EDC posts excellent results in FY 2010-11

PANAJI: The financial results of EDC Ltd, for the year 2010-2011, have shown marked improvement as compared to previous years. During the year, funds of ` 5,303.62 lakh were sanctioned to 765 units and an amount of ` 4,601.27 lakh was disbursed. The recovery during the year was to the tune of ` 7,516.74 lakh. The turnover for the year was over ` 44 crore and the projected net profit was ` 20 crore.

The present net worth of the Corporation is in excess of ` 250 crore. The Corporation has been in a position to reduce its NPAs, partly with the help of the OTS Scheme announced in the last budget. The marked improvement enabled EDC to declare dividend to the stakeholders for the second successive year and a dividend of ` 100.92 lakh was declared for the F Y 2009-10.

The officers and staff of the Corporation, which completed 35 years of existence during 2009-10, worked with added zeal and enthusiasm, during the last financial year. They were guided and supported by Mr Agnelo Fernandes, MLA and chairman and the Board of Directors, apart from Mr W V Ramana Murthy, its managing director.

Two new loan schemes namely ‘Financial Assistance against mortgage of immoveable properties’ and ‘Composite Loan Schemes for EDC clients with good track records’ were introduced during the year. The existing incentive schemes of interest rebate of three per cent to financing units set up in backward areas and interest rebate of one per cent for loans to women entrepreneurs as well as NRGs and Goan entrepreneurs, were also promoted aggressively.

The Corporation has also diversified its portfolio by venturing into the retail loan segment and offering personal, vehicle and housing loans to the employees of state government, its corporations, autonomous bodies and aided schools, colleges as well as to central government PSUs like Goa Shipyard Ltd and MPT.

Under its Centre for Empowerment and Excellence, EDC has been carrying out various training activities, skill upgradation and empowering individuals and entrepreneurs.

It has recently promoted the Trainers’ Association of Goa and proposes to jointly organise a variety of training programmes in the coming years. Its fully air-conditioned multipurpose auditorium ‘Nalanda’ and other training halls are regularly requisitioned by various banks, corporate houses and other organisations, for training in related activities.

During the year, an amount of ` 1,911.00 lakh was sanctioned to 661 units and ` 1,887.46 lakh was disbursed under the Chief Minister’s Rozgar Yojana (CMRY). Over the last 10 years, EDC has succeeded in helping about 4000 persons to become self employed under the scheme. EDC Board which met recently under the chairmanship of Mr Agnelo Fernandes decided to increase the interest rate on term loans granted by the Corporation by one per cent and also to effect 0.50 per cent increase on other loans including housing, vehicle and personal loans to government employees and the Professional Loan Scheme, operated by the Corporation. However, there is no change in the interest rates of the CMRY Scheme.