Profit of SIMFED for the last financial year was Rs. 165.70 lakhs

source:VoiceofSikkim


by Shri BP Bajgain


September 20, Gangtok: According to overdue information the 8th Annual General Meeting of the Sikkim State Cooperative Supply and Marketing Federation Limited (SIMFED), an apex marketing cooperative society of the state of Sikkim was held on Wednesday at the Janta Bhawan, Gangtok. The Meeting was chaired by the Chairman of SIMFED, Girish Chandra Rai.

The highlight of this year’s Annual General Meeting was that apart from the dividend @ 5% per share amounting to Rs.8,89,740.00 which was declared by the Chairman, a proposal for issue of Bonus share in the ratio of 1:1 was also proposed to the members present. The members present in the meeting resolved and approved the issue of the Bonus share in the ratio of 1:1. With this approval the paid up share capital of SIMFED doubled. The Government of Sikkim will now be holding 3,09,500 numbers of share instead of 1,54,750 numbers of share and the rest of the Cooperative societies will be holding 46,396 numbers of share instead of 23,198 shares (The value of each share is Rs. 100 each).

The Chairman, SIMFED addressed the gathering and presented the Annual Report of SIMFED for the financial year 2009-10. In his report he informed that the total paid up share capital of SIMFED was Rs. 177.95 lakhs (Rs. 154.75 of the Government of Sikkim and Rs. 23.20 of the various Cooperative societies) as on 31.03.10. He further informed that the net profit of the federation for the year ended 31st March, 2010 was Rs. 165.70 lakhs.

The Chairman further informed that SIMFED has given top most priority to the marketing of the agriculture, horticulture and floriculture surplus produce of the state. It was informed that during the financial year 2009-10, produces like ginger, oranges, hill broom, tomatoes, cut flowers, vegetables etc valued to the tune of Rs.113.94 lakhs was marketed by SIMFED outside the state of Sikkim as compared to Rs. 40.71 lakhs during 2008-09.

He also informed the members that SIMFED has signed MOUs with various reputed companies like Himalaya Drug Company, M/s. Morarka Foundation and M/s. International Panaccea Limited for marketing of Medicinal plants, herbs and organic produces of the state of Sikkim.

The meeting was attended by the Board of Directors of SIMFED, Managing Director, SIMFED, members of the primary cooperative societies, officials from the Department of Cooperation and officers and staff of SIMFED.