Bengaluru, 31st October 2011: Ujjivan Financial Services has received an mfR3 grading by CRISIL. Ujjivan is a leading urban microfinance organisation with over one million customers across twenty states & union territories but has no operations or loan exposure in Andhra Pradesh.
Managing Director Samit Ghosh said, “Ujjivan continues to enjoy strong business operations across India, good portfolio quality, and liquidity. This grading is one of the highest for any MFI in India. It is a reflection of our management’s and Board’s successful steering of the business in the period of crisis and the pro-active changes being undertaken post-crisis. ”
“We continued to receive fresh funding from institutions both in India and overseas and have not been significantly affected by the industry crisis. We have consistently met all loan servicing requirements to all our lenders on or before due date”, added Ms.Sudha Suresh, Chief Financial Officer.
The CRISIL grading is assigned on an eight-point scale with mfR8 being the lowest.
About the Company:
Ujjivan Financial Services, a microfinance institution (MFI), started operations in Bangalore in 2005 and is a partner of Grameen Bank, Bangladesh. It serves over 1 Million urban and semi-urban poor customers in 20 states across India with over 3700 employees at 312 branches. Ujjivan has disbursed loans of over Rs.2700 Crores with a repayment rate above 98%. It is among India’s top 25 Best Companies to work for and ranked #1 in the microfinance industry. Ujjivan won the Srijan MFI Transparency Award and the Gold Award in Social Performance Reporting. In a jointly funded program with staff, Ujjivan provides emergency relief from natural and manmade disasters to customers and staff across the country. These activities are in addition to healthcare, education and vocational training programs provided to the customers in collaboration with Ujjivan’s sister organization, Parinaam Foundation. For more information, visit www.ujjivan.com
For more information, contact:
Ankur Ganguly, Communications Manager, +91.81.4757.6282 / ankur.ganguly@ujjivan.com
Sudha Suresh, Chief Financial Officer, +91.96325.00431 / sudha.suresh@ujjivan.com |
