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| AT A GLANCE |
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| Express 3 Minute Gold Loan |
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| Gold loans at express speed. |
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| Smart + Gold Loan |
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| Avail a gold loan...Repay in instalments |
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| Hospitality |
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| Enjoy the unparalleled Muthoot hospitality. |
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| Swarnavarsham |
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| Swarnavarsham.... a secure, convenient means of buying gold. |
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| Yamaha Bike |
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| An array of the coolest machines with attractive two wheeler loan facility. |
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| Honda Bikes & Scooters |
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| A range of bikes and scooters from the Honda stable. |
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| Technopolis |
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| Kerala’s most prestigious address for businesses. |
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| News & Events |
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Principal supporter of the CII MSMEs event
Muthoot Pappachan Group was principal sponsor of the recent Session on ‘Financing Options for MSMEs’, celebrating India Investors Week. The event, a seminar on financing options for medium, small and micro entrepreneurs was held on 29th July 2010 in Trivandrum. The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the growth of industry in India.
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Free Medical Eye Camp by Muthoot Fincorp
A free Medical Eye Camp was conducted recently by Muthoot Fincorp's Cherai branch in Kerala. The Camp, conducted in association with Little Flower
Hospital, Angamaly, Kerala and HelpAge India, was inaugurated by Pallipuram Grama Panchayat President P.B. Sajeevan. Approximately 175 patients attended
the camp for consultation. Of those who attended, 22 patients were given free Cataract surgery.
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Muthoot Fincorp receives Crisil P1+ rating
Mumbai, 3rd July.
Part of the 20,000 Crore Muthoot Pappachan Group, Muthoot Fincorp Ltd., has been elevated by Crisil to 'P1+' rating in the short term loans segment, the highest rating that can be achieved to Crisil’s standards. The Crisil northward indicator strengthens positively the business risk profile of Muthoot Fincorp.
Muthoot Fincorp’s other outstanding debt programmes and bank facilities have been upgraded by Crisil to 'A+' with Stable Outlook.
"The ratings reflect Muthoot Fincorp’s substantial experience in financing against gold, innovative additions to the loan portfolio, robust asset quality, and excellent earnings profile over the most difficult periods during bthe recent recession, said Mr. Thomas John Muthoot, Chairman and Managing Director of the Muthoot Pappachan Group.
The Muthoot Pappachan Group's core businesses are financing against gold, small and medium credit to business people and insurance. The group's promoters have been in the finance business since 1939, which has helped the group to design efficient credit appraisal and approval systems and processes. The group enjoys a strong reputation in Southern India. Since 2008, Muthoot Fincorp has been expanding its presence in Central, Western and Northern India.
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Auto Loan Milestone at MCSL
Muthoot Capital Services reached the milestone of 2,000 auto loan disbursements during June 2010, resulting in an impressive revenue of INR 7.83 Crores. A growth of 31% over the previous month. With its auto loan product, MCSL is marching onto greater heights. The peak performers were branches in Kulanada and Chettikulangara, two small towns in Kerala. This is in line with Muthoot Pappachan Group’s mission to reach every town and every Indian, offering competitive financial services, where such services not available.
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Another innovative loan offering from Muthoot Pappachan Group
Gold loan repayable in installments
The 20,000 crore Muthoot Pappachan Group recently introduced a new loan product that is being launched Nationwide. Aimed at people who seek installment repayments and efficient disbursement at the maximum possible valuation of their gold, the new Smart Plus Gold Loan is the first of its kind in India.
Part of the portfolio of Muthoot Pappachan Group company, Muthoot Fincorp, the new product offers up to ninety percent of the gold value as loan. The tenure of the loans is from 6 to 36 months. The customer may redeem the gold in parts without having to wait until the full loan is settled and repayments can be made at any one of 850 branches of Muthoot Fincorp across the Nation.
“Combined with our 3-minute loan service, this installment plan product will be a boon to those in need of finance quickly; they just walk in with an acceptable identity card like an Election Card and, walk out with the loan in minutes” says Mr. Thomas George Muthoot, Director, Muthoot Pappachan Group.
“Smart Plus Gold Loan was developed after valuable suggestions from our customers,” adds Mr. Thomas Muthoot, Director in charge of Strategic Initiatives at Muthoot Pappachan Group. “We listen carefully to the needs of the people and, as a result, we are at the forefront in the knowledge of finance at the very grassroots level.”
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Muthoot Fincorp achieves RBI-approved Money Changer Status.
Muthoot Fincorp is now an RBI-approved Authorised Money Changer (AMC). The elevated status enables Fincorp’s Forex Division to offer a wider scope of services and products without third party involvement. The range of services includes drawing instrument and remittance facilities through Fincorp’s own arrangements with offshore Banks. Customers can expect a quick, efficient overseas remittance service for such purposes as medical treatment, private visits, business travel, fee for conference and event participation, film shoots, disbursement of crew wages, education fees, emigration fees, visa fees and DDs in Saudi Riyals for Haj pilgrims.
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Muthoot Pappachan Group Wins Trivandrum Chamber Business Excellence Award
Chairman and Managing Director of Muthoot Pappachan Group, Mr. Thomas John Muthoot, received yesterday, the Business Excellence Award for the category Hospitality & Tourism, instituted by the Trivandrum Chamber of Commerce. The award was presented by Kerala Minister of Finance, Dr. T.M. Thomas Isaac, at a ceremony held on 10th June, 2010 at the Mascot Hotel in Trivandrum. The latest recognition follows three accolades received by Group property, Taj Green Cove Resort. The property secured ISO22000 certification and was chosen Winner: Travelers’ Choice 2010 by TripAdvisor and Benchmarked Company 2009 by Green Globe.
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Green Day at Muthoot Honda
5th June 2010, Cochin: In connection with World Environment Day 5th June, Muthoot Honda, Thoppumpady branch, conducted a green activity at SDPY Higher Secondary School, Palluruthy. Saplings were planted and distributed to all students as part of the effort. The principal, along with all teachers, staff, students and employees from the Muthoot Honda family participated to make the event a success.
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22 new branches of Muthoot Fincorp to open from 17th June to 30th June, 2010.
That’s almost two branches a day. The new branches are in the states of Goa, Punjab, Maharashtra, Kerala, Karnataka and Tamil Nadu. Customers can locate the branches closest to them by
using the Branch Locator in the Muthoot Fincorp and Muthoot Corporate websites. Addresses and contact details of new branches will be updated as they open for business.
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Energy and Agriculture Top Resource Panel's Priority List for Sustainable 21st Century
Fossil fuel use and feeding world cause greatest environmental impacts. Fiscal incentives, including taxes, and higher investment in innovation needed to "decouple" economic growth from damage.
Brussels, 2 June 2010 - How the world is fed and fueled will in large part define development in the 21st century as one that is increasingly sustainable or a dead end for billions of people. A new and hard-hitting report concludes that dramatically reforming, re-thinking and redesigning two sectors-energy and agriculture-could generate significant environmental, social and economic returns. Current patterns of production and consumption of both fossil fuels and food are draining freshwater supplies; triggering losses of economically-important ecosystems such as forests; intensifying disease and death rates and raising levels of pollution to unsustainable levels.
The report, prepared by the International Panel for Sustainable Resource Management, says decoupling the environmental impacts of these two broad sectors from economic growth, can start at the level of the household. Sustainability goals can begin through dramatic improvements in household patterns of energy and food use including heating and cooling systems, gadgets and appliances and the way people travel.
Perhaps controversially, it also calls for a significant shift in diets away from animal based proteins towards more vegetable-based foods in order to dramatically reduce pressures on the environment.
Achim Steiner, UN Under-Secretary General and Executive Director of the UN Environment Programme (UNEP), which hosts the Panel, said: "Decoupling growth from environmental degradation is the number one challenge facing governments in a world of rising numbers of people, rising incomes, rising consumption demands and the persistent challenge of poverty alleviation-thus setting priorities would seem prudent and sensible in order to fast track a low carbon, resource efficient Green Economy."
Source: United Nations Environment Programme
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Muthoot Honda Pathanamthitta sets sales record
Muthoot Pappachan Group’s Honda dealership in Pathanamthitta District set a sales record of 536 units in May 2010. The achievement was celebrated at a special event held in the Muthoot Honda showroom on 1st June. Vehicles sold at the Pathanamthitta showroom was 361 and, at Tiruvalla, 175. Of these, the
Honda Aviator model sold 166 units.
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Gold Demand Trends, WGC report
The content and structure of Gold Demand Trends (GDT), has been improved in order to better meet the needs of our readers. The report is now divided into three sections: 1) Global Outlook sets out the WGC’s outlook on the dynamics and trends in the gold markets worldwide and examines the themes driving demand. 2) Focus Report provides in-depth analysis of topical developments or themes. This edition focuses on the Indian gold market. 3) Gold Demand Statistics sets out demand and supply statistics for the quarter.
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Family benefits from free life cover as part of husband’s Eezy Auto Loan
Mr. Ashokan Narayanan, an autorickshaw (goods) driver who availed an Eezy loan from Muthoot Capital Services through its Vaikom branch was hit by a car on 3rd December at Thottakam and had been struggling for his life in an ICU for the next few days. He died on 19th December, leaving his wife Mrs. Sarasamma and two children, Asha and Aneesh.
Initiated by the concerned staff at the Vaikom Branch and assisted by Team Auto Loan, Mr. Ashokan’s son Aneesh, a +2 student, collected all relevant documents and submitted to Apollo Munich, the insurers.
Mr. Ashokan Narayanan’s widow received Rs.1,00,000 for his life coverage and Rs.10,000 as an education fund for her son from Apollo Munich. A woman with health problems, she had already started working, following the death of her husband.
The family was not even aware about the additional life cover benefit offered as part of the Eezy auto loan.
Muthoot Capital Services CEO, Mr. Manomohanan, handing over the cheque to Mrs. Sarasamma, in the presence of Area Manager, Kottayam, Mr. Jacob K Abraham and Apollo Munich Senior Manager, Mr. Ranju Kuruvilla Kurian.
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MUTHOOT CAPITAL SERVICES LIMITED NET JUMPS 32.53%
12 May 2010, Kochi: Muthoot Capital Services Limited today announced the audited financial results for the year 2009 -2010 at the meeting of the Board of Directors in Kochi. The Company achieved a substantially higher performance in 2009-2010 compared to the corresponding period last year. The Board of Directors recommended payment of dividend at the rate of Rs.2.50 per each share of Rs.10 (which is equal to 25%).
The net profit of the Company increased from Rs. 541.24 lakhs to Rs.717.28 lakhs, recording an impressive growth of 32.53 %, compared to the last year figures. The total income of the Company registered a growth of 29.27 %, from Rs.1738.61 lakhs during the previous year to Rs.2247.56 lakhs in the current year. The Company has succeeded in restricting the interest expenses to Rs 691.60 lakhs compared to Rs. 615.29 lakhs in the last year, which is an increase of only 12.40%. The operational expenses during the corresponding period recorded an increase of 67.22%, from Rs. 273.24 lakhs to Rs. 456.93 lakhs. Due to the cost control measures adopted by the Company, especially in restricting the financial expenses, the profit before tax recorded a jump of 30.21% from Rs. 835.14 lakhs in the previous year to Rs. 1087.42 during the year ended 31st March 2010.
During the quarter ended 31st March 2010, the net profit increased to Rs.206.14 lakhs, from Rs. 153.52 lakhs compared to the corresponding quarter in the previous year, recording a growth of 34.28%. The total Income for the Company increased to Rs. 662.29 lakhs during the quarter ended 31.03.2010 from Rs.488 lakhs during the corresponding period last year, registering a growth of 35.72 %.
Commenting on the results Mr. Thomas George Muthoot, Managing Director of the Company said, “The improved performance of the company is mainly on account of the increased portfolio of services provided by Muthoot Capital Services Limited. The Company has successfully added an array of financial services and products like the two-wheeler loans, which are well appreciated by the public. We are introducing more products to cater to the needs of the business community like the SME loans, property loans, bills discounting, loans for buying second hand cars etc.”
Mr. R. Manomohanan, Chief Executive Officer of the Company added, “The excellent performance of the Company is a testimony of the prudent policies followed by the Company in taking care of all the stake holders viz. the share holders, the customers and the public. The Company is going ahead with the 1:1 rights issue which is likely to hit the market by August/September 2010”.
The Company has identified many other areas where the branch network can be put to good use for distribution of services and third party financial products, resulting in fee based income, at the same time offering diversified value added service to the customers.
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Muthoot Mahila Mitra
Launched recently, Muthoot Mahila Mitra Loan is a part of the community lending activities of the Muthoot Pappachan Group, through Muthoot Fincorp. The programme aims to reach out to rural women by extending them timely and much needed financial services, and in the process empowering them. The unique programme utilises an innovative assessment procedure that enables the Muthoot Mahila Mitra team to extend credit, in a majority of the cases, without collateral.
Currently there are six types of product extended under Muthoot Mahila Mitra programme: Primary Loan, Emergency Loan, Education Loan, Parallel Loan and Credit Life Insurance. The Swarnavarsham gold investment product is also extended to participants in the programme, as a savings initiative.
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Muthoot Pappachan Group partners with Monitor to increase supply in affordable housing finance.
Muthoot Pappachan Group has entered into an engagement with Monitor Group to build a sustainable and differentiated presence in the housing finance market. MPG is expanding its current business to mortgages to consumers in the low income segment, who are seeking to buy housing in the Rs. 3 to 9 lakh price range. Monitor will help MPG develop a business blueprint for its housing finance operations, with the focus on creating a sustainable strategy to meet the rising demand.
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Sreesanth offers valuable tips at Muthoot Pappachan Group’s
Summer Cricket Camp
Camp concludes following two-day extension
The 2010 Muthoot Pappachan Group Cricket Camp for 12 to 19 year olds concluded at the Edapally Cricket Ground, Cochin, on 4th May. Aspiring teenagers from various parts of Kerala attended the 19-day camp, at which they were able to pick up valuable tips from national test cricketer and bowling legend, Sreesanth.
The camp, originally scheduled to close on 2nd May, was extended by two days at the insistence of Sreesanth. “I am delighted to be able to impart my skills to the next generation of aspiring professional cricketers, thanks to Muthoot Pappachan Group’s efforts,” said Sreesanth. “We had a good number of talented individuals at this year’s camp and, I wish them all success,” added the cricket maestro.
Sreesanth was assisted by former test cricket star, Abey Kuruvilla, and well-known coaching experts from the cricketing world.
The annual cricket camp is an initiative of the Muthoot Pappachan Group Sports Academy, formed to promote and develop performance skills amongst youngsters.
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45 New Fincorp Branches within the next four weeks.
As part of Muthoot Fincorp’s drive to be closer to the customer throughout India, 45 new branches will be opened from 26th April to 27th May 2010.
That’s more than one branch a day. The new branches will be in Delhi, Haryana, Kerala, Karnataka and Tamil Nadu. Customers are requested to use
the Branch Locator button on home page of the Muthoot Fincorp and Muthoot websites to locate branches. New branch addresses and contact
details will be updated as the branches open for business.
Several other new branches are being planned for the convenience of Muthoot Fincorp customers. Announcements will follow.
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Muthoot Pappachan Group Launches
Sthreejyoti a training program for women entrepreneurs
Our Bureau
Thiruvananthapuram
Muthoot Pappachan Group offers a unique programme “Sthreejyoti,” which is a set of award-winning modules focussing on building the business skills of women micro entrepreneurs. It is an educational model oriented to potential as well as established entrepreneurs.
Going strong with its core business of Gold Loan, the Group has ventured into providing micro finance (cash flow based Business Loan) in the year 2008 The number of borrowers under “Muthoot Business Loan ” portfolio has now grown to 7400 more than 25% of whom are women entrepreneurs.
“Sthreejyoti programme builds on the existing knowledge of entrepreneurs and offers them an integral development vision, further beyond simple administration of their business. The training program is extensive, participatory and reality based, using a lot of interactive games and role-plays to solve real- life business challenges and thus the program is engaging for people with little formal education who may not learn effectively in a traditional classroom setting” says Thomas Muthoot Director Muthoot Fincorp.
The courses offered are Self Management for Women, Leadership, The Entrepreneur and the Management, The Feasibility of My Business, From the Idea to the Business, Communication and Promotion, Cash Management, Savings and Investment and Debt. Each course lasts an average of 5 hours and is adapted to entrepreneur’s time and availability and the courses include an immediate action plan for entrepreneurs of what they have learnt. The program has standardized quality: all facilitators and entrepreneurs are certified by ACCION.
ACCION International, a private non-profit Organization with a mission of giving people the financial tools they need to work their way out of poverty. To date, ACCION has trained more than 700,000 micro entrepreneurs, 60 percent of whom are women.
The program offers a whole lot of benefits for Muthoot Fincorp by offering their clients credit plus services, loyalty building, lower client attrition rate, also offering new products and services to clients as they grow in businesses. Sthreejyoti program training is done by certified ACCION Master Facilitators; ACCION conducts periodical impact evaluation to measure the success of the program, enabling entrepreneurs to increase competitiveness in the market to generate more income and improve their economic and living conditions.
The Muthoot – Accion joint initiative will train 20000 women entrepreneurs in the next one year says Thomas Muthoot Director. Muthoot Fincorp. In his interaction with the media during the inaugural ceremony of this new initiative.
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| Claim Settlement by MPF |
Helping hand from Muthoot even in our customer's absence..
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| Rotary Marathon |
Mini Marathon moments..
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Australian High Commissioner's Visit
The High Commissioner of Australia to India H E Peter Varghese called on Mr. John Muthoot, Chairman of MUTHOOT PAPPACHAN GROUP on March 11th, at the Corporate Office, Thiruvananthapuram. He was accompanied by Mr. Aminur Rahman, Australian Consul-General for South India and Mr. Mark Ryan, First Secretary – Australian High Commission.
The High Commissioner and his Team were received by Mr. George Muthoot, Director of MUTHOOT PAPPACHAN GROUP.
The meeting provided a platform for discussing investment opportunities in collaboration with the Group in Education,Vocational Training, Tourism, Sports, and other areas of mutual interest.
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Honda Motorcycle, Muthoot Capital Services tie up
Honda Motorcycle and Scooter India Pvt Ltd has tied up with Muthoot Capital Services Ltd (MCSL), a division of Muthoot Pappachan Group, to offer instant “need-based financial services” for its two-wheeler customers. The tie-up will enable HMSI to penetrate deep into the semi-urban and rural markets using the services of MCSL’s retail outlets and dedicated manpower at every HMSI sub-dealer point.
HMSI has a strong dealer network in Kerala and Tamil Nadu, where the financing options will be available initially. The two companies will work closely to bring in operational efficiency, optimise the turn around time (TAT) and enhance customer satisfaction. The financing option will be offered to customers purchasing two wheelers at the authorised Honda retail outlets on an equated monthly instalments under the innovative flexi repayment options.
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MCSL 1st Quarter Results Announced
The unaudited financial results of Muthoot Capital Services Limited for the quarter ended 30th June 2009 reveals substantially higher performance compared to the corresponding period last year. The results were approved in the meeting of the Board of Directors held in Kochi on 28th July 2009.
The total income from operations for the Company increased from Rs 357.71 lakhs in the quarter ended 30th June 2008 to Rs 507.52 lakhs in the corresponding period this year, registering a growth of 41.88 %. However the interest expenditure increased by 61.89 % from Rs. 109.83 lakhs to Rs 176.83 compared to the corresponding period last year. Proactive measures implemented by the Company resulted in restricting the other expenditure during the period and this resulted in a Profit Before Tax of Rs 252.03 lakhs. Compared to Rs 180.98 lakhs for the corresponding period last year, the increase in Profit Before Tax is 39.26%. The net profit increased from Rs.122.17 lakhs to Rs 167.23 Lakhs, recording a growth of 36.87%.
Speaking on the future outlook of the company Mr. Thomas George Muthoot, Managing Director stated that, “We expect a good year ahead with signs of recovery in the economy as a whole. We are expecting a surge in the coming quarters with the onset of festival season in India".
Commenting on the company’s performance, Mr. R Manomohanan CEO Muthoot Capital Services limited said, “We feel happy with our performance in the first quarter of the current financial year. The stringent measures taken by the company for cost control and resources optimization are proving beneficial and we expect that it will make a positive impact on the current performance.”
The Company is maintaining its growth trajectory in operations as well as profits by increasing the exposure under the existing schemes and introducing innovative products, continuing to maintain the highest quality of the assets portfolio. The two wheeler loans offered by the Company are well received in the market. Recently the company has announced its tie up with Honda two wheelers to offer need based loan for buying two wheelers. There has been good response to the small and medium sized loans offered for traders and other businessmen. The Company plans to enhance its loans portfolio, by introducing innovative loan products. The latest addition to its loan portfolio is the scheme for financing of gold bullion. Under the scheme, the company will be extending finance to jewelers for purchase of 999 pure gold bullion from Rajesh Exports Ltd.(REL), the largest jewellery exporters from India. The gold imported by REL is sold through Muthoot Exim, the consignment agents for REL and the company will be extending finance for the purchasers of gold from Muthoot Exim.
The Company’s plans for organic growth by increasing the number of branches and adding to the portfolio of services and products are well under way. The Company is poised to increase the business levels and improve profits in the current year. The Company is going ahead with its plans to open Branches in Maharashtra, Madhya Pradesh and Gujarat to complement the existing branches in reach and business. Also, The Company is contemplating to offer the entire spectrum of capital market related products to the investing public.
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Muthoot Capital Services Q3 profit up at Rs 1.72 crores
Muthoot Capital Services Ltd has announced the financial results for the quarter ended on 31-December-2009. The Net Sales was at Rs.5.52 crores for quarter ended on 31-December-2009 against Rs.4.43 crores for the quarter ended on 31-December-2008.
The Net Profit / (Loss) was at Rs.1.72 crores for the quarter ended on 31-December-2009 against Rs.1.29 crores for the quarter ended on 31-December-2008.
The company has reported an EPS of Rs.2.65 for the quarter ended on 31-December-2009 against Rs.2 for the quarter ended on 31-December-2008.
The Net Sales was at Rs.15.67 crores for 9 months ended on 31-December-2009 against Rs.12.24 crores for the 9 months ended on 31-December-2008.
The Net Profit / (Loss) was at Rs.5.11 crores for 9 months ended on 31-December-2009 against Rs.3.88 crores for 9 months ended on 31-December-2008.
The company has reported an EPS of Rs.7.86 for 9 months ended on 31-December-2009 against Rs.5.97 for 9 months ended on 31-December-2008.
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Muthoot Capital Services posts 33% growth in net
Muthoot Capital Services Limited has registered a 33 per cent growth in its net profit for the quarter ended December 31, 2009, touching Rs 172.55 lakh against Rs 129.67 lakh during the corresponding period last year. The total income from operations for the quarter ended increased to Rs 556.98 lakh from Rs 456.67 lakh for the corresponding period last year, registering a growth of 22 per cent At the same time, the expenditure other than interest expenditure went up to Rs 132.65 lakh from Rs 63.40 lakh, which amounted to an increase of 109 per cent.
However, the company has been able to control financial expenses, resulting in reduction of interest expenses to Rs 162.75 lakh from Rs 196.37 lakh in the corresponding quarter last year, which is a saving of 17 per cent. The total expenses during the quarter recorded increase up to Rs 295.39 lakh compared to Rs 259.76 lakh for the corresponding quarter last year, which is an increase of only 14 per cent, Mr R. Manomohanan, Chief Executive Officer, said in a release.
Less expenses
As a result of the company's ability to restrict the increase in expenses, the profit before tax recorded an increase of 33 per cent from Rs 196.90 lakh during the quarter ended December 31, 2008, to Rs 261.59 lakh for the quarter ended December 31, 2009.
For the nine months ended December 31, 2009, the company achieved a total income of Rs 1585.27 lakh, compared to Rs 1250.62 lakh during the corresponding period last year, recording a growth of 27 per cent.
The expenditure other than interest expenses increased from Rs 214.80 lakh to Rs 317.72 lakh, which is an increase of 48 per cent.
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Muthoot Plaza to increase the inventory to 125 keys
Promoted by the Muthoot Pappachan Group, The Muthoot Plaza is set to international standards, providing a world of comforts right at the fingertips of the discerning business traveller, besides offering the trademark of the Sarovar Hotels hospitality, an affiliate of the Carlson Hotels World Wide, now the fastest growing hotel management group in India, with 35 hotels all over India. One of the finest business hotels in Kerala, the property has 57 well-appointed rooms, classified as Executive, Plaza, Deluxe and Presidential suites, a state-of-the-art business centre, conferencing and banqueting facilities, a wi-fi hotspot, a state-of-the-art gym and with laptop provided in high-end rooms.
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Muthoot Group launches training programme for women entrepreneurs
Our Bureau
Thiruvananthapuram, Dec. 21
The Muthoot Pappachan Group has launched “Dialogue on Business,” a set of award-winning modules focussing on building the business skills of women micro entrepreneurs.
It is an educational model oriented to potential as well as established entrepreneurs, according to Mr Thomas Muthoot, Director, Muthoot Fincorp. The initiative will train 20,000 women entrepreneurs in the next one year.
The Muthoot Pappachan Group is one of the largest family promoted and professionally managed business conglomerates based in Kerala with a presence in diversified fields such as banking and finance, hotels and resorts, real estate, automobile sales, power generation and IT Infrastructure. Muthoot Fincorp Ltd is the financial services division of the Group, and a non-banking financial company registered with the Reserve Bank of India. It has a network of 825 branches across the country and a customer base of more than a million.
MICRO FINANCE
While going strong with its core business of gold loan, the Muthoot Group has ventured into providing micro finance (cash flow based business loan) in 2008. The number of borrowers under the ‘Muthoot Business Loan' portfolio has now grown to 7,400, with more than 25 per cent being women entrepreneurs.
The training programme, launched in Kottayam last week, has standardised quality with all facilitators and entrepreneurs being certified by Accion, an international non-profit organisation in the private sector.
Accion's mission is to give people the financial tools they need to work their way out of poverty. To date, the Accion training programme has trained more than seven lakh micro entrepreneurs, 60 per cent of whom are women.
The programme offers benefits for Muthoot Fincorp enabling it to offer clients credit plus services, loyalty building, lower client attrition rate while also facilitating the launch of new products and services to clients as they grow in businesses.
PERIODICAL UPDATE
The Dialogue on Business training is executed by certified Accion Master Facilitators, Mr Muthoot said. Accion conducts periodical impact evaluation to measure the success of the programme enabling entrepreneurs to increase competitiveness in the market to generate more income and improve their economic and living conditions.
Dialogue on Business builds on the existing knowledge of entrepreneurs and offers them an integral development vision, beyond simple administration of their business.
The training programme is extensive, participatory and reality-based, using a lot of interactive games and role-plays to solve real-life business challenges. It has proved engaging for people with little formal education who may not learn effectively in a traditional classroom setting, Mr Muthoot said.
COURSES OFFERED
The courses offered are self management for women, leadership, entrepreneur and the management, The feasibility of my business, from the idea to the business, communication and promotion, cash management, savings and investment and debt. Each course lasts an average of five hours and is adapted to entrepreneur's time and availability.
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