Chairman's Speech for the Forty-Third Annual General Meeting
Ladies & Gentlemen,
It gives me immense pleasure to welcome you to the Forty-Third Annual General Meeting of the Corporation. The Annual Report and audited Statement of Accounts of the Corporation for the year 2018-19 along with Management’s Reply and Directors’ Report which have been circulated, enumerating the details of the Corporations performance during the year under review. I seek your permission to consider them as having been read.
During the year under report, the earning of the Corporation is Rs.1,28,51,239.00 as against of Rs.1,16,97,142.00 of the preceding year. The profit for the year has increased by Rs.11,67,142.00.
The Corporation has not received Share Capital from Central Warehousing Corporation from 2005-2006 onwards till the year under report. It should be acknowledged that the scope for enhanced warehousing activities in the state of Meghalaya which is a hilly region depends largely on the support of the shareholders by way of Share Capital contribution. Since, the limit of Authorized Share Capital of Meghalaya State Warehousing Corporation is enhanced to Rs.5.00 crores, it is hoped that Central Warehousing Corporation will release its Share Capital to Meghalaya State Warehousing Corporation for the said period to enable the Corporation to develop further.
Further, it may be mentioned here that the Office of the Meghalaya State Warehousing Corporation is constructing its own building at the Government land at Lower Lachumiere, Shillong at an estimated cost of Rs.173.02 lakhs. The construction of the Phase I of the new office building is in progress and is expected to be completed soon.
I would like to place on record my thanks to our valuable customers for their continued patronage and confidence reposed upon us. I also express my gratitude to the State Government, Central Warehousing Corporation, Managing Director and other Directors for their continued guidance.
I also take this opportunity to assure the shareholders that your Corporation will endeavour to make better progress in the years to come.
Finally, I would like to thank all the employees of the Corporation for their sincere and devoted service.