Export-Import Bank of India (Exim Bank)'s Chairman & Managing Director, Shri T.C. Venkat Subramanian, announced the Bank's results for the year 2005-06 at a press conference in Mumbai on Friday, April 28, 2006.

• Pre-tax Profit at Rs. 377 crore, an increase of 20% over previous year. Net Profit (after tax) at Rs. 271 crore, an increase of 5% over previous year.
  
  
• Rs. 86.75 crore will be paid to the Central Government as dividend, as compared to Rs. 65.44 crore in 2004-05.
  
  
• Capital Adequacy (Capital to Risk Assets Ratio) stood at 18.42%.

• Loan approvals aggregated Rs. 20489 crore as compared to Rs. 15853 crore in the previous year, an increase of 29%. Disbursements aggregated Rs. 15039 crore during 2005-06, as compared to Rs. 11435 crore during the previous year, an increase of 32%. Loan Assets increased by 34% moving upwards to Rs. 18028 crore as on March 31, 2006 from Rs. 13410 crore as on March 31, 2005.
  
  
• Net NPAs to net loan assets at 0.59% as on March 31, 2006.
  
  
• During the year, the Bank extended twenty Lines of Credit (LOCs), aggregating US$ 836 million, covering 31 countries to support export of projects, goods and services from India. Fifty-nine LOCs covering seventy-eight countries in Africa, Asia, CIS, Europe and Latin America, with credit commitments aggregating US$ 1,739 million are currently available for utilisation, while a number of LOCs are at various stages of negotiation. The Bank has placed special emphasis on extension of LOCs as an effective market entry mechanism with particular focus on small and medium enterprises.
  
  
• Project export contracts supported by Exim Bank amounted to Rs. 9679 crore secured by 39 companies in 26 countries.
  
  
• Bank sanctioned and issued guarantees aggregating Rs. 4326 crore and Rs. 2196 crore respectively, an increase of 172% and 32% respectively over the previous year.

• Bank raised borrowings of varying maturities aggregating to Rs. 7886 crore comprising Rupee resources of Rs. 4384 crore and foreign currency resources of US$ 785 mn equivalent.
  
  
• Market borrowings as on March 31, 2006 constituted 80% of the total resources.
  
  
• During the year, Bank received share capital of Rs. 100 crore from the Government of India. Bank's paid-up capital increased to Rs. 950 crore as on March 31, 2006.
  
  
• Foreign currency resources raised during the year included JPY 23 bn by way of Samurai bonds offering (bonds issued in the domestic Japanese market by foreign issuers) which is the first such offering from India in the past 15 years. As on March 31, 2006, the Bank had a pool of foreign currency resources equivalent to US$ 1.87 bn
  
  
• The Bank's domestic debt instruments continued to enjoy the highest rating viz. 'AAA' from the rating agencies, CRISIL and ICRA. As on March 31, 2006, outstanding Rupee borrowings including bonds and commercial paper amounted to Rs. 11825 crore.
  
  
• Bank obtained 'BBB' rating, which is one notch above investment grade rating, from Japan Credit Rating Agency (JCRA) in August 2005. Bank also has international credit rating from Moodys (Baa3) ('Investment Grade') (stable outlook), S&P (BB+) (positive outlook), on par with sovereign rating and Fitch (BB+)(stable outlook).

• The Bank has signed a Memorandum of Cooperation with DHAN Foundation, (a leading NGO active in 4 states) for marketing, advisory and financial support for export related activities.
  
  
• The Bank has also signed a Memorandum of Cooperation with BASICS, Hyderabad and Uravu (an NGO involved in employment generation programs in the bamboo sector for tribal and poor families in Waynad, Kerala), for promoting products of village industries. The Bank has also supported BASICS towards part financing its equity investment in PNG Micro Finance Ltd. , Papua New Guinea.
  
  
• The Bank in association with NABARD and Bank of India is in dialogue with non-profit organisations in USA to promote export of Madhubani paintings from Bihar.

• Exim Bank has introduced a structured product for pharmaceutical/ biopharma companies for facilitating R&D expenditure with the aim to assist approvals in regulated pharmaceutical markets. The financing by Exim Bank will be in the form of either term loan / equity participation or a hybrid product.

• There is an increasing trend in Indian companies participating in the development/exploitation of natural resources in foreign countries. Exim Bank will selectively support such initiatives by way of loans and loan syndication facilities to Indian companies.

• The Bank is in the process of investing US$ 10 million in the Pan-Asia Project Development Fund sponsored by Infrastructure Leasing & Financial Services Ltd. and Orix Corporation, Japan. The objective is to catalyse involvement of Indian companies with project execution capabilities towards participating in infrastructure projects across Asia by providing seed capital. Countries to be covered include (apart from India) Cambodia, Indonesia, Malaysia, Philippines, Sri Lanka, Thailand and Vietnam.

• The Bank has introduced a new publication titled "India-China Newsletter", a quarterly bilingual (English and Chinese) newsletter, which focuses on issues relating to bilateral trade and investment relations between India and China. This is a new addition to a range that includes bilingual quarterly magazines titled 'Indo-African Business', (which focuses on bilateral trade and investment between India and Africa), 'Indo-LAC Business', (covering Latin America and the Caribbean region) and 'Indo-CIS Business (covering the CIS countries). All the publications have been well received amongst the constituents.

• The Bank has a comprehensive programme in terms of equity finance, loans, guarantees and advisory services to support Indian outward investment. In select cases, the Bank takes an equity position along with the Indian promoter. During the year, 21 corporates were sanctioned funded and non-funded assistance aggregating Rs. 1132 crore for part financing their overseas investments in 13 countries. Exim Bank has provided finance to 144 ventures set up by over 120 companies in 45 countries so far. Aggregate assistance extended for overseas investment amounts to Rs. 3020 crore. Overseas investments financed by Exim Bank during the year include: acquisition of a Taiwanese company engaged in manufacture of gelatin; acquisition of soda ash facilities in Romania; acquisition of a large home textiles company in the UK; acquisition of a company in UK having a chain of retail stores selling garments and home textiles; acquisition of a company in the agriculture sector producing seeds with manufacturing facilities in Australia, Thailand and Argentina; setting up a wholly owned subsidiary in China for manufacture of printed circuit boards; acquisition of glassware manufacturing facility in the US; acquisition of drug store chain in the US; acquisition of a company in US providing geo-spatial mapping services; acquisition of BPO service provider in the US. Exim Bank also provided equity support to overseas ventures of Indian companies, including inter alia, special purpose vehicle (SPV) set up for acquisition of soda ash business in Romania, a turnkey project exporting company in the UAE and a joint venture in Iran for manufacture of pharma gelatin. Equity investments approved for overseas ventures aggregated Rs. 71 crore.

• Six occasional papers were published by the Bank during the year covering the following topics: Essays on Globalisation and Wages in Developing Countries; Select West African Countries: A Study of India's Trade and Investment Potential; GCC Countries: A Study of India's Trade and Investment Potential; Indian Leather Industry: Perspective and Export Potential; Sector Study on Petroleum Products; and Floriculture: A Sector Study.
  
  
• Bank also published three working papers covering the following topics: Vanilla and its Potential in India; FDI Flows and Investment Policies in India and Select Asian Countries: A Comparative Analysis; and Export Performance of Small and Medium Enterprises in India.

• The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Development Award recognizes and honours ADFIAP member institutions, which have assisted projects that have created a development impact in their respective countries.
  
  
• The Bank has been conferred the 2006 'Trade Development Award'. The Award is in recognition of the Bank's initiative for supporting village and rural industries to explore markets overseas, leveraging effectively upon the Bank's extensive institutional and trade promotion linkages, and its support and financing programmes.