Final Report of Supriya Singh

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Summer Internship Project
Topic
Social Performance Management (SPM) and Corporate Social
Responsibility (CSR) in the Microfinance industry.
Submitted to
Prof. (Col.) A.K. Rajpal
JAIPURIA INSTITUTE OF MANAGEMENT
A-32 A, Sector 62, Institutional Area, Noida- 201309 (U.P.)
Under the Supervision of
Ms. Shalini Singh
Submitted by
Student Name: Supriya Singh
Roll No.: PGSF1456
May, 2015

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Declaration by the Author
I, hereby, declare that the work presented in this report entitled “Social Performance
Management (SPM) and Corporate Social Responsibility in Microfinance Industry” in
fulfillment of the requirement for PGDM Programme, submitted to Jaipuria Institute of
Management, Noida is an authentic record of my own work and is free from any type of
plagiarism, carried out under the supervision of Miss. Shalini Singh.
I also declare that the work embodied in the present report:
(i) Is my original work and has not been copied from any source, and
(ii) Has not been submitted for any other Degree or Diploma of any University/
Institution.
Name and Signature of Student:
Supriya Singh
Roll No. PGSF1456

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Acknowledgment
A few people need a special mention, without whose help this project would have been
unthinkable. First of all, I would like to thank my industrial mentor ‘Miss Shalini Singh’,
who gave me chance to do training in Fusion Microfinance Pvt. Ltd.
Also I would like to give special thanks to her for making available all the resources to
facilitate for the compilation of this project. She left no stone unturned to help me in this
endeavor. I thank her whole heartedly for her consent encouragement, warm response and
for filling every gap in my personal development and knowledge enlightens and valuable
idea that made this project successful. Without her guidance and support this project could
not have been success.
I am heartily thankful to faculty member ‘Prof. (Col.) A.K. Rajpal’, my seniors, & friends
who have shown me the correct path while preparing this project.
Last but not least, I would like to thank all the employees of Fusion those who supported me
in any respect during the completion of the project. And a final thank to all those concerned
with the completion of this project directly or indirectly.
Thank you.

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Table of Contents
Executive Summary........................................................................................................................ 1
Chapter – 1 Company Description.................................................................................................. 3
1.1 Overview of Microfinance Industry................................................................................. 4
1.2 Fusion Microfinance Private Limited ................................................................................... 8
1.3 Social Performance Management........................................................................................ 18
1.4 Corporate Social Responsibility.......................................................................................... 19
1.5 Culture................................................................................................................................. 20
1.5.1 Vision............................................................................................................................ 20
1.5.2 Mission ......................................................................................................................... 20
Chapter – 2 Job Description.......................................................................................................... 21
Chapter – 3 Literature Review...................................................................................................... 23
Chapter – 4 Research Methodology & Data Collection ............................................................... 25
4.1 Research Methodology........................................................................................................ 26
4.2 Objectives............................................................................................................................ 27
4.3 Data Collection.................................................................................................................... 27
Chapter – 5 Analysis..................................................................................................................... 29
5.1 Analysis of Data.................................................................................................................. 30
5.1.1 TOOLS OF ANALYSIS .............................................................................................. 30
Chapter – 6 Conclusion, Recommendation & Limitations........................................................... 46
6.1 Conclusion........................................................................................................................... 47
6.2 Recommendations............................................................................................................... 47
6.3 LIMITATIONS.............................................................................................................. 48
Appendices....................................................................................................................................vii
Bibliography ................................................................................................................................ xvi

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Table of Figures
Figure 1:- Living Status in India..................................................................................................... 5
Figure 2: Microfinance penetration In India................................................................................... 6
Figure 3:- Branches in Uttar Pradesh............................................................................................ 11
Figure 4:- Branches in Madhya Pradesh....................................................................................... 12
Figure 5:- Branches in Haryana .................................................................................................... 13
Figure 6:- Branches in Delhi......................................................................................................... 14
Figure 7:- Branches in Uttarakhand.............................................................................................. 15
Figure 8:- New Branches in Haryana............................................................................................ 16
Figure 9:- Number of new branches ............................................................................................. 16
Figure 10:- New Branches in Uttar Pradesh ................................................................................. 17
Figure 11:- New branches in Madhya Pradesh............................................................................. 17
Figure 12:- New Branches in Bihar .............................................................................................. 18

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Table of Graphs
Graph 1:- The Bar chart view of the grievances (Jan-April) ........................................................ 34
Graph 2:- indicates that the ROA, ROE, Current Ratio and Debt-to- Equity Ratio of 2013 of the
companies (Ujjivan, Equitas, Annapurna, Cashpor & Fusion)..................................................... 36
Graph 3:- indicates that the ROA, ROE, Current Ratio and Debt-to- Equity Ratio of 2014 of the
companies (Ujjivan, Equitas, Annapurna, Cashpor & Fusion)..................................................... 37

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Table of Comparison
Comparison 1 :- Ujjivan & Fusion................................................................................................ 38
Comparison 2:- Cashpor & Fusion ............................................................................................... 39
Comparison 3:- Bandhan & Fusion .............................................................................................. 40
Comparison 4:- Equitas & Fusion................................................................................................. 40
Comparison 5:- Annapurna & Fusion........................................................................................... 41

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Executive Summary
Microfinance industry is growing over the past few years. With financial inclusion emerging as a
major policy objective of India, Microfinance Institutions have become the center stage as a
promising conduit for extending financial services to unbanked section of population.
Microfinance assets reached to Rs. 35000 crore as on March 2015 and the economic growth
expected to increase from 4.4% to 4.8% in 2015.
Fusion Microfinance Private Limited is a New Delhi based company established in 2010 by Mr.
Devesh Sachdev & Mr. Ashish Tiwari. It has its penetration in North central part of India through
107 branches. The project I work is entitled “Social Performance Management (SPM) & Corporate
Social Responsibility (CSR) in Microfinance Industry.”
The project is a descriptive research involve the past literature from old research paper, journals,
books, website, etc and has both quantitative and qualitative data.
The project also contain the comparison of the SPM works of other top five microfinance
companies (Ujjivan, Cashpor, Bandhan, Equitas, and Annapurna) of India, Financial literacy, CSR
activities done by the companies, Technical Assistance Assessment Report, Client Grievance
Redressed Report (Jan-Mar 2015), Social Performance Assessment Report and Action Plan,
Training cum workshop on Responsible finance and client Protection Report, The detail about
other Microfinance companies (Ujjivan, Cashpor, Bandhan, Equitas, and Annapurna) CSR
activities, financial literacy, The detail list of SPM activity done by the microfinance companies
(Ujjivan, Cashpor, Bandhan, Equitas, and Annapurna) and comparing the activities with Fusion
and giving suggestion to improve its SPM, Prepared list of women schemes passed by Government
of India which help Fusions Clients, Prepared presentation for CSR proposal to the corporate in
India.
The project indicates the performance of Fusion Microfinance in the SPM & CSR work which
helps the clients as well as the employees of the company. The SWOT analysis of the company is

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also done in order to analyze the report. I have also analyzed the financial report of the top
microfinance companies for the year 2014 & 2013 through financial ratio such as
 Return on Assets
 Return on Equity
 Current Ratio
 Debt to Equity Ratio
These ratio helps to know how these are different for Established Company and Start-up Company.

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Chapter – 1 Company Description

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Company Description
1.1 Overview of Microfinance Industry
Microfinance is a general term to describe the financial services provided to the low-income
individuals or to those who do not success to typical banking sector. Microfinance has the idea
that low- income individual are capable of lifting themselves out of poverty if given access to
financial services. Microfinance services are based on the premise that people who are living in
poverty needs diverse range of financial services to run their business, build assets, manage risks,
smooth consumption, etc. Microfinance helps low income group people to rely on the money
lenders, informal deposit collector, etc. who provide money at high interest and at high risk to
borrowers.
Microfinance supplies loan, savings and other basic financial services to the poor, as these services
are usually of small amounts. The term “Microfinance” helps to differentiate it from formal banks.
Microfinance gives small loans because person who doesn’t have a lot of money isn’t likely to
want or be able to take a large amount of money i.e., Rs. 50,000 loan or be able to open an account
of minimum balance of Rs.1000. Microfinance understands that the poor people have limited or
no collateral to offer as security, therefore most of the microfinance product and delivery systems
are structured around building repayment system through group co-guarantees, peer pressure, joint
liability or a similar mechanism.

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Figure 1:- Living Status in India
There are microfinance institute which lend to individual borrowers, but there are very few and
form a negligible proportion of the overall microfinance coverage in India. Most microfinance
loans are extended through Joint Liability Groups (JLGs) or Self Help Groups (SHGs).
In Joint Liability Groups (JLGs) members self- select themselves; groups are formed by any
external influence. If any one or more members in a group default in repayment of the loan, then
other group members agree to jointly bear the responsibility of repaying such amount on behalf of
the members who have/has defaulted, or ensures that the payment will be made by the defaulter,
using peer pressure. The institution provides loans to JLGs would ensure that there is joint liability
within the groups. The microfinance institute which provides JLGs in India is Fusion Microfinance
Private Limited.
In Self- Help Group (SHG) has a set of persons generally from a homogenous socio-economic
background who voluntarily form a group to save a regular sum of money in a common fund, and
use the pooled funds as well as external resources from banks and microfinance institutions to take
loans for mutually agreed purposes. The members use existing knowledge of one another for

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mutual credit assessment and employ peer pressure to ensure proper end use of credit and time
repayment.
Women have been known to handle money very responsibly. Further, In the Indian context,
women are home-makers or conduct businesses within or close to their homes than men. This
makes them more accessible for the regular collection meetings. Women are also more likely to
use the surplus income from their business activity for spending back into the business or for better
food, education expenses of children or home improvements – as opposed to wasteful or
consumptive expenditure.
The microfinance business model in India typically generate a Return of Equity of between 20%
& 30% which is driven by financing from commercial banks, strong operating efficiency and high
portfolio quality. Despite achieving these rapid growth with a CAGR of 86% in loan portfolio
outstanding and 96% in borrowers over the last ten years.
Microfinance Industry still faces a large unmet demand which means that it still has the great
potential for continued growth.
Figure 2: Microfinance penetration In India

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SWOT Analysis of Microfinance Industry
 Strength
• Helped in reducing the poverty.
• Huge networking available.
 Weakness
• Not properly regulated.
• High number of people access to informal source of finance.
• Concentrating on few people only and mainly in urban areas.
 Opportunity
• Huge demand and supply gap.
• Employment opportunity.
• Huge untapped market.
• Opportunity for Private Banks, NBFCs, Foreign Banks to enter this business.
 Threat
• High competition.
• Neophyte Industry.
• Over involvement of Government.

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1.2 Fusion Microfinance Private Limited
Fusion Microfinance as an organization was set-up by Mr. Devesh Sachdev, an XLRI Post
Graduate and Mr. Ashish Tewari, an Economics, Law and Management Graduate having
complimentary skill sets in Banking, Finance and supply chain. The company received NBFC –
MFI license in January 2014 and operates on the time-tested Grameen JLG model with 100%
women clients. Fusion is head quartered in New Delhi and operational in the less penetrated North
Central part of India (Madhya Pradesh, Uttarakhand, Uttar Pradesh, Haryana and Delhi) through
107 branches.
With a humble beginning in January 2010, Fusion as an organization has established itself as a
serious player in the North-Central part of India. Our strategy to be prudent in lending, good
governance, consistent growth, vision clarity (not claiming to be eradicating poverty but providing
access to finance), resilience of the team and support from stakeholders has helped the organization
not only to tide over but also grow in midst of the microfinance crisis in India.
Fusion primarily works in rural and semi-urban areas providing financially services to women
belonging to the economically and socially deprived section of the society. Over 85% of the active
loan clients belong to the marginalized communities such as ST/SC and OBC. Fusion has
expanded its branch network in 10 poorest districts in Madhya Pradesh and Uttar Pradesh under
Poorest State Inclusive Growth program of SIDBI.
Fusion is complying with all the RBI directives regarding the rate of Interest, Margin, No
Collateral, Qualifying Assets etc. It ensures that all compliance is being followed and transparent
to their stakeholders. The company has Fair Practice Code policy, ALM, Risk Management and

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Audit Committee for proper and transparent work and has appointed KPMG for Statutory Audit.
Fusion is the member of MFIN (SRO), two Credit Bureau i.e. High Mark and Equifax. It has
received 83% score in Code of Conduct Assessment (COCA) by M-CRIL.
Fusion conducts 100% Contact Point Verification (CPV) of its clients compared to other MFIs
who adopt a sample approach for CPV (approximately 25%). Its revenue has increased to Rs.
54.95 crore as on FY15 from Rs. 6.85 crore in FY12 at a CAGR of 100% .The Company has
decreased its operating cost from 18.0% in FY12 to 10.28% in FY 14 to 8.82% in FY15 due to
operational efficiencies introduced in credit, banking, collection and processes. Productivity of the
loan officer has consistently improved from Rs. 0.56 crore in FY12 to Rs. 0.78 crore in FY15 and
the PAR > 30 is 0.39% as on March 31, 2015.Fusion’s net worth is Rs. 49.94 Cr and gross loan
portfolio is Rs. 277.87 Cr as on March 31st
, 2015.
Awards and Recognition:
 The MFIN has ranked Fusion as the fastest growing NBFC-MFI in FY14. CRISIL has
included Fusion in the list of India’s 25 leading MFIs.
 Fusion has received ‘Best MFI of the year 2014 Award’ at ‘Microfinance India Awards
2014’ instituted by ACCESS.
 CARE rating agency has assigned a grading of MFI 2 and loan rating of BBB- on
framework of transparency, operational set up, scale of operations and sustainability.
Fusion’s pillars of strength are:
 Governance and Transparency: Fusion has ensured regulatory compliances and
governance commitment. It has a diversified and engaging ‘Board Members’ with an
enriching governance platform, ensuring multi-level checks coupled with various Board
committees to ensure adherence with institutionalized systems and processes. It has
enlisted KPMG, one of the top four global auditing firms, to audit our financial statements
since beginning. Responsible finance and client protection have strengthened Fusion as a
brand as it complies with all the RBI directives and industry guidelines. It shares the data
with MFIN, MIX and MF Transparency. It has earned seal of ‘Transparent Pricing’ from
MF Transparency and also received 83% score in ‘Code of Conduct Assessment’ from M-
CRIL.

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 Human Capital: Since, inception in 2010, It has touched the lives of more than 288,139
clients. The resilience and around 100 years of collective experience of the Team Fusion
earned throughout all these years have been put together to make it possible. It also helped
in transformation of our key employees into entrepreneurs by providing them an
opportunity to invest in the company through ‘Equity Participation’ plan which instilled a
sense of commitment and ownership towards the company.
 Business Model: Fusion is working on Grameen based JLG model. The JLG model works
effectively with the clients as it gives them financial push to improve their income
generating activities.
 Robust IT and MIS systems: Fusion has invested in robust IT and MIS systems,
facilitating a continuous monitoring of clients, disbursements, cash management, field
officers and operating expenses.

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Geographical presence of Fusion in India
Figure 3:- Branches in Uttar Pradesh

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Figure 4:- Branches in Madhya Pradesh

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Figure 5:- Branches in Haryana

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Figure 6:- Branches in Delhi

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Figure 7:- Branches in Uttarakhand

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New Branches to be open in Indian States:-
Figure 8:- New Branches in Haryana
Figure 9:- Number of new branches

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Figure 10:- New Branches in Uttar Pradesh
Figure 11:- New branches in Madhya Pradesh

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Figure 12:- New Branches in Bihar
1.3 Social Performance Management
Social performance management (SPM) is the effective process of managing an organization/
institution to achieve a social mission. It is a management that puts customers at the center of all
strategic and operational decisions. The social value of microfinance relates to the financial
services which improves the lives of poor and excludes clients and their families and widens the
range of opportunities for the community. SPM begins with a clear social strategy, which is then
carried out by the board, management, and employees.
Social performance is not just about measuring these objectives and outcomes but also about the
actions and corrective measures taken by a microfinance institution to generate those outcomes. It
does not focus only on the final impact. The aim is to determine whether the microfinance institute
gives the means to reach its social goals, by monitoring progress towards those goals and
understanding how to use the information it gathers to make improvements in its operations.
Over the last four years, Fusion has laid stress on growth and sustainability. Its estimated annual
growth rate in FY 2013-2014 was 143% in terms of outstanding portfolio and it has become
profitable for the first time since starting microfinance operations. With the achievement of

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sustainability, Fusion Board and management now want to ensure that this growth is also in line
with the mission of Fusion. As such, the MFI has recruited an SPM Manager and has initiated
action first to understand the current state of its SPM practices and subsequently to formalize its
approach on SPM.
1.4 Corporate Social Responsibility
The World Business Council for Sustainable Development (WBCSD) defines CSR as “the
continuing commitment of business to behave ethically and contribute to economic development
while improving the quality of life of their workforce and their families as well as of the local
community and society at a large.”
Dimension
The dimension of corporate behavior encompasses those activities of the corporate that ensure
responsible and just behavior towards society. There are four major dimensions of corporate
behavior:
 Setting boundaries of learning accountability and responsiveness.
 Building activities that form the basic learning.
 Creating measures that validate and make knowledge effective, and so form the basis for
decision making and action.
 Institutionalizing trust in ways that create a virtuous circle of practice and further
engagement with stakeholders.
Fusion did their CSR activity through Fusion Saksham Development Foundation in 2010. In the
past they were involve in various activity such as:
 Focused health camps in Anaemia.
 Street play/ nukkad natak to generate awareness on financial literacy among clients /
potential clients.
 HIV awareness campaign to generate awareness about the AIDS among the targeted
members.

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 Skill Development
After 2010 there was no activity in the Saksam Foundation. The organization wants to restart its
CSR Activity from this year through Fusion Saksham Foundation from this year.
1.5 Culture
1.5.1 Vision
• A self-sustainable financial institution which leverages the distribution network to channel
other products & services
1.5.2 Mission
• Aims to provide underprivileged and under-banked with economic opportunities to
transform the quality of their lives
Major Players of Microfinance Company in India
SL No. COMPANY NAME
1 Ujjivan Financial Services Private Limited
2 Cashpor Micro Credit
3 Equitas Microfinance Private Limited
4 Bandhan Finance Services Private Limited
5 Annapurna Microfinance Private Limited
6 Fusion Microfinance Private Limited

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Chapter – 2 Job Description

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Job Description
Designation: Financial operation trainee (SPM Intern)
Department: Social Performance Management
Reporting Manager: Miss Shalini Singh
Timing: 10:00 am to 6:30 p.m.
Location: Naraina Vihar, New Delhi
Key Responsibility:
 Analysing the Social performance Assessment Report of Fusion Microfinance and
comparing it with other top Microfinance companies of India.
 Analysing the Corporate Social Responsibility to top Microfinance Company
 Preparing various reports such as:-
(i) Technical Assistance Assessment Report
(ii) Client Grievance Redressal Report (Jan-Mar 2015)
(iii)Social Performance Assessment Report and Action Plan
(iv)Training cum workshop on Responsible finance and client Protection Report
(v) The detail about other Microfinance companies (Ujjivan, Cashpor, Bandhan, Equitas, and
Annapurna) CSR activities, financial literacy.
(vi)The detail list of SPM activity done by the microfinance companies (Ujjivan, Cashpor,
Bandhan, Equitas, and Annapurna) and comparing the activities with Fusion and giving
suggestion to improve its SPM.
(vii)Prepared list of women schemes passed by Government of India which help Fusions
Clients
(viii) Prepared presentation for CSR proposal to the corporate in India.
 Grievance handling of clients as well as employees.

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Chapter – 3 Literature Review

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Literature Review
I researched many books, blogs, internet, websites and articles about Social Performance
Management (SPM) and Corporate Social Responsibility (CSR) to know what has already been
done in this field. The few of the previous research are also done on SPM & CSR; some of them
are as follows:
 Ref.: Academic Report (July 2009) Maria Luque Calvo states that if CSR a Microfinance
activities are merged then it will be a win-win opportunity because if CSR budget is
directed towards microfinance activity which could effectively empower the lower
segment of society financially, thereby leveraging the creative and entrepreneurial capacity
of the poor.
 Ref: Report (May 2014) Universal Standards Implementation Guide (the Guide) states
SPM strengthen financial performance of the company. This helps in understanding the
needs of the clients and focus on delivery values which help to know what to offer which
facilitates growth in market shares- as clients often choose providers based on the
reputation, product suitability, and customer service. This increases the loyalty of both
customers and employees.
 Ref: Report by Barnett (2012) said “CSR encompasses the economic, legal, ethical, and
discretionary responsibility of the organization, business ethics usually focusing on the
moral judgments and behavior of the individual and group in an organization.
 Ref: Report by Wardle (2014) “All the institution can benefit by improving SPM practices,
but no two organizations will go about implementing it in the exact same way. Experiences
from wide range of practitioners, including providers and networks who are SPTF
members, demonstrate various entry points to change. Some use SPM to address a
particular organizational challenge, such as employee turnover, client dissatisfaction, or
failure to reach target clients.

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Chapter – 4 Research Methodology & Data Collection

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4.1 Research Methodology
Under this study I will be collecting the data provided by the organization itself and company’s
website. The Ratios are effective tools to evaluate the Receivables Management. Before we get
into the analysis, it is important that we get into the nuances of the important ratios that shall be
covered and diagnosed in the course of the paper. Hence in the present study ratios will be used
for the purpose of analysis.
Research Design Descriptive research
Data collection methods Secondary data collection
Data Source
Website of the various companies, Research paper, Annual
Report
Time Period of Research
Study
Two years (2013 & 2014)
Sampling method NON
Sample Companies
Minimum six are as follows:-
1. Ujjivan Financial Private Limited
2. Cashpor Micro Credit
3. Equitas Microfinance Private Limited
4. Bandhan Finance Services Private Limited
5. Annapurna Microfinance Private Limited
6. Fusion Microfinance Private Limited
Analytical tool
Ratio analysis
Important ratios used will be:-
1. Return on Assets

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2. Return on Equity
3. Current Ratio
4. Debt to Equity Ratio
4.2 Objectives
The objectives of the Project which the researcher has worked for the two months tenure are:
 To study the importance of grievances in SPM Department.
 To analyse the Social performance Assessment Report of Fusion Microfinance and
comparing it with other top Microfinance companies of India.
 To analysing the Corporate Social Responsibility by other Microfinance companies.
 To analyse the difference in start-up company and established company in microfinance
industry through financial ratios.
4.3 Data Collection
My project report is On the Job Training (OJT) in which I worked on the topic and collected
following data of Fusion from the company and website along with other microfinance company
of India and listed them below and for reference they are found in the appendixes.
 Technical Assistance Assessment Report
 Client Grievance Redressal Report (Jan-Mar 2015)
 Social Performance Assessment Report and Action Plan
 Training cum workshop on Responsible finance and client Protection Report
 The detail about other Microfinance companies (Ujjivan, Cashpor, Bandhan, Equitas, and
Annapurna) CSR activities, financial literacy.
 The detail list of SPM activity done by the microfinance companies (Ujjivan, Cashpor,
Bandhan, Equitas, and Annapurna) and comparing the activities with Fusion and giving
suggestion to improve its SPM.
 Prepared list of women schemes passed by Government of India which help Fusions
Clients.
 Prepared presentation for CSR proposal to the corporate in India.

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My main works were on Microsoft Word, Microsoft excels and Microsoft power point and there
is no questionnaire or use of other tools. I researched about various topics of CSR, in order to
restart the CSR work in Fusion through Fusion Saksam Foundation which would help mostly the
clients of Fusion.

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5.1 Analysis of Data
The Analysis took place afterwards which is a crucial step towards finding out the conclusion or
Objectives of the Project report. I took 5 companies which are related to Microfinance business
and all of these five companies are private companies. These companies are not listed on any of
the stock exchange. The Idea to choose these five companies is come from the fact that all of these
are providing somehow similar services to their clients as is provided by Fusion Microfinance
Private Limited. The companies which I choose are as follows:-
1. Ujjivan Financial Private Limited
2. Cashpor Micro Credit
3. Equitas Microfinance Private Limited
4. Annapurna Microfinance Private Limited
5. Fusion Microfinance Private Limited
5.1.1 TOOLS OF ANALYSIS
First I have analyzed the data through SWOT analysis because after working in Fusion I observed
that what its strength, weakness are and what are the major threats which Fusion is facing and will
face in future & the various opportunities which Fusion can grab and become the top Microfinance
companies in India.
The other tools which can be used to analyses the finding are the financial ratios of all the five
companies (Ujjivan Financial Private Limited, Cashpor Micro Credit, Equitas Microfinance
Private Limited, Annapurna Microfinance Private Limited & Fusion Microfinance Private
Limited) and proving the objectives which I have set for this project.
5.1.2 SWOT ANALYSIS
Below are the SWOT (Strengths, Weaknesses, Opportunities and Threats) of Fusion Microfinance
Private Limited.

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Strength
 Experienced senior management team :
The management team of Fusion has quite experience people and are from
diversified background.
 Great IT system :
All the work of Fusion is IT based, even at the branches of Fusion
implemented Shakti (developed by Qbrik Chennai), a core microfinance solution
with real time and web based on cloud computing.
 Clear defined HR policies and procedures
Fusion is using technology for administrative excellence like working towards
software for leave and payroll management. They are creating a focus on people as
the primary competitive advantage by creating a culture of training and learning.
 Clear visionary goals
The goals and vision of the company are well decided in advance and the whole
management is working towards it.
 Transparency at all levels
All the rules, policies and guidelines of RBI are well explained to the clients as well
as employees of Fusion.
 Plans for value added and livelihood support services
Fusion not only works for the providing services to the clients but also work for the
other skill development of them.
Weaknesses
 Limited resources
Fusion has scarcity of resources of both manpower and the materials as the turnover
is quite high.
 Micro managing
Fusion completed its five years but still working at micro level in India and is
expanding slowly.
 Start-up organization

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Fusion is a start-up company so its financial ratios are quite low as compared to
other microfinance companies.
 Holding on to the staff
Fusion is quite dependent on one another and if one leaves the work load on another
person increases.
 Refine the processes for growth
As the microfinance industry is growing day by day the growth rate of Fusion is
quite low.
Opportunities
 Huge potential for this market
The Microfinance Industry is growing day-to-day so Fusion should grab the growth
opportunity and work to become the top microfinance companies of India.
 Scope of introducing livelihood related services
Other than financial services to the clients Fusion can work upon providing other
services to its clients and also increase its clients circle.
 Financial crunch is helping organization to be cost effective
The various companies and organizations are helping start-ups with the financials
so Fusion should also understand this and work to convince various organizations
to provide funds to Fusion to expand itself and to improve the lacking areas.
 IT systems
Fusion has strong IT system but as the time is changing and the technology is
improving day-to-day, so Fusion should recognize this technology which will make
its working more efficient and keep on adapting to the change.
Threats
 Financial Crisis
Paying back of loans with interest is the major threats for Fusion from the clients.
 Increasing competition
The competition in this sector is also increasing and the number of players has
increased over the period of time.
 Disorganized banking infrastructure

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The microfinance industry is still disorganized and RBI has leaded only few
guidelines which are not followed properly. So RBI should become more strict and
make this industry more organized.
 Political instability
Fusion has instable management system so it should work and stabilize the system
so the turnover should also decrease.
5.1.3 Fusion Grievance report for the quarter (Jan-April) 2015:-
In the last quarter, from January to March 2015 we have received 93 calls in total regarding client
grievances. The calls were received from different branches and the natures of grievances were
also varied. The nature and number of grievances are mentioned in the table below:
Nature of Grievances No. of Grievances
Complaint 13
Enquiry 70
Information 10
Total 93

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Graph 1:- The Bar chart view of the grievances (Jan-April)
This analysis of client’s grievances tells us how Fusion is handling its client’s grievances and what
are what types of calls they get. Like in the above chart there are 93 total calls which fusion receive
in an quarter in which 13 are complaints about the employees, 70 are the enquiries about Fusion’s
services and the various meetings to be held and 10 information seeking new clients.
5.1.4 Financial Ratios
Return on Assets Ratio: ROA gives an idea that how the companies are using its assets to
generate earnings. ROA is also referred as return on investment.
Net Profit / Total Assets *100
Return on Equity Ratio: ROE helps in measuring the company’s profitability by revealing how
much profit a company is generating money from shareholders fund.
Net Profit / Shareholder’s Equity *100
Current Ratio: Current Ratio is the ratio to measure whether the firm has enough resources to
pay its debt over the next year.
13
70
10
93
0
20
40
60
80
100
Complaint Enquiry Information Total
No. of…

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Current Assets / Current Liability *100
Debt to Equity Ratio: D/E is the ratio that gives a relative proportion of the shareholders equity
and debt used to finance the assets of the company. It is also known as risk, leverage.
Total Liability / Shareholder’s Equity *100
ANALYSIS
2013
YEAR UJJIVAN EQUITAS ANNAPURNA CASHPOR FUSION
ROA 4.91 2.57 2.74 3.29 0.40
ROE 86.22 13.84 13.80 255.40 2.58
CURRENT
RATIO
175.96 205.83 118.20 166.63 206.46
DEBT TO
EQUITY
RATIO
119.69 250.01 130.95 543.07 124.17

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Graph 2:- indicates that the ROA, ROE, Current Ratio and Debt-to- Equity Ratio of 2013 of
the companies (Ujjivan, Equitas, Annapurna, Cashpor & Fusion)
2014
YEAR UJJIVAN EQUITAS ANNAPURNA CASHPOR FUSION
ROA 1.51 4.34 2.59 3.04 2.70
ROE 41.9 28.45 22.5 34.10 28.11
CURRENT
RATIO
159.4 140.71 129.7 162.8 129.4
DEBT TO
EQUITY
RATIO
152.32 166.39 170.77 474.25 144.57
0
100
200
300
400
500
600
UJJIVAN
EQUITAS
ANNAPURNA
CASHPOR
FUSION
2013
Return on Assets
(ROA)
Return on Equity
(ROE)
Current Ratio
Debt-to-Equity
Ratio

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Graph 3:- indicates that the ROA, ROE, Current Ratio and Debt-to- Equity Ratio of 2014 of
the companies (Ujjivan, Equitas, Annapurna, Cashpor & Fusion)
This graph shows how Fusion being a start-up company has less financial ratios as compared to
other companies as there were established before and they have stable income, assets & equity.
Comparing the 2013 & 2014 graph we can see that Fusion is growing in the same pace in which
all the well established companies are growing and if Fusion grab all the opportunities and the
turnover of the employees and overcome other threats then it will also become one of the top most
microfinance company of India.
0
50
100
150
200
250
300
350
400
450
500
UJJIVAN
EQUITAS
ANNAPURNA
CASHPOR
FUSION
2014
Return on Assets
(ROA)
Retrun on Equity
(ROE)
Current Ratio
Debt-to-Equity
Ratio

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5.1.5 Comparison of SPM work of different Microfinance companies
Ujjivan Fusion
Client remain idle for
a specific period
Client donot remain idle
Loan product design
to meet client
requirement
Product are design as per
the company requirement
Transparency
Communicating
product pricing
information to client
during projection
meeting, compulsory
group training and
group recognition
tests.
Fusion provide training to
the clients and also term and
conditions are explained
Introdction of
Customer Connect
Program
Centre Meeting
checklist are
checked for verbal
complaints
There is no Centre meeting
checklist
If a complaint is not
solved within 1
month then can be
appealed to officer-
in-charge of the
Regional Officer of
DNBS of RBI
Bangalore.
There is no such provision
for Reasonal RBI officer.
We try to solve the
complaint within TAT i.e.,
15 days
Avoidance of Over-
indebtedness
1 CPP
2 Grievances
Comparison 1 :- Ujjivan & Fusion

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Cashpor Fusion
Communicate term and
condition for product and
servies to the client in the
official manner
Communicate term and
condition for product and
servies to the client in the
vernacular lanaguge
Communicate in writing about
charges levied for all finacial
services rendered.
Communicate in writing about
charges levied for all finacial
services rendered.
Avoiding Over-
indebtedness
Proper due diligence as per
their Internal Credit Policy
Proper due diligence as per
their Internal Credit Policy
Donot breach the total debt
limit for any client
Donot breach the total debt
limit for any client
Establish dedicated feedback
and grevance redressal
mechanism
Establish dedicated feedback
and grevance redressal
mechanism
Inform Client about the client
greviance mechanisms
Inform Client about the client
greviance mechanisms
One grievance redressal
office should be presentto
address complients
One grievance redressal office
should be presentto address
complients
Appropriate mechanism for
ensuring compliance of Code
of Conduct
Appropriate mechanism for
ensuring compliance of Code
of Conduct
TRANSPARENCY
CPP1
Greviances2
Comparison 2:- Cashpor & Fusion

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Bandhan Fusion
There is a helpline
number to resigster the
complaints
There is a helpline number
to resigster the complaints
The number is printed on
the passbook of the
clients
The number is printed on
the passbook of the
clients
There are complaints
box in every branch
office
No complaint box in any
branch office
Any complaints can be
directly sent via email
No email can be sent for
any complaints
Grievances1
Comparison 3:- Bandhan & Fusion
Equitas Fusion
Approch BM with the
complaint
Call toll free number if
the complaint is not
solved
Call toll free number
If the complaint is not
resolved write a letter to
the head office
There is no provision for
writing the letter for
complaints
After 14 days the
complaint is yet not
resolved then the letter
is send to the MD of the
company
1 Grievance Redressal Machanism
Comparison 4:- Equitas & Fusion

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Annapurna Fusion
Repayment capacity of client
is taken into consideration.
Repayment capacity of
client is taken into
consideration.
Reasonable steps to ensure
credit extention to the clients
No credit extension for
clients
Transparently discloser of all
the terms and conditions
Transparently discloser
of all the terms and
conditions
Debt collection wont be
abusive and coercive
Debt collection wont be
abusive and coercive
and time period is also
set
High ethical standard when
interation with client
High ethical standard
when interation with
client
PPI is used as a social tool in
Annapurna
PPI is used as a social
tool in Annapurna
Activities for Social
and Inclusive
Development
Promoting gender equality
and empowering women
Empower women
Training & Capacity Building
for clients as well as
employees
Training & Capacity
Building for clients as
well as employees
Product for Persons with
disability (PwD):
Only product for women
Education loan no education loan
Micro-Enterprise
Development loan
no enterprise
development loan
Insurance Services Insurance Services
1 CPP
2 SPM
Comparison 5:- Annapurna & Fusion

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5.1.6 Comparison of CSR Activity of different Microfinance companies
Ujjivan Cashpor Equitas Annapurna
1
Minor
constructions and
renovations such as
bus stands (waiting
sheds), public
parks, schools and
anganwadis, public
toilets, water
connections and
public taps, public
library,
Construction of
foot over bridges,
reconstruction /
renovation of
existing damaged
infrastructure etc.
Child illness,
Women's health,
Family
planning,
diarrhea
At Equitas Gyan Kendra,
members are provided
vocational training to help
augment their income levels.
Equitas Trainers will train
clients in various skills like
making candle, agarbathi,
phenyl, detergent, tailoring,
Embroidery, masala powder,
pickle, jam making etc in Cities
and Towns and Agri based
activities like bee keeping,
Mushrooms, rabbit-rearing,
basket making , fibre extraction
in Semi urban and rural areas.
In a short span Equitas has
imparted training to 368221
members. As a next step,
Equitas is exploring the
potential for providing market
linkages to such training
programs. A pilot on market
linkage for clients is currently
on in manufacturing raw
agarbathis with ITC and for
papads with Lijjad papads
Promotion of education,
awareness campaigns,
child welfare &
rehabilitation of
differently-abled,
gender equality,
empowering women
and employment
enhancing 1vocational
skills, · Community
development, health
care, sanitation,
reducing child morality
and improving maternal
health, combating
human
immunodeficiency
virus, acquired immune
deficiency syndrome,
malaria and other
diseases; and
eradicating extreme
hunger and poverty.

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2
Rain water
harvesting,
recharge-pit for
bore wells, solar
lamps at public
places (e.g. Govt
hospitals), water
check dams and
form ponds etc
1. All of the 25
female staff
members had
provided
training to their
co-workers and
they in turn have
created
awareness
among clients
on Child Health.
All of these
trained staff
members are
also trained on
Diarrhea, the
next module,
and they have
already started
creating
awareness
among their
clients. As the
center has
rotated so they
have started
facilitating at
their new
centers.
Equitas conducts eye, dental,
genes, veterinary(for cattle’s of
members) and General health
camps by partnering with
medical service providers such
as Shankar Nethralaya, Aravind
Eye Hospitals, Vasan Eye Care,
Agarwal Eye Care, Rajan Eye
care, Uma Eye Care, Deepam
Group of Hospitals, Chettinad,
Ekam Trust for Pediatric care &
Voluntary Health Services
(VHS), Hindu mission, etc.
Apart from screening for
general ailments, eye-check-ups
and cancer screening, the
patients are offered discounts
by these hospitals for Inpatient
treatment thus help them save
on the expenditure, this apart
awareness and health education
is also imparted to help
improve health general hygiene
& living conditions.
This would include
partnerships with
organizations working
in the field of primary
and secondary
education, formal and
non-formal, literacy
programmes,
scholarships etc. The
main focus of
supporting these
programmes is to
ensure basic literacy,
offer vocational
training, and manage
teaching societies and
study centers.

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3
a) Safe drinking
water facility at
public places (bus
stand, schools,
hospitals etc), b)
safety for public
(fencing electric
transforms, road
signals), c) Public
health and hygiene
(supporting PHCs
& maternity homes,
cleaning public
places, clearing
garbage dumps,
providing dust bins,
improving
drainage, area
spraying for
Malaria,
Chikengunya,
Dengue, public
awareness
programs etc.)
2. In Chandauli
District all of
the staff
members have
completed their
facilitation of
Child health
manual. Some
of staff members
have already
been transfer
from Chandauli
to Varanasi so
they will
facilitate child
Health module
at Varanasi
District. Left of
center Managers
of Chandauli
district are not
facilitating the
Health
education
program.
Healthcare is a source of
significant financial stress for
Equitas members. A particular
problem afflicting members is
the lack of access to quality
healthcare; especially for
critical illnesses. Equitas has
installed an inbound call center
to serve as a helpline for
members to obtain information
on treatment of serious illnesses
by quality health-care providers
at a subsidized cost. Equitas has
established partnership with
healthcare service providers;
who will provide their services
either free of cost or at reduced
prices for Equitas members.
This facility is being piloted at
Chennai and has helped
patients obtain prompt access to
healthcare at the right hospital;
and at a reduced cost. The
initial success of this initiative
is set to be bolstered by a larger
network of hospitals that will
be empaneled in the next few
months; and the expansion of
this service to areas other than
Chennai as well.
This would cover the
areas of women
empowerment,
rehabilitation of
destitute women and
children, improving
slum habitat, the
provision of necessary
amenities for
economically
disadvantaged persons,
causes of the elderly.
4
Providing facilities
in schools &
Anganwadis,
Initiatives for Girl
child education,
merit scholarships
for technical
education.
3. All female
center Manager
have been
trained on
Women’s
Health and
completed the
facilitation of
Health
Education at
their centers.
Now we have
start the process
to merge the
health education
program with
healing fields
program.
In another proactive step,
Equitas facilitates conduct of
job fairs for members’
unemployed children with the
help of recruiters and
employers to enable
employment opportunities and
help them with job placements
according to their profiles in
companies like Nokia, Tech
companies, and retail outlets
like Textile showrooms, KFC,
Malls, and Hospitals etc. Till
date we were able to find
gainful employment to over
33309 wards of our member
base
This would cover
partnerships with
organizations that work
in the areas of
rehabilitation of street
children, orphans and
destitute children trying
to integrate them into
mainstream society.

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5
Relief programs
and facilities to
orphanages, old age
homes, mentally &
physically
challenged
personals etc.
As per the plan
to train 80 – 100
clients during 1
year starting
from
September, 2010
in 2 batches, it is
expected to be
completed by
the end of
March, 2011.
The first batches
of 41 clients
have completed
their 1 year
training &
internship on
following topic
and received the
certificate for
training.
Equitas Launched the Health
Helpline Service to its
Customers exclusively. During
Dec.09. This will go a long way
to provide a cost effective,
timely & good treatment for its
customers. Another “Equitas
Initiative” to ensure Good
Health to all its Customers
This would include
partnerships with
organizations working
towards rehabilitation
of physically and
mentally challenged
children/adults. Besides
organizations that work
towards providing
vocational training and
guidance to challenged
individuals with an
effort to make them
economically
independent and
contributing members
of society

(46)
Chapter – 6 Conclusion, Recommendation & Limitations

(47)
6.1 Conclusion
From the overall study of the project, it was concluded that the company Social Performance
Management (SPM) has done maximum of their work in certification, grievance redressed, and
press release. Report for all the investors and re certification of certain certificates which has
expired. The recent task which Fusion is thinking to restart is the Corporate Social Responsibility
(CSR) which is the good move for their client as well as for the community. After comparing the
work of Fusion with other micro financial institution, it’s clear that Fusion can also come in top 5
companies as the work done by others are similar to what fusion is doing. There are few points
which Fusion has to consider after which Fusion will be at same phase as other institutions.
 SPM is necessary for the Microfinance companies because it gives good exposure to the
employees as well as the clients about the client protection principle, industry’s code of
conduct.
 To restart its CSR Activity, Fusion has to collaborate with other corporate for the fund as
well as it will help its client to get wide exposure.
6.2 Recommendations
These are the following data recommendation I would suggest to Fusion Microfinance Private
Limited:-
 The number of employees should be increased in the SPM Department as only one person
has been working from the time.
 The concept of SPM department in a Microfinance company should be clearly told to the
lower level i.e., at the branch level to the AM, DM & RO as maximum of the grievances
are about the policies of the microfinance company.
 Installation of complaint box in all the 91 branches of Fusion for widen the reaches of the
clients to the management.

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 RBI guidelines to be written in Hindi on the passbook so that the clients understand them
& read when they require.
 The company should work on the employee turnover at every level of the organization as
the turnover is increasing day by day.
 A separate person should be appointed to deal with the grievance call so that its handled
smoothly, recorded properly, complaints are solved quickly and one person should be
answerable for it.
 Company should jointly work upon the restarting of the CSR Activity so that it can start
soon.
6.3 LIMITATIONS
There are various limitations to this project. Some are mentioned below:-
 The Scope of the project is limited because I have analysed the company’s specific data
and not the Industry specific data. So the conclusion will only give us the trend and the
Impact on Fusion Microfinance specifically through the various reports and data.
 The project’s collection of financial data is also limited to the data provided by the
website and the annual report of the company found on the website of the companies.

(viii)
Client Grievance Redressed Report (Jan-Mar 2015)
Fusion has a toll- free number where clients can enquire, ask for information, or file their
complaints. We have made our clients express their grievances if they are dissatisfied by our
services, products, staff’s behavior, etc. Due to the grievance redressed system there is trust
between Fusion and its clients and they feel free to contact us for complaints, general information
or for any kind of enquiry.
In the last quarter, from January to March 2015 we have received 93 calls in total regarding client
grievances. The calls were received from different branches and the natures of grievances were
also varied. The nature and number of grievances are mentioned in the table below:
Nature of Grievances No. of Grievances
Complaint 13
Enquiry 70
Information 10
Total 93
The Bar Chart view of the grievances:-
13
70
10
93
0
10
20
30
40
50
60
70
80
90
100
Complaint Enquiry Information Total
No. of Grievances

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A few enquires of the clients were:
 Client enquired about 2nd
cycle loan process.
 Client queried about the loan repayment meeting.
 Client enquired about the spouse insurance amount.
A few information obtained by clients were:
 Client informed about his wife death and also asked for further details.
 Information about 30 new members from Rasulpur are ready to form a group.
 Client Ravikant Informed about Meenu’s husband death.
We have received 13 complaints during the period January to March 2015. Detail of all the
complaints with action taken is mentioned below:
Date of
Reporting
Complaints Action Taken
6 Jan 2015 Deepak brother of Angoori Devi
called to complain that Manish
Patel had a word with Angoori and
asked her to visit and meet her in
person then after the loan would
be processed. Angoori Devi had a
fight with her husband and she had
consumed poison and is admitted
in the hospital. Client's family
members intimated that they were
more likely to take police action, if
a proper action is not taken by the
organization.
Informed to the AM/DM via mail as
call was not getting picked.

(x)
4 Jan 2015 Kusum (client) complained about
Sachin (RO) that he wasn’t taking
the documents for processing the
loan.
Sachin (RO) didn’t accept the loan
document because there was shortage
of client’s attendance.
11 Feb 2015 Phulmati (client) complained that
Rajkamal (RO) didn’t come to
collect repayment amount for 2
months.
Anoop (AM) was informed about the
collection of repayment amount as
Rajkamal (RO) has been absconded
from the branch.
11 Feb. 2015 The Client complained that Sachin
Lamba (RO) is not coming on time
to collect the repayment amount.
Sachin Lamba (RO) was instructed to
be on time for the repayment meeting.
11 Feb. 2015 Pawan (Third Party) complained
on behalf of Guddi (Client) that
Kulwant (RO) takes commission
from the clients.
Kumar Gaurav Singh is verifying about
the same and soon the status will be
reported.
13 Feb. 2015 The client complained that he
hasn’t received the loan amount
which was sanctioned in
December.
The detail explanation about the delay
was given to the client.
24Feb 2015 The client enquired why BM
denied forming the center.
Center should not contained 100%
Community of Muhammadan as per
company law
26 Feb 2015 The client complained that Ravi
(RO) has instructed the clients to
visit the branch office for the
repayment of loan.
A conference call was made between
the client and the RO (Ravi) and the
reason for the same was explained to
the client.

(xi)
13 Mar 2015 The client complained that
MithIlesh (BM) doesn’t talk to the
lady clients properly and uses
abusive languages and Sukhvinder
(RO) demands commission.
MithIlesh (BM) was warned for his
behavior.
19 Mar 2015 The client complained the
Mithilesh Chandra (BM) and
Sukhvinder Singh (RO) denied the
loan for the 2nd
cycle and are
asking for personal favor.
Mithilesh Chandra (BM) deliberately
rejected the 2nd
cycle loan because of
client’s behavior during 1st
cycle loan.
19 Mar 2015 The client complained that the
Centre Leader (Babita) is forming
a new group and taking money
from new clients.
The problem was informed to the
prospective BM and was instructed to
visit the area and form groups as per the
process.
19 Mar 2015 Shweta has complained that
Babita (third person) is taking
money to form a new centre.
The problem was informed to the
prospective BM and was instructed to
visit the area and form groups as per the
process.
26 Mar 2015 The client complained that he was
not given reason for his ejection
from the group.
RO denied the loan because of client’s
attendance.

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Balance Sheet of Different Microfinance Companies
Particulars
Equity & Liability
Shareholder's Fund
Share Capital 655,813,630 655,813,630
Revenue & Surplus 2,557,555,695 3,213,369,325 3,069,458,262 3,725,271,892
Non Current Liability
Long term borrowings 3,834,757,100 5,651,471,277
Long term provisions 11,607,790 3,846,364,890 22,963,636 5,674,434,913
Current Liability
Short term borrowings 40,017,277 19,274,168
Trade payables 47,985,072 50,585,501
Other Current Liabilities 6,310,281,656 11,083,272,760
Short term Provisions 144,398,824 6,542,682,829 234,176,292 11,387,308,721
Total 13,602,417,044 20,787,015,526
Assets
Non Current Assets
Fixed Assets
Tangible Assets 82,787,085 98,082,075
Intangible Assets 28,592,170 111,379,255 29,169,333 127,251,408
Non current Investments 1,000,000 1,010,000
Deffered Tax Assets 40,189,798 68,320,423
Long term loan and advances 33,225,238 51,130,686
Other Non current Assets 1,903,997,415 1,978,412,451 2,383,005,332 2,503,466,441
Current Asstes
Receivables under financial activity 9,473,954,775 13,876,137,361
Cash & Bank Balance 1,786,224,211 3,944,544,641
Short term loan & advances 61,786,206 106,217,035
Other current assets 190,660,146 11,512,625,338 229,398,637 18,156,297,674
Total 13,602,417,044 20,787,015,523
As at March 2013 As at March 2014
Amount in Rupees
UJJIVAN
Balance Sheet
EQUITAS
Balance Sheet as on…

(xiii)
Amount in Rupees
Particulars As at March 2013 As at March 2014
Shareholder's Fund
Share Capital 1,987,500,000 1,987,500,000
Revenue & Surplus 1,126,961,616 3,114,461,616 561,478,520 2,548,978,520
Non-Current Liability
Other long term liability 55,791,792 44,449,683
Long term provisions 67,981,601 5,182,256,216 57,027,291 6,372,891,700
Current Liability
Current maturity of long term
borrowings
7,778,333,747 4,212,159,574
Trade payables 93,413,078 64,251,118
Other Current Liabilities 837,062,676 662,973,761
Total 17,546,432,989 14,108,439,324
Assets
Non-Current Assets
Fixed Assets
Tangible Assets 23,697,868 25,735,223
Intangible Assets 2,135,624 25,833,492 6,174,387 31,909,610
Non-current Investments 2,000,000 36,012,093
Deferred Tax Assets 102,040,604 76,194,928
Loan term receivables under
financing activity
3,738,491,961 2,638,698,579
Other Non-current Assets 534,169,998 4,530,586,047 454,482,490 3,432,921,399
Current Assets
current Investment 34,012,093 39,473,348
Short term receivables under
financial activity
8,118,162,120 6,004,571,508
Total 17,546,432,989 14,108,439,324
ANNAPURNA

(xiv)
Amount in Rupees
Share Capital 186,447,640 129,373,460
Revenue & Surplus 159,947,619 346,395,259 52,978,341 182,351,801
Long term borrowings 591,572,463 238,803,283
Other Current Liabilities
Long term provisions 591,572,463 238,803,283
Current Liability
Short term borrowings
Trade payables
Other Current Liabilities 1,243,417,940 545,978,052
Short term Provisions 4,399,604 1,247,817,544 4,504,956 550,483,008
Total 2,185,785,266 971,638,092
Assets
Non-Current Assets
Fixed Assets 8,598,632 2,124,943.00
Tangible Assets
Intangible Assets 8,598,632 2,124,943.00
Non-current Investments 314,283,228 201,488,647
Other Non-current Assets 557,585,029 318,797,768
Current Assets
Receivables under financial activity
Cash & Bank Balance 830,389,434 203,125,935
Other current assets 53,029,483 1,619,601,605 18,812,258 650,715,381
Total 2,185,785,266 971,638,092
Cashpor
Amount in Rupees

(xv)
Shareholder's Fund
Share Capital 53,900,000 53,900,000
Revenue & Surplus 498,196,914 552,096,914 318,484,739 372,384,739
Long term provisions 4,385,480 2,618,354,249 2,022,341,615
Current Liability
Trade payables 3,267,145
Other Current Liabilities 3,163,514,320 2,277,764,630
Total 6,874,540,429 4,905,162,924
Assets
Non-Current Assets
Fixed Assets
Tangible Assets 9,103,096 4,810,599
Intangible Assets 1,019,766 1,194,492
Loan Portfolio 497,034,212 411,700,362
Non-current Investments
Deferred Tax Assets
Long term loan and advances 872,025 910,946
Other Non-current Assets 333,235,387 841,264,486 303,277,249 721,893,648
Current Assets
Trade Receivables 15,237,829 5,141,928
Loan Portfolio 4,050,470,655 2,879,372,913
Total 6,874,540,429 4,905,162,924
Fusion
Amount in Rupees

(xvi)
Share Capital 107,029,900 107,029,900
Revenue & Surplus 133,959,679 240,989,579 103,873,345 210,903,245
Long term borrowings 334,105,157 258,540,309
Long term provisions 5,027,884 2,359,286
Other long term liabilities 9,273,064 348,406,105 980,004 261,879,599
Current Liability
Short term borrowings
Trade payables
Other Current Liabilities 850,519,543 326,487,573
Short term Provisions 8,359,508 858,879,051 4,592,243 331,079,816
Total 1,448,274,735 803,862,660
Assets
Non-Current Assets
Fixed Assets
Tangible Assets 12,271,020 2,502,872
Intangible Assets 671,077 529,205
Loan portfolio 248,720,909 71,961,295
Other Non-current Assets 69,031,233 336,807,468 41,365,842 120,308,831
Current Assets
Current investments 22,928,776 207,908,449
Cash & Bank Balance 253,360,857 88,417,151
Loan portfolio 778,842,073 342,392,856
Other current assets 45,187,395 1,111,467,266 39,001,809 683,553,829
Total 1,448,274,734 803,862,660
Bibliography
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(xvii)
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(xviii)
 http://fusionmicrofinance.com/
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 http://www.sidbi.com/
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Review-2012-MFIs-in-a-Regulated-Environment.pdf

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