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Vol-6, April 2012 Vol-6, April 2012 Editors

Entrepreneurship RedefinedIf you want to be incrementally better : Be competitive. If you want to be exponentially better : Be cooperative.

INTERNATIONAL YEAR OF COOPERATIVES (IYC)

2012

Gunjan Jain & Manvi Aggarwal of

Class XI-B have bagged I & II position,

respectively in Pareeksha 2012

- A National talent search in

Commerce. They have also received

a cash prize of 3100

& 2100, respectively.

Gunjan

Jain

Manvi

Aggarwal

New York, 21 December 2009 (Department of

Economics and Social Affairs)

The United Nations General Assembly has

declared 2012 as the international year of co-

operatives, highlighting the contribution of co-

operatives to socio economic development. In

adopting resolution 64/136 on 18 December

2009, the assembly noted that co-operatives

impar t pover ty reduction, employment

generation and social integration.

As self help organisations that meet the needs of

their members, co-operatives assist in generating

employment and incomes throughout rural

communities.

The international year of cooperatives or the IYC

celebrates a different way of doing business,

and focusses on "human need not human greed"

where the members, who own and govern the

business, collectively enjoy the benefits instead

of all profits going just to shareholders.

• Under the umbrella of the world council of

credit unions, 49000 credit unions serve 177

million members of 96 countries and 4200

banks under the European Association of Co-

operative bank with 149 million clients.

• Agricultural co-operatives account for 80-99

percent of milk production in Norway, New

Zealand and United States; 71% of fishery

production in the Republic of Korea and 40%

of agriculture in Brazil.

• Cooperatives play a key role in rural areas. In

Bangladesh rural co-operatives serve 28

million people. In the united states, 900 rural

cooperatives serve 37 million people.

- Ankita Sinha, XII-B

The united nations proclaimed 2012 as the International Year of Cooperatives (IYC) on 18 Dec. 2009 during the 64th Session of the United National General Assembly. The year was proclaimed in the resolution "Cooperatives and Social Development".

The Theme of IYC is "Cooperative Enterprises–Build A Better World". The purpose of IYC is to recognise the powers of cooperatives to promote economic and social development and their work in eradicating poverty.

Cooperatives are a major economic force in developed countries and a powerful business model in developing ones. Worldwide, over 800 million people are members of cooperatives. The economic activity of the largest 300 cooperatives in the world is equal to the 10th largest national economy. The IYC in cooperative community promotes cooperatives to raise public awareness of the contribution of cooperatives to social and economic development and promotes the promotion and growth of cooperatives.

- Chhavi Prashar, XII-B

Cooperative Enterprises–Build A Better World

Increase public awareness about cooperation, how they benefit their members and contribute to socio-economic development.

Promote awareness of global network of cooperatives and their efforts in community building, democracy and peace.

Promote the formation and growth of cooperatives among individuals and institutions to address common economic needs and for socio-economic empowerment.

Encourage Govt. and regulatory bodies to establish policies, laws and regulations conducive to cooperative formation and growth.

AIMS

Increase Awarenss

Promote Growth

Establish appropriate

policies

UNITED NATIONS DECLARES 2012AS THE INTERNATIONAL YEAR

OF CO-OPERATIVES

A logo for the International Year of Coopoeratives

Pareeksha 2012

- Gunjan Jain, XII-B

Meghna Saluja of Class XII has bagged the 1st Position in the

International Commerce Olympiad 2012 organised by

Commerce Teachers Association (Regd.)

• Student Editors

Charu Lakra

K.V. Smitha

Shefali Garg

XII B

Charu Bansal

XII E

• Subject Editors Economics & Commerce Department• Teacher Editor Ira Sharma

White

RevolutionGujarat based co-operation Anand Milk Union Limited (AMUL) was the engine behind the success of the W h i t e R e v o l u t i o n Programme and in turn b e c a m e a m e g a company based on the cooperative approach. Tribhuvandas was the founder chairman of Amul.Varghese Kurien was the chairman of NDDB (National Dairy Development Board). He gave the professional management skills and necessary thrust to the co-operative and is considered the architect of India's 'White Revolution'. His work has been recognised by Padma Bhushan award the Raman Magsaysay Award for community leadership the carnegie-walter Peace prize and the world food prize.

- Manvi Aggarwal, XII B

(Anand Milk Union Limited)The Amul Model is a three-tier cooperative structure. This structure consists of a dairy cooperative society of village level affiliated to a milk union at the district level which inturn is further federated into a milk federation at the state level.It was in order to delegate the various functions :• milk collection is done at the village dairy society.• milk procurement and processing at the district milk union.• milk and milk products marketing at the state milk federation.This helps in eliminating not only internal competition but also ensuring that economics of scale is achieved. This structure was first evolved at Amul in Gujarat and thereafter replicated all over the country under the Operation Flood Programme. It is known as Amul Model or Anand Pattern of dairy cooperative.The effects of Operation Flood Programme are more appraised by the World Bank in its recent evaluation report. An incremental return of 400 billion annually has been generated by an investment of 20 billion over a period of 20 years. This has been the most beneficial project.

Vartika Malhotra, XII-B

Snippets...to Know!!

Excellence Felicitated

Industry Dairy

Founded Tribhuvandas, 1946

Headquarter Anand, Gujarat, India

Key People PG Bhatal : Chairman, Kheda District Cooperative

Milk Procedures Union Limited (CKDCMPUL)

Products Milk, Butter, Ghee, Cheese, Yoghurt, Buttermilk, Chocolate, Ice-cream, Shrikand, Paneer, Flavoured Milk

Revenue $ 2.15 billion (2010-11)

Employees 735 employees of Marketing arm. However real poolconsists of 3.03 million milk producer members.

Website www.amul.com

- Shruti & Shreya XII B

Lalit Sharma of Class XII along wih the hardworking and dedicated teachers of

our school Ms. Kavita Suri and Ms. Rajni Jhamb were felicitated by the Commerce Teachers Association (Regd.) for securing a brilliant score at All India Senior Secondary

Certificate Examinations 2011. It was really a moment of immense

pride and pleasure.

Across1. The punch line of Amul. (15 letters)2. What type of association is Amul ? (11 letters)3. This cartoon character commonly

represents Amul. (8 letters)Down4. The Sanskrit word from which the

term 'Amul' has been derived. (6 letters)5. The district of Gujarat where Amul

is based.(5 letters)

6. Sugar free pro-biotic product winning the international dairy federation marketing award. (8 letters)

MILK

MILK&

MILKPRODUCTS

DISTRICT MILK UNIONS

VILLAGE DIARY COOPERATIVE SOCIETIES

MEMBER PRODUCERS

MARKET

STATE MILK FEDERATION

SALESREVENUE

SALESREVENUE

GCMMF inGujarat

13 District Unions inGujarat

15,712 VDCs inGujarat

3.0 million in Gujarat

13.4 million in India

22 State Fedns. in

India

176 DistrictUnions in

India

1,28,799VDCs in India

BonusAddlPriceDitt.

Cattle FeedRural Health

Schemes

Vet. & AHServices

Dividend onShares

MONEY MONEY

1. 4. 6.

5.

2.

3.

Let's Solve

Answers :1. The Taste of India, 2. Cooperative, 3. Amulgirl4. Amulya, 5. Kheda, 6. Ice Cream

- Shefali Garg, XIIB& Manvi Aggarwal, XIIB

Who's Got the EdgeIndian Cooperatives vs International Cooperatives

Charismatic Co-operatives

The Boiling Oil Prices

The ConnoisseurWith a few, coins, he started his lifeHe had no idea, out there what lies.Not moved at all by his endless criesHe had it in his mind, that one day everyone diesSo why not do something before my soul flies.At Arab Merchants he gave his first try,And with a few profits, moved onto textileAnd after that there was no looking backEverything was good & he was on trackReliance was his best, nothing did it lackHis story is a hit, from rags to richesBelieve in yourself, is everything it preachesA heart attack caused his era's demiseBut for all this revolution, the credit is only Dhirubhai's

- Vinayak Sharma, X-B

The only thing that will redeem mankindis Cooperation ~ Bertrand Russel

Who is Ambidextrous ?

Co-operatives are group of people acting together, to rise up high and never fall down as a light feather.

They want to meet aspirations of their members for better, with making decisions wisely on conduct of democratic letter.

It's not about earning profits for the shareholders, but creating value for customers to walk with high shoulders.

Their values and principles are influenced with this unique character, They let you invest the money and become the caretaker.

Whether your business is for fair trades, environment or animal rights, They will keep the thread thick of your flying kite.

Or maybe your interest would be in housing, utility, consumer or amongst others,They will encourage new ideas and tackle issues as your mother.

Membership is open to encourage to sail along in the same boatNo matter how much money you invest you will still have one vote.

Co-operative business is not played as money games or mindly tricksIt's about equality democracy and ethical values, sold as bricks.

- Sagrika Behl, X-F

"Through their distinctive focus on values, cooperatives have proven themselves a resilient and viable business model that can prosper even during difficult times. This success has helped prevent many families and communities from sliding into poverty.”The message by United National Secretary - General Ban Ki-moon holds immense value, because the declaration of 2012 as International Year of Cooperatives will highlight the performances of Cooperatives across the world.Mere words won't describe how India has emerged a torch-bearer in carrying out this revolution. On the other hand, several other nations, too have developed efficient models of cooperatives, which have almost erased poverty. But the major concern is the fact that poverty continues to erode India's development process, and has seen only a marginal fall despite the operation of Annual Lijjat Pappad etc.In India, only 6 in 25 people are employed in the cooperative sector. But, in the USA, 1 in 4 people and in Canada 1 in 3 people are employed in cooperatives. The figures are better even in Kenya : 1 in 5 Singapore cooperatives score high, as they employ 50% of the working population with an annual turnover of $ 1.65 billion.In Switzerland, 2 largest consumer cooperatives - Migos and Coop are responsible for 8% of their GDP, and in Vietnam the figure is an impressive 8.6%, while the same in Scotland is 4.25%. The membership is far lesser in India, thus contributing a negligible percentage of the share of GDP.Morever the percentage of women employed in Indian Cooperatives is within 10, but the same in some other developing or even under developed nations is above 40.The Indian Cooperative System must undergo a facelift, so that the harrowing percentage of population below poverty line (27%) is brought down. Indian government has failed to invest in cooperatives, which otherwise would have led to a spurt in production and profits. Countries like US, Singapore, Switzerland etc. pump in millions of dollars annually, which yield profits worth billions of dollars.In a nutshell, Investment is the key towards realizing the full potential of cooperatives.

- K.V. Smitha, XII-B

Imagine a Commodity a single thing, that can boast to change the face of the entire world's economy, Yes it is unquestionable the crude oil and the prices of oil. The days are not far when this crude oil could be traded at $ 250 plus per barrel. During the last couple of years it has shot up by $ 25. Unequivocally oil is the backbone of every economy. The spade like prices of oil are quite efficient in breaking the backbone of any developing country.

Here it would be necessary to know about the vagaries of crude oil. It is a natural law that whenever any wealth is found below the earth, in the mines or from the wells of Petrol, that country gets an absolute right to charge the other countries for using that wealth. In pure economic terms such a charge is called 'Rent'. This rent may be higher in certain commodities having more demand and less supply. Agreed, but in the case of liquid gold, the oil, it is not absolutely so. Though the demand for oil is increasing day by day, its supply can be arranged to meet the demand just by increasing the extradition of the oil from the wells. But, there are exporter and importer countries as the oil deposits are concentrated in certain areas. Infact, the cost of extracting the oil is too low in comparison to its sale price that is quoted in the market. And though the coordinated manipulation of the oil supply, to the seller companies has virtually taken the importer countries in ban.

Do you know why the prices of oil are rising? There are factors; all the factors are man-made. The crisis of Iraq and now the probable crisis of Iran have played a pivotal role. But it is not the case that this inflammable commodity is a rare one. Its production can be increased to meet the demand for the same. It is the present unrest in Middle East that helps the price rise. And all the oil companies, mainly owned by USA and other western Countries, have vested interest in oil prices. The Arab countries are more than happy to see their Dollar account balance inflating at an unbelievable speed.

What could be done :

For the smaller nations to oppose the oil exporter's monopolistic behaviour is just like to dig a well with a needle. If the major users of oil come together to fight the price rise then there are chances of checking the prices. Even that might be dragged downward. Take the case of Asian buyers. There are four major buyers China, Japan, India and South Korea. Today India imports 2/3rd of its total needs and China imports 40%, that could be increased considerably in the near future. If these Asian countries collaborate they can influence the Arab Nations on oil price matters.

Situation in India :

Oil has been making the headlines and for the wrong reasons. India needs to import 84% of the total crude oil requirement. To ease the burden on consumers the government of India has now removed custom duties on crude oil and Petroleum products and has sharply reduced the excise duty on diesel. Despite the increase in prices the government of India is still providing a subsidy on Diesel, Domestic LPG Cylinder and PDS Kerosene. The government oil companies would be losing Rs. 1,22,000 crores through subsidies.

It is argued that the increase in price of diesel would lead to inflation but there is a need to remember that uncontrolled increase in government subsidy burden would also lead to inflation through increase in fiscal deficit.

In recent times the Finance Minister Mr. Pranab Mukherjee says government will look for ways to remove subsidy on diesel used in passenger cars. This could soon make running the diesel car more expensive. If implemented fuel price will rise by 6.82/litre for diesel car owners. But don't you think the this Dual pricing of diesel will be tough to implement and could create a parallel economy.

This can be ended by saying that without adjusting our oil prices in accordance with International Prices the oil supplies may run into a problem in the coming future.

- Kavita Suri, PGT Commerce

Cooperatives vs Corporates UN Secretary General : Ban ki-moon says "Cooperatives are a reminder to the international community that it is possible to pursue, both economic viability and social responsibility.”Statement itself provides us with an input about cooperatives and what vital role they play in the theater of not so fairly played drama of business. Dollar, Franc, Rupee or any other shining key of economy all flourish on the two pillars one being cooperatives, other being corporations. An economy rides on a costly bike with its one tyre as corporations and other co-operatives. But the importance of both changes with time. Cooperatives are imbibed with a feature of social responsibility along with economic progress but are Corporates lagging behind in practicing their share of social duties?Classmate stationary well promotes and runs an All educated campaign. It is a fine example of how corporations are gaining profit cakes creamed with more obligations. Next example that knells in my mind is Tata Tea advertisement, the anti corruption flag bearers are the most liked ones and the most sold out. The inventory is endless and their isn't any paucity of such instances to prove the fact that corporations are reversing the trend.Corporatives are unambiguous to profit generation but the stroll in their offices can well update you with few meetings to discuss laws of new social welfare camp and other debates on how large we can run it.'Cooperatives are analogous to socialism whereas corporations are analogous to capitalism' – Is a past known fact as for now fashion has changed. When weighed for a balance (weighing machine). I perceive that corporations are run by a group of smart hands perfectly with deft and wit tackling situations by getting on one hand a shower rather rain of money in their accounts. On the other hand applause and acknowledgement for what is called – 'Social awakening'.The victory and win-win stories of corporations provides a path of profits along with moral responsibilities that coorporatives need to tread for not just being an impediment in growth but to be the fuel to it.

- Charu Lakra, XII-B

EDGL EW PO ON TKCanada

Germany

USA

Honduras

KenyaSingapore

China

Brazil

Argentina

Malaysia

India

UK4 of 101 of 4

1 of 4

1 in 3

1 in 51 of 2

180

7.6

9.3

6.78

239

9.8peoplepeople

people

people

peoplepeople

million

million

million

million

million

million

Do Business Ethics Exist in India

Log-O-JamIdentify the logos :

Business ethics is the study of standards of business behaviour which provide human welfare. It is about maintaining relationships i.e. how we treat one another and act as individuals in business, structure our business organizations. Thus it deals with moral issues related to how business is conducted and its social, financial and environmental implications. Companies following business ethics aim to make full use of their potential to make their presence felt in the corporate world, at the same time remaining within the framework of laws by not indulging in activities like misleading reports, wrong business practices.

Many Indian companies have been able to excel on the basis of superordinate goals i.e. set of values, aspirations and business ethics like Asian Paints, Bajaj Auto, ICICI, Amul, Pepsico, Adobe systems that appear in the list of world's most ethical companies which are headed by Indra Nooyi and Shantanu Noraya, both of Indian origin. G.M. Rao, Chairman of GMR group has decided to use his entire personal share of business for social good. For him, more than money it is essential to give people a good education and skills to earn an honourable livelihood.

However India has found itself in the center of protests and controversies over the scam in 2G spectrum allocation to telecom companies. The scam is one of the biggest in democratic India which has blurred the ethical lines between corporate houses, corporate lobbies, bureaucrats and politicians.

We have the classic example of Satyam where business ethics were given no value as it manipulated balance sheets by illegal means. The hard earned money of investors was evaded by board members with no morality and shame.

A series of corporate scams began with finding discrepancies in tenders and misappropriation of about Rs. 8000 crore in Common Wealth Games. Many top politicians have been found to be involved.

26 years have elapsed but one still can't forget the world's worst industrial disaster gas leak that occurred at Union Carbide India Ltd. Pesticide plant in Bhopal killing 3000 people instantly and injuring thousands. The affected for life victims have failed to get adequate compensation. The US MNC responsible for disaster still continues to evade its responsibility.

As civilised members of society, businessmen need to evaluate their corporate world's work ethics. Business can't exist without interacting with society and the real purpose of business ethics should be to realise that every decision businesses take should be ethically charged.

- Rajni Jhamb, PGT : Commerce

One day fall in the stock markets of the world (8th August 2011)Market Index Current value Trend Variation % VariationDow Jones 10873.50 Down -366.27 -3.26%Nasdaq 2413.06 Down -69.46 -2.80%FTSE 100 5007.16 Down -157.76 -3.05%Dax 5613.42 Down -303.66 -5.13%Cac 40 3002.99 Down -173.20 -5.45%BBC Global 5115.61 Down -90.81 -1.74%Yields on Spanish and Italian bonds fell sharply after the European Central Bank (ECB) intervened to try to stop the Eurozone debt crisis spreading. Bonds are essentially IOUs issued by governments, or companies, to raise cash. Governments issue new bonds to help pay maturing bonds, which is why it is so important that investors continue to buy them - if they do not, governments are unable to pay their outstanding debts.US Congress on Aug. 2 approved legislation that increases the U.S.'s $14.3 trillion debt limit by up to $2.4 trillion in two stages, and by the Congressional Budget Office's tally, reduces deficits by $2.1 trillion over a decade. Many Republicans in the United States Senate were prepared to do a bigger deal, to do $4.7 trillion with reductions and reforms in Social Security, Medicare, Medicaid.Markets were reacting to Standard & Poor's decision to cut the US's top-notch AAA rating for the first time. Concerns about the size of the country's budget deficit and the acrimonious and protracted battle in Congress to raise the country's debt ceiling at the eleventh hour, resulted in US getting its rating downgraded from AAA to AA+. China is the world's biggest investor in US debt, has told Washington to address its high levels of debt rather than blaming S&P.Across the European Union, youth unemployment data is alarming, at 30.9% in Greece - where 10% of masters and doctorate degree holders are jobless, and 45.7% in Spain.At an average, one in five young people are jobless in the 27-nation European Union block.Riots in UKTrouble started on 5th August 2011 when a young black man, Mark Duggan, was shot dead by the police in Tottenham, north London. The events surrounding this incident are still unclear: What happened was part of what is called a "pre-planned" event, under Operation Trident, which investigates gun crime in London's African and Caribbean communities. Such activities have created a sensation in those communities that they are being unfairly targeted by the police.It appears that the police had stopped a minicab which Mr. Duggan had been travelling in. The initial police reports stated that he had been killed in a fire fight, that he had a gun in his hand, and that he had fired shots at the police. The police lied. It has now been established that there was no fire fight. Only two bullets were fired - both of them from the police firearms. This clumsy attempt at a cover-up only served to pour petrol on the flames.In a protest demonstration in Tottenham on Saturday, people, led by Mr. Duggan's family, marched to the police station demanding an explanation for the death. None was given and the crowd was made to wait for hours and hours. But this was swiftly overtaken by an explosion of rioting. It seems that the immediate spark was the brutal treatment of a 16 year old girl by the poilce. The unrest spread into nearby Wood Green and Tottenham Hale.Do these riots have anything to do with broader social and economic problems in Britain? Are they perhaps connected with a high rate of unemployment among young people, especially young blacks? Could they perhaps be related to the vicious cuts imposed by the Lib-Dem government, which are causing a sharp reduction in living standards and which fall disproportionately on the shoulders of the poorest layers of society? What about the racist stop and search operations of the police targeting Black and Asian youth?No! The political leaders are unanimous. This is "sheer criminality" and the perpetrators must feel the full weight of the Law. Here we have the police mentality in its crudest and most ignorant expression. The idea that thousands of youth could take to the streets and attack the police just because they wanted a "new pair of trainers" is perhaps missing the point. And if they were all criminals, they must have been criminals before. Why did the riots only occur now and not two, five or ten years ago?If a young person has a job that is reasonably paid, he has no need to break into a shop in order to obtain a "new pair of trainers". Looting and rioting is a pointless and destructive exercise that does nothing to solve the problems of the young people, and rather makes them worse. How does the wrecking and burning of shops and businesses help provide more jobs for young people?The main victims of the riots are poor people, like the rioters themselves. The shops and businesses that are looted and torched are mainly small concerns run by local people. The rich do not live in Brixton and Hackney areas of London. The well off are not threatened by the breakdown of law and order, which they observe from a safe distance. It is poor families who have lost their homes and possessions because of the mindless madness of the arsonists.But most of all, rioting and looting help to blacken the name of all who are fighting for a new and better world. They enable the poisonous media to criminalise the youth of Britain, making them collectively responsible for the stupidity of a mindless minority and a small number of actual criminals who always take advantage of any social disturbance to loot and burn. Deprived of a voice, the unorganized youth is left to face up to the effects of the economic crisis on its own, to draw its own conclusions and act on its own behalf. On one hand, they are faced with a daily barrage of propaganda on television that shows them the good life that others enjoy, but from which they are radically excluded. They are enticed by glossy advertisements to join the merry party of consumerism but then find the door slammed in their face. "Why should the rich have everything and we nothing?" The question is a reasonable one.Rioting is actually an expression of impotent rage. For a few nights the rioters are filled with a false sense of power. They become intoxicated, not just with the effects of stolen booze, but with that rush of adrenaline that always accompanies mass action. But like the after effects of a drunken binge, the fumes of exhilaration soon wear off. In the cold light of day, last night's activities appear somewhat differently.

- Ajinder Kaur, Supervisory Head, Classes XI-XII

(A)

(E)

(B)

(F)

(C)

(G)

(D)

(H)

1. Tibetan Dickey Larsoe Cooperative Society2. Kooperative forbundet3. Islamabad Cooperative Housing Society4. United People Multi-purpose Cooeprative Society5. Singapore Shell Employees' Union Cooperative Society Ltd.6. Teachers Credit Union Co-operative Society Limited.7. Midland Cooperative8. National Yuva Cooperative Society Ltd.

Answer Key

A-6, B-7, C-8, D-4, E-5, F-2, G-3, H-1

What do the recent Debt crises in USA and Europe, fall in global stock markets and riots in London have in common?

Indian Farmers Fertiliser Cooperative Limited, also known as IFFCO, is the world's largest fertiliser cooperative federation based in India which is registered as a Multistate Cooperative Society. IFFCO has 40,000 member cooperatives.

History

During the 1960s the cooperative sector in India was responsible for the distribution of 70 per cent of the fertilisers consumed in the country. This sector had adequate infrastructure to distribute fertilisers but had no production facilities of its own and hence was dependent on public/private sectors for supplies. To overcome this difficulty and to bridge the demand supply gap in the country, a new cooperative society was conceived to specifically cater to the needs of farmers. It was a unique venture in which the farmers of the country through their own cooperative societies created this new institution to safeguard their interests. The number of cooperative societies associated with IFFCO have risen from 57 in 1967 to more than 39,800 at present. Indian Farmers Fertiliser Cooperative Limited (IFFCO) was registered on November 3, 1967 as a Multi-unit Co-operative Society. On the enactment of the Multistate Cooperative Societies act 1984 & 2002, the Society is deemed to be registered as a Multistate Cooperative Society. The Society is primarily engaged in the production and distribution of fertilisers. The by-laws of the Society provide a broad frame work for the activities of IFFCO as a cooperative society.

Production and Sales

During the year 2008-09 IFFCO produced 71.68 lakh tonnes of fertiliser material; registering an overall capacity utilisation of 98 percent for nitrogenous and 53 per cent for phosphatic fertiliser. It contributes 21.4% of country's total nitrogeneous fertiliser production and 27% of total phosphatic fertiliser production in the same period. Plant productivity during the year stood at 1373 tonnes/person.

The Society has also achieved another important landmark in the field of energy conservation by clocking an overall annual energy of 5.943 Gcal/tonne of urea.

The Society has cloaked an all time high sales of 112.58 lakh tonne of fertilizers during 2008-09.

Indian Farmers Fertiliser Cooperative Limited

Ode to auditingWe test without apologyBoth safety and ecologyAnd inventories, budgets and

production.Checking scrap and sanitation,Overtime and transportation –Not forgetting cost accounting and

construction.We test sales and check insuranceWe study management by objective.Test controls that are defective,And evaluate employee

compensation.We do sampling and regressionAnd there is a strong impressionWe're responsible for catching all

crooks.We are really in our element

With research and development –But thankfully we do not keep the

books.We check aircraft, trucks and motor

cars,And rockets that fly up to the stars,And leases, loans – even personnel.We examine engineeringEven salvage is endearingAnd we check on records

management as well.There is nothing that escapes our eye.Alert to all misconduct and to fraud.We will go where others fear to treadAnd as it has often been said,"We are the eyes and ears of

management and the Board.”Charu Bansal, XII-E

The society has recorded an all time high turnover of Rs. 32933 crore and harvested a pre tax profit of Rs. 441.95 crore during the year 2008-09. It has paid dividends for the year 2008-09 at the rate of 20 percent of the paid up equity to its shareholders for the eighth consecutive year.

- Sameer Bhatia, XII-E

Financial Performance