AFC records over Rs six crore profit; ISO certification soon

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Guwahati, Jul 25 (UNI) The Assam Financial Corporation (AFC) today announced a record net profit of 6.05 crore for FY 2007-08 with the organisation expecting ISO 9001:2000 certification during the current fiscal.

The AFC had witnessed a reversal of fortune in 2006-07 after 14 consecutive years of incurring losses.

From a profit of Rs 0.041 crore in 2006-07, it had jacked up to Rs 6.05 crore after tax in 2007-08, Mr Abhijit Barooah, AFC Chairman informed at a press conference after the Annual General Meeting held earlier in the day. Managing Director G D Tripaty was also present in the press conference, where the Corporation's revival was highlighted.

The net worth of the AFC rose to Rs 10.30 crore, an increase of 155 per cent from the previous year, after witnessing years of negative trend.

The sanction of loan, which was earlier stopped altogether, showed an increase of 23 per cent last fiscal with loan sanction rising from Rs 4.42 crore to 49 units in 2006-07 to Rs 5.46 crore to 58 units in 2007-08.

On the other hand, the Corporation continued with its loan recovery drive and collected Rs 8.41 crore last year, while at the same time, it repaid its entire liability of Rs 9.17 crore to SIDBI.

The liability of Rs 3.29 crore to IDBI was paid in the previous year with the entire amount paid through internal generation of fund.

Elaborating on the future plans of the AFC, Mr Barooah informed that an ambitious plan of lending Rs 700 crore in the next five years to small and medium scale units in Northeast had been drawn up. The AFC would venture into micro finance in a big way, Mr Barooah said adding the Assam Government's grants to the Corporation had helped a lot.

To give relief to sick units and revive closed ones, the AFC had also formulated a ''One Time Settlement Scheme 2007'', the AFC Chairman said.

On the ISO 9001:2000 certification, he said the National Productivity Council had been appointed a consultant for the job and work was at an advanced stage.


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