RISK MANAGEMENT IN MICROFINACE INSTITUITION

A dissertation submitted in partial fulfilment of the

requirements for the award of the degree of

MASTER OF BUSINESS ADMINISTRATION

By
SIRIPURAPU DEEPTHI
Register No 1120243

Under the guidance of

DR ANIRBAN GHATAK

Institute of Management
Christ University, Bangalore
March 2013

DECLARATION

I, Siripurapu Deepthi, do hereby declare that the dissertation entitled Risk Management In
Microfinance Institutions. has been undertaken by me for the award of the degree of Master
of Business Administration. I have completed this study under the guidance of Prof. Anand
Aivalli, Associate Professor, Institute of Management, Christ University, Bangalore.
I also declare that this dissertation has not been submitted for the award of any degree,
diploma, associateship or fellowship or any other title in this University or any other
university.

Place: Bangalore

(Name

&

Signature

of

Candidate)
Date:

Siripurapu Deepthi
Register No 1120243

ii

the

CERTIFICATE

This is to certify that the dissertation submitted by Miss Siripurapuu Deepthi on the title
Risk Management In Microfinance Institutions is a record of research work done by him
during the academic year 2012 13 under my guidance and supervision in partial fulfillment
of degree of Master of Business Administration. This dissertation has not been submitted for
the award of any degree, diploma, associateship or fellowship or any other title in this
University or any other university.

Place: Bangalore

(Name & Signature of the guide)

Date:

Dr Anirban Ghatak

iii

ACKNOWLEDGEMENTS

I am indebted to many people who helped me accomplish this dissertation successfully.

First, I thank the Vice Chancellor Dr Fr Thomas C Matthew of Christ University for giving me the
opportunity to do my research.
I thank Prof. Ghadially Zoher, Associate Dean, Fr Thomas T V, Director, Prof. C K T
Chandrasekhara, Head-Administration, Dr S Jeevananda, Coordinator, Kengeri Campus and Prof T S
Ramachandran, Head-Finance of Christ University Institute of Management for their kind support.
I thank Dr Anirban Ghatak, for his support and guidance during the course of my research. I
remember him with much gratitude for his patience and motivation, but for which I could not have
submitted this work.
I thank my parents for their blessings and constant support, without which this dissertation would not
have seen the light of day.

Siripurapu Deepthi
Register No: 1120243

iv

ABSTRACT:
Inherently there is a high risk with the MFI segment. The small, medium and even larger
MFI find it difficult to manage risk or predict the outcome of credit transactions. In Indian
one can find various types of models with in micro financing, such as NGOs, NBFIs, Rural
Banking, Credit Union, these legal entities have different credit risk based on their business
focus, hence it becomes difficult for them, to be able to predict the credit risk that will be
involved. In this dissertation, I have tried to build a estimation model which can be used by
Micro financing institution in India. This model will project the credit risk based on
parameter such as operational self-sufficiency, operational efficiency, write offs, liquidity,
type of micro financing institution.
Apart from that, I have tried to analyze the level of credit risk management of NBFIs in
Bangalore and Hyderabad. And found that all NBFIs have almost the same kind of credit
management in place apart from some exceptional NFBIs, which have concentrated on
management quality along with the MIS in place, good reporting standards, good loan
portfolio management and etc.

TABLE OF CONTENTS
Declaration

ii

Certificate

iii

Acknowledgement

iv

Abstract

Table of Contents

vi

List of Tables

vii

List of Charts

viii

Abbreviations

viii

CHAPTER I
INTRODUCTION
1.1

BACKGROUND OF THE STUDY

1.2

PHASES OF MICROFINANCE

1.3

PROBLEM STATEMENT

1.4

NEED FOR THE STUDY

1.5

PURPOSE OF THE STUDY

CHAPTER II
LITERATURE REVIEW
2.1

INTRODUCTION

2.2

MAJOR RISKS IN MICROFINANCE

2.3

HOW THE REVIEW HAVE BEEN CONDUCTED

10

2.4

STUDIES DONE IN THIS AREA

10

2.5

CONCLUSIONS

45

vi

CHAPTER III
RESEARCH METHODOLOGY
3.1

INTRODUCTION

46

3.2

STATEMENT OF THE PROBLEM

46

3.3

THE MODEL

46

3.3.1

SAMPLING METHOD

50

3.3.2

DATA COLLECTION

50

THE REGRESSION MODEL

50

3.4.1

THE VARIABLES

50

3.4.2

HYPOTHESIS

50

3.4.3

REGRESSION MODEL

52

3.4

CHAPTER IV
INDUSTRY OVERVIEW
4.1

MICROFINANCE INDUSTRY

53

CHAPTER V
DATA ANALYSIS AND INTERPRETATION
5.1

INTRODUCTION

55

5.2

MORGAN STANLEY CREDIT RISK ASSESSMENT

55

5.2.1

THE MODEL

55

5.2.2

ANALYSIS OF PRIMARY DATA

59

5.2.2.1 RESPONDENTS PROFILE

59

5.2.2.2 DATA CONSOLIDATION AND ANALYSIS

59

5.2.2.3 THE CRONBACH'S ALPHA TEST

62

ANALYSIS OF SECONDARY DATA

63

5.2.3

vii

5.2.3.1 CONSOLIDATION OF PRIMARY AND

SECONDARY DATA

65

5.2.3.2 INTERPRETATION OF DESCRIPTIVE AND

CORRELATION TABLES

5.3

71

ESTIMATION METHODOLOGY

73

5.3.1

THE ESTIMATION METHODOLOGY

73

5.3.2

ANALYSIS OF THE CORRELATION MATRIX

77

5.3.3

THE RANDOM EFFECT MODEL

77

5.3.3.1 HYPOTHESIS

78

5.3.3.2 DATA ANALYSIS

83

5.3.3.3 THE RANDOM EFFECT MODEL

BUILT BY ESTIMATION METHODOLOGY

84

CHAPTER VI
FINDINGS, SUGGESTIONS AND CONCLUSION
6.1

INTRODUCTION

85

6.2

DISCUSSION OF THE FINDINGS

85

6.3

CONCLUSIONS

85

6.4

SUGGESTIONS

86

6.5

SCOPE FOR FURTHER RESEARCH

86

BIBLIOGRAPHY

87

ANNEXURES

90

viii

LIST OF TABLES
Table 1.1

Phases of microfinance

Table 1.2

Risk categories

Table 2.1

Major risks to microfinance institutions

Table 2.2

Classification of the microfinance industry

10

Table 2.3

Morgan Stanley credit assessment model

13

Table 2.4

Ratings of microfinance institutions

17

Table 2.5

Camel's indicators

24

Table 2.6

Operational features of different MFI models in India

36

Table 2.7

Cost Benefits Of Option 1 and Option 2

38

Table 2.8

Business Model For The Banks

39

Table 3.1

Morgan Stanley credit assessment model

46

Table 5.1

Morgan Stanley credit assessment model

55

Table 5.2

consolidated view of grades given to qualitative parameters

60

Table 5.3

The Cronbach's Alpha Test

62

Table 5.4

consolidated view of grades given to quantitative parameters

64

Table 5.5

Morgan Stanley Credit Risk Assessment

65

Table 5.6

Final grades given obtained from the

65

Morgan Stanley credit risk Assessment

Table 5.7

Descriptive of the Independent And Dependent Variable

67

Used to Determine The Morgan Stanley Credit Risk Assessment

Table 5.8

Pearson Correlation between the parameter used in

Morgan Stanley credit risk assessment

Table 5.9

69

Descriptive of the Independent And

Dependent Variable Used to Determine Estimation Model

ix

74

Table 5.10

Correlation Coefficient Matrix For Estimation Model

75

Table 5.11

Estimates of Fixed Effect

81

Table 5.12

F value and significance of fixed effects for random effect model

82

Table 5.13

Goodness of fit

82

Table 5.14

Covariance Parameters

83

APPENDIX 2

Responses to the Questionnaire

99

APPENDIX 3

Secondary Data for Morgan Stanley Credit Assessment Model

134

APPENDIX 4

Data For Random Effect Model

171

CHAPTER 1

INTRODUCTION

1.1 BACKGROUND OF THE STUDY :

According to Fanie Jansen Van Vuuren in Risk management for microfinance institutions in
South Africa, Risk is the probability that a decision will lead to a different outcome from the
one which is thought, due to the fact that the decisions are made under uncertainty with
imperfect information.
(Vijender, 2012)Small-scale financial services primarily credit and savings, provided to
people who farm, fish or herd and adds that it refers to all types of financial services provided
to low-income households and enterprises.
(Davis, 2006). Extension of small loans to entrepreneurs too poor to qualify for traditional
bank loans.
The Reserve Bank of India defines, microfinance is provision of thrift, credit and other
financial services and products of very small amount to the poor in rural, semi-urban and
urban areas for enabling them to raise their income levels and improve living standards.
(khan) The practice of microfinance is not new and has probably been around for as long as
currency itself has. Informal credit and savings services probably formed around social
groups where the members got together to help one another as a community. Savings and
credit groups that have operated for centuries include the "susus" of Ghana, "chit funds" in
India, "tandas" in Mexico, "arisan" in Indonesia, "cheetu" in Sri Lanka, "tontines" in West
Africa, and "pasanaku" in Bolivia. One of the major concerns of microfinance is to increase
penetration so as to attain volumes and hence increase the number of people who can benefit.
Increasing penetration would raise the income levels of the people and hence improving the
living standards of people.
The interesting aspect of formal financial system is that, they can provide microcredit at low
interest rates and easy periodical installments, but this kind of facility is not available in
formal financial system. Microfinance operates mostly in an informal system since there
exist complex legal and operational procedures (such as collateral for microcredit, being able
to fulfill committee norms for working capital loans etc.). The problem gets complicated

when poor people apply for loans, since the poor people cannot inform the formal financial
system their creditworthiness or their requirement for savings, services, and loans.
Significant movement of microfinance has been seen in India. Most of the leading
practitioners of microfinance activities follow grameen model. Banks lean microcredit
through self-help groups(SHGs) , to local microfinance institutions that have contacts in
small villages, Business correspondence model.
RBI in its 2009-2010 annual report, talks about encouraging business correspondence model
for micro financing. The lead banks were advised to provide banking services through a
banking outlet in every village having a population of over 2,000. The banking services could
be provided through any of the various forms of ICT-based models (such as BCs) and not
necessarily through a brick and mortar branch. And hence the following were observes Out
of the 167 villages identified for transformation into model villages, 160 are unbanked. A
total of 130 BCs/business facilitators (BFs) were appointed covering 111 villages, while ICTbased financial inclusion was initiated in 88 villages by issue of 26,850 smart cards covering
59.6 per cent households in the villages. Of the 88 villages, 33 have achieved 100 per cent
BC-ICT based financial inclusion.
What services are provided by the micro financing in India?
Typically MFIs in India provide services such as- savings, credit and insurance.
The loans provided by the MFIs serve low income population in various ways: (comparison
of performance of microfinance institutions with commercial banks in India- prof zohra bi,
shyam lal dev pandey)
a) Loans for working capital
b) Alternatives the loans provided by money lenders
The major components of microfinance are
a) Deposits
b) Loans
c) Payment services

d) Money transfer
e) Insurance to the poor
From the reports submitted by RBI, sub-committee of central broad of directors of RBI who
were studying on the issues and concerns of MFI sector pointed out the following points
a) Out of the total loans outstanding of 45600 crores, under the Micro Financing sector at
the end out March 2010 , MFI segment accounted for about Ra 18344crores i.e. 40
percent. Also the incremental growth of advances is high
b) Hence there is a setback between SHG-bank linkage segment
c) The committee pointed out that the apart from interest rate, other incidental charges such
as processing free, interest free security deposits have hiked the effective interest rate
d) For larger MFI effective rates of interest calculated on the mean outstanding portfolio
during 2009-2010 and has ranges between 31 percent to 51 percent with an average of 35
percent. For smaller MFI the average interest rate was about 29 percent. The main
e) Problem identified was multiple lending, over financing and ghost borrowers. The
presence of ring leaders who acted as intermediaries between the MFI and the potential
customers.
f) The committee also noticed coercive methods of recovery of MFI , lack of grace period.
g) The committee pointed out that for larger MFIs the overhead costs as a percentage of
outstanding was higher that of smaller MFIs, hence smaller the MFI the efficient is the
operation.
h) Only 25% of the credit was used for income generating activities
Suggestions from the committee:
a) A new regulation act for NBFC-MFI
b) The minimum capital requirement of the NBFC- MFI should be enhanced from Rs 2
crores to Rs.15crores.

1.2 PHASES OF MICROFINANCE :

Table 1.1: Phases of microfinance
Phases
First

Year

Features

Phase: 1960-1990

1) Nationalization

of

commercial

banks.

Fourteen commercial banks were nationalized

Social Banking

in 1969 and 8 commercialized banks were

nationalized in 980
2) Lead bank scheme was initiated with district
credit plans
3) Expansion of the network of rural banking.
RRBs were set up in 1976. NABARD was
formed in 1982. Cooperative banking was
structured

and

developed.

SIDBI

was

established
4) Extension disbursement of subsidized credits
Second

Phase: 1990-2000

1) NGO-based FIs were developed to provide

Financial

Microfinance products and services on not for

Systems

profit basis
2) SHG-bank linkage programme was initiated

Approach

and rapidly replicated

3) Innovative credit lending mechanisms based
on peer pressure and moral collateral
were developed.
Third

Phase: 2000 onwards

1) Microfinance

is

seen

as

business

Financial

proposition and has been commercialized

Inclusion

2) Development of for profit MFIs like Non

banking finance companies(NBFCs) and non
banking financial institutions

3) NGO-MFIs are been legitimized

4) Customers-

centric/

client

centric

microfinance products and services are given

importance
5) Policy regulations are increased
Source: Understanding Microfinance ,Debadutta K Panda.
Microfinancing is inherently a high risk business when compared to commercial bank(wright
and Haynes) and the agendas of a commercial bank are not aligned with the funding the poor.
Hence the with the risk return tradeoffs, higher the risk higher the return, the loans in a
microfinance are usually have interest rates ranging from 15%-48%( now regulated by RBI
with a cap of 24% effect from april 1st 2012).
According to managing risk and creating value with microfinance,mike Goldberg and
eric palladini risks in microfinance can be categorized at follows
Table 1.2: Risk categories
Risk category

Subcategories

Specific risks

Financial risk

Credit

Loan portfolio(internal)
Interest rate (internal/external)
Loan

enforcement

practices(internal)
Loan

rescheduling

refinancing practices
Market

Prices(external)
Markets(external)
Exchange

and

rate(currency)(external)
Value chain(external)
Liquidity

Cash

flow

management

issues(internal)
Operational Risk

Transaction( internal)
Fraud and integrity(internal)

Branch level authority limits on

lending

Technological (internal)

Information technology

Human resource(internal)

Staff

training,

operational

manuals
Legal and compliance(internal)

Operational

audits,

financial

audits

Strategic risks

Environment (external)

Specific environmental impacts

Performance(internal)

Generating profits and returns

on assets and on equity to attract
investors

External business(external)

New financial sector laws

Reputational(external)

Competitive pressures(existing,
new actors)

Governance (internal)

Changes

in

regulatory

practices(licensing and reporting

requirements)(external)
Lack of board consistency and
direction(internal)

Country (external)

Relationships with donors and

government programs(eternal)

Producer risks

Experience
Technology
Management ability

Source : understanding microfinance, debadutta panda

According to understanding microfinance- debadutta k panda, Risks in indian context can
be classified as
1) Functional risks
2) Financial risks
3) External risks.
In the following research we have mainly focused on the credit risk of the microfinance
industry and building a quantitative model in order forecast the credit risk based on some
independent predictable variables.

1.3 PROBLEM STATEMENT:

a) There Is No Proper Credit Grading System For An MFI.
b) There is no forecasting tool for credit risk measurement

1.4 NEED FOR THE STUDY:

The need for the study was that, there has been no study like Morgan Stanley credit risk
management or quantitative modeling on the microfinance sector of India. Lately RBI has
been pushing financial inclusion reforms onto the cooperate banks which are going to learn
the microfinance fundamentals from the existing MFIs.

1.5 PURPOSE OF THE STUDY:

The purpose of the study is to assess the credit risk management structure of an MFI based
on parameters mentioned in chapter 3 also quantify and project the credit risk using a
quantitative model.
Inherently there is a high risk with the MFI segment. The small, medium and even larger
MFI find it difficult to manage risk or predict the outcome of credit transactions.
The probable reason could be due to the fact that the customer base is volatile or
intermediaries between the MFI and the customers who hide the customer details or lack of
risk management tools.

CHAPTER 2

LITERATURE REVIEW

2.1 INTRODUCTION
By the risk management framework for micro financing institutes published by microfinance
network,
The document focuses on helping senior managers and directors of MFIs design a
comprehensive and systematic approach for identifying, anticipating and responding to the
major risks faced by the MFIs. This document identifies that risk management is an essential
element of long term success and hence for financial institutions, to effectively management
risk they have to keep the following points in mind.
a) They have to have systematic approach to evaluate and measure risk so as to identify
the risk in the early stage and hence fix it.
b) A good risk management framework allows management to quantify the risk and fine
tune to the capital allocation and liquidity needs to match the on and off balance sheet
risks faced by the institutions and to evaluate the impact of potential shocks to
financial system or institution.
c) Having a good information on potential consequences for both positive and negative.
There has been a significant increase in the emphasis on risk management, hence the bank
managers and regulators are able to better anticipate risks, than just to react to them.
Therefore to foster stronger financial institutions the revised camels approach among US
regulators emphasizes the quality of internal systems to identify and address potential
problems quickly.
For MFIs proper internal risk management yields to practices designed to limit risk associate
with individual product lines and systematic, quantitative methods to identify, monitor and
control aggregate risks across financial institutions.
MFIs have been growing and serving large base of customers and also attract more
mainstream investment capital and funds, hence they have to strengthen their internal
capacity to identify and anticipate potential risks to avoid unexpected losses and surprises.
Creating a risk management framework and culture with in an MFI in the next step after
mastering the fundamental of individual risks, such as credit risk, treasury risk, and liquidity

risk. A risk management framework is a guide for MFI managers to design an integrated and
comprehensive risk management system that helps them focus on most important risks in an
effective and efficient manner. Hence according to the paper risk management framework is
a consciously designed system to protect the organization from undesirable surprised
(downside risks) and enable it to the advantage of opportunities (upside risks).

2.2 THE MAJOR RISKS TO MICROFINANCE INSTITUTIONS:

Many risks are common to all financial institutions, from banks to unregulated MFIs, these
include credit risk, liquidity risk, market or pricing risk, operational risk, compliance and
legal risk and strategic risk.
Hence most risks can be classified as
a) Financial risks
b) Operational risks
c) Strategic risks.
Table 2.1: Major risks to microfinance institutions
FINANCIAL RISKS

OPERATIONAL RISKS

STRATEGIC RISKS

Credit Risk
Transaction Risk
Portfolio Risk
Liquidity Risk
Market Risk
Interest Rate Risk

Transaction Risk
Human Resource Risk
Information And Technology
Risk

Governance Risk
Ineffective Oversight
Poor Governance Structure
Reputation Risk

Fraud Risk
Legal And Compliance

Foreign Exchange Risk

External Business Risk

Event Risk

Investment Portfolio Risk

Hence considering one risk at a time for literature review, we would get a better idea on
various aspects of risk management

2.3 HOW THE REVIEW HAS BEEN CONDUCTED:

The review has been conducted by looking up in different journals and data
bases of universities which have published relevant models to detect the credit
risk and other risks such as operational risk, market risk , foreign risk and then
they have been reporting in this dissertation.
2.4 STUDIES DONE IN THIS AREA:
(vurren, 2011) The main objective of this study was to combine and analyses different risks
in the microfinance environment in order to create a framework which can assist in the
effective management of these risks.Find out the optimal risk balance.The effective
management of risk in the microfinance environment.Prediction of the outcome of
microfinance credit transactions .The average profile of a microfinance client in south Africa.
The research was empirical based on primary and secondary data. The data was collected
through questionnaires combined with qualitative data analysis procedures.it is a cross
sectional study of a particular phenomenon at a particular time. The study was based on
small medium and large companies in the microfinance industry of south Africa. Post the
implementation of national credit act in June 2007.
Table 2.2: Classification of the microfinance industry
size

Characteristics

Small

<R5 million in turnover- between one and 10 branches

Medium

<R250 million in turnover between 10 and 100 branches

Large

>R250 million in turnover listed entities

10

The target population has been divided into 4 categories The first category is unlisted entities
with less than 10 branches. The second category is unlisted entities with more than 10
branches The third entity is with banking license .The fourth category includes the
microfinance division of some of the traditional banks. According to the category the
questionnaires were designed. Data analysis was done through pie charts and bar charts and
then analysed. The following were the findings of the author. Five risk tools where to be
analyzed and the respondents gave credit granting policy and customer affordability
calculations the highest priority followed by internal controls, debt controls, debt
collecting, staff training creating loyalty and integrity, credit scoring models. The risks
that can be involved in non-bank microfinance institutions in south Africa where analyzed
and the respondents answered internal and external fraud, bad debts, customer migration
to competitors or the commercial banks regulation of the industry and lack of affordable
funding. How well the risk tools used in banks can be applied to the micro financing
industry. Most effective way to lower the overall microfinance risk in south Africa. And the
respondents answered conservative credit granting policy, improved internal controls,
better loan management system, better educated staff , better collecting on arrears
clients. The biggest predictors of non-payment of new client in microfinance institution in
south Africa are disposable income number of loans judgments employment
industry credit enquiries gender, age, race. The biggest contributor to minimize
credit risk in a microfinance institution in south Africa is accurate affordability calculation,
shorter term loans instead of longer ones , the use of a credit score model, small loan
amounts, the analysis of credit bureau information. The most efficient way to optimize client
service in a microfinance institution in south Africa, and the most efficient way to reduce risk
in microfinance institutions in south Africa are real time loan management system,
decentralized credit decisions, cash disbursements to clients, a call center function,
centralized credit decision. The items on which MFI would spend the most in a financial
year could be staff training, internal audit, independent review on the loan management
system, rewards for fraud tip offs The biggest misperception in south Africa regarding
microfinance institutions. Are MFI were no affected negatively by the national credit act,
MFIs dont relieve poverty in SA, MFI in SA dont realy compete with the 4 major banks,
MFI in SA is an extremely high risk industry. The most efficient options to pro- actively

11

manage risk in a microfinance institution in SA are a credit scoring model, build customer
relationship with shorter products, extensive training for new staff, to only disburse 30 day
loans. The best predictors of on time payment of clients are correct affordability calculations
, a shorter term loan, work reference, a credit score model, a proper and signed credit
agreement. The findings from client information of 3000 microfinance clients in south
Africa: A good client means not in arrears for more than 2 installments And a bad client
means some on who is in arrears for more than 2 installments. The following table was
constructed for 2009 and 2010 year
In the paper the author identifies through literature review, identifies various ways to identify
the risks related to MFI, ie. The debt equity ratio( gearing risks), interest cover, liquidity risk,
market risk(beta) company specific risk, growth, management team, industry comparative
performance, theft and fraud and the non-performance of loans.
Then he identifies the relation between the business and credit risk. According to the author,
to lower the risk of loans not performing the emphasis should be on quality loans and a risk
portfolio not exceeding 5%. The quality of a loan is determined by the probability that the
credit decision is right. Hence usually the following are the ways for a proper credit decision.
Rationing credit ,Requiring collateral ,Screening applicants, Monitoring borrowers, Credit
scoring In this paper he takes up screening of applicants and monitoring borrowers. By
effectively managing the risk in the industry, south Africa has a good market where in
business models can be sustainable. By being able to service the poor through credit lending
it is creating opportunities to help build the economy. A combination of risk tools need to be
applied effectively in order to reduce material risks, predict good customer and also real time
loan management system with integrated credit scoring models, accurate affordability
calculation combined with well trained staff forms the basis of risk management . even
though there was a thorough examination of the MFI industry, the author did not look into
each risk and tools that need to be used to mitigate the risk.
(Ayayi, 2012) Credit risk assessment in the microfinance industry: an application to a
selected group of Vietnamese microfinance institutions and an extension to east Asian pacific
microfinance institutions. The objective of this is to access credit risk in order to determine
internal global scale rating for Vietnamese MFI. Particular attention is paid to conventional
12

and special credit evaluation metrics due to the unique institutional arrangement of MFIs and
the socioeconomic environment in which they operate. Also this research is to provide an
analysis to the Vietnamese MFI so that the donors and investors try making decisions with
respect to providing .The other important aspect of this paper is to help the MFI management
teams to evaluate their institutions performance and hence identify and correct the
weakness.To achieve the objective, the author has used to Morgan Stanley approach to
assessing credit risk in the microfinance industry. The approach was supplemented with his
numerical grading system, and hence converted the quantitative and qualitative risk factors
on the same schedule hence providing a comparative analysis of the MFIs understudy.He
used Morgan Stanley approach since, it was tailor made for to institutions that are providing
microfinance products. Whose business model mainly revolved around providing microloans as financing or micro-entrepreneurs, It addressed the challenges faced by microfinance
industry such as country risk, data availability and minimal default history among FI. It
draws up a methodology of rating the major pioneers in micro financing industry.Morgan
Stanley credit analysis indicators are tabulated as below.

RATING
FACTOR
Loan portfolio

Table 2.3 : Morgan Stanley credit assessment model

INDICATOR DEFINITIONS
GRADES
A1: portfolio at risk=( outstanding <3;<6;<9;<12;<15; above 15
loans with arrears over 30 days+
rescheduled or restructured loans)/
total gross loan portfolio
A2: write offs=total write offs <2;<3.5;<5;<7;<10; above 10
over

the

last

months/average

12
gross

lolan portfolio
A3: size of portfolio=gross loan >300M;>350M;>100M;>50M;
portfolio

>10>;<10M

A4: loan loss reserves= loan >85;>75;>65;>60;>55;

reserves/PAR30

55

13

below

Profitability,

B1:Sustainability=

operating >120;>115;>110;>100;>90;belo

sustainability,

income/(financial expenses+loan w 90

operating

loss

efficiency

offs+operating expenses)

provisions+write

B2: ROAA=net income/average >3;>2;>1;>0;>-2;below -2

assets
B3: operating efficiency= total <20;<25;<30;<40;<50;

above

operating expenses/average gross 50

loan portfolio
B4:

productivity=

number

of >200;>190;>170;>145;>130

borrowers/total head count

Asset

and C1:

leverage=

below 130
total <5x;<6x;<7x;<8x;<9x;

Liability

liabilities/(networth+subordinate

management

debt)
C2:

exposure

to

above

9x

foreign <15;<20;<35;<50;<65;

above

currency=(financial debt in non- 65

hedged

foreign

currency)/total

financial debt
C3: liquidity= (cash+short term >15;>12;>9;>6;>3 below 3
inverment)/(gross loan portfolio)
Management

D1: quality of senior management

and strategy

and board
D2: strategy and business plan
( including competitive landscape)
D3: quality and support from
shareholders and network
D4: HR management

Systems
reporting

and E1:

quality

of

management

information systems
E2:quality and speed of data feed

14

E3:

quality

of

reports

and

distribution/analysis of reports
Internal

and F1: operational procedures

operational

F2: internal controls

controls
Growth potential

G1: regulatory environment and

government involvement
G2: Number and density of microentrepreneurs
G3:

behavior

of

micro-

entrepreneurs towards microloans

Loan portfolio
I.

Portfolio at risk: PAR30 value below 3% is ranked best by Morgan Stanley. Low
PAR30 value may indicate that the MFI have decided that they dont want the
bad loans in their books, hence they must have written-off any loans that are not
being paid for more than 30 days.

II.

Write-offs: the low values of write offs remove the doubt about the good
portfolios that have been concluded in the PAR30.lower the write offs, better it is
for the ratio according to morgan Stanley rankings. Because write offs of a loan
affects the gross loan portfolio and loan loss reserves.

III.

Size of portfolio: the overall growth of the loan portfolio is MFI is a due to the
increasing rate of expansion of their number of active borrowers.

IV.

Loan loss reserves: the evaluation of MFIs loan loss reserve levels and policies
allows a credit analyst to determine how well an MFI can cope with estimated
loan loss and hence gives one an understanding an MFis level of financial
responsibility. An MFIs loan loss reserves should ideally cover any anticipated
losses. Also an MFI has to satisfy the regulatory standards applied to
provisioning as dictated by its legal status.

15

i)

Profitability, sustainability and operational efficiency: this parameter gives the

idea of the financial viability of the MFI. One has to set minimum expected
levels of profitability and cash flow sustainability, while taking into account
the MFIs ability to leverage its operational platform and flexibility In the
event of deteriorating margins.

I.

Sustainability: this measures the free cash flows, there by reflecting the extent
of an MFIs financial cushion against margin or top line shocks.

II.

ROAA: takes into account taxes and other sources of revenues, including
income earned on cash in the bank there by providing a more measure for
profitability.

III.

Operational efficiency: this indicated the MFIs ability to operate efficiently and
leverage its infrastructure.

a) Econometric analysis: for the econometric analysis the MFI for east asia and pacific
were analyzed and correlation matrix for 118 different MFI with 14 variable was
made and conclusions were drawn. Econometric analysis showed that there was no
statistical difference in terms of risk management among different types of MFI.There
was no significant conclusion made even after the econometric testing, morgan
Stanley approach to credit assessment was used to understand the credit risk of the
MFI, the research gap is even though the econometric analysis was done, It was
compared with few MFI in limited to East Asia and Pacific rather than comparing
with the global players in MFI. It indirectly means the researcher narrowed down his
interests to one particular region.
(GUTHRIE, 2010)Determinants of Credit Ratings of Microfinance Institutions in the
Former Soviet Union.This study primarily seeks to explore two questions. First,
whether ratings respond to individual indicators as the existing literature on both the
traditional financial sector and the microfinance sector predict. This is important to
determine perception of credit risk of microfinance benchmarking it with other
financial institutions. It tries to determine the optimal model for predicting the credit
rating of a MFI given number of independent variable This tries to use the traditional
rating agencies and financial institutions to MFI and specialized rating agencies. Also
it expands little work that has been done on determining contributors to a strong

16

credit rating of MFI and fills a gap in the knowledge regarding the optimal model for
predicting an institutions credit rating.This research is based on the work from
Gutierrez and Serrano.The work from Gutierrez and Serrano finds 5 key components
to credit rating.Size was found to positively impact the credit rating and is consistent
with the research on contributors to ratings of Russian financial institutions.
Profitability and efficiency also were identified as positive contributors to credit
ratings.Increased risk and lower portfolio quality harmed a firms rating. The work
for Gutierrez and Serrano showed that metrics or social performance have no bearings
on ratings of MFI.The rating agencies are primarily concerned with identifying
probability of default, not a firms impact on poverty alleviation or economic
development. This analysis has replicated the model proposed by Gutierrez and
Serrano , to establish the validity of the results for MFI. But the paper also expands
to identify the specific model that best predicts the rating of an MFI.The paper
surveys the rating agencies of the MFIs and identifies the following

Table 2.4: Ratings of microfinance institutions

Ratings ECA
LA
MENA SA

SSAf

%
total

Apoyo and associados 1

0.19

0.57

internacionales S.A.C
Class

and

asociados 3

S.A.
CRISIL

24

21

4.56

Ecuability

.38

Equilibrium

1.52

Feller Rate

0.19

Fitch Ratings

10

10

1.9

.19

JCR-VIS credit rating 1

company LTD
M-CRIL

46

21

8.75

Microfinanza rating Sri

134

61

52

14

25.9

17

MicroRate

131

93

36

24.9

Planet rating SAS

163

23

56

19

57

30.99

S&Ps

0.38

Total

526

90

229

24

45

107

Percent total

100

17

44

20

Planet rating was created in 1999 as a specialized MFI rating agency. It operates in over sixty
countries and is headquarters in Paris, France. Planet rating offer pre-rating assesments,
credit ratings, social ratings and consulting services to help MFIs improve their performance
and management Planet Ratings uses a Proprietary GIRAFFE methodology that assessed
i)

Governance

ii)

Information

iii)

Risk management

iv)

Activities and Services

v)

Financing and Liquidity and

vi)

efficiency and profitability

Represents a modification of the typical CAMELS system for evaluating banks that measures
Capital Adequacy, Asset Management, Management quality, earnings Liquidity and
Sensitivity to market risk. The paper also discusses the ordered probit model methodology
used for credit rating: Using a standard ordinary least square regression was rejected as this
method includes inappropriate assumptions about the underlying parameters. It assumes that
that interval between possible ratings captures differences that are of the same absolute
magnitude. This is equivalent to saying that the risk differential between a AA- rated agency
and a AAA- rated agency is the same as that between a BB and BBB- rated agency. Rating
agencies frequently define levels above which a rating indicates investment quality and
below which an institution or security is non-investment grade The difference between these
categories, therefore, cannot be considered discrete, equally spaced intervals. Credit ratings
are ordinal. Hence the appropriate credit rating analysis tool would be multiple discriminant
analysis. This is an improvement on the ordinary least square method. As it takes into point
18

the ordinal nature of the credit rating and treats each rating as a separate category and
requires more significant assumptions about the distribution of the independent variables.
The coefficients on the parameters will differ in interpretation from thos associated with the
standard ordinary least square method The positive sign indicates a positive impact on the
dependent variable. The magnitude of impact is not a direct linear relationship.
P(yt = 1) = F(c1 xt*),
P(yt = 2) = F(c2 xt*) - F(c1 xt*)
...
P(yt = k - 1) = F(ck-1 xt*) - F(ck-2 xt*)
P(yt = k) = 1 - F(c k-1 xt*)
The function F is cumulative distribution on function of a standard normal random variable.
Parameters are the vector of slop coefficients and the threshold values c.This study has
contributed to the literature on microfinance in a number of ways. Donors and lenders can
also use the results to target specific areas .He attempted to apply the existing research to
some other area, which he was focusing on former soviet union ,using the research from
latin America.
(Muriu, 2011) what explains the low profitability of Microfinance Institutions In Africa? To
find out why MFIs of other regions have positive profits and those operating in sub-Sahara
Africa(SSA) economies continue to post negative profits. Also finds out the determinants of
MFI profitability Find the relation between credit risk, managerial efficiency, capitalization
with profitability. Corruption effect on the profitability. There are few observations in the
paper that the author has made. Even though there is a high loan repayment rates, only few of
the MFIs are profitable. The MFIs in Africa have on an average consistently posted negative
profits compared to other regions. Hence the two goals of the paper are:Identify on the basis
of empirical evidence and in a single static framework, significant determinants of MFIs
profitability.Investigate if the MFIs can maximize profits or whether they are pursuing
additional objective as well. The research was based on determinants of profitability in MFI
sector hence the author has built a model based on the same.MFI industry is characterized by
a different function to that of retail banks of any other profit seeking corporate entity. Hence

19

multivariate regression model was used to for the same. The linear regression model that was
predicted was based on the literature reviews. Hence the determinants are
Size: this variable was used to capture the economies of scale or diseconomies of scale in the
market.
Age: age is introduced in model to capture the learning effects. From the literature review of
the author, older firms have more amount of experience in the same industry hence enjoy
higher profits
Capital assets ratio (CAP): high CAP ratio signifies that the MFI is operating over cautiously
and ignoring profitable investment opportunities. On the contrary the cost of insurance
against bankruptcy can be high for MI with low CAP ratio. The gearing ratio defines the
source of business finance to boost financial performance.
Credit risk: this is another determinant in MFI industry. Poor quality of credit reducs the
profitability of the MFI. Hence the negative relationship between credit risk and the
profitability. This is calculated by taking sum of the level of loans past due 30 days or more
and still accruing interest hence portfolio at risk( PAR30) . write off ratio which is the value
of loans written off during the year as uncollectible as a percentage of average gross portfolio
over the year. Other measure for credit risk is risk coverage(RC) ratio which is measure as
the adjusted impaired loss allowance/PAR30. Loan loss reserve ratio this is measured by
ratio of loan loss reserves to gross loans.
Efficiency: is expenses management should ensure a more effective use of MFIs loanable
resources. Higher ratios of operating expenses to gross loan portfolio imply a less efficient
management. From the literature review we can say that microfinance is a costly business
since it has high transaction cost and information cost. This is measured by operating
expense/average gross loan portfolio and in robustness tests, cost per borrower can be used
The other two proxies , Macroeconomic environment, inflation and real GNI per capita
growth. Dependent variable is ROA or ROE. Efficiency in delivering microfinance is an
important determinant of profitability.A major drawback of the negative profitability in SA
could be due to the fact that the managerial practices have come down due to the increase in

20

technological innovations. Higher spending could be due to the same reasons. the main
research gap is the analysis was based on literature review rather than actually coming up
with original work.
(Venkataraman, 2006)To measure each kind of risk in the Basel II norm through a
comprehensive IT solution. Risk identification, Quantitative risk measurement, Risk
mitigation, Minimum capital allocation. The 3 pillars of Basel II are
a) Pillar I: minimum capital requirement
b) Pillar II: supervisory review process
c) Pillar III: market discipline requirements
Types of risk
a) Credit risk; default by the borrower to repay the borrowings
b) Market risk: volatility of the banks portfolio due to change in market factors
c) Operational risk: risk arising out of banks inefficient internal processes, systems,
people or external events like natural disasters, robbery,etc
Minimum capital allocation for credit risk: Standardized approach: external credit rating
agencies , capital allocation and credit rating are inversely proportional. Internal rating,
Foundation IR approach, Advanced IR approach, In both the methods capital allocated is
based on the following 3 factors ,EAD exposure at default: amount of facility that is likely to
be drawn in default,LGD loss given at default: measure the proportion of lost exposure n
default Probability of default(PD) chances of default in terms of percentage (default- fails to
repay borrowings) Minimum capital allocation for market risk: VAR is used to measure
market risk. VAR measures the likely loss in value of a portfolio over a iven time period with
specified probability. Minimum capital allocation for operational risk: These three methods
are used to measure and allocate operational risk.Basic indicator approach: capital charge
should be 15% banks average annual positive gross income over previous years.
Standardized indicator approach: in this approach the bank activities are classified into 8
business line. Each business line is having an exposure indicator which is multiplied by the
factor( beta) will give the capital charge for operational risk. Advanced measurement
approach: loss distribution approach is of the advanced versions in this approach, in which
21

the impact of significant operation events on various business lines of banks and frequency of
occurrences of these events are captured in the form of normal distribution.
(I.B., 2007) performance of microfinance providers in karnataka. Objective of the study To
study the growth and pattern of microfinance in Karnataka.To evaluate the business
performance of the Microfinance providers.To study the impact of micro financial
institutions on member enterprises .To identify the constraints faced by the microfinance
providers. The data for the research was collected from the primary source with respect to
amount lent, portfolio lending by microfinance providers, cost and returns involved in each
activities, recovery performance under micro financial activities in selected districts was
collected with the help of a questionnaire. Analytical techniques used are.Triennium
averages: the 1st three years average and the last three years averages was calculated because
of plausibility of large number of continuous time series data . the annual average growth in
percentages calculated by dividing the changes during the period by number of years in the
study period.this is done to study the performance of microfinance activities undertaken by
non government microfinance providers Compounding growth rate analysis: the growth in
the number of SHGs credit link, banks loan and refinance of microfinance providers can be
assessed by taking for 14 year period.And the compound growth were computed by using
exponential function of the form.
Yt=ABtUt
where
Yt is SHG credit linked/bank loans/refinance/ number of family assistd/recovery/over dues
A is the time period
Ut= error term
B= 1+G where g is the growth rate
By taking logarithm
We see that log(Yt)=log A+t log B+log Ut

22

Which is of the form

Qt=a+bt+Ut
Hence g=antilog(b)-1*100
Paired t test: to find out the impact of NGOs on the SHGs the paired t test was done. Which
is statistical test for finding the differences in performance of SHGs before and after joining
the NGOs who are involved in microfinance. Impact index: the impact of the NGO on the
SHGs was also assessed using the scoring pattern

Impact index=(average scored

obtained)/(average maximum scored to be obtained).The pattern of growth of SHGs in the

state 1992-1993 to 2005-2006 and that the importance of SHGs has increased in the lives of
the poor people and that the microfinance may also be possible because of refinance support
provided by the apex level institutions involved in microfinance. The total amount of loans as
expanded considerably through NABARD especially from selected villages.
(Saltzman, 1998)Capital Adequacy. The objective of the capital adequacy analysis is to
measure the financial solvency of an MFI by determining whether the risks it has incurred
are adequately offset with capital and reserves to absorb potential losses. There are three
indicators:First one is leverage, explains the relationship between the risk-weighted assets of
the MFI and its equity. Second one is ability to raise equity, a qualitative assessment of an
MFIs ability to respond to a need to replenish or increase equity at any given time. the third,
is adequacy of reserves, is a quantitative measure of the MFIs loan loss reserve and the
degree to which the institution can absorb potential loan losses.
Asset Quality. The analysis of asset quality is divided into three components
PORTFOLIO QUALITY: Portfolio quality includes two quantitative indicators: portfolio at
risk, which measures the portfolio past due over 30 days; and write-offs/write-off policy,
which measures the MFIs adjusted write-offs based on CAMEL criteria
PORTFOLIO CLASSIFICATION SYSTEM: entails reviewing the portfolios aging
schedules and assessing the institutions policies associated with assessing portfolio risk.

23

FIXED ASSETS: fixed assets, one indicator is the productivity of long-term assets, which
evaluates the MFIs policies for investing in fixed assets.
MANAGEMENT: Five qualitative indicators make up this area of analysis:
Governance, human resources, processes, controls, and audit, information technology
system, strategic planning and budgeting. EARNINGS:

Three quantitative and one

qualitative indicator to measure the profitability of MFIs: Adjusted Return On Equity:

measures the ability of the institution to maintain and increase its net worth through earnings
from operations. Operational Efficiency: measures the efficiency of the institution and
monitors its progress toward achieving a cost structure that is closer to the level achieved by
formal financial institutions. Adjusted Return On Assets: measures how well the MFIs
assets are utilized, or the institutions ability to generate earnings with a given asset base.
Interest Rate Policy: to assess the degree to which management analyzes and adjusts the
institutions interest rates on microenterprise loans (and deposits if applicable), based on the
cost

of

funds, profitability targets,

and

macroeconomic

environment.

Liquidity

Management:evaluates the MFIs ability to accommodate decreases in funding sources and

increases in assets and to pay expenses at a reasonable cost. Indicators in this area are
liability structure, availability of funds to meet credit demand, cash flow projections, and
productivity of other current assets. Under liability structure, CAMEL analysts review the
composition of the institutions liabilities, including their tenor, interest rate, payment terms,
and sensitivity to changes in the macroeconomic environment.
The paper also drafted the CAMELs indicators with weightings

Quantitative Indicators

Table 2.5 camels indicators

Qualitative Indicators

Capital Adequacy (15%

Weightings (%)

Leverage (5%)

Ability To Raise Equity(5%)

Adequacy Of Reserves(5%)
Asset Quality (21%)

Portfolio Classification System (3%)

Portfolio At Risk(8%)

Productivity Of Long Term Assets(1.5%)

Write Offs/Write Off Policy(7%)

Infrastructure(1.5%)

24

Management(23%)

Governance/Management (6%)
Human Resources (4%)
Processes, Controls, And Audit (4%)
Information Technology System (5%)
Strategic Planning And Budgeting( 4%)

Earnings (24%)

Interest Rate Policy (4%)

Return On Equity (5%)

Operational Efficiency( 8%)
Return On Assets (7%)
Liquidity Management (17%)

Liability Structure( 8%)

Productivity Of Other Current Assets (2%)

Availability Of Funds To Meet Credit

Demand (4%)
Cash Flow Projections( 3%)

Total(100)

47%

53%

(Barman, 2009) Role Of Microfinance Interventions In Financial Inclusion: A Comparative

Study Of Microfinance Models.To study the relationship between the level of indebtedness
to moneylenders and the type of microfinance model through a case study in Varanasi, U.P.
Comparing two microfinance models prevalent in the research area.This survey was
conducted among 59 households of twelve villages covering four blocks of the selected
district. Primary data on different socio-economic aspects of the households and details of
micro-financial services availed by them were collected directly from the clients through the
structured questionnaire and personal interview. Qualitative information was collected
through Focus Group Discussions (FGDs) and semi-structured interviews of the bankers,
NGOs and MFIs operating in the area to understand the supply-and demand sides of the
problem of microcredit in the selected research area. The collected data are subjected with
the chi-square statistical test in order to determine if there is significant variation in the
tendency to borrow from the moneylenders among clients of SHG and MFI model of
microfinance. The test is applied when one has two categorical variables from a single
population. It is used to determine whether there is a significant association between the two
variables i.e. indebtedness to moneylender and being client of particular type of microfinance
25

model.The authors conclude that the level of indebtedness to moneylenders is higher in the
case of clients of Microfinance Institutions (MFI) model and without complete information
on the credit-worthiness of borrowers, MFIs may contribute to the over-indebtedness of their
clients as well as damage in their performance. there could be more number of variables
which could affect the indebtedness to money lenders.
(Khan, 2012)The main aim of this paper is to provide with a literature review on previous
work n transaction costs including operating costs, in microfinance.The second part of the
paper describes the research modalities followed by a section which provides the findings
based on empirical evidenvr.The depth into one case study of lean cost management .
Provides managerial recommendations. The data was collected from Microfinance
information exchange(MIX).the parameters considered were Average loan balance
outstanding per borrower in USD,Gross loan portfolio in USD,Number of depositors, Cost
per borrower in USD,Operating expenses as a percent of the gross loan portfolio, Nominal
yield on gross loan portfolio , And based on these data longitudinal analysis was conducted
from the data from MIX and analysis of top 10 MFIs, which accounted for about 92% of the
clients over the past 10 years. Time series data for outreach was presented and the top 3 mFIs
are in the league of their own and are about equal in size of growth rates. There are number
of factors that attribute to an MFI having lean operation and being cost effective. The
operating costs differ significantly for different institutions and can be attributed to achieving
economics of scale in operations .They saw that it is possible to adopt cost effective
operating structure while operating in same service space as other less efficient MFIs. they
used the existing literature to find out the costs that the MFis incur rather than using primary
data to find out about the different types of costs.

(Karlan, 2008) Credit Elasticities in Less-Developed Economies: Implications for

Microfinance.Test the assumption of price inelastic demand using randomized trials
conducted by a consumer lender in South Africa.identify demand curves for consumer credit
by randomizing both the interest rate offered to each of more than 50,000 past clients on a
direct mail solicitation, and the maturity of an example loan.The sample frame consisted of
all individuals from 86 predominantly urban branches who had borrowed from the Lender
26

within the past 24 months, were in good standing, and did not currently have a loan from the
Lender as of 30 days prior to the mailer. pilot-tested in three branches during July 2003
(wave 1), and then expanded the experiment to the remaining 83 branches in two additional
waves that started with mailers sent in September 2003 (wave 2) and October 2003 (wave
3).the randomized field experiment to estimate price and maturity elasticities of demand for
consumer credit. The sample includes former borrowers from a major, for-profit, South
African consumer micro lender to the working poor. In the Lenders case, the cost of
reducing interest rates (lost gross interest revenue on infra marginal loans) slightly exceeded
the benefits (increased gross revenue from marginal borrowing, increased net revenue from
higher repayment rates)
(Eversole, 2003)help, risk and deceit: micro entrepreneurs talk about microfinance. To find
the relation between the ostensibly commercial transactions which converted into complex
assumptions about the social development, external assistance and power? To illustrate the
divide between developed and developed in their shared quest to help business grow and
concludes that building strong lending institutions does not automatically translate into broad
based benefits for micro entrepreneurs of their businesses. While international agencies
priorities the development of sustainable microfinance organization to provide loans to the
micro and small businesses, the business people themselves may see their own interests as
quite different for those of the organizations meant to serve them. The reasons for this were
many such as loan products that were suited to only certain kinds of businesses, businesses
which were ill equipped to take out loans. Expectations that help equated to short term
assistance and flexible repayment schedules and assumptions that corruption was likely to be
rampant whenever development money arrived.
(Barone, 2011)Exploring Household Microfinance Decisions: An Econometric Assessment
For The Case Of Ghana. To analyze the relationship between household financial
instruments by determining the link between insurance coverage and household savings. The
data set used for the purposes of this paper uses data from 351 households captured at one
period in time. Because the data is not dynamic, a two-step approach is used to analyze the
relationship between insurance coverage and savings at the household level .
Variables:
27

a) Insurance purchase:
i)

Health Insurance

ii)

Life Insurance

iii)

Old age Insurance

iv)

Other Insurance

b) Savings:
i)

Total HH savings

c) Shocks to house holds

i)

Weather shock

ii)

Crime shock

iii)

Business shock

iv)

Loss of job

v)

Death of worker

vi)

Illness of worker

vii)

Family shock

viii)

Severity of shock

d) Risk perception
i)

Share of ill

ii)

Share of injured

e) Additional risk measures:

i)

Share of employed

ii)

Share of dependents

iii)

Avg HH age

iv)

Life expectancy

v)

Risk aversion measure

vi)

Risk aversion measure

f) Income
g) Controls:
1) Female head
2) Age (in years)
3) Education (in years)

28

4) HH earnings (occupational)
5) HH additional earnings
6) Distance to health provider (in km)
7) Vaccinations
8) Private Hospital
9) Health center1
10) Chemist/Pharmacist
11) Government Hospital
12) Mission Hospital
The sample mean , std dev of each of the variables was taken and analyzed based on the data.
Regression model of the nature:
P( Y=1, Health insurance) = +1 savings+2 life insurance + 3 old age insurance +
Was constructed and regression analysis was done There are a variety of reasons to support
this claim. Financial tools, when used in unison, provide households with options for
managing assets. Prior to a shock, households can allocate income between savings and
insurance products to help protect against potential risks. The findings of this paper suggest
expanding access to products increases use through simple exposure. Households use saving
mechanisms and insurance products, they appear to increase their use of both products.
(crabb, 2007) foreign exchange risk management practices of microfinance institutions. to
review the current practices in the management of forex risk for and by MFIs.The advantages
and disadvantages of these practices The standard framework of the Forex risk measurements
are ,MeasuringVAR to exchange rate fluctuations,Purchasing derivatives of adjusting
portfolios to offset this risk, Continuously monitor the risk position.Diversify both the source
of debt capital and the use of debt capital, Insuring the risk of devaluation in the network,
Using currency swaps. Three general conclusions can be drawn from this study of Forex
exchange risk and MFIs.First need additional funding to meet demands and debt capital is
most likely source for funding. Second Forex exchange rate risk is significant and though it is
only one factor in a decision to lend to a MFI , it is a strong deterrent. The risk devaluation
against most major currencies such as the US dollar and the Euro is high and it is in these

29

currencies that any new debt capital is likely to be denominated. The existing Forex practices
are prohibitively expensive, either to the client or the institution. the potential intermediaries
or counter parties to any potential currency swap agreements were not discussed in the paper.
(Abiola, 2011)impact analysis of microfinance in Nigeria. To apply the financing constraints
approach to study whether microfinance institutions improve access to credit for
microenterprise in Nigeria or not. This paper is based on generating financial constraint
theory model thing or an event.
Pri = (1+ exp(-i))-1, where is linearly dependent on the variables hypothesized to affect
the probability: i = + Xi.
The probability thus varies from 0 to 1 ( = ), and the model is simplified by rearranging it
into a log of the odds,
ln(Pi /(1 - Pi)) = + Xi.
Which, for examples consists of individual outcomes, and can be estimated with maximum
likelihood. Interpretation of the coefficients can also be done by reverting back to the
probabilities. Thus,
Pr(IFA = 1) = f( + 1IF + 2IO + y/Z)
where IFA is the decision to invest in fixed assets, IF is the variable for internal funds capital;
IO is the investment opportunity variable, and Z is a vector of variables that capture various
characteristics of the enterprise and the states in which it operates. Firms without investment
opportunities would not invest even if they had capital. Thus, control for investment
opportunity (IO) and separated it from the effect of internal funds (IF). The paper uses the
financing constraints approach to study the impact of microfinance on access to credit for
microenterprises in nigeria.The model contained ten independent variables (average profit,
market & skill, hired employee, asset loan, enterprise age, internally generated revenue,
business location, entrepreneur gender and availability of investment opportunity).They show
that MFBs improved access to credit in locations where more MFBs offered financial
products because investment in local microenterprises was less sensitive to availability of
internal funds in unconstrained location, than investment in microenterprises in locations

30

where microfinance activities were limited or non-existent and where micro entrepreneurs
had to rely more on internal funds for investment. Popularity of microfinance forces MFBs to
be more transparent and thereby decreases the cost of assembling a database with MFBs
branch distribution, therefore making the financing constraints approach more attractive for
use in the future.
(Rahman, 2011)The Development Perspective of Finance and Microfinance Sector in China:
How Far Is Microfinance Regulations? The paper reviews the development process of bank
and microfinance sector in China and presents their regulatory status. Research methodology:
since this paper is a review of existing literature there is so quantitative research
methodology. Microfinance structure and their services Since the first microfinance seed was
planted in China, a vast number of different types of microfinance operators have appeared
within the Chinese market. Generally, there are three broad categories of microfinance
service providers. These include,Micro-credit by financial institutes This category mostly
includes state own formal microfinance service providers i.e. ABC, ADBC, RCCs, Rural,
Commercial Bank, Rural Cooperative Bank, Postal Savings, China Development Bank
(CDB), MCC, VTB, LC, andRMCCs. The microfinance market share is dominated by these
providers.,Micro-credit by NGOs & international organizationsThe service providers areNGOs, international organizations and social organizations. The internationalorganizations
have been providing financial services as project based with the collaboration of government
agencies.They also incorporate different services beside micro-credit i.e savings, training in
project sites. NGO lending services have covered countrywide and large volume of business.
Micro-credit by Government agencies This category provides micro-credit focusing on the
government poverty reduction program. For instance, Urban Credit Bank (UCB) was
established to support laid-off workers which ultimately expanded micro-credit services to
urban areas.Only NGO-MFIs and MCCs are non-financial institutions and consequently not
allowed to work with savings or receive funding from commercial banks thus, preventing
them from enjoying economies of scale Even the lending companies are also not allowed to
work with savings. In addition, the three newly created rural financial institutions (VTBs,
LCs, and RMCCs) as well as MCCs are subjected to geographical restriction. The traditional
collateral system for micro-financing still exists particularly for micro-lending companies,
lending companies, postal saving banks, MCCs, and VTBs. Even RCCs and UCCs have
31

followed a special kind of collateral to credit disbursement. RCCs required collateral for
large loan amounts and UCCs required companies guarantee. On the other hand, the donor
funded projects (UNDP, UNFPA, UNICEF, Heifer Project, World Vision, Oxfam Hong
Kong and CIDA) are allowed to providing micro-credit services by collaboration with
government departments or agencies having certain conditions. that the banking and
microfinance services have expanded and improved gradually. Hence, the banking sector is
close to the maturity stage while the microfinance sector is still at learning stage. CBRC is
the sole institute to deal with policy regulations for banks and microfinance service providers
which may contradict to handle different goal oriented institutes (Banks and MFIs run their
business in different perspectives).Author recommended to the concerned authorities to have
a balanced policy regulation for the microfinance
(Jiwani, 2007) Sustainable Microfinance: The Impact Of Pay For Performance On Key
Performance Indicators. This study investigated the relationships between pay-forperformance incentive programs and loan officer productivity in microfinance institutions
(MFIs).
Loan officers performance is measured by five key performance indicators:
1) new borrowers,
2) portfolio value,
3) average loan size,
4) arrear rate,
5) default rate.
The independent variable is the loan officers financial incentive (the percentage of salary
that is based on performance). Five dependent measures (performance outcomes) have been
examined:
a) number of new borrowers,
b) value of portfolio,
c) average loan size of the borrowers,
d) number of borrowers in arrears (loans overdue > 30 days),
e) number of borrowers in default (loan overdue >90 days).
32

The second research question uses survey questions from supervisors of loan officers, and
loan officers to assess the impact of the productivity level of MFIs with financial incentives
and MFIs without financial incentives: Is there a difference between the productivity level of
loan officers at MFIs with financial incentives and MFIs without financial incentives All five
hypotheses suggested that there would be an increase in productivity with higher incentives.
Results indicated that the number of new borrowers was related to the size of the incentive
program. The negative correlation between the number of new borrowers and the size of the
incentive program indicated that MFIs with larger incentive programs had loan officers with
a smaller number of new borrowers in each month, and overall. There were no relationships
between the size of the incentive program and any of the other performance measures.
(Kundu, 2012)Savings, Lending Rate and Skill Improvement in Microfinance Operating
Through Public-Private Cooperation.microfinance program through joint liability credit
contract is explained with the help of a two-stage game when the program is operated by a
non-motivated NGO with the help of a commercial bank and government. Initially, the
author assume that two homogeneous members belong to the same village form SHG on the
basis of joint liability only for two periods. The group is formed by the initiative of an NGO
whose basic activities are:
1) Motivating local housewives to form SHG;
2) Collecting savings (contribution) from them in installment and giving them technical
knowledge for skill improvement of the participants at the initial stage;
3) Bridging the gap between the group and the bank as well as the government;
4) Maintaining the group corpus;
5) Collecting subsidy and cash credit from the DRDA and bank respectively;
6) Disbursing credit simultaneously to both the members and recovering credit from the
members
7) Generating profit after performing all these activities at the end of the second period.
Government Subsidized Microfinance Program in the Total Absence of Social Sanction:
Suppose each member of the group is willing to contribute (save) x amount in each
installment and each member has to contribute 2t times in each year. The amount saved by
each group member in each installment is deposited in the office of the NGO and the NGO
33

deposits the amount in the linked commercial bank. assume that before getting first credit
from her group, each member has to save t times regularly. During this period, she is also
getting skill-training from the NGO without spending any amount. Total amount
accumulated in the group after contributing for t times by each member is:
2tx(1 + i) = 2X(1 + i), where 2tx = X.
The NGO withdraws 2X amount from bank and distributes that equally among the group
members as credit against a rate of interest r. The income earned by each member after
utilizing the microcredit as the working capital can be expressed as:
Ym = X, where m {1, 2} ...(1)
Here is the degree of technical knowledge gained by each group member after group
formation from the NGO and > 1. It is also assumed that the husbands of both the
members are earning members and ready to contribute their entire income for their family.
The annual earning of the husband of each group member is W and 2x < W. At the end of the
first stage, we have four possible levels of consumption of both the member households. If
the group member is well-behaved and is ready to repay her own loan with interest at the end
of the year, then the consumption of the non-defaulter member household will be:
CmGR = W+X- 2X+ X(1+ r)
where m {1, 2}
It reestablishes the fact that even in the presence of government subsidy in microcredit
program under joint liability through formation of SHG, social sanction or depriving the
members from enjoying further benefits from the government still plays an important role of
security at the time of repayment of loan.It is also proved that if the group members are not
equally powerful in the society, then in the second stage of the game, the powerful member
applying her social influence and taking advantage of joint liability may force the less
powerful member to repay her loan with interest and enjoy a free ride. So positive assortative
matching, both from the economic as well as social point of view, is necessary at the time of

34

group formation and that should be maintained in both the periods to keep repayment rate
100%.
(Arch, 2005)Microfinance and development: risk and return for a policy outcome perspective
This paper address microfinance- financial services products including credit loans and
insurance which encourage productive and entrepreneurial activity for the marginalized often
unbanked also known as the poverty market. This paper provides the overview of the
microfinance market space, its industry players and it addresses current issues in
development policy. This is a descriptive paper hence the author has considered various
scenarios and analyzed the microfinance market The problem with the financial system of
Kenya is that it was built as if the structure of the economy was that o England or the US. In
reality all most all the people are small farmers, vendors and informal sector industrialists.
Hence a financial system that serves the reality should be created. The maturing of the
microfinance market has led to some spectacular successes.
(Stackel, 2010)Reducing Defaults In Microfinance: A Case Study Of Fundacin Integral
Campesino (Finca) Costa Rica.This study seeks to determine why some microfinance
institutions have high default rates while other have low ones. Three literature-based
hypotheses regarding default reduction were tested on communal credit enterprises (CCEs)
of a poverty-focused microfinance program called FINCA Costa Rica. The hypothesis author
derived were from the literature review
a) Creating a highly-unified structure/group sentiment within MFIs,
b) implementing good quality training programs,
c) exerting discipline in financial administration.
These three methods were be explored here. The five CCEs also show differing
characteristics, related to default rates. Each CCE tracks their default rates on a document
called the credit profile, which shows all outstanding loans and the most current payment
status. The payment status can be: paid, between 1-30 days late, between 30-60 days late,
between 60-90 days late, and more than 90 days late. Starting with figure 3.5, the following
charts show the long-term default rates for each CCE during the months of August and
December. compare the group structures, training programs received, and amount of

35

discipline employed in each CCE in order to see if any of these factors are associated with
Bahia Ballena having high default rates. These hypotheses are not mutually exclusive, but
nevertheless they may present interesting findings on the potential causes of high default
rates.
(EDARURAL)White paper published by EDARURAL with collaboration of M-CRIL,to find
the various business models existing with MFIs .sample 20 MFIs were taken and primary
data was collected through interviews.M-CRIL rating reports, MFI annual reports.MFI use
groups as intermediaries for financial transactions, but there are different ways of working
with groups. They are broadly classified as SHGs and Grameen replicators. A small number
of MFIs have an individual banking approach (IB) while some SFMC patners are
cooperatives usually catering to a specific economic sector such as fishing,,
handlooms,dairying rather than MFI model.Most of the MFI associated with SIDBI follow
SHG model
Table 2.6: Operational features of different MFI models in India
Operational features SHG
Grameen
IB
Clients

Primarily women

Groups

15-20

clients

Primarily women

Primarily men

per Usually 5 clients per Individual clients

group

group

Service focus

Savings and credit

Credit-regular cycle

Credit

Role of MFI staff

Guide and facilitate

Organize

Organize

Meetings

Monthly

Weekly

Individual
transactions-often
daily

Savings deposits

Rs 20-100/month

Rs 5-25 per week

Flexible

Interest on savings

Bank

6-9%

6%+

Rs 2-%5,000

Rs 5-15000

32-38%

23-38%

rate(4.25%)+profit
share
Initial loan size
Effective

Rs 5-10,000

interest 24-28%

rate(usual range)

36

Insurance : at a very preliminary stage:usually loan linked, some life and health some times,
links to national companies
Development

Some

services

programs

associated A few small social Enterprise support

projects

(Bruett, 2004) The author starts to look at interest rate risk and suggests that the tool that is
already used by the banks i.e. ALM (asset liability management) should be used to calculate
the maturity gap and hence monitor it regularly. Set targets and limits for the maturity gap
ratio particularly aging categories. Then the author focuses on the foreign currency exposure
i.e. according to the literature review of the paper, MFI have proven to be more resilient than
larger banks after currency shocks not only because they have more diversified loan
portfolios , but also because they have less foreign currency exposures. Liquidity risk: it
refers to the risk that MFI is not able to meet its obligations due to lack of cash. The MFIs
lack the basic policies for liquidity management Liquidity target= 1 month cash expense+x%
gross loan portfolio Measuring liquidity can be difficult, since there could be a movement of
cash in the future. Cash position indicator= (cash+ short term investments)/assets, Dynamic
liquidity ratio= (cash+expected cash inflow)/(anticipated cash outflows).As MFI grow , it is
not enough to just manage credit risk and operational risk , risks such as fraud risk would
also come into play.The MFI managers and board members have to give importance to
macroeconomic and systemic trends and develop strategies to address them.
(CHIUMYA, 2006),The aim of the research was to contribute to the understanding of
regulatory and supervisory issues in relation to microfinance in order to inform the design of
regulatory policy in Zambia An evaluation of the potential impact of regulation on MFI .The
micro level analysis of impact of regulation and supervision on the MFI licensed by the
authority .Macro level analysis to study of the effect of regulation on the microfinance
sector.The research method that was mostly applied was Regulatory Impact Assessment;
regulation imposes costs and benefits, intended or otherwise, on stakeholders. RIA is an
empirical method of decision making, i.e. a decision which is based on fact finding and
analysis that defines parameters of action according to established criteriaRIA is a rigorous
framework for policy making and analysis that helps to ensure policy decisions are as

37

soundly based as possible, and can inform the decision process about the efficiency of the
policy and about the cost effectiveness of the instruments RIA has been described as a
decision tool, a method of, systematically and consistently examining selected potential
impacts from government action and of, communicating the information to decision-makers
defines RIA as a method for analyzing the costs and benefits of regulatory change, the RIA
provides a method for assessing the positive and negative impact of existing or potential
regulatory measures and can be used to ex ante assessment of proposed new or revised
regulation or the ex post assessment of existing regulation.
Data collection through Focused Group Discussion, Survey, Semi structured interviews and
documentary review.FGD were used to get stakeholder views, on whether the microfinance
sector should be regulated and supervised, the benefits of regulation and supervision and
who will be the most appropriate regulator. Option 1: do nothing maintains status quo, in
this situation it is assumed that the MFI sector would evolve and develop .Option 2:
introduce the draft MFI with BOZ as a supervisory authority.

Table 2.7: Cost Benefits Of Option 1 And Option 2

Option 1
Option2
Benefits

Growth

of

the

microfinance sector

in

Increased competition

environment

Access to financial

Higher capital levels

services

Availabiltiy

Provisions

of

those of the DMFRs

Ambiguous regulatory
environment

38

of

Increased

consumer

protection

the

BFSA not as strict as

regulatory

information

Lower changes and

interest rates

Costs

Clears up ambiguity

Increased access to
funding for MFIs

Does not meet stated

objectives

2 tier system

Less competition

Customer exploitation

Reduced

access

to

financial services

Fewer services

Significant
compliance costs for
MFIs

Higher charges and

interest rates

BOZ
costs

supervisory
and

incurred
establishing

costs
in
the

regulatory framework
Net benefit

High

Low

(managing microfinance risks, 2008) To introduce sophisticated systems and technical tools
of risk management. Institutional cultural issues related to cognitive biases in executive
decision making behavior . The paper looks at 8 different kinds of micro financing banks and
has calculated the PAR and risk coverage ratio for 3 years.PAR= outstanding balance, loans
overdue > 30days/adjusted gross loan portfolio.Risk coverage ratio = adjusted loan loss
reserve /PAR> 30 days if leans are based on adequate marketable collateral, this ratio doesnt
have to be high .

Institution

Table 2.8: Business Model For The Banks

Type of institution

Cantilan bank

Rural bank

ASKI

NGO

Bangko Kabayan

Rural bank

39

1st valley bank

Rural bank

NWTF

NGO

BASIX

Non bank finance

Nirdhan

Microfinance bank

Proshika

NGO

Buro Tangali

NGO

(Kundu, Savings, Lending Rate, 2011)In this paper, microfinance program through joint
liability credit contract is explained with the help of a two-stage game when the program is
operated by a non-motivated NGO with the help of a commercial bank and government. It is
observed that even in the presence of public-private cooperation and back-ended subsidy
provided by the government, both individual sanction as well as social sanction play an
important role of security against credit for proper functioning of the program. Nonhomogeneity among the group members may allow the socially powerful member to force
her less powerful co-member to repay her debt with interest and enjoy a free ride by taking
advantage of the joint liability. It is also proved that the non-motivated NGO, who itself
plays the function of the self-help group, can offer credit to the group members at lowest
possible rate of interest and arrange sufficient training for the group members for skill
improvement after group formation, if, and only if, it gets sufficient financial support from
the government in the initial period and if the linked commercial bank charges low lending
rate to the group in credit-linkage program. This will in turn encourage each group member
of the respective groups to enhance compulsory savings in each installment in both the
periods, which ultimately will help her to get a higher amount of credit in each period and
thus improve the consumption of the member household progressively.
(OGUNTOYINBO, 2011)The research report provides a credit risk assessment and
evaluation of Accion Microfinance Bank Limited (AMFB) for the period 2006 to 2010, using
Morgan Stanleys methodology for analysing the credits and performance ratings of
microfinance institutions (MFIs). Since MFIs are set up to provide credit and other financial
services to the poor, financially underserviced segment of the society, and since the credit
support granted to such micro businesses usually lacks collateral, it is imperative that the

40

management of such credit services be sound in order to mitigate the high risks involved.
Thus, credit risk management determines the success and survival of microfinance banks
(MFBs): weak credit management leads to capital erosion and eventual failure, whereas
sound credit risk management guarantees profitability and sustainability and, hence, the
realisation of the objectives of their setup enhancing the welfare of micro-entrepreneurs.
The data for the research report were sourced from AMFBs financial statements for the
years 2006 to 2010 and from interviews that were conducted with principal officials of this
MFB. The research found that good regulatory corporate governance and management
practices, sound quantitative credit risk assessment and management, and quality and
maturity of management lead to low credit risk accompanied by high profitability and
sustainability for MFBs. As AMFB matured, the quality of portfolio, profitability,
sustainability and operating efficiency were seen to increase. The quality of shareholders,
board and management was found to be crucial for the sound management of the MFB. The
research report, therefore, recommends regular and continuous credit risk identification,
assessment and management, as well as sound corporate governance, if MFBs are to survive
and grow and achieve their developmental objectives
(Arvelo, 2008)The methodology addresses the specific challenges inherentvin microfinance
such as country risk, data availability and minimal default history among microfinance
institutions. Importantly, the methodology draws upon the work of major pioneers in
microfinance rating, including Standard and Poors June 2007 report on assessing
microfinance risks, as well as the analysis of specialized rating agencies like Planet Finance,
MicroRate, M-CRIL and CRISIL. They also incorporated research insights made available
by important industry players like ACCION and the Consultative Group to Assist the Poor.2
Finally, our methodology builds on credit analysis processes used to assess established
emerging markets financial institutions and companies, applying the teams extensive
experience in emerging markets credit evaluation. the article describes the framework and
credit risk assessment process we use to determine internal global scale ratings for
microfinance institutions, including a detailed discussion of both conventional and
specialized credit evaluation metrics. The analysis has identified seven rating factors that
are important to consider when assessing the credit risk of these institutions: (1) loan
portfolio; (2) profitability, sustainability and operating efficiency; (3) management and
41

strategy; (4) systems and reporting; (5) operating procedures and internal controls; (6) assetliability management; and (7) growth potential. And before getting into the particulars, two
important .institutions that are (a) strictly dedicated to providing microfinance products and
(b) whose business model mainly revolves around providing microloans used to finance the
businesses of microentrepreneurs. Second, while it may be possible to make modifications to
or extrapolate from this model in the future, in its current form this framework considers the
industry only as it is today.
(Pearlman, 2007)This report explores the problems of low productivity in the microenterprise
sector and of low formal credit use, principally microfinance, by poor households.
Vulnerability to risk, defined as the inability to smooth consumption across negative income
shocks, as a new explanation for both phenomena. The limited ability to manage risk May
lead some poor households to choose low yield, low risk enterprises over higher yield but
more risky options. It also may lead them to forgo formal credit if this is used to finance high
yield/ high risk projects. Using both theoretical models and empirical evidence from
microentrepreneurs in Lima, Peru . Vulnerability is an important determinant of enterprise
choice and microfinance selection.
(Saad, 2009)Rural credit programs in developing countries are designed to help the poorest
of the poor by providing collateral-free loans at a low cost. In order to properly measure
The efficacy of these programs, one needs to examine not only the pecuniary benefits of the
programs but also the non-pecuniary benefits. The micro-loans are mandated for incomegenerating purpose such as investing in a micro-enterprise. To elaborate, one way that credit
programs can benefit the poor is by providing them opportunities to increase their income.
Another way that these programs benefit is by empowering women. The credit programs tend
to target poor women, thereby providing them with income generating opportunities that they
otherwise lack. A woman's potential contribution to the household income may increase her
intra-household bargaining power and empower her. This may have far-reaching
consequences in terms of household investment in children's health and education, as well as
a woman's wellbeing. In the following thesis, the two different effects of credit programs.
The examines the effect of borrowing from credit and non-credit programs on selfemployment profits. The second chapter examines the effect of men's and women's self-

42

employment profits on woman's intra-household bargaining power and how it differs with
the gender of the primary borrower. The self-employment activities that are considered were
primarily funded by the credit programs or by noncredit sources such as commercial banks
and moneylenders.

(Kero, 2011)This paper analyzes two complementary macroprudential regulations that deal
with the problem of banks capital procyclicality; the countercyclical capital buers and
Spanish dynamic provisioning. The regulatory advances in relation to consultative
documents published by the Basel Commission in 2009 and 2011, known as the Basel III .In
the case of countercyclical capital buyers and concentrate in the discussion between Repullo
and Suarez (2011) and the Basel III proposal, if the gap of credit to Gdp is an appropriate
variable to activate the capital buyers. the reasons that show that Repullo and Suarez (2011)
is not a very well-founded critique against the Basel III and a number of issues that require
more research in this topic. The quantitative papers in the literature that try to account for the
efficiency of the Basel III regulations. The results of the literature show that the
countercyclical capital buyers contribute to the stabilization of the economy and the output
loss for the implementation of these regulations is not very big and in aggregate terms the
regulated economies perform much more better. Finally in the case of the Spanish dynamic
provisioning, both the regulatory authorities and the academic literature support its
implementation worldwide. The next step will be to build a theoretical framework that will
allow me to identify which is the most efficient regulation.

2.5 CONCLUSION:
The conclusion drawn from this literature review is that, there has been a lot of study on MFI
in Africa but not many in India. there is a definite regulatory body for MFIs in other
countries , but where as in India it has been up to RBI for registered MFI(NBFI) but the rest
of them work in the form of trust, which is not a regulated space. The type of customers
MFIs attract need high degree of customization since they have been and they also attract a
lot risks which is mostly linked to credit risks. The MFIs tend to cover their risks by
adjusting them to the interest rates which are so as to maintain the balance of risk and return.
There have been many models used for African nations but not in India which I see as
research

gap

and

can

43

be

explored.

CHAPTER III

Research methodology

3.1 INTRODUCTION:
This chapter discusses the research methodology that has been undertaken while testing the
credit risk of microfinance industry in India. It contains the sampling method, the
questionnaire, the method of data collection, the models used and the method of analysis.

3.2 STATEMENT OF THE PROBLEM:

This study addresses the following problems:
a) To credit assess the Microfinance industry in India
b) To build a random effect model, in order to project the credit risk for a particular MFI
for the subsequent years.

3.3 THE MODEL:

The following is based on Morgan Stanley credit risk assessment model. Which gives an
idea of the credit risk of the MFI industry. And the variables are listed on in the table.
Table 3.1: Morgan Stanley Credit Assessment Model
RATING
FACTOR
Loan portfolio

GRADES

INDICATOR DEFINITIONS

A1: portfolio at risk=( outstanding <3;<6;<9;<12;<15; above

loans with arrears over 30 days+ 15
rescheduled or restructured loans)/
total gross loan portfolio. It is the
value

of

the

loans

which

are

outstanding at the end of 30 days.

This assesses the credit risk that a
loan portfolio is carrying.
A2: write offs=total write offs over <2;<3.5;<5;<7;<10; above
the last 12 months/average gross loan 10
portfolio. This is an independent

44

variable

which

discusses

the

historical data of write offs.

A3: size of portfolio=gross loan >300M;>350M;>100M;>5
portfolio
A4:

0M;>10>;<10M

loan

loss

reserves=

loan >85;>75;>65;>60;>55;

reserves/PAR30.

below 55

Profitability,

B1:

Sustainability=

sustainability,

income/

operating

loss provisions+write offs+operating

efficiency

expenses).

(financial

the

operating >120;>115;>110;>100;>90

expenses+loan ;below 90

sustainability

is

assessed to check for the going

concern of the company, i.e. to check
if the company can honor is financial,
loan loss provisioning , write offs,
operating expenses by the operating
income it generates.
B2:

ROAA=net

income/average >3;>2;>1;>0;>-2;below -2

assets
B3:

operating

operating

efficiency=

expenses/average

total <20;<25;<30;<40;<50;
gross above 50

loan portfolio.
B4:

productivity=

number

of >200;>190;>170;>145;>13

borrowers/total head count.

0 below 130

This is shows the efficiency of the

employees

to

process

application.

45

the

loan

Asset

and C1:

leverage=

total <5x;<6x;<7x;<8x;<9x;

Liability

liabilities/(networth+subordinate

above 9x

management

debt), this gives the idea of the

cushioning of the liabilities with
capital raising capacity of the MFI.

C2: exposure to foreign currency= <15;<20;<35;<50;<65;

(financial debt in non-hedged foreign above 65
currency)/total financial debt. This
variable covers the currency risk of a
MFIs in which they havent hedged.
C3:

liquidity=

(cash+short

term >15;>12;>9;>6;>3 below 3

investment)/(gross loan portfolio).

this variable is used to check the
MFIs cushioning with respect to the
probable losses it would make in its
loan portfolio.
Management

D1: quality of senior management

and strategy

and board.
Credit risk is dependent on senior
managements decision on the credit
policy. And hence the decision is
dependent on the qualification of the
senior management
D2: strategy and business plan.
The

business

plan

depicts

the

attractiveness of the schemes that the

MFI proposes to borrowers and the
depositors.
( including competitive landscape)

46

D3:

quality

and

support

from

shareholders and network. This gives

the ability to raise capital from the
existing shareholders in order to scale
up

the

operations

and

achieve

economies of scale.
D4: HR management. this variable
gives the idea of quality of employees
hired by the HR department.
Systems
reporting

and E1:

quality

of

management

information systems. MIS is most

important thing for credit decision.
This also emphasizes on the historical
borrowing patterns of the customer
E2:quality and speed of data feed.
This gives the speed of processing the
data of the borrower.
E3:

quality

of

reports

and

distribution/analysis of reports. Also

gives in-depth view if the MIS
reporting
Internal

and F1: operational procedures. If the

operational

company has Standard operating

controls

procedures in place to process the

loans of the customers.
F2: internal controls. This is most
important

with

respect

to

the

seriousness of the top management

on reduction of NPAs.
Growth

G1:

regulatory

environment

potential

government involvement. This is the

47

and

external control by the regulator to

control any kind of industrial crisis.
G2: Number and density of microentrepreneurs.

Gives

the

attractiveness of the schemes of the

MFI in order to build on their loan
portfolio
G3: behavior of micro-entrepreneurs
towards microloans. The perception
of the borrowers about the MFI
Source : Ayi Gavriel Ayayi , (2012) ,P.47

3.3.1 Sampling method:

The sampling method used was stratification. The whole MFI industry was divided into
NBFI( non-banking financial institution, rural banks, banks which provide micro credit,
credit union. And the credit risk assessment model was applied to NBFIs in Hyderabad and
Bangalore. This hence the sample size was 15 NBFIs.
3.3.2 Data collection:
The quantitative data was collected from mixmarket.com i.e. secondary data and the
qualitative data was collected through questionnaires which were circulated to the 15 NBFIs.
The questionnaire is attached in the annexures.
3.4 THE REGRESSION MODEL:
3.4.1. The variables:
Dependent variable: PAR30 is the dependent variable which depicts the credit risk of the
MFI at time t. PAR30 is the total loans which would be outstanding at the end of 30 days.
Independent variables:

48

Write offs: this is the ratio between total write offs over the last 12 months/average gross
loan portfolio, Log of gross loan portfolio, operating sustainability, return of assets, operating
efficiency, productivity, log of leverage, liquidity, bank dummy, credit union dummy,NBFI
dummy,rural banking dummy.
3.4.2 Hypothesis:
Hypothesis 1:
H0: write offs have no effect on the credit risk (PAR30) of the MFI
H1: write offs have effect on the credit risk
Hypothesis 2:
H0: gross loan portfolio have no effect on the credit risk ( PAR30)
H1: gross loan portfolio have effect on the credit risk(PAR30)
Hypothesis 3:
H0: operating sustainability have no effect on the credit risk(PAR30)
H1: operating sustainability have effect on the credit risk(PAR30)
Hypothesis 4:
H0: return on assets have no effect on credit risk(PAR30)
H1: return on assets has effect on credit risk (PAR30)
Hypothesis 5:
H0: productivity has no effect on credit risk (PAR30)
H1: productivity has an effect credit risk (PAR30)
Hypothesis 6:
H0: leverage has no effect on credit risk of the MFI

49

H1: leverage has an effect on the credit risk of the MFI

Hypothesis 7:
H0: liquidity has no effect on the credit risk of the MFI
H1: liquidity has an effect on the credit risk of the MFI
Hypothesis 8:
H0: the type of the MFI has no effect on the credit risk it faces.
H1: the type of MFI has an effect on the credit risk it faces.
3.4.3 REGRESSION MODEL:
The model is based on the random effect modeling of the data. This model is to project the
credit risk of a particular MFI i at time t,
Yit

0+1(writeoffs)it+2(log

sufficiency)it+4(operational

gross

efficiency)it+5(

loan

portfolio)it+3(operational

productivity)it

self-

+6(liquidity)it+7(bank

dummy)it+8(NBFI dummy)it+9(rural banking dummy)it+10(NGO dummy)it+11(credit

union)it
Where Yit is the par30 value of an MFI at time t( year) The variables are as defined in the
model.

50

Chapter IV
Industry overview

4.1 INDUSTRY OVERVIEW:

Microfinance industry in India has been on a rampant growth with high success rate and also
sustainable business model. These business models have made an attempt to overcome to
challenges faces by traditional micro crediting houses.As of march 2009 India has reached
about 22 million borrowers with about $2.3 billion lending. The microfinance business model
in India generates about 20% to 30% ROE, and usually financed by the commercial as well
as the public sector banks. This could be due to the RBI rule of40% of total loan portfolio
should consist of priority sector leading or investment in RIDF (rural infrastructure
development ) bonds. And hence the commercial banks look at a return of 14-16% from the
MFI over the 4% return from RIDF bonds. Also the statistics talk about the a CAGR of 86%
in loan portfolio over the last 5 years, with about an average of 95% of repayment from the
rural/urban poor community which has been commendable performance by the MFIs. one
reason for this kind of growth is the customization of the loan products with respect to the
villages. Also the microfinance institutions have tried to diversify their products from loans
to insurance, savings, remittance, low cost health care, educational services which gives them
not only the edge with respect to reliability but also sustainability in terms of customer
retention. They have also tried to set up competitive MIS systems which will give them a
customer loan history which will be usefull to price their loans according to the customer
rather than product generalization. Microfinance institutions have gotten the view that,
performance through spatial expansion would do no good to both the organization as well as
the customers. They have looked into existence through saturation in few areas and spatial
expansion in few areas. RBI has been promoting the idea of business correspondence model,
which will reduce the operational cost of the MFI and improve their reach through mobile
banking. the regulator has stressed importance on financial inclusion since there are a huge
chunk of untapped population in banking who havent had the advantage of earning returns
through investments.
There are various business models followed by the microfinance institutions one of which
would be JLG i.e joint liability group, which work on the philosophy in sync with the self-

51

help group. In this JLG, women make a group of 5-10 in size according to their reliability on
each other and save in a joint account and loan each other money, the MFI automatically
becomes a member of the group and deposits certain amount of money along with the
women. Typically these group charges each other interest rate of 25-35% pa. this is a
profitable model since there is an automatic pear pressure from the other women on the
borrower.
The various government organizations which are involved in this microfinance industry are
National Bank for Agriculture and Rural Development (NABARD), Small Industries
Development Bank of India (SIDBI), Friends of Womens World Banking (FWWB),
Rashtriya Mahila Kosh (RMK), Council for Advancement of Peoples Action and Rural
Technologies (CAPART), Rashtriya Gramin Vikas Nidhi (RGVN), various donor funded
programs especially by the International Fund for Agricultural Development (IFAD), United
Nations Development Programs (UNDP), World Bank and Department for International
Development, UK (DFID).
But there has been a situation where the industry has been plunged into crisis during 2008,
due to Andhra Pradesh, about 25% of the sector is concentrated in this state. And the crisis
happened with most of the customers of Andhra Pradesh committed suicides due to harsh
recovery procedures followed by the MFIs . this caused to regulator RBI to come into picture
and cap the interest rates charged by the MFIs. apart from this the political parties had step
in, and wrote of the whole loan portfolio which eventually caused the MFIs to run into losses
in these states. Then ujjivan microfinance has faced this problem, they have diversified into
north and north western states to minimize their exposure to one area. The non-repayment
either happens due to adamant group of customers behavior or due to inability to pay. One
other reason was the MFI trying to push their interest spreads to earn profits , which was
perceived by the regulator.
As a whole MFIs have been playing a major part in financial inclusions. But there is a
necessity for a regulatory body which defines clear boundaries for them also customers have
been growing for this kind of inclusion and this would bring in a lot of diversified
opportunities and liquidity into the economy, along with growth in contribution of
agricultural

sector,

with

rapid

growth
52

of

information

outreach.

CHAPTER V

DATA ANALYSIS
AND
INTERPRETATION

5.1 INTRODUCTION:
As mentioned in the chapter 3, the data analysis and interpretation is continued into this
chapter. The primary aim of this chapter would be to assess the credit risk of the
microfinance institutions present in Hyderabad and Bangalore using Morgan Stanley credit
assessment model, later to develop a random effect model using the estimation methodology
which can be used to predict the credit risk.

5.2 MORGAN STANLEY CREDIT ASSESSMENT:

5.2.1 THE MODEL
The following is the table which describes the Morgan Stanley credit assessment matrix.This
matrix consists of both secondary data and primary data which has been used to predict the
credit risk of the MFI

Table 5.1: Morgan Stanley Credit Assessment Model Summary

RATING
INDICATOR DEFINITIONS
GRADES
FACTOR
Loan portfolio(A)

A1: portfolio at risk=( outstanding loans <3;<6;<9;<12;<15;

with arrears over 30 days+ rescheduled above 15
or restructured loans)/ total gross loan
portfolio. It is the value of the loans
which are outstanding at the end of 30
days. This assesses the credit risk that a
loan portfolio is carrying.
A2: write offs=total write offs over the <2;<3.5;<5;<7;<10;
last

12

months/average

gross

loan above 10

portfolio. This is an independent variable

which discusses the historical data of
write offs.
A3: size of portfolio=gross loan portfolio >300M;>350M;>100M;

53

>50M;>10>;<10M
A4:

loan

loss

reserves=

loan >85;>75;>65;>60;>55;

reserves/PAR30.

below 55

Profitability,

B1: Sustainability= operating income/ >120;>115;>110;>100;>

sustainability,

(financial

operating

provisions+write

efficiency(B)

expenses). the sustainability is assessed

expenses+loan

loss 90;below 90

offs+operating

to check for the going concern of the

company, i.e. to check if the company
can

honor

is

financial,

loan

loss

provisioning , write offs, operating

expenses by the operating income it
generates.
B2: ROAA=net income/average assets

>3;>2;>1;>0;>-2;below 2

B3: operating efficiency= total operating <20;<25;<30;<40;<50;

expenses/average gross loan portfolio.
B4:

productivity=

number

above 50
of >200;>190;>170;>145;>

borrowers/total head count.

130 below 130

This is shows the efficiency of the

employees

to

process

the

loan

application.

Asset

and C1:

leverage=

total <5x;<6x;<7x;<8x;<9x;

Liability

liabilities/(networth+subordinate

management (C )

this gives the idea of the cushioning of

the

liabilities

with

capital

debt), above 9x

raising

capacity of the MFI.

C2: exposure to foreign currency= <15;<20;<35;<50;<65;

(financial debt in non-hedged foreign above 65

54

currency)/total

financial

debt.

This

variable covers the currency risk of a

MFIs in which they havent hedged.
C3:

liquidity=

(cash+short

term >15;>12;>9;>6;>3 below

investment)/(gross loan portfolio). this 3

variable is used to check the MFIs
cushioning with respect to the probable
losses it would make in its loan portfolio.
Management and D1: quality of senior management and
strategy(D)

board.
Credit risk is dependent on senior
managements decision on the credit
policy. And hence the decision is
dependent on the qualification of the
senior management
D2: strategy and business plan.
The

business

plan

depicts

the

attractiveness of the schemes that the

MFI proposes to borrowers and the
depositors.
( including competitive landscape)
D3:

quality

and

support

from

shareholders and network. This gives the

ability to raise capital from the existing
shareholders in order to scale up the
operations and achieve economies of
scale.
D4: HR management. this variable gives
the idea of quality of employees hired by
the HR department.

55

Systems

and E1: quality of management information

reporting

systems. MIS is most important thing for

(E )

credit decision. This also emphasizes on

the historical borrowing patterns of the
customer
E2:quality and speed of data feed. This
gives the speed of processing the data of
the borrower.
E3:

quality

of

reports

and

distribution/analysis of reports. Also

gives in-depth view if the MIS reporting
Internal

and F1:

operational
has

procedures.
Standard

If

the

operational

company

operating

controls(F)

procedures in place to process the loans

of the customers.
F2: internal controls. This is most
important with respect to the seriousness
of the top management on reduction of
NPAs.

Growth potential G1:

(G)

regulatory

environment

and

government involvement. This is the

external control by the regulator to
control any kind of industrial crisis.
G2: Number and density of microentrepreneurs. Gives the attractiveness of
the schemes of the MFI in order to build
on their loan portfolio
G3: behavior of micro-entrepreneurs
towards microloans. The perception of
the borrowers about the MFI

Source: Ayi Gavriel Ayayi , (2012) ,P.47

56

5.2.2 ANALYSIS OF PRIMARY DATA:

The analysis of primary data was conducted through questionnaires (annexure) which has
been administered to various NBFI present in Bangalore and Hyderabad. The responses
hence collected were graded according to the qualitative parameters of the model i.e.
Management and strategy (D), Systems and reporting (E), Internal and operational controls
(F), Growth potential (G) .Table 5.1 gives the synopsis of the whole questionnaire according
the parameters used in Morgan Stanley credit assessment matrix.
5.2.2.1 RESPONDENTS PROFILE:
The respondents of the questionnaire were mainly middle level managers of the NBFIs who
are involved in the daily operational activity of the company; the responses from these NBFI
were recorded through interaction in Bangalore and online entry for Hyderabad.
5.2.2.2 DATA CONSOLIDATION AND ANALYSIS:
Table 5.1 matrix was formed through 4 step process
Step 1: Questionnaire administration to various NBFCs.
Step2: Grading each question with respect to the responses
Step3:

Average

the

grades

of

the

D1,D2,D3,D4,E1,E2,E3,F1,F2,G1,G2,G3
Step4: Average the grades obtained above to form D, E, F, G

57

questionnaire

to

obtain

TABLE 5.2: Consolidated view of grades given to qualitative parameters

NBFC name

D1

D2

D3

D4

E1

E2

E3

F1

F2

G1

G2

G3

Asmitha

2.3

3.89

3.67

3.86

3.44

3.36

3.12

5.00

3.83

3.59

4.18

3.88

4.59

4.59

4.09

4.42

microfinance

Basix India

4.6

4.22

4.67

4.00

4.39

4.30

4.54

4.00

4.28

4.41

4.15

4.28

4.07

4.07

4.24

4.13

4.22

4.00

3.86

4.27

4.36

4.45

5.00

4.60

4.59

4.68

4.63

4.84

4.84

4.71

4.80

4.44

4.00

4.29

4.35

4.47

4.38

5.00

4.61

4.53

4.73

4.63

4.87

4.87

4.70

4.81

4.44

5.00

4.75

4.80

4.73

4.91

6.00

5.21

5.18

5.37

5.27

5.68

5.68

5.43

5.60

4.00

4.00

4.29

4.32

4.43

4.48

6.00

4.97

4.86

5.21

5.04

5.61

5.61

5.23

5.48

4.22

4.00

3.86

3.77

3.69

3.56

5.00

4.09

3.92

4.35

4.13

4.67

4.67

4.30

4.55

4.22

4.00

4.00

3.81

3.74

3.58

4.00

3.77

3.69

3.87

3.78

3.94

3.94

3.81

3.89

4.67

4.00

4.00

4.08

4.11

3.93

5.00

4.35

4.19

4.56

4.38

4.78

4.78

4.49

4.68

4.11

4.00

4.29

4.02

4.02

3.90

5.00

4.31

4.17

4.51

4.34

4.76

4.76

4.46

4.66

7
BSS

5.0

microfinance

chaitanya

4.6

microfinance

Grameen

5.0

Financial

Services Pvt Ltd

janalakshmi

5.0

microfinance

KCIPL

3.0
0

KOPSA

3.0
0

nano

3.6
7

Samasta

3.6

58

7
share

5.0

microfinance

spandana

4.6

spoorti

tbf

2.6

4.56

4.00

5.00

4.64

4.85

4.62

6.00

5.16

4.96

5.43

5.19

5.71

5.71

5.34

5.59

4.56

4.00

4.86

4.52

4.69

4.45

6.00

5.05

4.84

5.35

5.09

5.67

5.67

5.26

5.53

4.11

2.00

3.43

3.05

3.40

2.69

1.00

2.36

2.27

2.20

2.23

1.60

1.60

1.93

1.71

4.33

4.00

11.8

6.30

7.06

5.35

6.00

6.14

5.52

6.53

6.02

6.27

6.27

5.89

6.14

4.95

5.27

5.09

6.00

5.45

5.32

5.63

5.48

5.82

5.82

5.57

5.73

7
trident

5.0

microfinance

ujjivan

6.0

microfinance

6
4.67

4.00

5.14

Source: consolidated from the questionnaire.

59

5.2.2.3 The Cronbachs Alpha Test:

This test gives the reliability of the questionnaire used for the analysis of the quantitative
parameters and the following was observed

Table 5.3 : Results For Cronbachs Alpha Test

Each of the following component variables has zero variance and is removed from the scale: Q4, Q5,
Q14, Q16, Q24, Q31, Q33, Q34, Q35, Q36

Reliability Statistics
Cronbach's Alpha

Cronbach's

Alpha

Based

on N of Items

Standardized Items

.768

.861

29

Source: computed using the spss on the responses.

One can see that the cronbachs alpha on standardized items was found to be .861 which is
higher than 0.7(standard used in most social sciences researches), one can infer that the
responses have high internal consistency.
Hence one can conclude that the questionnaire which has been administered has been
accepted precisely for analysis of the current credit risk in a particular MFI.

60

5.2.3 ANALYSIS OF THE SECONDARY DATA:

the secondary data was obtained from mixmarket.com which was used for analysis of the
factors which represented loan portfolio(A) , Profitability/ sustainability/ operating
efficiency(B), Asset and Liability management (C ).
The following steps were followed to consolidate the grades for these factors
Step 1: obtain the data for the A1,A2,A3,A4,B1,B2,B3,B4,C1,C2,C3, for each of the years
and grade them.
Step 2: average the grade over the years to obtain the consolidated figure(annexure) .
Step 3: average A1,A2,A3,A4 to obtain A , B1,B2,B3,B4 to obtain B, C1,C2,C3 to obtain C.
Then the following table is obtained for the 15 NBFCs present in Hyderabad and Bangalore.

61

Table 5.4: Consolidated view of grades given to quantitative parameters

MFI

A1

A2

A3

A4

B1

B2

B3

B4

C1

C2

C3

AML

2.00

1.75

1.00

1.88

6.00

2.88

1.00

1.38

3.13

1.00

2.63

BASIX

2.81

1.63

2.19

3.63

6.00

3.50

1.25

4.38

1.81

1.00

3.19

BSS

1.00

1.22

2.00

5.44

6.00

2.44

1.00

1.00

2.56

1.00

2.56

Chaitanya

1.00

1.00

4.00

2.67

6.00

3.33

1.67

3.67

1.00

1.00

2.67

GFSPL

1.00

1.00

3.00

3.08

6.00

3.50

2.33

3.58

2.00

1.00

6.00

Services 1.67

1.17

2.33

5.17

6.00

5.00

1.50

1.00

3.00

1.00

2.00

KCIPL

1.00

1.00

3.00

6.00

6.00

5.00

1.33

2.67

1.33

1.00

2.00

KOPSA

3.67

1.00

4.67

6.00

6.00

5.00

3.67

2.67

1.00

1.00

2.00

Nano

1.00

1.00

4.00

2.67

6.00

5.00

1.00

6.00

1.00

1.00

4.00

Samasta

1.00

1.00

3.25

4.75

6.00

5.00

2.00

2.33

1.00

1.00

1.75

SHARE

3.11

1.67

1.00

5.44

6.00

5.00

1.00

1.33

2.67

1.00

2.00

Spandana

2.15

1.46

2.54

4.85

6.00

5.00

1.00

1.77

2.08

1.00

4.00

TBF

2.00

1.00

5.00

6.00

6.00

5.00

1.00

1.00

1.00

1.00

6.00

Trident Microfinance

2.60

2.00

1.80

5.00

6.00

5.00

1.00

1.00

1.80

1.00

2.60

Ujjivan

1.00

1.00

1.43

3.14

6.00

5.00

1.00

3.57

2.57

1.00

3.86

Janalakshmi

Financial

Pvt. Ltd.

Source: computed from the data obtained from mixmarket.com

62

5.2.3.1 CONSOLIDATION OF PRIMARY AND SECONDARY DATA:

From the above two sections, consolidated table for credit risk grading can be determined,
this credit risk grading has been used to assess the credit risk of the NBFI. Quantitative
factors determine the historical results of the quality of loans, profitability/sustainability and
the assets-liability management of the MFI while the qualitative factors determine the quality
of management, the internal control, the quality of MIS and the growth potential of the
Microfinance. After grading each of the factors based on the secondary and primary data sets
respectively , morrgan Stanley benchmark matrix has been used to assign weights to
individual parameters. The following table gives us the idea of the benchmark

Table 5.5: Morgan Stanley Credit Risk Assessment

Sl.No

Parameter

Weights

Loan portfolio

24%

Sustainability/profitability

23%

Asset-liability management

7%

Management quality

19%

System and reporting

11%

Internal control

10%

Growth potential

6%

Source: Oguntoyinbo(2011), p-21

One applying the benchmark the following credit risk grading has be observed:
Table 5.6: final grades given obtained from the Morgan
Stanley credit risk assessment
MFI name

grade for credit risk

Asmitha microfinance

2.93

Basix India

3.60

BSS microfinance

3.39

chaitanya microfinance

3.56

63

Grameen Financial Services Pvt 3.93

Ltd
janalakshmi microfinance

3.74

KCIPL

3.48

KOPSA

3.76

nano

3.67

Samasta

3.52

share microfinance

3.88

spandana spoorti

3.87

tbf

2.94

trident microfinance

4.40

ujjivan microfinance

3.90

Source: computed from the primary and secondary sources.

64

Table 5.7:Descriptives Of The Independent And Dependent Variables Used To Determine The Morgan Stanley
Credit Risk Assessment
Descriptive Statistics
Std.

Range

Minimum Maximum Mean

A1

15

2.67

3.67

1.8007

0.23475

0.90918

0.827

0.743

0.58

A2

15

1.26

0.08953

0.34674

0.12

1.006

0.58

A3

15

2.7473

0.32452

1.25685

1.58

0.338

0.58

A4

15

4.12

1.88

4.3813

0.36105

1.39834

1.955

-0.429

0.58

15

2.19

1.64

3.83

2.5473

0.15413

0.59694

0.356

0.517

0.58

B1

15

B2

15

2.56

2.44

4.3767

0.24406

0.94524

0.893

-1.043

0.58

B3

15

2.67

3.67

1.45

0.19187

0.74309

0.552

2.222

0.58

B4

15

2.49

0.38856

1.5049

2.265

0.911

0.58

15

1.89

2.61

4.5

3.578

0.13077

0.50646

0.257

-0.106

0.58

C1

15

2.13

3.13

1.8633

0.20255

0.78447

0.615

0.232

0.58

C2

15

C3

15

4.25

1.75

3.1507

0.35588

1.37833

1.9

1.208

0.58

15

1.75

1.25

2.0047

0.12805

0.49594

0.246

0.292

0.58

D1

15

3.67

2.33

4.2233

0.27923

1.08147

1.17

-0.412

0.58

D2

15

0.78

3.89

4.67

4.3107

0.06185

0.23954

0.057

0.027

0.58

Deviation

65

Variance Skewness

D3

15

3.956

0.16226

0.62842

0.395

-1.994

0.58

D4

15

8.43

3.43

11.86

4.766

0.52197

2.0216

4.087

3.499

0.58

15

3.25

3.05

6.3

4.314

0.19267

0.7462

0.557

1.038

0.58

E1

15

3.7

3.36

7.06

4.432

0.23381

0.90553

0.82

1.74

0.58

E2

15

2.66

2.69

5.35

4.2033

0.18961

0.73435

0.539

-0.535

0.58

E3

15

0.33806

1.30931

1.714

-2.203

0.58

15

3.78

2.36

6.14

4.5453

0.22765

0.88168

0.777

-0.706

0.58

F1

15

3.25

2.27

5.52

4.4027

0.21275

0.82399

0.679

-1.14

0.58

F2

15

4.33

2.2

6.53

4.7167

0.25416

0.98435

0.969

-0.795

0.58

15

3.79

2.23

6.02

4.558

0.23139

0.89618

0.803

-1

0.58

G1

15

4.67

1.6

6.27

4.8587

0.29071

1.1259

1.268

-1.736

0.58

G2

15

4.67

1.6

6.27

4.8587

0.29071

1.1259

1.268

-1.736

0.58

G3

15

3.96

1.93

5.89

4.63

0.2483

0.96166

0.925

-1.513

0.58

15

4.43

1.71

6.14

4.7813

0.27586

1.0684

1.141

-1.677

0.58

GRADE

15

1.47

2.93

4.4

3.638

0.09685

0.37508

0.141

-0.315

0.58

Valid N
(listwise)

15

Source: computed using spss with the data obtained from primary and secondary source

66

Correlation table:
Table 5.8: Pearson Correlation between the parameters used in Morgan Stanley credit risk assessment
Correlations

Pearson
Correlation
A

Pearson
Correlation

Pearson
Correlation

GRADE

0.112

-0.323

-0.192

-0.393

-0.42

-0.478

0.63

0.691

0.24

0.494

0.147

0.119

0.072

0.015

15

15

15

15

15

15

15

15

0.112

-0.232

-0.009

-0.016

-0.006

-0.009

0.624

0.406

0.975

0.954

0.984

0.976

0.039

15

15

15

15

15

15

15

15

-0.323

-0.232

0.041

0.029

0.024

-0.021

-0.678

0.885

0.919

0.932

0.939

0.783

Sig. (2-tailed) 0.24

0.406

15

15

15

15

15

15

15

15

-0.192

-0.009

0.041

.922**

.897**

.798**

.895**

Sig. (2-tailed) 0.494

0.975

0.885

15

15

15

15

15

15

Pearson
Correlation
D

Sig. (2-tailed) 0.691

N

Sig. (2-tailed)
N

15

15

67

Pearson

-0.016

0.029

.922**

.998**

.965**

.859**

Sig. (2-tailed) 0.147

0.954

0.919

15

15

15

15

15

15

15

15

-0.42

-0.006

0.024

.897**

.998**

.978**

.844**

Sig. (2-tailed) 0.119

0.984

0.932

15

15

15

15

15

15

15

15

-0.478

-0.009

-0.021

.798**

.965**

.978**

.770**

Sig. (2-tailed) 0.072

0.976

0.939

15

15

15

15

15

15

15

15

0.03

0.324

-0.078

.895**

.859**

.844**

.770**

0.239

0.783

0.001

Correlation
E

Pearson
Correlation
F

Pearson
Correlation
G

Pearson
GRADE

Correlation

-0.393

Sig. (2-tailed) 0.915

Source: computed using spss with the data obtained from primary and secondary source

68

0.001

5.2.3.2

INTERPRETATION

OF

THE

DESCRIPTIVE

AND

CORRELATION TABLES:
From the above Pearson correlation table one can see that, the credit risk grade is positively
correlated with the management quality with a significance level of 0.000, therefore one can
say that better the management quality better is the credit risk management in MFI which is
in sync with the theories; management plays an important role in determining the loan
forwarding decision. For example credit risk is higher in farm related activities during low
monsoons, hence the management should control the credit forwarding to such areas. This
kind of decisions has to be taken up by the management in order to reduce the overall credit
risk of the MFI.
There

is

positive

relationship

between

the

credit

risk

grade

and

the

profitability/sustainability , hence one can conclude that, better the credit risk management
better the profitability which is obviously in sync with the theory of MFI. In case of MFIs
their profitability is directly dependent on the credit forwarding, and the economies of scale
they achieve. Unlike the banking industry which has other related products, MFIs major
business is in loan disbursement hence better the credit risk management higher the
profitability, sustainability can be observed.
Loan portfolio is dependent on the write offs, PAR, gross loan portfolio, loan loss reserves.
The rationale behind the positive relationship with the credit risk management is that higher
the loan loss reserve better the cushioning to the risk which could be experienced, but gross
loan portfolio adjusted to the write offs gives the actual profit making portfolio and this
directly related to the credit risk management of the MFI.
Internal controls, which includes, regulatory control as well as the internal/external audit has
a positive relation with the credit risk management. These controls give a boundaries of
operations which are essential to control any kind of crisis in the industry. Internal controls
have a major role in the credit risk management and influence the decisions of the
management.

69

Management information system is another parameter which helps in credit risk assessment.
MIS determines the quality of the reporting tools which can be used for credit decision and
hence the credit risk management.
The asset liability management and credit risk management are negatively correlated , asset
liability management is dependent on the leverage, exposure to foreign currency and the
liquidity. Higher leverage lowers that credit risk management in the MFI since the repayment
capability of the MFI is dependent on the credit risk management. Also higher exposure to
foreign currency leads to poor credit risk management.
From the descriptive table one can observe that the credit risk grading of the NBFI present in
Hyderabad and Bangalore lies between, 2.94 and 4.4, with a standard deviation of 0.0967
which is very low, suggesting that the credit risk management in the NBFIs present in
Hyderabad and Bangalore are of similar kind, probably because of the fact that loan
portfolio, growth, asset liability management are of similar kind ( suggested by the low
standard deviations). This is due to the fact that all the NBFIs are working in the similar
markets such as Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, and Madhya
Pradesh. One can observe that trident microfinance has the highest credit grading, even with
mediocre loan portfolio, and

asset liability management they have maintaining high

profitability , management quality , MIS and strong market share which has given them the
edge over the other NBFIs. Ujjivan has strong financials which suggests its strategy to
diversify with respect to loan portfolio through strong management quality. The NBFIs have
differentiated with respect to internal process controls and system reporting ( standard
deviation of .87) which suggests that they have tried to improve on their profitability through
lowering their operational expenses. Which also suggest that they have strategized on the
latest regulation of 26% cap on interest rate and tried to offset it with improving operations.
Growth is of almost the same nature, unless they look into other areas of India such as north
and north west parts of India they are likely to compete in the same market.

70

5.3 ESTIMATION METHODOLOGY:

The estimation methodology is used to form a random effect model with the given data of
microfinance industry. This also helps in concluding the hypotheses which are explained in
the chapter 3.
5.3.1 The Estimation methodology
In this a random effect model has been built through the estimation methodology where the
dependent variable is portfolio at risk ( >30) and the independent variables are write offs, log
normal of gross loan portfolio, operational self-sufficiency, productivity, Return on assets,
non-banking dummy, NGO dummy, credit union dummy. The following table given the
descriptive of the data used to build the model. The sample size taken was 439.

71

Table 5.9: Descriptive Statistics of the dependent and independent variables taken for estimation model.
N

Minimum Maximum

Mean

Std.

Variance

Skewness

Deviation
par30

439

.000000

.999500

.05227813

.153390179

.024

4.763

.117

writeoff

439

.000000

.460500

.00764260

.027840084

.001

11.340

.117

loggrossloan

439

11.486

20.683300

15.91522

1.706926

2.914

.234

.117

oss

439

-.122400

3.356500

1.12136720

.314076655

.099

.631

.117

ROA

439

-1.0126

.308200

.00386264

.098490110

.010

-6.323

.117

OE

439

.008500

2.748500

.14810820

.190873

.036

8.434

.117

Produ

439

32.000

15677.00

579.14127

1060.6313

1124938.5

9.367

.117

loglev

439

5.4931

20.310000

15.58982

1.844966

3.404

-.271

.117

liquidity

439

.0000

2.5234

.2140

.2429389

.059

4.522

.117

CU

439

.000000

1.00

.0592251

.236315

.056

3.747

.117

nonbankingduy

439

.000000

1.000000

.51480638

.500350924

.250

-.059

.117

NGO

439

.000000

1.000000

.40774487

.491975951

.242

.377

.117

source: computed with spss on the data collected from mixmarket.com

72

Table 5.10 : Correlation Coefficient Matrix For Estimation Model

log

PAR30
Write-off ratio

of

Operating

gross

Operational

expense/

Borrowers

cooperative non

PAR

Write-

loan

self

Return

loan

per

loan log

of

union

banking

NGO

30

off ratio

portfolio

sufficiency

on assets

portfolio

officer

leverage

dummy

Dummy

dummy

0.407327 0.152774 -0.20627

-0.12922

-0.07862

-0.098866

0.144689 0.9645

0.101339

0.006779 -0.05387

0.113657 -0.17069

-0.29374

0.04174

0.001693

0.131071 -0.02463

-0.02177

0.114464 -0.10164

0.27575

0.214061 -0.30611

0.018086

0.928303 -0.02442

-0.09783

0.327801 -0.2947

0.709287 -0.45979

0.091162

0.19929

0.00487

-0.01627

0.018861

-0.81794

0.074271

0.177751 -0.13939

0.024756

-0.09484

0.083658

-0.12694

-0.28373

0.016183 -0.01529

liquidity

log of gross
loan portfolio
Operational
self
sufficiency
Return

-0.17622

on

assets
Operating
expense/ loan
portfolio

0.155844 -0.09549

0.142305 -0.10108

Borrowers per
loan officer

73

0.176452

-0.13075

0.058598

log

of

leverage

liquidity

-0.02949

-0.15234

0.285799 -0.21395

0.092182

0.052495 -0.11892

-0.26442

-0.8621

-0.8621

cooperative
union dummy
non-banking
Dummy
NGO dummy
Source:

1
Correlation

matrix

computed

with

74

the

data

from

mixmarket.com,

N=439

5.3.2 ANALYSIS OF THE CORRELATION MATRIX

From the above table one can infer that, PAR30 and write offs are positively correlated,
while PAR30 and operational self-sufficiency are negatively correlated. Positive correlation
between PAR30 and liquidity has been observed. PAR30 is negatively correlated with
operational

sustainability,

calculated

as

(operational

expenses/loan

portfolio)and

productivity.
Hence one can infer that as there is an increase in MFIs productive efficiency and financial
performance there is a reduction of credit risk and hence portfolio at risk is reducing.
There is a negative correlation between PAR30 and gross loan portfolio , hence one imply
that

incremental growth in the gross loan portfolio would lead to stability and also future

growth . Positive correlation between PAR30 and leverage shows that , higher leverage
would lead to an increase in credit risk. Since higher the leverage, higher the credit
forwarding ability, which indirectly will give away higher credit risk. Return on asset and
operational sufficiency depict the same phenomenon of a MFI being able to generate revenue
out of the operation and since the correlation between ROA and PAR30 is lower than the
correlation between Operational efficiency and PAR30 , Operational efficiency is considered
as the variable which has to be used for revenue generating ability of the MFI.

5.3.3 THE RANDOM EFFECT MODEL :

In order to investigate the dependency of MFIs credit risk on operational efficiency,
sustainability, liquidity, gross loans and write offs the following random effect model is used,
the definitions of the independent variables have been given In chapter 3
Yit

0+1*(writeoffs)it+2*(log

gross

loan

portfolio)it+3*(operational

self-

sufficiency)it+4(operational efficiency)it+5( productivity)it +6(liquidity)it+7(credit union

dummy)it+ +8(NBFI dummy)it+9(NGO dummy)it+ 10(rural dummy)it
Here Yit is the dependent variable PAR30 of MFIi at time t.

75

Random effect model considers the effect of variances within the group and in between the
group in order to estimate the component of variances and also helps in building models
which come with in one group such as same time period or same company. So that we can
project the future credit risk applied to one particular MFI at a particular year.
A data set of 439 was collected from mixmarket.com and they were subjected to the
estimation methodology in order to build the random effect model and table 5.11 is the
estimation table for the same.
From the table of estimation of fixed effects the following hypothesis can be concluded.
5.3.3.1 Hypothesis:
Hypothesis 1:
H0: write offs have no effect on the credit risk (PAR30) of the MFI
H1: write offs have effect on the credit risk
From the table one can the observe that the p value is at .000 which is less than the
significance level of .05 hence one can reject the null hypothesis here, meaning one accept
the alternate hypothesis , which says there is an effect of write offs on credit risk from the
estimates we can see that there is a positive relationship between write offs and credit risk.
Hence concluding higher the write offs higher is the credit risk
Hypothesis 2:
H0: gross loan portfolio have no effect on the credit risk ( PAR30)
H1: gross loan portfolio have effect on the credit risk (PAR30)
From the table one can observe that p value is at 0.002 which is way less than 0.05, meaning
one can reject the null hypothesis, accepting the alternate hypothesis. Also one can observe
that there is a positive relationship between credit risk and gross loan portfolio.
Hypothesis 3:
H0: operating sustainability have no effect on the credit risk(PAR30)

76

H1: operating sustainability have effect on the credit risk(PAR30)

From the table one can observe that the p value is at 0.000 which is way less than .05 hence
one can interpret that the null hypothesis is rejected, accepting the alternate hypothesis.
Hence there is negative relationship between operating sustainability and credit risk
Hypothesis 4:
H0: operating efficiency have no effect on credit risk (PAR30)
H1: operating efficiency has effect on credit risk (PAR30)
From the table one can infer that the p value is at .005, which is less than .05 hence the null
hypothesis is rejected, accepting the alternate hypothesis. Concluding that operating
efficiency has an effect on credit risk
Hypothesis 5:
H0: productivity has no effect on credit risk (PAR30)
H1: productivity has an effect credit risk (PAR30)
From the table one can see that the value of P is .047 which is less than 0.05 hence e reject
the null hypothesis, meaning the alternate hypothesis is accepted.
Hypothesis 6:
H0: liquidity has no effect on the credit risk of the MFI
H1: liquidity has an effect on the credit risk of the MFI
From the table one can infer that the p value(0.01) is less than .05 hence the null hypothesis
is rejected while the alternate hypothesis is accepted.
Hypothesis 7:
H0: the type of the MFI has no effect on the credit risk it faces.
H1: the type of MFI has an effect on the credit risk it faces.

77

This hypothesis is tested with respect to the dummies taken up with respect to different
MFIs, ie. NGOs, credit union, NBFI and rural banking dummy and it has been seen that all
the three variables have significance more than .05 which means that there is no relation
between credit risk and the type of MFI.

78

Table 5.11:Estimates of Fixed Effectsa

Parameter

Estimate

Std. Error

df

95% Confidence Interval

Lower Bound

Upper Bound

Intercept

-.024311

.148518

428.000

-.164

.0070

-.316227

.267605

WRITEOFF

1.882204

.236432

427.023

7.961

.000

1.417488

2.346919

.013215

.004321

427.613

3.058

.002

.004722

.021708

-.135697

.023939

427.825

-5.669

.000

-.182749

-.088645

Operational efficiency -.110980

.038974

427.930

-2.848

.005

-.187584

-.034376

Productivity

1.171849E-005

6.134454E-006

426.399

1.910

.047

-3.390411E-007

2.377602E-005

Liquidity

-.070454

.027058

427.363

-2.604

.010

-.123636

-.017272

Credit union dummy

.079569

.135656

425.834

.587

.558

-.187070

.346207

NBFI dummy

.020385

.133428

425.448

.153

.879

-.241875

.282645

NGO dummy

.026004

.133301

425.605

.195

.845

-.236007

.288014

RURAL dummy

.039522

.142342

425.597

.278

.781

-.240259

.319304

log

gross

loan

portfolio
Operational

self

sufficiency

a. Dependent Variable: PAR, N=439,

Source: based on the calculation done on SPSS from the data obtained from Mixmarket.com

79

Table 5.12: F value and significance of fixed effects for random effect model
Type III Tests of Fixed Effectsa
Source

Numerator df

Denominator

Sig.

df
Intercept

428.000

.027

.870

WRITEOFF

427.023

63.375

.000

LOGGROSSLOA

427.613

9.354

.002

OSS

427.825

32.132

.000

OE

427.930

8.108

.005

PRO

426.399

3.649

.047

LIQ

427.363

6.780

.010

CUDUM

425.834

.344

.558

NBFIDUM

425.448

.023

.879

NGODUM

425.605

.038

.845

RURALDUM

425.597

.077

.781

a. Dependent Variable: PAR.

Source: computed on spss , data source: mixmarket.com

Table 5.13: Goodness Of Fit

Information Criteriaa
-2 Restricted Log Likelihood

60.211

Akaike's Information Criterion

56.211

(AIC)
hHurvich and Tsai's Criterion

56.182

(AICC)
Bozdogan's Criterion (CAIC)

46.092

82

Schwarz's Bayesian Criterion

48.092

(BIC)

Person chi-square

2.762

The information criteria are displayed in

smaller-is-better forms.
a. Dependent Variable: PAR.
Source: computed by SPSS on the secondary data taken from mixmarket.com

Table 5.14: Covariance Parameters

Estimates of Covariance Parametersa
Parameter

Repeated Measures

Varianc

Estimat

Std.

Error

.017538

.001206

.0339

.0327

e
Intercept [subject =

Varianc

NUM]

a. Dependent Variable: PAR.

Source: computed by spss on the secondary data taken from mixmarket.com

5.3.3.2 DATA ANALYSIS:

One can see from the above results that there is a considerable relationship between the credit
risk and the write offs, gross loan portfolio, operational self-sufficiency, operational
efficiency, productivity, liquidity. But there is no statistical significance between the credit
risk and the type of MFI. Even though there is no statistical significance, we are going to use
the dummy variables from the model.
The goodness of fit is determined by the table information criteria, i.e.

83

Person chi-square is about 2.76 which means that predicted values when compared the actual
values are about 2.762 times. According to the standards, the lower the better is the fit, since
random effect model is nested models, the data can be altered until the person chi-square is
minimized and the estimates are accordingly taken
The -2 residual log likelihood is about 60.211 which signifies the log likelihood of the final
model and the lower this value is the higher the fit, hence usually the data is checked for
hetroskedacity to minimize this hetroskedacity, which is beyond this research due to data
constraints of the MFI industry
From the covariance parameter table 5.13 , the intercept variances is estimated as .0339 and
the standard deviation is .0327 , hence from this one can find out that, the intercept which is
-0.024 will have individual intercepts that are about .0327 higher or lower than the group
average about 65.95% times.

5.3.3.3

THE

RANDOM

EFFECT

MODEL

BUILD

BY

THE

ESTIMATION METHOD:
Yit = -0.024311+ 1.882204 *(writeoffs)it+0.013215*(log gross loan portfolio)it0.135697*(operational self-sufficiency)it-0.110980*(operational efficiency)it+1.171849E005*( productivity)it -0.070454 *(liquidity)it+0.079569 (credit union dummy)it+
0.020385* (NBFI dummy)it+0 .026004 *(NGO dummy)it+ 0.039522 *(rural dummy)it
Here Yit is the dependent variable PAR30 of MFIi at time t.
The random effect model is used to estimate random variance components for groups i.e. the
MFI

the

following

model

considers

84

the

constant

as

part

of

errors.

CHAPTER VI

FINDINGS, CONCLUSIONS
AND SUGGESTIONS

6.1 Introduction:
This chapter the findings of the study are presented. This findings are based on chapter 5,
which talks about analysis and interpretation of data. Also this chapter gives conclusions
which have been observed during the research.

6.2 Discussion of the Findings:

a) From the following research one can decipher that the Morgan Stanley credit risk
assessment model is establishes the relationship between credit risk management and
loan

portfolio,

profitability/sustainability

/operating

efficiency,

asset-liability

management , management quality, internal controls, growth, system and reporting

b) Also from the model one can see that NBFIs present in Bangalore and Hyderabad have a
credit grading in between 2.93 and 4.4.
c) From hypothesis testing one can find that there is a relationship between the credit risk (
PAR30) and write offs, gross loan portfolio, operational self-sufficiency, operational
efficiency, productivity, liquidity but the relationship is not statistically significant with
credit union dummy, NBFI dummy, rural dummy.

6.3 Conclusions:
From Morgan Stanley credit assessment model, I conclude that NBFI present in Bangalore
and Hyderabad have similar loan portfolios this could be due to the concentration of their
loans in sectors such as farm and farm related activity and urban poor, micro creditors. NBFI
such as trident microfinance, grameen financial services, Ujjivan microfinance which have
exceptionally high credit risk management in place, this is probably because of the
operational efficiency and management quality. Trident has shown high credit grading with
all the factors combined, due to the fact that is has a business model which is presence in one
place until saturation. This would not only reduce the operational expenses but also better
hold on the market with respect to customer reliability. Ujjivan microfinance, quickly
diversified its operations in various areas as soon there was a crisis in Andhra Pradesh.
Grameen financial services has its presence in agricultural and farm related activities of

85

Karnataka. These companies not only react quickly to market changes but also have strong
customer hold
On the other hand share microfinance , is one of the most respected NBFI which has its
presence in 19 states and has been established in 1989. Its credit risk grade is about 3.88
which is well above the average. Share microfinance has gone through organic growth over
the years and has established itself.
From the estimation model, I conclude that the credit risk of MFI is dependent on operational
efficiency, gross loan portfolio, operational self-sufficiency , liquidity , but has little
statistical significance with the type of MFI i.e. NBFI, NGO, rural bank and credit union.
This is partly because of the fact that all the MFIs have similar business models and face the
same kind of risk. The business models hence could be either brick and mortar i.e. branches,
or Self-help group or business correspondence model.

6.4 Suggestions:
From the above analysis, I think the microfinances which have grading below 3.64 have to
work on achieving economies of scale, improve their management quality, and work on
corporate governance. The operational efficiency can be improved through improving their
MIS. MIS plays and important role to identify the customers with respect to their credit
history. Growth of microfinance institutions is mostly based on loan disbursement and the
liquidity for this loan disbursement is majorly coming from equity or debts. Hence
microfinances should work not only on improving the quality of loans disbursed but also on
the returns to the investors.

6.5 Scope for Further Research:

The scope for further research would be to try this model on various other areas and compare
between the different types of microfinance. Also analyses the credit risk based on the
business

model

rather

than

the

legal

86

structure

of

the

Microfinance.

BIBLIOGRAPHY

BIBLIOGRAPHY
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Abiola, B. (2011). Impact Analysis of Microfinance in Nigeria. International Journal of
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Arch, G. (2005). Microfinance and development: Risk and return from a policy outcome
perspective. Journal of Banking Regulation, 227245.
Arvelo, M. (2008). Morgan Stanleys Approach to Assessing Credit Risks in the
Microfinance Industry. Journal ofAPPLIED CORPORATE FINANCE, 125-134.
Ayayi, A. G. (2012). Credit risk assessment in the microfinance industry. Economics of
Transition, 37-72.
Barman, D. (2009). Role of Microfinance Interventions in Financial Inclusion: A
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51-59.
Barone, L. R. (2011). EXPLORING HOUSEHOLD MICROFINANCE DECISIONS: AN
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Bruett, T. (2004). Four Risks That Must be Managed by Microfinance Institutions.
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CHIUMYA, C. (2006). THE REGULATION OF MICROFINANCE INSTITUTIONS:. The
University of Manchester.
crabb, p. (2007). foreign exchange risk management practices of microfinance institutions.
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MFI

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http://www.edarural.com/impact/chap2a.pdf.

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practice.

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from

Eversole, R. (2003). Help, risk and deceit: microentrepreneurs talk about microfinance.
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INSTITUTIONS IN. THE UNIVERSITY OF TEXAS AT SAN ANTONIO.
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Agricultural Sciences.
Jiwani, J. (2007). Sustainable microfinance : the impact of pay for performance on key
performance indicators. university of hong kong.
Karlan, D. S. (2008). Credit Elasticities in Less-Developed Economies:implications for
microfinance. American Economic Review, 1048-1068.
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Management, 5-22.
Kundu, A. (2011). Savings, Lending Rate. The IUP Journal of Managerial Economics, 3351.
Kundu, A. (2012). Savings, Lending Rate and Skill Improvement in Microfinance Operating
through Public-Private Cooperation. The IUP Journal of Managerial Economics, 3351.
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S.

(2007).

ESSAYS

ON

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89

Appendix

APPENDIX 1:
QUESTIONNAIRE
Morgan Stanley Credit risk assessment
This a part of my research where i have to assess the credit risk of a microfinance, kindly fill
the following sheet so that i can get a better perspective through my research
1) what is the composition of the board

2) kindly tell us the frequency of broad meetings

3) how would you rate the education background of the board members
1 -very highly qualified and have very good experience in MFI industry
2-highly qualified and have good experience in MFI industry
3-moderately qualified and have reasonable experience in MFI industry
4- Have low qualification and also the experience low
5-hav e very low qualification and also have very low experience in MFI industry
4) do you have a formal business plan
Yes

no

90

5) do you prepare budget annually

6) where is the current growth/financial projection

7) how many competitors do you have

8) what is the market share of you company

9) what is your market

10) how many branches do you have

91

11) what is your expansion plan

12) who are your shareholders

13) what is the current proportion of shareholders

14) what is the takeoff authorized and paid up capital

92

15) who are the donors to the investment fund

16) do you have a HR policy

17) what is the objective of the HR policy

18) what is the total number of personnel

19) what is your training policy

93

20) how are the staff motivated

21) how do the salary of those working for MFI and other banks

22) what is the staff percentage turnover

23) how do you grade your MIS(very low to very high)

1

24) do you have a core banking system

YES
NO
25) if yes kindly grade the core banking system (very low to very high)
94

26) how would you grade the IT link between the HQ and branches (very low to very high)
1

27) how are the branches linked

28) what accounting software do you use

29) how would you grade your accounting software on a scale of 1 to 5(very low to very
high)
1

30) at what intervals do you make a consolidated report

daily
weekly
monthly
quarterly
semi annually
annually
31) do you have formal operational procedures
yes
no

95

32) how often do you review your procedures

33) do you have a problem with the senior managers to comply

yes
no

34) how many staff do you have for internal audit .

35) how do you control the processes involved

36) what is the relationship with internal auditor and external auditor

96

37) when was the MFI incorporated

38) when did the bank actually commence business has the MFI been licensed by the RBI

39) How would you grade the regulatory control of RBI on a scale of 1 to 5(very low to very
high)

40) what is the frequency of RBI inspections

41) what are the number of savings customers

97

42) what is the area of coverage of bank operations

43) what is the size of potential customers

44) Kindly fill in the name of the microfinance

98

APPENDIX 2: RESPONSES TO THE QUESTIONNAIRE

1
what is the
composition of the
board

Board Comprises of 8
Members
-3 Independent
-3 Nominee Directors
-2 Promoter Directors

board comprises of
chairman and
managing director(
both being the same),
it is a family owned
NBFC with Blue orchid
microfinance
investments on board
as minority
shareholder

2
how would you
rate the
education
background of
the board
members
2-highly qualified
and have good
experience in
MFI industry

3-moderately
qualified and
have reasonable
experience in
MFI industry

3
kindly tell us the
frequency of
broad meetings

4
do you have a
formal business
plan

5
do you prepare
budget annually

6
where is the current
growth/financial
projection

-Every Quarterly
a board meeting
is conducted. Annual General
Meeting is
conducted once
in a year. All the
meeting are
conducted as
stipulated by law
the board
meetings are
often as the NBFI
is family owned
business

Yes

Yes

For the current FY

our growth /financial
projections for some
parameters are on
track and for few
parameters we have
already exceeded the
plan.

Yes

Yes

the current FY , we
have reduced the
interest rates in
order to meet
targets at certain
places

99

a Governing Board of
five members
,Governing Board of 11
members and Vijay is
the Chairman of the
Board

2-highly qualified
and have good
experience in
MFI industry

the board of directors

comprises of 1managing director,3executive directors,3independent
directors,1-additional
directors,2-directors

2-highly qualified
and have good
experience in
MFI industry

3 independent
directors,1
cofounder,1 nominee
director, 1 founder

1-very highly
qualified and
have very good
experience in
MFI industry

Every quarter the

board meeting is
conducted.AGM
is conducted
once in a year,
also board
meeting is also
conducted when
ever any
investor/donor is
interested to
invest
twice in a quarter
the board meets
to review on any
kind of revisions
that has to be
made in order to
meet the
quaterly targets

Yes

Yes

Yes

Yes

once in a quarter
the broard of
directors meet

Yes

Yes

100

the projections for

current financial year
has been on track
and we are trying to
push new products
for the benefit of the
rural sector

there is a very
focused effort to
provide to the rural
population rather
than looking at
financial projection
also we have over
achieved our
recovery quota for
the year

1 chairman, 1
executive vice
chairman, 1CEO-MD, 8
directors

1-very highly
qualified and
have very good
experience in
MFI industry

once in a quarter
the boards meet

Yes

Yes

1 managing director, 3
independent directors,
1 chairman

3-moderately
qualified and
have reasonable
experience in
MFI industry

once in a quarter

Yes

Yes

1 managing director, 3
independent directors,
1 chairman

3-moderately
qualified and
have reasonable
experience in
MFI industry

once in a quarter

Yes

Yes

1 chairman.3 directors

2-highly qualified
and have good
experience in
MFI industry

once in a quarter

Yes

Yes

1-managing director, 3
directors

3-moderately
qualified and
have reasonable
experience in
MFI industry

once in a quarter

Yes

Yes

101

the prjection of the

current year has
been competitive,
and we are looking
at volumes rather
than profits
the current financial
projection is to
improve on the
credit quality and
look at the spaces
where there is rapid
grwoth
the current financial
projection is to
improve on the
credit quality and
look at the spaces
where there is rapid
grwoth
For the current FY
our growth /financial
projections for some
parameters are on
track and for few
parameters we have
already exceeded the
plan.
there is a very
focused effort to
provide to the rural
population rather
than looking at
financial projection

1-managing director,
4-directors,2-nominee
directors

1-very highly
qualified and
have very good
experience in
MFI industry

twice in a quarter
and when ever
there is a need
for policy change

Yes

Yes

1-MD,4-directors

2-highly qualified
and have good
experience in
MFI industry

once in 2
quarters

Yes

Yes

1-MD, 6 directors

3-moderately
qualified and
have reasonable
experience in
MFI industry
2-highly qualified
and have good
experience in
MFI industry

half yearly

Yes

Yes

twice in a quarter

Yes

Yes

1-MD, 4 directors

102

also we have over

achieved our
recovery quota for
the year
the financial
projection for this
year is already met
but we r looking are
incremental
repayment rates
the financial
projection for this
year is already met
hence we r looking
into next year's plans

the financial
projections for this
year are on track and
have come to the key
end

1-non executive
chairman, 1-CEO,1nominee director,

1-very highly
qualified and
have very good
experience in
MFI industry

more than twice

a quarter

Yes

103

Yes

7
how many
competitors do
you have

8
what is the
market share of
you company

9
what is your
market strategy

10
11
how many
what is your
branches do you expansion plan
have

We operate in
Multiple
areas/states
where we
compete with
different number
of competitors.
We have
competition
from Local
players(region
specific) as well
as national
players
(operating in
multiple
regions). on an
average we
compete with
more than 8-10
players in any
area.

We operate in
Multiple
areas/states
where we have
different market
share

We target the
economically
active poor in
rural and urban
area and provide
them with
financial services
catering to all
major life cycle
needs.

160 as on 31
January 2013

104

For the current

year we will
consolidate our
operations and
will not expand
to new area.

D2

12
who are your
shareholders

Our shareholders
comprises of
1.) Promoters
2.) Investors
3.) Employees

we operate in
multiple states
and areas, hence
the competitors
are on basis of
competitive
interest rates

basix has
different
competitors at
different areas
and it is able to
differentiate
itself through its
scale up plans by
securing
additional
commercial
equity of US$10
million and
US$26 million

the microfinance
industry
unorganised to
calculate the
marketshare,
but we hold
varied market
share at varied
places
market share is
different in
different places,
but as said
earlier, BASIX
focuses on
market share
through external
commercial
equity

we target rural
areas of adhra
pradesh, tamil
nadu, maharastra
and orissa ( 18
states) by
reduced interest
rates

485 as on july
2009

as of now, we
have been
concentrating on
the existing
markets

the shareholders are,

promoters, blue
orchid
microfinanceinvestors
ltd

yes our market

921 as on july
strategy to
2009
provide not only
the finance to
rural farmers but
also provide
technical
expertise in non
farm spaces and
also farm spaces,
so that the
farmers/micro
entreprenuers are
able to improve
their incomes,
reduce the
operational cost
and also improve
the yield

as of now we are
trying to expand
through the
equity capital
obtained
through
commericial
equity , to diary
industry since it
has 4% growth
YoY, and 10
million by 2014

the promoters, SIDBI,

external commercial
equity

105

in karnataka,
which is our
major focus we
have multiple
competitors how
ever our
products are
competitive and
also the market
size is high

the market share

of BSS is based
out of karnataka
, which is
significant
considering our
focus,we have
covered upto 43
villages
considering the
target being 75
villages

the market
strategy of BSS is
to talk to the
village leaders ,so
that the SHGs are
formed with the
recommendations
by them and also
the whole village
is services by BSS

we have
branches in the
villages that are
exposed to BSS
so its approx.
291 branches as
on 2010

we have multiple
competitors but
the areas we
operate are
unexplored and
we have
customised
products for a
particular
individual
according to his
requirement

the market share

is not of essence
right now , its
mostly about the
servicing and
being able to
improve on the
recovery rate

we have about
20 branches as
on 2012

we have
different
competitors at
different areas
hence we

we have strong
increments on
the market share
we are
concentrating on

the market
strategy is to
provide basic
computer
education to the
children of the
rural areas, also
provide with
expertise to do
well in the areas
of agricuture and
diary , so that the
farmers can
improve on their
operational
efficiency
we are looking at
urban markets
with poor
polulation, hence
our strategy is to

we have about
66 branches
across the
country

106

our expansion
plans are to
provide mobile
banking facilities
to villages, also
apply Business
correspondent
model so as to
help reduce the
operationa
expenses and
hence reduce
the interest rate
the expansion
plans are related
to villages which
have rich
productivity and
are in dire need
of funds, also
help them get
the government
schemes so that
they can utilise
resources
available

our expansion
plan is to target
alll the main
cities which have
high rural

the promoters of the

company are major
shareholders of the
company

operate in SBU
structure

markets present
in and around
karnataka, since
they have
promising retur
the market share
is not the main
focus of the
company

the market share

is not the main
focus of the
company

we operate in
multiple states
and areas, hence
the competitors
are on basis of

market share is
different in
various places

make sure we
have
microcreditors

the market
strategy is to
focus on the
areas which are
interfaced with
the SEZ and
hence help the
empowerment of
the poor people
also help them
improve their
livelihood
the market
strategy is to
focus on the
areas which are
interfaced with
the SEZ and
hence help the
empowerment of
the poor people
also help them
improve their
livelihood
the market
strategy is to
concentrate on
diary production,
microcredit to

20 branches

population and
give them credit
in order to help
them build their
business
our expansion
plans are to
earmark all the
urban and semi
urbar areas
which are
potential SEZs

the promoters are the

major share holders

20 branches

our expansion
plans are to
earmark all the
urban and semi
urbar areas
which are
potential SEZs

the promoters are the

major share holders

39 branches

expansion plans
remains towards
diary production

the promoters are the

shareholders of nano
microfinace

107

competitive
interest rates
we operate in
multiple states
and areas, hence
the competitors
are on basis of
competitive
interest rates

we operate
in Andhra
Pradesh,
Chhattisgarh,
Delhi, Karnataka,
Maharashtra,
Madhya
Pradesh, Uttar
Pradesh,
Rajasthan, Bihar,
Uttarakhand,
Gujarat,
Haryana,
Himachal
Pradesh, Tamil
Nadu, West
Bengal,

farmer
the market share
is dependent on
the southern
and western
sides of the india
and the rual and
urban poor
population

the market
strategy to be
present at the
western and
southern part of
india

29 branches

since this is
mostly
unorganised
space, we
cannot pinpoint
the market share
but we are
targeting at
higher revenue
through higher
market share

the market
strategy is to
concentrate on
women
entreprenuers
and also give
higher
empowerment at
bother rural and
urban poor
population

914 branches

108

the expansion
5
plans are give
community
development to
as many villages
as possible
,Samasta will be
operational in
Maharashtra,
Gujarat and
Madhya
Pradesh. By
2013, we plan to
reach 1.8 million
people in India
the expansion
3
plan is to to
reach other parts
of india

the promoters

the promoters,
Legatum Ventures
Limited,Aavishkaar
Goodwell,poor wome

Jharkhand,
Orissa ,Kerala
and Assam.
we operate in
andhra pradesh
and karnataka

Trident is
currently
working in two
states of Andhra
Pradesh and
Maharasthra
covering seven
districts

17% market
share from
andhra pradesh
according to the
latest daya

the market
strategy is to
work towards
obtaining higher
market share
over the years

1674

the expansion
plan is to look
into more
districts and
introduce mobile
banking, or
business
correspondent
model

we r growing in
terms of market
share adding
customers
rapidly in order
to make
economies of
scale

strategy is to
introduce micro
loans for
education,
insurance, and
innovative ideas

31 branches

expand to
adjoining states
of Madhya
Pradesh,
Chhattisgarh and
Northern
Karnataka in 3-5
years time. Key
growth strategy
will be market
saturation rather
than spatial
expansion

109

3
4

the promoters,JM
Financial India
Fund,Valiant Capital
Management,Helion
Venture
Partners,SIDBI

the promoters,
Caspian
Advisors,Bellwether
Microfinance
Fund,India Financial
Inclusion Fund

Karnataka,
Bengal, Tamil
Nadu and
Jharkhand States

we are focusing
on expanding in
northern and
eastern areas

we are looking
into expanding
into 6 major
cities

110

the promoters, The

Michael & Susan Dell
Foundation,Bellwether
Microfinance Fund
Private Limited,India
Financial Inclusion
Fund,Sequoia Capital
,The Lok Capital
Group,Elevar Equity,

13
what is the
current
proportion of
shareholders

14
what is the
take off
authorized and
paid up capital

15
who are the
donors to the
investment
fund

16
do you have
a HR policy

17
what is the
objective of the HR
policy

18
what is the
total number
of personnel

19
what is your
training policy

-Promoters &
Management
(including
directors and
their relatives,
friends,
associates and
affiliates) 24.62%
-Investors 53.04%
-Trust18.11%
-Employees
4.23%
2.9% blue
orchid
microfinance
ltd, the 87.5%
by promoters

Aurthorized
capital : Rs 35
Cr
Paid up capital
: Rs 24.84 Cr

Right now we
do not have any
donors.

Yes

To provide various
types of Benefit and
welfare to
employees

1191 (as of 31
Jan 2013)

To orient the
employees in a
manner which
enables them to
contribute
towards
organizational
goal

paid up capital
182.828 million

there are no
donors since we
have obtained
the investments
at the share of
equity

yes

To empower the
employes to not
only improve on
their knowledge but
also service the
borrowers.

2359 as of
mach 2012

To enable
employees to
make decisions
on behalf of the
organisation.

111

Bharatiya
Samruddhi
Investments
and Consulting
Services has
about 41.9%
and IFC has
about 17.6% ,
the other
investors are
Lok capital LLC,
Aavishkar
goodwell and
SIDBI as the
largest
shareholders.

700 crores of
paid up capital

donors such as
yes
ford
foundation, the
swiss agency for
development
and
cooperation
and canadian
international
development
agency

238million of
authorised
capital and 202
million of paid
up capital

100 million
authorised
capital , 80.8
million paid up
capital

no

to improve the
10,000 as on
confidance of the
2012
employees and help
them improve their
knowledge on
microentreprenuers,
also show them
clear growth paths
from the prositions
of field executives
and customer
service associate to
higher positions

give regular
internal and
external training
to the
employees so as
to improve their
knowledge

Yes

have to not only pay

competitively to the
employees to
attract their and
retain them but also
train them in
different areas so as
to help them build
on their expertise

Yes

to train and
employee them so
that there is
collective growth of
both organisation
and the employee

to help the
employees get
exposure with
all the tools
used on the
microfinance
space so that
they can help
build a
competitive
organisation
to train the
employees in
different areas
of rural or
microcredit
space so that
they only able

112

120 as of 2011

300 million of
authorise
capital and 230
million of paid
up capital

no

Yes

to help the
employees grow
and also build trust
among themselves
for the betterment
of the organisation

1004 as of
2011

35million of
authorized
capital ,
28million paid
up

no

Yes

230 as on 2010

35million of
authorized
capital ,
28million paid
up

no

Yes

paid up capital
3.92 crores and

no

yes

the HR policy of the

company is to
provide fair of
education and
employability of the
potential candidates
the HR policy of the
company is to
provide fair of
education and
employability of the
potential candidates
To empower the
employes to not

113

to take
decisions for the
company but
also convence
the customers
about good
investments
our training
policy is to help
our employees
not ony have
domain
expertise but
also to be able
to analyse the
business
models,
industry analysis
and take
decisions

230 as on 2010

the training
policy is to give

authorized
capital is 4
crorers
66.4 million of
paid up capital

no

Yes

60 million of
paid up,

no

Yes

100 million
authorise
capital, 98.2
million paid up
capital

no

yes

only improve on
their knowledge but
also service the
borrowers.
the HR policy is to
empower the
employees with
relevent knowledge
and hence growth

the objective of HR
policy is to give the
employes an
exposure to cross
functional fields so
that they make
good impact for the
company
the objective of the
HR policy is to
provide proper work
culture to the
employees and also
train them in cross
functional activities
so that they r
empowered

114

198 as on 2011

4320 as on
2012

8321 as on
2011

an industry
overview before
the credit is
forwarded
the trainig
policy is to give
a full view of
the organisation
and also
enhance the
knowledge of
the employees
on only domain
specific but also
others
the training
policy is to give
an expose to
the employee
for cross
fuctional activity

we have a clear
training policy
with respect to
technology, and
with respect to
cross functional,
it states that all
employees
should be
trained In every
aspect with

respect to IT
and also be
familiar with all
the processes
86.5 million,
100 million
authorized
capital

no

Yes

individually or
through team that
contribute to the
overall objectives of
the organization.
The aim of spotlight
and Talent
Development
program is to
identify and reward
the best talent and
performance within
the organisation.

115

To enhance the
performance,
competencies
and skills of the
Associates,
through
constant
training &
development
programs to
achieve
individual
career and
organizational
goals. Build
capacity by
enabling
employees to
reach highest
level of
productivity and
efficiency

400 million
authorised
capital, 383
million paid up
capital

no

Yes

Provide employees
the skills and
confidence required
to execute their
current role in a
timely and
professional manner
and prepare them
for future roles

2354 as on
2012

Provide
career
development
opportunities
for existing staff
to continuously
upgrade their
skills and
knowledge so
that they are at
the cutting edge
level of the
industry

20

21

22

23

24

25

26

how are the staff

motivated

how do the salary

of those working
for MFI and other
banks
comparatively

what is the
staff
percentage
turnover

how do you
grade your
MIS

do you have a
core banking
system

if yes kindly
grade the core
banking
system

By way of
Regular trainings
(soft skills),
clearly defined
career path,
regular feedback,
quick grievance
redressal.

Very Competitive
Salaries

Around 30% for

the company

no

how would
you grade the
IT link
between the
HQ and
branches
4

116

the employees
are motivated
through regular
trainings and also
take part in
regular meetings

around 14-20 %

no

the motivations
levels are based
on the external
and internal
training, this is
also supported
with ESOPS
hence the
retention rate is
high

the salaries are

25-40%
pretty competitive
also the employees
enjoy
microentreprenurial
ventures

no

we motivate the
staff by paying
them
competitively ,
training them at
regular intervals
also take them
on field trips so
that they get a
real fell of what
they are upto

the salaries are

competitive since
we believe in the
retaining the
employee with a
good incentive

no

30-35%

117

the staff are self

motivated since
they are
volunteering,also
they get trained
in various fields
apart from
customisng the
products for
poor, and
meeting targets
the staff are
motivated
through constant
increments, also
help them have a
sense of
achievement
through
projecting their
effort's final
meaning

the motivations
levels are based
on the external
and internal
training, this is
also supported
with ESOPS
hence the
retention rate is
high

most of our
employees are
volunteers, hence
but on roll
employees are paid
according to the
work genre

20-40%

no

the salaries are

competitive and are
based on the
expertise they have

30-40%

no

20%
20%
30-50%

3
3
3

no
no
no

salaries are pretty

competitive and is
based on
experience

118

3
3
3

they are usually

motivated by the
training,
compensation
and also through
field knowledge
they are usually
motivated by the
training,
compensation
and also through
field knowledge
the high
motivation of
employees can
be seen with
respect to their
training and also
since the
compensation is
competitive

the salaries are

according to the
efficiency and
industry
specifications

30-40%

no

the salaries are

competitive as
compared to banks

60-70%

no

the salaries paid are

competitive and are
based on
performance

50-70%

no

Rewards and
Recognition
Policy in Trident
is designed to
encourage
employees
particularly field
staff whose
performance is
outstanding
either.

the salaries paid r

competitive

60-70%

no

119

the employees
get motivated
through Medical
insurance for self
and family
Group life and
accident
insurance
Employee
Stock Option
Scheme
Free health
checks
Vehicle loans
Employee
referral program
Cafeteria
Sabbatical

salaries are as per

industry standards

70-80%

no

120

27
how are the
branches linked

28
what
accounting
software do
you use

29
how would
you grade
your
accounting
software on a
scale of 1 to 5
3

30
at what
intervals do
you make a
consolidated
report

automatically
linked through
high speed
internet at the
branches

Microfin at
Branches &
Tally in Head
office

they are linked

to the HQs, the
branches are
not interlinked

BASIX
Information
Infrastructure
Services Ltd
provides the
network
infrastructure
to BASIX hence
it helps in
transaction
processing also

31
do you have
formal
operational
procedures

32
how often do you
review your
procedures

33
do you have a
problem with
the senior
managers to
comply

daily

yes

Different
procedures are
reviewed at
different
frequencies

no

manual
accounting at
the branches
and tally at the
HQ

weekly

yes

according to the
requirement we
change them

no

tally at the
HQ,while
microfin at the
branches

quaterly

yes

we review the
no
procedures
according to the
employee's
recommendations

E3

121

the branches
are connected
to the HQ and
they are routed
back to branch

BSS has no inter

connectivity
between the
branches, since
the branches
are linked to a
village and one
village is
independent of
the next, hence
all branches are
linked to HQ
but not linked
to branches
the branches
are not links
they are all
linked to the
head office

tally at the
head office
microfin at the
branches

weekly

Yes

the SOPs are

reviewed every
quaterly to see if
it can be
optimised

no

we use tally at
the head office
and manual
accounting at
branch levels

weekly

Yes

the procedures
are set up but are
under continous
observation

no

122

the branches
are linked
through a VAN
based
network,and
also they are
linked with
each other
through a
webmail
branches are
manually linked
branches are
manually linked
manually

we use tally at
head as well as
at the branch
offices

dialy

Yes

we review the
procedures as an
when there is a
compaint either
from the
employee or from
the customer

no

we do manual
acounting
we do manual
acounting
tally

quaterly

No

once in a year

no

quaterly

Yes

once in a year

no

monthly

Yes

no

manually
they connected
through VAN
and software
which gives
them speed in
operations
they are linked
through the
head office

tally
tally

3
4

monthly
dialy

Yes
Yes

once in a year we
look for
feedbacks
once in a year
once in a quarter
to make the
operations
competitive

tally

dialy

Yes

once in a year

no

they r linked
through VAN
connections

tally

dialy

Yes

once in a quarter

no

123

no
no

they are linked

through
microfin

tally

dialy

Yes

124

every quarter

no

34
how many staff
do you have for
internal audit

35
how do you
control the
processes
involved

36
what is the
relationship with
internal auditor
and external
auditor

16

We have got
Standard
Operating
Procedures (SOP)
defined for all
the processes.
Employees have
to stick to the
SOP while
conducting there
work.

Internal Auditors
and External
Auditors work in
Sync and they
report directly to
board of
directors

F2

The Conrol
mechanism
ensures that the
work done by a
Junior is checked
by the Senior. In
addition to that
we have Audit
Department
which checks the
compliance level
of various
process across
the company.
The services of
external auditors

125

37
when was the
MFI
incorporated

38
when did the
bank actually
commence
business

39
has the MFI been
licensed by the
RBI

1991

We are not Bank,

We are MFI. As
an MFI we
commenced our
Business in 1999

Yes

are also utilized

from time to
time.

we have a SOP
which is defined
similarly for all
the branches and
they are followed

the internal and

external audit
work under the
board of
directors

2001

2001

yes

13

we have the SOP

which can be
bipassed
according to the
wish of the
reporting
manager

the internal audit

works under the
board of
directors, the
external audit
works
indepedently and
reports directly
to the Chairman

1996

1996

yes

126

the control of
processes are
done by
continous feed
back from the
employees who
can give their
expertise

both internal and

external audit
directly report to
the board of
directors

1st april 2008

2008

yes

we control
processes
through real time
updation from
the volunteers
also we have
feedback system
from the branch
manager who
help us controlt
he operation
the processes are
overlooked by
the individual
reporting
manager and
hence the
hierarchy is
maintaining
the control is
delegated to the
maangers of the
branch
the control is

the internal audit

and the external
audit report
independently to
board of
directors

2004

2007

yes

the internall and

external audit
reports to the
board of
directors at each
time of reporting

2006

2006

yes

the internal and

external report
to board of
directors
the internal and

1995

1995

yes

1995

1995

yes

127

delegated to the
maangers of the
branch
its based on
reporting
manager's choice
of process
based on the
employee
feedback once in
a year we change
them

12

the control of the

operations are
done on
hierarchical basis

16

the processes are

usually
controlled using
the SOPs given to
the managers
who intern
report in
hierarichal
method

the processed
are controled
through constant

external report
to board of
directors
they both report
to the board of
directors

1996

1996

yes

the relationship
between the
internal audit
and external
audit is minimal,
both report to
the BoD at
different time
the relationship
between internal
and external
audit is minimal
to get 2 types of
perspective
both
independently
report to BOD

2008

2008

yes

1989

1989

yes

1998

2000

yes

both are
independnt to
each other

2008

2008

yes

128

12

monitoring and
feed back system
they are
controlled
through
continous
monitoring

independent to
each other

2006

129

2006

yes

40
how would you
grade the
regulatory
control of RBI

41
what is the
frequency of RBI
inspections

42
what are the
number of
savings
customers

43
what is the area
of coverage of
bank operations

44
what is the size of
potential customers

45
Kindly fill in the
name of the
microfinance

Yearly

NIL

We are not Bank.

We are MFI. Our
MFI operations
are in 3 states (
41 districts)

All economically
active poor in rural
and urban area are
our customers.

Grameen
Financial Services
Pvt Ltd

yearly

NIL

18 states

all small
Asmitha
traders/farmers/farm microfinance
labours are our
customers

yearly

Basix India

130

yearly

no saving
customers

we cover only
the southern part
of karnataka so
that our
effectiveness is
higher

yearly

no services for
savings

yearly

about 45000

yearly

no customers in
savings

we cover the
areas Jagalur in
Davangere
District,
Khanahosahalli
and Kottur in
Bellary District,
Nayakanahatti
and Holalkere in
Chitradurga
District,
Bailhongal in
Belgaum District,
Hirevankulakunte
in Koppal District
of Karnataka.
we cover jaipur,
bangalore,
chennai,
hyderabad
we have covered
the regions
around
karnataka and

131

BSS microfinance

the potential size of

the customer is
based on the villages
who have tied up for
our serives

chaitanya
microfinance

janalakshmi
microfinance

KCIPL

yearly

no customers in
savings

Yearly

no savings
customers

Yearly

no customers in
savings

Yearly

Yearly

no customers in
savings
no depositors

yearly

no saving
schemes

we are looking at
andhra pradesh
we have covered
the regions
around
karnataka and
we are looking at
andhra pradesh
we have our base
in andhra
pradesh and
karnataka
Chennai,
Kancheepuram,
Vellore,
Krishnagiri,
Coimbatore and
Nilgiri districts in
Tamil Nadu, and
Bangalore in
Karnataka.
19 states

KOPSA

nano

1.8 million

185 districts

6 million

31 branches

21 million

132

Samasta

share
microfinance
spandana spoorti
tbf
trident
microfinance

yearly

no schemes for
savings

299 branches

106 million

Source: collected from various microfinances by administering the questionnaire

133

ujjivan
microfinance

APPENDIX 3: Secondary Data For Morgan Stanley Credit Assessment Model

ye
ar

loan A1
port
folio

A2

PAR
>30
day
s

A
3

wri
te
off(
%)
outsta
nding
loans

resheduled.r total
estructured gross
loans
loan
portf
olio

A4

size
of
port
folio
total
write
offs
over
last
12
mont
hs

aver
age
loan
portf
olio

loan
loss

gross
loan
portf
olio

AML(a
shmita
microf
in ltd

20
04

A
N
N

0.0
0%

605.
644

605.
644

605.
644

AML

20
05

0.1
5%

266.7
7695

1778
.513

4.3
8%

1778
.513

20
06

2.3
9%

4722.
8551

1976
.09

0.4
2%

7789.
8869
4
829.9
578

1778
.513

AML

A
N
N
A
N

1976
.09

1976
.09

134

845
2.66
7
194.
979

loan
loss
rese
rves

PAR
>30
day
s

0.0
0%

12.6 0.1
79
5%
4.66 2.3
9%

AML

20
07

AML

20
08

AML

20
09

AML

20
10

AML

20
11

N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N

AML

0.6
3%

2115.
85374

3358
.498

0.7
9%

0.3
4%

2404.
16074

7071
.061

0.0
4%

0.3
3%

4681.
15791

0.5
6%

48.
29
%
55.
78
%

63973
3.895
8
66904
1.440
4

1418
5.32
7
1324
7.75
1
1199
4.28
9

9.4
6%

BASIX

19
96

A
N
N

BASIX

19
97

A
N
N

2653.
2134
2
282.8
4244

3358
.498

3358
.498

7071
.061

7071
.061

7943.
7831
2
1253
23.72
4
0

1418
5.32
7
1324
7.75
1
1199
4.28
9

1418
5.32
7
1324
7.75
1
1199
4.28
9

1.
75

13.
64
%

0.34
9

0.34
9

0.34
9

236.3
13

17.3
25

17.3
25

17.3
25

135

1.
87
5
6

1
610.
476
2
102.
352
9
100
7.57
6
74.2
969
6
121
9.94
4

3.84 0.6
6
3%
0.34 0.3
8
4%
3.32 0.3
5
3%
35.8 48.
78
29
%
680. 55.
485 78
%

0.09
530
8

0.01 13.
3
64
%

BASIX

19
98

BASIX

19
99

BASIX

20
00

BASIX

20
01

BASIX

20
02

BASIX

20
03

BASIX

20
04

BASIX

20
05

BASIX

20
06

BASIX

20
07

BASIX

20
08

BASIX

20

A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A

58.6
46

58.6
46

58.6
46

0.75 0
4

19.
34
%
15.
56
%
13.
00
%
7.9
7%

2152.
69672

111.
308

0.4
9%

54.54
092

111.
308

111.
308

2382.
01816

153.
086

1.6
5%

252.5
919

153.
086

153.
086

2890.
225

222.
325

2.4
6%

546.9
195

222.
325

222.
325

2446.
36759

306.
947

3.3
0%

1012.
9251

306.
947

306.
947

1.57 19.
8
34
%
2.54 15.
8
56
%
1.90 13.
7
00
%
2.94 7.9
1
7%

4.8
0%

1846.
5072

384.
689

2.4
0%

923.2
536

384.
689

384.
689

8.15
925
5
16.3
753
2
14.6
692
3
36.9
008
8
57.6
875

1.7
9%

1017.
90319

569

1.5
8%

898.4
8438

569

569

8.47 1.7
4
9%

2.1
1%

2115.
72232

1002
.712

1.0
9%

1002
.712

1002
.712

1.3
7%

1909.
93755

1394
.115

0.7
3%

1394
.115

1394
.115

1.2
5%

2479.
225

1983
.38

0.6
7%

1092.
9560
8
1017.
7039
5
1328.
8646

1983
.38

1983
.38

473.
407
8
774.
170
6
102
2.04
4
276.
32

2.5
1%

4621
.237

0.0
0%

4621
.237

4621
.237

37.

7756

0.4

3490.

7756

7756

133
5.61
8
62.7

33.5 2.5
24
1%

11599
.3048
7
29304

136

2.76 4.8
9
0%

16.3 2.1
35
1%
14.0 1.3
02
7%
3.45 1.2
4
5%

23.7 37.

09
BASIX

20
10

BASIX

20
11

N
N
A
N
N
A
N
N

BASIX

BSS

20
03

BSS

20
04

BSS

20
05

BSS

20
06

BSS

20
07

BSS

20
08

BSS

20
09

BSS

20
10

A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N

2.
81
3
1

78
%
62.
31
%
60.
67
%

6.161
4
77813
9.679
7
17708
9.541
7

.648
0

1248
8.19
9
2918
.898

5%

4916

.648

4.2
0%

46.
05
%

5245
0.435
8
1344
15.25
3

1248
8.19
9
2918
.898

1.
62
5
1

0.0
0%

26.3
83

0.1
1%

5.899
52

53.6
32

0.0
0%

103.
522

0.0
0%

1.8
0%

1465.
4574

1.8
4%

0.0
0%

.648
1

1248
8.19
9
2918
.898

2.18
8

501
3
677.
957
928.
785
2

07

78
%
422. 62.
435 31
%
563. 60.
494 67
%

3.
62
5
6

0.79 0.0
1
0%

26.3
83

26.3
83

0.0
0%

53.6
32

53.6
32

1.60 0.1
9
1%

0.0
0%

103.
522

103.
522

5.17 0.0
6
0%

388.
676

0.0
0%

388.
676

388.
676

19.4 0.0
34
0%

814.
143

0.0
0%

814.
143

814.
143

2012.
17984

1093
.576

0.0
0%

1093
.576

1093
.576

2.23 1.8
3
4%

1447
.745

4.7
0%

6804.
4015

1447
.745

1447
.745

121.
358
7
0

1151
.745

1.4
0%

1612.
443

1151
.745

1151
.745

2.91
4

137

1.8
0%

2.23 0.0
3
0%

BSS

20
11

N
A
N
N

BSS

0.0
0%

1252
.914

Chaita
nya

20
09

Chaita
nya

20
10

Chaita
nya

20
11

A
N
N
A
N
N
A
N
N

Chaita
nya

0.0
0%

10.6
58

0.0
2%

1.862
48

93.1
24

168.
712

GFSPL( 20
grame 00
en
koota)
GFSPL 20
01
GFSPL

20
02

GFSPL

20
03

GFSPL

20
04

1.
22
2
1

1252
.914

1252
.914

1.34 0.0
9
0%

5.
44
4
6

0.0
0%

10.6
58

10.6
58

0.0
2%

1.862
48

93.1
24

93.1
24

115
5

0.23 0.0
1
2%

0.2
7%

45.55
224

168.
712

168.
712

182
0

0.36 0.0
4
2%

2.
66
7
6

20.4

0.02 0.1
04
0%

A
N
N

0.0
0%

1.22
7

A
N
N
A
N
N
A
N
N
A
N

0.0
0%

2.77
7

0.0
0%

7.93
2

0.0
0%

0.0
0%

0.0
0%

1.22
7

1.22
7

0.0
0%

2.77
7

2.77
7

52.1

0.05 0.1
21
0%

0.0
0%

7.93
2

7.93
2

23.7
13

0.0
0%

23.7
13

23.7
13

443

0.44 0.1
3
0%

63.7
23

0.0
0%

63.7
23

63.7
23

117
4

1.17 0.1
4
0%

138

0.1
0%

GFSPL

20
05

GFSPL

20
06

GFSPL

20
07

GFSPL

20
08

GFSPL

20
09

GFSPL

20
10

GFSPL

20
11

N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N

GFSPL

Janala
kshmi
Financ
ial
Servic
es Pvt.
Ltd.
Janala
kshmi

0.0
0%

221.
663

0.0
0%

221.
663

221.
663

443
3

4.43 0.1
3
0%

0.0
0%

459.
791

0.0
0%

459.
791

459.
791

919
5

9.19 0.1
5
0%

0.1
3%

107.4
3993

826.
461

0.0
0%

826.
461

826.
461

0.1
3%

1.4
7%

2665.
18791

1813
.053

0.3
3%

598.3
0749

1813
.053

1813
.053

1.4
7%

1.4
2%

4688.
43672

3301
.716

0.6
2%

3301
.716

3301
.716

1.2
2%

3056.
16466

2505
.053

1.5
1%

2505
.053

2505
.053

1.4
0%

5337.
6736

3812
.624

0.0
0%

3812
.624

3812
.624

199
5.56
3
209
1.14
8
787.
857
1

28.3 1.4
37
2%

2047.
0639
2
3782.
6300
3
0

3.
08
3
6

6.3
1%

6.4
9%

20
04

A
N
N

6.3
1%

292.8
0924

46.4
04

20
05

A
N

6.4
9%

567.9
9831

87.5
19

139

0.0
0%

46.4
04

46.4
04

87.5
19

87.5
19

25.5 1.2
12
2%
11.0 1.4
3
0%

Financ
ial
Servic
es Pvt.
Ltd.
Janala
kshmi
Financ
ial
Servic
es Pvt.
Ltd.
Janala
kshmi
Financ
ial
Servic
es Pvt.
Ltd.
Janala
kshmi
Financ
ial
Servic
es Pvt.
Ltd.
Janala
kshmi
Financ
ial
Servic
es Pvt.
Ltd.
Janala

20
08

A
N
N

0.5
7%

174.2
2962

305.
666

20
09

A
N
N

1.6
3%

1092.
84654

670.
458

20
10

A
N
N

1.0
3%

1867.
2149

1812
.83

20
11

A
N
N

0.2
3%

806.7
1005

3507
.435

1.

305.
666

305.
666

0.0
0%

670.
458

670.
458

322.
269
9

5.25 1.6
3
3%

2.6
4%

4785.
8712

1812
.83

1812
.83

1.0
3%

0.6
7%

2349.
9814
5

3507
.435

3507
.435

0.2
3%

1.

140

2.33

5.

0.5
7%

kshmi
Financ
ial
Servic
es Pvt.
Ltd.
KCIPL

66
7

20
09

KCIPL

20
10

KCIPL

20
11

A
N
N
A
N
N
A
N
N

KCIPL

16
7

0.6
6%

73.09
038

110.
743

1.9
4%

362.6
7718

186.
947

112.
189

KOPSA

20
07

KOPSA

20
08

KOPSA

20
09

A
N
N
A
N
N
A
N
N

KOPSA

Nano

20
08

Nano

20
09

A
N
N
A
N

43.
15
%
99.
96
%

6476.
68555

150.
097

2571.
471

25.7
25

9.26
4

110.
743

110.
743

0.0
0%

186.
947

186.
947

0.47 1.9
7
4%

0.0
0%

112.
189

112.
189

24.5
876
3
17.6
847
3

167.
271

141

0.6
6%

0.35 2.0
9
3%

150.
097

150.
097

0.0
0%

25.7
25

25.7
25

0.0
0%

9.26
4

9.26
4

3.90
356
1
1.69
762
8

43.
15
%
3.90 99.
2
96
%
0.85 50.
9
60
%

0.0
1%

16
7

3.
66
7
1

4.66
7

0.0
0%

0.0
1%

167.
271

167.
271

301
0

0.60 0.0
2
2%

Nano

20
10

N
A
N
N

Nano

0.0
0%

133.
306

Samas
ta

20
08

Samas
ta

20
09

Samas
ta

20
10

Samas
ta

20
11

Samas
ta
SHARE

A
N
N
A
N
N
A
N
N
A
N
N

SHARE

20
04

SHARE

20
05

SHARE

20
06

A
N
N
A
N
N
A
N
N
A
N
N

133.
306

0.0
0%

23.9
87

1.3
1%

345.6
1468

263.
828

1.0
9%

310.5
9441

284.
949

0.0
1%

3.420
72

342.
072

1
20
03

133.
306

602
0

0.60 0.0
2
1%

2.
66
7
6

0.0
1%
1.3
1%

23.9
87

23.9
87

0.0
0%

263.
828

263.
828

0.0
2%

5.698
98

284.
949

284.
949

0.28 1.0
4
9%

0.0
0%

342.
072

342.
072

26.0
550
5
144
60

4.
75
6

0.1
9%
13.
48
%
9.7
1%

3.25

1.44 0.0
6
1%

0.1
9%

155.6
917

819.
43

0.0
0%

819.
43

819.
43

13.
48
%
9.7
1%

23696
.9907
6
35559
.6998
3
14906
.8368
3

1757
.937

0.0
0%

1757
.937

1757
.937

3662
.173

2.2
2%

3662
.173

3662
.173

3996
.471

0.0
0%

8130.
0240
6
0

3996
.471

3996
.471

3.7
3%

142

3.7
3%

SHARE

20
07

SHARE

20
08

SHARE

20
09

SHARE

20
10

SHARE

20
11

A
N
N
A
N
N
A
N
N
A
N
N
A
N
N

SHARE

Spand
ana

19
98

Spand
ana

19
99

Spand
ana

20
00

Spand
ana

20
01

Spand
ana

20
02

Spand

20

A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A

0.2
3%

1400.
54981

6089
.347

1.7
9%

0.1
6%

1947.
09312

0.2
5%

52.
10
%
52.
18
%
53.
80
%

88233
4.496
3
10774
62.99
4
11353
01.69
6

1216
9.33
2
1693
5.40
3
2064
8.96
5
2110
2.26
2

0.5
7%

10.
24
%
0.2
5%

3.
11
1
1

1.
66
7
1

1.4
8%

1.792
28

1.21
1

0.5
0%

2.279
95

4.55
99

0.1
4%

1.883
28

13.4
52

0.1
9%

8.870
72

0.0
6%

9.143
34

0.0

4.408

1089
9.931
1
3042.
333
9653.
1797
1
2114
45.40
2
5275.
5655

6089
.347

6089
.347

1216
9.33
2
1693
5.40
3
2064
8.96
5
2110
2.26
2

1216
9.33
2
1693
5.40
3
2064
8.96
5
2110
2.26
2

90.4 0.2
27
3%

393
16.0
9
0

0.1
6%

52.
10
%
52.
18
%
53.
80
%

5.
44
4
6

1.4
8%

1.21
1

1.21
1

0.0
0%

4.55
99

4.55
99

0.5
0%

0.0
0%

13.4
52

13.4
52

0.1
4%

46.6
88

0.0
0%

46.6
88

46.6
88

0.1
9%

152.
389

0.0
0%

152.
389

152.
389

0.0
6%

440.

0.0

440.

440.

0.0

143

ana

03

Spand
ana

20
05

Spand
ana

20
06

Spand
ana

20
07

Spand
ana

20
08

Spand
ana

20
09

Spand
ana

20
10

Spand
ana

20
11

N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N

Spand
ana
TBF(
20
opport 04
unity
micofi
nance)
TBF
20
05

A
N
N

A
N
N

1%

98

8.1
7%

2839
.577

6.9
3%

4.4
3%

3916
.352

2.5
6%

0.0
7%

23199
.3440
9
17349
.4393
6
51193
4.64

0.0
9%

0.1
3%

2428.
80859

0.5
9%

47.
75
%
52.
47
%
50.
68
%

16905
92.18
8
18145
07.15
1
13760
78.91
9

7,31
3,35
2
1868
3.14
3
3540
5.07
2
3458
1.80
2
2715
2.30
7

0.6
6%

3.6
6%

0.4
9%

2.
15
4
1

898

1.4
0%

32.84
68

23.4
62

1.2
4%

31.27
28

25.2
2

0%

1.
46
2
1

144

898
1967
8.268
6
1002
5.861
1
6582
01.68
1102
3.054
4
2336
7.347
5
1265
69.39
5
1330
4.630
4

898

2839
.577

2839
.577

8.1
7%

3916
.352

3916
.352

4.4
3%

7,31
3,35
2
1868
3.14
3
3540
5.07
2
3458
1.80
2
2715
2.30
7

7,31
3,35
2
1868
3.14
3
3540
5.07
2
3458
1.80
2
2715
2.30
7

0.0
7%

186. 0.1
633 3%

143
563.
8
754.
988
5
510.
682
3
0

4.
84
6
6

1.4
0%

1.2
4%

2.53
8

0.0
0%

1%

23.4
62

23.4
62

25.2
2

25.2
2

360. 47.
507 75
%
267. 52.
955 47
%
0
50.
68
%

TBF

20
06

TBF

20
07

A
N
N
A
N
N

TBF
Triden
t
Microf
inance
Triden
t
Microf
inance
Triden
t
Microf
inance
Triden
t
Microf
inance
Triden
t
Microf
inance
Triden
t
Microf
inance
Ujjivan

0.6
9%

24.89
658

36.0
82

0.0
0%

36.0
82

36.0
82

0.6
9%

28.
57
%

1226.
08155

42.9
15

0.0
0%

42.9
15

42.9
15

28.
57
%
0.0
1%

20
07

A
N
N

0.0
0%

47.1
48

20
08

A
N
N

0.1
8%

76.05
27

422.
515

20
09

A
N
N

63.
85
%

82660
.7846
5

1294
.609

20
10

A
N
N

99.
95
%

16874
9.383
1

20
11

A
N
N

A
N

47.1
48

47.1
48

0.0
0%

422.
515

422.
515

37.7
777
8

0.06 0.1
8
8%

0.0
0%

1294
.609

1294
.609

0.21
613
2

0.13 63.
8
85
%

1688
.338

0.0
0%

1688
.338

1688
.338

4.27
813
9

4.27 99.
6
95
%

1287
.968

20.
05
%

2582
3.758
4

1287
.968

1287
.968

658.
7

6.58 0.0
7
1

0.2
1%

17.70
174

2.
6

20
05

84.2
94

145

1.8

0.0
0%

84.2
94

84.2
94

0.2
1%

Ujjivan 20
06
Ujjivan 20
07
Ujjivan 20
08
Ujjivan 20
09
Ujjivan 20
10
Ujjivan 20
11
Ujjivan

N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N
A
N
N

0.2
0%

72.93
36

364.
668

0.0
7%

25.52
676

364.
668

364.
668

0.2
0%

0.2
2%

371.3
3448

1687
.884

0.1
0%

168.7
884

1687
.884

1687
.884

0.2
2%

0.4
6%

1705.
51762

3707
.647

0.1
1%

407.8
4117

3707
.647

3707
.647

0.82 0.4
6
6%

1.0
3%

6438.
98732

6251
.444

0.5
1%

6251
.444

6251
.444

1.2
0%

8441.
1

7034
.25

0.1
5%

3188.
2364
4
1055.
1375

7034
.25

7034
.25

0.6
9%

5713.
44978

8280
.362

0.3
6%

2980.
9303
2

8280
.362

8280
.362

179.
565
2
162
0.58
3
378
1.16
7
835
1.30
4

146

1.42
9

3.
14
3

16.6 1.0
92
3%
45.3 1.2
74
0%
57.6 0.6
24
9%

profi B1
tabili
ty,
sust
aina
blity,
oper
ating
effici
ency
,
prod
uctiv
ity

B2

sust
aina
bilit
y

B3

RO
AA

ope
rati
ng
inco
me

fin
an
cia
l
ex
pe
ns
es

loa
n
los
s
pr
ovi
sio
n

ope
rati
ng
exp
ens
e

wri
te
off

fina
ncia
l
exp
ens
es,
loan
loss
pro
visi
on,
writ
e
offs

B4

oper
atin
g
effic
ienc
y
Ne
t
inc
om
e

147

tot
al
ass
ets

pro
duc
tivit
y

tot
al
op
era
tin
g
ex
pe
ns
es

ave
age
gro
ss
loa
n
por
tfol
io

num
ber
of
borr
owe
rs

tot
al
he
adc
ou
nt
of
sta
ff

ave
rag
e
gro
ss
loa
n
por
tfol
io

,
ope
rati
ng
exp
ens
es,
staf
f
exp
ens
es
34.6 2
84

68%

23.4
49

33.
20
3

1.4
81

61%

66.7
34

92.
21
1

12.
67
9

3.6
77

52.
02
7

108. 3
567

40%

49.3
53

11
5.9
31

4.6
6

4.2
51

8.0
15

124. 4
842

22%

66.5
64

28
8.2
84

3.8
46

6.9
13

20.
39
2

299. 3
043

54%

336.
642

60
7.4
41

0.3
48

10.
85

2.1
22

618. 1
639

2.2
01
77
5

0.3
35

15.
21
5

0.24
453
309
2

1.4
81

60
5.6
44

152. 127,
019 696
048

84
0

60
5.6
44

1.9
27
80
3
0.8
93
82
9
1.0
67
81
9
4.3
52
94

0.9
57

49.
64
2

3.6
77

352. 393,
316 538
92

1,1
17

52.
35
9

17
78.
51
3
19
76.
09

0.4
68

377. 416,
220 829
814

1,1
05

17
78.
51
3
19
76.
09

1.1
19

10
4.7
93

323. 565,
872 806
925

1,7
47

17
0

33
58.
49
8
70
71.
06

7.4

0.20
674
574
8
0.21
512
178
1
0.20
583
606
1
0.15
344
231

362. 890,
864 832
358

2,4
55

148

4.2
51

6.9
13

10.
85

33
58.
49
8
70
71.
06

74%

899.
019

18%

327.
173

77%

151
4.84
8

11
95.
18
6
18
11.
14
5
12
64.
87
9

3.3
25

14.
397

59.
94

121 1
2.90
8

35.
87
8

20.
761

186 3
7.78
4

68
0.4
85

15.
35

13
20.
61
6
0

196 6
0.71
4
2.8
75
0.00 3
5

610
0%

0.30
5

0.0
05

106
%

0.98
3

0.0
13

0.9
13

0.92 4
6

13%

0.95
2

0.7
54

6.5
50

0.0
0

7.30 3
4

1
3.2
00
79
7
1.4
31
68
7
13.
65
58

12.
46

38
9.2
78

4.6
08

32
1.8
58

31.
82
4

23
3.0
43

9
0.10
149
219
7
0.15
671
339
2
0.12
797
757
3

14.
39
7
20.
76
1
15.
35

1
14
18
5.3
27
13
24
7.7
51
11
99
4.2
89

1
14
18
5.3
3
13
24
7.7
5
11
99
4.2
9

378. 1,34
505 0,28
507 8

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8

34
2.0
72

18%

37.9
67

86.
16
4

122
.91

209. 5
074

24.
28
8

20%

73.8
86

15
7.4
91

211
.45
3

368. 5
944

46.
84
9

23%

144.
151

20
6.1
06

410
.15
6

60.
10
1

616. 5
262

70.
66
2

9%

56.8
65

20
1.1
83

415
.58
5

616. 5
768

53.
01
7

10%

106.
874

41
4.1
68

90.
42
7

521
.62
9

87.
56
7

102 5
6.22
4

62.
91
5

51%

862.
828

83
7.4
94

851
.74
6

22.
83
8

168 5
9.24

55
8.7
75

56%

166
4.18
4

119
1.4
71

82.
36
5

297 5
1.35

3%

225.
896

17
79.
87
9
53
24.
45
3

152
6.5
42

22
91.
56
2

685 5
0.99
5

10
87.
22
6
91.
04
4

157

10
09.
83
6
19
56.
53
8
43
31.
43
4
44
16.
90
3
76
01.
42
3
12
46
3.4
8
25
94
3.8
5
24
56
0.5
3

14.9
994
508
4
12.0
284
742
9
11.1
997
985
9
10.3
987
993
4
8.56
625
513
4
6.99
911
876
8
7.03
538
616
7
7.39
282
574
2

12
2.9
1

81
9.4
3

21
1.4
53

17
57.
93
7
36
62.
17
3
39
96.
47
1
60
89.
34
7
12
16
9.3
32
16
93
5.4
03
20
64
8.9
65

41
0.1
56
41
5.5
85
52
1.6
29
85
1.7
46
11
91.
47
1
15
26.
54
2

2.3
33
2

196. 197,
934 722
263

1,0
04

81
9.4
3

183. 368,
946 996
162

2,0
06

331. 814,
496 156
743

2,4
56

349. 826,
774 517
439

2,3
63

327. 989,
478 641
822

3,0
22

352. 1,50
763 2,41
09
8

4,2
59

435. 2,35
920 7,45
118 6

5,4
08

17
57.
93
7
36
62.
17
3
39
96.
47
1
60
89.
34
7
12
16
9.3
3
16
93
5.4

503. 2,84
567 0,12
73
2

5,6
40

20
64
8.9
7

76%

253
3.35
5

21
25.
13
3

119
3.5

48.
53

331 5
8.63
3

25
66.
28

20
76
3.8
2

5.65
579
178
2

11
93.
5

21
10
2.2
62

51%

0.10
7

0.0
14

0.1
94

0.20 5
8

0.0
42

16
02.
55
2
48
65.
16
6
15.
24
9

14%

0.10
6

0.1
73

0.5
83

0.75 5
6

0.3
49

62%

1.00
7

0.6
64

0.9
69

1.63 5
3

2.5
78

79%

3.81

2.8
62

1.9
47

4.80 5
9

2.0
2

51.
18
5

120
%

12.1
05

2.8
62

7.1
86

10.0 5
48

14.
23
8

16
3.4
83

159
%

39.9
68

9.5
18

15.
578

25.0 5
96

45.
13
7

49
6.1
31

92%

219.
545

86.
86
9

152
.06
4

18
1.1
08

238. 5
933

14
3.2
71

32
80.
78
1

158

1.3
33
6

496. 2,16
580 1,11
653 9

4,3
52

21
10
2.2
6

52

520

10

1.2
11

16.0
198
183
3
12.7
853
681

0.1
94

1.2
11

0.5
83

4.5
59
9

94.1 1,69
666 5
667

18

4.5
59
9

7.20
338
983
1
4.17
023
646
3
4.71
556
345
9
3.53
324
351
7
5.35
516
381
5

0.9
69

13.
45
2

217. 4,35
9
8

20

13.
45
2

1.9
47

46.
68
8

287. 13,2
086 06
957

46

46.
68
8

7.1
86

15
2.3
89

347. 34,0
908 95
163

98

15
2.3
89

15.
57
8

44
0.8
98

607. 110,
795 011
58

18
1

44
0.8
98

15
2.0
64

28
39.
57
7

479. 721,
801 621
197

1,5
04

28
39.
57
7

14%

42.2
73

11
4.3
09

210
.48
9

88.
71
9

299. 5
208

28.
4

106
%

458.
17

15
4.4
91

316
.64
8

5.1
19

430. 5
957

27
0.6
39

127
%

141
9.26
8

42
4.8
13

18
6.6
33

779
.28
2

74.
89
1

112 5
0.40
6

90
3.1
47

139
%

311
0.90
5

36
0.5
07

145
9.6
27

18
0.3
92

224 5
4.94
7

0%

3.8

26
7.9
55

216
6.6
51

66%

269
8.35
3

190
5.8
3

13
05.
21
1
14
5.9
22

361 5
6.23
9

11
81.
63
3
22
01.
34
2
53
39.
64
6

20
35.
13
5
92.
35
9
26
98.
35

410 5
7.17
2

44
23.
89
3
83
85.
83
3
18
28
6.4
3
29
19
6.8
6
31
02
7.0
5
27
90
6

5.37
461
903
3
0.00
432
972
5
4.17
104
338
4
4.12
264
943
3
6.26
529
236
4
7.01
903
525
2

21
0.4
89
31
6.6
48
77
9.2
82
14
59.
62
7
21
66.
65
1
19
05.
83

39
16.
35
2
7,3
13,
35
2
18
68
3.1
43
35
40
5.0
72
34
58
1.8
02
27
15
2.3
07

10%

0.39

0.0
72

3.8
82

3.95 5
4

0.4
51

65.
42
3

14%

0.71
5

0.0
57

4.9
18

4.97 5
5

4.2
15

70.
04
9

159

16.5
459
040
2
19.5
003
965
1

3.8
82

23.
46
2

4.9
18

25.
22

479. 916,
466 261
771

1,9
11

393. 1,18
141 8,86
865 1

3,0
24

381. 2,43
609 2,00
917 0

6,3
73

351. 3,66
251 2,84
055 6

10,
42
8

358. 4,18
096 8,65
52
5

11,
69
7

413. 3,44
602 4,48
666 3

8,3
28

27
15
2.3
1

410. 10,2
68
67

25

23.
46
2

486. 11,6
166 68
667

24

25.
22

1.7
69
1

39
16.
35
2
7,3
13,
35
2
18
68
3.1
4
35
40
5.0
7
34
58
1.8

12%

0.68
7

0.0
74

5.4
71

5.54 5
5

1.5
04

21%

0.47
8

2.2
25

2.22 5
5

0.4
78

71.
52
8
73.
36
4

52%

0.03
4

14%

15.1
626
85
5.18
466
736
6

5.4
71
2.2
25

36.
08
2
42.
91
5

591. 13,0
454 12
545
799 16,7
79

22

21

36.
08
2
42.
91
5

0.0
56

0.06 5
480
5

0.0
22

11.
33
1

47.
14
8

206. 8,25
25
0

40

47.
14
8

0.20
8

0.0
08
80
5
0.6
49

0.0
68

0.7
51

1.46 5
8

0.1
07

22
7

2.3
97

0.1
38

1.7
96

4.33 5
1

0.9
55

357.
013
216
411.
465
882

81,0
42

1.50
4

174,
873

42
5

16%

1.90
6

4.5
97

4.2
76

3.1
06

11.9 5
79

1.2
69

41.
54
1

409. 228,
568 949
873

55
9

16%

1.59
7

1.8
94

6.5
87

1.6
62

6.0
12

10.1 5
43

1.8
18

31.
46
8

42
2.5
15
12
94.
60
9
16
88.
33
8
12
87.
96
8

35%

10.
19
7
38.
88
4

765. 161,
156 448
398

21
1

42
2.5
15
12
94.
60
9
16
88.
33
8
12
87.
96
8

87%

6.03
1

6.9
23

6.92 5
3

6.0
31

28.
44
4

25.

0.0

25.6 5

11

160

1
8.21
292
144
2
7.02

6.9
23

84.
29
4

7.35 441

60

84.
29
4

25.

36

98.8 19,4

19

36

60%

15.2
58

615

30
4

15

43%

29.6
84

-3%

6.67
8

17%

68.
663

0.2
15

68.6 5
63

0.8
26

225
.87
6

1.0
27

226. 5
702

118.
93

17
8.8
03

16.
69
2

517
.97

13.
92
2

713. 5
465

96.
39
2

13%

177.
279

45
8.0
67

45.
37
4

835
.38
9

7.4
58

133 5
8.83

11
4.0
92

1%

21.9
3

55
3.9
97

57.
62
4

895
.47
2

22.
12
5

150 5
7.09
3

17.
14
8

t and
liablity
managem
ent

15.
25
8
29.
68
7
6.6
78

C1

4.3
42
40
9.9
62

19
50.
79
9
40
69.
75
1
70
60.
19
8
88
83.
20
7

419
735
2
4.06
799
282
4
6.09
216
573
2
8.28
560
569
4
11.8
760
209

61
5

4.6
68

68.
66
3

16
87.
88
4
37
07.
64
7
62
51.
44
4
70
34.
25

10.8
144
064
2

89
5.4
72

82
80.
36
2

C2

51
7.9
7
83
5.3
89

4.6
68

106. 58,6
435 46
572

55
1

154. 261,
933 993
767

1,6
91

200. 566,
328 929
269

2,8
30

211. 847,
442 671
005

4,0
09

16
87.
88
4
37
07.
64
7
62
51.
44
4
70
34.
25

237. 819,
576 400
109

3,4
49

3.5
71

C3

161

22
5.8
76

527
919

74

82
80.
36
2

levera
ge

exposu
re to
foreign
exchan
ge
total
liablity

netwo
rth

subordina
ted debt

liquidit
y

financi
al debt
in non
hedged
forex

total
financia
l debts

million

cash

short
term
investm
ent

gross
loan
portfoli
o

9.6236
56

15.215

1.581

7.578

4.6068
31

0.638

13.849

23.186
36
0.5075
86
1.0815
44
3.1193
81
9.0164
91
6.6440

49.642

2.141

20.79

8.201

39.859

52.359

3.153

100

31.745

4.808

45.333

104.79
3
170

9.392

87.5

75.487

18.496

83.648

16.998

37.5

139.92

61.43

389.27
8
321.85

43.174

92.937

48.443

314.69
4
269.01

20.575
03
10.605
96
22.111
71
44.185
03
29.462
75
7.1038

21.196

139.02
9
315.43
9
298.37

1
1
1
6
3

162

1
3.1
25
1

1
1
1
1
1
1
1
1
1

56
2.9594
64

8
233.04
3

78.745

7
151.28
5

84
3.4938
91

8.238

2
235.78
3

0.349

1.0121
65

0.416

0.411

2.6
25
6

2.3930
14
1.4339
1
2.0670
75
1.7736
08
1.4713
69
1.3380
65
1.7277
32
2.0023
27
3.7214

20.209

8.445

17.325

73.67

41.377

10

58.646

131.06
7
198.11
2
407.70
9
426.93
5
520.43
6
673.74
5
1200.7

42.407

21

81

30.7

211.51
6
214.76
9
229.83
5
235.35
6
251.56

65.579

104.3

71.39

29.638

46.099

39.987

71.09

785.53

29.232
18
15.138
37
17.713

82.815

101.125

168.59
3
199.58
3
345.64

127.56

50.053

111.30
8
153.08
6
222.32
5
306.94
7
384.68
9
568.66
1
1002.7

163

2
4
5
3
4
1

1.8
13
6
6
1
4
1
1
2
1
1

31
5.6707
26
7.4543
89
8.4257
58
6.9776
9
7.3785
26
0.9644
2

42
1769.6
01
2424.1
6
5649.1
93
13608.
31
15646.
75
3602.0
22

6
257.74
285.62
5
641.57
7
1925.7
6
2102.5
79
3734.9
3

54.319

39.574

28.89

24.5

18

1
1056.1
58
1711.0
27
4046.0
35
9614.8
86
12.306
6816.4
13

1
11.401
67
9.7675
1
4.0386
08
7.8825
53
3.7726
93
4.7954
81
5.1412
87
4.0881
25
4.4114
52

1
1
1
1
1
1

34.091

2.99

26.984

3.1
88
6

62.893

6.439

41.313

124.06
2
417.19
2
907.90
6
1258.7
13
1688.2
34
1605.8
44
1795.5
58

30.719

69.276

52.926

240.65
2
262.47
9
328.36
8
392.80
7
407.02
2

319.97
8
659.90
9
804.92
2
1172.2
95
944.16
1
1349.9
05

164

4
3
3
1
1

76
25.339
73
19.587
72
39.788
05
73.349
96
28.334
25
30.827
11

5
267.17
1
252.86
5
1578.4
52
5280.0
79
2345.9
22
655.97
4

26.383

17.180
04
16.258
38
9.8007
08
8.2062
98
10.075
66
11.002
63
31.027
53
35.314
24

7.681

1.533

53.632

13.209

3.622

33.047

5.046

46.342

20.469

93.171

17.014

102.65
5
312.14
6
388.75
9

56.635

103.52
2
388.67
6
814.14
3
1093.5
76
1447.7
45
1151.7
45
1252.9
14

86.094
135.634
260.248
409.419
1192.51
6
243.838

45.212
53.698

12
1394.1
15
1983.3
8
4621.2
37
7756.6
48
12488.
199
2918.8
98

2.5
56
1
1
1

1
0.0269
14
0.1876
4
0.1954
44

0.562

20.881

0.0109

2.5
56
1

21.239

113.19

19.488

43.866

224.44
3

37.331

9.864

10.658

21.848

93.124

4.726

168.71
2

3.4893

2.446

-0.701

2.6
67
6

4.3318
6
5.3503
8
4.6972
4
-10.96
17.899
31
11.527
18
4.9552
46
5.8276
33
5.0243
36

5.887

-1.359

2.777

14.644

-2.737

11.638

7.932

39.081

-8.32

31.173

23.713

81.06
291.88
4
499.39
2
914.34
2
1291.0
44
2561.7
53

-7.396
16.307

0
0

1
1

6
6

0
0

43.323

184.52

221.53
83
509.86
9

66.706
161.09
6
464.61
3
843.21
2
1233.2
46
2461.3
76

63.723
221.66
3
459.79
1
826.46
1
1813.0
53
3301.7
16

1
6
6
1
2
2

92.550
2
23.461
19
2.8012
23

165

1.227

1
1

4.2714
83
4.8663
66

2355.3
77
2677.9
37

551.41
9
550.29
5

2
3
6
6
1
1
1

1
6.5681
25
11.080
46
15.787
64
1.8576
68
4.5672
64
3.2611
25

1
1
1.3
33
1
1
1

2505.0
53
3812.6
24

6.833

40.044

46.404

86.893

7.842

71.518

10.136

0.8657

87.519

311.56
9
695.02
8
1509.9
1
3229.7
4

19.735

27.692

40.442

374.14

83.96

47.044

330.59
4
865.37
6

272.64

116.699

125

243.62
4
582.25
4
1152.2
25
2865.3
31

12.570
64
22.290
34
19.539
48
21.476
86
33.538
73

1078

98.349

305.66
6
670.45
8
1812.8
3
3507.4
35

6.6288
61
34.729
09
44.731
66

6.54

0.801

46.701

18.224

23.026

27.158

22.291
58
7.5335
28
183.91
62

32.192

1.267

0.856

1.082

150.09
7
25.725

0.175

16.863

9.264

1
1
1
2

95.517

14.858

1.675

94.75

192.55
2
76.337

61.811

1.872

86.279

1.92

189.15
7
74.574

1
2.8494
36
0.5226
99
0.0036
23

1
5.7773
54
3.0236
01
0.8655
09

44.88

3
2

1910.7
88\
2354.1
42

110.74
3
186.94
7
112.18
9

146.04
5
21.346

51.254

40.838

0.055

15.181

166

145.07
2
20.604

1
1
1
1

2
0.0106
23
0.5844

0.0409

3.85

28.891

49.437

26.25

1.7007
89

80.83

47.525

78.801

1
1
1
1
1

1
0.2161
88
2.6627
09
2.8008
17
3.5790
68

28.651

4.638

229.19
8
248.98
7
322.27

86.077

88.898

90.043

206.44
7
220.76
5
317.99
1

3
6
6
2
1
1

1
5.6772
11
6.1005
15
11.684
11
10.161
23
5.2102
14
3.4463
47
4.6308
28

857.71
3
1679.4
17
4007.7
91
4044.5
45
6415.8
58
10683.
21
23021.
82

151.08

275.29
1
343.01
2
398.03
7
1231.4

3099.8
66
3971.4
26

1000

3.0806
3
16.663
92

0.979

4.174

10.226

11.988

167.27
1
133.30
6

16.217
12
14.967
33
12.494
87
14.233
85

0.839

3.051

23.987

36.14

3.348

25.65

9.954

40.033

8.657

263.82
8
284.94
9
342.07
2

18.195
57
7.3164
17
18.318
6
9.9727
23
24.572
55
22.172
1
52.69

119.60
7
67.859

29.493

819.43

60.759

512.37
2
213.16
4
1384.0
3
2650.5
77
8574.5
24

158.487

1757.9
37
3662.1
73
3996.4
71
6089.3
47
12169.
332
16935.
403

6.194

3.302

589.86
7
1186.9
84
2044.7
81
2,386,4
89
516273
7
9713.7
6
20983

167

2
2
1.7
5
1
4
1
3
1
1
1

185.393
112.278
47.62
348.74

2
1
2.6
67
1
1
1
1
2
2
6
6
3
1
1
1
1
2.0
77

5.2115
83
2.3861
87

1.6048
78
2.4350
28
2.6218
53
4.0878
73
5.5440
32
5.2562
68
26.343
64
25.378
89
6.8668
76
3.9712
48
3.2697
66
3.6410
5
1.2994
77

21546.
66
13613.
07

4134.3
8
5704.9
45

19.385
87
3.8895
97

2959.1
09
703.55
5

1043.87
2
117.238

20648.
965
21102.
262

0.987

0.615

1.211

3.448

1.416

4.5599

11.038

4.21

13.452

41.124

10.06

46.688

138.50
1
446.72
5
3163.8
97
4279.8
7
7508.4
21
15508.
29
24255.
8
26283.
24
15644.
23

24.982

84.989

9.777

1
1

185

314.54
1
448.01
6
1012.6
15
2723.7
11
7765.7
33
1950.6
64
5171.3
22

104.321

3.2583
5
14.750
86
12.186
32
0.0149
04
15.275
43
22.455
8
6.1416
46
19.896
43

4.589

120.10
1
168.63
9
1093.4
26
3720.1
42
7418.2
05
7218.5
87
12038.
87

102.16
2
371.03
2
1158.5
12
2945.8
01
4877.6
72
14761.
186
21943.
771
22253.
091
12845.
627

152.38
9
440.89
8
2839.5
77
3916.3
52
7,313,3
52
18683.
143
35405.
072
34581.
802
27152.
307

2
2
6
1
1
4
1
4

168

29.243
77.357
130.22
184.758
173.228
231.018

1
1
1
1

0.0219
79
0.0266
45
0.0256
97
0.0264
87

1.407

64.015

23.462

1.818

68.231

25.22

1.792

69.735

36.082

1.893

71.47

42.915

10.339
78
14.435
94
33.246
56
10.137
48
8.8117
1

2.776

2.099

47.148

58.873

2.121

422.68
6
142.75
6
65.281

7.727

422.51
5
1294.6
09
1688.3
38
1287.9
68

30.191
95
0.2138
93
1.7591
85
5.9608
7
4.6239
08
10.511
33

25.162

0.288

84.294

0.78

23.464

6.229

203.02
2
225.85
4
606.72
5

17.986

364.66
8
1687.8
84
3707.6
47
6251.4
44
7034.2
5

1
1
1
2
4
1

1
1.6977
69
1.4924
24
5.1075
05
7.2901
21
0.9717
05

0.837

0.493

31.613

6.107

4.092

33.209

6.502

36.159

4.96

14.767

15.197

296.96
3
1421.5
52
1476.7
3
738.73
1

1.8

1
3
4

1.3773

28.444

20.652

10.643
4
9.5182
84
2.0606
89
3.8195
66
5.6271
4

114.34
2
409.96
2
1950.7
99
4069.7
51
7060.1
98

10.743

61.565

43.071

245.8

946.67
3
1065.5
01
1254.6
69

721.73
9
2369.5
83
4721.3
1

1
1
2

48.211

2.6

28.399

169

5
3

63.207
132.668

3.5066
35

8883.2
07

2533.2
57

2.5
71
Ssource: data taken from mixmarket.com

6172.4
4

1
3.8
57

170

23.173
55

1689.2
75

229.579

8280.3
62

APPENDIX 4: data for random effect model

MFI name
ABCRDM
ABCRDM
ABCRDM
ABCRDM
Adhikar
Adhikar
Adhikar
Adhikar
Adhikar
Ajiwika
Ajiwika
AML
AML
AML
AML
AML
AML
AMMACTS
AMMACTS
AMMACTS

Fiscal Year
2005.0000
2006.0000
2007.0000
2008.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000
2010.0000
2011.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000
2005.0000
2006.0000
2007.0000

7.0000
6.0000
5.0000
4.0000
6.0000
5.0000
4.0000
3.0000
2.0000
2.0000
1.0000
7.0000
6.0000
5.0000
4.0000
3.0000
2.0000
7.0000
6.0000
5.0000

Period Diamonds
ANN
3.0000
ANN
3.0000
ANN
3.0000
ANN
3.0000
ANN
4.0000
ANN
4.0000
ANN
4.0000
ANN
4.0000
ANN
4.0000
ANN
4.0000
ANN
4.0000
ANN
4.0000
ANN
4.0000
ANN
4.0000
ANN
4.0000
ANN
4.0000
ANN
4.0000
ANN
4.0000
ANN
4.0000
ANN
4.0000

171

Portfolio
at risk
&gt; 30
days
0.0200
0.0020
0.0111
0.0004
0.0580
0.0042
0.0027
0.0077
0.0212
0.0259
0.0199
0.0015
0.0239
0.0063
0.0034
0.0033
0.4829
0.0477
0.0000
0.0000

Writeoff
ratio
0.0000
0.0000
0.0000
0.0000
0.0000
0.0059
0.0078
0.0035
0.0112
0.0000
0.0000
0.0438
0.0042
0.0079
0.0004
0.0056
0.0946
0.0000
0.0394
0.0000

log of
gross
Operational Return
loan
self
on
portfolio sufficiency assets
13.4449
1.0205 0.0038
15.1669
1.0088 0.0017
14.8424
1.0243 0.0062
14.7371
1.0037 0.0009
14.8399
1.3761 0.0631
15.3418
1.2758 0.0643
15.6124
1.1291 0.0307
16.0173
1.1541 0.0266
15.8560
1.0104 0.0017
14.4063
1.0222 0.0050
13.8252
1.0124 0.0025
17.5009
1.2089 0.0295
17.6296
1.1650 0.0167
18.2421
1.1153 0.0143
18.7502
1.3104 0.0533
19.5695
1.4666 0.0431
19.5139
1.0799 0.0130
15.5803
1.3259 0.0481
15.5151
1.0394 0.0056
16.8602
1.4457 0.0376

AMMACTS
AMPL
Arohan
Arohan
Arohan
Arohan

2010.0000
2011.0000
2007.0000
2008.0000
2009.0000
2010.0000

2.0000
1.0000
5.0000
4.0000
3.0000
2.0000

ANN
ANN
ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.9881
0.0166
0.0063
0.0025
0.0079
0.0359

0.0000
0.0000
0.0000
0.0028
0.0022
0.0030

14.8203
12.9813
14.9884
15.9244
16.8950
16.8229

0.9690
1.0030
1.0106
1.2037
1.1485
1.0179

Arohan
Arth
ASA India
ASA India
ASA India
Asirvad
Asirvad
Asirvad
Asomi
Asomi
Asomi

2011.0000
2011.0000
2009.0000
2010.0000
2011.0000
2009.0000
2010.0000
2011.0000
2006.0000
2007.0000
2008.0000

1.0000
1.0000
3.0000
2.0000
1.0000
3.0000
2.0000
1.0000
6.0000
5.0000
4.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0072
0.0155
0.0124
0.0189
0.0542
0.0002
0.0063
0.0001
0.0063
0.1176
0.0000

0.0607
0.0000
0.0000
0.0000
0.0259
0.0000
0.0004
0.0198
0.0000
0.0000
0.0000

16.1766
14.4177
16.8019
17.3888
16.8281
16.4463
16.9409
16.5622
15.0480
15.2650
13.7329

0.5411
1.0629
1.7658
1.1656
1.0448
1.5698
1.2289
1.0880
1.0275
1.3044
1.3681

Asomi
Asomi
Asomi

2009.0000 3.0000 ANN

2010.0000 2.0000 ANN
2011.0000 1.0000 ANN

4.0000
4.0000
4.0000

0.0000 0.0000
0.0229 0.0074
0.0134 0.0012

15.3702
15.8157
15.6518

0.9421
1.1458
1.1455

ASP

2005.0000 7.0000 ANN

1.0000

0.0915 0.0000

14.4235

0.3031

ASSIST
AWS
AWS
Bandhan

2005.0000
2007.0000
2008.0000
2004.0000

1.0000
1.0000
1.0000
5.0000

0.0099
0.0016
0.0007
0.0000

12.1591
15.7517
15.4442
14.4896

0.6323
1.1860
1.1941
0.8657

7.0000
5.0000
4.0000
8.0000

ANN
ANN
ANN
ANN
172

0.0000
0.0000
0.0000
0.0000

0.0032
0.0013
0.0024
0.0353
0.0202
0.0032
0.1626
0.0081
0.0545
0.0229
0.0087
0.0740
0.0422
0.0146
0.0024
0.0397
0.0016
0.0165
0.0172
0.0174
0.2184
0.0518
0.0297
0.0287
-

0.0320
Bandhan
Bandhan
Bandhan
Bandhan
Bandhan
Bandhan
Bandhan
BASIX
BASIX
BASIX
BASIX
BASIX
BASIX
BASIX

2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000
2004.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000

7.0000
6.0000
5.0000
4.0000
3.0000
2.0000
1.0000
8.0000
7.0000
6.0000
5.0000
4.0000
3.0000
2.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

5.0000
5.0000
5.0000
5.0000
5.0000
5.0000
5.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0000
0.0009
0.0013
0.0009
0.0013
0.0057
0.0016
0.0480
0.0179
0.0211
0.0137
0.0125
0.0251
0.3778

0.0000
0.0000
0.0005
0.0000
0.0000
0.0000
0.0060
0.0158
0.0109
0.0073
0.0067
0.0000
0.0045
0.0420

15.9338
17.2163
18.2275
18.6476
19.6220
20.1518
20.4130
16.3808
16.9278
17.2807
17.7154
18.3249
18.9658
19.4548

1.0487
1.5160
1.3314
1.7423
1.5830
1.5652
1.6268
1.0315
1.0988
1.1394
1.1089
1.1412
1.2632
1.0431

BASIX
BISWA
BISWA
BISWA
BISWA
BISWA
BISWA
BISWA
BJS
BJS
BJS
BJS
BJS

2011.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000

1.0000
7.0000
6.0000
5.0000
4.0000
3.0000
2.0000
1.0000
5.0000
4.0000
3.0000
2.0000
1.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

4.0000
5.0000
5.0000
5.0000
5.0000
5.0000
5.0000
5.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.6231
0.0031
0.0079
0.0053
0.0030
0.0011
0.7994
0.7770
0.0000
0.0046
0.0024
0.0012
0.0016

0.4605
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0010
0.0027

17.8652
16.3412
16.8889
17.1965
17.4391
17.8926
18.0517
17.9307
12.2468
12.3299
13.2211
14.1290
13.8828

0.1462
2.0812
1.2654
3.3565
2.2122
1.4110
1.4208
1.1689
1.1547
1.1067
1.0562
1.1213
1.2410

173

0.0102
0.0876
0.0505
0.0866
0.0352
0.0532
0.0644
0.0004
0.0087
0.0156
0.0177
0.0180
0.0312
0.0066
0.6213
0.0351
0.0228
0.3082
0.1065
0.0558
0.0621
0.0339
0.0481
0.0289
0.0156
0.0273
0.0550

BSS
BSS
BSS
BSS
BSS
BSS
BSS
BSS
BWDA Finance
BWDA Finance
BWDA Finance
BWDA Finance
BWDA Finance
BWDA Finance
BWDA Finance
BWDC
BWDC

2004.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000
2009.0000
2010.0000

8.0000
7.0000
6.0000
5.0000
4.0000
3.0000
2.0000
1.0000
7.0000
6.0000
5.0000
4.0000
3.0000
2.0000
1.0000
3.0000
2.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0000
0.0011
0.0000
0.0000
0.0180
0.0184
0.0000
0.0000
0.0067
0.0229
0.0479
0.0165
0.0351
0.0599
0.0734
0.0039
0.0044

0.0000
0.0000
0.0000
0.0000
0.0000
0.0470
0.0140
0.0000
0.0000
0.0000
0.0000
0.0008
0.0000
0.0000
0.0008
0.0000
0.0000

14.0196
14.6571
16.0034
16.8250
16.8836
17.2873
17.0713
17.0195
15.9523
16.6223
16.8698
16.8138
17.0674
16.9458
16.5546
14.0097
14.0888

1.2457
1.5231
1.2044
1.5592
1.4954
1.0561
1.1103
1.0130
1.1278
1.1871
1.2445
1.1724
1.1128
1.1306
1.0788
1.1624
1.3074

Cashpor MC

2004.0000 8.0000 ANN

4.0000

0.0575 0.0000

15.6368

0.6039

Cashpor MC

2005.0000 7.0000 ANN

4.0000

0.0297 0.0001

16.2521

0.6302

Cashpor MC
Cashpor MC
Cashpor MC
Cashpor MC
Cashpor MC
CCFID
CDOT

2006.0000
2008.0000
2009.0000
2010.0000
2011.0000
2010.0000
2010.0000

4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0259
0.0044
0.0006
0.0025
0.0011
0.0054
0.0000

16.8086
17.3879
17.9008
17.7977
17.9667
13.7632
14.1462

0.8628
1.0154
1.2064
1.1126
1.1194
1.0755
1.1865

6.0000
4.0000
3.0000
2.0000
1.0000
2.0000
2.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN

174

0.0007
0.0074
0.0021
0.0019
0.0005
0.0000
0.0000

0.0606
0.1244
0.0430
0.1052
0.0634
0.0078
0.0165
0.0018
0.0038
0.0118
0.0220
0.0103
0.0097
0.0112
0.0084
0.0310
0.0585
0.1228
0.1074
0.0301
0.0037
0.0399
0.0257
0.0250
0.0168
0.0383

CDOT

2011.0000 1.0000 ANN

4.0000

0.0022 0.0000

14.1375

Chaitanya
Chaitanya
Chaitanya

2009.0000 3.0000 ANN

2010.0000 2.0000 ANN
2011.0000 1.0000 ANN

5.0000
5.0000
5.0000

0.0000 0.0000
0.0000 0.0002
0.0002 0.0027

12.3759
14.5562
15.0144

CMML
CReSA
CReSA
CReSA
CReSA
CReSA

2011.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000

1.0000
7.0000
6.0000
5.0000
4.0000
3.0000

ANN
ANN
ANN
ANN
ANN
ANN

4.0000
3.0000
3.0000
3.0000
3.0000
3.0000

0.0545
0.0000
0.0000
0.0000
0.0000
0.0000

0.0000
0.0000
0.0000
0.0000
0.0090
0.0000

13.4590
13.9156
14.6048
15.0550
15.3183
15.5255

Disha
Disha Microfin
Disha Microfin
Equitas
Equitas
Equitas
Equitas
ESAF
ESAF
ESAF
ESAF
ESAF
ESAF
ESAF
FFSL
FFSL

2009.0000
2010.0000
2011.0000
2008.0000
2009.0000
2010.0000
2011.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000
2009.0000
2010.0000

3.0000
2.0000
1.0000
4.0000
3.0000
2.0000
1.0000
7.0000
6.0000
5.0000
4.0000
3.0000
2.0000
1.0000
3.0000
2.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
5.0000
5.0000
5.0000
5.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0051
0.0006
0.0017
0.0003
0.0011
0.0053
0.0097
0.0097
0.0473
0.0235
0.0207
0.0093
0.0183
0.0123
0.0002
0.9940

0.0000
0.0000
0.0004
0.0000
0.0000
0.0335
0.0008
0.0003
0.0000
0.0000
0.0000
0.0000
0.0000
0.0008
0.0133
0.0703

13.4838
15.5039
15.8940
17.8520
18.7178
19.0017
18.7736
15.1336
16.3711
16.7990
16.5155
17.3597
17.6656
17.8284
17.8106
17.7664

175

1.1414 0.0282
0.4933 0.1113
1.1316 0.0189
1.3278 0.0419
0.9665 0.0055
1.2094 0.0457
1.0524 0.0103
1.0402 0.0069
1.1385 0.0340
1.0924 0.0154
0.8822 0.0327
1.1787 0.0317
1.1453 0.0210
1.0893 0.0152
1.4496 0.0450
1.2650 0.0363
1.1723 0.0210
1.0381 0.0057
1.0687 0.0136
1.0312 0.0071
1.0507 0.0077
1.0301 0.0025
1.0376 0.0057
1.1226 0.0203
1.5243 0.0704
1.1944 0.0252

FFSL
Fusion Microfinance

2011.0000 1.0000 ANN

2011.0000 1.0000 ANN

4.0000
4.0000

0.2137 0.0087
0.0000 0.0095

17.3712
15.8063

0.6763
1.0201

GFSPL

2003.0000 9.0000 ANN

4.0000

0.0000 0.0000

13.2122

0.6742

GFSPL
GFSPL
GFSPL
GFSPL
GFSPL
GFSPL
GFSPL

2004.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000

8.0000
7.0000
6.0000
5.0000
4.0000
3.0000
2.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0000
0.0000
0.0000
0.0000
0.0013
0.0147
0.0142

0.0000
0.0000
0.0000
0.0000
0.0033
0.0062
0.0151

14.1920
15.4185
16.1715
16.8400
17.3892
18.1117
17.8483

0.9212
1.0097
1.2771
1.0951
1.0194
1.0361
1.0487

GFSPL
GLOW
GLOW
GMSSS

2011.0000
2010.0000
2011.0000
2011.0000

1.0000
2.0000
1.0000
1.0000

ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000

0.0122
0.0100
0.0039
0.0614

0.0000
0.0000
0.0000
0.0000

18.1323
13.6805
13.4367
13.7596

0.9731
1.0055
1.0180
1.3553

GOF
GOF
GOF
GOF
Grama Siri

2007.0000
2008.0000
2009.0000
2010.0000
2005.0000

5.0000
4.0000
3.0000
2.0000
7.0000

ANN
ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000
1.0000

0.0090
0.0133
0.0980
0.0280
0.0250

0.0006
0.0061
0.0244
0.0255
0.0000

14.1398
15.2334
15.6115
15.6773
13.9756

0.9705
1.0863
1.0394
1.0830
1.0564

Grama Siri

2006.0000 6.0000 ANN

1.0000

0.0000 0.0000

14.2701

0.9982

Grama Vidiyal Microfinance Ltd.

Grama Vidiyal Microfinance Ltd.
Grama Vidiyal Microfinance Ltd.

2003.0000 9.0000 ANN

2004.0000 8.0000 ANN
2005.0000 7.0000 ANN

4.0000
4.0000
4.0000

0.0215 0.0199
0.0183 0.0201
0.0086 0.0142

15.1071
15.1329
15.5537

0.9360
1.0269
1.0072

176

0.0896
0.0057
0.1254
0.0235
0.0021
0.0555
0.0214
0.0017
0.0040
0.0100
0.0102
0.0012
0.0032
0.0210
0.0090
0.0205
0.0071
0.0136
0.0061
0.0002
0.0166
0.0059
0.0012

Grama Vidiyal Microfinance Ltd.

Grama Vidiyal Microfinance Ltd.
Grama Vidiyal Microfinance Ltd.
Grama Vidiyal Microfinance Ltd.
Grameen Sahara

2008.0000
2009.0000
2010.0000
2011.0000
2011.0000

4.0000
3.0000
2.0000
1.0000
1.0000

ANN
ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000
4.0000

0.0001
0.0000
0.0031
0.0014
0.0041

0.0040
0.0001
0.0004
0.0021
0.0000

17.2787
18.7176
18.5787
18.4427
14.8217

1.2561
1.2536
1.1485
1.0016
1.0100

GSGSK
GTFS

2009.0000 3.0000 ANN

2009.0000 3.0000 ANN

1.0000
1.0000

0.0474 0.0000
0.0000 0.0000

15.2311
12.5737

0.9630
1.0560

GU

2005.0000 7.0000 ANN

4.0000

0.0052 0.0000

14.4036

0.9114

GU
GU
GU
GU
GU

2006.0000
2007.0000
2008.0000
2009.0000
2010.0000

ANN
ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000
4.0000

0.0184
0.0193
0.0039
0.0192
0.0040

0.0000
0.0000
0.0000
0.0000
0.0000

15.5163
16.0461
15.9003
16.0168
16.0826

0.9426
1.1131
1.0716
1.0112
1.0422

GU
GUARDIAN
GUARDIAN

2011.0000 1.0000 ANN

2010.0000 2.0000 ANN
2011.0000 1.0000 ANN

4.0000
5.0000
5.0000

0.0091 0.0000
0.0009 0.0000
0.0020 0.0000

15.8195
13.9894
14.0431

0.7122
1.1579
1.0788

HiH

2007.0000 5.0000 ANN

4.0000

0.0159 0.0056

15.5373

0.3041

HiH

2008.0000 4.0000 ANN

4.0000

0.0656 0.0000

15.3565

0.8669

HiH

2009.0000 3.0000 ANN

4.0000

0.0108 0.0000

16.0149

0.2502

HiH
Hope Microcredit
IASC

2011.0000 1.0000 ANN

2010.0000 2.0000 ANN
2005.0000 7.0000 ANN

4.0000
4.0000
1.0000

0.0107 0.0068
0.0000 0.0000
0.2532 0.0158

15.8287
15.5342
15.2315

0.2511
1.2447
1.0323

6.0000
5.0000
4.0000
3.0000
2.0000

177

0.0413
0.0365
0.0304
0.0005
0.0017
0.0044
0.0044
0.0095
0.0077
0.0160
0.0118
0.0016
0.0068
0.0626
0.0391
0.0103
0.1565
0.0153
0.3372
0.2463
0.0438
0.0004

IASC
ICNW
ICNW
ICNW
IDF Financial Services
IDF Financial Services
IDF Financial Services
IDF Financial Services
India's Capital Trust Ltd
India's Capital Trust Ltd
Indur MACS

2006.0000
2009.0000
2010.0000
2011.0000
2008.0000
2009.0000
2010.0000
2011.0000
2009.0000
2010.0000
2008.0000

6.0000
3.0000
2.0000
1.0000
4.0000
3.0000
2.0000
1.0000
3.0000
2.0000
4.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

1.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.2093
0.1935
0.2483
0.2226
0.0132
0.0333
0.0305
0.0647
0.9607
0.0016
0.0000

0.0278
0.0000
0.0145
0.0348
0.0000
0.0068
0.0105
0.0216
0.1599
0.0000
0.0000

15.2804
14.6440
15.1336
14.8233
15.7701
16.3759
16.6037
16.1848
14.8684
15.1571
14.9668

Indur MACS

2009.0000 3.0000 ANN

4.0000

0.0000 0.0000

15.3047

Indur MACS

2010.0000 2.0000 ANN

4.0000

0.0827 0.0000

14.8768

IRCED
Janalakshmi Financial Services Pvt.
Ltd.
Janalakshmi Financial Services Pvt.
Ltd.
Janalakshmi Financial Services Pvt.
Ltd.
Janalakshmi Financial Services Pvt.
Ltd.
Janodaya
Janodaya
JFSL
JFSL
JFSL

2011.0000 1.0000 ANN

4.0000

0.0000 0.0000

12.6433

2005.0000 7.0000 ANN

4.0000

0.0631 0.0000

14.4892

2009.0000 3.0000 ANN

4.0000

0.0057 0.0000

16.5175

2010.0000 2.0000 ANN

4.0000

0.0163 0.0264

17.5249

1.2433 0.0428
0.8646 0.0305
0.9563 0.0138

2011.0000
2008.0000
2009.0000
2005.0000
2006.0000
2007.0000

4.0000
3.0000
3.0000
1.0000
1.0000
1.0000

0.0103
0.0069
0.2501
0.0458
0.0729
0.0911

18.0489
14.7616
14.2575
16.6065
17.1389
16.8565

1.0175
1.2348
1.0387
1.2372
1.2779
1.0192

1.0000
4.0000
3.0000
7.0000
6.0000
5.0000

ANN
ANN
ANN
ANN
ANN
ANN

178

0.0067
0.0185
0.0000
0.0000
0.0000
0.0041

1.0698
1.2345
1.2132
1.2254
1.0216
1.2525
1.0424
1.0664
1.0700
1.0887
1.1313

0.0011
0.0243
0.0255
0.0276
0.0030
0.0293
0.0044
0.0076
0.0184
0.0278
0.0189
0.9463 0.0076
0.9549 0.0089
0.9087 0.0130

0.0041
0.0441
0.0087
0.0171
0.0210
0.0034

JFSL
KBSLAB
KBSLAB
KBSLAB
KBSLAB
KBSLAB
KBSLAB
KBSLAB
KCIPL

2009.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000
2010.0000

3.0000
7.0000
6.0000
5.0000
4.0000
3.0000
2.0000
1.0000
2.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

1.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0105
0.0901
0.0684
0.0590
0.0001
0.0493
0.0413
0.0620
0.0066

0.0000
0.0000
0.0063
0.0000
0.0000
0.0018
0.0089
0.0102
0.0000

15.8686
15.2475
15.7119
16.3408
16.3441
16.6702
16.8058
16.6158
15.2531

1.0576
1.0796
1.0791
1.0737
1.0985
1.0954
1.1299
1.0815
1.0688

KCIPL

2011.0000 1.0000 ANN

4.0000

0.0194 0.0000

14.6064

0.9930

KOPSA
Kotalipara
Kotalipara
Kotalipara
Kotalipara
KRUSHI
KRUSHI
KRUSHI
KRUSHI
LBT
Mahasemam
Mahasemam
Mahasemam
Mahasemam
Mahashakti

2008.0000
2006.0000
2009.0000
2010.0000
2011.0000
2005.0000
2006.0000
2007.0000
2008.0000
2011.0000
2005.0000
2008.0000
2009.0000
2010.0000
2009.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

1.0000
4.0000
4.0000
4.0000
4.0000
1.0000
1.0000
1.0000
1.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.4315
0.0042
0.0149
0.0195
0.0186
0.0000
0.0000
0.0000
0.0000
0.0000
0.0212
0.0020
0.0012
0.0004
0.0048

0.0000
0.0026
0.0030
0.0035
0.0108
0.0000
0.0000
0.0000
0.0000
0.0017
0.0000
0.0000
0.0039
0.0005
0.0000

13.1339
15.5148
15.4499
15.5184
15.5223
14.8001
15.7623
15.5985
15.4033
13.3243
14.9173
15.7147
16.1639
16.3873
14.9729

0.7432
1.0999
1.3984
1.0433
1.0953
1.1426
1.3651
1.1272
1.2818
1.1394
1.0536
1.0554
1.0202
1.0412
1.0179

Mahashakti

2010.0000 2.0000 ANN

4.0000

0.0078 0.0000

14.6712

0.9915

4.0000
6.0000
3.0000
2.0000
1.0000
7.0000
6.0000
5.0000
4.0000
1.0000
7.0000
4.0000
3.0000
2.0000
3.0000

179

0.0056
0.0078
0.0076
0.0074
0.0100
0.0112
0.0133
0.0089
0.0117
0.0012
0.0409
0.0154
0.0941
0.0099
0.0231
0.0089
0.0278
0.0159
0.0369
0.0351
0.0254
0.0236
0.0078
0.0149
0.0030
0.0018

Mahashakti

2011.0000 1.0000 ANN

4.0000

0.0144 0.0000

13.6207

0.9339

Mimo Finance
Mimo Finance
Mimo Finance
Mimo Finance

2007.0000
2008.0000
2009.0000
2010.0000

5.0000
4.0000
3.0000
2.0000

ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000

0.0035
0.0063
0.0162
0.0047

0.0000
0.0016
0.0145
0.0171

14.1712
15.4466
15.8524
16.2431

0.5946
1.0148
1.0913
1.0564

Mimo Finance
MMFL
MMFL
MMFL
MMFL
MMFL
MMFL
Muthoot
Nano
NBJK
NBJK
NBJK
NBJK
NBJK
NBJK

2011.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000
2011.0000
2009.0000
2005.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000

1.0000
6.0000
5.0000
4.0000
3.0000
2.0000
1.0000
1.0000
3.0000
7.0000
5.0000
4.0000
3.0000
2.0000
1.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0442
0.0347
0.0029
0.0049
0.0088
0.0209
0.0245
0.0037
0.0001
0.0140
0.0298
0.0131
0.0082
0.0000
0.0161

0.0000
0.0000
0.0000
0.0030
0.0108
0.0130
0.0439
0.0000
0.0000
0.0022
0.0000
0.0000
0.0021
0.0012
0.0000

15.2829
17.7403
16.8436
16.8624
17.3163
17.5088
16.8511
17.3757
15.1291
13.5655
14.0256
13.8280
14.0604
14.1846
14.1757

0.9302
2.5091
1.3239
1.3257
1.6220
1.3857
1.1210
1.5244
1.1625
1.2300
1.3494
1.4637
1.5712
1.7866
2.0363

NCS

2007.0000 5.0000 ANN

4.0000

0.0000 0.0024

12.8524

0.9938

NCS
NCS
NCS
NCS

2008.0000
2009.0000
2010.0000
2011.0000

4.0000
4.0000
4.0000
4.0000

0.0000
0.0024
0.0054
0.0066

13.3394
14.0376
13.8388
13.0554

0.9962
1.0724
1.0082
0.9866

4.0000
3.0000
2.0000
1.0000

ANN
ANN
ANN
ANN
180

0.0025
0.0000
0.0000
0.0049

0.0136
0.1287
0.0031
0.0136
0.0082
0.0188
0.0420
0.0147
0.0542
0.0441
0.0429
0.0183
0.0916
0.0631
0.0296
0.0462
0.0595
0.0777
0.1153
0.1520
0.0018
0.0011
0.0178
0.0025
-

0.0035
NDFS
NDFS
NEED
NEED
NEED
NEED
NEED
Nidan
Nidan

2005.0000
2007.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000
2005.0000
2007.0000

7.0000
5.0000
5.0000
4.0000
3.0000
2.0000
1.0000
7.0000
5.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

1.0000
1.0000
4.0000
4.0000
4.0000
4.0000
4.0000
1.0000
1.0000

0.0000
0.0000
0.0000
0.0114
0.0196
0.0045
0.0025
0.0263
0.0261

0.0000
0.0014
0.0000
0.0123
0.0109
0.0115
0.0197
0.0000
0.0000

13.3428
14.6630
14.4616
15.0395
15.3146
15.5852
15.0550
11.7059
12.8793

1.0765
1.0525
1.4749
1.1275
1.1274
1.1164
1.1748
1.4566
1.1322

Nidan

2008.0000 4.0000 ANN

1.0000

0.0000 0.0000

12.2057

0.4870

Nidan
Nirmaan Bharati
PRAYAS
Pustikar
Pustikar
Pustikar
Pustikar
PWMACS
PWMACS
PWMACS
PWMACS
PWMACS

2009.0000
2007.0000
2011.0000
2008.0000
2009.0000
2010.0000
2011.0000
2005.0000
2007.0000
2008.0000
2009.0000
2010.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

1.0000
1.0000
5.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0000
0.0003
0.0061
0.0428
0.0080
0.0762
0.0800
0.0046
0.0141
0.0001
0.0000
0.4084

0.0000
0.0031
0.0000
0.0000
0.0000
0.0000
0.0000
0.0067
0.0000
0.0036
0.0011
0.0192

12.2918
15.6695
14.1623
16.2796
16.6325
16.8128
16.7933
13.4965
15.2132
15.4785
15.7625
15.4164

0.4216
1.2188
1.4674
1.2594
1.4158
1.3937
1.3566
1.0029
1.0251
1.0817
1.0794
1.0071

PWMACS
RASS
RASS

2011.0000 1.0000 ANN

2005.0000 7.0000 ANN
2006.0000 6.0000 ANN

4.0000
4.0000
4.0000

0.0907 0.0008
0.0237 0.0473
0.0455 0.0000

15.1488
14.0954
15.0109

0.7860
1.1272
1.4603

3.0000
5.0000
1.0000
4.0000
3.0000
2.0000
1.0000
7.0000
5.0000
4.0000
3.0000
2.0000

181

0.0108
0.0063
0.0562
0.0284
0.0247
0.0228
0.0300
0.0873
0.0127
0.1267
0.0140
0.0485
0.0919
0.0321
0.0439
0.0358
0.0329
0.0004
0.0034
0.0114
0.0117
0.0008
0.0373
0.0153
0.0516

RASS
RASS
RASS

2007.0000 5.0000 ANN

2008.0000 4.0000 ANN
2009.0000 3.0000 ANN

4.0000
4.0000
4.0000

0.0021 0.0004
0.0042 0.0000
0.0026 0.0044

15.9500
16.1344
16.5244

RGVN
RGVN
RGVN
RGVN
RGVN
RGVN
RGVN

2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0582
0.0516
0.0720
0.0589
0.0644
0.0358
0.0066

0.0050
0.0631
0.0001
0.0000
0.0000
0.0000
0.0209

13.9880
14.8661
15.6687
15.7748
16.3381
16.6626
16.8161

RISE

2009.0000 3.0000 ANN

4.0000

0.0033 0.0000

13.0113

RISE

2010.0000 2.0000 ANN

4.0000

0.0098 0.0008

12.9962

RISE
RORES
RORS
RORS
Saadhana
Saadhana
Saadhana
Saadhana
Saadhana
Sahara Utsarga
Sahara Utsarga
Sahara Utsarga
Sahayata

2011.0000
2009.0000
2010.0000
2011.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2009.0000
2010.0000
2011.0000
2009.0000

4.0000
4.0000
4.0000
4.0000
3.0000
3.0000
3.0000
3.0000
3.0000
4.0000
4.0000
4.0000
4.0000

0.0137
0.0055
0.0016
0.0025
0.0000
0.0000
0.0000
0.0000
0.0000
0.0111
0.0254
0.0459
0.0035

12.3761
15.0328
14.5954
14.1703
15.1202
15.7469
15.8661
16.1785
16.5153
16.3578
16.5612
16.1851
16.8219

7.0000
6.0000
5.0000
4.0000
3.0000
2.0000
1.0000

1.0000
3.0000
2.0000
1.0000
7.0000
6.0000
5.0000
4.0000
3.0000
3.0000
2.0000
1.0000
3.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

182

0.0007
0.0301
0.0264
0.0185
0.0000
0.0000
0.0000
0.0000
0.0000
0.0064
0.0000
0.0075
0.0082

1.2798 0.0307
1.3891 0.0439
1.4462 0.0443
0.7139 0.0644
1.1086 0.0148
1.2347 0.0346
1.3024 0.0466
1.2109 0.0325
1.1843 0.0115
1.2632 0.0349
0.6396 0.1045
0.8689 0.0476
0.9081 0.0268
1.3565 0.0823
1.5441 0.1355
1.0884 0.0110
1.0705 0.0149
1.3895 0.0682
1.2919 0.0525
1.2292 0.0432
1.2482 0.0487
1.3570 0.0586
1.2671 0.0506
1.1582 0.0351
1.3880 0.0634

Saija

2010.0000 2.0000 ANN

4.0000

0.0018 0.0000

14.5735

0.7931

Saija

2011.0000 1.0000 ANN

4.0000

0.0015 0.0021

13.0548

0.4892

Samasta
Samasta

2009.0000 3.0000 ANN

2010.0000 2.0000 ANN

4.0000
4.0000

0.0000 0.0000
0.0131 0.0002

15.5848
15.6746

0.8797
1.0135

Samasta
Sanchetna

2011.0000 1.0000 ANN

2010.0000 2.0000 ANN

4.0000
4.0000

0.0109 0.0000
0.0052 0.0000

15.7213
13.8979

0.9776
1.0462

Sanchetna
Sangamam
Sanghamithra
Sanghamithra
Sanghamithra
Sanghamithra
Sanghamithra
Sanghamithra
Sanghamithra
Sarala
Sarala
Sarala
Sarala
Sarala

2011.0000
2007.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

4.0000
1.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
5.0000
5.0000
5.0000
5.0000
5.0000

0.0262
0.0039
0.0993
0.0282
0.0520
0.0926
0.0482
0.0800
0.0178
0.0002
0.0002
0.0025
0.0313
0.0475

0.0000
0.0000
0.0102
0.0104
0.0029
0.0033
0.0428
0.0313
0.0176
0.0000
0.0000
0.0000
0.0006
0.0079

13.0557
13.9513
15.4574
15.8312
16.3110
16.2468
16.5498
16.7012
16.7132
14.0620
15.0983
15.8533
16.1737
15.8784

0.8716
1.3203
1.0425
1.0149
1.0128
1.1163
1.1913
1.2304
1.2169
1.4008
1.2701
1.8262
1.5357
1.5175

Sarvodaya Nano Finance

2005.0000 7.0000 ANN

4.0000

0.0386 0.0000

15.9631

0.9430

Sarvodaya Nano Finance

Sarvodaya Nano Finance

2006.0000 6.0000 ANN

2007.0000 5.0000 ANN

4.0000
4.0000

0.0769 0.0000
0.0872 0.0022

16.5061
16.9088

1.0111
1.0703

1.0000
5.0000
7.0000
6.0000
5.0000
4.0000
3.0000
2.0000
1.0000
5.0000
4.0000
3.0000
2.0000
1.0000

183

0.0703
0.1841
0.0238
0.0033
0.0035
0.0145
0.0376
0.0675
0.0057
0.0020
0.0019
0.0169
0.0247
0.0322
0.0293
0.0516
0.0430
0.0842
0.0566
0.0578
0.0101
0.0025
0.0047

Sarvodaya Nano Finance

Sarvodaya Nano Finance
Sarvodaya Nano Finance

2008.0000 4.0000 ANN

2009.0000 3.0000 ANN
2010.0000 2.0000 ANN

4.0000
4.0000
4.0000

0.0666 0.0000
0.0971 0.0029
0.0863 0.0156

16.7265
16.7619
16.1980

0.9966
1.0472
1.0540

Sarvodaya Nano Finance

2011.0000 1.0000 ANN

4.0000

0.0772 0.0501

15.6308

0.7610

SCDS
SCNL
SCNL
SCNL
SCNL
SCNL
SCNL
SDF
SEIL
SEIL
SEIL

2011.0000
2005.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000
2011.0000
2009.0000
2010.0000
2011.0000

1.0000
7.0000
5.0000
4.0000
3.0000
2.0000
1.0000
1.0000
3.0000
2.0000
1.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0127
0.1375
0.1093
0.0595
0.0245
0.0135
0.0086
0.0268
0.0466
0.0572
0.1428

0.0000
0.0000
0.0068
0.0054
0.0051
0.0065
0.0041
0.0000
0.0066
0.0002
0.0120

15.3834
14.9764
16.1057
16.5202
17.1626
17.7613
17.9576
14.7296
18.1706
19.0461
18.9696

0.9370
1.0913
1.0742
1.0718
1.1414
1.0613
1.0390
1.0700
1.5793
1.9028
1.9168

SEWA MACTS
SHARE
SHARE
SHARE
SHARE
SHARE
SHARE
SHARE
SHARE

2009.0000
2003.0000
2004.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000

3.0000
9.0000
8.0000
7.0000
6.0000
5.0000
4.0000
3.0000
2.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

1.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0321
0.0000
0.0019
0.1348
0.0971
0.0373
0.0023
0.0016
0.5210

0.0000
0.0000
0.0000
0.0222
0.0000
0.0179
0.0025
0.0057
0.1024

14.7215
16.7548
17.5094
18.2231
18.3338
18.8372
19.2931
19.7467
19.9577

0.6910
1.1816
1.2003
1.1951
1.1009
1.1063
1.5172
1.5494
1.0327

SHARE

2011.0000 1.0000 ANN

4.0000

0.5218 0.0025

19.8434

0.4339

184

0.0016
0.0018
0.0049
0.0426
0.0137
0.0083
0.0098
0.0091
0.0182
0.0086
0.0052
0.0162
0.0565
0.0677
0.0620
0.0557
0.0304
0.0307
0.0225
0.0118
0.0110
0.0553
0.0550
0.0033
0.1163

SKDRDP

2005.0000 7.0000 ANN

4.0000

0.0002 0.0000

17.0083

0.8639

SKDRDP

2006.0000 6.0000 ANN

4.0000

0.0022 0.0000

17.7709

0.9733

SKDRDP
SKDRDP
SKDRDP
SKDRDP

2007.0000
2008.0000
2009.0000
2010.0000

ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000

0.0015
0.0059
0.0031
0.0031

0.0000
0.0000
0.0000
0.0001

18.2600
18.3868
18.7335
19.1894

0.9830
1.0134
1.1270
1.1159

SKDRDP

2011.0000 1.0000 ANN

4.0000

0.3306 0.0000

19.5900

0.9485

SKS

2003.0000 9.0000 ANN

4.0000

0.0000 0.0082

14.8098

0.9698

SKS
SKS
SKS
SKS
SKS
SKS
SMILE
SMILE
SMILE
SMILE
SMS
SMS

2004.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2008.0000
2009.0000
2010.0000
2011.0000
2005.0000
2006.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
1.0000
1.0000

0.0518
0.0152
0.0012
0.0015
0.0019
0.0022
0.0074
0.0010
0.0056
0.0006
0.0346
0.0045

0.0000
0.0100
0.0061
0.0029
0.0060
0.0086
0.0000
0.0014
0.0040
0.0056
0.0000
0.0000

15.8443
16.8405
17.9626
19.3827
19.9955
20.6833
16.4475
17.2705
17.4978
17.5729
14.4650
15.1380

0.9979
1.2074
1.1029
1.1975
1.2853
1.3888
1.1488
1.1937
1.3834
1.1943
1.0548
1.0186

SMSS
SMSS
SMSS

2005.0000 7.0000 ANN

2006.0000 6.0000 ANN
2007.0000 5.0000 ANN

4.0000
4.0000
4.0000

0.0000 0.0000
0.0000 0.0000
0.0000 0.0000

14.4601
14.8798
15.0417

0.9307
1.1477
1.2612

5.0000
4.0000
3.0000
2.0000

8.0000
7.0000
6.0000
5.0000
4.0000
3.0000
4.0000
3.0000
2.0000
1.0000
7.0000
6.0000

185

0.0169
0.0029
0.0023
0.0015
0.0129
0.0103
0.0094
0.0067
0.0006
0.0283
0.0076
0.0199
0.0368
0.0496
0.0165
0.0151
0.0473
0.0294
0.0072
0.0027
0.0085
0.0341
0.0638

SMSS
SMSS
SMSS

2008.0000 4.0000 ANN

2009.0000 3.0000 ANN
2010.0000 2.0000 ANN

4.0000
4.0000
4.0000

0.0000 0.0000
0.0000 0.0696
0.9852 0.0000

15.2684
15.3753
15.3020

SMSS

2011.0000 1.0000 ANN

4.0000

0.9954 0.0000

15.1211

Sonata

2006.0000 6.0000 ANN

4.0000

0.0000 0.0000

13.9493

Sonata
Sonata
Sonata
Sonata
Sonata
Spandana
Spandana
Spandana
Spandana
Spandana
Spandana
Spandana

2007.0000
2008.0000
2009.0000
2010.0000
2011.0000
2003.0000
2004.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0006
0.0078
0.0122
0.0133
0.0054
0.0006
0.0001
0.0000
0.0817
0.0443
0.0007
0.0013

0.0001
0.0000
0.0000
0.0046
0.0051
0.0000
0.0000
0.0693
0.0256
0.0009
0.0059
0.0066

15.5660
15.9953
16.3467
16.7402
16.8134
16.1350
17.8155
17.9687
18.3135
19.0203
19.7218
20.4841

Spandana

2010.0000 2.0000 ANN

4.0000

0.4775 0.0366

20.4734

Spandana

2011.0000 1.0000 ANN

4.0000

0.5247 0.0049

20.0955

SSD
SU
SU
SU
SU

2011.0000
2007.0000
2008.0000
2009.0000
2010.0000

4.0000
4.0000
4.0000
4.0000
4.0000

0.0091
0.0171
0.0206
0.0220
0.0563

13.3605
15.0431
15.4639
15.6843
15.5938

5.0000
4.0000
3.0000
2.0000
1.0000
9.0000
8.0000
7.0000
6.0000
5.0000
4.0000
3.0000

1.0000
5.0000
4.0000
3.0000
2.0000

ANN
ANN
ANN
ANN
ANN

186

0.0035
0.0133
0.0000
0.0141
0.0000

1.2551 0.0535
1.0991 0.0246
1.1361 0.0206
0.0628 0.1424
0.5310 0.0967
1.0151 0.0121
1.4442 0.0736
1.0834 0.0112
1.3816 0.0494
1.2820 0.0330
1.7606 0.1186
1.9255 0.0813
1.4906 0.0472
1.0976 0.0072
1.5907 0.0434
1.6629 0.0689
1.8004 0.0899
1.0005 0.0030
0.5636 0.1004
0.5782 0.1203
1.4332 0.0743
1.1765 0.0311
1.2934 0.0592
1.1060 0.0256

SU

2011.0000 1.0000 ANN

4.0000

0.0766 0.0446

15.0281

0.9595

Suryoday
Suryoday
Suryoday

2009.0000 3.0000 ANN

2010.0000 2.0000 ANN
2011.0000 1.0000 ANN

4.0000
4.0000
4.0000

0.0001 0.0000
0.0502 0.0333
0.0143 0.0151

15.0609
16.2011
16.7279

0.8105
1.0870
1.0368

SVCL

2009.0000 3.0000 ANN

4.0000

0.0000 0.0000

14.5074

0.0734

SVCL
SVCL
SVSDF
SVSDF

2010.0000
2011.0000
2009.0000
2010.0000

ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000

0.0067
0.0092
0.0000
0.0000

0.0000
0.0012
0.0000
0.0000

15.9000
16.2209
14.1619
14.7826

0.6916
1.0273
1.0543
1.0248

Swadhaar

2006.0000 6.0000 ANN

4.0000

0.0000 0.0304

11.4860

0.1626

Swadhaar

2007.0000 5.0000 ANN

4.0000

0.0166 0.0374

12.5194

0.1788

Swadhaar

2008.0000 4.0000 ANN

4.0000

0.0108 0.0000

13.9231

0.3118

Swadhaar

2009.0000 3.0000 ANN

4.0000

0.0091 0.0185

15.2858

0.4924

Swadhaar
Swadhaar
SWAWS
SWAWS
SWAWS
SWAWS
SWAWS

2010.0000
2011.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN

4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0109
0.0204
0.0032
0.0115
0.0006
0.0033
0.0046

0.0156
0.0146
0.0009
0.0001
0.0000
0.0000
0.0000

16.2449
16.5532
15.5254
15.9878
16.1789
16.2718
16.8019

0.7937
1.0179
1.2301
1.1598
1.0967
1.2426
1.6598

SWAWS

2011.0000 1.0000 ANN

4.0000

0.9691 0.0000

16.5864

-0.1224

2.0000
1.0000
3.0000
2.0000

2.0000
1.0000
7.0000
6.0000
5.0000
4.0000
3.0000

187

0.0098
0.0539
0.0257
0.0073
0.6068
0.1404
0.0078
0.0056
0.0070
1.0126
0.9721
0.4491
0.2075
0.0589
0.0091
0.0235
0.0211
0.0178
0.0328
0.0745
0.2581

Swayamshree Micro Credit

Services
Swayamshree Micro Credit
Services
Trident Microfinance
Trident Microfinance

2010.0000 2.0000 ANN

4.0000

0.0488 0.0081

15.7451

1.1184 0.0182

2011.0000 1.0000 ANN

2008.0000 4.0000 ANN
2009.0000 3.0000 ANN

4.0000
4.0000
4.0000

0.0499 0.0291
0.0000 0.0000
0.0018 0.0000

15.4094
15.9327
17.1755

Trident Microfinance

2010.0000 2.0000 ANN

4.0000

0.6385 0.0000

17.4538

Trident Microfinance
UFSPL
UFSPL
UFSPL

2011.0000
2009.0000
2010.0000
2011.0000

ANN
ANN
ANN
ANN

4.0000
5.0000
5.0000
5.0000

0.9995
0.0137
0.0000
0.0350

0.2005
0.0000
0.0000
0.0184

17.0471
14.1441
14.5351
14.1521

Ujjivan

2006.0000 6.0000 ANN

5.0000

0.0021 0.0007

14.4751

Ujjivan

2007.0000 5.0000 ANN

5.0000

0.0020 0.0010

16.0248

Ujjivan
Ujjivan
Ujjivan
Utkarsh
VFPL
VFS
VFS
VFS
VFS
VFS
VFS
VFS

2008.0000
2010.0000
2011.0000
2011.0000
2010.0000
2005.0000
2006.0000
2007.0000
2008.0000
2009.0000
2010.0000
2011.0000

5.0000
5.0000
5.0000
5.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.0022
0.0103
0.0120
0.0000
0.0016
0.0241
0.0220
0.0047
0.0053
0.0056
0.0088
0.0126

17.3188
18.7628
18.7448
16.5104
13.9261
15.1374
15.0676
15.2691
15.7002
16.9790
17.0477
16.8462

1.1342 0.0225
1.1417 0.0186
1.3473 0.0390
0.8408 0.0316
0.8425 0.0506
1.2429 0.0384
1.1016 0.0135
1.0322 0.0045
0.4447 0.2073
0.6422 0.1151
0.9767 0.0060
1.1301 0.0201
1.0142 0.0025
1.2005 0.0225
1.2298 0.0619
1.3629 0.0844
1.4258 0.0762
1.1625 0.0109
1.1608 0.0174
1.1026 0.0110
1.4020 0.0574
1.1606 0.0212

1.0000
3.0000
2.0000
1.0000

4.0000
2.0000
1.0000
1.0000
2.0000
7.0000
6.0000
5.0000
4.0000
3.0000
2.0000
1.0000

ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN
ANN

188

0.0011
0.0015
0.0036
0.0000
0.0025
0.0109
0.0004
0.0000
0.0000
0.0005
0.0066
0.0094

VSS

2005.0000 7.0000 ANN

1.0000

0.0000 0.0000

12.2903

VSSU
WSE
WSE
WSE
YFS
YVU

2009.0000
2009.0000
2010.0000
2011.0000
2011.0000
2011.0000

1.0000
4.0000
4.0000
4.0000
4.0000
4.0000

0.1236
0.0034
0.0020
0.0006
0.0204
0.0065

13.9681
14.9104
15.3255
15.4323
13.0599
14.4254

3.0000
3.0000
2.0000
1.0000
1.0000
1.0000

ANN
ANN
ANN
ANN
ANN
ANN

189

0.0000
0.0014
0.0000
0.0000
0.0000
0.0000

1.0881 0.0138
0.7991 0.0281
1.2477 0.0330
1.3222 0.0352
1.1198 0.0124
1.2135 0.0274
1.0771 0.0119

rating
expense
/ loan
portfolio

Borrowers
per loan
officer

log of
leverag
e

liquidity

cooperativ
e union
dummy

non
banking
Dummy

NGO
dummy

rural
banking
dummy

Current
legal
status

0.1021
0.1008
0.1849
0.2192
0.0868
0.1138
0.1346
0.0959
0.1181
0.1039
0.1105
0.1369
0.0998
0.1072
0.0975
0.0634
0.0676
0.0586
0.0708
0.0777
0.0675
0.1400
0.1874
0.1442
0.1225
0.1635
0.2332
0.1246
0.0914
0.1439
0.1347
0.1159
0.1242
0.1330

317.0000
278.0000
390.0000
360.0000
306.0000
258.0000
437.0000
409.0000
412.0000
318.0000
267.0000
371.0000
399.0000
420.0000
517.0000
518.0000
553.0000
337.0000
423.0000
560.0000
333.0000
81.0000
311.0000
334.0000
325.0000
314.0000
253.0000
428.0000
266.0000
319.0000
245.0000
538.0000
600.0000
651.0000

13.0276
14.6083
14.9888
14.7578
13.7234
15.3416
15.6574
16.0014
15.9407
14.3972
14.0571
16.8500
17.2733
18.1395
18.7566
19.5671
19.4103
15.4649
16.0181
16.5886
14.9676
13.1986
14.8257
15.7280
16.8457
16.6163
15.6969
13.7401
16.3925
17.0704
16.3978
16.1838
16.6242
16.1087

0.0888
0.2039
0.4699
0.2779
0.1173
0.1082
0.1354
0.3479
0.3058
0.1837
0.2630
0.2058
0.1060
0.2211
0.4419
0.2946
0.0711
0.3336
0.4393
0.1047
0.1261
2.5234
0.2250
0.0298
0.1382
0.1682
0.2363
0.0444
0.2061
0.0990
0.0636
0.1229
0.2099
0.2626

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000

1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

NGO
NGO
NGO
NGO
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
CU
CU
CU
CU
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI

204

0.0707
0.0805
0.0106
0.2696
0.1286
0.1388
0.3478
0.1496
0.0342
0.0321
0.2148
0.1181
0.0876
0.1044
0.0878
0.0543
0.0612
0.0588
0.1847
0.1858
0.1768
0.1981
0.1776
0.1588
0.1431
0.1703
0.0145
0.0517
0.0648
0.0169
0.0519
0.0770
0.1192
0.1805
0.1886
0.1739
0.1362
0.1101
0.1839

139.0000
192.0000
84.0000
382.0000
537.0000
577.0000
477.0000
107.0000
604.0000
759.0000
255.0000
227.0000
360.0000
431.0000
530.0000
522.0000
521.0000
504.0000
237.0000
297.0000
277.0000
279.0000
252.0000
219.0000
350.0000
246.0000
1056.0000
277.0000
190.0000
2202.0000
1757.0000
2208.0000
1579.0000
288.0000
234.0000
318.0000
389.0000
388.0000
295.0000

14.4504
15.1799
9.8864
14.6614
15.3387
15.3841
14.0932
12.4148
15.7342
15.3983
14.3653
15.6753
16.9814
18.1473
18.7212
19.5109
19.8465
20.3100
15.8829
16.6837
17.0031
17.5677
18.1919
19.1806
19.4402
18.7133
14.5973
16.2779
16.7889
17.4119
17.7308
17.7995
17.5367
12.1969
12.3702
13.1756
14.0234
13.7960
13.7587

0.2008
0.0817
1.4260
0.2417
0.2804
0.2661
0.4325
0.5880
0.0218
0.0725
0.1078
0.0553
0.0618
0.1946
0.4884
0.4021
0.2220
0.3087
0.0810
0.1272
0.1917
0.1275
0.3416
0.6807
0.1878
0.2247
0.0133
0.0111
0.0359
0.2443
0.1045
0.0894
0.0241
0.0105
0.1145
0.0262
0.0966
0.0564
0.1432

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

205

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000

1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

NGO
NGO
NGO
NGO
NGO
NGO
CU
NGO
NGO
NGO
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NBFI

0.1450
0.1048
0.1000
0.1142
0.1096
0.1581
0.1931
0.0701
0.0669
0.0579
0.0598
0.0548
0.0541
0.0845
0.1220
0.0991
0.2900
0.2368
0.1788
0.1300
0.1143
0.1188
0.0941
0.1854
0.1223
0.1158
0.4873
0.2258
0.1798
0.0772
0.1545
0.1124
0.0937
0.1394
0.1261
0.2393
0.2181
0.1426
0.1223

296.0000
391.0000
429.0000
411.0000
277.0000
261.0000
325.0000
1128.0000
3230.0000
772.0000
504.0000
496.0000
635.0000
787.0000
330.0000
318.0000
163.0000
197.0000
218.0000
298.0000
371.0000
403.0000
532.0000
406.0000
342.0000
348.0000
168.0000
393.0000
374.0000
354.0000
256.0000
312.0000
402.0000
551.0000
413.0000
299.0000
354.0000
563.0000
945.0000

14.2554
15.8089
16.6150
16.5772
17.0762
16.8726
17.0940
15.9561
16.6009
16.8197
16.9046
17.1839
16.9827
16.3659
13.7996
13.8286
15.5509
15.7667
16.6592
16.9715
17.7580
17.7439
17.6411
13.9539
14.3094
14.2446
5.4931
12.9921
13.5061
12.8288
13.9058
14.5486
15.1264
15.3695
15.4557
13.7024
15.0041
14.7394
17.4023

0.1276
0.0850
0.0569
0.0852
0.0709
0.2711
0.3103
0.1157
0.1092
0.0608
0.1718
0.2101
0.1569
0.1314
0.1133
0.0877
0.3472
0.1859
0.1673
0.1105
0.2638
0.2904
0.2505
0.2995
0.1923
0.2802
0.9256
0.2347
0.0280
0.0464
0.2281
0.1475
0.1309
0.1319
0.0722
0.2873
0.1917
0.1755
0.2962

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

206

1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
1.0000
1.0000
1.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
0.0000
0.0000
0.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NBFI
NBFI
NBFI
CU
NBFI
NBFI
NBFI
NBFI
NBFI
NGO
NBFI
NBFI
NBFI

0.0807
0.1030
0.1161
0.1321
0.1313
0.1318
0.1804
0.1374
0.1369
0.1382
0.0491
0.0537
0.0787
0.1853
0.4183
0.2789
0.1830
0.1393
0.1757
0.1232
0.0954
0.1333
0.1397
0.1051
0.0946
0.0693
0.5236
0.2606
0.2192
0.2050
0.0369
0.0488
0.2188
0.1975
0.2132
0.1708
0.1179
0.1547
0.1401

959.0000
888.0000
1011.0000
207.0000
211.0000
225.0000
227.0000
328.0000
322.0000
391.0000
723.0000
864.0000
862.0000
587.0000
121.0000
170.0000
266.0000
370.0000
310.0000
481.0000
527.0000
243.0000
355.0000
755.0000
430.0000
119.0000
153.0000
314.0000
280.0000
273.0000
458.0000
628.0000
563.0000
237.0000
238.0000
401.0000
576.0000
429.0000
476.0000

18.3801
18.7081
18.3562
15.4234
16.1379
16.6111
16.0825
17.2900
17.4670
17.5109
17.6769
17.1782
16.8911
15.1482
13.4858
14.2378
15.0993
16.1819
16.8601
17.0038
17.8180
17.5775
17.6502
13.6959
13.4383
13.3072
13.8506
15.0592
15.6656
15.4088
13.8920
14.0404
15.0101
15.3251
16.2760
17.2791
18.5043
18.1745
17.9971

0.4112
0.3414
0.2912
0.6742
0.1080
0.0917
0.2421
0.2725
0.1165
0.1409
0.2087
0.0796
0.0452
0.1995
0.4513
0.1847
0.3541
0.1673
0.2187
0.1315
0.1857
0.2431
0.0907
0.0869
0.0729
0.0544
0.4511
0.2211
0.6262
0.3104
0.0932
0.0859
0.2449
0.5324
1.2501
0.2216
0.2803
0.3808
0.4701

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

207

1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000

0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

NBFI
NBFI
NBFI
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NGO
NGO
NBFI
NBFI
NBFI
NBFI
NBFI
NGO
NGO
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI

0.0913
0.0288
0.1456
0.0745
0.0572
0.0473
0.0534
0.0595
0.0711
0.1529
0.1260
0.1466
0.6104
0.0892
0.7468
0.7024
0.1574
0.0612
0.0628
0.0994
0.0937
0.0976
0.0706
0.0658
0.0735
0.0840
0.3319
0.3353
0.0651
0.0694
0.0762
0.1007
0.0929
0.2467
0.2819
0.1780
0.0987
0.1629
0.0695

362.0000
2322.0000
304.0000
301.0000
331.0000
345.0000
363.0000
378.0000
413.0000
302.0000
899.0000
543.0000
96.0000
55.0000
125.0000
153.0000
250.0000
396.0000
463.0000
15677.000
0
3971.0000
2357.0000
1555.0000
1994.0000
1747.0000
1510.0000
152.0000
184.0000
314.0000
398.0000
367.0000
282.0000
2129.0000
480.0000
324.0000
490.0000
578.0000
333.0000
306.0000

15.0672
15.2817
12.1496
14.7313
15.4438
15.8922
15.5710
15.6188
15.6575
15.2248
13.9164
14.0419
15.6190
15.4500
16.1859
15.7393
13.0294
15.3488
15.3225
13.6736

0.2936
0.0161
0.0071
0.7188
0.2008
0.1743
0.1259
0.1474
0.1266
0.1390
0.0714
0.1384
1.1689
0.3117
1.2044
1.3569
0.0742
0.2321
0.1992
0.6128

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000

0.0000
0.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
0.0000
0.0000
0.0000

1.0000
1.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
1.0000
1.0000
0.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

NGO
NGO
NBFI
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NBFI
NGO
NGO
CU

14.0223
13.8462
15.7858
16.1832
16.4980
16.0279
14.0158
14.7642
15.0203
15.3296
14.5158
13.0431
14.2873
16.3764
17.0717
17.8467
14.8544
14.3090
12.2074

0.2093
0.3749
0.1413
0.0565
0.1424
0.1638
0.0866
0.2186
0.0767
0.1097
0.1267
0.4505
0.1158
0.1252
0.1504
0.3075
0.1914
0.2621
0.0772

1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000

0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

CU
CU
NGO
NGO
NGO
NGO
NBFI
NBFI
CU
CU
CU
NGO
NBFI
NBFI
NBFI
NBFI
NGO
NGO
NGO

208

0.0506
0.0717
0.1735
0.1776

290.0000
269.0000
245.0000
296.0000

12.1753
16.8938
15.8001
14.6728

0.0446
0.0593
0.1645
0.4529

0.0000
0.0000
0.0000
0.0000

0.0000
0.0000
0.0000
0.0000

1.0000
1.0000
1.0000
0.0000

0.0000
0.0000
0.0000
1.0000

0.1712

157.0000

15.0443

0.1960

0.0000

0.0000

0.0000

1.0000

0.1534

200.0000

15.7252

0.1896

0.0000

0.0000

0.0000

1.0000

0.1384

1149.0000

15.6397

0.1256

0.0000

0.0000

0.0000

1.0000

0.1377

349.0000

15.7172

0.4655

0.0000

0.0000

0.0000

1.0000

0.1366

342.0000

15.6020

0.4884

0.0000

0.0000

0.0000

1.0000

0.1411

287.0000

14.8588

0.5339

0.0000

0.0000

0.0000

1.0000

0.1878
0.1776
0.0904
0.1446
0.1721
0.1771
0.1710
0.0465
0.0346
0.0441
0.0490
0.1363
0.4629
0.3992
0.4108
0.3640
0.0771
0.0939
0.1044
0.3521
0.1402
0.1676
0.2235
0.2032
0.0294

491.0000
692.0000
689.0000
159.0000
227.0000
243.0000
213.0000
545.0000
754.0000
584.0000
390.0000
567.0000
238.0000
201.0000
552.0000
531.0000
460.0000
386.0000
269.0000
194.0000
340.0000
255.0000
374.0000
265.0000
320.0000

15.2649
14.1980
12.9119
14.7339
14.9888
14.9792
15.3523
13.5682
14.8007
15.5042
15.2955
13.1398
14.8144
15.4814
16.1452
15.8691
14.9802
14.7709
13.6603
13.8714
15.3575
15.9149
16.0870
14.8417
15.3142

0.2498
0.2053
0.0332
0.2011
0.0732
0.0728
0.0557
1.1972
0.2265
0.1408
0.0281
0.0525
0.3506
0.1338
0.2928
0.1898
0.0041
0.1614
0.1879
0.0132
0.0647
0.2824
0.1273
0.2649
0.0184

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000

0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

209

NGO
NGO
NGO
Rural
Bank
Rural
Bank
Rural
Bank
Rural
Bank
Rural
Bank
Rural
Bank
Rural
Bank
NBFI
NBFI
NBFI
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI

0.0085
0.0504
0.0253
0.0417
0.0847
0.0765
0.1300
0.1231
0.1076
0.1060
0.1087
0.1133
0.1027
0.1666
0.1914
0.1555
0.2193
0.2045
0.0701
0.0464
0.0430
0.1079
0.0992
0.0897
0.0864
0.1282
0.0349
0.1988
0.0116
0.1642
0.0756
0.0150
0.0153
0.0142
0.0153
0.0954
0.0967
0.0847
0.0882

146.0000
1195.0000
1940.0000
1806.0000
1716.0000
438.0000
139.0000
212.0000
266.0000
252.0000
261.0000
327.0000
246.0000
409.0000
574.0000
307.0000
382.0000
784.0000
375.0000
591.0000
210.0000
262.0000
292.0000
299.0000
304.0000
106.0000
124.0000
223.0000
119.0000
387.0000
439.0000
761.0000
428.0000
486.0000
465.0000
150.0000
1007.0000
421.0000
389.0000

16.7328
16.6765
16.9747
17.2226
16.5999
17.2790
13.2772
12.0831
12.8576
12.9680
13.0293
12.8854
12.6238
12.9623
13.5423
14.1427
14.0341
13.5330
13.4648
14.6588
14.1551
14.8144
15.1158
15.3241
14.9530
11.3900
12.9212
12.0473
13.4187
15.7698
13.8925
14.1771
13.7313
13.0188
11.9657
13.3153
15.4084
15.4805
15.6272

0.0896
0.1049
0.1015
0.0671
0.3252
0.0012
0.0059
0.0885
0.1134
0.0887
0.0841
0.0644
0.0655
0.0867
0.2121
0.0741
0.1428
0.2976
0.2817
0.1370
0.0725
0.0969
0.1592
0.0988
0.3058
0.0311
0.2270
0.3055
2.1500
0.1506
0.0238
0.2373
0.2772
0.3315
0.3765
0.2158
0.5990
0.4584
0.2587

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000

210

1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NBFI
NBFI
NBFI
NBFI
NGO
NGO
CU
CU
CU
CU
CU
CU
CU
CU

0.1104
0.1517
0.0577
0.0441
0.0232
0.0202
0.0201
0.1663
0.1150
0.0921
0.0871
0.0782
0.0538
0.0961
0.2464
0.2537
0.1894
0.1427
0.4149
0.1976
0.1299
0.0985
0.1088
0.1051
0.1027
0.1165
0.1148
0.1473
0.1942
0.3394
0.3877
0.1663
0.1848
0.1254
0.2494
0.2335
0.2029
0.0452
0.0477

315.0000
354.0000
1501.0000
1561.0000
509.0000
558.0000
569.0000
227.0000
165.0000
289.0000
359.0000
430.0000
486.0000
516.0000
140.0000
338.0000
279.0000
610.0000
452.0000
253.0000
354.0000
741.0000
506.0000
537.0000
798.0000
191.0000
224.0000
169.0000
445.0000
262.0000
124.0000
311.0000
330.0000
401.0000
388.0000
258.0000
122.0000
2425.0000
1773.0000

15.4667
15.3717
13.9003
14.8097
15.8997
16.0494
16.5008
14.0688
15.1497
15.6481
15.8357
16.2659
16.3918
16.7267
13.0394
12.9977
12.5605
14.8363
13.7691
12.6307
15.2373
15.7893
16.1005
16.2573
16.5034
16.3573
16.2245
16.0294
16.6918
14.6296
13.7016
15.3396
15.4194
15.6483
13.6907
12.7735
13.1807
15.2513
15.6422

0.5923
0.4410
0.1856
0.0257
0.0972
0.0643
0.1369
0.1604
0.4688
0.1731
0.0257
0.0767
0.1202
0.1738
0.1913
0.0424
0.1540
0.0056
0.0468
0.0059
0.1652
0.1201
0.2141
0.1219
0.0243
0.3303
0.1046
0.2237
0.2663
0.1552
0.6563
0.1370
0.0901
0.1171
0.0174
0.0592
0.1295
0.0510
0.0389

1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
0.0000
0.0000

211

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000

0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

CU
CU
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NBFI
NBFI
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
CU
NGO
NGO

0.0354
0.0400
0.0390
0.0392
0.0399
0.0818
0.0755
0.0723
0.0861
0.0922
0.0520
0.0336
0.0243
0.0250
0.0241
0.0326
0.0510
0.1443
0.1405
0.1617
0.1359
0.1441
0.1349
0.1126
0.1700
0.1707
0.1482
0.0317
0.1452
0.1854
0.1594
0.1517
0.1059
0.1067
0.0948
0.0820
0.0682
0.0618
0.0391

2183.0000
2074.0000
1306.0000
1604.0000
1120.0000
250.0000
459.0000
486.0000
418.0000
402.0000
133.0000
127.0000
158.0000
160.0000
1731.0000
130.0000
98.0000
395.0000
90.0000
57.0000
1007.0000
194.0000
1540.0000
345.0000
331.0000
480.0000
582.0000
320.0000
494.0000
298.0000
193.0000
351.0000
376.0000
760.0000
503.0000
607.0000
727.0000
760.0000
242.0000

16.1542
16.0776
16.3941
16.5389
16.5803
13.8181
14.8182
15.5579
15.9002
15.3698
15.7849
16.4190
16.8833
16.6725
16.6397
15.7629
14.8221
15.2024
15.0216
16.3892
16.5655
17.5280
17.5924
17.4238
14.3072
17.5593
18.3894
18.2171
13.9783
16.4261
17.1166
17.6404
17.8183
18.6721
19.0677
19.9318
19.9738
19.3631
17.0466

0.0442
0.0496
0.0270
0.0239
0.0358
0.0091
0.0017
0.0239
0.0855
0.0488
0.1577
0.1361
0.1565
0.1442
0.1352
0.1103
0.1803
0.0248
0.4419
0.5853
0.3107
0.6488
0.4346
0.3347
0.0208
0.6154
0.1425
0.1507
0.0712
0.1459
0.0386
0.1399
0.0534
0.2273
0.2178
0.5063
0.1433
0.0334
0.1201

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

212

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000

1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NGO
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
CU
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NGO

0.0330
0.0886
0.0416
0.0478
0.0412
0.1100
0.1794
0.1507
0.1047
0.1322
0.1232
0.1331
0.1014
0.0482
0.0566
0.0967
0.1556
0.0555
0.0608
0.0533
0.1117
0.1474
0.1078
0.0938
0.0930
0.0554
0.3628
0.1647
0.1226
0.1568
0.1391
0.1282
0.0514
0.0411
0.0582
0.0608
0.0579
0.0617
0.0536

416.0000
394.0000
415.0000
510.0000
647.0000
389.0000
205.0000
281.0000
235.0000
386.0000
436.0000
443.0000
488.0000
315.0000
462.0000
502.0000
618.0000
417.0000
350.0000
231.0000
393.0000
324.0000
559.0000
595.0000
560.0000
813.0000
158.0000
260.0000
241.0000
205.0000
298.0000
390.0000
710.0000
695.0000
659.0000
645.0000
535.0000
534.0000
503.0000

17.9225
18.4464
18.4734
18.6773
19.0947
19.4870
15.2046
15.5890
16.5729
17.8608
19.0973
19.7581
20.2111
16.1381
17.1477
17.0416
16.9641
14.3144
15.1057
14.5973
14.2529
15.0417
15.2648
15.3139
15.2036
14.9855
14.1417
15.4565
15.6150
16.0979
16.5535
16.4764
15.9625
16.6440
17.0722
18.0288
18.6153
19.4862
20.0058

0.2378
0.3123
0.2138
0.1994
0.1490
0.1264
0.4542
0.2004
0.2403
0.2048
0.2619
0.6321
0.2253
0.1581
0.1778
0.1405
0.2436
0.0383
0.0956
0.0082
0.2584
0.0000
0.0755
0.0769
0.0761
0.0010
0.4070
0.1040
0.0800
0.4182
0.3403
0.6051
0.0105
0.0550
0.1108
0.1144
0.1385
0.1457
0.2193

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

213

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000

1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

NGO
NGO
NGO
NGO
NGO
NGO
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
CU
CU
NGO
NGO
NGO
NGO
NGO
NGO
NGO
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI

0.0608
0.0642
0.2386
0.1109
0.1165
0.1177
0.1542
0.1680
0.3374
0.2527
0.1705
1.1543
0.3863
0.1939
0.1045
0.1597
2.7485
1.8708
1.1579
0.5583
0.3646
0.2207
0.0818
0.0875
0.1109
0.0871
0.0914
0.0897
0.0406
0.0474
0.1586
0.0969
0.0930
0.0554
0.1855
0.1646
0.1534
0.5729
0.3094

514.0000
631.0000
239.0000
373.0000
345.0000
243.0000
229.0000
181.0000
308.0000
433.0000
752.0000
49.0000
404.0000
378.0000
232.0000
475.0000
125.0000
57.0000
158.0000
190.0000
223.0000
318.0000
419.0000
422.0000
288.0000
743.0000
475.0000
925.0000
962.0000
32.0000
523.0000
653.0000
845.0000
1755.0000
363.0000
316.0000
273.0000
160.0000
144.0000

20.0325
19.3470
13.3427
15.2353
15.5304
15.4245
15.5064
15.0267
14.9453
15.7320
15.7569
13.4107
15.6806
15.7264
14.1562
14.6781
11.8324
12.8129
10.8027
14.9076
15.6771
15.7301
13.9887
15.4791
16.2227
15.2159
16.1592
16.6968
15.4983
15.2960
15.5800
17.2690
17.3199
16.4912
13.9215
14.2690
13.3016
14.1608
15.6274

0.0564
0.1904
0.0811
0.4878
0.2931
0.0858
0.3221
0.2055
0.2952
0.1613
0.3693
0.5373
0.3578
0.2352
0.1094
0.1332
0.2422
0.0958
0.0432
0.2937
0.2341
0.1475
0.1640
0.0951
0.1241
0.0332
0.1554
0.1066
0.0670
0.0633
0.1393
0.3265
0.0846
0.0507
0.1595
0.2010
0.1389
0.0000
0.0641

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

214

1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000

0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

NBFI
NBFI
NGO
NGO
NGO
NGO
NGO
NGO
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NGO
NGO
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NGO
NGO
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI

0.2322
249.0000
16.4681
0.1644
350.0000
18.4821
0.1456
438.0000
18.6141
0.1337
492.0000
16.1573
0.3610
297.0000
13.9314
0.1645
620.0000
15.0230
0.1534
484.0000
15.4028
0.1026
682.0000
15.2436
0.1146
598.0000
15.7274
0.1313
575.0000
17.0579
0.1063
452.0000
16.7391
0.1360
397.0000
16.6034
0.1236
369.0000
12.5285
0.1160
150.0000
13.9562
0.0646
7551.0000 14.7796
0.0508
7979.0000 15.3330
0.0468
8905.0000 15.5105
0.2001
359.0000
9.2824
0.1613
229.0000
14.2419
Source: data from mixmarket.com

0.1202
0.0970
0.2402
0.7352
0.1796
0.2413
0.7392
0.2076
0.2057
0.2363
0.0692
0.1624
0.0396
0.0642
0.0722
0.1706
0.2093
0.0524
0.1345

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

215

1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
0.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.0000
0.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NBFI
NGO
NGO
NGO
NGO
NGO
NBFI
Other