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CARE assigns grade 4/5 to SKS Microfinance IPO

The public issue of SKS Microfinance, the first-ever microfinance company in India to tap the capital market, is opening on July 28, 2010, according to CARE research report dated July 14, 2010.

The report says, "The public issue of SKS Microfinance, the largest MFI in India in terms of total value of loans outstanding, number of borrowers, or members, and number of branches (according to the October 2009 CRISIL report titled India Top 50 Microfinance Institutions), has been assigned IPO grade 4/5 indicating above average fundamentals."

" The grading takes into account track record of the promoters, experienced board of directors and strong management profile. The grading also takes into account good corporate governance practices adopted by the company including presence of various committees and independence of the board. The grading considers the strong financial position with healthy margins including good asset quality, comfortable capital adequacy ratio, comfortable liquidity position and access to diverse sources of institutional funding. The grading also considers the strong industry growth in recent period with good prospects for future growth on account of large unmet potential demand," according to report.

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