Sikkim Milk Union posts profits for fourth consecutive year

NAMCHI, 20 Oct: The 15th Annual General Meeting of Sikkim Milk Union was held today at the Tourism Guest House, Karfectar, Jorethang. The meeting was presided over by Chairman, MB Rai , and attended by the Milk Union officials and the Cooperative Societies from East, West and South Districts.
During the meeting, the annual bonus was distributed amongst the cooperatives of the three districts.
Officials of Sikkim Milk Union informed that this year, the Union recorded the highest profit ever and hence the bonus distributed was quite high. Incidentally, this is also the fourth consecutive year that the Milk Union has posted profits. A total of Rs. 17,57,705 was distributed among the 189 Milk Cooperative Societies of East, West and South Sikkim.
Out of this amount, Rs. 9,08,953 was distributed amongst the 87 milk cooperative societies of West Sikkim while 47 societies of South received a total bonus of Rs. 4,43,459 and 55 Societies of East Sikkim were provided with a collective bonus of Rs. 4,05,293.
West District received all three top bonuses of the year wherein Buriakhop Cooperative Society was handed over the highest bonus of Rs. 65,391, with the Sripatham Cooperative Society and Heepatal Cooperative Society receiving the 2nd and 3rd highest bonuses of Rs. 65,056 and Rs. 46,080 respectively.
The Managing Director Dr. P. Senthil Kumar presented the audited annual accounts for the year 2010-11 and the business development plan and future plans of the Sikkim Milk Union.
The Sikkim Milk Union has seen its turnover grown from Rs. 1,280 lakh in 2009-10 to Rs. 1,720 lakh in 2010-11- a more than 34 % growth. Interestingly, over the past four years, the milk price paid to farmers has grown by over 112% with the selling price having been increased only by 75% over this period.
Sikkim Milk Union has also extended Employee Gratuity Fund [subscribed with the LIC] to provide confidence among the employees and to avoid liabilities of the Union on this matter. What is more, the Asian Productivity Organization has selected Sikkim Milk Union to develop into a demonstration Unit by the end of year 2011-12.
Sikkim Milk Union is managing 291 societies, both registered and unregistered, with a membership of 9,256 members, including 975 women members. During the current year, the total milk procured from the village milk cooperative was 43,33,499 kg. The surplus earned during the year 2010-11 was Rs. 93.31 Lakh and net profit posted at Rs. 40.02 Lakh after deduction of Rs. 53.29 Lakh (Rs. 20.75 lakhs towards price difference paid to farmers and Rs. 20 Lakh towards employee LIC gratuity and Rs. 12.54 Lakh towards depreciation).