Description
This is a documentation about Export Credit Guarantee Corporation of India was established in 1957 with an aim of promotion of exports of an organization.
Export Credit Guarantee Corporation of India
Export Credit Guarantee Corporation of India
About ECGC: ? Export Credit Gurantee Corporation of India was established in 1957 with an aim of promotion of exports of an organization. Earlier in July 1957, Government of India had set up Exports Risk Insurance Corporation (EIRC), which was converted to ECGC. ? ? ECGC works under Department of Commerce, Ministry of Commerce & Industry and Government of India. Since its inception, ECGC has strengthened India's exports by covering the risk of exporting on credit, and today has more than 13,000 policyholders. ECGC is the fifth largest credit insurer of the world in terms of coverage of national exports. ? About 8 per cent of the country’s exports are covered by ECGC. The corporation is capitalised at Rs 1,800 crore, with a paid-up capital of Rs 800 crore. This translates into a solvency ratio of 19 times. ? ECGC is also supported to reinsurance from the national reinsurer, General Insurance Corporation of India, and coinsurance arrangements with other public sector non-life insurers. Board of Directors: The ECGC Board of directors has representatives of the Reserve Bank of India, Government, insurance, banking and exporting community. ? ? ? ? ? ? A.V.Muralidharan – Chairman cum Managing Director P.K. Dash – Joint secretary, Ministry of commerce and industry Sanjay Kumar Krishana – Joint Secretary, ministry of Finance T.C. Venkat Subaramanian – Chairman and Managing Director EXIM bank of India Anand Sinha- Executive Director, Reserve bank of India Ganesh Kumar Gupta – President, Federation of Indian exports organaisation
Objective: ? Exporters face payment risks on both political and commercial fronts, and this may hamper overseas business expansion of companies. ECGC was designed to protect
exporters from consequence of this paymeny risk. ECGC provides credit risk insurance to policyholders against payment delinquencies of importers. ? Export Credit Guarantee Corporation of India Ltd helps the exporters in various ways. Some of their core functions include:
? ? ? ? ? ?
Offering insurance protection to exporters against payment risks Making it easy to obtain export finance from banks/financial institutions Providing information on credit-worthiness of overseas buyers Assisting exporters in recovering bad debts Offering assistance in export-related actions Making information available on different countries with its own credit ratings. ECGC classifies countries under seven broad categories depending on their political and financial stability.
Services offered: The various services and products are as follows: ? Credit insuarance policies – SCR, Small Exporters policy, Specific shipment policy, Export policy , Export Turnover, Buyer exposure policy, Consignment Exports policy, Services policy, Software projects policy , IT enables services policy,Construction work policy, Specific policy for supply contracts, Insurance cover for buyers credit and line of credit. ? ? ? Full Fledged Factoring Export insurance cover to banks Special schemes like – Transfer gurantee, Overseas investment gurantee, Exchange fluctuation risk cover, NIEA
Recent developments: ? ? ECGC introduced a policy for SMEs on 4th July 2008. This policy is exclusively developed for SMEs engaged in manufacturing activities. The demand for ECGC insurance is increasing of late. In Q1 FY 2010, many private sector corporations like Jet Airways, Hyundai Motors Ltd and Wipro Infotech approached the Export Credit Guarantee Corporation of India Ltd (ECGC) for cover against crossborder receivables.
?
The claims payout is expected to rise by around 17% in FY 2010, however ECGC does not plan to increase the premium. The country rating will also remain the same, this move has been taken to save the already sick Industry from the burden of increased insurance cover.
?
In 2007, ECGC set up a separate fund called the national export insurance account (NEIA) with a paid up capital of Rs800 crore and an authorised capital Rs1,000 crore. ECGC has set up a corpus of Rs2,000 crore for the same. For some projects ECGC is unable to provide risk cover due to reasons like an extended payment period, political and economic situations prevailing in that country, inordinately large-value contracts, etc. But as such projects have to be insured in national interest, for this the government decided to set up NEIA to provide insurance covers to Indian exporters.
Sources:
https://www.ecgc.in/Portal/index.aspx http://en.wikipedia.org/wiki/Export_Credit_Guarantee_Corporation_of_India https://www.ecgc.in/Portal/pdf/Features%20of%20Small%20and%20Medium%20Exporters %20Policy5.pdf http://www.thehindubusinessline.com/2009/05/18/stories/2009051850960200.htm http://www.thehindubusinessline.com/2009/05/28/stories/2009052851830600.htm http://www.andhranews.net/india/2007/January/20-SME-Benefit.asp http://www.domainb.com/companies/companies_e/export_credit_guarantee_corporation/20060807_turns.html
http://www.domainb.com/companies/companies_e/export_credit_guarantee_corporation/20070407_principle_cover.html
http://business.mapsofindia.com/insurance/export-credit-guarantee-corporation-of-indialtd.html
doc_684736309.docx
This is a documentation about Export Credit Guarantee Corporation of India was established in 1957 with an aim of promotion of exports of an organization.
Export Credit Guarantee Corporation of India
Export Credit Guarantee Corporation of India
About ECGC: ? Export Credit Gurantee Corporation of India was established in 1957 with an aim of promotion of exports of an organization. Earlier in July 1957, Government of India had set up Exports Risk Insurance Corporation (EIRC), which was converted to ECGC. ? ? ECGC works under Department of Commerce, Ministry of Commerce & Industry and Government of India. Since its inception, ECGC has strengthened India's exports by covering the risk of exporting on credit, and today has more than 13,000 policyholders. ECGC is the fifth largest credit insurer of the world in terms of coverage of national exports. ? About 8 per cent of the country’s exports are covered by ECGC. The corporation is capitalised at Rs 1,800 crore, with a paid-up capital of Rs 800 crore. This translates into a solvency ratio of 19 times. ? ECGC is also supported to reinsurance from the national reinsurer, General Insurance Corporation of India, and coinsurance arrangements with other public sector non-life insurers. Board of Directors: The ECGC Board of directors has representatives of the Reserve Bank of India, Government, insurance, banking and exporting community. ? ? ? ? ? ? A.V.Muralidharan – Chairman cum Managing Director P.K. Dash – Joint secretary, Ministry of commerce and industry Sanjay Kumar Krishana – Joint Secretary, ministry of Finance T.C. Venkat Subaramanian – Chairman and Managing Director EXIM bank of India Anand Sinha- Executive Director, Reserve bank of India Ganesh Kumar Gupta – President, Federation of Indian exports organaisation
Objective: ? Exporters face payment risks on both political and commercial fronts, and this may hamper overseas business expansion of companies. ECGC was designed to protect
exporters from consequence of this paymeny risk. ECGC provides credit risk insurance to policyholders against payment delinquencies of importers. ? Export Credit Guarantee Corporation of India Ltd helps the exporters in various ways. Some of their core functions include:
? ? ? ? ? ?
Offering insurance protection to exporters against payment risks Making it easy to obtain export finance from banks/financial institutions Providing information on credit-worthiness of overseas buyers Assisting exporters in recovering bad debts Offering assistance in export-related actions Making information available on different countries with its own credit ratings. ECGC classifies countries under seven broad categories depending on their political and financial stability.
Services offered: The various services and products are as follows: ? Credit insuarance policies – SCR, Small Exporters policy, Specific shipment policy, Export policy , Export Turnover, Buyer exposure policy, Consignment Exports policy, Services policy, Software projects policy , IT enables services policy,Construction work policy, Specific policy for supply contracts, Insurance cover for buyers credit and line of credit. ? ? ? Full Fledged Factoring Export insurance cover to banks Special schemes like – Transfer gurantee, Overseas investment gurantee, Exchange fluctuation risk cover, NIEA
Recent developments: ? ? ECGC introduced a policy for SMEs on 4th July 2008. This policy is exclusively developed for SMEs engaged in manufacturing activities. The demand for ECGC insurance is increasing of late. In Q1 FY 2010, many private sector corporations like Jet Airways, Hyundai Motors Ltd and Wipro Infotech approached the Export Credit Guarantee Corporation of India Ltd (ECGC) for cover against crossborder receivables.
?
The claims payout is expected to rise by around 17% in FY 2010, however ECGC does not plan to increase the premium. The country rating will also remain the same, this move has been taken to save the already sick Industry from the burden of increased insurance cover.
?
In 2007, ECGC set up a separate fund called the national export insurance account (NEIA) with a paid up capital of Rs800 crore and an authorised capital Rs1,000 crore. ECGC has set up a corpus of Rs2,000 crore for the same. For some projects ECGC is unable to provide risk cover due to reasons like an extended payment period, political and economic situations prevailing in that country, inordinately large-value contracts, etc. But as such projects have to be insured in national interest, for this the government decided to set up NEIA to provide insurance covers to Indian exporters.
Sources:
https://www.ecgc.in/Portal/index.aspx http://en.wikipedia.org/wiki/Export_Credit_Guarantee_Corporation_of_India https://www.ecgc.in/Portal/pdf/Features%20of%20Small%20and%20Medium%20Exporters %20Policy5.pdf http://www.thehindubusinessline.com/2009/05/18/stories/2009051850960200.htm http://www.thehindubusinessline.com/2009/05/28/stories/2009052851830600.htm http://www.andhranews.net/india/2007/January/20-SME-Benefit.asp http://www.domainb.com/companies/companies_e/export_credit_guarantee_corporation/20060807_turns.html
http://www.domainb.com/companies/companies_e/export_credit_guarantee_corporation/20070407_principle_cover.html
http://business.mapsofindia.com/insurance/export-credit-guarantee-corporation-of-indialtd.html
doc_684736309.docx