SKS Microfinance (SKS) has completed rated pool assignment of Rs.243 crore, the largest by any MFI in FY-12. The rated pool assignment transaction of Rs 243 crore is rated CARE A1+(SO) ( Highest Safety) by CARE.
The pool comprises receivables from 3,22,312 women borrowers from the weaker sections as defined by the RBI. Pool receivables are identified from 18 non-AP states where SKS operates. The pool is well diversified with a single branch accounting for less than 1% of the pool, with the average loan amount being Rs 11,131. Prior to this transaction, SKS completed six assignment/ securitization post the AP MFI Act. All the rated papers have shown robust collection efficiency of more than 98%. Credit enhancement has not been utilized in any of these structures.
SKS is a non-banking finance company (NBFC-MFI), registered and regulated by the Reserve Bank of India, whose mission is to provide financial services to low-income households. SKS operates across 19 states of India. They include: Andhra Pradesh, Karnataka, Maharashtra, Orissa, Madhya Pradesh, Bihar, Uttar Pradesh, Rajasthan, Uttaranchal, Himachal Pradesh, Haryana, West Bengal, Jharkhand, Chhattisgarh, Gujarat, Kerala, Tamil Nadu, Punjab and Delhi.
