PROJECT REPORT(Submitted for the degree of B.com Honors in accounts and finance /marketing /taxation/computer application in business under the university of Calcutta.)

Title of the project

Micro finance institution in west Bengal

Submitted byName of the candidate :Registration No :Roll No : Name of the Collage :

Supervised byName of the Supervisor :Name of the Collage :

Chapter-11.1 Back ground

1.2 Object of study

1.3 Need of study

1.4 Lecture Review

1.5 Methodology

1.1 Background History of MicrofinanceOver the past centuries practical visionaries, from the Franciscan monks who founded the

community-oriented pawnshops of the 15th century, to the founders of the Europeancredit

union movement in the 19th century (such asFriedrich Wilhelm Raiffeisen) and the founders

of the microcredit movement in the 1970s (such asMuhammad Yunus) have tested practices

arid built institutions designed to bring the kinds of opportunities and risk-management

tools that financial services can provide to the doorsteps of poor people. While the success

of the Grameen Bankhas inspired the world, it has proved difficult to replicate this success.

In nations with lower population densities, meeting the operating costs of a retail branch by

serving nearby customers has proven considerably more challenging.The history of

microfinancing can be traced back as long to the middle of the 1800s when the theorist

Lysander Spooner was writing over the benefits from small credits to entrepreneurs and

farmers as a way getting the people out of poverty. The modem use of the expression

"microfinancing" has roots in the 1970s when organizations, such as Grameen Bank of

Bangladesh with the microfmance pioneerMuhammad Yunus, were starting and shaping the

modem industry of microfinancing.

Role of MFI.MFIs could play a significant role in facilitating inclusion, as they areuniquely positioned in

reaching out to the rural poor. Many of them operate in alimited geographical area, have

greater understanding of the issues specific to therural poor, enjoy greater acceptability

amongst the rural poor and have flexibility inoperations providing a level of comfort to their

clientele. lt is roughly estimated that there are about 1,000 NGO-MFIs and more than 20

Company MFIs. Further, in Andhra Pradesh, nearly 30,000 cooperative organizations are

engaged in MF activities. However, the company MFIs are major players accounting for over

80% of the microfinance loan portfolio.

Why MicrofinanceTraditionally, banks have not provided financial services, such as loans, to clients with little

or no cash income. Banks incur substantial costs to manage a client account, regardless of

how small the sums of money involved. The fixed cost of processing loans of any size is

considerable as assessment of potential borrowers, their repayment prospects and security;

administration of outstanding loans, collecting from delinquent borrowers, etc., has to be

done in all cases. There is a break-even point in providing loans or deposits below which

banks lose money on each transaction they make. Poor people usually fall below that

breakeven point. A similar equation resists efforts to deliver other financial services to poor

people. In addition, most poor people have few assets that can be secured by a bank as

collateral. As documented extensively by Hernando de Soto and others, even if they happen

to own land in the developing world, they may not have effective title to it. This means that

the bank will have little recourse against defaulting borrowers. Seen from a broader

perspective, the development of a healthy national financial system has long been viewed

as a catalyst for the broader goal of national economic development. However, the efforts

of national planners and experts to develop financial services for most people have often

failed in developing countries.

Because of these difficulties, when poor people borrow they often rely on relatives or a local

moneylenders who usually charge higher rates to poorer borrowers than to less poor ones.

These reasons highlight the need for microfinance.

1.2 Object of study:My project work is based on the following objectives

To acquire conceptual knowledge about microfinance.

To know the areas where these types finance is required.

To know the current scenario of microfinance in India.

To generate an idea regarding it is global scenario.

To make a clear view microfinance regarding it is future prospects.

1.3 Need of study:My project work has been done with some objectives. So it serves some utility which is summarized as follows-

It helps some small and medium scale businessman regarding arrangement of there

capital.

It helps to provide the current scenarios of India for need of microfinance.

It also creates awareness among general people.

1.4 Literature review: Microfinance: A Comprehensive Review of the Existing LiteratureThroughout the world, poor people are excluded from formal financial systems.

Exclusion ranges from partial exclusion in developed countries to full or nearly full exclusion

in lesser developed countries (LDCs). Absent access to formal financial services, the poor

have developed a wide variety of informal, community-based financial arrangements to

meet their financial needs. 1 In addition, over the last two decades, an increasing number of

formal sector organizations (non-government, government, and private) have been created

for the purpose of meeting those same needs. Microfinance is the term that has come to

refer generally to such informal and formal arrangements offering financial services to the

poor.

Although the word finance is in the term microfinance, and the core elements of

microfinance are those of the finance discipline, microfinance has yet to break into the

mainstream or entrepreneurial finance literature. The purpose of this article is to introduce

the finance academic community to the discipline of micro finance and microfmance

institutions (MFIs). We provide a comprehensive review of over 350 articles and address the

issues of MFI sustainability, products and services, management practices, clientele

targeting, regulation and policy, and impact assessment.

1.5 limitation of study like all other project my project is not free from limitation the limitation are as follows –

The time period for project ark is very short. Details study cannot be done with in 3

month.

Since mast of data an collected from Wed sites and journals and books, so 100%

accuracy can not be provided.

Some important data grading companies always not available.

-Research Deigning

-Analysis

-limitation

Data Collection

This exploratory study is based on a solid theoretical framework. Secondary literature on the

research topic is reviewed and the theoretical structure is build up, aiming at functioning as

a clear and comprehensive basis of the thesis.The secondary data is of specific use to get an

insight into the field of study. A general overview has been established in a bid to define the

area of the report as well as its limitation and to identify particular variables of interest for

further investigation. In addition, it will assist in how to approach the primary research and

the design, content and conduction of the questionnaires. Information on CRM and

microfinance are collected from books from the university library, scientific articles from

online libraries and journals as well as company reports and reliable websites. In order to

obtain important background information and knowledge about the field of research,

different sources of data were used.

By means of creating a deeply rooted theoretical part, terms and definitions, the underlying

questions concerning issues that determine long-term efficiency of MFIs and how

confidence and trust play a role in order to gain competitive advantage through customer

satisfaction and customer retention could be elucidated. Moreover, controversial views of

various authors on the research matter are illustrated and evaluated. Although secondary

data are collected for a specific purpose differing from the research questions of this thesis,

it is chosen to make use of secondary data, because larger data sets could be analyzed.

Chapter-1Conceptual Frame work

andNational & International Scenario.

Conceptual Frame workSelf-help group:A self-help group (SHG) is a village-based financial intermediary usually composed of 10-20

local women. A Self-Help Group may be registered or unregistered. It typically comprises a

group of micro entrepreneurs having homogenous social and economic backgrounds, all

voluntarily coming together to save regular small sums of money, mutually agreeing to

contribute to a common fund and to meet their emergency needs on the basis of mutual

help. They pool their resources to become financially stable, taking loans from the money

collected by that group and by making everybody in that group self-employed. The group

members use collective wisdom and peer pressure to ensure proper end-use of credit and

timely repayment. This system eliminates the need for collateral and is closely related to

that of solidarity lending, widely used by micro finance institutions. To make the book-

keeping simple enough to be handled by the members, flat interest rates are used for most

loan calculations.

Joint Liability Groups:A Joint Liability Group (JLG) is an informal group comprising preferably of 4 to 10 individuals

coming together for the purposes of availing bank loan either singly or through the group

mechanism against mutual guarantee.

The JLG members are mostly engaged in similar type of economic activity in the

Agriculture/Allied/Non-Farm sector. The JLG members offer a joint undertaking to the Bank

that enables them to avail loans.

The management of the JLG is simple with little or no financial administration.

Individual Lending:-In order to it’sobjectives, MFIs have started thinking beyond group lending as the only credit

delivery methodology to individual lending systems - indeed this is a clearly defined global

trend in microfinance. This toolkit specifically targets Credit Officers. They must take a client

through the lending process, from the first introduction to the MFI and products to full

repayment of the loan. In some institutions, they underwrite several different types of

loans, as well as sell many different types of bank products.

Microfinance is typically associated with joint liability of group members. Interestingly, our

analysis predicts that individual lending in microfinance will gain in importance in the future

if microfinance institutions continue to get better access to capital markets and if

competition further rises.

Financial needs of poor peopleTYPES OF MICROFINANCE USED BY POOR PEOPLE

Household Financial GoalsCost of

health care. Replacement

cost after hurricanes

&floods, etc.

various insurance

plan.

retirement (for self or parents).

migration, farm

equipment, wells, home upgrade, self finance etc.

pension plan for long time

deposit

irrigation, transportation,

livestock, micro

enterprise, home

renovation, schooling and education, etc.

Medium time deposit

Foodssecurity health

treatments, festival &social

obligations emergencies

, etc. demand or short time

deposit

Send money to family at home

and away, microenterprise working capital.

etc.

Funds transfers and cheque

Meet urgent family

disaster like

sickness or crop

failure pay off money

lender. etc.

Emergency loans

Micro enterprise working

capital. livestock

,sewing machine

radio, bikes, etc.

short-term loans

Housing wells,

irrigation systems,

boats motorbikes,

etc.

longer term loans

Microfinance Products

In developing economies and particularly in the rural areas, many activities that would be

classified in the developed world as financial are not monetized: that is, money is not used

to carry them out. But circumstances often arise in their lives in which they need money or

the things money can buy.

In Stuart Rutherford’s recent book The Poor and Their Money, he cites several types of

needs:

Lifecycle Needs: such as weddings, funerals, childbirth, education etc.

Personal Emergencies: such as sickness, injury, unemployment, theft etc.

Disasters: such as fires, floods, cyclones and man-made events etc.

Investment Opportunities', expanding a business, buying land or equipment,

securing a job etc.

National & International ScenarioLegal Structure:-Microfinance institutions in India are registered as one of the following five entities:

Non Government Organizations engaged in microfinance (NGO-MFIs), comprised of

Societies and Trusts.

Cooperatives registered under the conventional state-level cooperative acts, the national

level multi-state cooperative legislation Act (MSCA 2002 ), or under the new state-level

mutually aided cooperative acts (MACS Act)

Section 25 Companies (not-for-profit)

For-profit Non-Banking Financial Companies (NBFCs)

NBFC-MFIs

With a detailed study on the legal, statutory and financial requirements of each institutional

design under which micro finance institutions operate generally, Sa-Dhan intends to

disseminate information on a wide spectrum including both the external as well as internal

stakeholders of the micro finance sector.

Types Regulation Example Startup

Society Societies Regulation Act 1860

SKS all capital, Grameen Koota

No minimum requirement

Trust Indian Trust Act 1882 ASA Trust No minimum requirement

Section 25 Companies Act 1936 Sanghamitra Rural Fin Services

Non requirement

NBFC RBI Bandhan, Baxis Rs. 2 crore

Mutually Aided Co-operative

Society

AP Mutually Aided Co-operative Society Act 1995

Annapurna, Mahila Co-operative Credit Society Nominal

Co-operativeBanks RBI - Moderate 1

Lakh

Source: Existing legal and regulatory framework of MFI’s in India, Sa-dhan and corresponding websites of MFI’s and NABARD,

IRDAIRDA is the Indian insurance industry to protect the interests of the policyholders and work

for the orderly growth of the industry.

IRDA’s Mission: To protect the interests of policyholders, to regulate, promote and ensure

orderly growth of the insurance industry and for matters connected therewith or incidental

thereto.

IRDA’s Activities: Frames regulations for insurance industry in terms of Section 114A of the

Insurance Act 1938.From the year 2000 has registered new insurance companies in

accordance with regulations Monitors insurance sector activities for healthy development of

the industry and protection of policyholders’ interests.

IRDA RegulationsThe following Regulations have been notified in the Gazette of India:

1. Appointed Actuary

2. Actuarial Report and Abstract

3. Assets, Liabilities, and Solvency Margin of Insurers

4. Licensing of Insurance Agents

5. General Insurance - Reinsurance

6. Registration of Indian Insurance Companies

7. Insurance Advertisement and Disclosure

8. Obligations of Insurers to Rural Social Sectors

9. The IRDA (Meetings)

10. The Insurance Advisory Committee (Meetings)

11. Investments (Life and General)

12. Statements of Accounts in a zipped file

13. The IRDA (Staff)

14. Surveyors and Loss Assessors

15. Reinsurance - Life

16. Modified Investment Regulations

17. Third Party Administrators

18. IRDA (Preparation of financial statements and auditor's report of insurance

Companies) Regulations, 2002

19. IRDA (Protection of Policyholders' Interests) Regulations, 2002

20. IRDA (Insurance Brokers) Regulations, 2002

21. IRDA (Licensing of Corporate Agents Corporate Agents) Regulations, 2002

22. IRDA (Manner of Receipt of Premium) Regulations, 2002

23. IRDA (Obligations of Insurers to Rural Social Sectors) Regulations, 2002

24. IRDA (Distribution of Surplus) Regulations, 2002

25. IRDA (Micro-Insurance) Regulations, 2005

26. Report of the KPN Committee on Provisions of the Insurance Act, 1938

27. IRDA Act, 1999

Chapter 3Data analysis and findings.

Data analysis and findings(SAHARA UTSARGA WELFARE SOCIETY)

History:SUWS under Sri Sudipta Banerjee leadership started the journey in 1993, with a group of

dedicated persons, residing mainly in North 24 Parganas district. Thus, a non-governmental,

nonpolitical making organization (a NGO) was formed and registered under West Bengal

Societies Registration Act xxvi of 1961. Initially it stated functioning from its registered office

at Baneijeepara under Madhyamgram Municipality, North 24 Paiganas.Recently its office

has been shifted to its new administrative building premises at Chinarpark, Rajarhat,

Kolkata.

Mission:Their mission is to strengthen the socio economic condition by empowering the

downtrodden and disadvantaged people through a platform based on financial and other

support.

Vision:A society with smiling people having no discrimination in gender, caste and qualification

with sense of equality and a country with economic independence and social dignity.

Services:- Micro Credit:Micro-Credits are mainly offered to poor and under-privileged women, who are the

members of the MF programme. Loan is allowed for different kinds of income generating

activities including agro-processing Job, animal husbandry, handicraft, and family needs.

Before sanctioning the loan, KYC formalities completed and eligibility as borrower is

thoroughly examined.

Insurance:In order to ensure refund/adjustment of loan in vase of any disaster, principal loan amount

is covered under Group Insurance Scheme of Life Insurance Corporation of India. Insurance

premium being 1 % of the loan amount is paid by the borrower.

In case of death of the borrower or her spouse, principal loan amount is refunded by

insurance company. The balance amount after settlement of remaining dues, is refunded to

the borrowers or her spouse, as the case may be.

Products and ServicesProduct Highlights

Type of ban Lending to SHG MembersLoan Size Rs. 2000 to Rs. 15000Loan Period 52 weeksRate of Interest 24.83% (on reducing balance)RepaymentFrequency

Weekly

Security Deposit NILOther Fees 2% of the ban amount (Insurance Premium - 0.3% each for borrower

and her spouse & administrative expenses - 0.4% iblbwing IRDA guidelines and customer mentoring charges - 1 %

Human Development Programme:- Institutional Building:-

Under human resources development programmes SUWS has extended necessary co-

operation to the people, namely the women and marginalized to form institutions or

primary groups. These groups have expanded upwards to form bodies and apex

organization that influence local

government to form policies which in turn helps to attain empowerment for women and the

disadvantaged as well as the marginalized members of the society.

Savings:-

SUWS has inculcated the habit of saving among the members through institutions as savings

enable the members to build up their own capitals which can help them when it is badly

needed.

It is also experienced that saving habit develops self-confidence which helps to proceed

further in the life and as such, SUWS has provided necessary guidance as to how they should

deploy their fund arising out of saving for its gainful utilization.

Credit:-

Credit support is extended for various activities e.g. to increase employment opportunity, to

build up production facility, to develop resources of the community as well as income

generating opportunities of the institutions and its members. Since the borrowers do not

possess any tangible security to offer, credit is extended without any collateral security and

it makes a difference with other moneylenders. Trust posed on the institution by the

borrower based on relationship established and unseen assurance to stand as a friend in

need, drive them to pay back the dues.

Education Programme:-SUWS is engaged in establishing education right from its inception not only for the children,

but also for the adults belonging to the age group 15 year and above. It is engaged, not only

in removing illiteracy among them, but also helps them in developing technical skills, which

is essential now a days.

Awareness Generation Programme:-Awareness generation programme undertaken by the society aims to bring in the changes in

the prevailing situation, outlook of the people and attitude of the people on human rights.

SUWS also attempts to make people aware on the following issues:

Health Care and Family Welfare.

Arsenic Treatment.

Prevention of Child Labour.

Equal Right and Status of Women.

STD, HIV/Aids Prevention and Control.

Prevention of pollution and ecological balance.

Creche Programme:-SUWS attempts to provide various support to the people who belong to schedule and other

backward classes and minority community of the society, so that they are not deprived of

the legitimate rights.

Creche programmes are undertaken number of villages with trained creche workers so as to

ensure that these children are not deprived of their right to basic education, health,

nourishment etc. and they can grow properly to reach the goal.

Training Programme:-In order to develop human quality and skills and to make them fully conscious about the

immediate environment, various training programmes are arranged by SUWS from time to

time.SUWS, a state level NGO having an organized training arrangement, imparts training

for attaining right knowledge, attitude and take out appropriate skills of the people. It also

extends it’s facilities and training to the staff and the beneficiaries of other NGOs.

Role:-Sahara Utsarga Welfare Society realized that there was dire need for educating the people

in different aspect as solution for financial problem is not only the way-out. Apart from

literacy, Sahara has also attempted to bring an awareness about the certain vital aspects like

health care, child education, pollution free environment, etc. which are the birthright of the

person. Sahara has been succeeded in implementing all these things and also injected the

banking habits into its members. Sahara Utsarga has motivated its members in the proper

direction and has been fully succeeded in making them education conscious.

Particulars 2011-2012 2010-2011No. of Districts 10 10No. of Villages\Towns 3302 3212NO. of Branches 135 135Number of CO 551 600Total Staff Strength 759 804NO. OF Active Members 127231 163425 No. of Active Borrowers 93318 134470No. of loan Disbursed 101397 164367New Clients Joined during the Period 3952 58512Members Drop Out during the Period 40126 22578Borrowers/Members Ratio 73.35 82.28Savings/Security PortfolioYearly Savings/Security Deposits during the year 35970000 143446700Yearly Savings/Security Withdrawals during the year 94574745 109817500Savings/Security Portfolio 74892955 133497700Average Savings Balance Per Member 589 817

Savings/Security Portfolio Per CO 135922 222496Savings/Security Portfolio Growth (%) -43.9 46.35Loan Portfolioloan Disbursed During the Year 1199051306 1434467000Cumulative Disbursed 5561181037 4362129731Loan Realized During the Year 1341787360 1358738160Loan Portfolio 543928016 691525511Loan Portfolio Growth (%) -21.34 21Sustainability/ProfitabilityOperating Self-Sufficiency (%) 114.57 128.23Financial Self-Sufficiency (%) 116.35 133.22Yield on Gross Portfolio (%) 31.42 32.22Cost of Fund (%) 12.85 14.62Efficiency/ProductivityLoan Officer Productivity (Number) 169 224Personnel Productivity (Number) 168 203Average Loan Size on Yearly Disbursement 11825 9800

Annual Report:

(SAHARA UTTARAYAN)

History:

SAHARA UTTARAYAN is a Microfinance Institution presently engaged in West Bengal

primarily working for alleviation of poverty through economic and social empowerment of

underprivileged class of the society. This institution working primarily with poor women.

During the initial period since its formation in 2001, the society, mainly concentrated on

social empowerment through various programmes in regard to awareness building, human

rights, health, education, nutrition etc. Gradually it realized the need for economic

empowerment of distressed people of the credit programmes to support income generating

and consumption activities of the poor to bring positive qualitative changes in their lives.

Sahara Uttarayan offers credit and insurance to secure its portfolio. As an institution, Sahara

Uttarayan is known as a credible and promising institution to all its stakeholders, having high

level of transparency and a systematic approach towards operations.

Mission:

Sahara Uttarayan is focused on providing cost effective financial services. The intended

result is to enhance the livelihood opportunities for the clients. The primarily lends for

income generating activities so that the clients can earn and repay the loan. However in

some cases the institution also lends for consumption purposes. Increase in their income

levels helps the clients provide better education for children, nutritious food, take care of

health related issues and build assets.

Vision:

“To achieve client outreach of 300,000 by expanding in West Bengal and neighbouring

states by 2013 ” To provide efficient and cost effective financial services to three lakh active

loan clients across West Bengal and neighboring states as per their repayment capacity.

Values:

Values are deeply held beliefs and are meant to be expressed through day-to-day behaviors

of all. These are the guiding principles that preserve our commitment to excellence and

sustain our long term viability forming the architecture of our beliefs. Sahara Uttarayan

pursues Good governance, Honesty, Fairness, Teamwork, Transparency, Customer

satisfaction.

Loan, Products and Services:

Product highlights

Loan Product

Loan Features Small Loan

Loan Size (Rs.) 1st loan cycle: Max Rs.8, 000

2nd loan cycle onwards: Increment of Rs 1.000 to 3,000 on the basis of repayment record of die Previous loan cecle

Credit ranGe under this product is Rs 5000 to R$ 25,000

Loan Term installment 45 weeks Weekly

Cheat Profile Women who are in business or want to start

Besides credit, Sahara Uttarayan offers loan linked insurance service to the client and

spouse through tie-up with Life Insurance Company of India (LIC).

Role:

The Banking services in the country have flourished. They do not have access to formal

credit. In such circumstances, the only option left before them is to knock the doors of the

moneylenders, who charge higher rate of interest. Sahara Uttarayan has an important role

to play by extending credit facilities to the poorest of our society on easy terms and without

mortgages.

Annual Report:

Particulars 31.3.10 31.3.09Source of FundCapital Fund 42219899 22515066Security Deposit from Beneficiaries 51405473 43790973Benevolent Fund 147286 993616Death Relief Fund 0 2002087Secured Loan 164742098 234807036Unsecured Loan 60000000 47777760Total 318514755 351886538

Application of FundFixed Assets (Net) 3896060 2654923Loan to Beneficiaries 291437465 264396483Advance Recoverable 2512772 4008033Interest Accrued 1954627 0Cash and Bank Balance 8517070 77475908Deposit Pledged with Bank 16505541 11062500Total 318514755 351886538

Chapter-4

Conclusion

We firmly believe that an integrated approach to servicing clients can enhance

microfinance’s effectiveness as a poverty alleviation tool. By acting as a platform to deliver

important social services along with credit and financial services, MFIs can contribute to

greater sustainability at the client level. Integrating microfinance with social services such as

health, education and natural disaster relief or prevention addresses the other contributing

factors to poverty beyond the economic factor. In doing so, we are providing clients with a

comprehensive solution to minimize the risks they face.

By addressing the very issues that inhibit a client’s chances of succeeding with microfinance,

microfinance can increase its overall efficacy.

With leveraged resources - assets, infrastructure, knowledge, distribution channels, etc. - we

can increase the capacity of the service offerings to reach more clients and to reach them

more effectively. By partnering with other critical social providers and businesses and

serving as a platform, microfinance can offer other organizations with a distribution channel

to reach individuals in need, share experiences in working in a particular region and

community, and offer countless other tangible and intangible products and services.

As an entrenched and recognized leader in this mission, microfinance can serve as a bridge

beyond banking and development. It can be the link that brings together the services and

products available today to the people who need them most. Only through a collective

effort will we have the best chance of succeeding.

BIBLIOGRAPHY1. Bhat R and Jain N (July 2006), “Factor Affecting the Demand for Heath Insurance in a

Micro Insurance Scheme” IIMA, W.P.No.2006-07 -02, Ahmedabad.

2. RajivanAnuradha (April 2007), “Engaging the private sector to insure the poor”, UN

business focal point(www..net/focalpoint/e_article000802398.cfm)

3. Ganesan. S. and Jayaprakash, S. (July 2007), “Micro Banc assurance Models for India”

Eleventh Annual APRIA Conference at National Chengchi University, Taipei, Taiwan

4. Ito, S. and Kono, H. (2007), “Why is the take-up of microinsurance so low? Evidence

from a health insurance scheme in India” ,JEL Classification: F35,

5. Q19.(http://ase.tufts.edu/econ/events/neudcDocs/SundavSession/Session25/

SItoWhvTake

6. upMicroinsurance.pdf)

Websites referred1. www.microinsuranceinsights.com

2. www.grameenfoundation.org

3. www.undp.org.in

SAHARA UTSARGA WELFARE SOCIETY

No. of Districts

No. of Villages\Towns

NO. of Branches

Number of CO

2011-2012

No. of Districts

No. of Villages\Towns

NO. of Branches

Number of CO

2010-2011

SAHARA UATTARAVAN

Fixed Asse

ts (N

et)

Loan to

Beneficiarie

s

Advance Recove

rable

Interest Accr

ued

Cash an

d Bank B

alance

Deposit Pledge

d with

Bank

0%10%20%30%40%50%60%70%80%90%

100%

2009-102010-11

APPLICATION OF FUND OF BALANCE SHEET

Capita

l Fund

Securit

y Deposit

from Beneficia

ries

Benevolent F

und

Death Relie

f Fund

Secured Lo

an

Unsecured Loan

0%10%20%30%40%50%60%70%80%90%

100%

2009-102010-11

SOURCE OF FUND OF BALANCE SHEET