PANJIM: EDC Ltd announced that the corporation had achieved revenue of Rs 102.73 crore for FY 2016-17 and earned a record Profit Before Tax amounting to Rs 61.26 crore, without any extraordinary or exceptional item.
The chairman of the EDC Board, Sidharth Kuncalienker said that the board has decided to pay the State government an amount of Rs 1349.38 lakh towards interest on the land acquisition funds parked with EDC. The board also proposed a dividend of 1% ie Rs 86.20 lakh for FY 2016-17 to the State govt.
During FY 2016-17 the corporation sanctioned Rs 239.92 crore and disbursed Rs 319.88 crore. The recovery during the same period was Rs 200 crore and the outstanding loans stood at Rs 841.19 crore. The corporation has drastically reduced the gross NPA to 2.93% and the net NPA to 1.28% and its net worth now stands at Rs 448.91 cr.
The board has now approved rationalisation and reduction in the interest rate on loans across all schemes. In addition the corporation operates the Modified Interest Rebate Scheme of the govt, wherein interest rebate up to 9% is extended on loans availed by the entrepreneurs setting up units in the backward talukas of Goa and/or women entrepreneurs and/or resident as well as non-resident Goan entrepreneurs subject to loan account being regular.
The CMRY scheme of Goa Govt which is managed by EDC creates almost two entrepreneurs per day was modified further by increasing the age limit to 45 years and income limit to Rs 10 lakh per annum. The sanctioning process would also be faster since some sanctioning powers are now delegated to the managing director.
Mr Kuncalienker announced that during the year 2016, EDC Ltd had conducted a competition among technology start-ups and now EDC intends to set up an incubation centre cum co-working business centre on the 4th floor of EDC House, Panjim which will house around 35 incubation cum co-working units/spaces which will encourage new young entrepreneurs to set up their own start-up companies in Goa. EDC is planning to partner with established companies in industry to manage the proposed incubation centre. EDC shall invest in providing infrastructure for the centre and its upkeep.
The EDC Ltd has formulated its CSR policy for development and implementation of projects for providing benefits to the society. As per the CSR policy adapted, EDC Ltd has incurred expenditure of 2% of the average profit for the consecutive three years, amounting to about Rs 134.20 lakh as on August 31, 2017 over the last three years. These funds have been extended for projects particularly in the area of education, heritage conservation, health and environment.
