Mimoza Enterprises Finance Pvt. Ltd.

Mission:

Mimo Finance is the brand name under which Mimoza Enterprises Finance Co. Pvt. Ltd conducts its microfinance operations. We provide financial services to both micro and meso units. Our value proposition is to provide sustainable access to microfinance, particularly to women that generate income, ... Read more

Background and Main Challenges:

We commenced our operations on November 9, 2006 in Dehradun under the banner of Partners in Prosperity, an eight-year old society registered in Delhi. On March 24, 2007, M/s Shah Sandhu Finance Co. Pvt. Ltd. was acquired and the management and control transferred to Manab Chakraborty (Promoter) ... Read more

Address:

35/2/9, Kishangarh,Vasant Kunj.

New Delhi

Delhi

110070

India

Phone:

+91 11-65154037

Fax:

+91 1166173982/ +91 135 2644006

Email:

info [at] mimofin [dot] net

Website:

www.mimofin.com

Main Funding Sources:

Loans

Shareholder Capital

Products and Services:

Loans

Insurance

Products:

JLG Loans, Home Improvement Loans, Individual Microenterprise Loans, Insurance

Services Provided:

Full-scale Financial Services

Looking for (Investment Types):

Equity

Loans in Local Currency

Loans in USD

Capacity-Building Grants

Donations

Loans in EUR

% Operations Comprised by MF:

91 - 100

Date established:

Nov 9 2006

FYE:

31-Mar

Current Legal Status:

NBFI

Regulated:

yes

Social Performance Profile


+ Mission specifics
+ Target markets (ranked by importance)
Women	1
Clients living in rural areas	2
Clients living in urban areas	3
+ Development goals (ranked by importance)
Increased access to financial services	1
Gender equality and women's empowerment	2
Employment generation	3
Poverty reduction	4
Development of start-up enterprises	5
Growth of existing businesses	6
Youth opportunities	7
Housing	8
Water and sanitation	9
+ Poverty targets
Poor clients
Low income clients
+ Governance
+ Range of products and services
+ Financial products and services offered
+ Credit products offered
Microcredit loans for microenterprises
SME loans
Loans for agriculture
Housing loans
+ Savings products offered
+ Compulsory insurance products required
+ Voluntary insurance products offered
Voluntary credit life insurance
+ Other financial products and services offered
+ Non-financial services offered
+ Enterprise services offered
Business development services
+ Education services offered
+ Health services offered
+ Women's empowerment services offered
+ Products and services targeting the poor
Products and services specifically designed to target the poor:
+ Social responsibility to clients
+ Client protection principles in use
The loan approval process requires evaluation of borrower repayment capacity and loan affordability. Loan approval does not rely solely on guarantees (whether peer guarantees, co-signers or collateral) as a substitute for good capacity analysis.
Internal audits check household debt exposure, lending practices that violate procedures including unauthorized re-financing, multiple borrowers or co-signers per household, and other practices that could increase indebtedness.
Productivity targets and incentive systems value portfolio quality at least as highly as other factors, such as disbursement or customer growth. Growth is rewarded only if portfolio quality is high.
Prices, terms and conditions of all financial products are fully disclosed to the customer prior to sale, including interest charges, insurance premiums, minimum balances, all fees, penalties, linked products, third party fees, and whether these can change over time.
Staff is trained to communicate effectively with all customers, ensuring that they understand the product, the terms of the contract, their rights and obligations. Communications techniques address literacy limitations (e.g. reading contracts out loud, materials in local languages).
Acceptable and unacceptable debt collection practices are clearly spelled out in a code of ethics, book of staff rules or debt collection manual.
The organization's corporate culture values and rewards high standards of ethical behavior and customer service.
A mechanism to handle customer complaints is in place, has dedicated staff resources, and is actively used. (Suggestion boxes alone are generally not considered adequate.)
Customers know how their information will be used. Staff explains how data will be used and seeks permission for use.
+ Cost of services to clients
Declining balance interest method
+ Social responsibility to staff
+ Human resources
Transparency on salary (a clear salary scale based upon market salaries)
Benefits (medical insurance, pension contribution)
Protection at work (safety, anti-harassment)
Equality (anti-discrimination, equal pay for men and women with equivalent skill levels)
+ Basis of staff incentives related to social performance
Ability to attract new clients from target market
Portfolio quality
+ Social responsibility to the environment
This institution raises clients' awareness about environmental impacts
+ Poverty measurement tools in use
Grameen Progress out of Poverty Index (PPI)