MIFCO

MIZORAM FOOD AND ALLIED INDUSTRIES CORPORATION LIMITED (MIFCO)

Mizoram Food and Allied Industries Corporation Ltd. (MIFCO) was registered under the Companies Act, 1956 on the 19^th December, 1989. The concept of a Food and Allied Industries Corporation emerged from the aspiration of the Government of Mizoram to harness the limited resources  endowment of the State, and nurture its potential for the welfare and well-being of its people. Agro and allied food industries thus require priority due  to their advantage over other sectors of industries as they provide high potential for employment generation per unit of investment, the backward and forward linkages that the development can lead to, the level of demands and capability to absorb and promote local resources, predominantly agricultural and horticultural produce and the benefits they can provide for the people.

 OBJECTIVES

The main objectives of MIFCO are the rapid development and promotion of food processing industries in Mizoram as follows :

• To engage in the processing and preservation of food, milk, fish, fruits, vegetable and all food materials of animal, poultry, agricultural or piscicultural origin.
• To deal in processed food, plant / machinery, implements, accessories and pre-requisites of food processing.
• To render necessary assistance for processing and preservation of agricultural produce, forest produce and produce of animal origin for the purposes of increasing quantity of availability or otherwise of subsidiary foods in all their forms and variations, either for export or consumption in the country.

 SHARE CAPITAL  

The authorised Share Capital of MIFCO at the time of its inception, was Rs.10 crores which had been enhanced to Rs.20 crores and paid up in the 1^st quarter of the financial year 2009-2010. While the Government of Mizoram has contributed Rs.18.64 crores, including fixed assets transferred from the Department of Industries, as equity contribution for MIFCO's Projects viz. Food Processing Plant, Sairang; Fruit Juice Concentrate Plant, Chhingchhip and Pork & Poultry Processing Plant, Zemabawk, the Government of India has contributed Rs.1.36 crore.

 Though the 25^th Annual General Meeting of MIFCO held on 13^th May, 2009 had passed a resolution for enhancement of the Authorised Share Capital of MIFCO from Rs.20 crores to Rs.50 crores, the proposal for approval of the same has been under active consideration of the Government of Mizoram.

 PRODUCTION UNITS

During the initial period of MIFCO's in-corporation, 3 (three) Production Units  and 2 (two) on-going  projects were transferred to MIFCO from the Directorate of Industries.

1. Production Units

• Fruit Juice Concentrate Plant, Chhingchhip

Since the experimental production activities at the these Production Units had shown negative performance due to their lack of techno-economic feasibility they have been returned to the Directorate of Industries. Meanwhile 4(four) Food Processing Units and 3(three) Food Processing and Training Centres have been set up with Central assistance.

MARKET :

MIFCO operates its sales at its registered Head Office; Canteen Square, Aizawl from where MIFCO products are sold and distributed to the authorised dealers in various places of Mizoram, Kolkata, New Delhi, etc. MIFCO has also participated at the India International Trade Fair at Pragati Maidan, New Delhi year after year.

On 20^th November, 2009, an Agreement was signed between MIFCO and Shimla Hills Offerings Pvt. Ltd. (SHOP) for exclusive marketing agency for export/sale of MIFCO products in India and abroad.

There has been a steady increase in sales of MIFCO products, barring that of 2006-2007 due to the financial crunch.  With the commissioning of 2 (two) Projects viz. Pork & Poultry Processing Plant, Zemabawk on 23^rd April, 2008 and Food Processing Plant, Sairang (upgradation/expansion) on 30^th May, 2008 there has been a quantum jump of sales.  Moreover, MIFCO has been gearing up for commissioning of its two Projects at Chhingchhip viz. Food Park and Fruit Juice Concentrate Plant (upgradation/expansion) sales of MIFCO products will be in the region of crores, instead of lakhs as follows :-

Sales of the last 6 (six) years :

SOCIO-ECONOMIC BENEFITS :

EMPLOYMENT GENERATION :

            MIFCO promotes rural growers for large scale plantation and cultivation of agricultural and horticultural crops thereby generating employment in the rural areas while ensuring regular supply of raw materials at remunerative prices.

   Procurement and processing of fruits by MIFCO during the last 6 (six) years              

REVENUE-EARNER :

            There is a vast potential for promotion of agro-horticulture-based industries to become revenue-earner for the economically and industrially backward State of Mizoram. Once all the 4 (four) Projects of MIFCO are commissioned and commercial production being undertaken there is every likelihood of tremendous increase in sales of MIFCO products thereby earning revenue for the State.

TRAINING :

            With the financial assistance of the Government of India, Ministry of Food Processing Industries 3 (three) Food Processing and Training Centres had been set up by MIFCO at Vairengte, Sairang and Chhingchhip.  MIFCO conducts periodical training courses in food preservation and processing at the Food Processing and Training Centres at Sairang, Vairengte and Chhingchhip for the benefit of private entrepreneurs both in the rural and urban areas.