All rights reserved. · Sabiha Shaheen Ms. Sabiha Shaheen is working as chairperson of JWS Pakistan. Under her visionary leadership, JWS Pakistan has scored milestone achievements

All rights reserved. The data in this report has been carefully compiled and

is believed to be accurate. Such accuracy is not however guaranteed. No

portion of this publication may be reproduced in any format or by any

means including electronically or mechanically, by photocopying, recording

or by any information storage or retrieval system, or by any form or manner

whatsoever, without prior written consent of the author and publisher of

the publication.

Disclaimer: Neither JWS Pakistan nor JWS Pakistan's investors accept

responsibility for the validity of the information presented or consequences

resulting from its use by third parties.

Editorial Wing

Qazi Shoaib Alam Farooqi

Chief Executive Officer

JWS Pakistan

Ms. Warda Iqbal Chaudhary

General Manager HR

JWS Pakistan

Mr. Muhammad Jamil Anjum

General Manager Finance

JWS Pakistan

Mr. Muhammad Imran Dhillon

General Manager Operations

JWS Pakistan

Writing Wing

Syed Khurram Hussain

Author & Managing Editor

JWS Pakistan

Mr. Zeeshan Ahmed

Data Collection

JWS Pakistan

Table�of�Contents�IIIIIIVIIIXXI

0103101419212435�

5154555859

4245464748

Vision�&�Mission�Acronyms�

Message�from�the�ChairpersonMessage�from�the�Chief�Executive�Officer�

Board�of�Directors�Our�Values�

About�JWS�PakistanOperational�Highlights

Our�Products�&�ServicesOur�Departments�

Case�Study��For�the�Brand�Case�Study��Traditional�Sweets�

Celebrations�and�Events�Picture�Gallery�

Financial�Statements�Balance�Sheet

Income�&�Expenditure�Statement�Statement�of�Changes�in�Fund

Note�to�the�Financial�Statements

Affiliations�&�Collaborations�across�the�GlobeOur�Investors�&�Supporters

Assessments�and�CertificationInsurance�Alliance�

Regulator,��Auditors�&�Legal�Advisors

Mission

“Sustainable economic development and

social empowerment for all”

Vision

Vis

ion

& M

issi

on

I

Acronyms

Allied Bank Limited

Agriculture Loan

Area Manager

Area Office

Annual Staff Retreat

Board of Directors

Credit Group

Capacity Building

Compliance & Risk Management

Gujranwala NGO Forum

Habib Bank Limited

Head Office

Human Resource

Jinnah Welfare Society

Micro Credit

Micro Finance

Micro Finance Institution

Management Information System

Non-banking finance company

Outstanding Loan Portfolio

Orientation Training Workshop

Pakistan Centre for Philanthropy

Planning, monitoring, evaluation and research

Punjab Microfinance Network

Pakistan Microfinance investment company

Pakistan Microfinance Network

Punjab NGO Coordination Council

Pakistan Poverty Alleviation Fund

Shore Bank International

Securities and exchange commission of Pakistan

Small and Medium Enterprises

ABL

AL

AM

AO

ASR

BOD

CG

CB

CRM

GNF

HBL

HO

HR

JWS

MC

MF

MFI

MIS

NBFC

OLP

OTW

PCP

PMER

PMFN

PMIC

PMN

PNCC

PPAF

SBI

SECP

SME

II

Chairperson & CEO

MESSAGES

III

IV

Message from the Chairperson

Dear Friends,

Pakistan has achieved growth rate of 5.3 %, the highest in a decade, on the

back of recovery in the agriculture sector and better-than-expected

performance in the services sector. The growth puts the country in the

league of economies that have a size of over $300 billion.

This however is not sufficient to put the huge unemployed youth on the

jobs and improve the living standards of the population to a considerable

level. But indeed this has set a pace for the overall macro economic

development. This in turn shall provide a conducive environment for

various businesses to flourish and expand.

Under the overall favorable macro environment, regulatory support and

access to sufficient financing, micro finance sector has all the required

ingredients to make progressive leaps forwards.

JWS Pakistan has also availed the positive winds and made considerable

growth in terms of client's base, disbursement, number of branches as

well as towards outstanding loan portfolio (OLP). This has been made

possible with the internal reorganization and process refinements carried

out during the previous years.

This growth trend has helped us in consolidating our market position and

access new avenues of investment for expansion in the next financial year.

I would like to thank all of our well-wishers for their continuous support

and congratulate all of the JWS Pakistan team for their continuous efforts.

I wish JWS Pakistan a very successful year ahead.

Kind Regards,

Sabiha Shaheen

Chairperson

V

VI

Chief Executive Officer's Message

Dear Friends,

The aim of JWS Pakistan is very clear, i.e. helping the underprivileged break the cycle

of poverty. To achieve this, we have always aimed for enhancing the role of women

in economic activities and building their capacities to earn their livelihoods. This

gradual but proven way has helped us in bringing improvement in lives of

thousands of families at the grass root level.

This social cause of helping the poor communities has equally been rewarding for

the company as well. Few of the milestone achievements made during the year

include but are not limited to the following;

Active client base of 50,236

OLP of 1,225 Million PKR

Disbursement of 1.89 Billion PKR

99% beneficiaries include women

Retention rate of 70%

Rapid coverage of poverty pockets especially in rural areas

All of these key performance indicators (KPIs) speak about themselves and highlight

the impressive performance of the entire JWS Pakistan's team. This growth has

been made possible with the process refinement efforts carried out during the

previous year and rigorous capacity building efforts for the staff. These internal

reorganization efforts helped us to gain momentum for the expansion in depth and

breadth of the Upper and central Punjab region.

Company has also started diversifying its financing sources and now includes four

renowned national and international investor groups while initial negotiations with

few others are in process. This highlights our business performance, openness of

processes and existence of robust management model to manage large scale

financing and non financing operations in Punjab province.

I must say that all of these achievements have been made possible with the endless

efforts of our dedicated and seasoned staff. JWS Pakistan values these

contributions of the staff and has taken milestone steps to benefit staff members.

Some of these include annual salary increments, regular promotions as well as staff

health insurance.

I conclude with acknowledgement of remarkable efforts of staff, management and

board of directors to help in steering JWS Pakistan forward.

Kind Regards,

Qazi Shoaib Alam Farooqi

Chief Executive Officer

VII

Sabiha Shaheen

Ms. Sabiha Shaheen is working as chairperson of JWS Pakistan. Under her

visionary leadership, JWS Pakistan has scored milestone achievements.

Within the institution, she is known as a strong advocate of innovation and

continuous development.

She specializes in youth development, gender mainstreaming and is a key

civil society practitioner since 1997. She is also credited for advocacy

campaigns to design and implement national youth policy in the country.

Qazi Shoaib Alam Farooqi:

Qazi Shoaib Alam Farooqi is a seasoned professional with over 27 years of

experience in the domains of micro finance, enterprise development,

organizational leadership and social sector development. He is an active

member and contributor of several development networks at regional and

international level. As CEO of JWS Pakistan, he is credited with successfully

launching and operating a non banking finance company (JWS Pakistan) for

the last 25 years.

Board of Directors

VIII

Farrukh Iqbal:

Mr. Farrukh Iqbal has more than 37 years of experience in banking sector.

He has worked on managerial positions with several financial institutions.

His areas of expertise include financial operations, internal controls and

strategic plans development. He is now working as an active member of JWS

Pakistan and playing important role in providing strategic guidelines to the

institution.

Muhammad Shahid:

Mr. Muhammad Shahid is an educationist by profession and has been

running private institutions successfully. As member board of JWS Pakistan,

he has introduced new aspects of social development in the financial

services.

He is also credited with developing outlines of training and other staff

development initiatives.

IX

X

We Value

Our Values!

XI

BalanceTaking�a�proactive�stand�to�create�and�maintaina�healthy�work-life�balance�for�workers.�

InnovationPursuing�creative�ideas�that�have�the�potential�to�change�the�world.�

EmpowermentEncouraging�employees�to�take�initiative�and�give�the�best.�

OwnershipTaking�care�of�the�organization�and�clients�as�they�were�one�s�own.�

IntegrityActing�with�honesty�and�honor�without�compromising�the�truth.�

Client�Focused�All�of�our�services�&�polices�are�client�focused.�

Our�Values!

XII

Annual�Report�2016-17This�report�offers�a�windows�of� information� into�JWS�Pakistan�s�guiding�philosophy,�Vision,�Mission� and� achievements� during� the� year�2016-17.�JWS�Pakistan�remains�committed�to�establish�sound�business�standards�and�in� offering� innovative� pro� poor� economic� development� services� which�enhance� dignity� and� self-respect� amongst� marginalized� communities� of�Pakistan.�

XIII

�JWS�Pakistan�JWS�Pakistan�is�a�Non-Banking�Finance�Company�(NBFC),�licensed�from�Securities�&�Exchange�Commission�of�Pakistan.�Company�has�its�head�office� in� Gujranwala�with� branch� offices� spread� across� Central� and�North�Punjab�region.�

Company�offers�range�of�products�to�meet�the�financing�needs�of�home�operated� businesses� and� small� scale� economic� activities.� These�financial�services�are�augmented�with�borrower's�life�insurance,�health�insurance,� enterprise� management� trainings,� market� linkages�development� and� exposure� visits.� These� credit� plus� services� have�proved�to�be�very�effective�in�enhancing�the�efficiency�and�efficacy�of�loans�at�the�grassroots�level.

Company�operates�with�standard�operating�procedures�and�multiple�layers�of�check�and�balance�to�ensure�smooth�and�seamless�business�operations� at� all� levels.� This� standardization� of� operations� and� our�increased� transparency� has� attracted� international� investors� and�playing�an�imperative�role�in�company's�success�and�development.

During�the�year�under�review,�company�has�undergone�an�impressive�growth� trajectory� based� on� sound� business� planning� and� market�conditions.�Board�of�directors�and�management�of� the�company�are�committed�to�continue�these�efforts�that�give�hope�and�bring�prosperity�in�the�lives�of�marginalized�segment�of�our�society.��

Annual Report for the year ended 30th June 201701

PERFORMANCE�DASHBOARD

Outreach Products Performance�

Districts�Covered�(10)

Gujranwala,�Gujrat,�Mandi�Bahauddin,�Sialkot,�Hafizabad,�Sheikhupura,�LahoreNarowal,�Faislabad�Nankana�Sahib

Products�

Apna�Karobar,�Zari�Khud�Kafalat,�Madad�Gaar�Qarza,�Maal�Muweshi�Qarza,��School�Sarmaya.

Recovery�Rate

100%

Operational�Offices

45

Credit�Plus�Services

Trainings,�Linkages�Development,�

Business�Orientation

Client�Retention�Rate

70%

Operational�Self�Sufficiency�144%�

Permanent�Staff

240

Lending�Range

�20,000�-�150,000�PKR

Financial�Self�Sufficiency�144%

Active�Clients

50,236

Collateral�Type�

Social�

Annual Report for the year ended 30th June 2017 02

Operational�Highlights�

The�Financial�Year�2016-17�has�been�a�very�good�year�for�the�Company�against� most� of� the� key� performance� indicators� (KPIs).� These�achievements�are�presented�under�the�following�key�sections.�

Currently served (10)

Potential areas for expansion (2)

Operational�Footprints�in�Punjab�Region

Lahore

Faislabad

Gujrat

Sialkot

NarowalGujranwalaSargodha

Mandi�Bhauddin

Ha�zabad

SheikhupuraChiniot

NankanaSahib


2.1.�Portfolio�Growth

The�Company�has�expanded�its�outreach�by�increasing�the�penetration�in�the�existing�districts�as�well�as�in�new�geographical�areas.�The�growth�trend�highlights� excellent� acceptance� of� financial� and�non� financial�products�among�communities.�It�also�suggests�a�positive�correlation�between�product�cash�flows�with�their�business�cash�flows.

During� the� year� under� review,� outstanding� loan� portfolio� of� JWS�Pakistan�touched�new�heights�and�was�closed�at�PKR�1,225�Million�(Exhibit-1).�This�portfolio�has�been�maintained�cleanly�with�portfolio�at�risk�ration�of�below�1%.� �This�clearly�highlights�commitment�of�our�team�as�well�as�strong�and�productive�client�relationships.�

Similarly,� a�healthy�disbursement�of�PKR�1.9�billion� (Exhibit-2)�was�achieved�by�the�team�through�the�network�of�45�operational�branches�spread� across� central� and� upper� Punjab� region.� Both� the� OLP� &�disbursement�targets�were�100%�achieved�in�light�of�the�growth�plan�approved�during� the� annual� strategic� planning�meeting� of� the� core�management.�

Outstanding Loan Portfolio Growth (Exhibit-1)

OLP

1,400,000,000

1,200,000,000

1,000,000,000

800,000,000

600,000,000

400,000,000

200,000,000

0

1,225,231,830

718,859,036717,862,304

509,993,964

2013-14 2014-15 2015-16 2016-17

Disbursement Growth (Exhibit-2)

Disbursement

2,000,000,000

1,800,000,000

1,600,000,000

1,400,000,000

1,200,000,000

1,000,000,000

800,000,000

600,000,000

400,000,000

200,000,000

0

1,940,325,000

1,209,015,0001,292,890,000

84,555,000

2013-14 2014-15 2015-16 2016-17


Similarly,�JWS�Pakistan�has�gradually�increased�its�average�loan�size�up�to�PKR�37,767�keeping�in�view�the�business�needs�of�clients�and�their�regular� requests.� � This� is� very� much� comparable� to� the� industry�average.�Increased�loan�sizes�also�increased�stakes�which�were�dually�managed�by�our�committed�and�seasoned�workforce.�

Another�aspect�of�the�growth�achieved�by�the�company�was�reaching�the�milestone�of�50,000�plus�client�base�(Exhibit-3).�Thus,�successfully�maintaining� the� 1%� share� of� the� overall� micro� finance� market� in�Pakistan.�

Similarly,�JWS�Pakistan�has�expanded�more�rapidly�in�the�rural�areas�than� in� the� urban� areas� (Exhibit-4).� Although� this� has� been� a� risky�practice,�but,�has�been�carried�out�to�achieve�the�national�development�agenda�of�serving�the�unbanked�communities�as�our�top�priority.�

These�growth�indicators�highlight�enhanced�maturity�of�the�company�in� handling� the� operations� and� correspond� to� deeper� market�penetration�in�given�areas�of�operations.�Team�is�hopeful�of�achieving�even�better�results�in�the�coming�financial�year.

No. of Clients (Exhibit-3)

Loans

60,000

50,000

40,000

30,000

20,000

10,000

0

50,236

35,627

37,167

28,239

2013-14 2014-15 2015-16 2016-17

Poly (Loans)

Locations Served: Rural vs Urban (Exhibit-4)

Rural

Urban

1000

8000

600

400

200

0

822

527

419365

2013-14 2014-15 2015-16 2016-17

551551

456456

551

456

571571

444444

571

444


Exposure Across Sectors (Exhibit-5)

Services

Light Engineering

Live Stock

Handicraft

Commerce

Agriculture

1,400,000,000

1,200,000,000

1,000,000,000

800,000,000

600,000,000

400,000,000

200,000,000

0

2013-14 2014-15 2015-16 2016-17

2.3�Portfolio�Spread

Outstanding�loan�portfolio�contributes�more�than�90%�of�the�asset�base�of� non� banking� finance� companies� like� JWS� Pakistan.� This� high�concentration�of�assets�places�equally�great�responsibility�in�managing�this�asset�base�with�utmost�care�and�professionalism.�

Fortunately,�JWS�Pakistan�has�several�layers�to�ensure�compliance�of�standard�operating�procedures�for�lending.�These�layers�include�the�operations� department� itself,� internal� audit� and� newly� established�compliance�and�risk�management�department.�These�internal�control�layers�have�been�central�in�maintaining�a�very�clean�portfolio�and�in�keeping�portfolio�at�risk�(PAR)�of�the�company�below�1%�historically.�

Behind�this�excellent�portfolio�performance,�not�only�rest�our�business�processes,�but�credit�also�goes� to� the�spread�of� the�portfolio�across�economic�sectors�as�well�as�districts�(Exhibit-6).�(Exhibit-5)�highlights�the� spread� of� the� portfolio� across� six� key� sectors� of� handicraft,�commerce/trading,�services,�agriculture�and�livestock�in�descending�

OLP Growth Across Districts (Exhibit-6)

Sialkot

Sheikhupura

Mandi Bahauddin

Lahore

Hafizabad

Gujrat

Gujranwala

1,400,000,000

1,200,000,000

1,000,000,000

800,000,000

600,000,000

400,000,000

200,000,000

0

2013-14 2014-15 2015-16 2016-17


order�of�their�ranking.�These�sectors�further�have�stronger�local�roots�as� well� as� wide� economic� moat� making� them� excellent� choice� for�lending.�

Similarly,�JWS�Pakistan�has�systematically�spread�the�portfolio�among�45�branches�across�central�and�upper�Punjab�region.�This�spread�helps�in�diversifying�portfolio�risk�across�a�wider�landscape�and�is�another�strategy�of�portfolio�management�at�JWS�Pakistan.�

Exhibit-6�might�highlight�greater�concentration�of�funds�in�Gujranwala�district�but�they�are�evenly�spread�out�in�11�branches�operating�in�the�area.�Furthermore,�Exhibit-7,�presents�an�outlook�of� the�OLP�of� the�branches� providing� greater� detail� about� the� investment� exposures.�None�of�the�branches�has�over�7%�exposure�of�the�total�OLP,�making�the�spread�an�ideal�one.�

Company�plans�to�expand�its�operations�in�two�additional�districts�in�the�next�fiscal�year�with�7-10�new�branches.�This�will�further�lower�down�the�risk�of�geographical�concentration�in�the�long�run.�

OLP Spread Across Branches (Exhibit-7)

OLP

60,000

50,000

40,000

30,000

20,000

10,000

0

FD

T

KM

K

HA

R JT

WZ

D

SH

D

GK

R

DS

K

SG

R

QD

S

QM

A

LM

A

HZ

D

PS

R

FT

G

NV

KII

SM

B

GD

P

DC

K

AP

C

MB

D JPJ

TM

K

MK

G

HZ

DII

NV

KII

KS

K

PH

A

MR

K

BG

K

SK

P

PQ

D

MN

W

SK

PII

CH

W


4.5.�Business�Sustainability�

Business�sustainability�comes�as�a�top�agenda�on�the�priority� list�of�management�team�at�JWS�Pakistan.�This�is�usually�measured�in�terms�of�operational�self�sufficiency�(OSS)�as�well�as�financial�self�sufficiency�(FSS).�Operational�self�sufficiency�(OSS)�measures�the�degree�to�which�the�organization's�expenses�are�covered�by�its�core�business�and�is�able�to� function� independent� of� grant� support.� OSS� (Fig-8)� of� the� JWS�Pakistan�is�positive�as�well�as�trending�towards�further�improvement�every� year.� This� highlights� enhanced� and� growing� ability� of� the�company�to�meet�all�its�operating�expenses�with�operational�income�alone.�Similarly�JWS�Pakistan�has�achieved�and�augmented�its�financial�self�sufficiency�as�well�over�the�period�of�time.�For�the�year�2016-17,�FSS�stood�at�144%.�This�further�highlights�the�sustainability�of�lending�operations�of�JWS�Pakistan.��

4.6.�Business�Performance�

Net�worth�is�the�amount�by�which�assets�exceed�liabilities�and�is�an�important� metric� in� understanding� the� health� and� worth� of� any�business.�A�consistent�increase�in�net�worth�indicates�good�financial�health;� conversely,� net�worth�may�be� depleted� by� annual� operating�losses�or�a�substantial�decrease�in�asset�values�relative�to�liabilities.�JWS�Pakistan�has�a�very�healthy�net�worth�owing�to�the�size�of� the�business�as�well�as�recent�expansions�carried�out

Operational Self Sufficiency (Exhibit-8)

OSS

160

140

120

100

80

60

40

20

0

2013-14 2014-15 2015-16 2016-17

110121

135

144


Asset�Utilization�is�another�very�important�indicator�of�highlighting�the�performance�of�the�company.�It�compares�gross�loan�portfolio�of�the�company� (GLP)� with� total� asset� base� to� present� the� ability� of� the�company�in�utilizing�the�total�assets�in�building�up�gross�loan�portfolio�(the�actual�business�of� the�company).�Review�of� the�previous�year's�performance�and� its�comparison�with� the�micro� finance� industry�of�Pakistan� gives� above� average� performance� (Exhibit-11).� It� further�solidifies� the� efficiency� and� efficacy� of� the� business� processes� as� a�whole.�

Net Worth (Exhibit-10)

Net Worth

Expon.(Net Worth)

400,000,000

350,000,000

300,000,000

250,000,000

200,000,000

150,000,000

100,000,000

50,000,000

0

376,223,029

270,600,607

282,114,729

236,473,603

2013-14 2014-15 2015-16 2016-17

Asset Utilization Rate (Exhibit-11)

JWS Pakistan

Industry

Trend

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2013-14 2014-15 2015-16 2016-17

78%

58%

74%

62%60%

74%

67%

58%


Our Products & Services


JWS�Pakistan�has�always�strived�to�develop�client�oriented�and�demand�driven�solutions� for� financial�needs�of�marginalized�segment�of�our�society.�This�however,� goes� through� imperative� steps�of� conceiving,�designing,�piloting�and�then�scaling�any�product.�This�process�helps�us�in�identifying�potential�products�out�of�many�emerging�trends.�JWS�has�articulated�following�demand�driven�products�using�this�robust�model�of�product�development;

Our�Products�&�Services�

�JWS�Pakistan��Zari�Khud�Kafalat�Qarza��is�being�provided�to�strengthen�the�economic�base�of�the�low-income�farmers,�through�their�increased�access�to�easy�and�cost-effective�financial�services,�capacity�building�initiatives�and�upstream/downstream�market�linkages.

This� product� received� very� positive� response� from� the� farming�communities�and�has�actively�been�able�to�resolve�their�issues�since�its�launch� in� 2010.� Agricultural� loans� are� disbursed� through� Farmers�Development�Groups�(FDGs),�consisting�of�5-15�members�having�land�holding�of�5-10�acres.�The�loan�is�sanctioned�upto�PKR�150,000.��

�JWS� Pakistan� �Apna� Karobar� Qarza�� is� a� product� for� low� income�individuals� undertaking� income� generating/business� activities� for� a�variety�of�purposes.�Apna�Karobar�Qarza�is�a�household�loan�provided�for� women� in� the� fields� of� handicraft,� manufacturing,� trading� or�services�activities�etc.�The�loan�is�sanctioned�upto�PKR�75,000.��

��APNA�KAROBAR�QARZA�

�ZARI�KHUD�KAFALAT�QARZA�


�JWS�Pakistan��Madad�Gaar�Qarza��serves�the�increased�credit�needs�of�clients,�who�want�to�expand�their�micro�enterprises�to�increase�sale�and�turnover.�Loans�are�extended�for�enhancement�of�income�patterns�and�to�create�the�business�activity�through�purchase�of�assets,�stocks�etc�to�boost�the�sale/production.�The�loan�is�sanctioned�upto�PKR�150,000.��

�Livestock�animals� (Maal�Maweshi)�are�the� integral�part�of�our�rural�economy.�Maal�Maweshi�Qarza�is�offered�to�farmers,�especially�women�to�purchase�milking�animal�for�small�scale�dairy�business.�The�loan�is�sanctioned�upto�PKR��75,000.��

�JWS�Pakistan��School�Sarmaya��product�designed�for�private�school�owners�who�are�involved�in�providing�low�cost�education�to�children�in�urban�and�rural�areas.�The�loan�is�sanctioned�upto�PKR�150,000.��

�MADAD�GAAR�QARZA�

�MAAL�MAWESHI�QARZA�

�SCHOOL�SARMAYA�


Apart� from� the� financial� services,� JWS� Pakistan� also� provides� non�financial� services� to� its� valuable� clients� to� further� improve� their�businesses.�Under�the�non�financial�services�component,�JWS�Pakistan�provides�following�services;�

usiness�Trainings:B �Trainings�and�orientation�related�to�the�respective�businesses�are�common�part�of�our�non�financial� services.� These� trainings� and� orientation�

sessions�are�conducted�at�the�start�of�the�lending�cycle�in�a�group�form.�These� trainings�provide�basic�knowledge�related� to� the�specific� business� domain,� productive� use� of� loan�money� and�ways�to�enhance�productivity�and�efficiency.�

arket� Linkages� Development:�M JWS� Pakistan� has�extensive� footprints� in� the� six� districts� of� its�operations� that� help� us� integrate� and� promote�

market�linkages.�To�systematically�implement�the�linkages�and�marketing�development�programs,�our�team�follows�value�chain�development� approach.� � Under� this� value� chain� model,� JWS�recently� organized� a� mega� Kissan� Conference� this� year� to�promote�linkages�of�over�500�farmers�with�the�representatives�of�around�20�input�suppliers�and�extension�services�providers.�

lient� Life� &� Health� Insurance:C � JWS� loan� insurance�ensures�that�a�member's�loan�does�not�become�a�burden�to�his/her�family�in�the�case�of�his/her�death.�If�a�member�

dies,�then�the�outstanding�amount�is�waived�off�as�the�insurance�benefit.�Nominee/Guardian�is�also�given�PKR.7,�000�for�funeral�purpose.�All�clients�of�JWS�are�insured�under�this�scheme�with�SPI�&�Adamjee�insurance�companies.� � �JWS�Pakistan�has�also�ensured�all�of�its�clients�for�the�health�coverage�as�well.�


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�Finance�&�Accounts�Department�

Mr.�Jamil�Anjum�is�the�driving�force�behind�the�finance�&�Accounts�department� of� JWS� Pakistan.� Under� his� leadership,� company� has�established�sound�SOPs�for�financial�transactions�at�all�levels.�He�has�helped�company�in�adapting�to�the�new�regulatory�environment�under�Securities�and�Exchange�Commission�of�Pakistan�(SECP).�

Finance�department�has�also�efficiently�managed�the�funds�flow�in�the�company.�Being�a�microfinance�company,�JWS�Pakistan�requires�health�inflow� of� funds� to� meet� the� lending� requirements.� Meeting� this�challenge,�finance�department�in�collaboration�with�other�departments�has�successfully�signed�funding�agreements�with�number�of�national�and�international�investor�groups.�

Human�Resource�Management�

Ms.� Warda� Iqbal,� General� Manager,� heads� the� human� resource�department� at� JWS� Pakistan.� She� has� introduced� new� concepts� of�human�resource�management�within�the�company�that�have�proven�to�be�successful.�Under�her�leadership,�department�has�transformed�more�into�a�center�of�excellence�providing�energy,�vitality�and�skills�for�the�workforce.�

Department�is�tasked�to�manage�the�entire�staff�of�the�company�that�involves�decisions�like�need�identification,�placing�job�advertisements,�recruitment,� selection,� training,�mentoring,� succession�planning�and�promotions.� To� meet� the� changing� circumstances,� HR� department�regularly� conducts� orientation� and� training� sessions� for� the� staff.�During�the�reporting�year�too,�number�of�such�sessions�were�arranged�in�addition�to�sending�senior�staff�members�at�training�events.�Few�of�the� performance� indicators� highlight� the� excellent� work� the�department�is�doing�for�the�company.�

Our�Departments�


Retention� rate� has� further� improved� from� the� previous� year� (94%)�indicating� that� employee's� preference� to� work� for� the� company� is�gradually� increasing.�Furthermore,�average�employee�age�highlights�the�young�workforce�driving�the�organization.�

Operations�Department�

Operations�department�is�headed�by�Mr.�Imran�Dhillon,�an�experienced�micro� finance� practitioner� since� 2003.� He� has� helped� in� refining�business�processes�over� the� time�and�his�contributions� for� the�staff�capacity�development�are�highly�acknowledged.�

Operations� wing� is� also� responsible� for� product� development,�disbursement�and�collection�of�loans�as�well�as�keeping�a�regular�check�on�the�staff�for�compliance�and�quality�control.�Keeping�in�view�the�growth�consolidation�strategy�of�the�organization�in�mind,�operations�team�successfully�maintained�the�portfolio�of�clients�and�at�the�same�time� brought� about� several� refinements� and� make� over's� in� the�business�processes�to�make�them�more�efficient�and�client�oriented.

Information�Technology�

Information� technology� is� another� backbone� service� provider�department� of� the� company.� IT� department� is� supervised� by� an�energetic�professional�Mr.�Islam�Gull.�His�years�of�experience�in�the�IT�domain�helped�company�in�evolving�the�MIS�system�over�the�period�of�time.�

Indicator

Succession�Planning

Average�Employee�Retention�Rate

Average�Employee�Turnover�Rate

Average�Employee�Age

Employee�Training�Rate

JWS�Pakistan�

100%�for�managerial�posts

96.7%

3.3%

27�Years

70%


IT� department� is� actively� supporting� the� virtual� network� of� the�company� and� continuously� working� to� provide� all� the� functional�support�and�enhancement�of�the�management�information�system.�In�addition� to� this,� department� also� holds� frequent� training� and�orientation�programs�for�the�field�staff.�These�trainings�prove�handy�in�ensuring� standardization�as�well� as� in� improving�compliance�of� the�SOPs�in�lending�operations.�

Internal�Audit�

Internal�audit�department� is� the� second� line�of�defense�against�any�possible� theft,� fraud� and� misrepresentation� of� information� at� JWS�Pakistan.�Mr.�Nazir�Khan�heads�the�wing.�Audit�department�regularly�conducts�field�visits�both�planned�as�well�as�surprise�to�enhance�its�effectiveness� and� deterrence� against� any� planned� and� unplanned�frauds�and�misrepresentations.�Furthermore,�to�ensure�transparency�and�independence�in�its�operations,�internal�audit�department�directly�reports�to�the�head�of�the�organization.�

Overall�the�department�ensures�following�tasks�on�regular�basis;� �Assessment�of�adequacy�and�efficiency�of�the�internal�controls�and�risk�management�system.

�Providing�consultations�to�the�executive�body�of�the�JWS�on�the�issues� related� to� the� risk� management,� internal� control� and�corporate�governance.

�Assisting�executive�body�of�JWS�in�investigation�of�wrongful�acts�of�employees�and�third�parties,�including�negligence,�corporate�fraud,�corrupt�practices,�abusive�acts�and�various�wrongful�acts�causing�damage�to�the�organization.

�Assisting�in�system�improvement�through�advisory�reviews.� �Ensuring�operational�compliance�with�SOPs�and�organizational�policies�

�Ensuring�financial�transparency�in�the�organization.�


Compliance�&�Risk�Management�Department�

Compliance� and� Risk� Management� (CRM)� is� newly� established�department�keeping�in�view�the�regulatory�requirements�as�well�as�to�safeguard�against�various�types�of�risks.�Mr.�Khurram�Hussain�heads�the� department� having� deep� understanding� and� expertise� in� the�domain�of� risk�management.�The�department� is� responsible� to� look�after� and� provide� early� warnings� against� various� types� of� risks�including�but�not�limited�to�credit�risk,�operational�risk,�reputational�risk,� liquidity� risk� and� regulatory� risks.� Department� has� deployed�compliance�and�risk�management�officers�at�the�area�level�to�conduct�independent� appraisals� of� the� clients� as� well� as� monitor� the�effectiveness�of�staff�towards�following�the�SOPs.�

With�the�addition�of�CRM�department,�the�efficiency�level�of�field�staff�and� especially� the� rate� of� compliance� with� SOPs� have� improved�considerably.�


Ms. Galadas is an emerging entrepreneur among the JWS Pakistan financed

clients. She hails from a remote town of Tehsil Daska, District Sialkot and

stitches protective gloves used by the labour force in the factories. Her husband

used to work for a gloves making factory around 10 years ago on daily wages.

Galadas discussed with her husband about the possibility of starting their own

small home scale setup. Realizing the challenges, her husband initially refused

to grant permission to her.

However, Galadas kept on pursuing her husband and finally won his consent.

Together, they mobilized savings as well as borrowed from JWS Pakistan (over

the period of several years) to purchase required machinery and tools

gradually. This helped her in setting up their own production facility, employ

over 15 community members, increase their business revenue to PKR 300,000/

month and bring tangible improvement in their socio economic status. This

however, was not easy and she had to take following tough decisions at right

time,

For�the�Brand:��Galadas�Gloves�

19

Separate Production facility from home: One of the key factors in her

success was the separate production facility of gloves from her home.

This helped her continue the production in shifts without disturbing the

family life.

Competitive pricing: Galadas and her husband used to offer

competitive pricing for the production of gloves (lesser than the

factory's own cost of production). This helped them in continuously

gaining production orders.

Consistent Quality of Gloves: Consistent quality of work specially the

stitching and finishing of gloves helped them in

Diversified Business Sources: The second most helpful factor was the

ability of their business to simultaneously work with two glove

producing factories of the area. This helped them in managing un-even

demand patterns during the year and maintaining their skilled work

force.

Order Management: She recalled that over the period of time she

never requested rescheduling of delivery time. Therefore, timely

delivery, quality and pricing were the helping factors in her way to

success.

Telling about her future aspirations, she highlighted that in the near future, she

wants to launch her own brand of gloves by the name of “Galadas Gloves”.

Improvement across the socio economic indicators is summarized in Exhibit 12

& 13.

6

5

4

3

2

1

0

Food Seasonal Fruits Clothing Living Conditions

Pre Loan

Post Loan2

5

1.5

4

2

3 3

5

Pre-Post: Living Standards (Exhibits-12)

Pre Loan

Post Loan

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

300,000

Pre-Post: Economic Conditions (Exhibits-13)

Business Revenue Net Income Saving

110,000

35,00065,000

5,000

20,000

20

Tahira Zulfiqar lives in the industrial town of Gujranwala and prepares a

traditional form of sweet locally called as “Maroonda” (Made of jaggery and

rice). She is a living story of success achieved out of desperations and poverty.

Few years ago, her in laws expelled her from their home and they had to start

their life in a rented house. She then took a bold decision of starting their own

business of preparing Maroonda with the active support of her husband.

With years of continuous struggle, investments out of savings and borrowing

from JWS Pakistan, they were able to build their business on solid foundations.

Today, she employs around 16 workers with monthly sale of PKR 250,000. Her

product outreach is not limited to the local city but is also sold in Daska, Sialkot,

Sambrial, Chakwal, Talagang, Mansehra and Abbotabad.

Interestingly, she has got medical fitness certificates of her employees as well as

got license from Punjab Food Authority. She generously provides three time

meal and tea to her staff members and also facilitates in medical treatment.

Regarding her future plans, she wishes to expand her business on the following

lines;

Make other products: She plans to include more eatable products in

her production line. Those include Nimko, potato chips and vermecillies.

She is hopeful that these additional items shall further increase her

business revenue.

Purchase packing and pressing machine: She is very ambitious

towards her business and plans to purchase packing and pressing

machine. This shall help her in bringing efficiency in the production line

and meet business orders more quickly and cost effectively.

To construct her own house: Tahira is currently living in a rented house

and building her own home is her biggest plan in the future. All of her

struggle in the business is aimed at be able to finance construction of

her own small, sweet home.

Improvement across the socio economic indicators is summarized in

Exhibit 14 & 15.

Traditional�Sweets��

21

6

5

4

3

2

1

0

Food Seasonal Fruits Clothing Living Conditions

Pre Loan

Post Loan3

5

3

4

3

5

3

4

Pre Loan

Post Loan

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

250,000

Pre-Post: Living Standards (Exhibits-14)

Pre-Post: Economic Conditions (Exhibits-15)

Business Revenue Net Income Saving

50,000

20,000

110,000

-----

40,000

22

I

Annual�Strategic�Planning�Meeting�

Like�every�year,�an�annual�strategic�planning�meeting�was�organized�in�August� 2016.� The� aim� of� the� meeting� was� to� review� the� growth�indicators�set�by�the�company�during�the�previous�year�and�set�targets�for� the� coming� year.�Meeting�was� conducted� in� the� hilly� station� of�Bhurban�(Murree)�and�was�participated�by�all�the�branch�managers,�area�managers�and�head�office�senior�management.�

Overall� the� planning� meeting� focused� towards� the� following�dimensions�of�growth;

Growth�Targets:�During� the�planning�meeting,� departmental� heads�presented�their�progresses�and�plans�for�the�coming�year.�To�keep�pace�with�the�market�growth�and�fulfill�own�business�plans,�it�was�decided�to�achieve�a�client�base�of�50,000�by�the�end�of�year�2016-17�with�an�estimated�outstanding�loan�portfolio�of�1.2�Billion�PKR.�All�the�targets�set�during�the�meeting�were�dually�achieved�by�the�team.�

Products�Catalogue:�To�enhance�the�range�of�products�to�better�serve�our�clients,�several�feasibilities�were�discussed�and�feedback�of�the�line�managers� was� recorded.� The� aim� of� the� activity� was� to� enrich� the�product�range�with�new�and�more�suited�products�as�per�the�demands�of� the� valuable� clients.� Approval� of� few� products� in� the� domain� of�education,�livestock�and�health�was�given�by�the�management�while�detailed�feasibility�for�few�other�options�was�suggested.�

Geographical� Expansion:� Keeping� in� view� the� successful�achievements� during� the� year� aimed� at� growth� consolidation� and�process�refinement,�management�planned�to�carry�out�expansion�of�the�services� into� new� geographical� areas� as� well� as� enrichment� within�already� served� areas.� Respective� department� heads� were� asked� to�carryout�basic�feasibilities�as�well�as�area�profiling�of�the�potential�sites.�

�Celebrations�and�Events��


Towards�the�end�of�the�year,�this�proved�to�be�very�helpful�in�meeting�the�overall�growth�challenges.

Funding� Sources:� JWS� Pakistan� has� solely� worked� with� Pakistan�Poverty�Alleviation�Fund�(PPAF)�during�the�course�of�her�operations�in�the�microfinance�domain.�It�was�strategically�decided�to�broaden�the�scope�of�funding�sources�for�enhanced�stability�and�growth.�Therefore,�during�the�year�commercial�lines�of�credits�from�banks�were�availed�as�well� as� lines� of� communications� with� international� investors� were�opened.�

Compliance�&�Risk�Management:�To�meet�the�enhanced�regulatory�compliance�requirements�and�manage�the�risks�of�the�business,�it�was�discussed� to� setup� a� new� department� of� compliance� and� risk�management� to� meet� both� the� internal� requirements� of� risk�management� and� external� prerequisites� of� regulatory� compliance.�Down�the�year,�the�proposal�was�materialized�and�a�department�was�successfully�launched.�

Staff�Development:�Rightly�conceiving,�management�also�decided�to�strategically� focus� on� the� staff� development� in� anticipation� of�expansion� in� the� next� financial� year.�HR� department�was� tasked� to�develop� the� staff� requirements� in� terms� of� numbers� as� well� as�requirements�in�terms�of�functional�skills�against�each�job�category.


�World�Poverty�Day�

The�United�Nations�Sustainable�Development�Goal�to��end�poverty�in�all�its� forms� everywhere�� explicitly� recognizes� that� poverty� results� not�from�the�lack�of�just�one�thing�but�from�many�different�interrelated�factors�that�affect�the�lives�of�people�living�in�poverty.�This�means�we�must�go�beyond�seeing�poverty�merely�as�the�lack�of�income�or�what�is�necessary�for�material�well-being�such�as�food,�housing,�land,�and�other�assets�in�order�to�fully�understand�poverty�in�its�multi-dimensions.�The�theme�this�year�selected�in�consultation�with�activists,�civil�society�and�non-governmental� organizations� highlights� how� important� it� is� to�recognize�and�address�the�humiliation�and�exclusion�endured�by�many�people�living�in�poverty.

JWS�Pakistan�adopted�the�same�theme�of��ending�poverty�in�all�its�form��and� organized� a� roundtable� conference� in� Gujranwala.� Participants�included� from� the� circles� of� lawyers,� educationist,� civil� society�organizations,� TEVTA� practitioners,� labour� union� representatives,�media,�healthcare,�businessmen�and�women�entrepreneurs.�

A view of Participants during world Poverty Day.


Speaking� at� the� occasion,� Qazi� Shoaib� Alam� Farooqi,� CEO� of� JWS�Pakistan�highlighted�that�poverty�is�not�one�dimensional,�rather�it�is�multi�dimensional.�So,�the�poverty�is�not�just�lack�of�money,�rather�it�is�deprivations�across�range�of�material�and�non�material�services�and�products� including� lack� of� access� to� energy,� education,� Jobs,� living�conditions,�nutrition�and�healthcare.�

Other�participants�agreed�with�the�theme�and�pledged�their�resolves�to�play� active� role� in� eliminating� poverty� in� all� its� forms� and�manifestations.�


3rd�Annual�Agriculture�Conference�2017

A�mega�Agriculture�conference�was�organized�on�April�13,�2017�on�the�very�day�of�BESAKHI,�a�traditional�day�celebrated�by�the�farmers�before�starting�crop�harvesting.�The�venue�was�deliberately�selected�at� the�heart�of�the�farming�lands�to�ensure�maximum�participation�of�farmers�in�the�event.�Conference�started�with�the�recitation�of�Holy�Quran�and�the�speaker�Mr.�Imran�welcomed�the�participants�and�highlighted�the�agenda�of�the�conference.�He�later�on�invited�honorable�Qazi�Shoaib�Alam�Farooqi�(Chief�Executive�Officer)�to�welcome�the�distinguished�guests�and�say�few�words�about�the�event�and�highlight�its�underlying�

JWS Pakistan team receiving guests.


Other� speakers� from� the� academia,� industry,� politics� and� farmer�representatives� shared� similar� thoughts�with� the�audience.�They�all�agreed�with�the�agenda�that�without�following�the�modern�methods�of�cultivation�and�harvesting,�per�acre�yield�improvement�shall�remain�a�distant�cry.�

Event�was�further�decorated�with�stalls�set�up�by�various�input�supplier�groups�and�buyers.�Farmers�took�keen�interest�in�various�products�and�briefing�sessions�conducted�by�various�companies.�

�Fatima�Fertilizer�Group �Engro�Fertilizers �Punjab�Seed�Corp. �Fauji�Fertilizers �Jaffar�Brothers �Pak�Arab�Fertilizers �Khair�Din�&�Sons �Arysta�Life�Sciences

A view of speakers during the conference.


Qazi Shoaib Alam (CEO) awarding shields to the honorable guests.


�Agriculture�Resource�Center�(ARC)

Right�from�the�inauguration�of�the�agriculture�resource�center�in�April,�2016,� the� centre� has� been� hosting� training� events� for� the� farmers,�linking�farmers�with�input�suppliers�and�providing�technical�services�to�the�farming�community.�In�addition�to�these�free�services,�ARC�has�been�providing�access�to�financial�services�for�the�small�scale�farmers�at�thier�door�steps.�

ARC�is�also�housing�the�facility�to�provide�free�weather�alert�services�for�the�farming�community�throughout�the�year.�

Delegation visiting agriculture resource center.


�Trainings�&�Capacity�Buildings�

Trainings�and�capacity�building�initiatives�were�the�year�around�events�at�JWS�Pakistan.�Human�resource�department�has�been�central�to�these�activities� with� active� support� of� allied� departments� in� making� the�training�and�capacity�building�events�productive�and�impact�oriented.�

View of training events organized by JWS Pakistan.


�Free�Health�Camps�&�Health�Insurance�for�Clients

JWS�has�a�history�of�conducting�free�medical�relief�camps�in�not�only�time�of�calamities�but�also�during�normal�days�for�the�betterment�of�communities� where� we� feel� that� health� care� is� not� being� provided�adequately.� These� medical� and� relief� camps� provide� basic� medical�checkup,�medication� as�well� as� guidance� to� the� patients� in� case� of�serious� illness.� Another� important� aspect� of� these� health� camps� is�creating�awareness�among�masses�about�health,�hygiene,�child�care�and�other�seasonal�outbreaks.�

During�this�year�as�well,�JWS�arranged�number�of�free�medical�camps�of�two�days�each�in�far�furlong�villages�of�our�operational�areas.�Clients�appreciated� the�efforts�of� the�company� in� facilitating� them�in�every�possible�manner.�In�addition�to�this,�JWS�Pakistan�has�also�provided�health� insurance� to�all�of�her�women�clients.�This� facility� is�greatly�valued�by�the�clients.�


CITI-�PPAF�Awards

Every� year,� Citi� foundation� UK� announces� awards� for� the� best�microfinance�entrepreneurs�all�over�the�world.��Awards�program�of�this�year� highlighted� the� achievements� of� some� of� the� most� innovative�microfinance� institutions�and�micro�entrepreneurs� in�Pakistan.� JWS�Pakistan�also�participated�in�this�highly�competitive�program�for�the�nomination�of�its�clients.�Credit�to�the�JWS�team,�out�of�fifteen�(15)�best�entrepreneurs�from�all�over�Pakistan,�two�(2)�were�from�JWS�Pakistan.�One�of�the�selected�clients�was�declared�as�national�runner�up�and�other�one�was�the�provincial�winner�from�Punjab.

Selection� of� two� micro� entrepreneurs� of� JWS� Pakistan� highlighted�effective�financial�and�non�financial�services�for�the�clients.�Speaking�on� the� occasion,� selected� entrepreneurs� of� JWS�Pakistan� expressed�their� views� about� the� JWS� program� and� how� it� helped� them� in�transforming� their� typical� activities� into�more� structured�enterprise�processes.� They� also� highlighted� that� the� linkages� and� market�orientation� trainings� of� the� company� also� helped� in� better�understanding� and� strategizing� the� forward� and� backward� market�linkages.

JWS Pakistan clients receiving National Runner Up & Provincial Winner Award.


A landmark achievement! 50,000 + Clients

Team celebration achievement of annual target.

PICTURE�GALLERY


Glimpson from the annual iftar party hosted by JWS Pakistan.


International delegation visiting JWS Pakistan Head Office

Symbiotic Investor Group during their visit to JWS Pakistan


Memories of various national delegation during their visit to JWS Pakistan


Ceremony of providing latest laptops to Area Managers of JWS Pakistan.


Flashback from the Women Day organized by JWS Pakistan.


“I don’t create companies for the sake

of creating companies, but to get things done.”


Participation�in�national�and�international�networks�working�for�the�betterment�and�uplift�of�the�poor�communities�has�been�a�passion�at�JWS�Pakistan�since�long.�This�collaboration�across�the�globe�has�helped�us�in�learning�new�dimensions�of�performance�as�well�as�contribute�towards� the� international� best� practices� by� sharing� our� own.� � JWS�Pakistan� has� long� been� collaborating� with� following� international�networks�regularly;�

Affiliations�&�Collaborations�across�the�Globe:�

1.��Banking�with�the�Poor�(BWTP):�

Banking�with� the�Poor�Network� (BWTP�Network)� is�Asia's� microfinance� network� that� works� towards�building� eff icient , � large-scale� sustainable�organizations,� through� co-operation,� training� and�capacity�building�with�the�aim�of�achieving�innovative,�appropriate�and�demand-driven�financial�services�for�the�poor.�The�Network�is�an�association�of�a�diverse�range� of� microfinance� stakeholders� committed� to�improving� the� quality� of� life� of� the� poor� through�promoting�and�facilitating�their�access�to�sustainable�financial�services.�

2.��Microcredit�Summit�Campaign:�

Micro� credit� summit� campaign� is� a� network� of�international� micro� finance� companies� working�


towards� pre� established� targets� and� agendas.� JWS�Pakistan� has� been� actively� participating� in� the�campaigns� to�ensure�provision�of�credit� facilities� to�poor� communities� for� self� employment� and� also�helping� in� improving�their�purchasing�power�parity�(PPP).�

3.��Mix�Market:

JWS� Pakistan� actively� reports� performance� data�related� to� social� aspects�of�our� services� to� the�MIX�Market� on� regular� basis.� This� has� been� helpful� in�tracking� the� performance� of�micro� finance� services�towards�the�social�aspects�of�the�development�on�the�global�scale.�

4.��Pakistan�Microfinance�Network�(PMN):�

PMN� is� a� network� of� organizations� engaged� in�microfinance� and� dedicated� to� improving� the�outreach� and� sustainability� of� microfinance� in�Pakistan.�PMN�acts�as�a�disseminator�of�microfinance�information� with� the� aim� of� enhancing� the� scale,�quality,� diversity� and� sustainability� of�microfinance�providers�in�Pakistan.�

5.��Member�Punjab�Microfinance�Network�(PMFN):

The� idea� is� to� gather� institutes� and� organization�working� in� Micro� Finance� sector� for� sharing� their�work.�JWS�Pakistan�was�one�of�the�pioneer�companies�to�establish�Punjab�Micro�Finance�Network�(PMFN).�Mr.�Qazi�Shoaib�Alam�Farooqi�(CEO-JWS)�was�the�first�person�to�chair�the�network.�The�network�is�inclusive�of�organizations�from�the�Punjab�province�in�Pakistan.�


6.�Pakistan�Centre�for�philanthropy�(PCP):�

JWS�Pakistan�got�certification�of�Pakistan�Centre�for�Philanthropy�(PCP)�in�September,�2010�in�recognition�of�its�efforts�for�alleviating�poverty�from�the�country.�Since�then,�JWS�Pakistan�is�an�active�member�of�the�PCP.�

7.��Social�Performance�Task�Force�(SPTF):�

The�SPTF� is�a�global�membership�organization� that�works� to� advance� social� performance� management�(SPM)� -�a�management�style� that�puts�clients�at� the�center�of�every�decision.�

8.��The�Smart�Campaign:�

The� smart� campaign� is� a� global� effort� to� unite�microfinance�leaders�around�a�common�goal:�institute�client�protection� in� all� that�we�do� �� to�better� serve�clients�and�strengthen�the�microfinance�industry.�

9.��Data�Check:�

Data�check�caters�to�the�specific�needs�of�the�industry,�and� provides� additional� fields� relating� to� the�individual's�identity�and�loan�information.�Given�that�the� typical� loan� period� is� one� year,� the� payment�history�is�limited�to�12�months.�

10.��Creative�Edge�Solutions:�

Provides�state�of�the�art�IT�solutions�and�equipment�to�JWS�Pakistan.�


Data Check (Pvt.) LimitedSetting the standard in credit reporting

Following� are� the� key� international� and� national� investor� groups�providing� required� investments�and� support� to� JWS�Pakistan.�Their�active� financial�and�moral� support�has�helped�us� in�meeting�all� the�challenges�head�on.�

1.��Pakistan�Micro�finance�Investment�company�(PMIC)�

2.��Pakistan�Poverty�Alleviation�Fund�(PPAF)�

3.��KIVA�(US�Based�social�investor�group)�

4.��Symbiotic�

5.��Allied�Bank�Limited�(ABL)�

6.�Habib�Bank�Limited

Our�Investors�&�Supporters:�


Shore Bank International (SBI) carried out institutional assessment of JWS

Pakistan on behalf of Pakistan Poverty Alleviation Fund (PPAF). The objective

of the assessment was to critically evaluate capacity of partner

organizations for undertaking higher levels of micro finance operations. The

assessment carried out by SBI covered the effectiveness of management

layers, adequacy of organizational policies, procedures and their actual

implementation in the field.

Based on the detailed review, a comprehensive institutional assessment

report was prepared by SBI dually appreciating and highlighting effective

management control and streamlined business process for undertaking

additional responsibilities.

Assessments�and�Certification

Gallup Pakistan is the country's most respected opinion and socio economic

research organization and is widely quoted in national and international

media. Being an affiliate of Gallup International we have close collaboration

with Gallup associates all around the globe and enjoy the benefit of drawing

upon an international pool of knowledge. Gallup Pakistan conducted

impact assessment of JWS Pakistan to measure the effectiveness and

efficiency of the Micro Finance Program.

Truelift is a global initiative to renew focus on the pro-poor objective of

microfinance. Truelift is a trust mark – in microfinance and beyond – to

signify commitment to positive and enduring change for people living in

poverty. Truelift awarded certification to JWS Pakistan as “Aspirant”

institution under its four milestones on the journey to better serve clients

living in poverty.


JWS�Pakistan�has�been�very�active�towards�minimization�of�risks�faced�by� its� staff� as� well� as� clients.� To�meet� this� objective,� company� has�partnered� with� several� insurance� companies� to� cover� the� risks� of�health,� income� loss� and� loss� of� agricultural� crops� under� various�products.� Following� are� the� insurance� companies� engaged� by� JWS�Pakistan�under�its�various�initiatives;�

1.�Saudi�Pak�Insurance�(SPI)�

2.�EFU�Life�Insurance�

3.�ADAMJEE�Insurance�Limited�

Insurance Alliance


The� Securities� and� Exchange� Commission� of� Pakistan� (SECP)� is� the�financial�regulatory�agency�in�Pakistan�whose�objective�is�to�develop�a�modern�and�efficient�corporate�sector�and�a�capital�market�based�on�sound� regulatory� principles,� in� order� to� encourage� investment� and�foster�economic�growth�and�prosperity�in�Pakistan.�

JWS�Pakistan�is�licensed�from�SECP�(as�non�banking�finance�company)�as�per�the�prudent�regulations�of�State�Bank�of�Pakistan�for�the�micro�finance�organizations.�Required�regulatory�supervision�and�foresight�has�been�helpful�in�taking�the�industry�forward.�

Regulator,�Auditors�&�Legal�Advisors�

Securities�&�Exchange�Commission�of�Pakistan:�



JWS�Pakistan�has�engaged�Azam�Chaudhary�Law�Associates�as�its�legal�advisors.�The�associates�in�the�Firm�are�specialized�in�civil,�commercial�and�corporate�law,�World�Trade�Organization�Agreements,�and�private�and�public�international�law.�Additionally,�the�Firm�has�provided,�and�does�provide,�wider�consultancy�services�in�fields�of�expertise�other�than� law.� The� Firm� has� been� rendering� its� expert� and� specialized�services�mainly�in�the�domains�of�Arbitration,�Power�Generation�and�Energy� Laws,� Banking� and� Financial� Services,� Corporate� Affairs,�Intellectual� Property,� International� Trade� and� WTO� Laws,� Federal�Board� of� Revenue� (FBR)� Taxes,� IT/Telecommunication� Laws,�Environmental� Laws,� Insurance,� Customs� and� Taxation,� Franchises,�Joint� Ventures,� Agency� Advocacy,� Penal� Laws� /� Criminal� Justice,�Litigation,� Trusts� and� Estates,� Privatization,� Project� Advice,�International�Organizations�and�Embassies.

JWS�Pakistan�has�engaged�the�chartered�accounting�firm�of�very�good�repute.� Established� by� a� team� of� public� accountants� from� leading�international�accountancy�firms,�Tariq�Abdul�Ghani�Maqbool�&�Co.�is�engaged� in� providing�wide� range� of� integrated� solutions� to� a� large�portfolio� of� clients� from� a� diversified� activity� segments� within� and�outside�Pakistan.

Our� team� of� experts� comprises� professionals� from� multifaceted�proficient� background� and� experience,� who� effectively� deal� with� a�versatile�range�of�tasks�to�present�practical�solutions�to�the�problems�in�small�to�large-scale�organizations�within�and�outside�the�country.

Company�offers�Auditing,�Taxation,�Management,�IT,�Accounting�and�Legal�&�Secretarial�Consultancy�and�other�related�assistance�to�local�and� foreign� private,� public� and� other� organizations.�We� also� assist�organizations�in�problem�solving�and�providing�practical�and�feasible�solutions.

Tariq Abdul Ghani Maqbool & Co Chartered Accountants

Azam Chahdhary Law Associates


FINANCIAL�AUDIT�REPORT��17


JWS PAKISTAN

FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2017



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All rights reserved. · Sabiha Shaheen Ms. Sabiha Shaheen is working as chairperson of JWS Pakistan. Under her visionary leadership, JWS Pakistan has scored milestone achievements