S.M.I.L.E MICROFINANCE
Effective April 2011, the operating agreement between SMILE and Mahasemam Trust was terminated and the two entities now operate independently of each other. The company had a branch network of 158 branches across 23 districts in Tamil Nadu and Puducherry and had a loan portfolio of Rs.371 crore as on September 30, 2013.
Performance on key parameters
SMILE, a mid-sized MFI based out of Tamil Nadu, reported CAGRs of 29 and 19 percent, respectively, in the loan portfolio and borrower base in the 3 years ended March 31, 2013. The operations are primarily concentrated in Tamil Nadu and Puducherry Asset quality has improved since March 2012, as evidenced by its 30+ dpd of less than 0.1 percent Has relationships with nearly 20 lenders comprising banks, NBFCs and other financial institutions. The cost of borrowings is comparable with peers of a similar size Capitalization is adequate for current scale of operations, with a net worth of Rs.76 crore, gearing of 4.6 times, and capital adequacy ratio of 24.4 percent as on March 31, 2013 Profitability reduced significantly during 2012-13 on account of limited growth in interest income. The return on assets reduced 0.7 percent from 2.4 percent during the previous year
SMILE MICROFINANCE FINANCIALS
