Canbank Factors Limited, an Indian factoring company, has released its 11th annual report for the year ended 31 March 2002. The company enjoyed a 13.7% increase in profit, less depreciation, to 12,24,85,266 Rupees compared with 10,77,24,485 Rupees for the year ended 31 March 2001.
R V Shastri, chairman of Canbank factors, in his statement said “Despite the industrial slowdown, which was witnessed globally and also in India during the year under review, the Factoring business grew reasonably well and the market share of the Company is around 55%.
“The concept of factoring is gaining acceptance among the trade and industry as a preferred alternative for post sale finance, as it provides flexibility in operations/approach and quick decision making.”
