NACOF which earlier nursed the ambition of outperforming Nafed and NCCF in the field of procurement and agri-related jobs had tough time fighting court cases and staying afloat. Its performance was not up to the mark in the fiscal 2017-18 but it appointed a new MD to stem the downturn.
The newly appointed MD S.R.K Varshney, a competent hand has vowed to get new business. ” We are diversifying our business in other activities also. Our Ghaziabad branch is doing the PAN Card work, we are also executing the Ujjwala Scheme in five states”, he said.
The recent victory in Jharkhand High Court against the state govt order of black-listing NACOF has boosted the morale of the Board led by former NCCF Chairman Ram Iqbal Singh. “Thing would change for sure”, he told this correspondent.
This fiscal Nacof sales turnover declined and the dividends could not be disbursed. The agri cooperative assured the delegates that the remaining dividend would be settled by the next FY. This was disclosed in the 9th AGM at held at Shyama International Hotel in Delhi recently.
The beleaguered co-op organization has NACOF Chairman Ram Iqbal Singh said, “The Jharkhand government has blacklisted us and around 35 crore is pending with the state government. However, the honorable High court of Jharkhand has recently delivered the verdict in our favor and we hope that our money will soon be released. That explains why we have not performed well”, he informed.
“Another reason is tough market conditions did not allow us to achieve the targeted sales turnover affecting our profit earning capacity. I assure you that the situation that arose in the last FY would not recur in the current FY and things would be better”, Iqbal added.
The NACOF could achieve a sales turnover of Rs. 756 crores only as against the sales turnover of Rs. 1173.39 crore for the previous year due to a tough competition in the open market. Said Singh. Its net profit (before tax) dipped to Rs. 0.62 lakh for the year under review as against Rs. 421.29 Lakh of the previous year.
Singh also said “Presently NACOF is having more than 25 branches and sub-branches all over the country manned by qualified and experienced professionals drawn from specialized fields. It has started production of seeds in the brand name of NACOF in various states like Rajasthan, Bihar, Madhya Pradesh, Andhra Pradesh, Telangana & Goa either on its own or in joint ventures. The marketing of seeds is in progress.”
“I am glad to inform you that Canada based Encanto Potash Corporation is in communication with us and will soon tie-up with NACOF to sell its products”, Singh said.
The NACOF is also trying to open Apna Kisan Kendra in cities as well as in remote areas to help farmers and poor
On this occasion NACOF Chairman Ram Iqbal Singh thanked NCUI, IFFCO, Kribhco and other cooperative sister organizations for the guidance and support they have extended to it. He also thanked International Cooperative Alliance.
Besides others, Sunil Khatri, Ranjeet Singh and other board members of NACOF were present on the occasion. H.S.Grewal, Vice-Chairman, NACOF proposed a vote of thanks.
(The story of Nacof heroically defeating Jharkhand govt on the issue of the black-listing order in the High Court would be featured soon. Stay glued to www.indiancooperative.com)