Thursday, August 13, 2009

Denzong Agricultural Cooperative Society Ltd. (DACS) AGM held

Gangtok: The Seventh Annual General Meeting for the year 2008-2009 of Denzong Agricultural Cooperative Society Ltd. (DACS) an apex organization of Growers and Multipurpose Cooperative Societies was held in Janta Bhawan here on 12th August. Mr. Puran Kumar Gurung, MLA and Chairman, DACS chaired the meeting which was attended by Board of Directors, officers from Cooperation Department and DACS as well as representatives from member Societies.
The Annual General Meeting began with welcome address by DACS Managing Director, Mr. M. T. Sherpa. Welcoming all the delegates and shareholders, he highlighted some major achievements of the Society during 2008-2009, namely, registering the highest ever profit for a single year, for the first time distribution of the Business Development Incentive of Rs.5000 to each member and implementation of the Group Gratuity Scheme for all employees.
Mr. Gurung, presented in details the Annual Report, Audited Balance Sheet and Profit and Loss Accounts for the year 2008-2009, Business Development Plan and Budget Estimate for 2009-2010. He stated that in 2008-2009, there had been an increase of 31% in business turnover, whereas an increase of 115% profit was registered, thereby drastically bringing down the accumulated loss to the level of 37.05 lakhs from Rs.123 lakhs. He further informed that 8% profit amounting to Rs.85.95 lakhs earned during 2008-09 was highest ever till date. Speaking of various activities initiated by DACS, he highlighted that though the Society in the past several years had incurred huge losses, there has now been a major shift in the trend thereby progressing towards profitability. He also mentioned that the Society has been procuring locally grown surplus items to supplement the total requirements of its supply. Some members also put forth their valuable suggestions in the meeting.
The other major event of the day was handing over of the cheques of Rs.5000 to each member as Business Development Incentive by the Chairman who impressed upon the member societies to involve more in the process of promoting cooperative movement in Sikkim. The Chairman expressed his gratitude to the Chief Minister for his valuable support and patronage. He also expressed thanks to Minister, Co-operation and the Secretary and other officials for their valuable supports and guidance to the Society. Vote of thanks was proposed by Mr. Dawa Tamang, a member of Board of Directors. This is informed in a release by DACS Managing Director, Mr. M. T. Sherpa.