On 16 April 2002 the shareholders of Global Trade Finance Private Limited (GTF) at its first AGM approved the accounts of the company for its first operating period ended 31 March 2002.
GTF, a joint venture of Westdeutsche Landesbank Girozentrale (WestLB) of Germany, Export-Import Bank of India (Exim Bank) was incorporated in March 2001. IFC (Washington) is the third shareholder in the company.
GTF commenced commercial operations in September 2001. During the period, the company had a turnover of debts factored of Rs.636m on which it made an operating profit of Rs.2.12m after providing depreciation amounting to Rs.2.79m. but before writing off preliminary expenses (Rs.3.20m) and pre-operative expenses (Rs.4.11m). After debiting the preliminary and pre-operative expenses, it resulted into a loss of Rs.5.25m.
