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ASA INTERNATIONAL INDIA MICROFINANCE LTD
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ASA India A Profile
Mission:
To reduce poverty and improve the quality of life of the economically challenged
people of the society through the provision of qualitative and responsive
microfinance services in an innovative and sustainable way.
Vision:
The vision of the Company is to create a poverty free society in the years to come
through whom the company will come in contact during course of their business.
Objectives:
The Company is committed to support, improve and strengthen the economic
status of the poorer section of the society through facilitating, dispensing and
expanding microfinance products.
Our Values:
We believe in establishing trust through transparency.
We attach high importance to our capacity to innovate.
We treasure our integrity and professionalism.
We work with zeal and enthusiasm.
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Index
Sl
No
Particulars Page
Number
1 Executive Summary 4
2 About ASA International 5
3 Background of Promoters 6
4 Registered and Corporate Office address 7
5 Historical overview of ASA India 7
6 Global Representation 8
7 Details of Board members 9-14
8 Details of Top Management 15-18
9 Organization Chart 19
10 Area of Operation 20
11 Shareholding Pattern 21
12 ASA’s Innovation 22
13 Internal Recognition and Awards 23
14 ASA International Excellent Social Performance 24
15 Methodology 25
16 Operational 26
17 Loan Products and features 27-28
18 External Assessment 29
19 IT, MIS and Accounting 29
20 Borrowings Details 29
21 Own Funds 30
22 Impact case study 31-35
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Executive Summary
ASA India has established itself as a major player in the field of Microfinance in
India, the strength being:
Part of the globally renowned ASA International Group having world-wide
Microfinance operations.
Strong Management, Board members, pioneers in the field of Microfinance
with over three decades of global Microfinance experience.
Strong equity base and sound financials.
IDFC Bank equity partner to the extent of 9.99%. In addition providing
funding and banking support with future plans to act as BC to reach banking
to the financially excluded.
Geographically spread-out operations in five states which include West
Bengal, Assam, Bihar, Tripura and Uttar Pradesh
Professional Management team with very strong skills and experience in the
areas of Finance, Banking, Human Resources and Microfinance.
Low cost and sustainable ASA methodology, very relevant in the present
“margin cap” regulations.
State-of-the-art technology and software, developed by global internal
team. Successfully tested and implemented at a sizably scaled-up level
world-wide.
Technical and operational support from ASA Bangladesh to implement
global microfinance 'best-practices’.
Financial, Investment, treasury, legal support and linkages from ASA International.
Wide outreach, an existing and target client population in some of the poorest areas of India, including North-East region of Assam/Tripura, West Bengal and Bihar.
Infrastructure already existing to tap huge potential demand, thereby
offering scope for sustained growth.
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ASA International India Microfinance Limited (ASA-INDIA) incorporated under the
Indian Companies Act is registered with Reserve Bank of India as an NBFC (applied
for NBFC-MFI as per current guidelines).
ASA-INDIA is part of the global ASA International group. ASA International Holding
holds 56.25% of its shareholding. Proswift Consultancy Private Limited an Indian
operating company holds the balance 18.75% and IDFC Bank holds 9.99%.
Post IDFC Participation Shareholding pattern:
S. No. Name of the Shareholder Value
Shareholding No. of Shares
% of holding
1 ASA International Holdings, Mauritius 8999900 89999 56.25
2 Proswift Consultancy Pvt. Ltd 3000000 30000 18.75 3 IDFC Bank 1598400 15984 9.99
4 Others(Proposed Indian
Domestic Investor)
2401600 24016 15.01
5 Total 15999900 159999 100.00
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A Brief Background of Promoters
ASA International: ASA International Holding Ltd. (“ASAI”), incorporated under the
laws of Mauritius was established in April 2007 – with the mission of financially
empowering the poorest and deprived population of the world.
ASA, one of the leading NGO Microfinance Institutions (NGO-MFI) in Bangladesh,
has long been providing Technical Assistance (TA) to numerous Microfinance
Institutions (MFIs) around the world. To date, ASA experts have worked in 15
countries – providing TA to MFIs with the intention of enhancing their institutional
capacity to achieve financial and operational self-sustainability.
At present ASAI is working in the Philippines, India, Pakistan, Sri Lanka, Ghana,
Nigeria, Cambodia, Kenya, Uganda, Tanzania and Burma and proposed Greenfield
operation in Sierra León, Rwanda, Malawi, Zambia and Cameroon.
Catalyst Microfinance Investors (CMI):
ASA International is wholly owned by Catalyst Microfinance Investors, a microfinance investment company incorporated under the laws of Mauritius (“CMI”). CMI, with USD 125 million in committed capital, is dedicated to investing in microfinance institutions (“MFIs”). ASA International is CMI’s primary investment vehicle – i.e. almost all of CMI’s resources are exclusively committed for investment in ASA International.
CMI was formed in 2006 by Mr. Md. Shafiqual Haque Choudhury, President of ASA, and Mr. Dirk Brouwer, Managing Director of Sequoia. Sequoia is an independent international corporate finance advisory and private equity firm based in the Netherlands.
Proswift Consultancy Private Limited: Proswift is an Indian Operating Company into Microfinance consultancy.
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A Brief Historical overview of ASA India:
ASA-India was incorporated in 1990 as Dilkusha Hire Purchase Pvt. Ltd (DHPPL).
DHPPL was registered with RBI as NBFC in the year 2000.
The present Management of ASA acquired the company on 3rd June 2008.
The name was changed to ASA International India Microfinance Pvt Limited in the
year 2009.
ASA-INDIA commenced Microfinance operations on 4th July 2008.
ASA-India operates from its Head Office located at Salt Lake, Kolkata with the
registered office in Jalandhar City (Punjab).
REGD OFFICE :
Premise No. 2, Khanna Construction Building, S.A.S. Nagar, Near Shanti Hospital,
Jalandhar, Punjab – 144003.
CORPORATE OFFICE:
VICTOTORIA PARK BUILDING(9TH FLOOR) Block: GN – 37/2, Sector - V,
Salt Lake City, Kolkata - 700091, India,
Ph(O) 91-23578508/18, Fax : 91-33-23578500
E-Mail ID : india@asa-international.com
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Brief details of board members:
Sl. No Name of Directors Current
Occupation
& Position
Position in
ASA India
Education and Experience
1 Mr. Dirk
Machgielis
Brouwer
Promoter
Director of
Holding
Company
ASA
International
Chairman Qualification: Master in
Economics from university of
Rotterdam, MBA from Stanford
University.
Experience: Worked for more
than 7 years at Merrill Lynch in
London as Managing Director &
Head of Benelux Investment
Banking, Worked for more than 7
years with PaineWebber in
London & New York focusing on
M&As, leveraged buyouts &
private equity.
2 Shafiqual Haque Choudhury
Promoter
Director of
Holding
Company
ASA
International
Director Qualification: Master in
Sociology from Dhaka University.
Experience: Md. Shafiqual Haque Choudhury is one of the prominent microfinance leaders in the world having founded one of the largest MFI, ASA which covers 4.5 million poor households, 5.5 million members in Bangladesh through a sustainable program of providing cost‐effective financial services. He also co-founded, Catalyst Microfinance Investors (CMI) and ASA International Holding
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(ASAIH), both registered in Mauritius as an equity investment company and holding company to accelerating the development of microfinance in Asia and Africa. He is also serving as Chairman in all these three organizations. Besides this, he served as faculty member of Microfinance training in Boulder, USA and also a visiting fellow in Coady Institute at the Saint Xavier University, member board International Network of Alternative Financial Institutions (INAF); member CGAP/World Bank; member International Technical Service Providers (ITSP) UNDP Micro Start Program Philippines & Nigeria. Board member positions held at several MFIs.
Completely out of these surroundings, he also served as Former Advisor in the cabinet of Caretaker Government of Bangladesh (2006‐2007) equivalent to ministerial position in‐charge of Agriculture, Youth & Sports and Cultural affairs
3 Md. Azim Hossain Director of
Investment &
Treasury of
ASA
International.
Director Qualification: Master’s degree
from the University of Dhaka and
a Diploma in Project
Management from Denmark
Experience: Mr. Mohammed
Azim Hossain joined ASA
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Bangladesh in 1984 and
performing as a Director of
Finance & MIS since 1992. He is
also in charge of ASA NGO
Partnership Build-up Program,
where small NGOs/MFIs are
receiving financial and technical
support from ASA. Mr. Hossain
has vast experience in product
development and lending
methodology in the microfinance
sector as well as financial
management, accounting system
design, business planning,
financial forecasting and
performing analysis. During his
29 years’ experience as a
financial concourse he provided
consultancy in the Microfinance
sector to various MFIs in
countries like Ethiopia, India,
Nigeria, Philippines, Yemen,
Cambodia and Indonesia. Mr.
Hossain also worked under
UNDO Micro Start program in
the Philippines and Nigeria .Mr..
He also participated in numerous
training courses and workshops
in countries like USA, Denmark,
The Netherlands, Sri Lanka,
Egypt, Thailand, Japan, United
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Kingdom and Malaysia.
4 Md. Enamul
Haque
Chief
Operating
Officer(COO)
of ASA
International
Director Qualification: Master Degree in
Social Science from University of
Dhaka.
Experience: Presently he is
working as Chief Operating
Officer (COO) for ASA-
International. Mr. Haque worked
as team leader, UNDP/MSP
project in Nigeria for six month,
consultant for Save the Children
(USA) in Jordan for three month,
UNDP/MSP project in the
Philippines for one month, Kashf
Foundation in Pakistan for three
months, Bank of Kaiber in
Pakistan for 15 days. He is a
specialist on products design,
system development related to
operations, MIS, and format
development, business
development, monitoring and
supervision, manual write up,
market feasibility study,
institutional capacity building
and trainers etc.
5 Mr. Anjan Dasgupta
Managing Director of ASA- India International from April’
Managing Director
Qualification: Graduating in Finance from Mumbai University and a Banking and Finance professional.
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2013 Experience: Brings with him 30 years of Banking, Finance and Microfinance experience. Heading India operations of ASA as Managing Director. Prior to joining ASA India was CFO in Saija, Bihar a largest state grown Microfinance NBFC jointly owned by ACCION, USA. Prior to joining the Microfinance sector, he was a result oriented Banker; heading a Bank as Managing Director in Gangtok, Sikkim. Has wide experience in the field of Microfinance, Livelihood interventions and proven experience in restructuring and revival of financially troubled Banks and Financial organisations.
6. Mr. Ravi Shankar Head of
Bharat
Banking for
IDFC Bank
Limited
Nominee
Director
Qualification:
Bachelor’s degree in Economics
& a Post Graduate Diploma in
Management.
Experience:
He has over 25 years of
experience across sectors
including retail finance, business
consulting, advertising,
automotive, aviation etc. Prior to
joining IDFC, Ravi Shankar was
Head of Business & Marketing at
Fullerton India Credit Co. Ltd. In
this role, he was responsible for
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both urban and rural businesses
along with Marketing, Corporate
Communications and CSR. At
Fullerton India, he helped build a
profitable and robust rural
finance network of over 200
branches across India, called
"Gramshakti". He was also
responsible for conceptualizing
and implementing the marketing
and communication initiatives
for the company. Prior to
Fullerton, he worked with TNS
India Pvt. Ltd. as Senior Vice
President & Head - Stakeholder
Management Research and
Strategic Consulting for clients
across B2B, automotive, finance
& technology sectors. Prior to
joining TNS India, Ravi worked
with organizations like Publicis
India Communications Pvt. Ltd.,
ModiLuft Ltd., Maadhyam
Advertising Pvt. Ltd. and the
Eicher Group. He began his
corporate career with Living
Media India Ltd.
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Top Management Details Annexure - D
Sl.
No
Name of the
Employee
Designation Qualification MF
Experience
Present Function
1 Mr. Saibal Mitra
Head - Finance & Treasury
BCE, MBA 5 yrs in Consulting, 15 yrs in Banking
Financial planning, sourcing and deployment of funds, banking, internal controls and compliance, etc.
2 Mr. Shubhashis Paul
DGM (Finance& Accounts)
B.Com(Hons), ACMA,
CMA(USA)
7 years in Microfinance and 11 years in Banking.
Fund sourcing, Business plan and Projection, Co-ordination with Lenders. Compiling Reports based on Lender’s requirement and monitoring the entire banking operations.
3 Ms.
Madhumita
Pramanik
Company
Secretary
B.Com(H),
M.Com, ACS
15 months
Management
Training in a
Listed NBFC
i.e. Paragon
Finance Ltd
handling
secretarial
and finance
functions;
15 months in
CD Group
Responsible for
Company’s
Secretarial
(Statutory &
Regulatory)
Compliance.
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handling
compliances
applicable to
NBFC, Stock
Broking
&Research
Companies.
Joined ASAI
India w.e.f
August 01,
2015.
4 Md. Nasiruddin Kaiser
Operation
in-Charge
Graduate in Social Science from Dhaka University.
30 years of
wide
experience in
the field of
Micro Finance
Program
Control and
monitoring entire
operations of ASA
India
5 Md. Matiur
Rahman Khan
DGM (Operation)
B.Com, M.Com in Management.
20 Years Experience in micro-finance operations for last 20 years.
6 Mr. Pabitra Kr.
Das
AGM (Operation)
PG in Social Science
25 Years Experience in micro-finance operations for last 25 years.
7 Mrs Gargi Sen AGM (Operations)
MBA in Finance, PGDBM in Business Laws
19 Years Experience in Mutual Fund Industry
8 Mr. Partha Bhadra
Manager - Accounts
ACMA 4 and Half years in the current MFI.
Overall responsibility to finalize accounts,
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and 2 years in other
corporate sector
looking after tax related matters and facing IFRS and GAAP Audit
9 Mr. Manoj Acharya
System Engineer
MCA 7 years in the current MFI with total 9 years MFI
Experience and 2 years in
other corporate
sector
Responsible for maintenance, design, support and troubleshooting of overall company computer system, network and applications.
10 Ms Taniya Das HR-Officer PGDM(HR) 5 years in the current MFI
Overall HR functioning including recruitment, performance management, disciplinary actions gratuity related liaison, exit employee full & final settlement and key functionary for MIS
11 Mr. Pijush Kanti Ghosh
Internal Audit Head
MBA (Finance)
4 Years in present MFI
Analyze and consolidation of branch audit report. Preparation & summarization of report and shared with audit committee.
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Area of Operation
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ASAI India is also offering 15.01% to Indian partner for which discussions are in
progress.
ASA International
India Microfinance
Pvt. Ltd (Indian Company)
Proswift Consultancy
Pvt. Ltd
(22.06%)
ASA International
Holding
(66.18%)
IDFC Bank Ltd. (11.75%)
ASAI India – Shareholding:
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ASA’s Innovation in Microcredit
Flexibility of group formation/No bindings on group guarantee
Simplicity and transparent system Low-costs management Standardization Delegation of authority in the field
level Innovative staff recruitment and on-
the-job (each one-teach one) training Simple and shorter loan processing,
less waiting time for the borrower Written manual thereby uniformity and
greater control. Strong monitoring and supervision Standard and low cost structure on
furniture, fixture and overall management costs
Donors free sustainable growth, high ROA and ROE.
Strong IT and Systems-AMMS software covering operational, financial, MIS and
ASA’s Operating Model distinguishes from many other microfinance
institutions through its standardized and efficient policies and procedures
Exclusively working capital loans for income generating activities
Individual client selection, no joint liability, which has the
advantage that (i) each prospective client’s business is more
carefully evaluated, (ii) good clients are not penalized by non-
performing clients, and (iii) clients are not dependent on group
formation prior to first loan
Lending groups are formed in order to achieve and maintain
distribution efficiencies in order to maintain weekly client contact
and collect installments
Highly standardized lending and control model
Centrally controlled policies and procedures combined with
decentralized credit decision
Rigorous focus on cost control and achieving ongoing cost
efficiencies
Flexible loan products suited to client’s capacity to repay
Graduation principle – good credit record provides access to bigger
loans
Ongoing focus on improving products and loan protection through
various insurance schemes
Rapidly scalable, primarily dependent on the ability to train and
maintain experienced staff
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International Recognition and Awards “Banking at the Bottom of the Pyramid”
Award by Financial Times and International Finance Corporation (IFC) UK (2008)
Selected as the best MFI worldwide by Forbes (Dec 2007)
“The Ford Motor Model of Microfinance” Asian Development Bank
Best International Technical Service Provider for UNDP Micro Start Program in the Philippines and Nigeria
Placed in all the six categories with exceptional best result: MIX Report 2005
Empowerment of Women Award
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ASA International - Excellent Social Performance Track Record
Social rating
Five star rating by GIIRS (Global Impact Investing Rating System)
for second year in a row GIIRS is a ratings and analytics platform for impact investing that
provides comparable and verified social and environmental
performance data on high impact companies seeking investment
capital GIIRS now has the largest database of social and environmental
performance data on private companies Out of 219 companies rated ASAI scored highest rating in three
benchmark groups (company vs market, market & sector, and
market & size) Social responsible investment
ASAI signing up as signatory to the United Nations-supported
Principles for Responsible Investment (PRI) Initiative. The
Principles are voluntary and aspirational offering a menu of
possible actions for incorporating ESG issues into investment
practices across asset classes PRI Initiative is the leading global network for investors to publicly
demonstrate commitment to responsible investment Social policies and practices
ASAI adopted the SMART principles. These Client Protection
Principles are the minimum standards that clients should expect
to receive when doing business with a microfinance institution
based on consensus in the microfinance industry ASAI desires to be fully transparent in the pricing, terms, and
conditions of all its financial products. It also aims offer the most competitive rates in each of the markets it is active in
ASAI promotes the establishment and use of credit bureaus Public reporting
ASAI publishes data on mix market
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State Number of Branches
Districts
West Bengal 90 Sixteen District- 1) Darjeeling 2) Cooch Behar 3) Jalpaiguri 4) South Dinajpur 5) Malda 6) Murshidabad 7) Birbhum 8)Nadia 9) North 24 Pgs.’ 10) South 24 Pgs 11) Howrah 12) East Midnapore 13) Hooghly 14)Kolkata 15) Bankura 16)Burdwan
Assam 11 Two District – Kamrup, Guwahati
Tripura 14 Two District – West Tripura, Gomati Bihar 3 One District– Kishanganj
Uttar Pradesh 4 Three District –Varanasi, Jaunpur, Chandauli
Methodology:
ASA India follows the globally accepted ASA Methodology - The considered low
cost sustainable model. ASA’s low cost methodology gains further relevance in
the “margin cap” environment that the Microfinance sector is operating in
India.
The uniqueness of the methodology is:
Flexibility of group formation/No bindings on group guarantee.
Simplicity and transparent system.
Low-costs management.
Standardization.
Delegation of authority in the field level.
Innovative staff recruitment and on-the-job (each one-teach one) training.
Simple and shorter loan processing, less waiting time for the borrower
Written manual.
Strong monitoring and supervision.
Standard and low cost structure on furniture, fixture and overall
management costs.
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Donors free sustainable growth, high ROA and ROE. While the sanction of
loan is to individuals who are part of a group, the collections are through
group meetings.
Operational Snapshot
Sl. No Particulars As on
30.11.2016
1 No of states 5
2 No of Districts 24
3 No of branches 122
4 No of total members 2,54,808
5 No of active clients 2,08,704
6 No of loan officers 581
7 No of total staff 799
8 Portfolio Rs in Crores 244.18
9 PAR>30(%) 0.22
10 Repayment rate (%) 97.07
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Loan Product and features:
Product features PRIMARY LOAN Loan duration: 12 month Range: Rs.1000-Rs.30000.
SPECIAL LOAN Loan duration: 24 months Range: Rs.30001 to Rs. 50000.
Installment Type Weekly Fortnightly Monthly Weekly Fortnightly Monthly
Incremental Loan in next cycle.
Rs 1000-Rs 5000
Interest rate (Decline Method P.A.)
25.96% 25.96% 25.96% 25.96% 25.96% 25.96%
Processing Fee 1%
Service Tax (processing fees)
15.00%
Insurance Charges(per 1000/-)
Rs 5/- Rs 5/- Rs 5/- Rs 10/- Rs 10/- Rs 10/-
No. of Installment 46 22 11 97 47 23
Moratorium Period 1 Week 1 Fortnight 1 Month 1 Week 1 Fortnight 1 Month
Grace period 3 weeks 2 Fortnight Nil 6 Weeks 4 Fortnight Nil
Loan Tenure 50 weeks
25 fortnights 12 months 104 weeks 52fortnights 24 months
Processing time Maximum 2 weeks
Penalty/ Late repayment
No Penalty charged
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New Products effective from 1st July, 2015
Product features SHORT TERM LOAN Loan duration: 6 month Range: Rs.3000-Rs.5000.
FAMILY LOAN Loan duration: 12 months Range: Rs.5000 to Rs. 15000.
Installment Type Weekly Fortnightly Monthly Weekly Fortnightly Monthly
Interest rate (Decline Method P.A.)
25.96% 25.96% 25.96% 25.96% 25.96% 25.96%
Processing Fee 1%
Service Tax (processing fees)
15.00%
Insurance Charges(per 1000/-)
Rs 5/- Rs 5/- Rs 5/- Rs 5/- Rs 5/- Rs 5/-
No. of Installment 23 11 5 46 22 11
Moratorium Period 1 Week 1 Fortnight 1 Month 1 Week 1 Fortnight 1 Month
Grace period 2 weeks 1 Fortnight Nil 3 Weeks 2 Fortnight Nil
Loan Tenure 26 weeks
13 fortnights 6 months 50 weeks 25 fortnights 12 months
Processing time Maximum 2 weeks
Penalty/ Late repayment
No Penalty charged
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External Assessments
The External Assessment is performed by one of the leading National Rating
Agency of repute, CARE and presently Graded as: MFI 2.
External Credit Rating is done by ICRA and presently rated as: BBB-
IT, MIS & Accounting
ASA India has state-of-art Information Technology backed by globally used AMMS
software, developed by the in-house International team at ASA International. This
software is an integrated and comprehensive package with Financial Accounting
and Management Information System with detailed data and wide reporting
capability. The securities and controls are robust with highest level of data integrity
and dependability.
Borrowings as on 30.11.2016: Amount Rs. in crores
Sl.
No
Banks/FIs Amt. of loan
disbursed
Balance Loan amount
outstanding
1 OIKO Credit 31.00 9.82 2 MAS Fin. Serv. 115.25 20.83 3 Capital First 25.00 25.00 4 Corp. Bank Cash Credit
creditCredit 1.62 0.00
5 Central Bank Cash Credit 0.18 0.18 6 PNB, College Street 0.15 0.15 7 PNB, Burdwan 0.23 0.00 8 Reliance Capital 56.00 24.77 9 IDFC BANK 80.00
sSsanctione and
disbursed
45.62
10 Caspian 12.00 9.13 Total 321.43 135.50
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Capital structure (as on 30.11.2016)
Sl. No Source of fund Amount (Actual/Unaudited)
Shareholder fund: Authorized Capital 10,00,000 equity share @ `.100.00 each Issued and subscribe
I) 1, 35,983 share @ `. 100.00 each II) Reserve and surplus
10,00,00,000.00
1,35,98,300.00
55,63,98,959.00
Sub Total: 56,99,97,259.00
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ASA India – Impact through Microfinance
Impact1:
Client: KHUSNAHAR BIBI (NASKAR) / LASKAR MUJAFFAR ALI (17)
Activity: Fast Food Center
ASA Group: MOHONA (P) (THU)
First Loan: 8,000
Current Loan: 12,000
“ASA’s Loan has helped me convert my temporary structured fast food counter
into a permanent structure. With increased business my husband who was
employed as a painter has now joined me and we jointly run this small enterprise.”
Khusnahar Bibiis on the 6th cycle of ASA’s loan, the first cycle was Rs.8000 and
current loan is Rs. 12,000. With the loan of ASA her income has doubled, she plans
to avail more such loan from ASA to diversify her business into stationary. This
would increase her income and also create job opportunities as she plans to
employ more people to run her enterprise.
She has also created a training facility for teaching around 20 local women dress
designing to increase their employability, she also joins them in taking this training
for increasing her skills in dress designing.
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Impact 2:
Client: CHALIMA BIBI / IBRAHIM MONDAL (1)
Activity: Stationary Shop
ASA Group: RANI (P) (THU)
First Loan: 6,000
Current Loan: 15,000
“Now I do not have to depend upon other sources and my husband for funding my
small shop. ASA’s loan is easily available without much trouble and has helped to
increase my business sizably.”
ChalimaBibiruns a small shop selling diversified items that includes cosmetics,
stationeries, and mobile recharge coupons. She is on the 7th cycle of loan, the first
cycle she availed Rs.6,000/- and presently has a loan of Rs.15,000/- The loan from
ASA has made her independent and she has been able to provide her two children
quality education meeting all the expenses from this small business besides
supplementing her family income.
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Impact 3:
Client: TAPASHI BHOWMIK / SWAPANBHOWMIK(5)
Activity: Stationary Shop
ASA Group:MAHAMAYA (P) (SAT)
First Loan: 10,000
Current Loan: 15,000
“ASA’s loan has been a saviour for my family when the factory where my husband
was employed closed down. We could start a car hire business and later this small
shop using this money as working capital.”
Tapasi Bhowmick have regularly availed ASA’s loan for running this business and
she is on 7th cycle of loan. Now her business is diversified and includes cold drinks,
photo copy machine, telephone booth and four cars on hire. ASA’s loan has
helped her through a sustainable income there increasing her family’s economic
status. Her daughter is now married, she has also availed ASA’s loan for similar
income generating activity.
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Impact 4:
Client: SITA DEBI KUMAR / BUDDHU KUMAR (6)
Activity: Pottery & Clay Modelling
ASA Group: KALIMATA (P) (SAT)
First Loan: 8,000
Current Loan: 15,000
“ASA’s loan has freed us from the clutches of money lenders who were charging us
120% interest per annum. Now we are able to run our business without worry
about sources of finance. We can also send our children to school and bear all the
schooling expenses.”
Sita Devi Kumaruses the money availed from ASA as working capital for funding
the raw materials required for their pottery and clay modelling unit. She is on the
fifth cycle of loan and is very satisfied with the product, its weekly repayment and
the behaviour of all at ASA.
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Impact 5:
Client: SAHANARA BIBI / MAHIBULYA RAHAMAN (20)
Activity: Tailoring
ASA Group: MOHONA (P) (THU)
Current Loan: 10,000
“ASA’s loan was used by me in my small tailoring unit and helped me as my
working capital, shifting to a better premise and improving my infrastructure. This
loan has helped me in including designer items to make my product more
attractive thereby increasing its demand. “
Sahanara Bibi has availed this loan for the first time and has helped her in shifting
to a better premises and adding to the variety thereby increasing her business and
income sizably. With the increasing business, her husband has also joined her. She
has also employed four staff to meet the increased demand.
She plans to further increase her infrastructure and has already ordered an almirah
as a part of her expansion plans.
She expressed her satisfaction on the product and behaviour of all at ASA and is
thankful for the support.
Such is the success story of our 3 Lakhs clients who have all benefited through our Microfinance program in India, similar success story of millions at the bottom of pyramid told world-wide though our group operations in different countries.
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