the Chairman - Dato' Tan Gin Soon
I would like to take this golden opportunity
to wish each and every
member of the Penang Teachers' Co-operative Society a Most Bountiful ad
Productive 2010. May all the members be blessed with good tidings, good
luck, good health, longevity, prosperity and good cheer throughout the
A very big "Thank You" to all members of the Co-operative for your
unwavering support and co-operation towards the Board of Directors and
the Co-operative for the duration of this financial year. Without your
unfailing support and concern, the co-operative would not have come
We are a big and happy family in this Co-operative with the Board of
Directors ever willing to see to all the members' needs and
requirements and I sincerely hope that we will be able to continue to
serve you well even in these times of financial turmoil.
The External Auditors have commenced the audit on the Co-operative
account for the financial year ending 30-09-2009 since 17 November 2009
and is in the process of compiling the profit for the financial year.
According to the External Auditors, the estimated profit for the year
will be slightly higher than that of the last financial year which
amounted to RM1,324 million.
We foresee more profit for the coming financial year ending 30-09-2010
due to the increased loan volume from RM9,309million as at 30-09-2008
to RM13million as at 30-09-2009. This is indeed good news for all our
members for the next financial year.
As far as retired members are concerned we have your interests at heart
as well as you have not been forgotten. We are constantly looking into
ways and means to cater to your needs and interests as well as those
members who are still in service. Since the month of 12 October in
2009, our Co-operative had introduced a RM10,000 loan for our retired
members. However, it has come to our knowledge that retired members
taking this loan would have to incur extra payment for standing order
charges imposed by the banks for their deduction services. Our
Co-operative has decided to absorb all these charges on your behalf and
refund the money to you as full rebates. Members concerned can withdraw
the money from their personal accounts any time during office hours. We
sincerely hope that this will help to reduce the financial burden of
our retired members.
The Suruhanjaya Koperasi Malaysia (SKM) carried out an intensive "Due
Diligence Examination" on our Co-operative From 15 June 2009 to 2 July
2009. The findings of the examination confirmed that our Co-operative
has a good foundation as it is stable, well managed and has a sound
financial structure which earned our Co-operative a 4-STAR ranking out
of a maximum of 5-STARS. In addition, our Co-operative also ranked 29
out of the 100 BEST Co-operative is in good hands under the present
Board of Directors who works harmoniously as a team and consciously in
ensuring that each and every member's interests are taken into account
and not forgetting the role played by the staff as well as the
co-operation and strong support from all members throughout the years.
Let us join hands in ensuring that our co-operative continues to grow
from strength to strength so that the needs and interests of all
members will be taken care of positively and productively. The style of
life is a unity because it has grown out of the difficulties of early
life and out of the striving for a goal - Alfred Adler.