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during the financial year 2017-18.During the year the Corporation has been able to sustain its growth by registering profit for 12th consecutive year in the face of increased competition in the financial sector and reduction of lending rates by the Corporation due to slashing down of the same by most of the major public sector commercial banks.

The performance highlights of the Corporation are enumerated below for the information of the shareholders:

* The total loan sanction amounted to 2287.75 lakhs and total loan disbursement amounted to 2095.90 lakhs from 1740.00 lakhs & 1606.70 lakhs in the previous year registering growth of 36.18% & 30.45% respectively.
* Total recovery of loan increased to 2532.49 lakhs from 2149.40 lakhs in the previous year registering a growth of 17.82%.
* The total income of the Corporation recorded at 1153.59 lakhs and the performance of the Corporation has been reflected by our profit recorded consecutively for twelfth year.
* The Corporation has been able to earn a nominal profit of 13.20 lakhs during the financial year 2017-18 notwithstanding declined performance exhibited by most of the financial institutions during the period.
* In micro finance sector, after successful implementation of the prestigious 'Chief Minister's Micro Finance Scheme a new scheme called ' Kanaklata Micro Finance Scheme' has been implemented to encourage the women entrepreneurs in the rural as well as semi urban and urban areas of Assam to set up their own enterprises for livelihood support of their families and contribute towards the socio-economic development of the state and the scheme has got tremendous response from the beneficiaries. The micro finance loan sanctioned amounted to 1145.00 lakhs as against the disbursement of 1068.50 lakhs during the year. The Corporation has sanctioned and disbursed total loan of 4012.26 lakhs & 3192.26 lakhs respectively in micro finance sector and provided livelihood support to more than 30000 beneficiaries so far.

Increase in sanction and disbursement and vigorous and continuous effort put on recovery from bad loans during FY 2017-18 have attributed to reduction of Gross NPA level to 25.56% as on 31-03-2018 from 27.97% as on 31.03.2017. However, the Net NPA level has increased to 10.38 % as on 31.03.2018 from 8.81% as on 31.03.2017 due to the reason that then the assets under Sub Standard category has gone up marginally. It has been the primary concern of the Corporation to maintain asset quality and accordingly the Corporation by virtue of extension of its OTS policy boosted up loan recovery from NPA accounts over and above normal course of recovery. However, the increase in accumulated loss due to prior period adjustments and past liability have led to marginal dip in the Net Worth and Capital Adequacy Ratio. The Net worth and the CAR stood at 2943.71 lakhs and 53.16% as on 31-03-2018 against 3071.34 lakhs and 59.25% respectively as on 31.03.2017.

The Corporation, in its endeavour to launch new schemes, has made a plan to introduce two special schemes called 'Start up Assam' Scheme and 'Women Entrepreneur Scheme' from the FY:2018-19 to supplement its growth strategy. These two schemes will have some unique features like low Debt Equity Ratio, low rate of interest, low processing fees, no collateral security for technically/professionally qualified entrepreneurs etc. The Corporation has submitted a proposal to the Government of Assam for budgetary support to the tune of 50.00 cr for implementation of' Start up Assam' scheme and we are hopeful that the GoA shall provide the fund for implementation of the scheme from FY:2018-19.

We plan to achieve the goals of our organization through our strength - the Employees and seek their continuous involvement in achieving our objectives. The organization is also committed to its shareholders by way of maximizing the wealth through sustained growth under the overall ambit of the spirit of a Public-Sector Enterprises, to optimally balance the commercial objectives and the goals of social service to the state and nation at large.

I therefore seek continued patronage of our valued customers, cooperation of our employees and thank our all stake holders and well-wishers who have contributed for the betterment of the organization.

It is said that if we don't change with time, time will change us. Especially in the context of what we are witnessing in the financial sector, we believe that we must embrace the change quickly and whole heartedly to remain as good market player in the domain.

The Corporation has been receiving support and guidance from all quarters in general and Government of Assam and SIDBI in particular, and hope that it would be continued in the years to come to enable us to achieve our goals and objectives.

Dated 30th July, 2018
( Debeswar Malakar, lAS)

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