Annual Report of AICMEU's Baitulmal

I am pleased to present the twenty fifth Annual Report of the society for the year 2008-09 and also the audit report of our Society as audited by our internal auditor M/s Mukadam and Associates – Chartered Accountant.

As on 31^st March 2009, the total membership of the society is 7,677 as compared to 7,567 on 31^st March 2008. Last year total 110 new members enrolled while 9 old members have resigned. Thus the society has registered 1.34% growth in membership compared to 1.30% in the preceding year. The society opened 370 new accounts during the year 2008-09 compared to 384 in the year 2007-08. The branch wise breakup is given below.

Types of Account	Head office	Kurla	Govandi	Total
1. Saving Account	62	49	45	156
2. Spot Collection	38	110	55	203
3. R. Investment Deposit	0	2	4	6
4. Current Deposits	0	0	0	0
5. Fixed Deposits	5	0	0	5
Total Number of Accounts	105	161	104	370

The society’s share capital as on 31.03.08 was Rs. 20,12,358 which increased to Rs. 21,07,538 by 31.03.09. During the year 2008-09 the society issued 11,748 new shares and refunded 2,230 old shares, thus the net increase in society’s share capital during the fiscal 2008-09 is of Rs. 95,180 showing 4.72% increase in society’s share capital.

As compared to the year 2007-08 the total deposits of the society in 2008-09 has increased by 22.4%. On 31^st March 2008 the total deposit with the society was Rs. 1,05,62,861 which increased to Rs. 1,29,28,669 by 31^st March 2009. The branch wise deposit status of the society as on 31.03.09 was as below.

Society's Deposit in the year 2007-08
Account Category	Head Office	Kurla	Govandi	Trombay	Total
Savings Account	51,05,795	17,29,271	18,28,986	47,068	87,11,120
Fixed Deposit	83,906		-		83,906
Current Deposit	3,01,979		3,796		3,05,775
RID A/c	9,72,086	5,79,192	6,90,197	4,039	22,45,514
Spot Collection A/c	2,35,348	12,83,621	63,385		15,82,354
Total Deposits	66,99,114	35,92,084	25,86,364	51,107	1,29,28,669

The major amount of deposits in 2008-09 has been through saving accounts (67.38%), R.I.D. (17.37%) and spot collection (12.24%) deposits. The share of current deposits is 2.36% only. There is disparity among branches in mobilization of deposits. The Head Office mobilized 52% of the total deposits, while Govandi and Kurla branches shared 20.22% and 27.78% of the total deposits. The share of Trombay branch (inoperative) is just 0.39% of the total deposits.

During the year 2008-09, the RID, Fixed Deposits and Current Deposits have registered decline by 20.38%, 42.79%, and 49.18%. There has been 37% increase in spot collection deposits with 1582354.00 by 31.3.2009 against 1154719.00 on 31.3.2008. There has also been increase of 49.17% in Saving Deposit and the total deposit of the society has gained 22.39% growth in 2008-09 as compared to 2.55% growth in 2007-08.

During the year 2008-09, the society has granted and paid total general loans of Rs. 9760800 to its 183 members as compared to Rs. 9050500 to 186 members in preceding year, showing an increase of 7.85%. The granted loan amount was 92.41% of the total deposits. The branch wise performance of the society in terms of granting general loans may be evaluated through the following table.

Branches	Total Granted Loans during 2008-09	Total Members taken Loans	Outstanding Loans as on 31.3.2009	Total Overdue Loans as on 31.3.2009	Overdue Loans as % of Total Outstanding Loans
Head Office	44,64,100	87	46,09,065	9,24,850	20.07%
Kurla	18,32,000	30	24,73,797	7,12,924	28.81%
Govandi	30,36,500	51	21,10,970	2,58,538	12.25%
Trombay	-	-	2,29,773	2,29,733	100%
Total	93,32,600	168	94,23,605	21,26,045	22.53%

During the year 2008-09 the society’s outstanding loan has increased by 2.09% (Rs. 192687) as compared to preceding year. On 31.03.2009 the society’s total outstanding loans were of Rs. 94,23,605 against Rs. 92, 30,918 on 31.03.2008.

Overdue loans of the society has increased by Rs. 3,88,620 as compared to the previous year because on 31^st March 2008 the society’s total overdue loan was Rs. 17,37,425 which has increased to Rs. 21,26,045 (on 123 members) by 31^st March 2009. Total overdue loans as % of total outstanding loans as on 31.3.2008 was 22.53%. Currently the prices of gold are increasing, so the security is worth compared to overdue loan amounts.

The overall income and expenditure of the society in 2008-09 as compared to 2007-08 has increased by 11.77% in income side and 13.87% on expenditure side. The Society’s total income in 2007-08 was Rs. 12,41,534.37 which increased to Rs. 13,87,661 in 2008-09 showing a growth of Rs 1,46,127 (11.77%) in society’s total income. Similarly the total expenditure of the society has also increased by Rs.1,68,981 (13.87%) compared to previous year. Barring the excess of income over expenditure, the society’s net expenditure in 2007-08 was of Rs. 12,18,463.46 which increased to Rs. 13,87,444 by the year 2008- 09.

The excess of income over expenditure of the society has decreased by Rs. 22,854 (43.31%), as it was Rs. 23,071 in 2007-08 which has reduced to Rs. 217 in 2008-09.

The managing committee of the society met twelve times during the financial year 2007-08 with full attendance.


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Twenty Fifth Annual Report

(Year 2008-09)

Types of Account

Head office

Kurla

Total Number of Accounts