SIMFED issues 1,77,948 bonus shares, posts net profit of Rs 71.35 lakh for 2010-11

GANGTOK, 24 Oct: The 9th Annual General Meeting of the State Cooperative Supply and Marketing Federation Limited (SIMFED) was held on 21 October at Janta Bhawan, Gangtok, East Sikkim, informs a press release.
The meeting was chaired by Chairman, SIMFED, Girish Chandra Rai, who presented the Annual Report of the financial year 2010-11. During the financial year 2010-11, SIMFED issued 1,77,948 Bonus shares valued at Rs. 100 per share to its existing share holders in the ratio of 1:1, the release informs.
A bonus share of Rs. 1,54,75,000.00 was handed over by the Chairman to the Secretary, Department of Cooperation, who received it on behalf of the Government of Sikkim. Similarly, bonus share certificates were handed over to the other members present in the meeting also.
Further, in addition to the bonus share, a dividend at 8% per share aggregating to Rs. 28,47,168 was also declared for the existing share holders.
During the financial year 2010-11, the net profit of SIMFED, after providing for income tax, was Rs. 71.35 lakh. The total value of the agriculture and horticulture produce marketed by SIMFED in 2010-11 was Rs. 220.18 lakh as compared to Rs. 60.55 lakh in the previous financial year.
The SIMFED Chairperson further informed the AGM that SIMFED has been working towards fulfilling its primary role of marketing agriculture and horticulture produce of the State and has also been exploring international markets for this as well.
He further informed that SIMFED has successfully acquired the organic scope certificate for wild collection of Aconitum hetrophyllum, Seabuckthorn berries, chiretta etc. With this organic certificate SIMFED was successful in exporting 200 ltrs of seabuckthorn juice to Paris, France.
It was also informed that 6 metric tonnes of organic Ginger was also exported on a trial basis to the Netherlands. The Chairman thanked the Chief Minister of Sikkim and the Minister of Cooperation for their support.
The Audited Balance Sheet of the financial year 2010-11 was presented by the Managing Director of SIMFED, Brijendra Swaroop, who also asked the member societies to come forward and supply agriculture and horticulture produce, especially organic products to SIMFED. 
The MD informed that SIMFED had been certified as ISO 9001:2008 and was the first PSU in the state of Sikkim to have acquired this certification, the release further mentions.
The meeting was also addressed by the Registrar of Cooperative Societies, Department of Cooperative, Government of Sikkim.  An interactive session was also conducted before a vote of thanks was given by DGM, SIMFED, Devraj Dewan.