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Annual Report 2011-12
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Exim Bank Declares Annual Results For 2011-12
(Left to right) Export-Import Bank of India's Executive Director Mr. Prabhakar Dalal, Chairman and Managing Director Mr. T.C.A. Ranganathan and Executive Director Mr. David Rasquinha at the Bank's Annual Press Conference in Mumbai on Thursday, April 26, 2012.
Export-Import Bank of India (Exim Bank)'s Chairman & Managing Director,
Shri T.C.A. Ranganathan, announced the Bank's results for the year 2011-12 at a press conference in Mumbai on Thursday, April 26, 2012.
FINANCIAL PERFORMANCE
- Profit before Tax : Up 17% to ` 1,013 crore.
- Net profit (profit after tax) : Up 16% to ` 675 crore.
- Loan assets : Up 18% to ` 54,530 crore.
- Total Business : Crosses ` 1 lakh crore.
- Capital to Risk Assets Ratio : 16.44%
BUSINESS PERFORMANCE
- Loan portfolio increased 18% to ` 54,530 crore as on March 31, 2012, from ` 46,041 crore as on March 31, 2011.
- Lines of Credit extended by the Bank aggregated US$ 1,499 million, to support export of projects, goods and services from India. 157 LOCs, covering 75 countries in Africa, Asia, CIS, Europe and Latin America, with credit commitments aggregating US$ 8.16 billion have been extended till date, while a number of prospective LOCs are at various stages of negotiation.
- Project Export Contracts supported by Exim Bank in 2011-12, amounted to ` 22,975 crore, which were secured by 28 companies in 23 countries.
- Overseas Investment assistance was approved to 54 corporates aggregating ` 4,178 crore for part financing their overseas investments in 23 countries during the year. Exim Bank has so far supported 387 ventures set up by 313 companies in 69 countries with assistance of over ` 25,000 crore.
- NPA figures among the best in the Indian banking sector.
RESOURCES/TREASURY
- Authorised Capital increased to ` 10,000 crore and paid-up capital to ` 2,300 crore. Net Worth increased to ` 6,000 crore.
- The Bank raised borrowings of varying maturities aggregating to ` 27,630 crore in 2011-2012, comprising rupee resources of ` 14,297 crore and foreign currency resources of ` 13,333 crore equivalent.
- Exim Bank became the first Indian entity to enter the Japanese retail bond market by issuing Uridashi Bonds which are denominated in a foreign currency and sold directly to Japanese household investors. A rare case of an Uridashi Issuer rated below AA.
- Total borrowings as on March 31, 2012, stood at ` 54,655 crore with market borrowings constituting 88 % of the total resources of the Bank.
- The Bank is rated investment grade, on par with the country's Sovereign rating i.e. Baa3 by Moody's, BBB- by Standard & Poor's, BBB- by Fitch Ratings and BBB+ by Japan Credit Rating Agency (JCRA). The Bank's domestic debt instruments are rated AAA by CRISIL and ICRA.
NEW INITIATIVES
Boost to India's project exports
- Exim Bank has, in conjunction with ECGC, introduced a new product viz. Buyer's Credit under Government of India's National Export Insurance Account (NEIA). Under the Buyer's Credit, the Bank finances project exports from India by way of extending credit facility to overseas sovereign governments and government-owned entities for import of goods and services from India on deferred credit terms, without recourse to the Indian exporter.
- In the very first year, the Bank has approved 4 projects valued at US$ 405.08 million (` 2,135 crore equivalent).
- The first Buyer's Credit (under NEIA) Agreement for a water treatment plant in
Sri Lanka was executed in January 2012 between Exim Bank and the Government of Sri Lanka and the project execution has commenced since March 2012.
Technology & Innovation Enhancement and Infrastructure Development Fund
- Exim Bank will set up a dedicated fund "TIEID Fund" (Technology & Innovation Enhancement and Infrastructure Development) with an initial amount of
US$ 500 million over the ensuing 5 years to assist MSMEs with long term foreign currency loans.
- As per the MSME Census 2010, only 12.2% of the registered MSME units had availed foreign currency loans due to funding constraints of Tier II banks.
- Exim Bank will work in collaboration with other commercial banks / FIs to reach out to a large number of MSMEs to build capacities in the area of skill development, design, packaging, market development, etc. for specific MSME clusters.
CREATIVE INDUSTRIES
- Exim Bank to launch a new programme for financing export oriented creative industries and will work with commercial banks and financial institutions.
- India has competitive advantages in modern segments like animation, gaming software, content development for movies, media, education, as also traditional skills like carpets, decorative items, wickerware, glassware, handmade lace, needlework rugs, embroidery etc.
- India is the 8th largest exporter of creative goods in the world and the growth rate in 2010 was the highest among the top 10 exporters. However, India's share in export of creative goods was US$ 13.8 billion as against China's exports of
US$ 97.8 billion.
Rural Grassroots Business Initiatives and Corporate Social Responsibility
- Financial support was given to Traditional Ayush Cluster of Tamil Nadu (TACT) Pvt Ltd, a cluster of companies propagating traditional system of Indian medicines, viz. Ayurveda, Yoga, Unani, Siddha, and Homeopathy (AYUSH) in Tamil Nadu. The financial support is for setting up a common infrastructure facility for warehousing, manufacturing and packaging of AYUSH products.
- The Bank helped Ecotasar Silk Pvt Ltd (ESPL), an enterprise manufacturing off-the-loom tasar silk products in Bhagalpur, Bihar, leading to increased productivity and income levels of women from below poverty line families and minority community in villages around Bhagalpur engaged in the production of these products.
- The Bank provided support to an artisans' and farmers' cooperative society in Uttarakhand, which produces naturally dyed silk and wool textiles.
- Exim Bank also facilitated Child and Social Welfare Society, an NGO based in West Bengal, for upgrading and modernising its existing unit producing various types of handicrafts including bamboo and natural fibre based products.
- Assistance was also given to the Shantipur Handloom Cluster, in Nadia district of West Bengal, for visual merchandising of the product, e-tailing, and establishment of yarn bank and website upgradation.
- Financial support was also extended to Gandhi Smaraka Gram Seva Kendram (GSGSK) for productivity enhancement through technological upgradation for women coir spinners of the Alappuzha Coir Cluster.
SOUTH - SOUTH COOPERATION AND REGIONAL COOPERATION
- Exim Bank hosted the Annual Meeting and Financial Forum under the BRICS Interbank Cooperation Mechanism coinciding with the Fourth BRICS Annual Summit at New Delhi in March 2012.
- Exim Bank signed two multilateral financial cooperation agreements on 'Extending Credit Facility in Local Currency' and 'BRICS Multilateral Letter of Credit Confirmation Facility' with the other member development banks. These two Agreements are expected to enhance cooperation among BRICS development banks and to significantly promote intra-BRICS trade.
- Exim Bank was appointed by the Commonwealth Secretariat, London, to undertake a research study on establishing a Commonwealth Trade and Investment Bank. Findings were presented at the Commonwealth Heads of Government Meetings (CHOGM), held in Perth, Australia during October 2011.
- Nigerian Export-Import Bank commissioned Exim Bank to undertake an assignment to design, develop & implement a Film Financing Programme and conduct capacity building training programmes for select officials.
- To revive and promote intra-regional projects in the SAARC Region, Exim Bank undertook a study for SAARC Development Fund (SDF), proposing a strategy for SDF in terms of its operations, direction, portfolio of products and also the longer term plan of SDF in terms of getting a multilateral status.
KNOWLEDGE SHARING
The Bank published 7 research papers during the year 2011-12 on:
- India's Trade and Investment Relations with LDCs: Harnessing Synergies.
- Export Potential of Indian Plantation Sector: Prospects and Challenges.
- Mercosur: A Study of India's Trade and Investment Potential.
- The Commonwealth: Promoting a Shared Vision on Trade and Investment.
- Openness and Growth of the Indian Economy: An Empirical Analysis.
- Southern African Development Community (SADC): A Study of India's Trade and Investment Potential.
- Strategic Development of MSMEs: Comparison of Policy Framework and Institutional Support Systems in India and Select Countries.
The International Economic Development Research Award (IEDRA) was instituted by the Bank in 1989 to promote research in international economics, trade and development and related financing, by Indian nationals at universities and academic institutions in India and abroad. In 2010, the award was given to Dr. Narayan Chandra Pradhan for his doctoral thesis titled "Openness and Growth of the Indian Economy: An Empirical Analysis".
For further information, please contact
Mr. S Srinivas,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: :(022) 22172829,
Fax:(022) 22182572.
E-mail:srinivas@eximbankindia.in
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