APPENDIX A. A.1 Sample of Indian MFIs

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1 APPENDIX A A.1 Sample of Indian MFIs S.N. Sample of Indian MFIs Inception Legal Form 1 SEWA 1974 BANK 2 CRESA 1980 NGO 3 SKDRDP 1982 NGO 4 GRAMA VIDYALAY 1983 NGO 5 JANODAYA 1987 NGO 6 RASS 1989 NGO 7 GRAM UTTHAN 1990 NGO 8 ADHIKAR 1991 NBFC 9 ESAF 1992 NBFC 10 SHARE 1992 NBFC 11 BISWA 1995 NGO 12 NDFS 1995 NGO 13 SANGMITRA 1995 NGO 14 BASIX 1996 NBFC 15 NIDAN 1996 NGO 16 SARVODAYA NANO FINANCE 1996 NBFC 17 SKS MICROFINANCE 1997 NBFC 18 SPANDANA 1998 NBFC 19 ABCRDM 2002 NGO 20 AML 2002 NBFC 21 BANDHAN 2002 NBFC 22 SAADHAN 2002 NGO 23 NEED 2005 NGO 24 JFSL 2003 NGO 25 UJJIVAN 2004 NBFC 26 VFS 2006 NBFC 113

2 A.2 Sample of Bangladesh MFIs S.N. Sample of Bangladesh MFIs Inception Legal Form 1 BRAC 1972 NGO 2 RDRS 1972 NGO 3 CSS 1972 NGO 4 HEED 1974 NGO 5 BEES 1975 NGO 6 JCF 1976 NGO 7 ASA 1978 NGO 8 TMSS 1980 NGO 9 RIC 1981 NGO 10 RRF 1982 NGO 11 GRAMEEN BANK 1983 BANK 12 UDDIPAN 1984 NGO 13 ASOD 1985 NGO 14 PMUK 1986 NGO 15 POPI 1986 NGO 16 SSS 1986 NGO 17 SKS BANGLADESH 1987 NGO 18 DSK 1989 NGO 19 BURO BNGLADESH 1990 NGO 20 SHAKTI 1992 NGO 21 IDF 1993 NGO 22 SAJIDA 1993 NGO 23 ESDO 1993 NGO 24 CDIP 1995 NGO 25 BASTOB 1997 NGO 26 COAST TRUST 1998 NGO 114

3 A.3 Sample of Indian MFIs on the Basis of Legal Formation and Age S.N. Sample of Indian MFIs Inception Legal Form Old MFIs 1 SEWA 1974 BANK 2 CRESA 1980 NGO 3 SKDRDP 1982 NGO 4 GRAMA VIDYALAY 1983 NGO 5 JANODAYA 1987 NGO 6 RASS 1989 NGO 7 GRAM UTTHAN 1990 NGO 8 ADHIKAR 1991 NBFC 9 ESAF 1992 NBFC 10 SHARE 1992 NBFC 11 AWS 1994 NGO 12 BSS 1994 NBFC Mature MFIs 13 BISWA 1995 NGO 14 NDFS 1995 NGO 15 SANGMITRA 1995 NGO 16 SWAWS 1995 NGO 17 BASIX 1996 NBFC 18 NIDAN 1996 NGO 19 SARVODAYA NANO FINANCE 1996 NBFC 20 SKS MICROFINANCE 1997 NBFC 21 CASPHOR MC 1997 NGO 22 AMMACTS 1998 COP 23 SPANDANA 1998 NBFC 24 BFL 1999 NBFC 25 GFSPL 1999 NBFC 26 KBSLAB 1999 RB Young MFIs 27 ABCRDM 2002 NGO 115

4 28 AML 2002 NBFC 29 BANDHAN 2002 NBFC 30 SAADHAN 2002 NGO 31 NEED 2005 NGO 32 JFSL 2003 NGO 33 UJJIVAN 2004 NBFC 34 VFS 2006 NBFC 35 AROHAN 2006 NBFC 36 BJS 2006 NBFC 37 DISHA 2006 NGO 38 EQUITAS 2006 NBFC 39 GOF 2006 NBFC 40 ASHIRVAD 2007 NBFC 116

5 APPENDIX B B.1: Group Statistics of Mann- Whitney test for MFIs of India and Bangladesh Country N Mean Rank Sum of Ranks ACTB Total 208 PAR Total 260 ROA Total 260 ROE Total 260 OSS Total 260 OELP Total 260 BPSM Total 260 CA Total 260 YIELD Total 260 WB Total 260 0: India, 1: Bangladesh 117

6 B.2: Mann-Whitney test statistics for MFIs of India and Bangladesh ACTB PAR ROA ROE OSS OELP BPSM CA YIELD WB Mann- Whitney U Wilcoxon W 2.688E E E E E E E E E E E E E E E E E E E E4 Z Asymp. Sig. (2-tailed) a. Grouping Variable: Country B.3: Group Statistics of Mann-Whitney test for NBFC and NGO of India Forms N Mean Rank Sum of Ranks OELP Total 200 YIELD Total 200 PAR Total 200 ROA Total 200 ROE Total 200 OSS Total 200 ACTB

7 Total 160 WB Total 200 CA Total 200 BPSM Total 200 0: NBFC, 1: NGO B.4: Mann-Whitney test statistics of NBFC and NGO of India Test Statistics a OELP YIELD PAR ROA ROE OSS ACTB WB CA BPSM Mann- Whitney U 3.090E E E E E E E E E E3 Wilcoxon W 8.140E E E E E E E E E E3 Z Asymp. Sig. (2-tailed) a. Grouping Variable: Forms B.5: Test of Homogeneity of Variances and Test of Normality Levene Statistic df1 df2 Sig. Active borrower WB PAR ROA ROE OSS OELP BPSM

8 YIELD C_A Kolmogorov-Smirnov Shapiro-Wilk Indicators Age Statistic df Sig. Statistic df Sig. Number of Active borrower WB PAR ROA ROE OSS OELP BPSM YIELD * * * *

9 *. This is a lower bound of the true significance. B.6: Kruskal-Wallis H Test for One Way ANOVA (Rank) Number of Active borrower WB PAR ROA ROE OSS OELP Age N Mean Rank Total Total Total Total Total Total

10 BPSM YIELD C_A Total Total Total 200 Total Old MFIs 2- Mature MFIs 3- Young MFIs B.7: Test Statistics a,b Number of Active borrowers WB PAR ROA ROE OSS OELP BPSM YIELD C_A Chi- Square Df Asymp. Sig a. Kruskal Wallis Test b. Grouping Variable: Age B.8: Data Normality Statistics 122

11 B.8.1 Statistics India N ACTB PAR ROA ROE OSS OELP BPSM CA YIELD WB Valid Missing Skewness Std. Error of Skewness Kurtosis Std. Error of Kurtosis B.8.2 Statistics Bangladesh N ACTB PAR ROA ROE OSS OELP BPSM CA YIELD WB Valid Missing Skewness Std. Error of Skewness Kurtosis Std. Error of Kurtosis B.9: Statistics of Mann-Whitney test for Age-wise Comparisons 123

12 B.9.1: Group Statistics of Mann- Whitney test for Old and Mature MFIs of India Number of Active borrower WB PAR OELP YIELD Ranks Age N Mean Rank Sum of Ranks Total Total Total Total Total 130 B.9.2: Mann-Whitney test statistics of Old and Mature MFIs of India Test Statistics a Number of Active borrower WB PAR OELP YIELD Mann-Whitney U E E E E3 Wilcoxon W E E E E3 Z Asymp. Sig. (2- tailed) a. Grouping Variable: Age B.9.3: Group Statistics of Mann- Whitney test for Mature and Young MFIs of India 124

13 Number of Active borrower WB PAR OELP YIELD Age N Mean Rank Sum of Ranks Total Total Total Total Total 140 B.9.4: Mann-Whitney test statistics of Mature and Young MFIs of India Test Statistics a Number of Active borrower WB PAR OELP YIELD Mann-Whitney U E E E E3 Wilcoxon W E E E E3 Z Asymp. Sig. (2- tailed) a. Grouping Variable: Age B.9.5: Group Statistics of Mann- Whitney test for Old and Young MFIs of India 125

14 Number of Active borrower WB PAR OELP YIELD Age N Mean Rank Sum of Ranks Total Total Total Total Total 130 B.9.6: Mann-Whitney test statistics of Old and Young MFIs of India Test Statistics a Number of Active borrower WB PAR OELP YIELD Mann-Whitney U E E E E3 Wilcoxon W E E E E3 Z Asymp. Sig. (2- tailed) a. Grouping Variable: Age APPENDIX C 126

15 C.1: Coefficients (a) of Financial Factors affecting Sustainability of Indian MFIs Un-standardized Coefficients Standardized Coefficients Co linearity Statistics Model B Std. Error Beta t Sig. Tolerance VIF (Constant) ACTB WB PAR ROE BPSM CA YIELD OELP 6.743E Debt/Equit y a. Dependent Variable: OSS C.2: Coefficients (a) of Financial Factors affecting Sustainability of Bangladesh MFIs 127

16 Mod el Un-standardized Coefficients Standardized Coefficients t Sig. Co linearity Statistics Std. B Error Beta Tolerance VIF 1 (Constant) Inception ACTB 5.01E WB PAR OELP C_A YIELD Debt/Equi ty a Dependent Variable: OSS C.3: Co linearity Diagnostics (a) of Bangladesh MFIs 128

17 Mod el Dim ensio n Eigen value Condi tion Index Variance Proportions (Const ant) Ince ption ACT B WB PAR OELP C_A YIEL D Debt Equity E C.4: Residuals Statistics(a) of Bangladesh MFIs Minimum Maximum Mean Std. Deviation N Predicted Value Std. Predicted Value Standard Error of Predicted Value Adjusted Predicted Value Residual Std. Residual Stud. Residual Deleted Residual Stud. Deleted Residual Mahal. Distance Cook's Distance Centered Leverage Value a Dependent Variable: OSS C.5: Histogram of Bangladesh MFIs 129

18 Histogram Dependent Variable: OSS Frequency Mean =-1.26E-15 Std. Dev. =0.944 N =75 Regression Standardized Residual APPENDIX D 130

19 D.1: Common measures of Financial Performance used by different agencies Indicators ACCI MIX Planet SEEP WOCCU WWB OUTREACH 1. No. of Active borrowers YES YES YES YES 2. No. of women borrowers YES YES PORFOLIO QUALITY 1. Repayment rate YES 2. Portfolio at risk YES YES YES YES YES YES 3. Arrears rate YES YES FINANCING STRUCTURE YES YES YES 1. Capital to Asset Ratio YES YES YES YES PRODUCTIVITY 1. No. of loan per credit officer YES YES YES 2. Amount of loan per credit YES YES 3. Ratio of credit officer to total YES YES YES EFFICIENCY 1. Cost per borrower YES YES YES 2. Cost per unit of money lent YES YES YES YES 3.Operational efficiency YES YES YES YES YES 4. Administrative efficiency YES YES SUSTAINABILITY 1. Operational sustainability YES YES YES YES 2. Financial sustainability YES YES YES YES PROFITABILTY 1. Return on assets YES YES YES YES YES YES 2. Return on equity YES YES YES YES 3. Yield on Portfolio YES YES YES D.2: Financial Sustainability Index for Indian MFIs 131

20 CA OELP PAR OSS GLP Weighted SN MFIs CA (Score) OELP (Score) PAR (Score) OSS (Score) (Million $) Weight Score 1 SKS SPANDANA SHARE BANDHAN AML BASIX SKDRDP EQITAS GV UJJIVAN Total S. Index (2010): D.3 Financial Sustainability Index for Young MFIs of India 132

21 GLP CA OELP PAR OSS Sustain. SN Young MFIs Million $ Weight CA (Score) OELP (Score) PAR (Score) OSS (Score) Score 1 ABCRDM AML EQUITAS SAADHAN NEED JFSL UJJIVAN VFS AROHAN BJS S. Index Total (2010): D.4 Financial Sustainability Index for Old MFIs of India GLP CA OELP PAR OSS Sustain. SN Old MFIs Million $ Weight CA (Score) OELP (Score) PAR (Score) OSS (Score) Score 1 SEWA CRESA SKDRDP GV JANODAYA RASS GU ADHIKAR ESAF BSS S. Index Total (2010): APPENDIX E 133

22 E.1: Number of Active Borrowers of Indian MFIs SN Name of MFIs SEWA CRESA SKDRDP GRAMA VIDYALAY JANODAYA RASS GRAM UTTHAN ADHIKAR ESAF SHARE AWS BSS BISWA NDFS SANGMITRA SWAWS BASIX NIDAN SARVODAYA NANO FINANCE SKS MICROFINANCE CASPHOR MC AMMACTS SPANDANA BFL

23 25 GFSPL KBSLAB ABCRDM AML BANDHAN SAADHAN NEED JFSL UJJIVAN VFS AROHAN BJS DISHA EQUITAS GOF ASHIRVAD E.2: Number of Active Borrowers of MFIs of Bangladesh 135

24 SN Name of MFIs BRAC RDRS CSS HEED BEES JCF ASA TMSS RIC RRF GRAMEEN BANK UDDIPAN ASOD PMUK POPI SSS SKS BANGLADESH DSK BURO BNGLADESH SHAKTI IDF SAJIDA ESDO CDIP BASTOB COAST TRUST E.3: PAR>30 days of Indian MFIs 136

25 SN Name of MFIs SEWA CRESA SKDRDP GRAMA VIDYALAY JANODAYA RASS GRAM UTTHAN ADHIKAR ESAF SHARE AWS BSS BISWA NDFS SANGMITRA SWAWS BASIX NIDAN SARVODAYA NANO 19 FINANCE SKS MICROFINANCE CASPHOR MC AMMACTS SPANDANA BFL GFSPL KBSLAB ABCRDM

26 28 AML BANDHAN SAADHAN NEED JFSL UJJIVAN VFS AROHAN BJS DISHA EQUITAS GOF ASHIRVAD E.4: PAR>30 days of MFIs of Bangladesh 138

27 SN Name of MFIs BRAC RDRS CSS HEED BEES JCF ASA TMSS RIC RRF GRAMEEN BANK UDDIPAN ASOD PMUK POPI SSS SKS BANGLADESH DSK BURO BNGLADESH SHAKTI IDF SAJIDA ESDO CDIP BASTOB COAST TRUST E.5: Return on Asset of Indian MFIs 139

28 SN Name of MFIs SEWA CRESA SKDRDP GRAMA VIDYALAY JANODAYA RASS GRAM UTTHAN ADHIKAR ESAF SHARE AWS BSS BISWA NDFS SANGMITRA SWAWS BASIX NIDAN SARVODAYA NANO FINANCE 20 SKS MICROFINANCE CASPHOR MC AMMACTS SPANDANA BFL GFSPL KBSLAB ABCRDM

29 28 AML BANDHAN SAADHAN NEED JFSL UJJIVAN VFS AROHAN BJS DISHA EQUITAS GOF ASHIRVAD

30 E.6: Return on Asset of MFIs of Bangladesh SN Name of MFIs BRAC RDRS CSS HEED BEES JCF ASA TMSS RIC RRF GRAMEEN BANK UDDIPAN ASOD PMUK POPI SSS SKS BANGLADESH DSK BURO BNGLADESH SHAKTI IDF SAJIDA ESDO CDIP BASTOB COAST TRUST

31 E.7: Return on Equity of Indian MFIs SN Name of MFIs SEWA CRESA SKDRDP GRAMA VIDYALAY JANODAYA RASS GRAM UTTHAN ADHIKAR ESAF SHARE AWS BSS BISWA NDFS SANGMITRA SWAWS BASIX NIDAN SARVODAYA NANO FINANCE SKS MICROFINANCE CASPHOR MC AMMACTS SPANDANA BFL GFSPL KBSLAB

32 27 ABCRDM AML BANDHAN SAADHAN NEED JFSL UJJIVAN VFS AROHAN BJS DISHA EQUITAS GOF ASHIRVAD

33 E.8: Return on Equity of MFIs of Bangladesh SN Name of MFIs BRAC RDRS CSS HEED BEES JCF ASA TMSS RIC RRF GRAMEEN BANK UDDIPAN ASOD PMUK POPI SSS SKS BANGLADESH DSK BURO BNGLADESH SHAKTI IDF SAJIDA ESDO CDIP BASTOB COAST TRUST

34 E.9: OSS of Indian MFIs SN NAME OF MFIS SEWA CRESA SKDRDP GRAMA VIDYALAY JANODAYA RASS GRAM UTTHAN ADHIKAR ESAF SHARE AWS BSS BISWA NDFS SANGMITRA SWAWS BASIX NIDAN SARVODAYA NANO FINANCE SKS MICROFINANCE CASPHOR MC AMMACTS SPANDANA BFL GFSPL KBSLAB

35 27 ABCRDM AML BANDHAN SAADHAN NEED JFSL UJJIVAN VFS AROHAN BJS DISHA EQUITAS GOF ASHIRVAD

36 E.10: OSS of MFIs of Bangladesh SN NAME OF MFIS ASA BASTOB BEES BRAC BURO BNGLADESH DSK GRAMEEN BANK HEED IDF JCF RDRS SAJIDA SHAKTI SSS TMSS UDDIPAN ASOD CDIP COAST TRUST CSS ESDO RIC RRF SKS BANGLADESH POPI PMUK

37 E.11: Operating Expense/Loan Portfolio of Indian MFIs SN NAME OF MFIS SEWA CRESA SKDRDP GRAMA VIDYALAY JANODAYA RASS GRAM UTTHAN ADHIKAR ESAF SHARE AWS BSS BISWA NDFS SANGMITRA SWAWS BASIX NIDAN SARVODAYA NANO FINANCE SKS MICROFINANCE CASPHOR MC AMMACTS SPANDANA BFL GFSPL KBSLAB

38 27 ABCRDM AML BANDHAN SAADHAN NEED JFSL UJJIVAN VFS AROHAN BJS DISHA EQUITAS GOF ASHIRVAD

39 E.12: Operating Expense/Loan Portfolio of MFIs of Bangladesh SN NAME OF MFIS ASA BASTOB BEES BRAC BURO BNGLADESH DSK GRAMEEN BANK HEED IDF JCF PMUK RDRS SAJIDA SHAKTI SSS TMSS UDDIPAN ASOD CDIP COAST TRUST CSS ESDO RIC RRF SKS BANGLADESH POPI

40 E.13: Borrower per Staff Member of Indian MFIs SN NAME OF MFIS SEWA CRESA SKDRDP GRAMA VIDYALAY JANODAYA RASS GRAM UTTHAN ADHIKAR ESAF SHARE AWS BSS BISWA NDFS SANGMITRA SWAWS BASIX NIDAN SARVODAYA NANO FINANCE SKS MICROFINANCE CASPHOR MC AMMACTS SPANDANA BFL GFSPL KBSLAB

41 27 ABCRDM AML BANDHAN SAADHAN NEED JFSL UJJIVAN VFS AROHAN BJS DISHA EQUITAS GOF ASHIRVAD

42 E.14: Borrower per Staff Member of MFIs of Bangladesh SN NAME OF MFIS ASA BASTOB BEES BRAC BURO BNGLADESH DSK GRAMEEN BANK HEED IDF JCF PMUK POPI RDRS SAJIDA SHAKTI SSS TMSS UDDIPAN ASOD CDIP COAST TRUST CSS ESDO RIC RRF SKS BANGLADESH

43 E.15: Capital/Asset Ratio of Indian MFIs SN NAME OF MFIS SEWA CRESA SKDRDP GRAMA VIDYALAY JANODAYA RASS GRAM UTTHAN ADHIKAR ESAF SHARE AWS BSS BISWA NDFS SANGMITRA SWAWS BASIX NIDAN SARVODAYA NANO FINANCE SKS MICROFINANCE CASPHOR MC AMMACTS SPANDANA BFL GFSPL KBSLAB

44 27 ABCRDM AML BANDHAN SAADHAN NEED JFSL UJJIVAN VFS AROHAN BJS DISHA EQUITAS GOF ASHIRVAD

45 E.16: Capital/Asset Ratio of MFIs of Bangladesh SN NAME OF MFIS ASA BASTOB BEES BRAC BURO BNGLADESH DSK GRAMEEN BANK HEED IDF JCF PMUK POPI RDRS SAJIDA SHAKTI SSS TMSS UDDIPAN ASOD CDIP COAST TRUST CSS ESDO RIC RRF SKS BANGLADESH

46 E.17: Yield on Gross Portfolio of Indian MFIs SN NAME OF MFIS SEWA CRESA SKDRDP GRAMA VIDYALAY JANODAYA RASS GRAM UTTHAN ADHIKAR ESAF SHARE AWS BSS BISWA NDFS SANGMITRA SWAWS BASIX NIDAN SARVODAYA NANO FINANCE SKS MICROFINANCE CASPHOR MC AMMACTS SPANDANA BFL GFSPL KBSLAB

47 27 ABCRDM AML BANDHAN SAADHAN NEED JFSL UJJIVAN VFS AROHAN BJS DISHA EQUITAS GOF ASHIRVAD

48 E.18: Yield on Gross Portfolio of MFI of Bangladesh SN NAME OF MFIS ASA BASTOB BEES BRAC BURO BNGLADESH DSK GRAMEEN BANK HEED IDF JCF PMUK POPI RDRS SAJIDA SHAKTI SSS TMSS UDDIPAN ASOD CDIP COAST TRUST CSS ESDO RIC RRF SKS BANGLADESH