Top India Microfinance Institution Fy 2013 14

Top India
Microfinance
Institutions:
FY 2013-14
Top India
Microfinance
Institutions:
FY 2013-14
Authored by MIX :
Blaine Stephens Renso Martinez
Chief Operation Officer Operations Manager
Sachin Hirani Mohita Khamar
Regional Manager, Asia Market Intelligence Lead
Shikha Agarwal Rekha Dokka
Analyst, India Cordinator
Supported by SIDBI – SFMC Vertical:

Prakash Kumar Neeraj Srivastava
General Manager Asst. General Manager
Rachana Gupta
Manager
Designed by:
M V Rajeevan
Graphic Designer
Disclaimer: This publication is available for use in research and analysis. Data and content may only be used for non-commercial purposes. If the material is published or distributed, it should be
attributed to MIX with the appropriate citation.
MIX has taken due care and caution in preparing this report, it has obtained the information from the institutions. Thus MIX relies on the information submitted and does not guarantee the accu-
racy, adequacy or completeness of any information and is not responsible for any errors in transmission.
This document has been prepared under ‘Scaling Up Sustainable and Responsible Microfinance project’ funded by World Bank and implemented by SIDBI. However, the contents do not necessarily
reflect views of World Bank/ SIDBI.
MIX promotes responsible financial services for underserved communities through data analytics and market insight. We do this through two decision
support platforms, MIX Market and FINclusion Lab. As basic infrastructure for responsible and inclusive markets, these platforms provide a necessary
ecosystem to enable and inspire coordinated investment, effective policy, and positive social outcomes for the financially underserved.
Small Industries Development Bank of India (SIDBI), set up on April 2, 1990 under an Act of Indian Parliament, is the Principal Financial Institution for
the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and for Co-ordination of the functions of the
institutions engaged in similar activities.
Contents
Outline 5
Foreword 6
Ranking Methodology 8
MFI Ranking 13
Top 20 MFIs - NBFI 16
Top 20 MFIs - NGO 17
Top 20 MFIs Profile 18
Glossary 39
4
Outline
The Small Industries Development Bank (SIDBI) and the Microfinance Information Exchange, Inc. (MIX) are pleased to present
the annual ranking of the leading microfinance institutions (MFIs) in India for fiscal year 2013 - 14.
MIX in the past has an experience in crafting and presentingthe Global composite ranking for the industry, this report has been
customised to incorporate Indian microfinance sector scenario to drive detailed results. MIX would like to thank The Small
Industries Development Bank (SIDBI) for supporting India Microfinance Platform (www.indianmicrofinanceplatform.in) and
collaborating with MIX to present this report for the Indian microfinance industry.
85 MFIs have been ranked based on the operational and financial information submitted at the end of financial year 2013 -14. The
performance informationis compiled and analyzed by specialists in the field which brings an overview of the leading players
in the microfinance institutions sector.
A special thanks to all the institutions in the sector that have provided the comprehensive data in a timely manner. MIX would
not have been able to provide access to this data and create the analytical report, without the strong support and dedication
from all the institutions that helped in building transparency in the industry.
This report is prepared by Mohita Khamar, Market Intelligence Lead and Sachin Hirani, Regional Manager for Asia region
under the guidance and teamwork of Blaine Stephens, Chief Operating Officer and Renso Martinez, MIX Operational Manager.
Both, the content and the opinions stated here are those of the MIX and do not necessarily stand for the official view of any of its
members. We welcome our feedback, feel free to email us at india@themix.org.
5
Foreword -
On behalf of Small Industries Development Bank of India (SIDBI), I am pleased to present the
India Ranking Report (IRR) as part of the ongoing India Micro Finance Platform (IMFP)initiative
of the Bank in collaboration with the World Bank and the MIX. IMFP has been designed to
SIDBI promote greater transparency in the micro finance sector as part of overarching architecture
of furtherance of the Responsible Lending practices in the micro finance space in India.
It is well known, SIDBI has, over the years, been playing the key market maker role in the
Micro Finance Institutions (MFI) space. It has undertaken various initiatives, such as Capacity
Assessment Rating - a holistic assessment of MFIs, Code of Conduct Assessment (COCA),
creating awareness about responsible financing, developing & disseminating best practices,
assisting MFIs in implementing best practices, etc., towards promoting responsible financing
in the micro finance sector. IMFP is another such enabling initiative by SIDBI for the orderly and regulated growth of the sector.
IMFP aims to promote greater transparency and responsible micro finance through the development of a common information
platform and move the sector towards better governance through formalized monitoring of the microfinance code of conduct
by independent organizations. India’s Top MFI Ranking Report FY 2013-14 is one of the sub-components of the overall IMFP
framework.
The India’s Top MFI Ranking Report FY 2013-14, in a nutshell, is a composite ranking of the MFIs’ performance. Based on a number
of critical performance criteria selected for this purpose, this ranking seeks to present the leading, most well-rounded, high-
performing micro-finance institutions. The report rewards the MFIs that are sustainable and not merely profitable, keeping the
overall goal of delivery efficiency in place.
I take this opportunity to compliment the MIX team for their dedicated efforts in developing and executing the IMFP intervention
successfully, including the analytical. I would also like to thank the MFIs for sharing the information timely with the MIX and
making IMFP a reality without which this would not have been achieved.
World Bank has been a long standing partner of SIDBI and supporting the various responsible lending initiatives undertaken by
SIDBI for the progress of the sector and this initiative has been supported under the World Bank assisted ‘Scaling up Sustainable
and Responsible Microfinance Project’. I am sure World Bank would partner more such initiatives in the interest of the progress
of the sector.
I sincerely hope that this effort adds greater value to all the stakeholders in the micro finance sector, which has been successfully
playing its role in progressively achieving women empowerment and financial inclusion across India.
S Ramakrishnan
Chief General Manager
SIDBI, Head Office
vi
6
All businesses outline a set of key performance indicators (KPIs) that they monitor in order to
interpret performance in various aspects of their business, from growth and profitability, to risk Foreword -
and efficiency of delivering services. Indian MFIs participating in the India Microfinance Platform
(IMFP) may view their data in MIX Market and use tools, such as the All India Benchmark Tables,
to compare their own KPIs against sector performance. KPI analysis, however, can offer a limited
MIX
view onto MFI performance, shedding light on just one aspect in a complex matrix of factors that
make up the overall business of financial services provision.
Created a decade ago, the MIX top 100 composite ranking seeks to offer MFIs a richer tool for
interpreting their overall performance in light of a few simple goals: expanding access to services
(outreach), improving cost of delivery of services (efficiency) and doing so in a manner that others
can learn from (transparency). A set of quantitative metrics is used to calculate each goal, based on the principle that each
metric should be easy to calculate, easy to understand and easy to repeat by anyone reviewing the ranking.
In partnership with SIDBI under the India Microfinance Platform, MIX has launched the first Top India Microfinance Institution:
FY 2013-2014. As any index that combines many factors into a single score, the ranking is a blunt assessment instrument that
allows quick evaluation and comparison of factors contributing to the ranking’s goals. It offers a retrospective view on the
factors that helped MFIs achieve these key goals, and a comparison of how an MFI’s achievements in these areas stacked up
against its peer’s results. Such historical analysis cannot claim to offer insights into future leadership potential, but it does
highlight the base on which the coming year’s sector is built. The tool continues to evolve and as new information, such as
Microfinance Geographical Index, provide greater insight into the factors contributing to MFI performance, the methodology
integrate this information to improve the overall ranking usefulness.
MIX would like to thank SIDBI for its support and all participating MFIs for their continued collaboration in providing timely,
comprehensive data on which this composite ranking is built. The resulting information and analysis will help guide Indian
MFIs and lenders in strengthening responsible finance in the sector.
Blaine Stephens
Chief Operating Officer
MIX
7
Ranking Background
The composite ranking was developed and introduced by MIX in 2006. It is quantitative (all the indicators
Methodology are quantifiable, none qualitative), simple (easily reproduced) and results-oriented (the values must work as
incentives to reach microfinance goals). In consultation with industry analysts and market players, MIX updated
this methodology for the Indian market in FY 2013-14 to reflect important changes in the sector, including efforts
made by institutions that reflect growth strategies adopted to increase the chances of reaching clients that are not
being served by other MFIs. The report rewards the MFIs that are sustainable and not profitable keeping the goal of
efficiency in place.
Methodology
Outreach
Efficiency
Transparancy
The ranking is calculated based on the percentile rank of each of the indicators that comprise three “pillars”:
l Microfinance Institutions (MFI) that have active borrowers more than 1,000 are part of the ranking report;
l If a MFI does not report particular indicator information that is used for ranking, then for that indicator the MFI
will score the lowest percentile i.e. zero and correspondingly consider as zero value in the calculation of the
average.
After this initial filter, the resulting pool of MFIs is ranked according to the indicators for each of the three pillars.
An average percentile ranking is determined for each pillar, based on the percentile rankings for each indicator
8
Illustration:
Result Percentile Percentile Percentile
Ranking
Methodology
Pillars Indicators
(Per Indicator) (Per Indicator) (Per Pillar) (Final)
Active Borrowers 1,821,087 94.0%
OUTREACH
ALB per Borrower # 8,253 68.6%

74.8%
Growth in Borrower 35% 57.6%
Growth in borrower per offices 3 79.0%
Cost per borrower # 642 85.0%
EFFICIENCY
Borrower per staff 596 95.2%

ROA 3 100.0% 84.6%
PAR > 30 # 0.10% 64.0% 86.5%
Write Off Ratio # 0.02% 52.0%
Regulated or Audits on MIX Market 3 100.0%
TRANSPARENCY
Number of years data reported to MIX 3 100.0% 100.0%
described below. The three average percentile rankings for the three pillars are then averaged again to create an
overall percentile ranking. The final MFI ranking is in the sequence of the overall percentile ranking.
The above information is an example to explain the working methodology. # implies that the numbers are inversely
related, which means the lower value of the indicator positively it is ranked.
Detailed description of the pillars and their indicators

Outreach Indicator: Outreach pillar measures the expansion of access to financial services by means of the
following indicators:
a. Number of active borrowers: A measure that determines clients reached of the MFI by the credit services
during the year. MFIs that have not submitted the data get a “0” score.
b. Growth in number of active borrowers: A measure of expansion of credit service during the year and captures
the movement over two financial periods.MFIs that have not submitted the data get a “0” score.
c. Average loan balance per borrower: A measure that covers the size of the loan per borrower. This indicator is
ranked inversely. MFIs that have not submitted the data get a “0” score.
9
Ranking d. Growth in Borrowers per branch: The MFIs are grouped according to growth patterns in outreach and that
increase the likelihood that MFIs are reaching clients that have not already been served by other MFIs. Ranges
Methodology are based on growth on borrowers per branch ratio against the portfolio at risk over 30 days. (ref: annex 1 for
further details). Please note for this indicator PAR > 30 value is used only to build the range that determine the
extensive and intensive growth of borrower per branch. MFIs that have not submitted the data get a “0” score.
EfficiencyIndicator: Efficiency pillar measures the reduction of client costs and MFIs performance during the period
through the following indicators:
a. Cost per borrower: a measure of the operating cost to service clients during the year. Seeks to eliminate the
difference in cost of each of the MFIs with different loan sizes, and focuses on the cost of serving a borrower. The
lower this operating cost per borrower, the lower the cost load borne by the client. MFIs that have not submitted
the data get a “0” score. OR
Borrower per employee: The borrower per staff ratio measures the productivity of the institution’s staff. The
higher the ratio, the more productive the institution, and the more effectively it leverages is resources to keep
down costs to clients. The total staff refers to the total number of people working full time in an MFI. Total number
of borrowers refers to individually identifiable borrowers who have at least one current outstanding loan with
the institution. MFIs that have not submitted the data get a “0” score.
b. Return on Asset (ROA): ROA indicator has been considered to measure the MFIs financial performance and
sustainability during FY 2013 -14. MFIs are scored higher for positive returns, but only up to a cap of 5.0% RoA.
The MFIs are not ranked on the absolute value rather a range has been created based on the spread of the ROA
ratio of the MFIs. The MFIs are grouped according to the range given below (1 being the lowest and 3 being the
Range Score
Less than “0” 1
0% to 2.5% 2
2.5% to 5.0% 3
Greater than 5.0% 2
highest), MFIs that have not submitted the data get a “0” score. MFIs which have ROA ratios on the two extreme
ends receive the lowest scoring.
d. Portfolio quality: Bad debt represents another cost that borne by the MFI and, in turn, by its clients. The better
the portfolio quality, the lower the costs. An average of the value is calculated between the two variables, MFIs
that have not submitted the data get a “0” score:
10
Ranking
n Portfolio at risk >30 days: A measure of delinquency. May favor MFIs with internal accounts and/or group
practices or those that follow severe write-off policies. Lower the risk levels the better portfolio quality of the
Methodology
institution.
n Write-off ratio. A measure of actual loss on the portfolio, as recognized by the MFI’s policy on portfolio
management.
Transparency Indicator: Transparency pillar measures the public dissemination of performance results in a
standard, comparable manner through the following indicators:
a. Regulatory status: In case the MFI is under public supervision / regulation, a top score (3) is assigned based
on assumed rigorous disclosure of regulated MFIs i.e. NBFC-MFIs are regulated by RBI and thus they receive
highest score for this indicator; or
Audits on MIX Market: This indicator is merged with regulated status to check the reporting disclosure of
MFIs’ audited financial statements, in the case of unregulated institutions. MFI that have presented their audited
financial statements with MIX for two years get the top score of ‘3’ score and MFIs that have presented their
audited financial statements for one year get a score of ‘2’ else ‘0’.
b. Annual reporting on MIX Market: A measure of the availability of standard, comparable, publicly available
performance results for an MFI. The score is based on the annual results published for an MFI on MIX Market for
FY 2011-12, FY 2012-13, and FY 2013-14.
Annex 1: Measuring growth in borrower per branches.

Responsible MFIs’ growth and lending practices can be measured by the increases in service provided to the
unserved client and minimizing the likelihood of over-lending to a single client. While there are many ways to
measure MFIs’ practices, this ranking bases its scoring on the analysis and approaches tested in research related
to MFIs growth patterns and the resulting portfolio risk (see: A. Gonzalez “Is microfinance growing too fast?”). For
the ranking, MIX’s approach uses readily available, observable, quantifiable data to provide a proxy for growth
practices that may lead to over lending to the clients.
The primary metric is the growth in the Number of Borrowers per Office (BpO) over the period which is analyzed
against the resulting Portfolio at risk over 30 days (PAR30). Growth through existing service point and office
infrastructure is qualified as ‘intensive’ and growth through new infrastructure is considered ‘extensive.’ Based on
the above approach and empirical analysis from MIX’s historical data for Indian, MFIs with intensive growth show
higher portfolio risk than those with extensive growth.
11
Ranking
50%
n Top Score
n Medium Score
Portfolio at risk over 30 days, % (PAR30)

Methodology
n Low Score
40%
Intensive Growth
30%
20%
10%
Extensive Growth
-40% -30% -20% -10% 0% 10% 20% 30% 40%

Growth on Borrowers per office, 0% (BpO)
For ranking purposes, we divided along the “U” shape relation in both variables (BpO vs. PAR30) in ranges:
Growth in Borrowers per office (BpO)

Bucket Score
Minimum Maximum
Danger 1 MIN -50%
Warning 2 -50% -10%
OK 3 -10% 0%
Good 4 0% -15%
OK 3 15% 25%
Warning 2 25% 65%
Danger 1 65% MAX
MFIs with the greatest growth in BpO, above 15%, presented the highest risk profile and received a score indicating
that they were more likely contributing to over lending to the clients. As the spectrum moves from the two ends
towards the middle range, it is comprised of institutions that are balancing growth into new areas while keeping
risk down.
12
Rank Institutions
Score
(%)
FY 2013-14 RANKING BY EACH PILLAR
Outreach Efficiency Transparency
Rank Score (%) Rank Score (%) Rank Score (%)
MFI Ranking
1 Equitas Micro Finance India Pvt Ltd 86.5% 2 74.8% 2 84.6% 1 100.0%
2 Annapurna Microfinance Pvt Ltd 85.1% 4 73.0% 4 82.3% 1 100.0%
3 Asirvad Microfinance Pvt Ltd 84.2% 14 65.9% 1 86.9% 1 100.0%
4 SKS Microfinance Ltd 82.3% 1 77.6% 16 69.2% 1 100.0%
5 Bandhan Financial Services Pvt Ltd 81.7% 8 70.0% 6 74.9% 1 100.0%
6 Muthoot Fincorp Ltd 81.2% 3 73.8% 15 69.7% 1 100.0%
7 RGVN (North East) Microfinance Ltd 80.5% 7 70.5% 12 71.1% 1 100.0%
8 Gramalaya Microfin Foundation 80.4% 32 58.7% 3 82.5% 1 100.0%
9 Shri Kshethra Dharmasthala Rural Development Project 79.9% 9 70.0% 14 69.7% 1 100.0%
10 Utkarsh Micro Finance Pvt Ltd 79.7% 6 71.0% 17 68.1% 1 100.0%
11 Suryoday Micro Finance Pvt Ltd 79.3% 19 64.0% 9 74.0% 1 100.0%
12 Cashpor Micro Credit 78.6% 13 66.0% 13 69.7% 1 100.0%
13 Fusion Micro Finance Pvt Ltd 78.0% 12 66.3% 18 67.7% 1 100.0%
14 Spandana Sphoorty Financial Ltd 77.6% 10 68.8% 24 64.2% 1 100.0%
15 Jagaran Microfin Pvt Ltd 77.0% 15 65.8% 21 65.3% 1 100.0%
Gramalaya Urban and Rural Development
16 76.8% 36 58.1% 11 72.3% 1 100.0%
Initiatives & Network
17 Mahasemam Trust 76.6% 58 48.2% 5 81.5% 1 100.0%
18 SV Creditline Pvt Ltd 76.3% 45 54.5% 8 74.3% 1 100.0%
19 SEBA Rahara 76.1% 23 62.0% 20 66.4% 1 100.0%
20 Institute of Rural Credit and Enterpreneurship Development 76.0% 18 64.7% 25 63.3% 1 100.0%
21 Ujjivan Financial Services Pvt Ltd 74.3% 17 65.3% 38 57.6% 1 100.0%
22 Janalakshmi Financial Services Pvt Ltd 73.9% 11 67.5% 41 54.4% 1 100.0%
23 Sarala Women Welfare Society 73.7% 29 59.5% 27 61.7% 1 100.0%
24 Arohan Financial Services Pvt Ltd 73.2% 27 60.4% 34 59.1% 1 100.0%
25 Belghoria Janakalyana Samity 73.0% 49 53.8% 22 65.3% 1 100.0%
26 Share Microfin Ltd 72.9% 5 71.8% 53 47.0% 1 100.0%
27 Sonata Finance Pvt Ltd 72.8% 16 65.5% 44 52.9% 1 100.0%
28 Asomi Finance Pvt Ltd 72.8% 25 61.4% 39 56.9% 1 100.0%
29 Prayas (Organisation for Sustainable Development) 72.7% 50 53.4% 23 64.8% 1 100.0%
30 Camel Mahila Mutually Aided Co-operative Thrift Society Ltd 72.4% 67 43.5% 10 73.7% 1 100.0%
31 S.M.I.L.E. Microfinance Ltd 72.3% 43 55.5% 28 61.5% 1 100.0%
13
MFI Ranking Rank Institutions
Score
(%)
32 BWDA Finance Ltd 71.5% 21 63.5% 49 51.0% 1 100.0%
33 Disha Microfin Pvt Ltd 71.4% 41 56.3% 37 57.8% 1 100.0%
34 Satin Creditcare Network Ltd 71.3% 42 56.0% 36 57.8% 1 100.0%
35 Belstar Investment & Finance Pvt Ltd 71.1% 23 62.0% 46 51.4% 1 100.0%
36 Grama Vidiyal Microfinance Ltd 70.7% 51 52.5% 33 59.6% 1 100.0%
37 BSS Microfinance Pvt Ltd 70.3% 57 48.6% 26 62.4% 1 100.0%
38 Sanghamitra Rural Financial Services 69.9% 77 35.0% 7 74.7% 1 100.0%
39 Saija Finance Pvt Ltd 69.9% 33 58.3% 47 51.4% 1 100.0%
40 Margdarshak Financial Services Ltd 69.8% 39 57.2% 45 52.2% 1 100.0%
41 Samhita Community Development Services 69.3% 40 56.7% 48 51.1% 1 100.0%
42 Annapurna Mahila Cooperative Credit Society Ltd 69.3% 38 57.4% 50 50.4% 1 100.0%
43 Future Financial Servicess Pvt Ltd 68.8% 37 57.5% 52 48.9% 1 100.0%
44 Navachetana Microfin Services Pvt Ltd 68.3% 65 44.3% 31 60.6% 1 100.0%
45 ESAF Microfinance and Investments Pvt Ltd 68.2% 28 59.7% 57 44.9% 1 100.0%
46 IDF Financial Services Pvt Ltd 68.1% 66 44.3% 32 60.0% 1 100.0%
47 Grammen koota Financial services Pvt ltd 68.0% 68 42.9% 30 61.1% 1 100.0%
48 Madura Micro Finance Ltd 67.8% 31 58.8% 58 44.7% 1 100.0%
49 Swadhaar FinServe Pvt Ltd 67.6% 34 58.3% 59 44.4% 1 100.0%
50 Sahayog Microfinance Ltd 67.5% 20 63.9% 73 38.6% 1 100.0%
51 Lok Biradari Trust, Indore 67.0% 79 34.0% 19 67.0% 1 100.0%
52 Dhosa Chandaneswar Bratyajana Samity 66.8% 48 54.0% 55 46.4% 1 100.0%
53 Arth Micro Finance Pvt Ltd 66.5% 35 58.2% 68 41.4% 1 100.0%
54 YVU Financial Services Pvt Ltd 66.3% 30 59.4% 71 39.4% 1 100.0%
55 Asmitha Microfin Ltd 65.7% 44 55.5% 67 41.7% 1 100.0%
56 ASA International India Microfinance Pvt Ltd 64.7% 53 50.3% 61 43.9% 1 100.0%
57 Samasta Microfinance Ltd 64.6% 55 50.1% 62 43.8% 1 100.0%
58 Society For Model Gram Bikash Kendra 64.6% 54 50.2% 63 43.7% 1 100.0%
59 Village Financial Services Pvt Ltd 64.5% 52 50.9% 65 42.6% 1 100.0%
60 Humana People to People India 64.4% 56 50.1% 64 43.2% 1 100.0%
61 Uttrayan Financial Services Pvt Ltd 64.3% 46 54.5% 74 38.5% 1 100.0%
62 Bal Mahila Vikas Samiti 63.8% 74 37.1% 41 54.4% 1 100.0%
14
Rank Institutions
Score
(%)
MFI Ranking
Innovative Microfinance For Poverty Alleviation
63 62.7% 76 35.1% 43 53.0% 1 100.0%
And Community Transformation
64 Chaitanya India Fin Credit Pvt Ltd 61.7% 63 45.0% 70 40.2% 1 100.0%
65 Sarvodaya Nano Finance Ltd 61.2% 64 44.5% 72 39.2% 1 100.0%
66 Adhikar Microfinance Pvt Ltd 61.2% 82 28.3% 40 55.4% 1 100.0%
67 M Power Micro Finance Pvt Ltd 60.8% 71 40.4% 66 41.8% 1 100.0%
68 Network of Entrepreneurship & Economic Development 60.4% 60 46.6% 76 34.4% 1 100.0%
69 WSDS Initiate 59.7% 75 35.1% 60 44.1% 1 100.0%
70 Bharatiya Samruddhi Finance Ltd 59.0% 22 63.3% 82 13.6% 1 100.0%
71 Mahashakti Foundation 57.9% 61 46.3% 79 27.4% 1 100.0%
72 Grameen Sahara Matia Goalpara 56.8% 81 33.8% 75 36.7% 1 100.0%
73 Sahara Utsarga Welfare Society 56.6% 26 61.3% 84 8.6% 1 100.0%
74 IFMR Rural Channels and Services Pvt Ltd 54.6% 59 46.8% 81 17.1% 1 100.0%
75 Varam Capital Pvt Ltd 53.3% 62 45.1% 29 61.3% 78 53.6%
76 Agora Microfinance India Ltd 50.1% 70 40.6% 83 9.8% 1 100.0%
77 YVU Microfin 49.8% 83 16.7% 77 32.6% 1 100.0%
78 Pahal Financial services Pvt Ltd 47.0% 69 40.8% 54 46.6% 78 53.6%
79 Shri Mahila Sewa Sahakari Bank Ltd 45.6% 85 10.6% 80 26.3% 1 100.0%
80 Svasti Microfinance Pvt Ltd 42.1% 80 33.9% 69 41.3% 81 51.2%
81 Nirantara FinAccess Pvt Ltd 40.7% 73 37.9% 78 30.7% 78 53.6%
82 Mahila Chetna Manch 37.5% 84 10.9% 51 50.4% 81 51.2%
83 Bhartiya Micro Credit 34.8% 47 54.0% 56 45.6% 84 4.8%
84 Repco Microfinance Ltd 32.1% 72 38.1% 85 7.1% 81 51.2%
85 Rashtriya Seva Samithi 31.6% 78 34.5% 35 58.0% 85 2.4%
15
Top 20 MFIs by Rank Institutions
Score
(%)
NBFI Legal Status 1 Equitas Micro Finance India Pvt Ltd 87.0% 3 73.5% 2 87.6% 1 100.0%
2 Annapurna Microfinance Pvt Ltd 85.5% 5 72.3% 3 84.2% 1 100.0%
3 Asirvad Microfinance Pvt Ltd 83.8% 14 61.5% 1 89.9% 1 100.0%
4 Bandhan Financial Services Pvt Ltd 82.2% 7 70.1% 5 76.5% 1 100.0%
5 SKS Microfinance Ltd 82.0% 1 75.6% 8 70.5% 1 100.0%
6 Muthoot Fincorp Ltd 81.0% 2 73.6% 9 69.3% 1 100.0%
7 RGVN (North East) Microfinance Ltd 79.8% 9 68.5% 7 70.8% 1 100.0%
8 Utkarsh Micro Finance Pvt Ltd 79.4% 8 70.1% 11 68.0% 1 100.0%
9 Suryoday Micro Finance Pvt Ltd 79.3% 15 61.0% 4 76.8% 1 100.0%
10 Spandana Sphoorty Financial Ltd 78.7% 6 70.7% 12 65.4% 1 100.0%
11 Fusion Micro Finance Pvt Ltd 77.2% 12 63.0% 10 68.7% 1 100.0%
12 Jagaran Microfin Pvt Ltd 74.8% 17 60.0% 13 64.3% 1 100.0%
13 SV Creditline Pvt Ltd 74.7% 37 48.2% 6 75.8% 1 100.0%
14 Share Microfin Ltd 73.9% 4 73.1% 33 48.6% 1 100.0%
15 Ujjivan Financial Services Pvt Ltd 73.5% 11 63.4% 25 57.0% 1 100.0%
16 Janalakshmi Financial Services Pvt Ltd 73.1% 10 65.0% 27 54.3% 1 100.0%
17 Arohan Financial Services Pvt Ltd 73.0% 22 57.6% 18 61.5% 1 100.0%
18 Sonata Finance Pvt Ltd 71.5% 13 62.3% 28 52.4% 1 100.0%
19 S.M.I.L.E. Microfinance Ltd 71.3% 32 51.7% 17 62.1% 1 100.0%
20 Asomi Finance Pvt Ltd 70.9% 24 56.2% 26 56.6% 1 100.0%
16
Rank Institutions
Score
(%)
Top 20 MFIs by
1
2
Gramalaya Microfin Foundation
Gramalaya Urban and Rural Development Initiatives & Network

80.5%
79.9%
5
1
66.7%
70.5%
3
4
74.8%
69.3%
1
1
100.0%
100.0%
NGO Legal Status
3 Cashpor Micro Credit 78.3% 6 65.8% 5 69.2% 1 100.0%
Shri Kshethra Dharmasthala Rural

4 77.7% 2 69.2% 9 63.9% 1 100.0%
Development Project
5 Mahasemam Trust 77.5% 12 55.0% 1 77.5% 1 100.0%
6 SEBA Rahara 76.8% 7 65.5% 6 65.1% 1 100.0%
7 Sarala Women Welfare Society 75.7% 3 67.1% 11 59.9% 1 100.0%
8 Sanghamitra Rural Financial Services 73.4% 18 45.1% 2 75.0% 1 100.0%
9 Prayas (Organisation for Sustainable Development) 73.2% 11 55.0% 7 64.7% 1 100.0%
10 Belghoria Janakalyana Samity 72.2% 13 54.2% 10 62.3% 1 100.0%
11 Institute of Rural Credit and Enterpreneurship Development 72.1% 9 59.0% 12 57.4% 1 100.0%
12 Samhita Community Development Services 70.7% 4 66.9% 16 45.4% 1 100.0%
13 Lok Biradari Trust, Indore 66.2% 22 34.2% 8 64.3% 1 100.0%
14 Humana People to People India 62.8% 14 52.2% 19 36.3% 1 100.0%
15 Society For Model Gram Bikash Kendra 62.8% 15 48.3% 18 40.2% 1 100.0%
Innovative Microfinance For Poverty Alleviation

16 62.7% 20 36.4% 14 51.7% 1 100.0%
And Community Transformation
17 Bal Mahila Vikas Samiti 60.8% 21 34.7% 15 47.6% 1 100.0%
18 Network of Entrepreneurship & Economic Development 56.5% 17 46.1% 22 23.3% 1 100.0%
19 Mahashakti Foundation 56.4% 16 46.5% 23 22.8% 1 100.0%
20 WSDS Initiate 56.0% 24 31.9% 20 36.0% 1 100.0%
17
Top 20 MFI
Profile
Equitas Micro Finance India Pvt Ltd
NBFI
Overall Outreach Efficiency Transparency Outreach Information FY 2013-14
Rank 1 2 2 1 1,821
Profile Information
Name of the Institution Equitas Micro Finance India Pvt Ltd
Search on MIX Market Equitas
Legal Status NBFI 323 330
111
MIX Market page http://reports.mixmarket.org/mfi/equitas
Number of Branches Number of Active Borrower
as of 31-Mar-2013 as of 31-Mar-2014 Industry Average
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Equitas n Industry Average
Branches in units 286 323 111
Outreach Information FY 2013-14
Personnel in units 2,370 3,054 848
Loan officers in units 1,296 1,578 560 Equitas
1,800
Active borrower in thousands 1,344 1,821 330 1,600 0.10% - PAR
Gross loan portfolio in crore `1,135 `1,503 `331 1,400 1,503 - GLP
GLP - INR crore

Average loan balance per borrower in units `8,440 `8,253 `8,855 1,200
1,000
800
Financial Performance Units FY 2012-13 FY 2013-14 FY 2013-14 Industry
600
Assets in crore `1,332 `1,735 `357 400 Average
Equity in crore `255 `311 `63 1.05% - PAR
200
Borrowing in crore `998 `1,259 `274 331 -GLP
0
Debt to Equity in units 4.23 4.57 4.64 -0.5% 0.0% 0.5% 1.0% 1.5%
Return on assets in % 2.76% 3.70% 3.36%
Return on equity in % 12.71% 19.77% 18.58% PAR > 30 Days (%)
Operational self sufficiency in % 122.10% 133.34% 125.85%
Profit Margin in % 18.10% 25.00% 20.54% Financial Performance FY 2013-14
Yield on gross portfolio in % 20.69% 22.42% 21.66%
Financial revenue / assets in % 22.40% 22.64% 21.56%
Expense 9.33% 8.43% 0.59% 18.35%
FY 12-13
Total expense / assets in % 18.35% 16.98% 17.04%
Financial expense / assets in % 9.33% 9.79% 9.43% Revenue 22.40%
Equitas
Operating expense / assets in % 8.43% 6.83% 7.34%
Provision for loan impairment / assets in % 0.59% 0.36% 0.27% Expense 9.79% 6.83% 0.36% 16.98%
FY 13-14
Cost per borrower in units `719 `642 `775
Revenue 22.64%
Borrowers per loan officer in units `1,037 `1,154 `599
Portfolio at risk > 30 days in % 0.03% 0.10% 1.05%
Industry
17.04%
Average
Expense 9.43% 7.34% 0.27%
FY 13-14
Write-off ratio in % 0.76% 0.02% 0.96%
Note 1: Currency in INR Revenue 21.56%
Note 2: NA - Data not available ; NM - Data not meaningful
Note 3: Industry average values are based on weights.
Note 4: Industry average does not include CDR MFIs ; Asmitha, BSFL,Share and Spandana.
n Financial Expense/assets n Operating Expense/assets
Note 5: All ratios calculated by MIX are based on the data provided by the institution. Please refer to the glossary for the definitions.
Note 6: Industry average value includes data of 86 MFIs which are part of the ranking report and includes NBFI, NGO and Cooperative Societies n Provision for Loan Impairment/assets n n Financial Revenue/assets
19
Annapurna Microfinance Pvt Ltd
NBFI

330
Rank 2 4 4 1
Profile Information
Name of the Institution Annapurna Microfinance Pvt Ltd 159
Search on MIX Market Annapurna Microfinance 111
Legal Status NBFI 54
MIX Market page http://reports.mixmarket.org/mfi/annapurna-microfinance
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Annapurna Microfinance n Industry Average
Personnel in units 324 420 848 Outreach Information FY 2013-14
Loan officers in units 186 212 560
Active borrower in thousands 86 159 330 Industry
400
Average
Gross loan portfolio in crore `93 `170 `331 350
GLP - INR crore

Annapurna 1.05% - PAR
Average loan balance per borrower in units `10,799 `10,738 `8,855 300 Microfinance 331 - GLP
250 0.11% - PAR
200 170 - GLP
Financial Performance Units FY 2012-13 FY 2013-14 FY 2013-14
150
Assets in crore `97 `219 `357 100
Equity in crore `18 `35 `63 50
Borrowing in crore `74 `166 `274 0
Expense 9.41% 5.78% 0.93% 16.12%
FY 12-13
Microfinance
Annapurna
Provision for loan impairment / assets in % 0.93% 0.34% 0.27% Expense
FY 13-14
9.98% 4.88% 0.34% 15.20%
Revenue 20.00%
Borrowers per loan officer in units `465 `749 `599
Industry
Average
Expense 9.43% 7.34% 0.27% 17.04%
FY 13-14
Write-off ratio in % NA NA 0.96%
20
Asirvad Microfinance Pvt Ltd
NBFI
Rank 3 14 1 1 330
Profile Information
211
Name of the Institution Asirvad Microfinance Pvt Ltd
Search on MIX Market Asirvad 94 111
Legal Status NBFI
MIX Market page http://reports.mixmarket.org/mfi/asirvad
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Asirvad n Industry Average
Personnel in units 280 351 848
Active borrower in thousands 113 211 330 400 Industry
350 Average
Gross loan portfolio in crore `102 `189 `331
GLP - INR crore

1.05% - PAR
Average loan balance per borrower in units `9,034 `8,937 `8,855 300
Asirvad 331 - GLP
250 0.02% - PAR
as of 31-Mar-2013 as of 31-Mar-2014 Industry Average 200 189 - GLP
Financial Performance Units FY 2012-13 FY 2013-14 FY 2013-14 150
Assets in crore `131 `214 `357 100
Expense 9.88% 9.77% 0.24% 19.89%
FY 12-13
Asirvad
FY 13-14
Revenue 23.54%
Borrowers per loan officer in units `782 `1,142 `599
Portfolio at risk > 30 days in % NA 0.02% 1.05%
Industry
0.27% 17.04%
Average
Expense 9.43% 7.34%
FY 13-14
Write-off ratio in % NA 0.02% 0.96%
21
SKS Microfinance Ltd
NBFI
Rank 4 1 16 1 4,963
Profile Information
Name of the Institution SKS Microfinance Ltd
Search on MIX Market SKS
1255
111
MIX Market page http://reports.mixmarket.org/mfi/sks
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n SKS n Industry Average
Branches in units 1,261 1,255 111
Personnel in units 10,809 8,932 848 Outreach Information FY 2013-14
Loan officers in units 6,746 5,259 560 SKS
Active borrower in thousands 4,308 4,963 330 4000 0.00%-PAR
Gross loan portfolio in crore `2,359 `3,113 `331 3500 3,113 - GLP
GLP - INR crore

2500
as of 31-Mar 2013 as of 31-Mar 2014 Industry Average
2000
Financial Performance Value FY 2012-13 FY 2013-14 FY 2013-14 Industry
1500
Assets in crore `2,248 `2,289 `357 Average
1000
Equity in crore `390 `459 `63 1.05% -PAR
500 331 - GLP
Borrowing in crore `1,454 `1,434 `274 0
Return on assets in % -15.96% 2.92% 3.36%
Return on equity in % -74.40% 16.73% 18.58% PAR > 30 Days (%)
Profit Margin in % -88.45% 13.25% 20.54% Financial Performance FY 2013-14
Expense 7.87% 13.87% 12.26% 34.00%
FY 12-13
SKS
Provision for loan impairment / assets in % 12.26% -3.05% 0.27% Expense
FY 13-14
-3.05% 8.95% 13.20% 19.10%
Revenue 22.02%
Portfolio at risk > 30 days in % NA NA 1.05%
Industry
Average
Expense 9.43% 7.34% 0.27% 17.04%
FY 13-14
22
Bandhan Financial Services Pvt Ltd
NBFI
Rank 5 8 6 1 5,410
Profile Information
Name of the Institution Bandhan Financial Services Pvt Ltd
Search on MIX Market Bandhan 2,016
111
MIX Market page http://reports.mixmarket.org/mfi/bandhan
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Bandhan n Industry Average
Loan officers in units 8,719 9,954 560 Bandhan
Active borrower in thousands 4,434 5,410 330 8000
0.09% - PAR
Gross loan portfolio in crore `4,421 `6,107 `331 7000 6,107 - GLP
GLP - INR crore

5000
as of 31-Mar-2013 as of 31-Mar-2014 Industry Average 4000
Financial Performance Units FY 2012-13 FY 2013-14 FY 2013-14 3000 Industry
Assets in crore `5,334 `6,706 `357 2000 Average
Equity in crore `900 `1,174 `63 1.05% - PAR
100
331 - GLP
Borrowing in crore `4,354 `5,425 `274 0
Expense 9.46% 3.84% 0.47% 13.76%
FY 12-13
Bandhan
FY 13-14
Borrowers per loan officer in units `509 `543 `599 Revenue 21.24%
Industry
0.27% 17.04%
Average
Expense 9.43% 7.34%
FY 13-14
23
Muthoot Fincorp Ltd
NBFI

718
Rank 6 3 15 1
Profile Information
Name of the Institution Muthoot Fincorp Ltd 330
243
Search on MIX Market Muthoot Fincorp
MIX Market page http://reports.mixmarket.org/mfi/muthoot-fincorp
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Muthoot Fincorp n Industry Average
Loan officers in units 919 1,595 560
Active borrower in thousands 406 718 330 1,000 Muthoot
Fincorp
GLP - INR crore

0.19% - PAR
Average loan balance per borrower in units `8,058 `11,382 `8,855 818 - GLP
600
as of 31-Mar-2013 as of 31-Mar-2014 Industry Average Industry
400 Average
1.05% - PAR
Assets in crore `325 `813 `357 331 -GLP
200
Equity in crore `39 `131 `63
Debt to Equity in units 7.42 5.23 4.64 0.0% 0.5% 1.0% 1.5%
Expenses 8.87% 7.52% 0.75% 17.14%
FY 12-13
Muthoot Fincorp
Provision for loan impairment / assets in % 0.75% 1.00% 0.27% Expenses
FY 13-14
7.88% 6.82% 1.00% 15.70%
Revenue 27.06%
Industry
Average
Expense 9.43% 7.34% 0.27% 17.04%
FY 13-14
n Financial Expenses/assets n Operating Expense/assets
24
RGVN (North East) Microfinance Ltd
NBFI
Rank 7 7 12 1 330
Profile Information
Name of the Institution RGVN (North East) Microfinance Ltd 167
Search on MIX Market RGVN 107 111
Legal Status NBFI
MIX Market page http://reports.mixmarket.org/mfi/rgvn
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n RGVN n Industry Average
Industry
Active borrower in thousands 155 167 330 400
Average
Gross loan portfolio in crore `117 `124 `331 350 1.05% - PAR
GLP - INR crore

Average loan balance per borrower in units `7,555 `7,461 `8,855 300 331 - GLP
250
as of 31-Mar-2013 as of 31-Mar-2014 Industry Average RGVN
200
Financial Performance Units FY 2012-13 FY 2013-14 FY 2013-14 0.51% - PAR
150 124 - GLP
Assets in crore `147 `143 `357 100
Debt to Equity in units 5.17 3.03 4.64 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4%
Expense 9.77% 7.37% 0.33% 17.32%
FY 12-13
RGVN
FY 13-14
Revenue 23.74%
Industry
Average
Expense 9.43% 7.34% 0.27% 17.04%
FY 13-14
Write-off ratio in % 0.12% NA 0.96%
8 25
Gramalaya Microfin Foundation
NGO
Rank 8 32 3 1 330
Profile Information
Name of the Institution Gramalaya Microfin Foundation
Search on MIX Market Gramalaya Microfin 111
4
MIX Market page http://reports.mixmarket.org/mfi/gramalaya-microfin
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Gramalaya Microfin n Industry Average
400 Industry
Active borrower in thousands 4 18 330
Average
1.05% - PAR
GLP - INR crore

250
Financial Performance Units FY 2012-13 FY 2013-14 FY 2013-14 Gramalaya
150
Microfin
Assets in crore `2 `3 `357 100 0.00% - PAR
Equity in crore `0 `0 `63 50 11 - GLP
Expense 13.80% 10.61% 22.07%
FY 12-13
Financial expense / assets in % 13.80% 9.99% 9.43%
Gramalaya
Revenue 22.73%
Provision for loan impairment / assets in % NA 0.85% 0.27% Expense
FY 13-14
9.99% 22.74% 0.85% 15.70%
Industry
Average
Expense 9.43% 7.34% 0.27% 17.04%
FY 13-14
26
Shri Kshethra Dharmasthala Rural Development Project
NGO
Rank 9 9 14 1 3.049
Profile Information
Name of the Institution Shri Kshethra Dharmasthala Rural Development Project
Search on MIX Market SKDRDP
122 111
MIX Market page http://reports.mixmarket.org/mfi/skdrdp
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n SKDRDP n Industry Average
Loan officers in units 2,304 3,298 560
Active borrower in thousands 2,314 3,049 330 4,000
SKDRDP
Gross loan portfolio in crore `2,081 `3,200 `331 3,500
1.62% - PAR
GLP - INR crore

Average loan balance per borrower in units `8,994 `10,496 `8,855 3,000 3,200 - GLP
2,500
as of 31-Mar-2013 as of 31-Mar-2014 Industry Average 2,000
Financial Performance Units FY 2012-13 FY 2013-14 FY 2013-14 1,500 Industry
Assets in crore `2,424 `2,808 `357 1,000 Average
Equity in crore `96 `155 `63 500 1.05% - PAR
Borrowing in crore `2,000 `2,366 `274 331 - GLP
0
Debt to Equity in units 24.2 17.08 4.64 -5.0% 0.0% 0.5% 1.0% 1.5% 2.0%
Expense 7.89% 4.69% 0.05% 12.66%
FY 12-13
SKDRDP
FY 13-14
Revenue 17.53%
Borrowers per loan officer in units `1,004 `925 `599
Industry
Average
Expense 9.43% 7.34% 0.27% 17.04%
FY 13-14
27
Utkarsh Micro Finance Pvt Ltd
NBFI
Rank 10 6 17 1
320 330
Profile Information
Name of the Institution Utkarsh Micro Finance Pvt Ltd
151
Search on MIX Market Utkarsh 111
Legal Status NBFI
MIX Market page http://reports.mixmarket.org/mfi/utkarsh
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Utkarsh n Industry Average
Personnel in units 623 1,031 848
Loan officers in units 341 618 560 Utkarsh
Active borrower in thousands 198 320 330 0.01% - PAR
360 356 - GLP
GLP - INR crore

350
Financial Performance Units FY 2012-13 FY 2013-14 FY 2013-14 Industry
340
Average
Expense 8.46% 7.81% 0.36% 16.63%
FY 12-13
Utkarsh
Provision for loan impairment / assets in % 0.36% 0.65% 0.27% Expense 5.83% 0.65% 16.90%
FY 13-14
10.43%
Industry
Average
Expense 9.43% 7.34% 0.27% 17.04%
FY 13-14
28
Suryoday Micro Finance Pvt Ltd
NBFI
Rank 11 19 9 1 330
274
Profile Information
Name of the Institution Suryoday Micro Finance Pvt Ltd
Search on MIX Market Suryoday 111
MIX Market page http://reports.mixmarket.org/mfi/suryoday
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Suryoday n Industry Average
333 Industry
Active borrower in thousands 156 274 330
Average
1.05% - PAR
GLP - INR crore

330
as of 31-Mar-2013 as of 31-Mar-2014 Industry Average 329 Suryoday
Financial Performance Units FY 2012-13 FY 2013-14 FY 2013-14 328 0.07% - PAR
Assets in crore `202 `397 `357 327 327 - GLP
Expense 7.95% 10.52% 0.77% 19.25%
FY 12-13
Suryoday
FY 13-14
Revenue 22.19%
Industry
Average
Expense 9.43% 7.34% 0.27% 17.04%
FY 13-14
29
11
Cashpor Micro Credit
NGO
Rank 12 13 13 1
656
Profile Information
Name of the Institution Cashpor Micro Credit
341 330
Search on MIX Market Cashpor
Legal Status NGO 111
MIX Market page http://reports.mixmarket.org/mfi/cashpor
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Cashpor n Industry Average
Loan officers in units 1,010 1,540 560 Cashpor
Active borrower in thousands 549 656 330 800 0.03% - PAR
Gross loan portfolio in crore `468 `631 `331 700 631 - GLP
GLP - INR crore

500 Industry
as of 31-Mar-2013 as of 31-Mar-2014 Industry Average 400 Average
Financial Performance Units FY 2012-13 FY 2013-14 FY 2013-14 300 1.05% - PAR
331 - GLP
Assets in crore `490 `687 `357 200
Expense -0.28% 11.05% 7.81% 18.56%
FY 12-13
Cashpor
Provision for loan impairment / assets in % -0.28% NA 0.27% Expense 8.76% 19.92%
FY 13-14
11.15%
Industry
0.27% 17.04%
Average
Expense 9.43% 7.34%
FY 13-14
30
Fusion Micro Finance Pvt Ltd
NBFI
Rank 13 12 18 1
330
Profile Information
Name of the Institution Fusion Micro Finance Pvt Ltd
Search on MIX Market Fusion 111 128
MIX Market page http://reports.mixmarket.org/mfi/fusion
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Fusion n Industry Average
Industry
Active borrower in thousands 67 128 330 400 Average
GLP - INR crore

250
as of 31-Mar-2013 as of 31-Mar-2014 Industry Average Fusion
200
Financial Performance Units FY 2012-13 FY 2013-14 FY 2013-14 0.01% - PAR
150 138 - GLP
Assets in crore `80 `144 `357 100
Expense 10.25% 9.43% 0.21% 19.88%
FY 12-13
Fusion
FY 13-14
Cost per borrower in units `949 `1,063 `775
Revenue 23.60%
Portfolio at risk > 90 days in % 0.03% NA 0.80%
Industry
Average
Expense 9.43% 7.34% 0.27% 17.04%
FY 13-14
Write-off ratio in % NA 0.05% 0.96%
31
Spandana Sphoorty Financial Ltd
NBFI
Rank 14 10 24 1
2,241
Profile Information
Name of the Institution Spandana Sphoorty Financial Ltd
1,061
Search on MIX Market Spandana
111
MIX Market page http://reports.mixmarket.org/mfi/spandana
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Spandana n Industry Average
Loan officers in units 3,077 2,953 560 Spandana
Active borrower in thousands 2,384 2,241 330 2500 57.40% - PAR
2,107 - GLP
Gross loan portfolio in crore `2,223 `2,107 `331 2000
GLP - INR crore

Average loan balance per borrower in units `9,327 `9,402 `8,855
1500
Financial Performance Units FY 2012-13 FY 2013-14 FY 2013-14 1000 Industry
Assets in crore `1,275 `958 `357 Average
Equity in crore `-10 `-11 `63 500 1.05% - PAR
331 - GLP
Borrowing in crore `1,043 `703 `274 0
Debt to Equity in units -122.65 -90.49 4.64 -20.0% 0.0% 20.0% 40.0% 60.0% 80.0%
Return on equity in % NM -35.70% 18.58% PAR > 30 Days (%)
Profit Margin in % NM 23.20% 20.54% Financial Performance FY 2013-14
Expense 4.70% 0.16% 58.12%
FY 12-13
Total expense / assets in % 58.12% 10.98% 17.04% 53.25%
Spandana
Provision for loan impairment / assets in % 53.25% -4.58% 0.27% Expense -4.58% 5.88% 9.69% 10.98%
FY 13-14
Industry
0.27% 17.04%
Average
Expense 9.43% 7.34%
FY 13-14
32
Jagaran Microfin Pvt Ltd
NBFI
Rank 15 15 21 1 330
Profile Information
Name of the Institution Jagaran Microfin Pvt Ltd
Search on MIX Market Jagaran 111 83
MIX Market page http://reports.mixmarket.org/mfi/jagaran
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Jagaran n Industry Average
350 Average
GLP - INR crore

1.05% - PAR
331 - GLP
250
Financial Performance Units FY 2012-13 FY 2013-14 FY 2013-14 Jagaran
150 0.28% - PAR
Assets in crore `44 `67 `357 100 51 - GLP
Borrowing in crore NA `16 `274 0
Debt to Equity in units 0.08 0.49 4.64 -0.5% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4%
Expense 0.12% 9.28% 0.12% 9.52%
FY 12-13
Jagaran
FY 13-14
Revenue 21.31%
Industry
0.27% 17.04%
Average
Expense 9.43% 7.34%
FY 13-14
33
Gramalaya Urban and Rural Development Initiatives & Network
NGO

330
Rank 16 36 11 1
Profile Information
Name of the Institution Gramalaya Urban and Rural Development Initiatives & Network
111
Search on MIX Market Guardian
Legal Status NGO 8 159
MIX Market page http://reports.mixmarket.org/mfi/guardian
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Guardian n Industry Average
Industry
Active borrower in thousands 16 22 330 Average
400
GLP - INR crore

300
250
200
150 Guardian
Expense 9.54% 7.79% 17.39%
FY 12-13
Guardian
Provision for loan impairment / assets in % NA 0.34% 0.27% Expense
FY 13-14
11.48% 7.95% 0.34% 19.78%
Revenue 20.30%
Industry
Average
Expense 9.43% 7.34% 0.27% 17.04%
FY 13-14
34
Mahasemam Trust
NGO
Rank 17 58 5 1
330
Profile Information
Name of the Institution Mahasemam Trust
Search on MIX Market Mahasemam 111 109
89
Legal Status NGO
MIX Market page http://reports.mixmarket.org/mfi/mahasemam
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Mahasemam n Industry Average
Industry
400
GLP - INR crore

300
250
200
150 Mahasemam
Equity in crore `9 11 `63 50 69 - GLP
Expense 11.20% 11.03% 0.18% 23.00%
FY 12-13
Mahasemam
FY 13-14
10.79% 10.78% 0.96% 22.53%
Revenue 25.30%
Industry
Average
Expense 9.43% 7.34% 0.27% 17.04%
FY 13-14
35
SV Creditline Pvt Ltd
NBFI
Rank 18 45 8 1
330
Profile Information
Name of the Institution SV Creditline Pvt Ltd 190
Search on MIX Market SV Creditline 111
MIX Market page http://reports.mixmarket.org/mfi/sv-creditline
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n SV Creditline n Industry Average
Loan officers in units 222 330 560 Industry
Active borrower in thousands 118 190 330 400 Average
GLP - INR crore

Average loan balance per borrower in units `8,467 `11,221 `8,855 300 SV Creditline 331 - GLP
250 0.31% - PAR
as of 31-Mar-2013 as of 31-Mar-2014 Industry Average 200 213 - GLP
Assets in crore `123 `254 `357 100
Expense 9.99% 9.42% 19.83%
FY 12-13
SV Creditline
FY 13-14
11.00% 6.81% 0.47% 18.28%
Industry
Average
Expense 9.43% 7.34% 0.27% 17.04%
FY 13-14
36
SEBA Rahara
NGO
Rank 19 23 20 1 330
Profile Information
Name of the Institution SEBA Rahara
Search on MIX Market Seba Rahara 111
Legal Status NGO
9 13
MIX Market page http://reports.mixmarket.org/mfi/seba-rahara
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n Seba Rahara n Industry Average
350 Average
1.05% - PAR
GLP - INR crore

250
Seba Rahara
Assets in crore `9 `10 `357 100 0.00% -PAR
Expense 9.79% 10.73% 20.88%
FY 12-13
Seba Rahara
Provision for loan impairment / assets in % 0.36% 0.17% 0.27% Expense 20.14%
FY 13-14
9.49% 10.48% 0.17%
Industry
Average
Expense 9.43% 7.34% 0.27% 17.04%
FY 13-14
37
Institute of Rural Credit and Enterpreneurship Development
NGO
Rank 20 18 25 1
330
Profile Information
Name of the Institution Institute of Rural Credit and Enterpreneurship Development
Search on MIX Market IRCED 111
Legal Status NGO
0 4
MIX Market page http://reports.mixmarket.org/mfi/irced
Outreach Information Units FY 2012-13 FY 2013-14 FY 2013-14 n IRCED n Industry Average
Industry
400
GLP - INR crore

300
250
200
150
Assets in crore `5 `4 `357 IRCED
100 0.00% - PAR
Return on equity in % -0.11% 12.64% 18.58% PAR > 30 Days (%)
Profit Margin in % -0.14% 12.72% 20.54% Financial Performance FY 2013-14
Expense 8.34% 3.73% 0.15% 11.85%
FY 12-13
IRCED
Provision for loan impairment / assets in % 0.15% 0.67% 0.27% Expense 3.09% 0.67% 15.26%
FY 13-14
11.50%
Industry
Average
Expense 9.43% 7.34% 0.27% 17.04%
FY 13-14
38
S.no
1
Indicators
Assets
Indicators Definitions
Total Assets
Glossary
2 Equity Total of all equity accounts, less any distributions
The principal balance for all funds received through a loan agreement. It may include
3 Borrowings
bonds or similar debt securities issued and credit lines.
4 Number of Branches Number of Branches, including head office
5 Personnel Total number of staff members
A loan officer is a staff member of record who is directly responsible for arranging and
6 Loan Officer
monitoring client loans.
7 Capital to Assets Ratio Total Equity / Total Assets
8 Debt to Equity Ratio Total Liabilities / Total Equity
9 Number of Active Borrowers Number of borrowers with loans outstanding, adjusted for standardized write-offs
Total amount of outstanding principals due for all client loans at a given period of time.
10 Gross Loan Portfolio This includes current, delinquent, and renegotiated loans, but not loans that have been
written off. Gross Loan Protfolio includes Off Balance sheet portfolio.
11 Average Loan Balance per Borrower Average Loan Balance per Borrower (Gross loan portfolio / Active Borrowers)
12 Return on Assets ( Net Operating Income - Taxes)/ Average Total Assets
13 Return on Equity ( Net Operating Income - Taxes)/ Average Total Equity
Financial Revenue/ (Financial Expense + Impairment Losses on Loans + Operating Ex-

14 Operational Self Sufficiency
pense)
15 Financial Revenue / Assets Financial Revenue/ Average Total Assets
16 Profit Margin Net Operating Income/ Financial Revenue
17 Yield on Gross Loan Portfolio Financial Revenue from Loan Portfolio/ Average Gross Loan Portfolio
(Financial Expense + Net Loan Loss Provision Expense + Operating Expense) / Average
18 Total Expense / Assets
Total Assets
19 Financial Expense / Assets Financial Expense/ Average Total Assets
20 Provision for Loan Impairment / Assets Impairment Losses on Loans/ Average Total Assets
21 Operating Expense / Assets Operating Expense/ Average Total Assets
22 Cost per Borrower Operating Expense / Average Number of Active Borrowers
39
Glossary S.no
23
Indicators
Borrowers per Staff Member

Indicators Definitions
Number of Active Borrowers / Number of Personnel
24 Loans per Staff Member Number of Loans Outstanding / Number of Personnel
25 Borrowers per Loan Officer Number of Active Borrowers / Number of Loan Officers
Outstanding balance, portfolio overdue> 30 Days + renegotiated

26 Portfolio at Risk > 30 Days
portfolio/ Gross Loan Portfolio
Outstanding balance, portfolio overdue> 90 Days + renegotiated

27 Portfolio at Risk > 90 Days
portfolio/ Gross Loan Portfolio
28 Write-off Ratio Value of loans written-off/ Average Gross Loan Portfolio
For further details please refer to MIX glossary : http://www.mixmarket.org/about/faqs/glossary
40
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Washington, DC 20006, U.S.A. www.MIXMarket.org I www.themix.org
Tel: +1 202 659 9094 | Fax: +1 202 659 9095
Web: www.MIXMarket.org | E-mail: info@themix.org

Top India Microfinance Institution Fy 2013 14

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Top India

Supported by SIDBI – SFMC Vertical:

Top 20 MFIs - NBFI 16

Top 20 MFIs - NGO 17

Top 20 MFIs Profile 18

ALB per Borrower # 8,253 68.6%

Borrower per staff 596 95.2%

Number of years data reported to MIX 3 100.0% 100.0%

Detailed description of the pillars and their indicators

Annex 1: Measuring growth in borrower per branches.

Portfolio at risk over 30 days, % (PAR30)

-40% -30% -20% -10% 0% 10% 20% 30% 40%

Growth in Borrowers per office (BpO)

2 Annapurna Microfinance Pvt Ltd 85.5% 5 72.3% 3 84.2% 1 100.0%

3 Asirvad Microfinance Pvt Ltd 83.8% 14 61.5% 1 89.9% 1 100.0%

4 Bandhan Financial Services Pvt Ltd 82.2% 7 70.1% 5 76.5% 1 100.0%

5 SKS Microfinance Ltd 82.0% 1 75.6% 8 70.5% 1 100.0%

6 Muthoot Fincorp Ltd 81.0% 2 73.6% 9 69.3% 1 100.0%

7 RGVN (North East) Microfinance Ltd 79.8% 9 68.5% 7 70.8% 1 100.0%

8 Utkarsh Micro Finance Pvt Ltd 79.4% 8 70.1% 11 68.0% 1 100.0%

9 Suryoday Micro Finance Pvt Ltd 79.3% 15 61.0% 4 76.8% 1 100.0%

10 Spandana Sphoorty Financial Ltd 78.7% 6 70.7% 12 65.4% 1 100.0%

11 Fusion Micro Finance Pvt Ltd 77.2% 12 63.0% 10 68.7% 1 100.0%

12 Jagaran Microfin Pvt Ltd 74.8% 17 60.0% 13 64.3% 1 100.0%

13 SV Creditline Pvt Ltd 74.7% 37 48.2% 6 75.8% 1 100.0%

14 Share Microfin Ltd 73.9% 4 73.1% 33 48.6% 1 100.0%

15 Ujjivan Financial Services Pvt Ltd 73.5% 11 63.4% 25 57.0% 1 100.0%

16 Janalakshmi Financial Services Pvt Ltd 73.1% 10 65.0% 27 54.3% 1 100.0%

17 Arohan Financial Services Pvt Ltd 73.0% 22 57.6% 18 61.5% 1 100.0%

18 Sonata Finance Pvt Ltd 71.5% 13 62.3% 28 52.4% 1 100.0%

19 S.M.I.L.E. Microfinance Ltd 71.3% 32 51.7% 17 62.1% 1 100.0%

20 Asomi Finance Pvt Ltd 70.9% 24 56.2% 26 56.6% 1 100.0%

Gramalaya Urban and Rural Development Initiatives & Network

Shri Kshethra Dharmasthala Rural

5 Mahasemam Trust 77.5% 12 55.0% 1 77.5% 1 100.0%

6 SEBA Rahara 76.8% 7 65.5% 6 65.1% 1 100.0%

7 Sarala Women Welfare Society 75.7% 3 67.1% 11 59.9% 1 100.0%

8 Sanghamitra Rural Financial Services 73.4% 18 45.1% 2 75.0% 1 100.0%

9 Prayas (Organisation for Sustainable Development) 73.2% 11 55.0% 7 64.7% 1 100.0%

10 Belghoria Janakalyana Samity 72.2% 13 54.2% 10 62.3% 1 100.0%

12 Samhita Community Development Services 70.7% 4 66.9% 16 45.4% 1 100.0%

13 Lok Biradari Trust, Indore 66.2% 22 34.2% 8 64.3% 1 100.0%

14 Humana People to People India 62.8% 14 52.2% 19 36.3% 1 100.0%

Innovative Microfinance For Poverty Alleviation

17 Bal Mahila Vikas Samiti 60.8% 21 34.7% 15 47.6% 1 100.0%

18 Network of Entrepreneurship & Economic Development 56.5% 17 46.1% 22 23.3% 1 100.0%

19 Mahashakti Foundation 56.4% 16 46.5% 23 22.8% 1 100.0%

20 WSDS Initiate 56.0% 24 31.9% 20 36.0% 1 100.0%

Overall Outreach Efficiency Transparency Outreach Information FY 2013-14

GLP - INR crore

Overall Outreach Efficiency Transparency Outreach Information FY 2013-14

GLP - INR crore

Overall Outreach Efficiency Transparency Outreach Information FY 2013-14

GLP - INR crore

Overall Outreach Efficiency Transparency Outreach Information FY 2013-14

GLP - INR crore

Overall Outreach Efficiency Transparency Outreach Information FY 2013-14

GLP - INR crore

Overall Outreach Efficiency Transparency Outreach Information FY 2013-14

GLP - INR crore

Overall Outreach Efficiency Transparency Outreach Information FY 2013-14

GLP - INR crore

Overall Outreach Efficiency Transparency Outreach Information FY 2013-14

GLP - INR crore