The EDC board on Friday, revealed a significant decrease in non-performing assets (NPAs) thanks to aggressive thrust on recoveries.
Post the 362nd board meeting to approve the 2017-18 annual accounts, Sidharth Kunkolienker, chairman, said that, the corporation recovered Rs 263.8 crore on term loans and drastically reduced the gross NPA and the net NPAs to 2.9 per cent and 1.9 per cent respectively. In the flagship scheme of CMRY the recovery rate is 93.4 per cent, he said.
EDC recorded revenue of Rs 117.5 crore for 2017-18 and earned profit before tax of Rs 86.5 crore. The growth in profit before tax was about 40 per cent, while the net profit during the year was Rs 56.4 crore. The board decided to pay the state Rs 14.4 crore towards interest on the land acquisition funds parked with it.
“The CMRY scheme has been simplified by making the format easy and doing away with documentation. The scheme sanctioning process is become faster and it creates 2.5 to three entrepreneurs daily,” said Kunkolienker.
The scheme so far has sanctioned Rs 177.0 crore to 6,600 entrepreneurs and disbursed Rs 149.5 crore to beneficiaries since inception.
Kunkolienker added that, the focus in the current year will be the convention center project at Dona Paula for which the mandate is entrusted to EDC. The 5,000 capacity project estimated to cost about Rs 1,200 crore will soon be put for bidding, he said.
EDC recently set by a modern incubation center at its head office premises. Ten startups and two co-working companies are being allotted space in the 78-seater incubation center, according to the decision taken by the board.
Speaking on current year initiatives, Kunkolienker said that, the corporation is committed towards environment by stopping usage of plastics altogether. “We are the only government department to go plastic-free by avoiding plastic folders or bags in the office,” he said.
EDC also planted 100 trees and took care to see that the trees survive, according to Kunkolienker. The corporation has approved Rs 5.5 crore towards CSR activities focusing on environment. It has entered into a tie-up with Mahalaxmi Temple trust to make cloth bags for residents. The cloth bags will be made by women self-help groups.
As measure of its commitment towards environment, LED bulbs were distributed to EDC employees post the board meeting.
EDC senior management team were present during the announcement of the 2017-18 results together with Santosh Kenkre, vice chairman, Sandip Bhadare and Ralp D’Souza, directors and KV Ballikar, managing director.