,665,000 3,016,843 14% + 1%

2010-11 979 7,685,675 4,841,831 – 6,063,800 29,858,650 18,155,000 3,765,000 2,734,049 14% + 1%

2011-12 980 7,600,125 5,115,359 – 6,420,600 31,429,250 20,259,000 3,765,000 1,677,695 14%

2012-13 982 7,666,700 5,283,234 – 6,443,850 32,793,475 15,574,000 3,765,000 1,407,976 14%

2013-14 986 7,429,500 5,428,323 – 6,911,200 33,239,950 30,480,000 3,765,000 1,021,871 14%

2014-15 1006 7,513,800 5,536,948 – 8,020,950 34,084,950 50,617,000 3,765,000 492,841 14%

2015-16 932 7,660,350 5,590,006 – 8,900,950 35,728,200 30,700,000 3,765,000 1,634,627 14%

2016-17 958 7,564,950 5,760,925 – 8,865,650 37,863,425 15,985,000 3,765,000 380,664 14%

2017-18 937 7,322,225 6,074,862 – 8,883,500 39,791,579 25,968,000 3,765,000 2,427,588 13%

2018-19 758 5,735,800 6,079,063 6,968,384 9,267,963 36,380,766 50,515,000 4,358,724 3,039,190 14%

2019-20 762 58,64,800 68,44,561 1,13,86,465 1,04,96,463 3,99,08,798 5,09,70,000 55,61,224 53,50,812 14%

(Propose)

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Tenure of office bearers since establishment of the Society No. of

Annual Report

TENURE

CHAIRMAN

VICE-

CHAIRMAN

SECRETARY

TRESURER From Up to

1 5-Mar-83 30-Jun-83 UDAGE B. M DESHPANDE M. K MOKASHI M. B KULKARNI S. A

2 1-Jul-83 30-Jun-84 UDAGE B. M DESHPANDE M. K MOKASHI M. B KULKARNI S. A

3 1-Jul-84 30-Jun-85 UDAGE B. M KAWALE M. L GUJRATHI V. V NARAYAN N.




7 1-Jul-88 30-Jun-89 UDAGE B. M THOMBARE S. L GUJRATHI V. V JOSHI L. C

8 1-Jul-89 30-Jun-90 UDAGE B. M THOMBARE S. L GUJRATHI V. V JOSHI L. C

9 1-Jul-90 30-Jun-91 KHADILKAR P. Y PATIL N. K NARAYAN N. DUMBRE D. S

10 1-Jul-91 30-Jun-92 KHADILKAR P. Y PATIL N. K NARAYAN N. DUMBRE D. S

11 1-Jul-92 31-Mar-93 KHADILKAR P. Y PATIL N. K NARAYAN N. DUMBRE D. S

12 1-Jul-93 31-Mar-94 KHADILKAR P. Y PATIL N. K NARAYAN N. DUMBRE D. S

13 1-Apr-94 31-Mar-95 RATHOD S. D NILAKHE S. M GUJRATI V. V LAKHOLE R. G

14 1-Apr-95 12-Oct-95 RATHOD S. D NILAKHE S. M GUJRATI V. V LAKHOLE R. G

15 12-Oct-95 31-Mar-96 GUJRATHI V. V NILAKHE S. M BHURKE S. B KAPADNE M. V

1-Apr-96 31-Mar-97 GUJRATHI V. V NILAKHE S. M BHURKE S. B KAPADNE M. V

16 1-Apr-97 31-Mar-98 GUJRATHI V. V NILAKHE S. M BHURKE S. B KAPADNE M. V

17 1-Apr-98 31-Mar-99 GUJRATHI V. V NILAKHE S. M BHURKE S. B KAPADNE M. V

18 1-Apr-99 31-Mar-00 DATEY P. S NILAKHE S. M BHURKE S. B DESHPANDE M. K





17


Tenure of office bearers since establishment of the Society No. of

Annual Report

TENURE

CHAIRMAN

VICE-

CHAIRMAN

SECRETARY

TRESURER From Up to

23. 1-Apr-04 31-Mar-05 DATEY P. S SAWWALAKHE D. G BHURKE S. B PABALKAR B. K

24. 1-Apr-05 14-Nov-05 DATEY P. S SAWWALAKHE D. G BHURKE S. B PABALKAR B. K

14-Nov-05 31-Mar-06 SAWWALAKHED.G PRADHAN S. P BHURKE S. B PABALKAR B. K

25. 1-Apr-06 31-Mar-07 SAWWALAKHED.G PRADHAN S. P BHURKE S. B PABALKAR B. K



28. 1-Apr-09 31-Mar-10 SAWWALAKHED.G NAVARKAR S. B BHURKE S. B NAVATHEY S. V






34. 1-Apr-15 31-Aug-15 SAWWALAKHED.G NAVARKAR S. B BHURKE S. B NAVATHEY S. V

1-Sep-15 31-Mar-16 SAWWALAKHED.G NAVARKAR S. B BHURKE S. B ROKADE C. V

35. 1-Apr-16 31-Mar-17 SAWWALAKHED.G NAVARKAR S. B BHURKE S. B ROKADE C. V

36. 1-Apr-17 21-Jul-17 SAWWALAKHED.G NAVARKAR S. B BHURKE S. B ROKADE C. V

22-Jul-17 31-Mar-18 THAKUR S. G BOBADE S. W BHANUSHALI P. B ROKADE C. V

37. 1-Apr-18 31-Mar-19 THAKUR S. G BOBADE S. W BHANUSHALI P. B ROKADE C. V

38. 01-April-19 to 31-Mar-20 THAKUR S. G BOBADE S. W BHANUSHALI P. B ROKADE C. V

18

The M.S.E.B. Engineers Co-Op. Credit Society Ltd., Mulund.

MANAGING COMMITTEE MEMBERS 2017-2022

SR. NO

COMMITTEE MEMBERS DESIGNATION MOBILE NO.

1 Er. Thakur Sanjay Ganesh Chairman 7875762751

2 Er. Bobade Shriniwas Wasudeorao Vice-chairman 8928729030

3 Er. Bhanushali Prashant Bhaskar Hon. Secretary 9930269685

4 Er. Rokade Chandrakant Vishnu Hon. Treasurer 9920806110

5 Er. Maske AnilPandit Committee Member 9970003186

6 Er. HarerAmitGangaram Committee Member 9004030167

7 Er. BaikarDevidasNagu Committee Member 8652717777

8 Er. RajanePremanandMuniraj Committee Member 9763801931

9 Er. Chakor Narayan Ramnath Committee Member 9769396901

10 Er. VaruleVaishaliTushar Committee Member 8879626675

11 Er. NaikwadiVarshaJitendra Committee Member

WELFARE COMMITTEE MEMBERS SR. NO

COMMITTEE MEMBERS DESIGNATION MOBILE NO.

1 Er. Chaudhari Anita Amol Working President 8879626972

2 Er. Dond Sanjay Suklal Welfare Member 9930269424

3 Er. Patil Prathamesh Nishikant Welfare Member 9930269637

4 Er. Nahide Ravindra Bhivji Welfare Member 9768578806

5 Er. Bobade Shriniwas Wasudeorao Welfare Member 8879626449

6 Er. Kamlakar Mankeshwar Ambade Welfare Member 7875762792

7 Er. RathodLaxmanSheshrao Welfare Member 7875760830

8 Er. Malkhede Prakash Ukardaji Welfare Member 7506590202

9 Er. Sawant Amit Rajaram Welfare Member 9930496243

10 Er. Chakor Narayan Ramnath Welfare Member 9769396901

11 Er. Hirlekar Swapnil Suresh Welfare Member 9619304742

19

9930269416


DETAILS OF LOAN WITH MC MEMBER & THEIR RELATIVE.

Balance as on 31st

March 2020

20

Sr.No.

Ac NO. Name of Member Designation Type of Loan

Op. Bal 01/04/2019

Loan up to 2019-20

Loan Date

Recovered up to 2019-20

Balance as on 31-03-2020

Relative Loan Bal

1 1219 Er. Thakur Sanjay Ganesh

Chairman L.L. 2,72,500 - - 44,000 2,28,500 Nil

M.T.L.

S.P.L.

S.T.L

2 1501 Er. Bobade Shriniwas W

Vice Chairman L.L. - 7,50,000 01.05.19 56250 6,93,750 Nil

M.T.L. - - - - - Nil S.P.L. - - - - - Nil S.T.L - - - - - Nil

3 1211 Er. Bhanushali Prashant B.

Secretary L.L. 15,00,000 04.12.19 7,60,000 7,40,000 Nil

M.T.L. Nil S.P.L. Nil S.T.L Nil

4 873 Er. Rokade Chandrant V.

Treasurer L.L. - 9,00,000 17.12.19 18,000 8,82,000 Nil


5 1420 Er. Maske Anil Pandit

Committee Member

L.L. Nil

M.T.L. 6,00,000 25-06-19 1,54,000 4,46,000 Nil S.P.L. Nil S.T.L Nil

6 1566 Er. Harer Amit Gangaram

Committee Member

L.L. - - - - - Nil


7 1820 Er. Baikar Devidas Nagu

Committee Member

L.L. 14,08,337 - - 91,663 13,16,674 Nil


8 1479 Er. Rajane Premanand M.

Committee Member

L.L. - - - - - Nil


9 1878 Er. Chakor Narayan R.

Committee Member

L.L. - 15,00,000 25.12.19 5,20,000 9,80,000 Nil


10 1776 Er. Varule Vaishali Tushar

Committee Member

L.L. - 15,00,000 07.09.19 2,52,944 12,47,056 Nil


11 1754 Er. Naikwadi Varsha Jitendra

Committee Member

L.L. 7,00,000 - - 4,34,000 2,66,000 Nil



PROFIT AND LOSS ACCOUNT AS ON 31.03.2020

31st

March 2019 INCOME 31st

March 2020

Amount(Rs) Amount (Rs) 69,73,706.00

69,73,706.00

11,07,791.00 9,06,588.00 2,01,203.00

0.00

4,98,879.00 420.00

1,920.00 44,840.00

0.00 2,05,473.00

12,812.00 2,33,414.00

0.00 0.00

INT. RECEIVED ON LOANS By 8001 Interest Received from Members INT. RECEIVED FROM BANKS By 8204 Int. Received on MDCC (RF) By 8202 Int. Received on F.D.(KJSB) By 8205 Dividend Received from MDCC OTHER INCOME By 8101 New Membership Form Fees By 8102 Loan form Sold By 8206 Computer Fund Prov. Reverse By 8207 Society Election Provision Reverse By 8104 Reverse – Ex. Dividend/FD & RD Int. By 4153 Society Election Exp. By 8208 I. Tax. Assessment Prov. Reverse. By 8209 SB Account Excess Int. Reverse By 8211 Welf. Fund Yojana, Int. Reverse

86,25,101.00 86,25,101.00

10,41,535.00

9,91,035.00 0.00

50,500.00

21,31,350.52 0.00 0.00 0.00 0.00 0.00 0.00

3,66,586.00 8,26,140.52 9,38,624.00

85,80,376.00 TOTAL 1,17,97,986.52

Er. Sanjay Thakur Er. Shriniwas Bobade Er. Prashant Bhanushali Er. Chandrakant Rokade

Chairman Vice Chairman Hon. Secretary Treasurer

21



31

st March 2019 EXPENDITURE 31

st March 2020

Amount(Rs) Amount (Rs)

37,75,524.00 28,44,360.00

1,94,641.00 18,560.00 54,835.00

132.00 6,62,996.00

0.00

12,49,424.00 9,83,380.00

81,848.00 95,084.00 89,112.00

1,40,319.00

32,183.00 18,000.00 14,982.00

1,850.00 23,600.00

1,400.00 9,735.00

38,569.00 0.00

2,46,560.83

11,384.00 15,979.00

8,700.83 87,226.00

1,060.00 4,956.00

INT. PAID ON DEPOSIT To 4137 Int. Prov. on Recurring Deposit To 4004 Int. Paid on Loan Fixed Deposit To 4158 Int. Paid on Saving Deposit To 4002 Int. Paid on I.T. Recurring Deposit To 4003 Int. Paid on Personal Fixed. To 4138 Int. Prov. on Loan Fixed Deposit. To 4007 Int. on Mrutunjay Yojana SALARY AND ALLOWANCES. To 4115 Salary to Staff To 4134 Bonus & Ex-gratia To 4148 Employee Prudential Fund-Soc. Contrib. To 4149 Int. on Employee Prudential Fund. OPERATING EXPENSES To 4103 Postage & Telegram To 4127 Rent & Taxes To 4102 Travelling Expenses To 4109 Computer Expense To 4152 Society Web-Page Exp. To 4124 Computer Repair & Maintenance To 4162 Hathway Internet. To 4132 Office Exp. To 1078 Legal Fees MISCELLANEOUS EXPENSE To 4106 Printing And Stationary To 4110 Telephone Expense To 4128 Bank Charges To 4108 AGM+ Meeting Expense To 4150 Revenue, Postage, Franking To 4107 Typing & Xerox

37,54,746.00 28,16,443.00

29,446.00 16,918.00 67,320.00

651.00 7,57,352.00

66,616.00

14,23,620.00 11,41,252.00

45,000.00 1,13,184.00 1,24,184.00

1,68,682.03

21,731.00 18,000.00 29,546.00

4,530.00 13,500.00 23,670.30

9,823.00 40,882.00

7,000.00

3,34,117.49 29,084.00 11,371.82 12,541.13

1,03,810.08 1,610.00 1,552.00

Continued.



22



31

st March 2019 EXPENDITURE 31

st March 2020

Amount(Rs) Amount (Rs)

0.00 17,835.00

1,305.00 31,400.00

3,100.00 10,800.00 43,375.00

9,440.00 0.00 0.00

1,29,358.00 37,125.00 40,000.00 52,233.00

0.00

30,39,190.17

To 4135 Software Maintenance Charges To 4125 Diwali Gift Expenses To 4111 Audit Exp. To 4116 Electricity Bill To 4117 Municipal Tax-Society To 4119 Housing Society Maintenance To 4165 Professional Fees To 4166 Data Migration Charges To 4169 Fidelity Insurance Expense To GST DEPRECIATION AND OTHER PROVISION To 4120 Internal Audit Fee To 4121 Govt. Audit Fee To 4156 Depreciation INT. PAID TO BANK To 4147 Interest Paid on Cash Credit To PROFIT AND LOSS A/C

14,000.00 16,420.00

5,946.00 34,560.00

3,100.00 10,800.00 25,000.00

0.00 2,118.58

62503.88

1,40,486.00 40,000.00 56,214.00 44,272.00

6,25,222.00

53,50,812.73

85,80,376.00 TOTAL 1,17,97,986.52



23


Balance Sheet as On 31.03.2020 31

st March 2019 LIABILITIES 31

st March 2020

1,50,00,000.00

1,50,00,000.00 SHARE CAPITAL ACCOUNT

57,35,800.00

60,79,062.71

11,40,164.00

43,58,724.00

2,71,660.00

2,24,642.00

0.00

PAID UP SHARE CAPITAL ACCOUNT Previous B/f 57,35,800.00 Add : During the Year 4,97,500.00 Total 62,33,300.00 Less : Refund during the Year 3,68,700.00

RESERVE AND SURPLUS Previous B/f 60,79,062.71 Add : Entrance Fees 5,700.00 Add : Reserve Fund Prov. (25%) 7,59,797.00 DIVIDEND EQUALIZATION FUND Previous B/f 11,40,164.00 Add : Profit & Loss A/c 1,50,350.00 BUILDING FUND Previous B/f 43,58,724.00 Add : Profit & Loss A/c 12,02,500.00 COMPUTER FUND Previous B/f 2,71,660.00 Less : Reverse for new computer 0.00 OFFICE RENOVATION FUND Previous B/f 2,24,642.00 Less: Office Renovation Exp. 0.00 BUILDING FIX DEPOSIT Previous B/f 0.00 Add : Payment during the Year 53,51,813.00

58,64,600.00

68,44,560.25

12,90,514.00

55,61,224.00

2,71,660.00

2,24,642.00

53,51,813.00

CONTINUED



24


Balance Sheet as On 31.03.2020



25

31st March 2019 LIABILITIES 31st March 2020 15,07,010.00

3,63,80,766.00

69,68,383.60

0.00

92,57,963.00

4,54,000.00

N.P.A. FUND Previous B/f 15,07,010.00 Less : Current year ( Standard Assests Pro.) 2,00,000.00 MEMBERS RECURRING DEPOSIT Previous B/f 3,63,80,766.00 Add: Addition during the year. 64,38,982.00 Total 4,28,19,748.00 Less : Refund during the year 29,10,950.00 MRUTUNJAY YOJANA Previous B/f 69,68,983.00 Add : During the year 56,60,160.40 Total 1,26,28,544.00 Less : Insurance Premium Paid 13,08,695.44 Add: Int. Payable on Mrutunjay Yojana 2% 66,616.00 OTHER RECOVERY Previous B/f 0.00 Add : During the year 27,58,280.60 Less : Paid during the year 1,82,960.00 MEMBERS FIXED DEPOSIT (LOAN) Previous B/f 92,57,963.00 Add : Addition during the year 17,01,381.00 Total 1,09,59,344.00 Less : Refund the year 4,62,881.00 INCOME TAX RECURRING DEPOSIT Previous B/f 4,54,000.00 Add : Addition during the year 15,53,320.00 Total 20,07,320.00 Less : Refund the year 16,84,820.00

13,07,010.00

3,99,08,798.00

1,13,86,464.56

25,75,312.60

1,04,96,463.00

3,22,500.00

CONTINUED


Balance Sheet as On 31.03.2020

31st March 2019 LIABILITIES 31st March 2020

1,12,08,897.88

64,60,452.75

15,52,309.00

28,44,360.00

0.00

6,62,996.00

MEMBERS SAVING A/C Previous B/f 1,12,08,897.88 Add : Addition during the year 73,33,907.44 Total 1,85,42,805.32 Less : Refund during the year 1,82,25,517.52 MEMBERS WELFARE FUND Previous B/f 64,60,452.75 Add : Addition during the year 17,89,748.00 Total 82,50,200.75 Less: Welf. Exp. 27,49,402.00 Less: Diary 2020 to Member. 2,32,000.00 EMPLOYEE PRUDENTIAL FUND Previous B/f 15,52,309.00 Add : Addition during the year 3,50,552.00 Add : Interest for during the year 8% 0.00 RECURRING DEPOSIT INTEREST Previous B/f 28,44,360.00 Add : Addition during the year 28,16,443.00 Total 56,60,803.00 Less :Paid during the year 8% 28,44,360.00 SAVING ACCOUNT INTEREST Previous B/f 0.00 Add : Addition during the year 2% 1,66,345.00 Less :Paid during the year 4,637.00 FIXED DEPOSIT INTEREST (LOAN) Previous B/f 6,62,996.00 Add : Addition during the year 8% 7,53,152.00 Total 14,16,148.00 Less : Paid during the year 6,58,796.00

3,17,287.80

52,68,798.75

19,02,861.00

28,16,443.00

1,61,708.00

7,57,352.00

CONTINUED



26




27

31st

March 2019 LIABILITIES 31st

March 2020

70,189.00

0.00

2,00,000.00

20,000.00

49,224.00

24,600.00

OTHER LIABILITIES. Previous B/f 70,189.00 Add : during the year 6,64,950.00 Less : Paid during the year 0.00 TOTAL: DIVIDEND PAYMENT Previous B/f 0.00 Add : Profit & Loss A/c 7,92,347.00 Total 7,92,347.00 Less : Paid during the year 2019 1,49,573.00 Less : Transf. to DivdRDIFDI 30,74,424.00 GROUP INSURANCE CLAIM PAYABLE Previous B/f 2,00,000.00 Less : Paid During the year 2,00,000.00 INTERNAL AUDIT FEE PROVISION Previous B/f 20,000.00 Less : Paid during the year 25,000.00 Total - 5,000.00 Add : Provision during the year 40,000.00 STATUTORY AUDIT FEE PROVISION Previous B/f 49,224.00 Add : During the year 6,214.00 Less : Paid during the year 55,438.00 Total 0.00 Add : Provision during the year 50,000.00 PROFESSION TAX EMPLOYEE Previous B/f 24,600.00 Add : Deposit during the year 8,400.00 Total 33,000.00 Less : Paid during the year 0.00

7,25,139.00

29,24,851.00

0.00

35,000.00

50,000.00

33,000.00

CONTINUED




28

31st March 2019 LIABILITIES 31st March 2020

3,66,586.00

0.00

0.00

30,39,551.90

INCOME TAX ASSESSMENT PROVISION Previous B/f 3,66,586.00 Less : I.T. Assessment Prov. Reverse 3,66,586.00 MUMBAI DIST CENTRAL CO-OP BANK AC 08 Previous B/f 0.00 Add : During the year 3,20,91,500.40 Less : Paid during the year 2,33,51,019.00 STANDARD ASSET PROVISION Previous B/f 0.00 Add: during the year 2,00,000.00 PROFIT & LOSS ACCOUNT Previous B/f 30,39,551.90 Less : Reserve Fund 25% 7,59,797.54 Less : Dividend 14% 7,76,199.00 Less : Mrutunjay Yojana 10% 1,50,350.00 Less : Building Fund 10% 12,02,500.00 Less: Dividend Equal. Fund 10% 1,50,350.00 Total 355.36 Add : Current year profit 53,50,812.73

0.00

87,40,481.40

2,00,000.00

53,51,168.09

9,88,77,341.84 TOTAL

12,06,89,651.45


15,90,274.84

5,00,000.00

500.00

1,30,08,257.00

8,435.00

20,20,967.00

6,92,34,411.00

1,01,14,573.00

CASH AND BANK ACCOUNT Cash in Hand 64.23 Janata Sahakari Bank (Kalyan) 7,08,690.33 Mumbai District Central Co-op Bank A/C 50 16,78,697.55 State Bank Of India 11,202.00 SHARES IN M.D.C.C. BANK Previous B/f 5,00,000.00 Add : investment during the year 0.00 SHARES IN MUMBAI PAGARDAR SANGH Previous B/f 500.00 Add : Investment during the year 0.00 FIXED DEPOSIT IN MUMBAI BANK MULUND Previous B/f 1,30,08,257.00 Add : Investment during the year 2,93,751.00 Less : Matured During the year 0.00 Total 1,33,02,008.00 ADVANCE TO EMPLOYEE Previous B/f 8,435.00 Add : During the year 2,965.00 ACCRUED INTEREST FROM M.D.C.C. BANK Previous B/f 20,20,967.00 Add : Provision for the year 9,91,035.00 Total 30,12,002.00 Less : Received during the year 2,93,751.00 LONG TERM LOAN Previous B/f 6,92,34,411.00 Add : Payment during the year 3,97,50,000.00 Add : Refund + Transf. with Int. during the year 3,49,284.00 Total 10,93,33,695.00 Less : Received With Int. during the year 2,54,42,725.00 MID TERM LOAN Previous B/f 1,01,14,573.00 Add : Payment during the year 1,12,20,000.00 Total 2,13,34,573.00 Less : Received during the year 68,928.00

23,98,654.11

5,00,000.00

500.00

1,33,02,008.00

11,400.00

27,18,251.00

8,38,90,970.00

1,52,65,645.00

CONTINUED



29

31st March 2019 ASSETS 31st March 2020


31st March 2019 ASSETS 31st March 2020 1,000.00

14,000.00

0.00

6,00,360.00

3,981.00

16,78,192.00

1,02,391.00

SPECIAL MID TERM LOAN Previous B/f. 1,000.00 Add : Payment during the year 0.00 Add: Refund during the year with int. 0.00 Total 1,000.00 Less : Received during the year 1,000.00 SHORT TERM LOAN Previous B/f 14,000.00 Add : Payment during the year 0.00 Add: Refund during the year with int. 14,000.00 Total 0.00 Less : Received during the year LOAN TO EMPLOYEE Previous B/f 0.00 Add : Payment during the year 80,000.00 Less : Received during the year 15,000.00 SOCIETY BUILDING OFFICE Previous B/f 6,00,360.00 Add : During the year 0.00 T.D.S. ACCOUNT Previous B/f 3,981.00 Less : Received from Staff 2,100.00 INCOME TAX REGULAR ASSESSMENT Previous B/f 1678192.00 (For year 12-13/ 13-14/ 14-15 Payment) MOVABLE ASSETS Previous B/f 1,02,391.00 Add : During the year 2,24,871.34 Less: Depreciation during the year 70,472.00 Total 2,56,790.34

0.00

0.00

65,000.00

6,00,360.00

1,881.00

16,78,192.00

2,56,790.34

9,88,77,341.84 TOTAL 12,06,89,651.45



30


Important Note To The Member

1) If you are transferred, you should inform the new office inform the new office address, which

Division/Circle office your salary leaves form. Also, if the Mobile number has changed then it should be

reporter to the Society office immediately.

2) Your Loan repayment as well as those you are being given surety to loan form that member’s salary for

week in case there is any suggestion to check if they are being recovered properly it should be written to

the society.

3) If your Nomination form is not given then it should be submitted immediately.

4) The office hours for the members of the society from 5.00pm to 8.00pm the society office will be closed

every Sunday as well as on all bank and public holidays.

5) Members fill out the loan application form completely while writing the address of that Division office

from which the salary is deducted should be given in the address and the application form should not be

overwrite.

6) Borrowers and all the guarantors along with the loan demand application the slip of the monthly salary

sheet should be enclosed signature ( Blue color)

7) Member cant repayment of loan in above Rs 1000/- this is a cheque that should be paid in excess of Rs.

1000/-

8) When correspondence with the society member must enter their membership number and current

address for convenience.

9) There will be no new loan disburse before unless 50% of the old loan already paid.

10) If borrowed from any another society with the same purpose no loan will be obtained from this

society with giving any objection certificate also the loan should be clearly specified for the purpose

for which it is borrowed.

11) Member should not be give guarantor more than two borrower.

12) Members can avail the loan amount up to Rs. 6, 00,000.00/- as competent two guarantors while

taking loan. Onward one guarantor for each 3, 00,000.00 /- Loan amount.

31


HIGHE LIGHTS OF THE YEAR ENDING 31.03.2020

1) Number of Members 758

2) Authorized Share Capital 1,50,00,000.00

3) Paid up Share Capital 58,64,600.00

4) Issued Loan to Members 5,10,50,000.00

5) Fixed Deposit (Mumbai Bank) 1,33,02,008.00

6) Dividend 14.00%

(Proposed)

7) Interest Rate on Loan 10.00%

(Proposed)

8) Interest Rate on Fixed Deposit 8.00%

9) Interest Rate on Recurring Deposit 8.00%

10) Interest Rate on Saving Account 6.00%

32

The M.S.E.B. Engineers Co-Op. Credit Society Ltd., Mulund. ANNUAL BUDGET COMPARISION FOR 2019-2020

Expenditure Excess

Sr No. Particular Budget 2019-20 for 2019-20 Expenditure Less Expenditure

INTEREST FROM MEMBER & OTHER 9800000 11797986.52 0.00 0.00

1 Bank Charges 10,000.00 12541.13 2541.13 0.00

2 Bank Interest on Clean Cash Credit 300,000.00 625222.00 325222.00 0.00

3 Computer Repair & Maintenance With AMC 40,000.00 23670.30 0.00 16329.70

4 Computer Software AMC 25,000.00 14000.00 0.00 11000.00

5 Computer & Printer 50,000.00 0.00 0.00 50000.00

6 Computer Stationery Expenses 10,000.00 4530.00 0.00 5470.00

7 Fixed Deposit Interest (Prov.) 8% 745,000.00 29446.00 0.00 715554.00

8 Recurring Deposit Interest ( Prov.) 8% 3,200,000.00 2816443.00 0.00 383557.00

9 Saving Deposit Interest ( Prov.) 6% 35,000.00 16918.00 0.00 18082.00

10 Int. Paid On Personal Fixed 0.00 651.00 651.00 0.00

11 Int. Prov. On Loan Fix Deposit 0.00 757352.00 757352.00 0.00

12 Int. On Mrutunjay Yojana 0.00 66616.00 66616.00 0.00

13 Statutory Audit Fee (Prov.) 70,000.00 56214.00 0.00 13786.00

14 Internal Audit Fee (Prov.) 40,000.00 40000.00 0.00 0.00

15 Printing and Stationery 35,000.00 29084.00 0.00 5916.00

16 Postage Expenses 40,000.00 21731.00 0.00 18269.00

17 Typing and Xerox 7,000.00 1552.00 0.00 5448.00

18 Meeting Expenses (M.C.M & A.G.M.) 125,000.00 103810.08 0.00 21189.92

19 Office Exp. 45,000.00 40882.00 0.00 4118.00

20 Conveyance & Travelling Expenses 25,000.00 29546.00 4546.00 0.00

21 Furniture & Fixtures 125,000.00 0.00 0.00 125000.00

22 Employees Salary + Arrears and Bonus 1,200,000.00 1186252.00 0.00 13748.00

23 Diwali Gift Expenses 0.00 16420.00 16420.00 0.00

24 Employees Prud. Fund with Soc. Contrib. + Int. 8% 175,000.00 237368.00 62368.00 0.00

25 Telephone Expenses 20,000.00 11371.82 0.00 8628.18

26 Electricity Charges 35,000.00 34560.00 0.00 440.00

27 Special Adhesive Stamp.+ Franking Charg. 20,000.00 8610.00 0.00 11390.00

28 Fire Insurance+ Cash Tansact Insu. 10,000.00 2118.58 0.00 7881.42

29 Society Maintenance & Municipal Tax. 15,000.00 13900.00 0.00 1100.00

30 Members Prashikshan Shibir Exp. 10,000.00 0.00 0.00 10000.00

31 Diary Expenses 275,000.00 0.00 0.00 275000.00

32 IT Recurring Deposit Interest 100,000.00 67320.00 0.00 32680.00

33 Depreciation 60,000.00 44272.00 0.00 15728.00

34 Office Rent 25,000.00 18000.00 0.00 7000.00

35 Audit Expenses 10,000.00 5946.00 0.00 4054.00

36 Advertisement Expenses 5,000.00 0.00 0.00 5000.00

37 Hathway Internet 10,000.00 9823.00 0.00 177.00

38 Society Web Page. 0.00 13500.00 13500.00 0.00

39 Professional fees 0.00 25000.00 25000.00 0.00

40 G.S.T 0.00 62503.88 62503.88 0.00

TOTAL 68,97,000 64,47,173.79 1336720.01 1786546.22

Expected Net Profit 29,03,000 5350812.73 2447812.73 0.00

Total 98,00,000 1,17,97,986.52 0.00 0.00

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ANNUAL BUDGET FOR 2020-21

Budget 2020-21

SR NO PARTICULAR INCOME EXPENDITURE

A. INTEREST FROM MEMBER AND OTHER INCOME 11500000.00

1

Computer S/W Maintenance, Stationary With AMC 80,000.00

2 Interest on Deposit 56,00,000.00

3 Audit Fee 1,52,000.00

4 Office Expenses 1,24,000.00

5 Meeting Exp. (M.C.M & A.G.M.) 1,14,000.00

6 Conveyance & Travelling Exp. 32,500.00

7 Employee Salary + Arrears and Bonus 12,84,000.00

8 Employee Prud. Fund with Soc. Contrib. +Int. 8% 2,50,000.00

9 Office Rent

25,000.00

10 Depreciation 50,000.00

11 Electricity Charges 38,000.00

12 Fidelity Insu. 3,000.00

13 Society Maintenance, Muncipal Tax. 15,000.00

14 G.S.T 70,000.00

TOTAL EXP. 78,37,500.00

B.

EXPECTED NET PROFIT

36,62,500.00

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Year 2019-20 - MSEB Engineers Co-op Credit Society

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