List of Instruments in Excel

Contents
Spandana Spoorthy Financial Limited ................................................................................................................ 2
Belstar Investment and Finance Private Limited ................................................................................................ 5
Aye Finance Private Limited .............................................................................................................................. 7
Annapurna Microfinance Private Limited .......................................................................................................... 9
Arohan Financial Services Private Limited ....................................................................................................... 12
Kotak Mahindra Mutual Fund Floater Short Term Direct Growth Open ........................................................... 14
Spandana Spoorthy Financial Limited

Spandana was started as an NGO in 1998 in Guntur by Ms.Reddy. After five years of its inception, by
2003, Spandana grew to the largest Micro Finance Institution in India and sixth largest across globe
and was the most profitable across South Asia. In 2003, it transformed into a Non Banking Finance
Company, licensed by RBI. Spandana expanded its operations beyond Andhra Pradesh and in its peak
in October 2010, it was present across 12 States in India.

Spandana lends predominantly to women of low-income households in rural urban areas and follows
Joint Liability Group (JLG) model. Each group has 6 to 10 members, and repayments are collected on
a Bi- weekly at center meetings. The borrowers typically are involved in animal husbandry, small
trade, cottage industries, agricultural based projects and other manufacturing related projects.

The company’s promoter Mrs. Padmaja Gangireddy has healthy experience in running businesses in
diverse geographies and was instrumental in managing the company in times of trouble and enabling
its exit from CDR. Although Spandana is an unlisted company, the shareholders include elite Private
Equity firms and it has a diversified board comprising of promoter director, four investor
representatives and three independent directors, who are highly qualified and experienced.

Post exiting CDR, Spandana has grown its operations to 662 branches as of February 2018 from 573
branches as on 30th June 2017. The company is currently operating with a geographically diversified
portfolio across 16 states. Orissa, MP, Karnataka and Maharashtra are the top 4 states in terms of
exposure. Spandana also operates in Bihar, Gujarat, Chhattisgarh, Goa, Kerala, UP, Jharkhand and AP.
As of February, 2018, the company had an active borrower base of 14.55 lakhs with a Gross loan
portfolio of Rs 2961 crores.

Issuer Spandana Sphoorty Financial Limited (“Spandana”)

Type of Instrument
Face value per NCD
Interest Rate
Interest Payment Frequency
Tenor
Principal Repayment
Seniority/Status of holders of Each Debenture issued by the Issuer will constitute direct, senior
NCD(s)
Rated, Listed, Senior, Secured, Redeemable, Taxable, Non-
Convertible Debentures (“NCDs” or “Debentures”)
INR 1 (Indian Rupee One Only)
12.30% coupon, payable monthly
Monthly
36 months from the Deemed Date of Allotment
Bullet, at Maturity Date
and secured obligations of the Issuer. The claims of the Debenture
Holders shall be akin to the claims of senior, secured lenders and
shall rank pari passu to all senior, secured indebtedness of the
Issuer.

Each of the Debenture Holders shall inter-se rank pari passu in

End Use of Funds
relation to their rights and benefits in relation to the Debentures,
without any preference or privilege.
The proceeds of the Issuance will be utilized for the following
purposes:
 General corporate purposes
 for the ordinary course of business of the Issuer including
repayment/re-financing of existing debt

No part of the proceeds shall be utilized directly/indirectly towards

capital markets (debt and equity), land acquisition or usages that are
 restricted for bank financing.
Credit Rating ICRA BBB

The NCDs are expected to give a yield of 13.02% XIRR.

Shareholding Pattern of the company (As on 30th September, 2017)

Number of Shareholding
Name of the Shareholder Shares (%)
Padmaja Gangireddy 4,933,125 17.34%
Kedaara & Affiliates 16,554,702 58.19%
JM Financial Trustee Co. Private Limited 2,827,870 9.94%
Valiant Mauritius Partners FDI Limited 2,691,313 9.46%
Helion Venture Partners LLC 1,024,178 3.60%
Others 418,205 1.47%
Total 28,449,393 100.00%
Summary of Financial Statements

Particulars (Rs.in crores) 2015-16 2016-17 2017-18 2018-19 2019-20

Audited Audited Projected
Statement of Profit & Loss
Gross Income 472.70 421.82 486.78 908.22 1531.13
Operating Expenses 89.34 95.38 121.55 218.30 323.13
Provision for NPA / Standard Assets 10.68 42.03 11.18 22.54 34.04
Interest Expense 129.44 207.88 148.89 258.46 458.22
Net Interest Income (NII) 343.26 213.94 337.89 649.76 1072.91
PAT* 243.24 52.95 205.16 408.92 563.21

Balance Sheet
Net Worth 184.09 537.24 839.05 1247.97 2463.71
Total Borrowing Outstanding 918.80 956.78 1409.61 3087.13 5387.89
Other Liabilities 996.94 919.16 706.37 286.58 304.03
Total Equity & Liabilities 2099.82 2413.18 2955.02 4621.68 8155.64
Gross Loan Portfolio 2018.83 2094.63 2669.90 3941.03 6564.78
Other Assets 81.00 318.55 285.13 680.65 1590.85
Total Assets 2099.82 2413.18 2955.02 4621.68 8155.64

Ratios
Debt Equity Ratio* 4.99 1.78 1.68 2.47 2.19
Net Profit Margin after Tax (%)* 51.46 12.55 42.15 45.02 36.78
Return on Capital Employed (%)* 33.79 21.90 18.92 20.27 19.27
Return on Equity (%) (Avg Equity)* 132.13 14.68 29.81 39.19 30.35
Net Income to Asset Ratio (%) (Return on Avg 11.58 2.35 7.64 10.79 8.82
Assets)*
Net Interest Margin (%) 17.00 10.40 14.18 19.66 20.43
Opex Ratio (%) 4.43 4.64 5.10 6.60 6.15

*Note :- The Profit after tax (PAT) for F.Y. 2015-16 includes an extra ordinary income of Rs. 124.6
crores
Belstar Investment and Finance Private Limited

Belstar Investment and Finance Private Limited (hereafter referred to as ‘Belstar’) was incorporated
in January, 1988 at Bangalore and being a Non-Banking Finance Company, it was registered with the
RBI in March, 2001. It has reclassified as “NBFC-MFI” by RBI, effective 11th December, 2013. The
company was acquired by Hand in Hand Group in September 2008 with the aim to provide scalable
microfinance services to entrepreneurs nurtured by the Hand in Hand India (HIH) Self Help Group
(SHG) program. It intends to use its synergy with the activities of HIH Group to create 5 million jobs
by end of 2020. Belstar started its micro-lending operations in one district in Tamil Nadu and two
districts in Karnataka in April, 2009. The company’s mission is to financially empower women and
help the build and manage sustainable livelihoods.

In FY 2016, Muthoot Finance Limited, the largest Gold loan NBFC in the country, made an Equity
Investment of Rs 40 Crore in the Company and also acquired the entire stake from the foreign
investors. They have infused a couple of more rounds of equity in FY 2017 – to take their stake up to
65%. The company is now a subsidiary of Muthoot Finance Limited. This will help Belstar gain access
to the expertise and outreach of Muthoot to futher scale up its business.

The Gross loan portfolio of the entity is Rs. 1033.56 crores as of February 2018. Headquartered in
Chennai, Tamil Nadu, as of February 2018, the company has 222 branches across 8 states – viz., Tamil
Nadu, Kerala, Karnataka, Maharashtra and Madhya Pradesh, Odhisha, Pudhucherry and Chattisgarh.

Issuer Belstar Investment And Finance Private Limited

Type of Instrument Rated, Listed, Subordinated, Unsecured, Redeemable, Taxable, Non-

Convertible Debentures
Face Value per NCD INR 1,000 (Indian Rupees One Thousand Only)
Interest Rate 11.50% p.a.
Interest Payment Quarterly
Frequency
Tenor 74 months from the Deemed Date of Allotment
Principal Repayment Bullet
Seniority / Status of Subordinated
the holders of NCD(s)
End use of Funds The proceeds of the Issuance will be utilized for the following purposes:
 General corporate purposes
 for the ordinary course of business of the Issuer including
repayment/re-financing of existing debt
No part of the proceeds shall be utilized directly/indirectly towards
capital
markets (debt and equity), land acquisition or usages that are restricted
for
bank financing.
Credit Rating CARE A-

The NCDs are expected to give a yield of 12.00% XIRR.

Shareholding Pattern of the company (As on 30th September, 2017)

Sr. Name of Shareholder Number of Shareholding

No. Shares (%)
1 Muthoot Finance Limited 15,017,459 64.60
2 Sarvam Financial Inclusion Trust 7,325,654 31.51
3 Hand in Hand Consulting Services Private Limited 429,472 1.85
4 Dr. Kalpana Sankar 602,674 1.73
5 Ms. D Bindhu 38,842 0.17
6 Ms. Kamini Dhandapani 32,367 0.14
7 Mr. C V Sankar 100 0.00
Total 23,446,568 100.00

Summary of Financial Statements

Profit & Loss Summary (In. Rs. Crores)

Particulars FY 2014 FY 2015 FY 2016 FY 2017
Gross Income 24.87 35.17 55.77 97.38
Operating Expenses 11.09 14.21 17.43 29.29
Provision for NPA / Standard Assets 0.27 0.8 0.6 4.43

Interest Expense 9.98 16.53 28.82 48.82

Net Interest Income (NII) 14.89 18.64 26.95 48.56
PAT 2.62 3.02 6.11 10.45
Balance Sheet Summary (In. Rs. Crores)
Net worth 30.79 33.79 39.9 90.34
Total Borrowing Outstanding 111.75 208.6 278 652.55

Other Liabilities 0 0 9.93 20.02

Total Equity & Liabilities 142.54 242.39 328 762.91
Gross Loan Portfolio 122.12 201.79 262 566.77
Other Assets 20.42 40.6 66.4 196.14
Total Assets 142.54 242.39 328 762.91
Key Financial Ratios
Yield on Portfolio (%) 19.29 20.30 22.72 21.85
Operational Expense Ratio (%) 9.08 8.77 7.52 7.07

Gearing (Times) 3.63 6.17 6.97 7.22

Return on Assets (%) 1.84 1.57 2.14 1.92
Return on Equity (%) 8.51 9.35 16.58 16.05
PAT/Income from Loans (%) 10.53 8.59 10.95 10.73
Aye Finance Private Limited
Aye Finance Private Limited (AFPL) is a Delhi based NBFC which started lending operations in April
2014.

The company is engaged in cluster based lending to the ‘micro’ segment in the MSME industry,
usually referred to as the ‘Missing Middle’, where funding requirements are primarily for working
capital and expansion of business. AFPL provides hypothecated, mortgage and quasi mortgage loan
to its customers ranging from Rs. 0.5 lakhs to INR 20 lakhs.

The company has a diversified borrowing profile of lenders with a mix of NBFCs, Private Banks,
Public Sector Banks and Development Financial Institutions (Foreign Investors).

The company has a loan outstanding of Rs. 341 crores as on 31st December, 2017. It currently
operates in 10 states through its 72 branches with UP and Rajasthan accounting for more than 50%
of the total loans outstanding.

AFPL has a strong equity support from local and global Private Equity Investors, who hold 70.53% in
the company.

AFPL is promoted by Mr. Sanjay Sharma and Mr. Vikram Jetley who together with friends and
relatives hold ~26% of the shares in the company. Mr. Sanjay Sharma and Mr. Vikram Jetley have
several years of experience in the banking industry.

Term sheet:

Issuer Aye Finance Private Limited

Type of Instrument Fully paid up Rated, listed, Senior unsecured dematerialised non-
convertible debentures
Face Value per NCD Rs. 1,000/- (Rs. One Thousand only per Debenture)
Interest Rate 12.19% p.a.
Interest Payment Quarterly
Frequency
Tenor 36months from the Deemed Date of Allotment
Principal Repayment Bullet
Seniority/status of the Each debenture issued by the issuer will constitute direct, senior and
holders of NCD unsecured obligations of the issuer. The claims of the debenture
holders shall be akin to the claims of senior unsecured lenders and
shall rank paripassu to all senior unsecured indebtedness of the
issuer.
Each of the Debenture holders shall inter-se rank paripassu in
relation to their rights and benefits.
End use of Funds To meet business growth requirements and other general corporate
purposes of the Issuer
No part of the proceeds shall be utilized directly/indirectly towards
capital markets (debt and equity), land acquisition or usages that are
restricted for bank financing.
Credit Rating ICRA BBB-

The NCD is expected to give a XIRR of 12.76%.

Shareholding pattern of the company (as on 31st December, 2017)

Name of Shareholder Number of Shares Shareholding (%)

Promoter & Promoter Group 4,270,006 26.05%
Sanjay Sharma 1,004,000 6.13%
Vikram Jetley 701,000 4.28%
Shankh Corporation LLP 900,000 5.49%
Shvet Corporation LLP 900,000 5.49%
Meera Madhusudhan Deshmukh & Kalpana Kiran 259,712 1.58%
Others 505,294 3.08%

Non-Promoters 12,121,144 73.95%

Accion Africa-Asia Investment Company 4,188,192 25.55%
SAIF Partners India V Limited 4,562,847 27.84%
LGT Venture Philanthropy Foundation 2,809,811 17.14%
Aye Finance Employee Welfare Trust 560,294 3.42%
Total 16,391,150 100.00%

Summary of Financial Statements

Particulars (Rs. In crores) 31.03.2015 31.03.2016 31.03.2017

Audited
Profit & Loss
Gross Income 0.52 5.04 24.48
Operating Expenses 2.16 6.81 21.67
Provision for NPA / Standard Assets 0.05 0.14 1.05
Interest Expense 0.02 2.17 10.63
Net Interest Income (NII) 0.50 2.86 13.85
PAT (1.01) (4.08) (7.19)

Balance Sheet
Net worth 9.46 20.47 86.67
Total borrowings Outstanding 1.50 37.38 70.51
Other liabilities 0.30 6.06 5.81
Total Equity & Liabilities 11.26 63.92 163.00
Gross loan Portfolio 4.46 32.48 130.61
Other assets 6.79 31.43 32.39
Total Assets 11.26 63.92 163.00

Ratios
Yield on portfolio (%) 7.97 20.91 24.36
Operational expense ratio (%) 48.42 36.84 26.57
Gearing (Times) 0.16 1.83 0.81
Return on earning assets (%) NA NA NA
Return on Equity (%) NA NA NA
PAT / Income from Loans (%) NA NA NA
Annapurna Microfinance Private Limited

Annapurna Microfinance Private Limited (AMPL) is a non–deposit accepting or taking NBFC micro-
finance institution registered with Reserve Bank of India. AMPL was started as Mission Annapurna by
People’s Forum (the parent organisation) to carry out the microfinance activities of People’s Forum.
People’s Forum has been in operations since 1994 and is engaged in wide array of developmental
activities for the poor including microfinance, healthcare, women empowerment, agricultural and
allied services training, microenterprise training programs etc. The Company’s mission is
“Establishment of a self – sustainable and economically empowered rural, tribal & suburban society”.
Mission Annapurna was subsequently converted to an NBFC in Financial Year (FY) 2008 – 09 after
acquisition of an NBFC.

The organisation is jointly promoted by Mr Gobinda Pattanaik and Mr. Dibyajyoti Pattanaik. Mr
Gobinda Pattanaik, a development professional is the chief promoter. Gobinda Pattanaik started
Peoples Forum (PF) in 1988 which is one of the largest NGOs operating in Odisha. PF today works on
a wide variety of issues including mental health and rehabilitation of destitute women, natural
resource management, and reproductive child health and community health care including HIV/AIDS
awareness.

AMPL has its head office in Bhubaneshwar and operates in mainly rural areas with a good presence in
semi urban areas and small presence in urban areas. The company is present mainly in the state of
Odisha with a small presence in Chattisgarh, Bihar, Jharkhand, Madhya Pradesh and Maharashtra.
The gross loan portfolio of AMPL as of January 2018 is Rs. 1705.34 crores.

Issuer Annapurna Microfinance Private Limited

Type of Instrument Unsecured, Subordinated, Rated, Listed, Taxable, Transferable,
Redeemable and Non – Convertible Debentures.
Face Value per NCD Series 1 - INR 10,00,000/- (Ten Lakhs Only)
Series 2 - INR 10,000/- (Ten thousand Only)
Interest Rate Series 1 - 14.90 % per annum
Series 2 - 13.99 % per annum
Interest payment Monthly
Frequency
Tenor Series 1 - 4.54 years
Series 2 - 5.96 years
Principal Repayment Bullet
Seniority/ status of Each Debenture issued by the Issuer will constitute direct, unsecured and
the holders of subordinated obligations of the Issuer. The claims of the Debenture
NCD(s) Holders shall be akin to the claims of lenders of Tier II Capital and shall
rank pari passu to all subordinated, unsecured indebtedness of the Issuer.
Each of the Debenture Holders shall inter – se rank pari passu in relation to
their rights and benefits in relation to the Debentures, without any
preference or privilege.
End Use of Funds The proceeds of the Issuance will be utilized for the following purposes:
 General corporate purposes
 For the ordinary course of business of the Issuer including
repayment / re – financing of existing debt.
No part of the proceeds shall be utilized directly/indirectly towards capital
markets (debt and equity), land acquisition or usages that are restricted for
bank financing.
Credit Rating ICRA BBB

The NCDs are expected to give a yield of 13.50% XIRR.

Shareholding Pattern of the company (as on 31st December, 2017)
An equity Infusion of approx. Rs. 130- 140 Crores is expected by end of Q1 FY18.

Number of
Name of Shareholder Shares Shareholding (%)

Belgian Investment Companies for Developing Countries (BIO) 8,027,723 22.08%

Mr. Gobinda Chandra Pattanaik 6,292,731 17.31%

Women’s World Banking Capital Partners, LP 5,800,000 15.96%

SIDBI Venture Capital Limited, STCL , A/c- Samridhi Fund 5,601,853 15.41%

Oikocredit Ecumenical Development Cooperative Society U.A. 4,968,063 13.67%

RIF East 2 2,768,497 7.62%

DCB Bank Limited 1,824,151 5.02%

Small Industries Development Bank of India 1,000,000 2.75%

Mr. Dibyajyoti Pattanaik 66,200 0.18%

TOTAL 36,349,218 100.00%

Summary of Financial Statements

Particulars (Rs. In crores) 31.03.2014 31.03.2015 31.03.2016 31.03.2017

Audited

Profit & Loss

Gross Income 22.84 54.55 150.18 247.47
Operating Expenses 5.9 17.51 42.84 71.25
Provision for NPA / Standard Assets 0.41 2.29 5.05 9.23
Interest Expense 12.92 33.37 73.98 138.03
Net Interest Income (NII) 9.92 21.18 76.20 109.44
PAT 4.2 3.06 18.19 18.91

Balance Sheet
Net worth 32.46 61.66 119.76 171.37
Total borrowings Outstanding 141.78 367.55 853.84 1308.29
Other liabilities 26.11 26.15 48.28 51.47
Total Equity & Liabilities 200.35 455.36 1021.88 1531.13
Gross loan Portfolio 170.5 398.1 718.57 1018.28
Other assets 29.85 57.26 303.31 512.85
Total Assets 200.35 455.36 1021.88 1531.13

Ratios
Yield on portfolio (%) 27.87 24.73 21.23 22.40
Operational expense ratio (%) 5.32 7.77 7.67 8.20
Gearing (Times) 5.9 6.4 7.13 7.63
Return on earning assets (%) 3.54 1.20 2.46 1.48
Return on Equity (%) 18.15 6.26 20.05 12.99
PAT / Income from Loans (%) 18.38 5.6 12.72 8.18
Arohan Financial Services Private Limited

Arohan Financial Services Private Limited (“Arohan”) is a Microfinance Institution (MFI) that was set
up in January 2006 as an NBFC and started its operations in April 2006 in Kolkata. It was founded by
Mr. Shubhankar Sengupta. Since its inception, Arohan has raised funds from social investors
(institutional and individuals) including Bellwether Microfinance Trust, Michael & Susan Dell
Foundation (MSDF) and Lok Capital. In Sep‟12, Intellecash (an incubation & capacity building
company in the microfinance sector & part of the Intellecap Group) backed by Aavishkaar Goodwell
and other existing investors invested INR 27 Cr additional equity and took a 56% stake in Arohan.

Unlike many other MFIs that primarily cater to the rural population, Arohan‟s focus was to provide
financial services to the urban and semi-urban poor, however, since the beginning of Calendar Year
(CY) 2010, Arohan has been lending to borrowers in rural areas as well. Arohan offers a basket of
financial services to economically backward women and men which suit their requirements. Its key
focus is the group loan, for which it replicates the Grameen Bank model of lending. The gross loan
portfolio of Arohan as of February 2018 is Rs. 1860 crores

Term sheet:

Issuer Arohan Financial Services Private Limited

Type of Instrument Unsecured Subordinated Rated Listed Redeemable Non-
Convertible Debentures
Face Value per NCD Rs.10,00,000/- (Rupees Ten Lakh only)
Interest Rate 14.25% (Fourteen Decimal Point Two Five Percent) p.a.
Interest Payment Annually
Frequency
Tenor 6 years (Six Years) from the Deemed Date of Allotment
Principal Repayment Bullet
Seniority/status of the Subordinated
holders of NCD
End use of Funds The proceeds of the Issuance will be utilized for the following
purposes:
 General corporate purposes
 for the ordinary course of business of the Issuer including
repayment/re- financing of existing debt
No part of the proceeds shall be utilized directly/indirectly
towards capital markets (debt and equity), land acquisition or usages
that are restricted for bank financing.
Credit Rating CARE A-

The NCD is expected to give a XIRR of 14.21%.

 Share holding pattern of the company (as on 31st December, 2017)

SL.No Name of Shareholder Number of Shareholding

Shares (%)
1 Tano India Private Equity Fund II 20,462,580 24.78%
2 IntelleCash Microfinance Network Co Pvt Ltd 18,067,494 21.88%
3 Maj Invest Financial Inclusion Fund II K/S 14,541,317 17.61%
4 Aavishkaar Goodwell India Microfinance Development 14,152,170 17.14%
Company
5 Aavishkaar Venture Management Services Private Limited 8,717,165 10.56%

6 Michael & Susan Dell Foundation 4,460,980 5.40%

7 Others 2,160,662 2.63%
TOTAL 82,562,368 100.00%

Summary of Financial Statements

Particulars (Rs. In crores) 31.03.2014 31.03.2015 31.03.2016 31.03.2017

Audited
Statement of Profit and Loss:
Gross Income 32.32 71.19 128.08 210.45
Operating Expenses 14.18 21.14 36.28 68.67
Provision for NPA / Standard Assets 0.93 2.10 2.21 6.51
Interest Expense 14.85 35.56 59.09 98.77
Net interest income (NII) 17.47 35.63 68.99 111.68
PAT 3.06 10.90 21.65 27.46

Balance Sheet:
Net worth 67.35 138.04 160.22 341.17
Total borrowings Outstanding 146.67 365.34 539.51 813.55
Other Liabilities 15.30 14.08 32.08 54.72
Total equity & liabilities 229.32 517.46 731.81 1209.44
Gross Loan Portfolio 165.33 374.72 586.02 910.24
Other Assets 63.98 142.73 145.79 299.20
Total assets 229.32 517.46 731.81 1209.44

Ratios:
Yield on portfolio (%) 16.93 24.03 23.61 24.34
Operational expense ratio (%) 8.58 7.83 7.55 9.18
Gearing (Times) 2.18 2.65 3.37 2.38
Return on assets (%) 1.34 2.92 3.47 2.83
Return on Equity (%) 4.55 10.61 14.52 10.95
PAT / Income from Loans (%) 9.47 15.31 16.91 13.05
Kotak Mahindra Mutual Fund Floater Short Term Direct Growth Open

Issuer Kotak Mutual Fund

Instrument Mutual Fund
Allotment Date July 14,2003
Benchmark CRISIL Liquid Fund
Ratios Standard Deviation: 0.15%, Modified Duration: 0.14 years
Portfolio Yield 6.21%
Minimum Investment Initial Investment: Rs. 1,00,000
Amount
Additional Investment Rs. 1,000 & in multiples of Re.1
Load Structure Entry Load: Nil Exit Load: Nil
Note: Units issued on reinvestment of dividends shall not be
subject to exit load
Total Expense Ratio 0.21% (Ratio excludes applicable B15 fee and Goods & Services
Tax)