Friday, 20 July 2018

ECGC reports Rs 130-cr pre-tax profit for FY18

The credit Guranatee Corporation (ECGC) these days reportable a pre-tax profit of Rs one hundred thirty large integer, forcedown by a record claim settlement within the year to March 2018.

Geetha Muralidhar, chairman-cum-managing director attributed the lower profit to higher claims.

"Gross claim payout exceeded gross premium financial gain due to the landmark settlement of claims to banks. Total claims paid throughout the year to each banks and exporters rose to the very best ever level at Rs one,283 crore. additionally, provisions of Rs 6000 large integer are put aside for future payouts," she said.

The corporation had thirty four,740 covers good with a most liability of Rs ninety six,101 large integer as of March 2018, whereas the whole risk price linedthroughout the year stood at Rs half-dozen,41,449 large integer that is thirty three per cent of the whole exports of the country.

It is notable that over eighty five per cent of this cowl is to MSME exporters solely, she said.

The corporation has one,19,46 covers good with a worth of Rs one,77,349 crore. the foremost coverage has been to Europe and North America for prime risk transactions and also themajor sectors lined square measure employment intensive sectors like engineering product, cotton, textiles and readymades.

Under the medium and long run cowl, over a hundred ninety policies were issued to forty exporters value Rs seven,416 crore. Exports value Rs twenty eight,800 large integer square measure supported through ECGC and Rs fourteen,700 large integer through emptorcredits, she said.

On the long run plans field officer the corporation, she aforesaid it plans to extendthe worth of business linedto Rs nine.60 trillion from Rs half-dozen.41 trillion which can increase the share of exporters business from twenty seven to thirty eightper cent.

The corporation has conjointly declared Rs fifteenlarge integer divident payout ot the govt. for the year.

ECGC has AN authorised capital of Rs 5000 large integer and a paid capital of Rs one,500 large integer as of March 2018 and its networth stood at Rs three,737 crore. The corporation has sixty branch offices and 5 regional offices.

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