Recipients of the Biennial National Award for Cooperative Excellence, sponsored by NCDC:
The Guwahati Refinery Employees’ Cooperative Society was originally registered as Indian Refineries Cooperative Stores Ltd. On 29th March, 1961 with the Rgd No. G/117/60-61 with the main object to serve the employees’ of the erstwhile Guwahati Refinery with grocery and other essential consumer products. The business was started at Sector-2 Township of the Refinery at the building space provided by the Refinery Authority. Subsequently in 1965, the Cooperative Store was rechristened as Guwahati Refinery Employees’ Cooperative Society Ltd. and the Management of the Society had a conscious decision to expand and diversify its business with other essential consumer goods for the benefit of the Refinery Employees’ and the residents of the surrounding area. The systematic growth of the Society is enumerated below:
1. Retail Outlet of Petroleum Products: In 1967, GRECS Ltd. had obtained the dealership license no. AS 1801A from the Indian Oil Marketing Division for a Retail Outlet at Noonmati to deal in MS, HSD and Lubricants. Over the years for its best Management and best service rendered to the valued customers- the R/O had earned a very good reputation in the whole of N.E. Region for which it obtained the Gold Card from the IOCL- Marketing Division. The Retail Outlet is regarded by its customers as the best of all the Service Station of the greater Guwahati.
2. Cloth Store: In order to expand its business further the Management of the Society decided to start a Cloth Store in the Sector 2 establishment in order to satisfy the growing demand of the Refinery Employees’ and the locality for better quality of cloths. The Cloth Store although of its humble beginning- had now grown considerably and its business turnover alone is more than 40 (forty) lakhs annually.
3. Steel Counter: With the passage of time – the Management had observed the growing demand for house hold goods and therefore, established a separate store as Steel Counter for supplying household goods along with other consumer durables. The Counter has now been serving with all sorts of consumer durables to the Refinery Employees’ and also to other consumers.
4. LPG Section: In order to fulfill the growing demand of the Refinery employees’ and the surrounding area for LPG refills – the IOCL Marketing division was approached for granting dealership for the same and obtained the license in 22nd March of 1988. Since then - LPG Section has been growing gradually and has more than 5000 customers at present. Our consumers have greater satisfaction due to timely undisturbed service.
5. The society has introduced Double Entry System of Accounting since 1994 -95 in place of Single Entry System and as a result – accounting and reconciliation became easier. The society has also gone for computerization of entire business activities and Tally accounting system side by side with manual accounting – since 2008-2009. It has been earning satisfactory amount of profit and regularly paying Income tax, Vat, and other obligatory dues such as PF, ESI, professional and service Tax in respect of its employees.
The Society’s memberships have grown from 44 in 1960 to 745 at the end of March 2014. The present strength of the employees’ of the society is 51and likely to increase further - when the business will be expanded and diversified – after shifting to the new spacious and modern accommodation provided by the generous management of the IOCL – Guwahati Refinery - in January -2015.
The society is thankful to the Refinery Management for their support and patronization. The Society always feels as one of the essential limbs of IOCL since – both the organization is growing side by side and both have celebrated their golden Jubilee in 2011-12. Along with its service to the members and their families - The GRECS Ltd is also extending helpful hands to the Anath Asharam at Noonmati and other social institutions of the area.