Major thrust has been given through reinforcement of policies to support access to financial services to the informal sector  which include introduction of several new policies by the Government , small banks opening etc.

Other key factors of the growth have been the increased client discipline and continued confidence by the stakeholders like lenders and investors. Further, there has also been significant improvement in the risk management by the sector which is evident from the fact that the sector has been able to tide over the impact of demonetisation. This was despite having a greater share of cash-dependent transactions since  MFIs  cater  to low income households with large number of   rural people.

This is fact that informal sector is highly susceptible to risks and vulnerability because availability of support from their operating environment is very little. Informal sector faces two challenges of low savings and high risks which can be met by microfinance. Now  most MFIs have been recovering from the after-effects of demonetisation and government-mandated debt waivers. However, with the majority of non-performing loans written off, MFIs are again looking at growing their portfolios. Several of the MFIs have been exploring the option of initial public offerings (IPOs) to raise funds. The investors’ confidence on the industry has been very positive which is evident from the 40% year to year growth in FY 2017-18. This has been possible due to robust and stable growth of the sector including consistent maintenance of NPAs at under 1% level. The industry has been able to maintain client repayment rate of 99%.

With positive future outlook Destiny Finco commenced its journey mainly to serve the poor people of the society those who are not having any collateral to offer but having the proper plan to build up their livelihood with positive intention. Its staff members are adequately trained to extend their helping hands to help the distressed persons to come out of red. Destiny Finco has been working on a mission to provide financial assistance to a large number of households which are excluded from the ambit of mainstream financial service providers and aims at enhancing their livelihood as well as  promoting a productive environment.

The management of the company all time encourages such efforts on the part of the field staffs and acknowledges contribution of those workers who are serving the institution for a considerable period of time. It also shows their loyalty to the organization and motivates others to follow.

During the last F.Y. the company had to perform with its own capital as the company faced problem in raising loan  funds as the banks/FIs insisted for NBFC-MFI registration which was under the consideration of RBI. This was also one of the barriers on the way to raise equity funds from the market. As such performance of the company was like the previous years as would be evident from the following table.

Financial Parameters (In Lakh)	FY 2014	FY 2015	FY 2016	FY 2017	FY 2018
Total Income from Loans	159.80	157.56	164.64	172.34	171.17
Operational Expenses	153.98	150.93	153.40	159.44	157.81
Profit After Tax	3.70	4.20	6.55	6.47	8.64
Net Worth	615.67	619.87	626.42	632.89	641.53
Total Assets	671.11	676.43	657.52	670.20	684.00
Loan Loss Reserve	5.81	5.89	6.07	8.95	11.91
NPA(%) Gross	0.65	0.72	0.80	1.175	1.955

The company is poised to expand its activities in other districts also with increasing no. of beneficiaries. Since availability of fund was the bottleneck, on receipt of NBFC-MFI registration from Reserve Bank of India the company is taking up with different banks for their financial assistance to go ahead with their target.

DFPL believes that simply provision of ­financial access to its clients does not fulfill their entire need. Women empowerment, which is the  primary commitment of the organisation to its clients can only take proper shape if it is accompanied by a knowledge of the surroundings and their commitment to it. As such the field workers also impart necessary training to the clients in different aspects whenever required to solve various problems facing in day to day journey and give them suggestions for doing better in their livelihoods. DFPL believes that women work and earn for her family and its upliftment.  DFPL even provides support to their family members for leading healthy life and for their education.

The industry is set on a track of steady growth  and the small NBFC-MFIs also have witnessed significant growth in the past years. Looking at the recent past performance, it is expected that growth this year shall be positive. Potential for Microfinance, particularly in semi-Urban and rural areas is quite large in India and with NBFC-MFIs are stepping up to integrate best practices and technology which would help them provide better customer service as well as achieve operational efficiencies. It would definitely have a net positive impact on the performance of the companies.

Senior management and middle management team of the company has been keeping close watch on the operations of the company  while the overall supervision  is made by General Manager (operations) as well as Divisional Managers at respective district level. Besides, The company has well managed MIS department with on-line reporting system from the branches  connected with HO. Total branch operations are being reported to MIS department through various control returns. The company is having internal audit team to have close watch on performances at all levels. Interest rates and other directives on microfinance activities issued by the regulatory authority are complied with and without any deviation.

DFPL publishes its Annual Report for the year 2017-18 along with its financial and other achievements. I take the opportunity to extend my heartiest felicitations and best wishes to all who are associated with us directly as well as indirectly. I am   confident that the company will certainly succeed in its mission by virtue of its united efforts and hard working.