Agri-cooperative NACOF which models itself on NAFED and NCCF held its AGM on Friday at Shyama International hotel in South Delhi. A beaming Chairman Ram Iqbal Singh informed the delegates about the phenomenal growth the agri-cooperative has achieved in the year 2013-14.
Elaborating on the subject Ram Iqbal Singh said NACOF achieved a record sales of Rs 117 crore, about 166% higher than the sales of Rs 44 crores achieved during the previous year. Similarly, Gross Profit (before tax) has increased to Rs 88 lakh during the year 201-3-14 compared to Gross Profit of Rs 31 lakh for the year 2012-L3 representing 181% of increase, he added.
“Our performance during the year has been excellent for the 5th year consecutively despite facing stiff competition from our competitors in Public and Cooperative Sectors. There were also instances of non-cooperation by some of the national level Cooperative Federations”, Iqbal noted in his speech.
NACOF sells seeds, bio-fertilizer, pulses, rice, chemical fertilizer, medicines, textiles etc. It was decided in the AGM to expand the range to include other areas like civil construction work, expansion of procurement of wheat, paddy, pulses, oil Seeds and cotton under MSP of Govt of India .
The AGM was told that there was an equally impressive growth on the front of membership. Our membership initially only 6 members from 4 States, has increased to 53 Members from 25 States and Union Territories, chairman said to the GBM.
The Chairman also informed that a branch of the Federation is being set up in Chennai in addition to the existing branches at Hyderabad and Bangalore in Southern region with a view to strengthening its network to cover all States in the Southern Zone.
The Chairman added a Work Program of Rs 200 crore for the year 2014-15 has already been drawn. He further informed that the Board of Directors have recommended the payment of Dividend @ 20% of Share Contribution. We have made contribution @ L% of profit towards “Cooperative Education Funds” as laid down by NCUI.
I also happy to bring to your kind notice that your Federation has enrolled as a member of International Cooperative Alliance (lCA) unopposed, Mr Iqbal concluded.
Excellent results. Rapid growth in a short span. Dynamic leadership. Congratulations to the Chairman and his team of officials who have put in sincere efforts for achieving the goal.
Many many congratulations to Ram Iqbalji. It is indeed his leadership which has brought such a feverish pace of growth for Nacof.