asa international india microfinance ltdasa international india microfinance ltd 7 | p a g e a brief...

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 : [email protected]

mailto:[email protected]


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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


“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


“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


“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)


“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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asa international india microfinance ltdasa international india microfinance ltd 7 | p a g e a brief...

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