MMCS' turnover above Rs. 3b, earns Rs. 120 million profit

By Our Correspondent

Damak, Aug 14 : The Mechi Multipurpose Cooperative Society Limited (MMCS) in Damak, Jhapa has made a profit of Rs. 120 million with more than Rs. 3 billion worth of transactions in the last fiscal year.

According to the Chief Executive Officer of the Cooperative Khom Prasad Bagale, the Cooperative was able to make a significant surplus by conducting a business amounting to Rs. 3.39 billion in the last fiscal year 2021/22.

The various funds have been created to strengthen the cooperatives and since there is enough money in the said funds, there is no significant impact on the liquidity, he said at a press conference organized on the occasion of the 28th annual general meeting of the Cooperative Saturday.

“We did not have to face any problem because we were making institution-centric transactions,” he said.

The Cooperative has a total of 13,318 members and its share capital has reached Rs. 355.5 million.

It has also informed that there is Rs. 14.7 million in the reserve fund of the Cooperative and Rs. 116.3 million in other funds to be used for the benefit of the members and to make the organization stronger.

According to the chairman of the Cooperative Narayan Prasad Bhattarai, not only paying attention to savings and credit, the Cooperative is working to make the organization and its members financially strong along with bearing social responsibility.

He said that an account with Rs. 1,000 will be opened when the children of cooperative members are born in order to support the children and their parents for saving from the time of birth.

“Earlier, the account was opened only when a daughter was born, but now we open an account regardless of the birth of a son or daughter,” he said.

Bhattarai said that they have policies such as giving employment to the students who have been adopted by the institution after completing their higher education, investing up to Rs. 4 million for the sons and daughters of members for higher education, and only paying interest until they finish their education.