NEDFi achieves 55.93% profit

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Guwahati, Aug 14 (UNI) The North Eastern Development Finance Corporation Limited (NEDFi) has recorded 55.93 per cent growth in its net profit as it jumped from Rs 15.61 to Rs 24.34 crore.

The Non Performing Asset (NPA) which was 4.93 per cent last year came down to 2.35 per cent, a NEDFi statement said.

The most striking performance was in the sphere of sanction of loans which stood at 138.72 per cent last year and grew to 279.45 per cent at the end of March 2008. The increasing trend in disbursement of loans can be gauged from the fact that the total disbursement in the financial year 2004-2005 was Rs 52.35 crore and it rose to Rs 108.18 crore by the financial year 2007-2008.

This creditable performance is the result of continuous efforts of the Corporation in motivating entrepreneurs into servicing their loans regularly and also providing constant feedback as to improving their revenue streams thus creating a healthy financial outcome for both the entrepreneur as well as the Corporation.

The NEDFi has been playing a pioneering role in the promotion of micro finance in the North Eastern region. The Corporation has been successful in creating a market for micro finance and has developed Self Help Groups (SHGs) to administer and monitor the members' activities.

A large number of women have joined the micro finance route to set up tiny business enterprises and repayment schedules have been adhere to by almost all the beneficiaries with a very low default ratio.

As on March 31, 2008 loans sanctioned for micro finance schemes was Rs 12.16 crore and disbursement was Rs 6.73 crore. 11 projects have gone live with the Corporation's assistance and the beneficiaries totaled up to 20,868 at the year end.

According to the statement, the NEDFi had provided indirect employment to over 1,000 people who are NEDFi's service providers and business facilitators. The number of families who have benefited from NEDFi's various self employment schemes in the region would far exceed 30,000.

The NEDFi has its branches in all the State Capitals of the North Eastern States. In addition, it has representative offices at Tinsukia, Silchar, Sivasagar, Kohima and Kokrajhar for the purpose of bringing itself closer to the people of these areas.

The year under review saw NEDFi entering into a number of bilateral initiatives which are likely to bring significant positive changes in the economy of the region. It was at the behest of NEDFi that the Ambassador of the Czech Republic visited the North East and offered his country's expertise in the fields of power plants, airport management etc for use by the States of the North East.

NEDFi was also instrumental in bringing Mr Noritada Morita, Chairman and Chief Executive Officer of Asia Strategy Forum to the North East who outlined a strategy for regional cooperation involving the region. In another initiative, NEDFi showcased the works of local artisans and entrepreneurs through an exhibition put up at the North East Investment Summit which was held in Guwahati in January this year. It enabled an international group of experts to see and appreciate some excellent works put up by noted artistes, artisans, industrialists and corporate operating in the region.

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