Incorporated on 3 Aug.'90, Peerless Abasan Finance was promoted by the Peerless General Finance & Investment Company. The company provides long-term housing finance primarily to individuals and property developers. The company also raises deposits from the public through its various deposit schemes. Apart from the head office in Calcutta, the company, at present, has branch offices in Bombay, Delhi, Madras, Guwahati and Jallandhar. Since the company has been classified as a housing finance company by the National Housing Bank (NHB), it enjoys special tax benefits. Besides, as an approved body, the company is also eligible for re-finance from the NHB. The cumulative loan sanction increased by more than 100% to Rs 18.23 cr as on 31 Mar.'95 from Rs 9.08 cr in the previous year. Housing loan disbursed also increased 153% to Rs 13.30 cr from Rs 5.21 cr during the same period. In Nov.'93, the company came out with a public issue to augment its long-term resources and also to strengthen its capital base. The company has adopted aggressive marketing of its housing loan schemes. It has decided to disburse the major portion of its loans to city-based real estate developers. With increased emphasis on housing development all over the country, the company is highly optimistic about the future. In October, 1996 the company was awarded "CARE A-(FD)" which signifies deposit schemes as upper medium grade instruments with many favourable investment attributes. During 1997-98, due to sluggish economic conditions and narrowing margin on its core activity impeded significant overall growth. As a result, the total operating income declined to Rs. 709.83 lakh during the year from Rs. 775.73 lakh for the previous year. The Capital Adequacy Ratio as on 31st March 2001 was 40.46% as agianst the RBI stipulated minimum requirement of 10%.