Annual Report: 2021
The following is a comprehensive summary of the Midland Microfin Limited (MML) Annual Report for 2020-2021, meticulously capturing all crucial information, key arguments, supporting data, methodologies, findings, conclusions, and actionable insights.
Company Overview:
Midland Microfin Limited (MML), established in January 2011, is the first Punjab-based Microfinance Institution (MFI) with its Head Office in Jalandhar, Punjab. It operates as a Non-Deposit taking Systemically Important (NDSI) Company, registered as an 'NBFC - MFI' with the Reserve Bank of India (RBI). MML works towards the financial and social empowerment of women by extending small business loans. MML's vision is to be a world-class, role model, techno-savvy international Microfinance Institution providing support to progressive poor at low cost. As of March 31, 2021, MML had expanded to 217 branches across 8 states and 1 union territory. The company achieved an asset size of ₹1099.81 crores as of March 31st, 2021, and has been certified as a "Great Place To Work".
Vision, Mission, and Values:
Managing Director's Note:
The Managing Director, Amardeep Singh Samra, highlighted the milestone of MML turning 10 years old. He acknowledged the difficulties presented by the COVID-19 pandemic but emphasized the company's resilience and adaptability. MML prioritized employee health and wellbeing while continuing to support customers' business operations and growth. He noted that the company swiftly returned to a sharp growth trajectory after initial disruptions, ending the year strongly with an asset size of ₹1099.81 crores as on March 31, 2021. The Managing Director thanked the Board and core team for their insightful guidance and expressed the aim to continue empowering millions of poor families through a tech-savvy microfinance institution.
Directors' Report:
Management Discussion and Analysis Report:
Additional Disclosures:
Client Success Stories:
The report includes several client success stories, highlighting how MML's loans have helped women start or expand businesses, improve their financial condition, and support their families.
10th Establishment Day and Chairman's Club:
Celebration of "10th Foundation Day" and rewards to employees in Chairman's Club acknowledged company's employees.
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