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Society reports Rs. 21 lakh profit

TIRUCHI: The Tiruchi Ordnance Factory Employees Cooperative Society has reported a profit of Rs. 21 lakhs in 2002-03. Speaking at the annual meeting of the society here recently, its special officer, R. Chandrasekaran, said the society also disbursed Rs. 15.40 lakhs as dividend during the year. He said 2,804 members of the society had deposited a share capital of Rs. 1.66 crores. The highlight of the performance was that it had been extending loans to members from its own funds without making any borrowing from other banks in the last 23 years. The thrift savings of the members accounted for Rs. 4.39 crores, while fixed deposits accounted for Rs. 97 lakhs and other deposits Rs. 25 lakhs. The society had loans outstanding of Rs. 8.59 crores as on March 31, 2003.

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