ECGC PRESENTS DIVIDEND CHEQUE OF Rs. 13.71 CRORE TO COMMERCE MINISTER
Date : 20 Sep 2004
Location : New Delhi
Export Credit Guarantee Corporation of India Ltd (ECGC) has presented a dividend of Rs. 13.71 crore to the Government of India for the financial year ended 31/03/04. The Chairman & Managing Director of ECGC, Shri P.K. Dash handed over the cheque to Shri Kamal Nath, Union Minister of Commerce & Industry, here today. Shri Dipak Chatterjee, Commerce Secretary, was present at the occasion.
ECGC a premier export credit insurance organisation of the country, has earned a gross premium income of Rs. 445.48 crore during 2003-04 as compared to Rs. 374.78 crore of previous year registering a growth of 18.86%. The net profit after tax for the year at Rs. 68.56 crore was 41% higher over the previous year (Rs. 48.64 crore).
ECGC has introduced Exports (specific buyer) Policy, Exports Turnover Policy & Services Policy during the year to suit the requirements of exporters. Exports Turnover Policy has been introduced especially for the corporate exporters whose volume of exports could be insured at discounted premium. This was well received by the large number of corporate sector as this policy aims at reduced rate of premium and concessions for those who exceeds the projected sales during the period of policy. In addition, ECGC started providing ‘add on’ marine insurance to the specific shipment policy holders seeking comprehensive risks through the tie-up with National Insurance Company Limited.
During the year, the Corporation opened 7 satellite branches at Noida, Rajkot, Jodhpur, Vishakapatnam, Tuticorin, Vadodara and Chandigarh. With these branches, the total service network of ECGC is expanded to 36 branches and 5 regional offices. ECGC plans to open specified exclusive branches for exporters and banks during the current financial year.
Since inception, ECGC has earned aggregate premium income of Rs. 3597 crore and paid out claims aggregating Rs. 3640 crore recovering a total amount of Rs. 523 crore.