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Kashf Foundation Chairman: Dr JCR-VIS Credit Rating Company Limited Rating Report Affiliate of Japan Credit Rating Agency, Ltd. Kashf Foundation Chairman: Dr. Ishrat Hussain; President : Ms. Roshaneh Zafar June 17, 2008 Analysts : Sobia Maqbool Rating Rationale Naveen Hasan Kashf Foundation (KF) ventured into microfinance in 1996. While the foundation operates in the absence of complete supervisory regime, unlike the MFIs operating in Category Latest Previous the regulated sector, it has adopted sound governance practices on a voluntary basis and Entity BBB+/A-3 BBB+/A-3 financial disclosures are also considered adequate. Integral to the business strategy of KF Apr 3, ’08 Jun 20 , ’0 7 is achieving its social mission of alleviating povert y by providing quality and cost TFC-1 A A effective microfinance services to low income households, especially women, in order to Rs. 720m Apr 3, ’08 Jun 20, ‘07 enhance their economic role and decision-making capacity. The management and Board Outlook Stable Positive of Directors actively monitor progress against defined targets. Apr 3, ’08 Jun 20 , ’07 In the outgoing year, the foundation has embarked upon an aggressive, growth-oriented Key Financial Trends financial plan, while maintaining sound asset quality indicators. This has exemplified in the asset base which has increased rapidly to Rs. 4.06b (FY06: Rs. 2.0b) as at December 225 31, 2007. Of this, lending operations remain the primary focus of the organization The 175 total loan portfolio stood at Rs. 3.08b as at year end FY 07 (FY06: Rs. 1.54b) Aggregate infection has remained low, with PAR-30 at less than 1% of the loan portfolio. In spite 125 of the rapid growth projected, KF has envisaged that PAR-30 will be maintained at less 75 than 2% of the gross portfolio. 25 While maintaining controls and asset quality against the backdrop of rapid growth is -25 2005 2006 HY2007 critical, KF is consid ered to be well poised to take upon this challenge in view of its tested lending methodology and tailor-made software which ensures effective Operational Self Sufficiency % monitoring. The accuracy and timeliness of information generated by the MIS is Financial Self Sufficiency % considered sound. The foundation ha s extended geographical outreach by venturing into the province of Sindh. Credit cultures are unique across provinces on account of differences in entrepreneurial activity, economic profile, etc. While the amount of 1000 portfolio stemming from branches in Sind h is still small, asset quality indicators within 800 this geographical segment will be keenly monitored as the size of this portfolio increases. 600 Funding sources have been diversified with the issue of a privately placed TFC over the 400 last year. As of December 31, 2007, total borrowings amounted to Rs. 2.40b (FY06: Rs. Rs. in million 200 893.28m) while a dditional long term funding is also being raised to support the growth 0 in loan portfolio. The ability of the foundation to call for equity funding is restricted on 2005 2006 HY2007 account of its legal structure, as being a non-profit guarantee limited company; KF does Net Loans Donations not have shareholders who may contribute capital in times of stress. N et worth of the institution has nevertheless enhanced over the years to Rs. 1.46b (FY06: Rs. 944.61m) 3 on account of donated funds and surplus generated from operations. Debt leverage is projected to be maintained at under 5x over the rating horizon. 2 1 Both operational and financial self-sufficiency ratios have improved relative to 2006. 0 Profitability indicators are h ealthy even after taking into account the high level of -1 2005 2006 HY2007 overheads innate to the microfinance business. Net profit amounted to Rs. 429.40 m (FY06: Rs. 211.80m) for the outgoing year . As the proportion of market based -2 borrowings increases in the funding mix, the cost of funds is likely to go up. However, PAR Net NPL% Net Advance cost of doing business on a per unit basis indicates an improvement in profitability indicators over time. Overview of the Institution Kashf Foundation was set up in 1996 as a micro -finance organization. Recently, the organization has changed its legal status to a non profit guarantee limited company and, as such, will now operate with a non profit organization and a microfinance bank. The foundation operates with a network of 154 branches as of December 31, 2007. It primarily caters to women , offering both group and individual loan products JCR-VIS Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. JCR-VIS Credit Rating Company Limited is paid a fee for most rating assignments. This rating is an opinion on credit quality only and is not a recommendation to buy or sell any securities. Copyright 2008 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS Credit Rating Company Limited . JCR-VIS Credit Rating Company Limited Affiliate of Japan Credit Rating Agency, Ltd. Microfinance Overview Corporate Profile Microfinance has played a critical role in alleviating KF began operations in 1996 as an MFI to provide poverty worldwide. There is mounting evidence from credit, saving and micro-insurance to households that all corners of the globe, exemplifying that access to have lacked formal access to the financial market. The financial services helps the poor build up income, foundation focuses on lending to women, with the enhance resources and reduce vulnerability to crisis aim of alleviating poverty through gender that are part of their daily lives. empowerment and improving access to financial credit. Recognizing the impact of microfinance services on poverty alleviation and social mobilization, the Change in Legal status Government of Pakistan accelerated its efforts towards establishing strong foundations for While the organization was initially registered as a microfinance institutions that operate under the realm society, it changed its legal status last year to a non of the State Bank of Pakistan (SBP). The first profit guarantee limited company registered under the microfinance bank was set up in 2000, followed Companies Ordinance 1984. The sponsors of KFL quickly by the promulgation of an entirely separate have also decided to establish presence in the formal regulatory framework for SBP licensed MFIs - the sector by setting up a micro-finance bank, whereby Microfinance Ordinance. 1 KF will maintain majority stake through a holding company. Subsequent growth in the microfinance industry has been consistent, attributed largely to the outreach of Profile of Top Management and Board various MFBs and MFIs. As of December 2007, the The foundation has a 10-member Board of Directors. Pakistan Microfinance Network (PMN) reported 30 Board composition reflects independence from members, the break up of which is given below:2 management, and the ability to fairly and objectively reflect the interests of all stakeholders. In terms of Category Number of board composition, board members possess a operators diversity of skills and market knowledge so they can Microfinance Bank 6 critically evaluate management initiatives and Microfinance Institution 5 performance. Rural Support Programs 5 Non Governmental Organizations 12 This blend of professionals has played a strong role in Commercial Financial Institutions 2 influencing the foundation’s ability to transform its mission into a successful and sustainable business With particular reference to Kaashf Foundation (KF), venture. The organization has placed strong emphasis the organization is amongst the largest providers of on governance related matters on a voluntary basis. micro credit. In terms of number of active borrowers, KF accounts for 20.1% of the national market share The Board of Directors is chaired by Dr. Ishrat as of December 31, 2007. Hussain who was the former governor of the State Bank of Pakistan and currently heads the National Commission for Government Reform. In his capacity as the Director of Central Asian Republics at the World Bank, Dr. Hussain was the pioneer of several World Bank initiatives on microfinance. He has also played an instrumental role in the promulgation of 1 Pakistan Microfinance Overview 2006 – a publication the Microfinance Ordinance in Pakistan. of the Pakistan Microfinance Network 2 MicroWatch Jan-Dec –a publication of the Pakistan Microfinance network 2 JCR-VIS Credit Rating Company Limited Affiliate of Japan Credit Rating Agency, Ltd. KF also has Mr. Steve Rasmussen acting as an advisor with considerable responsibilities, given the to the Board. Mr. Rasmussen is the lead Microfinance decentralized nature of KF’s operations. Accordingly, Specialist for the South Asian Region for World the management will have to ensure that there is an Bank. He has extensive experience in microfinance organized hiring, training & promotion process, and across Pakistan and South Asia, including serving as employees are incentivized adequately to ensure that Chief Executive Officer of the Pakistan Microfinance staff turnover is measured and controlled. Network. The recruitment process for loan officers has recently The President of the organization is Ms. Roshenah been centralized and all hiring decisions are now Zafar. Ms. Zafar has worked with the World Bank as made at the HO. For hiring at the branch level, a development research associate as well as an array candidates for mostly entry level jobs are identified. of civil society organizations in the country. She Loan officers must at least possess a BA Degree for established the Kaashf Foundation in 1996 after a group loan branches and a B Com Degree for chance meeting with Dr. Yunus – the founder of individual loan branches. Greater emphasis is also Grameen Bank in Bangladesh.
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