SKS securitises loans worth Rs321 crore

Two rated pool assignment transactions worth Rs221 crore and two non-rated assignment transactions worth Rs100 crore from two public sector and two private banks totals to Rs321 crore, SKS said in a statement.

SKS Microfinance, India's only listed micro lender said it has completed securitisation of Rs321 crore with four leading banks.

The Rs321 crore securitisation transactions come close on the heels of two other transactions worth Rs243 crore and Rs354 crore in January and February 2012 respectively. There have been six transactions in this year so far are worth Rs918 crore.

In addition, the company had obtained term loans worth Rs240 crore from three public sector banks. All these add up to a debt inflow of Rs1,158 crore.

Two rated pool assignment transactions worth Rs221 crore and two non-rated assignment transactions worth Rs100 crore from two public sector and two private banks totals to Rs321 crore, SKS said in a statement.

The present set of four transactions worth Rs321 crore has been obtained at an annual interest rate of 12%, priced 150 basis points lower than the previous two transactions, it added.

According to S Dilli Raj, chief financial officer, SKS Microfinance, fund flow has been gaining momentum in recent months with the overall environment turning positive for the microfinance sector.

“Contributing in a big way to such optimism is the fact that the RBI has issued guidelines for the NBFC-MFIs on 2 December 2011 coupled with the firm steps taken by the central government to table the Microfinance Institutions Development and Regulation Bill in the present session of Parliament and also Finance Minister Pranab Mukherjee’s special mention of the Government's decision in this regard during his Budget speech last week,” Mr Raj said in a statement.

SKS Microfinance Limited has so far completed 15 assignment/ securitisation transactions post the AP MFI Act.

The pool comprises receivables from micro women borrowers from the weaker section as defined by the RBI. Pool receivables are identified from 18 non-Andhra Pradesh states where SKS operates, it added.

All these rated papers have shown robust collection efficiency of more than 98%. Credit enhancement has not been utilised in any of these structures, according to SKS.

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Lokpal: Govt, Opposition to iron out differences in Budget session recess

At the all-party meet of Rajya Sabha members convened by the Prime Minister at his residence, it was agreed that the government will work for a consensus on the wording of contentious aspects of the Lokpal and Lokayuktas Bill

The government stepped up efforts to iron out differences on contentious aspects of the Lokpal Bill, with the Prime Minister, Dr Manmohan Singh, meeting leaders of various parties during which it was decided that the legislation could be taken up during the second half of the Budget Session.

At the all-party meet of Rajya Sabha members convened by the Prime Minister at his residence, it was agreed that the government will work for a consensus on the wording of contentious aspects of the Lokpal and Lokayuktas Bill during the intervening period of the Budget Session.

“The government along with major political parties will come out with a consensus. The government is committed to bring the Bill in this session. ...The actual wording of the Lokpal Bill will be worked out during the intervening period the Budget Session,” CPI(M)’s Mr Sitaram Yechury told reporters. He said the Bill cannot come up during the first half of the current session ending 30 March 2012, as the Budget has to be passed before the end of the current financial year.

“The Bill will be taken up in the second half. This week it cannot come up in this session as the Budget has to be passed,” said Mr Yechury.

There was consensus in the meeting on having Lokayuktas in states, but the prerogative for their appointment will be that of the state, he said.

UPA’s allies Trinamool Congress and DMK also raised the issue that the centre should not interfere with the powers of the states for having Lokayuktas.

Trinamool leader Mr Sukhendu Roy said, “We opposed the inclusion of Lokayukta appointment in the Lokpal Bill in its present form as it will harm the federal structure.”

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Takayuki Ishida promoted as managing director of Nissan Motor India

Toshihiko Sano promoted as managing director of Renault Nissan Automotive India

Nissan Motor has announced changes to its senior management team in India and in the region. Trevor Mann, currently SVP, manufacturing, supply chain management, production engineering and purchasing for Europe in Nissan International S.A. is appointed SVP global supply chain management (SCM) and operating committee–Africa, Middle East and India (OC-AMI).

Toru Hasegawa, currently president, Nissan Motor Asia Pacific Co Ltd (NMAP) and Nissan Motor (Thailand) Co Ltd and regional vice president, Asia & Oceania Operations is appointed corporate vice president, Africa, Middle East and India (AMI). Mr Hasegawa, who will report to Trevor Mann replaces Gilles Normand who is leaving to take up a senior position with Nissan’s Alliance partner, Renault. Mr Hasegawa joined Nissan in 1981 and has held a number of senior posts within the company. These include managing director of Nissan Middle East where he oversaw an 80% increase in regional sales during 2005-2008.

As CVP for the AMI region, from 1 April 2012 Mr Hasegawa will be in charge of all related consolidated companies within the region and will hold responsibility for overall performance including manufacturing, sales and purchasing functions.

Nissan is also announcing that Takayuki Ishida, currently general manager, India Department at Nissan Motor Co Ltd in Japan will relocate to Chennai to take up the role of managing director, Nissan Motor India Pvt Ltd (NMIPL).

As head of NMIPL, Mr Ishida will be responsible for Nissan’s continued expansion within the high-growth Indian market including product introduction, sales and network development, and will report to Toru Hasegawa.

Kiminobu Tokuyama, who is currently managing director of NMIPL is returning to Japan to take up an executive position with the Yorozu Corporation, which has been one of the leading automobile component suppliers of Nissan and is fast expanding its overseas operations. Toshihiko Sano, currently general manager, vehicle production engineering with Nissan Motor Co Ltd in Japan (NML), is promoted to managing director, Renault Nissan Automotive India Pvt Ltd (RNAIPL). As such, he will relocate to Chennai and assume responsibility for Nissan’s manufacturing operations at the Alliance production facility in Oragadam, reporting to Toru Hasegawa.

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