SANSCO SERVICES^

.NK OF BARODA EMPLOYEES'

O-OP. CREDIT SOCIETY LIMITED
(Established in the year 1955)

ANNUAL REPORT
2002-2003
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THE BANK OF BARODA EMPLOYEES' CO OP. CREDIT SOC. LTD. (M.S.)

K. K. Agarwal
President

V. J. Koshiya MANAGING COMMITTEE G. c Kuckian

Chairman
2002-2003

N. B. Gamre D. H. Gavankar A.V. Gangan S. C. Shah

Hon. Secretary Jt. Secretary Hon. Treasurer Jt. Treasurer

MEMBERS

R. D. Shah V. D. Apandkar N. S. Salvi A. G. Khade

S. Nandgaonkar P. N. Kamble Smt K. Barot

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THE BANK OF BARODA EMPLOYEES'

CO-OPERATIVE CREDIT SOCIETY LIMITED (M.S)
(Registration No. 21666 - A Grade)

Registered Office :-
BANK OF BARODA
Mumbai Samachar Marg, Fort, Mumbai - 400 023

(Audit Classification : 'A' Grade J

PRESIDENT
Shri. K. K. Agarwal
General Manager, Bank of Baroda
Greater Mumbai Zone.

Q MANAGING COMMITTEE"*^
Shri. Vinod J. Koshiya Chairman
Shri. G. C. Kuckian Vice Chairman
Shri. N. B. Gamre Hon. Secretary
Shri. D. H. Gavankar Jt. Secretary
Shri. A. V. Gangan Hon. Treasurer
Shri. Sunil Shah Jt. Treasurer

MEMBERS
Shri. R. D. Shah Shri. A. G. Khade
Shri. V. D. Apandkar Shri. S. J. Nandgaonkar
* Shri. N. S. SaM Shri. P. N. Kamble
' Smt. Kokilaben Barot

BANKERS
Mumbai District Central Co-operative Bank Ltd. Fort, Mumbai - 400 001.
Bank of Baroda, M.M.O. Fort, Mumbai - 400 023.
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THE BANK OF BARODA EMPLOYEES'

CO-OPERATIVE CREDIT SOCIETY LIMITED (M.S)
(Registration No. 21666 - A Grade)
Regtetered Office:- ^<B!=sassx. •*•'"stor*At:
C/a Bank of Baroda Zonal Office
10/12, Bank of Baroda Building, /&*£*&. - '
Mumbai Samachar Marg, /^ ^lB| v\ 3, Walchand Hirachand Marg,
Fort, Mumbai - 400 023. II »/lfVl 8ll Ballard Estate, Mumbai - 400 038.
Tel. : 2261 0341

NOTICE TO MEMBERS
Notice is hereby given that the Annual General Body Meeting of the members (Share
holders) of th Bank of Baroda Employees' Co-operative Credit Society Ltd., (Maharashtra
State) will be held on Thursday the 14 Auguet 2003 at 5.30 p.m. at Bank of Baroda
Staff Canteen, Mezenine floor, Regional Office, 3, Walchand Hirachand Marg, Ballard
Pier, Mumbai - 400 038, to transact the following Agenda.

AGENDA

1. To read and confirm the minutes of last Annual General Meeting held
on 14th August 2002.
2. To receive and adopt the report of Chairman, on behalf of Managing
Committee.
3. To adopt and approve the statement of Accounts for the year ended
March, 2003
4. To appoint Internal Auditor for the year 2003-2004.
5. To Consider and adopt the Appropriation of the Net profit for the year
ended March, 2003
6. To consider and approve the proposed Amendments to the Bye-laws
No. F. 1.2(A)(a)
7. Any other matter with permission of the chair.

Yours faithfully,

N. B. GAMRE
Hon. Secretary
Mumbai : 28th July 2003
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1. Non receipt of notice by any member would not invalidate the proceedings of
the meeting.

2. The Meeting will start at 5.30 p.m. sharp at the above mentioned venue. If
the Meeting is adjourned for want of quorum, the Adjourned Meeting will be
held on the same day, at same place at 6.00 p.m.

3. Members desiring to offer any suggestions at the Annual General Meeting or

put questions are requested to write to the Secretary in Society's office at
least 3 days in advance.

4. Members are hereby informed that the Society's office would be closed to
the members on 31st March of every year for its Annual closing activities.

5. Members should inform the Society's office immediately on their transfer from
one Branch to another Branch Inter Zonal transfer or departmental job rotation
in MMO, CO, ZO and other such administrative offices, so as to facilitate the
Society to update the records.

6. Members are requested to bring their copies of the Annual Reports alongwith
them while attending Annual General Meeting. They will not be supplied
separate Copies in the A G M.
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THE BANK OF BARODA EMPLOYEES'

CO-OPERATIVE CREDIT SOCIETY LTD. (M.S)
(Registration No. 21666 - A Grade)

CHAIRMAN'S REPORT

Dear Shareholders,
It gives me great pleasure to place before you the Annual Report as well as the
Statement of Accounts for the year ended 2002 2003 (April - March).

1. FUNCTIONING OF THE SOCIETY :

You are aware that the present Managing Committee took over the reins of the
functioning of the Society in the month of February, 2003. The Society is making
tremendous progress in its overall working, profits etc. The Committe has adopted a
systematic procedure for receiving loan applications; processing them promptly and
expeditious disbursement thereof on merits, both in terms of Term Loan and Emergency
loan.

2. PROFITABILITY :
The following comparative figures' for the last five years would give you the clear
cut picture as to how the Society is progressing :
YEAR NET PROFIT EARNED (In lacs)
1999-2000 20.77
2000-2001 23.66
2001-2002 22.44
2002-2003 22.39

3. SHARE CAPITAL :
The Share capital of the Society as on 31-3-2003 stands as Rs. 131 79 lacs. The
Managing Committee hereby assures all the shareholders that their share capital is
safe.

4. LOANS AND ADVANCES :

We have at present a Cash Credit facility with Mumbai District Central Co-operative
Bank Ltd., Mumbai with a limit of Rs. 276.26 lacs. Due to these credit facility and
sizeable fixed deposits from our share holders, we have been able to cater to the needs
of our members by granting loans as under :

TYPE OF LOAN NO. OF BENEFICIARIES AMT. SANCTIONED

1. Term loan 448 180.40 lacs.
2. Emergency loan 217 10.62 lacs.
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5. MEMBERSHIP :
We have to inform our Share holders that we could enroll 64 new share holders
during the year under review, while 51 members were resigned/retired/expired. Further
we may inform here that at present there are 1609 members as on 31st March 2003.

6. FELICITATION TO THE RETIRED MEMBERS :

We had arranged a felicitation function on 28-12-2002, at Board Room, Ballard Pier.
This function was presided overby Shri. K. K. Agarwal, General Manager Greater
Mumbai Zone.
We had also arranged Felicitation function on 03-01-2003 at press Club near C.S.T.
Mumbai to Felicitate Shri K. T. Shetty, the Chairman of the society who retired from
Bank's service w.e.f. 31-12-2002. The function was presided overby Shri Suhash J. Patki,
Astt. Gen. Manager M.M.O.

7. DIVIDEND PAYMENT :
As approved in the last Annual General Meeting held on 14-8-2002, we have
distributed the Dividend 912.5% for the year 2001-2002.

8. APPROPRIATION OF PROFITS :
We are happy to inform our share holders that we have earned the net profit of
Rs. 22,39,942.67 for the year ended March 2003 after making all the necessary
provisions. By adding the previous year's profit of Rs. 12,298.26 the total profit of
Rs. 22,52,240.93 is available with us for the distribution , we are extremely happy to
inform all the shareholders that the Managing Committee has recomended to pay
dividend @ 12% at prorata for the year ended March - 2003. We recommend that the
profit be distributed in the following manner :-

1. Statutory Reserve Fund 25% Rs. 5,60,000.00

2. Dividend® 12% on pro-rata basis Rs. 15,50000.00
3. Dividend Equilisation Fund Rs. 25000.00
4. Bal. of Profit C/F for next year Rs. 1,17,240.93
Total R».22,52,240.93

9. NO. OF COMMITTEE MEETINGS HELD :

During the year 11 Managing Committee Meetings were held.

10. ACKNOWLEDGEMENT OF THANKS :

We are very much thankful to all our Share holders of the Society for their active
support for the election of managing committee members held on 1-2-2003 and also
for their active Co-operation in ensuring the smooth functioning of the Society which
has become vibrant in its activity. We thank the Registrar of Co-operative Society,
Maharashtra State for their support.
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We also take this opportunity to extend our sincere thanks to the officials of
Mumbai District Central Co-operative Bank Ltd., for their timely financial assistance
given to the Society which helped us to serve our shareholders in a better manner.
With your kind permission, let me thank on behalf of you and the Managing
Committee, the management of Bank of Baroda, Greater Mumbai Zone, for allowing
Society to hold this Annual General Body Meeting of the Credit Society.
We also express our gratefulness to the staff members of the Society' office,
Internal auditors, Shri. R. R. Pingle, - Chartered Accountant, Shri. K. K. Agarwal,
General-Manager, Greater Mumbai Zone, Shri. Milind Nadkarni, General Secretary,
All India Bank of Baroda Employees' Federation, Shri. T. K. M. Das, Chief Manager
(Co-ordination) - Greater Mumbai Zone, Shri W. X. Naronha Acting Chief Manager
(MMO) Shri. S. S. Iyer Senior Manager, (Staff), MMO, Shri. Deepraj Damey,
Shri Ramdas Dalvi, who guided, assisted and helped us from time to time in
smooth functioning of the affairs of the Society.
Finally, we take this opportunity to thank all those who have helped us directly
or indirectly in running the activities of the Society to the best satisfaction of its
Shareholders.

Yours in Co-operation,
On behalf of Managing Committee

VINOD J. KOSHIYA
CHAIRMAN
Mumbai - 28th July 2003
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