MAS
6, Ground Floor,
Narayan Chambers,
B/h.Patang Hotel, Ashram Road,
Ahmedabad . PIN - 380009.
State: Gujarat, Country : India
Ph. No.: +91 79-30016500, Fax: +91 79 30016597
Website : www.mas.co.in
Information Memorandum

Introduction
 In existence since last 23 years. Turned corporate in the year 1995.
 A retail finance company focused on Financial Inclusion. Total 65 branches and 2300 locations reach in the state of Gujarat,
Maharashtra ,Rajasthan, Tamil Nadu and Madhya Pradesh.
 Has created the expertise in the distribution of credit and a base of more than 4,00,000 customers.

BOARD OF DIRECTORS
Mr. Kamlesh Gandhi
Founder and Managing Director
Mr. Mukesh Gandhi
Co founder and Director Finance
Mr. Bala Bhaskaran
Professional Director
Mr. Jagdish Joshipura
Professional Director
Mr. Chetan Shah
Professional Director
Mr. Subir Nag
Nominee Director
Mr. Cornelis Jan de Kruijf
Nominee Director
• More than two decades of experience in the industry
• Chairman of Gujarat Finance Company Association & committee member of Finance Industry Development Council
(FIDC), visiting faculty ICFAI
• Formerly associated with Gujarat Industrial Investment
Corporation &Dean of ICFAI Business School Ahmedabad & till recently with Shanti Business School (Ahmedabad)
• Former General Manager of Gujarat state Finance Corporation
& director of Som Lalit Institute of Management, Ahmedabad
• More than 25 years of experience in Banking and Finance and a practicing Chartered Accountant
• Director at ICICI Venture Fund Management Co
• More than 15 years of experience in Project Management,
Investment Banking and Corporate Finance
• Senior Investment Officer (Private Equity - FMO)

VISION 2015
VISION

VISION 2015
MISSION

VISION 2015
VISION 2015
To attain AUM of ` 5,000 Cr.
` 3500 Crores : Retail assets (Approx.)
` 1500 Crores : Housing (Approx.)
 MSME & SME Loan
` 1500 Cr.
 Two wheeler loan
` 1000 Cr.
 Commercial Vehicle Loan
` 1000 Cr.
Customer base
The
Impact
No. of
Customers
6 Lacs
Income Range
` 5000 p.m. to ` 35000 p.m.
Presence in approximately 5000 locations covering 6-7 states .

VISION 2015
The Impact
HELP
PROMOTE
35,000 House Holds Realize their dream of
“owning a home.”
300,000 Micro, Small & Medium Entrepreneurs to scale up their business.
PROVIDE
Livelihood Financing to 270,000 House Holds through SRTO and Two Wheeler financing especially in Rural and Semi Urban Areas.

VISION 2015
Enablers
Distribution Network.
Business Model, Products & Market Size
Thrust on Providing Affordable Financial Services.
Liability Management.
Human Resource Development.

VISION 2015
Distribution of Network
 Gujarat - 44 Branches.
 Rajasthan
 Maharashtra
- 7 Branches
- 12 Branches
 Started Operations in
 Madhya Pradesh
 Tamil Nadu
- 1 Branch
- 1 Branch
 Two more Potential States will be covered depending upon market condition and the potentiality.

Network
INDIA
VISION 2015

VISION 2015
Network
 Such penetrative network will be replicated in other states.

VISION 2015
Business Model & Products
* Promoting Financial Inclusion *
To concentrate on the business model and products, which ensures scalability and sustainability.
 Home loans
• 35% from Rural
• 40% from Semi urban.
• 25% from Urban MIG LIG customers.
 Small, Medium & Micro Enterprise Loan
• Individual lending model
 Two wheeler
• 60% from Rural
• 40% from Semi urban
Contd…

Business Model & Products
 SRTO (Small Road Transport Operators)
• Three Wheelers
• Four Wheelers
• Multi Utility Vehicle
• Sports Utility Vehicle
• Light Commercial Vehicle
 SME
• Partnership (SIDBI and Likes)
• Direct funding
 Non fund based
• Insurance
• Syndication
VISION 2015

VISION 2015
Affordable Financial Services
To offer affordable financial services thereby acting as the catalyst to expand the market size.
 Strive hard to reduce the cost of operations by efficient management.
 To raise capital & debt on most competitive terms.
 To maintain ROA of
3.0% to 3.5%.

VISION 2015
Capital & Liability Management
 To remain adequately capitalized.
• Estimated internal accruals over the period will be approx.
` 250cr.
• Capital raising estimated at ` 350cr. approximately during the period.
 To go for an IPO between 2014 to 2016, depending upon the situation of the market.
 To dilute up to 25% inclusive of the IPO offer. Unlocking close to ` 800cr. To
` 1000cr. (depending upon the timing of an IPO) available for investment to carry on future expansion plans.
 To have the ideal debt resource mix, that ensures continuous flow of funds at the most competitive terms.

VISION 2015
Human Resource Development
To retain and strengthen the core team of dedicated, proven, loyal personnel and hire the best talents as per requirement.
To constantly endeavour to develop the human resource, which commensurate with the growth plans.
To ensure that the organization imbibes the culture of being a learning organization.

VISION 2015
Brand Building
A very systematic exercise will be undertaken to project the strengths and the working of the company as the company in activity of financial inclusion for more than two decades.
Visualized the opportunity of financial inclusion very early.
Financial inclusion activities covering more than 35Crores of population and catering to their multiple needs by offering products ranging from Micro loans to home loans.
Presence of financial services across income segments ranging from ` 5000 p.m. to ` 35000 p.m.
Detail action plan will be formulated till then catering to more than 4.00 lakhs customers satisfactorily is very concentrated efforts in itself to build up the brand.

VISION 2015
Business Overview
KEY INVESTORS and SHAREHOLDING PATTERN
Type Investment horizon
Bellwether 2006-2010
ICICI Ventures 2008-2012
Amount
(INR Cr)
6.5
40.0
Tier II
Tier II
FMO 2008
Shareholding Pattern MARCH 2011
Promoters & Family
Others
44.0
Tier I
99.99 %
0.004%
Total active Clients is 2,68,222 as on 31 st March 2011
KEY BANKING RELATIONSHIPS
SR. NO
1 AXIS BANK LTD.
Bank/ FI
2 BOI
3 CENTRAL BANK OF INDIA
4 DCB
5 DENA BANK
6 HDFC BANK LTD.
7 ICICI BANK LTD.
8 IDBI BANK LTD.
9 ING VYSYA BANK LTD.
10 PUNJAB NATIONAL BANK
11 SBI
12 SIDBI
13 STANDARD CHARTERED BANK
14 STATE BANK OF PATIALA
15 UNITED BANK OF INDIA
16 DHANLAXMI BANK 2010
17 CITY UNION BANK 2010
 Credit relationship with over Seventeen banks and financial institutions
Relationship Since
2003
2006
2009
2007
1996
2004
2004
2005
2008
2008
2007
2006
2006
2009
2009
Investment by reputed international investors and credit relationship with most of the leading banks

VISION 2015
Operational Overview
RISK CONTROL
Client
Adoption
 Robust KYC process
 Tie up with banks for no frills saving accounts for all customers
 Internal Audit – Random audit of the loans approved to validate compliance
 Review of sourcing and recovery targets – Regular monitoring of the business sourced and amounts recovered
Portfolio
Monitoring
 Post Dated Cheques
For the installments
 Hub and Spoke model for recovery and settlement
Recovery
Process
Control
Credit
Approval
 Credit Scoring model -
Rule based lending norms, On site/Off site verification
 Centralized credit approval rendering effective control
Robust
Technology
Platform
 In house IT team
 Technology supports
FAS module (used by credit and accounting ) and MIS module (for management, recovery and marketing)
Robust client adoption process, credit checks and technology ensures efficient recovery and process control

VISION 2015
Key Management Personnel - MFSL
Mr. Kamlesh Gandhi Managing Director
Mr. Mukesh Gandhi Director Finance
Mr. Saumil Pandya Vice-President (Sales & Marketing)
Ms. Darshana Pandya Chief Operating Officer
Mr. Joby Joseph
Mr. Sunil Shah
HR Manager
Head Credit & Recovery
Mr. Gaurang Kasudia EDP In Charge
Ms. Prachi Kanodia
Mr. Ankit Jain
Company Secretary
EA to Director Finance
Has been on the helm of affairs of the company since last 22 years
Masters in commerce and has been actively involved in strategic decisions and resource raising for the company
Having 16 years of experience in the company; handles sales, marketing and product development
Having 16 years of experience in the company and currently handles Operations, credit and risk management.
Having wide experience of HR filed and managing the entire HR related activities in the Company
Oversees credit & Recovery function of the company; 12 years of working experience in MFSL.
In charge of electronic data processing centre and managing information requirement for the company; 16 years experience in
MFSL.
Responsible for legal compliances of the company.
Involved in Strategic Planning, Resource mobilization and budgeting.

Organization Structure - MFSL
VISION 2015

VISION 2015
Business Plan – MFSL Key Trends 1/3
LOAN PORTFOLIO O/S (Rs. In Cr.)
5518
CAGR 49%
4368
3304
2067
388 512
725
FY10 FY11
RONW/ROA
FY12
1278
FY13 FY14 FY15 FY16 FY17
20,1%
20,6%
20,7%
23,9%
24,6%
11,6%
13,5%
11,6%
4,3% 3,9% 3,1% 3,4%
3,4% 3,4% 3,7%
3,7%
FY10 FY11 FY12 FY13
ROA
FY14 FY15
RONW
FY16 FY17
CAPITAL ADEQUACY
35%
28%
23%
16% 15% 16%
16% 16%
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
OPERATING COST TO INCOME
33%
33%
29%
29% 30%
30%
27%
27%
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
Company on an inflection point to assume exponential growth and profitability

VISION 2015
Business Plan – MFSL Financial Projections 2/3
KEY FINANCIAL PROJECTIONS
INR Mn.
Total Income
FY11
907
FY12
1280
FY13
2502
STATUTORY AUDITOR: DELOITTE HASKINS & SELLS
FY14
4107
FY15
6592
FY16
9284
FY17
11871
Total Expenditure 661 958 1863 3059 4917 6735 8590
PBT
PAT
LIABILITIES
Share Capital
Reserve & Surplus
Net Worth
Loans
Total Liabilities
237
157
930
235
1165
3415
4580
312
203
1430
314
1744
6836
8579
625
408
1760
268
2028
12850
14878
1028
672
2640
626
3266
20787
24052
1644
1075
3840
1365
5205
33120
38325
2522
1656
4290
2639
6929
43504
50433
3252
2137
4290
4396
8686
54881
63567
ASSETS
Fixed Assets
Net Current Assets
Misc Assets
Total Assets.
62
4427
92
4580
62
8367
150
8579
74
14614
190
14878
112
23641
300
24052
101
37845
380
38325
90
49742
600
50433
Growth in Asset book and Income levels without compromising on credit quality, the key to consistent growth
81
62885
600
63567

VISION 2015
Business Plan – MRHMFL Financial Projections 3/3
KEY FINANCIAL PROJECTIONS
INR Mn.
Total Income
FY11 FY12
17 85
FY13
315
FY14
796
Total Expenditure 12 54 229 597
FY15
1591
1207
FY16
2776
2117
FY17
4479
3423
PBT
PAT
LIABILITIES
Share Capital
Reserve & Surplus
Net Worth
Loans
Total Liabilities
5
4
107
7
114
10
124
31
23
107
22
129
1033
1162
85
62
207
70
277
3444
3720
199
145
357
190
547
8219
8765
384
280
657
424
1081
15311
16392
660
482
1007
835
1842
25729
27571
1055
770
1307
1513
2820
40619
43439
ASSETS
Fixed Assets
Loan Portfolio
Net Current Assets
Misc Assets
Total Assets.
0.33
98
26
0
124
0.33
1055
107
0
1162
0.45
3427
293
0
3720
6
8127
632
0
8765
8
15313
1071
0
16392
9
25846
1716
0
27571
10
40783
2645
0
43439
Housing Finance subsidiary key to future growth; Company poised to leverage on it’s distribution network and huge market size.

Best Wishes