The institution, which has six branches, recorded a turnover of Rs 468 crore during the year.

The company's paid-up capital stands at Rs 20 crore and its reserves at Rs 11.42 crore, as in March 1998. The company's non-performing assets' level is negligible.

The company, which is promoted by Canara Bank, Sidbi and Andhra Bank, has been marketing the nascent concept of factoring and has already grossed a turnover of around Rs 2,500 crore since 1991.

CBF is a non-banking finance company governed by the Reserve Bank of India rules/guidelines from time to time and is also engaged in leasing in a limited way.

It has plans to enlarge its network of branches to other premier metro cities in northern and eastern zones of India to introduce certain other variants of factoring on an experimental basis and also to enter into the export factoring arena.

The company has been awarded an MAA rating by Icra, indicating high safety for its fixed deposit programme and an A+ indicating highest safety for their commercial paper programme.