CRISIL MFIGrading mfR5 Weaker Sections Development Society-Institute of Innovative Technology Transfer and Environment (WSDS Initiate) Date Assigned July 2, 2013
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CRISIL MFIGrading
mfR5
Weaker Sections Development Society-Institute of Innovative
Technology Transfer and Environment (WSDS Initiate)
Date Assigned July 2, 2013
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DISCLAIMER
CRISIL's microfinance institution (MFI) Grading reflects CRISIL’s current opinion on the ability of an
MFI to conduct its operations in a scalable and sustainable manner. In the case of NGO-MFIs and
entities with multiple businesses, CRISIL’s MFI Gradings apply only to their microfinance programmes.
The MFI Grading is a one-time exercise and the Grading will not be kept under surveillance. This
grading is valid for a period of one year from the date of assignment. However, CRISIL reserves the
right to suspend, withdraw, or revise the MFI grading at any time, on the basis of any new information
or unavailability of information or any other circumstances brought to CRISIL’s notice, which CRISIL
believes may have an impact on the grading. CRISIL recommends that the user of the Grading seeks a
review of the Grading if the graded institution/microfinance programme experiences significant
changes/events during this period which could impact the graded institution/its grading.
CRISIL MFI Gradings are based on the information provided by the Institution, or obtained by CRISIL
from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the
information on which the MFI Grading is based. CRISIL MFI Grading is not a recommendation to
purchase, sell or hold any financial instrument issued by the graded MFI, or to make loans and
donations / grants to the institution. The MFI Grading does not constitute an audit of the graded MFI by
CRISIL.
The MFI Grading Report and the information contained therein are the intellectual property of CRISIL.
The MFI Grading Report should not be reproduced or distributed or communicated directly or indirectly
in any form to any other person or published or copied in whole or in part, for any purpose or by any
means without the prior written permission of CRISIL. The MFI Grading should not be used for
mobilising deposits/savings/thrift/insurance funds/other funds (including equity) from their
members/clients or general public and should not be used in its external communications, promotional
materials or member/client passbooks. CRISIL is not responsible for any errors and especially states
that it has no financial liability, whatsoever, to the subscribers/ users/transmitters/distributors of its MFI
Gradings. For the latest information on any outstanding CRISIL MFI Gradings, please contact CRISIL
RATING DESK at [email protected] or at (+91-22)-3342 3047/3064.
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CRISIL MFIGrading
MICROFINANCE INSTITUTION (MFI) GRADING
MFI GRADING HISTORY None
mfR1 CRISIL’s microfinance institution (MFI) Grading is a current opinion
on the ability of an MFI to conduct its operations in a scalable and
sustainable manner. The MFI Grading is assigned on an eight-point
scale, with ‘mfR1’ being the highest, and ‘mfR8’ the lowest. The MFI
Grading is a measure of the overall performance of an MFI on a
broad range of parameters under CRISIL’s MICROS framework. It
includes a traditional creditworthiness analysis using the CRAMEL
approach, modified to be applicable to the microfinance sector. The
acronym MICROS stands for Management, Institutional
arrangement, Capital adequacy and asset quality, Resources and
asset-liability management, Operational effectiveness, and
Scalability and sustainability.
MFI Grading scale: mfR1 - highest; mfR8 – lowest
mfR2
mfR3
mfR4
mfR5
mfR6
mfR7
mfR8
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FACT SHEET
Name of the MFI : Weaker Sections Development Society-Institute of Innovative
Technology Transfer and Environment (WSDS Initiate)
Year of Incorporation : August, 2007
Year of commencement of microfinance programme
: August, 2007
Legal status : Registered under the Societies Registration Act 1860
Managing Director : Mr. Lamkhomang Kipgen
Office address : "Gollut Gens", New Lambulane,
Imphal East - 795 001, Manipur
Tel.: +91 385 2442 730
Mobile: +91 9862008741/+91 8794424451
Email: [email protected], [email protected]
Web: www.wsdsinitiate.org
Bankers and lenders : � Ananya Finance for Inclusive Growth Private Limited
� North Eastern Development Finance Corporation Limited (NEDFi)
� Friends of Women's World Banking (FWWB)
� Kiva International
� Kashi Vishwanath Vida Sama
Statutory Auditors : Kunjabi and Company, Imphal, Manipur
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ABOUT THE MICROFINANCE PROGRAMME
o As on March 31, 2013
Lending model : Self help groups (SHGs) and joint liability groups (JLGs)
Products : • Microfinance loans:
o SHG loan: Rs.5,000 to Rs.25,000. The MFI extends 12
month loans to SHGs at an interest rate of 20.00
percent on a reducing basis with weekly and monthly
repayment instalments.
o JLG loan: Rs.10,000 to Rs.25,000. The MFI extends 12
month loans to JLGs at an interest rate of 20.00 percent
on a reducing basis with weekly and monthly repayment
instalments.
o Processing fee at the rate of one per cent of the loan
amount is charged from the borrowers.
o Credit insurance is offered to the borrowers in alliance
with:
� ICICI Prudential Life Insurance Company Limited
� Birla Sunlife Insurance Company Limited
� Bajaj Allianz Life Insurance Company Limited
• Solar energy loan:
o Small solar lamp: Rs.500. Payable in 6 months at an
interest rate of 24 per cent on a flat basis.
o Big solar lamp: Rs.1,850. Payable in 6 months at an
interest rate of 24 per cent on a flat basis.
Borrower base : 2,913 (2,857 as on March 31, 2012)
Employees : 21 (10 credit officers)
Branches : 7
Loans outstanding : Rs.33.21 million (Rs.21.64 million as on March 31, 2012)
Loans disbursed : Rs.43.35 million (Rs.49.65 million as on March 31, 2012)
Operational areas : 4 districts of Manipur and 1 district of Mizoram
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SOCIAL AND TRANSPARENCY INDICATORS
As on March 31, 2013 in per cent
Average loan outstanding/per capita gross national income (GNI), 2012 17
Percentage of women staff 38
Percentage of women borrowers 100
Interest rate (reducing basis) 20.00
Client dropout rate 3
Is interest rate (on declining basis) communicated to clients in writing? Yes
Are processing charges communicated to clients in writing? Yes
Does the MFI provide an official receipt to clients after repayment collections? Yes
Is access to loan of other MFIs a parameter to select/screen clients? No
Is access to loan of other MFIs/residual income factored in appraising the client’s repayment capacity?
Yes
Does the MFI appraise the client’s income/poverty/asset level and use this data to target other low-income clients?
Yes
Does the MFI capture and analyse reasons for client dropout rate? Yes
Are clients provided head office contact details as part of the grievance redressal mechanism? Yes
Source: Based on Central Statistical Organisation (CSO) data GNI is based on current prices and is a quick estimate for financial year 2012-13 Dropout rates are recorded but not analysed
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CRISIL MFIGrading
GRADING RATIONALE CRISIL’s microfinance institution (MFI) grading on WSDS Initiate reflects the following strengths:
• Experienced board and senior management
• Above-average asset quality
• Average earnings profile
• Adequate MIS and loan monitoring software for current level of operation
The above mentioned grading strengths are offset by its:
• Small net worth and scale of operations
• Asset under management concentrated in one district
• Modest resource profile
• Weak cash management practices
Profile
Imphal-based WSDS Initiate was established in 2007 by Mr. Lamkhomang Kipgen. Its
microfinance programme is designed to help women entrepreneurs conduct income-generation
activities, such as running greengroceries, embroidery shops, eateries, cosmetic trading, and
tailoring establishments. In addition to financial inclusion, the NGO-MFI also undertakes social
development projects, delivering education, health awareness, and livelihood services to the rural
poor.
WSDS had 2,913 borrowers and a loan outstanding of Rs.33.21 million as on April 31, 2013.
Manipur can serve as India's gateway to Southeast Asia. WSDS has seven branches across four
districts of Manipur, namely, Senapati, Imphal East, Churachandpur, and Bishnupur. It also has a
branch in the Aizawl district of Mizoram and plans to expand operations to the other north-eastern
states as well. The organisation would also stand to benefit significantly from the proposed Trans-
Asian Railway Network (TARN). The line is expected pass through Manipur, connecting India to
Burma, Thailand, Malaysia, and Singapore.
The loan size varies from Rs.5,000 to Rs.25,000, depending on the repayment capacity of
individual clients, number of loan cycles, type of activity, and type of microfinance loan. The loans
are provided for a one year period with weekly and monthly repayment instalments, and are
offered at an interest rate of 20.00 per cent (reducing) per annum. In addition, a processing fee of
one per cent of the loan amount is collected from each borrower at the time of loan disbursement.
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The NGO-MFI also has tie-up with ICICI Prudential Life Insurance Company Limited, Birla Sunlife
Insurance Company Limited, and Bajaj Allianz Life Insurance Company Limited to offer loan credit
insurance services for its borrowers, for which it collects an insurance fee of one percent of the
loan amount.
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CRISIL MFIGrading
MANAGEMENT
Extensive microfinance experience
• The founders of WSDS have more than two decades of experience in
providing microfinance and social development services in the MFI’s
operational area. CRISIL expects the resultant operational expertise to
enable the MFI to expand to new areas while maintaining portfolio
quality.
Loan monitoring software in place
• The NGO-MFI has been using loan-monitoring software for about a
year. The software is integrated with the accounting package and can
generate various reports, including portfolio at risk (PAR) statement,
loan processing and disbursements, and demand and collection at
branch levels. However, only three of seven branches are
computerised, and the rest maintain manual documentation. This
affects productivity and poses the risk of data inaccuracy.
• The NGO-MFI has a loan monitoring software in place and it is
integrated with the accounting package. Thus, the MFI is generating
important reports on daily basis, which includes portfolio at risk (PAR)
statement, loan processing and disbursements, and demand and
collection at branch levels. However, only three out of seven branches
are computerised and are using the software to generate demand and
collection statements. The remaining branches are maintaining all the
documents manually; this poses risk of data inaccuracy and low
productivity levels. Further this could hinder the HO’s consolidation
process.
Adequate credit appraisal process
• The credit appraisal process at WSDS is decentralised. The branch
head sanctions the loans after proper due diligence, including
verification of data on the applicant’s household income and expenses.
• WSDS tied-up with a credit information bureau (High Mark) in June
2013 but is yet to begin data sharing. Thus it is currently unable to
assess the borrower’s credit and repayment history. CRISIL also
observed that there is no formal mechanism of assessing attendance
history of existing clients.
Moderate internal audit
• WSDS has appointed an employee to verify loan applications, demand
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and collection sheets, and other documents at the branches. The audit
is conducted on a monthly basis at HO and branch levels, and the
findings are shared with the respective BMs. However, the branches
do not send compliance documentation to the HO. CRISIL believes
that the internal audit also has scope for improvement in terms of
capturing more details on operational deviations and field-level
findings.
Weak cash management practices
• WSDS branches follow the practice of next-day deposit of collections,
which results in high cash balance on a daily basis. WSDS has not
availed cash-in-transit and cash-in-safe insurance.
• Further, the branches that aren’t connected to the loan monitoring
system have an inadequate reconciliation system for due receivables
and actual collections. CRISIL thus believes that there is a scope of
theft/ misappropriation and ineffective cash utilisation at the branches.
Limited competition in area of operations
• WSDS’s microfinance operations are in hilly areas which have poor
infrastructure and connectivity. Thus, the NGO-MFI faces limited
competition from other national level large-sized MFIs in its area of
operations.
Social impact by providing credit services to clients having limited access to formal financial services
• WSDS has been operating for six years in hilly areas of Manipur,
where there is limited access to formal financial services. This has led
to financial literacy and empowerment of clients. The organisation
targets clients who have no access to formal financial services and
have not been served by other MFI players. Significant social impact
has been created by micro credit intervention by WSDS.
INSTITUTIONAL ARRANGEMENT
Experienced board and senior management
• WSDS has a seven-member board with over a decade of experience in
microfinance, social development, and the banking and financial
services (BFS) sectors. The senior management team also comprises
professionals with extensive microfinance and development experience.
• WSDS’s senior management comprises professionals with experience
in microfinance and social development activities. The experienced
senior management team would enable the organisation to steer the
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CRISIL MFIGrading
microfinance programme in long term.
• The NGO-MFI has an agreement with Vittana Foundation (a
Washington-based non-profit organisation), under which the it provides
consulting and technical assistance for the education loan program.
CAPITAL ADEQUACY AND ASSET QUALITY
Low capitalisation levels
• Compared to the other CRISIL-rated MFIs, WSDS had a small corpus of
Rs.1.63 million as on March 31, 2013. CRISIL expects the corpus to
remain small in the midterm, as the organisation’s fundraising ability is
limited by its legal status as a society.
• The capital adequacy ratio (CAR) declined to 4.69 per cent as on March
31, 2013 from 6.09 per cent as on March 31, 2013, and the debt-to-equity
ratio also declined to 24.00 times from 17.64 times in the same period
due to increase in asset size without corpus infusion. CRISIL expects
gearing to deteriorate further with the planned growth in portfolio and
borrowings.
Above-average asset quality
• Though the MFI is operating in sparsely populated area, it maintained
above-average asset quality with an on-time repayment rate of 99.24 per
cent as on March 31, 2013 and portfolio at risk greater than 90 days
(PAR>90 days) of 0.56 per cent. CRISIL believes that the organisation’s
ability to extend repeat loans and meet credit demands on time will be an
important grading factor.
Significant geographic concentration
• The Senapati district of Manipur accounts for around 66 per cent of the
loan portfolio, which makes WSDS vulnerable to high credit and
operational risks.
• As operations are expected to remain concentrated over the near term,
any adverse credit event in the operational area could affect the MFI’s
capitalisation levels. Its ability to maintain delinquency at acceptable
levels while also pursuing growth remains a key grading sensitivity factor.
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RESOURCES AND ASSET LIABILITY MANAGEMENT
Though it accessed funds from five lender it highly depend on single lender
• The NGO-MFI had outstanding borrowings from five lenders as on
March 31, 2013, out of which top lender accounted for about 77.38 per
cent (Rs.30.19 million) of overall borrowings, with no borrowings from
private and public sector banks.
Moderate resource profile
• CRISIL however expects an improvement in the MFI’s resource profile
as it received funding of Rs.69.60 million in 2012-13. Kashi
Vishwanatha Vidya Samasthe sanctioned Rs.1.00 million, while KIVA
International sanctioned a three-year, interest-free loan of Rs.1.10
million per month.
• The MFI’s average cost of borrowings was also low at 8.72 per cent in
2012-13. CRISIL expects costs to remain moderate as MFI plans to
raise around Rs.70.00 million in the near term to fund portfolio growth.
OPERATIONAL EFFECTIVENESS
Moderate earning profile
• As compared to the previous year, WSDS demonstrated an
improvement in its field-productivity indicators in 2012-13:
o Loans outstanding per credit officer increased to Rs.3.32 million
from Rs.0.87 million
o Loan outstanding per branch increased to Rs.4.74 million from
Rs.3.61 million
• The NGO-MFI has high operating efficiency, with opex improving to 6.69
per cent in 2012-13 from 14.37 per cent for 2011-12. Operational self-
sufficiency (OSS) also improved to 102.26 per cent as on March 31,
2013 from 100.69 per cent as on March 31. 2012.
• CRISIL expects the earnings profile to remain moderate despite an
increase in disbursements and productivity.
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CRISIL MFIGrading
SCALABILITY AND SUSTAINABILITY
• In the six years that it has been operational, WSDS has demonstrated a
profitable track record in the fields of microfinance and social
development. Its experienced board and management team is expected
to help it steer the microfinance programme in long term.
• The key challenges faced by the organisation are weak cash
management practices, geographic concentration, undiversified
borrowings profile, small scale of operations, and small net worth size.
BUSINESS PROFILE
40.83
21.64
7,245
2,857
0.00
20.00
40.00
60.00
Mar-11 Mar-12
Rs. m
illio
n
Business Growth
Loan outstanding (in Rs. million)
242
114
1,208
476 1.360.87
0
200
400
600
800
1,000
1,200
1,400
Mar-11 Mar-12
No.
Productivity indicators
Borrowers/ credit officer (in no.)Borrowers/branch (in no.)Loan outstanding/credit officer (in Rs. million)
66%
7%
7%3%
17%
District-wise concentration of loan portfolio as on March 31,
2013
33.21
2,913
0
2,000
4,000
6,000
8,000
Mar-13
Business Growth
Loan outstanding (in Rs. million)
6 6
4
0
2
4
6
8
Mar-11 Mar-12
No.
Business Outreach
Branches Districts covered
291416
3.32
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Mar-13
Rs.m
illio
n
Productivity indicators
Borrowers/ credit officer (in no.)
Loan outstanding/credit officer (in Rs. million)
1.54
1.68
31.48
17.64
1.45
1.50
1.55
1.60
1.65
1.70
Mar-11 Mar-12
Rs. m
illio
n
Capitalisation level
Networth (in Rs. million)
Debt/net worth (in times)
66%
wise concentration of loan portfolio as on March 31,
Senapati
Imphal East
Churachandpu
Bishnupur
Aizawl
14%
78%
0%
7% 1%
Borrowing profile as on March 31, 2013
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4
5
12 Mar-13
Business Outreach
Districts covered
1.63
24.00
0
10
20
30
40
Mar-13
Tim
es
Capitalisation level
Networth (in Rs. million)
Debt/net worth (in times)
Borrowing profile as on March 31, 2013 Ananya
Finance for Inclusive Growth Private LimitedNEDFi
FWWB
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CRISIL MFIGrading
FINANCIAL INDICATORS Income and expenditure statement Rs. million For the year ended March 31, 2015 2014 2013 2012 2011
MFI’s Projections Provisional Audited
Fund based income 17.70 8.98 5.06 10.17 12.23
Interest and finance charges 8.45 3.42 3.00 5.14 5.86
Gross spread 9.25 5.56 2.06 5.03 6.38
Fee based income - - 0.43 0.42 0.73
Total income 17.70 8.98 5.50 10.59 12.96
Gross surplus 9.25 5.56 2.49 5.45 7.11
Personnel expenses 3.11 2.14 1.21 3.28 3.63
Administrative expenses 1.86 1.54 0.98 1.81 1.99
Total expenses 4.97 3.68 2.19 5.09 5.62
Provision for loan loss 1.39 1.17 - 0.04 0.16
Other provisions - - - - 0.06
Total provisions 1.39 1.17 - 0.04 0.23
Depreciation 0.30 0.29 0.18 0.24 0.28
Profit/loss before tax 2.59 0.43 0.12 0.07 0.99
Tax 0.71 - - 0.02 0.20
Profit/loss before revenue grants 1.88 0.43 0.12 0.05 0.78
Grants and donations - - - 0.09* -
Net surplus 1.88 0.43 0.12 0.14 0.78
*Donation for administrative expenses
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Balance sheet Rs. million
As on March 31, 2015 2014 2013 2012 2011
Liabilities MFI’s Projections Provisional Audited
Net worth 2.56 0.68 1.63 1.68 1.54
Borrowings 92.60 40.11 39.17 29.72 48.51
Provision for loan loss - - - 0.13 0.16
Other liabilities and provisions 12.41 10.51 0.28 0.47 0.88
Total current liabilities 12.41 10.51 0.28 0.60 1.05
Total liabilities 107.57 51.30 41.08 32.00 51.10
Assets
Loans and advances 106.48 50.16 33.21 21.79 40.98
Cash and bank balances 0.35 0.16 5.76 3.78 3.49
Total funds deployed 106.84 50.32 39.46 26.13 44.73
Other current assets & advances - - 0.53 4.74 5.06
Net fixed assets 0.73 0.97 1.10 1.13 1.31
Total assets 107.57 51.30 41.08 32.00 51.10
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CRISIL MFIGrading
Key Financial Ratios in per cent
For the period ended March 31, 2015 2014 2013 2012 2011
MFI’s Projections Provisional Audited
Yield
Fund based yield 22.53 20.00 14.75 26.11 24.53
Portfolio Yield 20.21 19.26 17.58 29.48 27.23
Fee based income/Avg. funds deployed - - 1.32 1.19 1.52
Total income/Avg. funds deployed 22.53 20.00 16.07 27.30 26.05
Cost of funds
Interest paid/Avg. funds deployed 10.75 7.61 9.16 14.50 12.17
Interest paid/Avg. borrowings 12.73 8.62 8.72 13.14 14.55
Interest spread
Spreads on lending 12.73 8.62 8.72 13.14 14.55
Overheads
Operating expense ratio 6.33 8.20 6.69 14.37 11.68
Personnel expense ratio 3.96 4.77 3.69 9.27 7.55
Administrative expense ratio 2.37 3.43 3.00 5.10 4.14
Profitability
Net surplus/Avg. net worth 115.88 36.77 7.34 8.88 72.55
Net profit/Avg. funds deployed 2.39 0.95 0.37 0.40 1.62
Operational self sufficiency 117.13 104.98 102.26 100.69 108.23
Asset quality
Provisioning/Avg. loan outstanding 1.78 2.80 - 0.13 0.38
Capitalisation
Total debt/net worth (times) 36.11 58.73 24.00 17.64 31.48
Capital adequacy 2.39 1.34 4.69 6.09 3.26
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Annexure
1.1 Outreach summary ................................................................................................... 18
1.2 Human resource and productivity summary .............................................................. 18
1.3 Asset quality ............................................................................................................. 18
1.4 District-wise loan outstanding ................................................................................... 19
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CRISIL MFIGrading
1.1 Outreach summary
As on/For the period ended Unit Mar-13 Mar-12 Mar-11
Borrowers No. 2,913 2,857 7,245
Groups No. 1,784 1,691 1,640
Branches No. 7 6 6
Districts No. 5 4 4
Women borrowers % 100 100 100
Disbursements Rs. mn 43.35 49.65 81.87
Loan outstanding Rs. mn 33.21 21.64 40.83
1.2 Human resource and productivity summary
As on/For the period ended Unit Mar-13 Mar-12 Mar-11
Total employees No. 21 36 46
Credit officers No. 10 25 30
Women employees No. 8 11 21
Borrowers/branch No. 416 476 1208
Loan outstanding/branch Rs. mn 4.74 3.61 6.80
Borrowers/credit officer No. 291 114 242
Loan outstanding/credit officer Rs. mn 3.32 0.87 1.36
Average loan outstanding/borrower Rs. mn 11,401 7,575 5,635
1.3 Asset quality
Rs. million
Mar-13 Mar-12 Mar-11
Total outstanding balance associated with loans that are
Amt % of PAR Amt % of PAR Amt % of PAR
Portfolio being current 32.96 99.24 21.48 99.23 40.63 99.52
Late (at least one payment) - - - - -
1-30 days 0.02 0.07 0.06 0.28 0.16 0.38
31-90 days 0.04 0.13 0.08 0.35 0.04 0.10 91-180 days 0.04 0.13 0.03 0.15 - - 181-365 days 0.14 0.43 - - - -
1 year or more - -
- - - Total portfolio 33.21 100.00 21.64 100.00 40.83 100.00
Portfolio at risk > 30 days 0.69 0.50 0.10 Portfolio at risk > 90 days 0.56 0.15 -
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1.4 District-wise loan outstanding
As on March 31, 2013
State District Loan outstanding
(in Rs. mn) Per cent
Manipur
Senapati 21.81 65.66
Imphal East 2.39 7.19
Churachandpu 2.51 7.54
Bishnupur 1.01 3.05
Mizoram Aizawl 5.50 16.56
Total 33.21 100.00
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Contact Us
Analytical Contacts
Mr. Yogesh Dixit Director
[email protected] +91 22 3342 3037
Mr. T Raj Sekhar Associate Director
[email protected] +91 44 4226 3614
CRISIL House, Central Avenue, Hiranandani Business Park Powai, Mumbai 400 076 Phone: + 91 22 3342 3000 Fax: + 91 22 3342 3001 Email: [email protected] www.crisil.com
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