SHIKHARSTATS

29,333,9658LOANS

29,856MEMBERS

126STAFF

22BRANCHES

17DISTRICTS

4STATES

SHIKHAR TO SHIKHARICE-FESTIntegrity Credibility Excellence - Fairness Enterprise Stewardship Transparency

ISSUE

2JULY2014

CREDIBILITYIN ALL OUR

RELATIONSHIPS

VISION: Empowering communities by providing financial services and livelihood opportunities

An implication of our “humanness” or being “per-sons” made in God’s image is that we are relation-al beings, created with the ability to forge and maintain relationships. Through relationships, we learn things – from parents, family, teachers, friends and colleagues, at different stages of our lives. Through this process we may be challenged and inspired and sometimes make life-changing choices. Equally, relationships can disappoint and hurt us – especially when friends or colleagues let us down or betray our trust. This is why credibility or trustworthiness is so critical for sustaining long-term, healthy relationships.

Shikhar has defined this value to mean reliability, trustworthiness and consistency. To this I would add one more word - “authenticity” which means being, transparently, just what we claim to be. Living out this value would mean being consistent, reliable, trustworthy and authentic in all our relationships.

We have a plethora of business relationships to manage – clients, investors, lenders, rating agen-cies, competitors, suppliers and vendors, indepen-dent directors and so on. Our actions need to reflect this value – especially, in our readiness to admit our mistakes or wrongdoings and make restitution. This will inspire trust in Shikhar and build its reputation going forward. Long term credi-bility is worth much more than short term gain.

At the end of FY 2014, we can look back with satisfaction, but tinged also with the regret that we have not done better. It is important, therefore, to remember that we are in this business for the long haul and to do so with credibility. May God give us the needed strength and resources to continue this journey with courage and steadfastness.

Mr. Cherian ThomasBoard Chairman SMPL

SHIK

HAR STATS

Mission: Empower 1,00,000 families through our financial services and livelihood opportunities by 2016

Shikhar began to embark on its journey in the micro-finance sector with the idea to provide affordable and easy access to credit services to the urban population, primarily in Delhi NCR. The idea of such an institution was born in February 2007 and in April 2007 I left my previous job in order to put this institution in shape, completely unsure of what the future holds. I did not know where the money will come from or what the institu-tion will be called; but was certain that this was what I want to do. In any such initiatives big or small, it is important to have people of a common faith, conviction and desire to do something differ-ent and the urge to create a path rather than walk the beaten path.

I had two main questions; who will manage finance and accounts and who will manage the operation? The answer was equally easy for me as I knew an intelligent, sharp young mind filled with wild ideas and energy and the urge to do some-thing different other than just earn money, to manage finance. I also knew another equally sharp and intelligent man, filled with wild ideas and the energy and urge to do something different; something other than a comfortable NGO job. I had the privilege of working with him and I knew that he would be the best person to manage opera-tions for the institution that I was dreaming about.

That was the beginnings of how “The Three Mus-keteers” of Shikhar came together to form and establish Shikhar under the guidance of our board and support institutions.

Looking back, the 7 years journey of Shikhar has achieved many milestones. It has grown from strength to strength and I have cherished this for last seven years. It has grown from one idea to three Musketeers and now to 126 people!! Many people joined us at various stages of our journey and have made this possible. Now the “Three Musketeers” have multiplied into multiple numbers and many entities. After having built up a strong operations and human capital, and leading the institution to this present stage one of the Three Musketeers has decided to move on. Many of you may be thinking that he has moved on to a bigger job with more money etc. And that’s true he is moving on to a bigger job and a greater role. This new job involves 4 years of rigorous studies on campus and 1 years of apprenticeship and then a formal assignment. This role involves building people with values and character for the nation of India and for the world. Indeed this is a courageous step that this Musketeer has taken. Now if you are wondering who this musketeer is, its none other than Nitin Cutting.

LAYING A CREDIBLEFOUNDATION

Satyavir ChakrapaniManaging Director & CEO

Mr. Satya Chakrapani, Mr. Nitin Cutting, Mr. Vinoy Thomas

“�e �ree Musketeers”

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VISION: Empowering communities by providing financial services and livelihood opportunities

Mr. Nitin Cutting, wife Ruchita & son Samarthya

What are your fondest memories from early days of Shikhar's beginning?My fondest memory was doing things together as a team, whether it was designing a process step, buying our first office table and chairs, or inter-viewing and training FE’s. Most of all, I enjoyed working closely with the communities.

What do you see in the future for Shikhar?I think Shikhar has huge potential because we have many people in place with the right kind of approach and attitude. However Shikhar will have to be adaptive yet retain its true essence to be one of the best MFI’s in India.

What are the greatest challenges that Shikhar faces now and in the future?As the institution grows, we will need to recruit more talent. Shikhar will need to focus on building the institution’s human resources, as well as materi-al resources.

Tell us what you will be doing in the future?I will be entering seminary to study theology, train-ing to be a pastor in the church. I will have four years of study in Kolkata at Bishops College. After that I will have one year of ordinate training, then I will be qualified to be ordained as a deacon and then pastor in the church.

Why did you decide to choose this path?It’s a matter of lifestyle and of calling. I feel that I’m just responding, not planning, just responding to what I truly feel God is leading me to.

How will your experience at Shikhar help you in your next period of life?Our experiences in life make us who we are and influence our responses in a given situation. So I feel all the experiences that I’ve had at Shikhar, both positive and challenging are now an intrinsic part of my personality and would stay with me for life.

Talk about "credibility". How do you see it demonstrated at Shikhar?Our Unique Selling Point has been our relationship and communication with the client, the way we treat them. Irrespective of our more stringent processes or the fact that we provided lower loan sizes in the past, but there are people who preferred to be associated with Shikhar versus other very established institu-tions. None were as new or as small as Shikhar, but the people preferred working with us versus the stalwarts. This shows credibility – our clients know that we won’t cheat them, we can be relied upon, and we will stand with them, and we will be with them for life (if everything goes well).

How have you tried to demonstrate credi-bility through your work at Shikhar?I’d rather have you ask the team – it will be best answered by them.

Mr. Nitin Cutting

A CHATWITH NITIN

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Mission: Empower 1,00,000 families through our financial services and livelihood opportunities by 2016

Somvati (48) a member of Omkar group which is located at Shiv Vihar reached by Uttam Nagar branch, and Suraj Pal (50) her husband run a small dhaba. If we talk to them about their life in context of Shikhar, their hopefulness is evident as they say “....achhe din dekhne komilenge.....” we will see better days in the future. However things were very different when they first joined Shikhar.

Not very long ago in 2008 Omkar was the third group formed by the branch team and Somvati was one of the members. Suraj Pal her husband worked as a labourer on daily wages. He would visit the labour market every day in hope of getting work at a construction site. They were hard-pressed for their daily needs.

Then Somvati took her first loan of 7000 to buy a hand cart and they started selling Chole – Kulche. Suraj Pal would take his cart and would roam around in adjoining localities to sell. This is where they took the first step towards becoming entrepre-neurs. Their new business started off well and they took the second loan of 15000, with this loan they bought a small wooden shack (thiya) by the road-side and instead of walking around the whole day they had a fixed place in an adjoining community.

Their hard work proved successful, they repaid the loan and took the third loan of 19000. They used this loan to expand items on their menu and bought a scooter engine fit ted rickshaw to carry their stuff from home to the shop and from market to the shop. Having repaid the loan they took the fourth loan of 35000 and used the money to make a small dhaba serving a full menu i.e. not limited to a few items. In the due course of time they could also save some money to buy a small piece of land back at their native village in District Meerut.

Somvati and Suraj Pal have four children with the eldest one being 25 years and the youngest and only daugh-ter 14 years. The elder ones help in the business and the younger two go to school. They have repaid the fourth loan and are now looking forward to the fifth loan. The plan is to use the fifth loan to diversify, they plan to start another dhaba in another location, which would be managed by their eldest son Radhey Shyam who is married and has kids of his own.

Somvati and Suraj Pal both have seen things change for them in these past six years, and they vehemently attribute this to Shikhar. They say that, ‘Shikhar has fulfilled its commitment made to us’, and they value the institution for being honest in all the communications made to them. In fact they said that there were other MFI’s that came and are now working in their communi-ty and they had their experience with them but now find their comfort with Shikhar. They say they are hopeful of their future because Shikhar stands with them ‘achhe din.’

Our client Somvati’s storyNarrated by Mr. Nitin Cutting

Somvati & Suraj in front of their new Dhabba

BE�ER DAYS TO COME

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VISION: Empowering communities by providing financial services and livelihood opportunities

“Angela is a mother of four children: two daughters and two sons, one of which is currently studying software engineering. Angela was a graduate with a Bachelor’s degree from Agra University before receiving a micro-loan from Shikhar. Angela and her husband were in the business of manufacturing radio plates and electric plates, used for festivals like Diwali. While their skills were valuable, lack of capi-tal limited their business size. With the loan, she was able to take those specialized skills and invest in new equipment to expand the business to include mobile phone chargers. She says that the loan has been good. Interest rates at the bank are too high, but Shikhar’s are good. When we asked her about the changes that she experienced in her life after getting the loan, she told us that both of her children are now studying. One of her son is in the process of becoming a software engineer while the other who is in 11th have improved considerably.

Gikita was the owner of a very small general store, but without a loan, it could not grow. She received a loan from Shikhar which allowed her to expand her small business, and she now has hopes of expanding it into a wholesale business.

Winding through the alleys of her community near GTB Hospital, Sarojini turns the corner to the alley corner where she has set up shop. There, she proud-ly shows us her two income-generating projects she has started with loans from Shikhar. The first, a small confectionary on a cot, provides the neighborhood with essentials, such as candies, snacks, and chips. Next to the general store, Sarojini’s daughter-in-law strings together flower garlands to be used in poojas and worship. These two small enterprises have actually enabled Sarojini to not only provide for her family of 7, but also to provide employment to four employees.

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MOMENTSOF JOY

ANGELA

SAROJINI

GIKITA

She is a mother of 4, and is proud to report that all of her children are studying. Her daughter recently passed her 12th is hoping to go to university to study polytechnic. Gitika reports that since the loans, she has been able to make a better living for her family, and they now enjoy better living conditions. When asked what the biggest change has been since receiving the loans, Gitika responded, “There’s no greater happiness than seeing your children happy. Now, they are studying and having a future.”

Client stories as reported by two visitors

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I have been working in Shikhar Microfinance since 2009. The environment of the company and behaviour of co-workers is like a Family Member. I feel glad when I provide loan to the economically backward group for their empower-ment. I enjoy working in Shikhar.

ASHVINI

Shikhar is a platform, where a person gets both happiness and success. To me success is not only having a high salary package or getting a luxury car or bungalow but it is the thrilling experience of working with renowned, inspiring,-co-operative, motivating & enthusi-astic personalities and I believe Shikhars each and every employee is full of zeal & spark.

ARUN

For more information contact: Phone: 011- 2808 2352 | E-mail: info@shikharfin.com SHIKHAR MICROFINANCE PVT.LTD A-113 , 2nd Floor, (behind ICICI Bank) Palam Extn., Dwarka Sec-7, New Delhi-110077

On the 26th of April 2014, a training session was conducted by Shikhar Microfinance Pvt. Ltd. for its entire staff. This training was facilitated by EDA Rural Systems with a motive to orient the staff about ‘Client Protection’, its principles and importance in the microfinance industry. This was achieved by a series of interactive sessions with individual involve-ment of each staff member present.

The Objectives of the training was :

To create a general awarness among all the staff about clint protection, its scope and its underlying principles.

1. To emphasize significance of client protection for Shikhar and its alignment to the vision and mission.

2. To develop an understanding of client protection as a part of overall Social Performance Manage-ment (SPM)

This training was followed by team building exercis-es. It was a great time of learning and enjoying each other’s company in a relaxed , non pressured atmosphere in the beautiful Dehra valley. Early morning of the 27th many of the staff went on a treck to a waterfall and later all went to Lacchiwala for a picnic. Everyone enjoyed themselves.

STAFFT�INING & PICNIC

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