System Design: Gold Loan Disbursement in Capital First

Project Report for

Business Analysis and Process Modelling

By

Group 4

Lov LoothraNikhil Garg

Madhavan SriramPraveen Hegde

Koel Ray

Abstract

System Design: Gold Loan Disbursement in Capital First

The study is conducted as an academic project with Capital First Limited to design a Gold Loan Disbursement system. The following are the broad objectives for the study:

I. Objectives:

To study and examine the current practices in the Gold Loan Industry in India To understand the Loan Against Gold Product To examine the working of Gold Loan branches at Capital First Limited To design a system for Gold Loan disbursement process To assess whether the process efficiency can be improved

II. Motivation for the Study:

A. Gold Loan Market:

In Gold loan industry lenders provide loans by securing gold assets as collateral. Compared with the rest of the world, in India the gold loan market is huge business. Until a decade back, most of the lending was in the unorganized sector through pawnbrokers and money lenders. However, this scenario changed with the entrance of organized sector players such as banks and non-banking finance companies (NBFCs) which now command more than 25% of the market. Gold demand in India has a regional bias with Southern region accounting for 40% of the total and thus the Gold loan market is also developed on the same lines.

B. Developments in gold loan market:

The organized gold loan market has grown at 58% CAGR from 2007 to 2012. NBFCs have been a major driving force behind this growth given their extensive network, faster turnaround time, higher loan-to-value ratios and the ability to serve non-bankable customers. Of late, banks have improved their gold loan product features and services. Coupled with comparatively lower interest rates and charges, banks stand to gain market share at the expense of NBFCs in the near future.

C. Concerns in the current environment:

The unbridled growth in gold loan market and associated NBFCs have greatly pushed up the competition. At this point in time, an effective IT system in place can increase turnaround time gold loan appraisals providing the company with a much needed competitive edge.

III. Understanding from the study:

A. Current Practices:

The current Gold Loan market is very competitive as literally all players provide similar offering. Presently the market is consolidated at the top and scattered at the bottom. There is a huge potential in the market as only 1.2% of the total gold stock is pledged against loan at present. Also with the rural India accounting for 65% of the total stock and is still a wide market to exploit. However, with the changing regulatory environment and increasing focus of banks on the Gold Loan product, there is a need for the offering to be more competitive by the NBFCs.

From the study of the product and the functioning of the system at Capital First Limited (an NBFC itself), there is a need to improve the offering in terms of Loan processing time as it seems to be a major factor in consumer requirement. The other aspects of the offering are similar or better to the Industry leaders.

B. Areas with scope of Improvement

Given the specific type of product a need to improve on Loan processing time has been captured from the analysis and study of processes followed by Capital First Limited.

IV. Recommendations:There is a need to opt for a series of measure at various stages of the Gold Loan disbursement process.

a. IT system for Gold Loan processing A new software system at Capital First to process gold loan appraisal, disbursal, EMI

payment calculations (hitherto done manually) can greatly improve the turnaround time for gold loan processing

b. Future Suggestions – Turnaround Time Ticker To keep a check on the time spent in various sub steps of a particular disbursement

process like account opening, account closing, loan renewal and interest payment; there is a requirement of such a tracker

The above recommended changes would not only make the offering more competitive but also would result in cost saving both in terms of material and resources.

Introduction

Gold and the Indian Society- A brief Note

Gold has long been a valued commodity, particularly in India where it is considered auspicious. It has traditionally been among the most liquid assets and is an accepted universal currency. Gold is presumed to be a safe haven in times of economic uncertainty, a fact exemplified by a 58% increase in the value of gold over the past five year.

India has traditionally been a leading consumer of gold in the world. Its domestic production has, of late, fallen to insignificant amounts compared to total demand. It has grown into one of the largest markets for gold, accounting for approximately 10.2% of the total world gold stock as of 2010. Rural India accounts for 65% of this gold stock.

Indian households typically have an emotional attachment and sense of personal belonging to the gold they own, which is usually in the form of jewellery, coins or bars. Thus, gold owned by Indian families is rarely liquidated unless in extreme financial need — consequently, monetary value of a gold investment is rarely realized. But, pledging gold ornaments and other gold assets to local pawnbrokers and money lenders to avail loans has been prevalent in the Indian society for many decades, particularly in rural areas. However, over the past decade, the organized sector – banks and NBFCs – have taken the lead. The urban populace is also beginning to realize the potential value that can be realized through gold loans, which has led to rapid growth of the gold loan market in India.

Gold Demand and Price Movement

Global Scenario

During 2011-12, India imported about 1080 tonnes of gold. The traditional demand for gold has been in household jewellery consumption, industrial use and investment purpose, it has been seen as a save heaven during the time of financial turbulence. Recently, many current account surplus countries from Asia, Central Asia and Latin America have preferred buying large quantities of gold to diversify their foreign exchange reserves. More recently, the global demand for gold is underpinned by increased demand in China, continued central bank purchases and inflows into gold related exchange-traded funds (ETFs).

Global gold supply and the demand for gold in India

Trends in global gold supply and the demand for gold imports from India are portrayed in Table 1.1. While global gold supply is more or less flat, the share of demand for gold imports from India in the global gold supply rose steadily in recent years. When the growth in global gold supply has been weak, the growth rate of Indian demand for gold is strong at double digits in more recent years.

1.1 Global Gold Supply andIndia’s Demand for Gold

Year Global Gold Supply $

Gold Demand from India @

(Tonnes)

Growth of Global Gold Supply (%)

Growth of Gold Demand from

India (%)2002 3667 467 -2.6 -0.92003 3953 367 7.8 -21.32004 3426 537 -13.3 46.12005 4034 792 17.7 47.52006 3559 707 -11.8 -10.72007 3554 716 -0.1 1.32008 3657 679 2.9 -5.1209 4146 743 13.4 9.42010 4274 871 3.1 17.22011 4030 975 -5.7 11.92012 4130 1079 2.5 10.7

Source: Report of the Working Group to Study issues related to gold imports and gold loan by NBFC; $ Calendar Year; @ Financial year

As shown in Chart 1.1 international gold prices have risen exponentially in the last decade. Since 2002, the international gold prices have grown at compound annual growth rate of 18 per cent. One of the major components of gold demand in recent years has been investment demand at the global level. More importantly, volatility in international gold prices in recent quarters is positively skewed implying that it provides fewer large losses and a greater number of larger gains.

Chart 1.1 also confirms that the gold demand has shown a growth at compound annual growth rate of 8 per cent during the last decade i.e. 2002 to 2012. Such behavior of Gold prices assumes importance for building up of positive expectations by gold investors.

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

311364

410

445605 697

872974

1,227

1,573 1,649

467 367 537 792707

716 679 743871

9751079

1.1 Gold Price vs. Gold Demand Trend($, Tonnes, 2002–2012)

Gold Price (in USD per troy ounce) Gold Demand (in tonnes)

CAGR 18%

CAGR 8%

Source: Bloomberg database

As regards the underlying factors for explaining international gold prices, studies suggest that the international gold price is a complex phenomenon affected by economic and political environment. While in the short-run, trend in gold prices could be due to inter-commodity substitution on account of movement in their relative prices, in the long-run, gold can be used as an instrument to hedge against inflation. History shows that during periods of financial turbulence, gold becomes an attractive

asset class for investment. More recently, after the 2008-09 financial crisis, the demand for gold as collateral has also increased as it does not involve credit risk and its price generally exhibits counter-cyclical behavior. Similarly, transparent pricing of gold as compared to other assets may also be another positive factor for its demand.

Gold Loan Market in India

In India, it is believed that most of the gold is held by people in rural areas and in many cases this is the only asset they have in their possession though in small quantity. All the while, rural Indians know that if his crop fails or his family is sick, he can raise cash in a moment from the goldsmith or may be pawnbrokers and moneylenders, because the rural India lags in availing banking facilities. Therefore, even the pattern of saving in India differs for various income groups. While richer sections diversify their portfolio according to risk-return equation, the poor rely more on commodities like gold as well as silver. The jewellery bought in times of prosperity has been pawned or sold for cash in periods of distress or need. Over the years, some portion of this is being used as collateral for borrowing in the informal market, though estimates is not available. It is a common practice in India that gold is pawned, bought back and re-pawned to manage day-to-day needs of the poor and middle class. The pledging of gold ornaments and other gold assets to local pawnbrokers and money lenders to avail loans has been prevalent in the Indian society over ages. Due to the increased holding of gold as an asset among large section of people as also the borrowing practices against gold in the informal sector have encouraged some loan companies to provide loans against the collateral of used gold jewelleries for years and over a period to emerge as ‘specialised gold loan companies’.

Some independent estimates indicate that rural India accounts for about 65 per cent of total gold stock in the country. At times of emergency, gold ensures a loan almost instantaneously for the poor and without any documentation process. Most of the loans are for meeting unforeseen contingencies and may be categorized as personal. Further, growth in middle income classes and increase in the earning capacity of women, a core customer group for gold is expected to further boost the demand of gold.

About Capital First Limited

Capital First Limited (NSE Code CAPF) is a Non-Banking Financial Company (NBFC) in India. CAPF largely focuses on providing financial services to retail consumers and wholesale business. The company was formerly known as Future Capital Holdings Ltd. before December 2012, when Warburg Pincus, a USA based Private Equity Firm, completed the acquisition of 70% of the equity shares of the company.

Future Capital Holdings Ltd. was earlier known as Future Money when it was founded in 2006. The idea behind forming the company was to integrate it with the retail chain of Future Group comprising Big Bazaar, E-Zone and Home Town. In 2007, the company became a Systematically Important NBFC wherein it was subject to a minimum asset base of INR 1 billion together with other regulations like capital adequacy requirements and exposure norms along with reporting requirements.

The company went public in 2008. It was the same year in which company was rechristened as Future Capital Holdings Ltd. At present, the company is led by its Chairman and MD, Mr. V. Vaidyanathan, who joined the company in 2010. Before joining Capital First, he was MD and CEO of ICICI Prudential Life Insurance Company. He has been the pioneer in changing Capital First’s focus from a largely wholesale financing company to a largely retail lending company.

Table 1.2: Following table lists the offerings of Capital First Ltd.:

Lending Insurance Investment Planning

Business LoanGeneral

Insurance

Property Services

Mutual Fund

Creation of Will

Loan Against Property

Health Insurance

Broking Service

Financial Planning

Gold LoanHome

InsuranceReal Estate

FundPortfolio Analysis

Durable Loan

Life Insurance (Child,

Protection, Retirement, and Savings)

Fixed Income Instrument

Two-Wheeler Loan

Auto Insurance

Portfolio Management

ServicePersonal Accident Insurance

Private Equity Fund

Travel Insurance

Creation of Private Trust

Source: Company website- http://www.capfirst.com/

The project was focused on the Loan against Gold business of the company. This offering comes under retail lending and has become one of the largest shares in company revenue in FY13.

Gold Loan Offering at Capital First Limited

Gold Loan product was incepted in January 2011 at Capital First Limited The company provides loans against Gold Jewellery to customers. Customers avail Gold

Loans for various personal uses like medical emergency, down payment for home purchases or renovation of their home. Often, traders and small business avail gold loans to finance short term business requirements.

The company provides Gold Loans through its extensive network of 97 branches across 22 tier-1 and tier-2 cities in 10 states.

Gold Loan business grew steadily to produce a healthy loan book with an AUM of Rs. 4.41 billion by Mar’13

The loan size is usually Rs. 1, 20,000 with an average tenor of 4 months and Loan to Value is 60%.

Table 1.3 Breakup retail loan assets with percent share during FY12 and FY13

Break up of Retail Loan Assets

FY13% of Retail

AUMFY12 % of Retail AUM

Mortgage/SME Loans 46,234 83.2% 30,510 88.2%

Loan Against Gold Jewellery (LAG)

4,408 7.9% 2,343 6.8%

Two-Wheeler Loan 1,631 2.9% 138 0.4%

Consumer Durable Loan 1,821 3.3% 444 1.3%

Others 1,505 2.7% 1,169 3.4%

Total 55,599 34,604

Source: Company website- http://www.capfirst.com/

From the above table it is clear that there is a change towards the LAG product in the overall breakup of retail loan assets of the company. The percentage share of LAG has increased from 6.8% of the retail AUM in FY 12 to 7.9 percent in the FY13.

This change can be justified by the changing asset composition of the company and focusing more towards the retail customers. A rise from 10% in FY10 to 74% in FY13 can be seen in the chart

FY10 FY11 FY12 FY13

90%72%

44%26%

10%28%

56%74%

1.2 Increasing share of retail Assets (2010-13)

Wholesale Credit AUM (%) Retail Credit AUM (%)

Source: Capital First Limited Investors Presentation; http://www.capfirst.com/pdfs/investor-relations/25-June-2013-CapitalFirstCorporatePresentation.pdf

Rationale behind the Study

The rationale behind the study was to understand the Gold Loan product and current practices in the Gold Loan Industry in India. The second stage was to assess the practices adopted by the company and to come up with a feasible IT solution to improve its efficiency. The third stage was to examine the areas of improvement and suggesting an efficient change towards a better product offering.

This study could help the company in knowing the customer perception and important factors which could differentiate the product making the offering more competitive.

To achieve the above said agenda, there is a need to study the Gold Loan business closely by visiting the Gold Loan branches and understanding the business at primary level (both of the company and the competition). A logical change in the process thus indentified can certainly improve the company offering.

Consequences of the Problem

Given the current phase of the Gold Loan Industry, which is facing challenges due to regulatory authority and the fluctuating Gold Prices, it is necessary to keep the offering at par with the industry leaders and keep holding the current customer. One of the major concerns was the disbursement time in the offering which was affecting the business. There was an immediate need to address this issue and the study tried to present some recommendation in the same direction.

Study of Current Practices

Understanding Gold Loan Product:

Loan against Gold is a gold backed financial product which is an efficient way to monetize investment in Gold. Gold loans are secured loans – you are borrowing against the security of your gold that you give to the lender and in return for which you get the loan.

Purpose: You can use the loan towards any purpose, as long as it is not for any illegal activity or for speculation in the stock market. Non-banking companies have even fewer restrictions on what you can use the loan for.

Interest Rate and Charges: Banks are currently charging approximately 12.5% interest for whatever tenure you take the loan for. They usually have a processing fee for the loan as well. Non-banking companies have 30-60-90 day and other schemes where the rates of interest can be approximately 2%+ per month.

Annually, this works out to be about 27% per annum, which is a very high rate of interest. Non-banking companies usually don’t have a processing fee for the loan.

Loan Amount: Lending can start at amounts as low as Rs 25,000, but some banks can lend you anywhere from Rs 10 lakhs up to Rs 75 lakhs, depending upon the value of your gold. The non-banking companies usually deal in much smaller loan amounts because they often cater to a different kind of customer base. None of these two types of lenders charges an evaluation fee for your gold.

Repayment Terms: Banks usually have terms that run from 3 to 12 months, but you can prepay at anytime. At non-banking companies you can choose the term that you want, and accordingly select the loan that suits you.

Gold Loans can be a quick way to get a loan against the security of your ornaments. This is particularly true if you might not have any credit history.

Key intakes of a Gold Loan product:

Secured Multi-purpose Low Disbursement time High Loan-to-value Flexible terms and conditions Varied Interest Rate Flexible re-payment options

Product Features:

Secured Loan is borrowed against the gold deposited by the applicant

Multi-purpose The loan can be used for any purpose, as long as it is not illegal activity

Low disbursal times NBFCs and the unorganized sector disburse loans at a much faster pace (as low as 3 minutes to few hours) compared to Banks

High loan-to-value (LTV) ratios

Banks typically not give more than 75%, NBFCs with RBI cap lends almost 75%

Shorter loan tenures Most lenders offer no minimum period; average tenure is about 100-120 days

Varied interest rates Depends on tenure and amount of loan. It varies from 12% to 18% in case of banks, while for NBFCs it could reach 24%. Unorganized sector charges higher in range from 30% to 50%. Reasonable rates are offered if applicant borrows at LTV not exceeding 50%-60%

Multiple repayment options

Repayment in terms of interest only during the term and principle in end or, repayment through EMI covering interest as well as principle; Most payments in cash

Main Features: NBFCs

The study suggests (based on the secondary data collected) the NBFCs are performing well in terms of the features offered and flexibility of the offerings. The chart provides with feature details.

Features Specialised NBFCs

Turn Around Time (TAT) 5min-30minWorking hours 9am-6pm

Loan-to-Value (LTV) 60%-75%Interest Rates 12%-30% p.a.

Terms and Conditions Flexible TermsProduct range/tenor 3days-12months

Pre-payment penalties No Prepayment penaltiesProcessing Fee No processing feeDocumentation Identity proofs, KYC norms

Source: Based on secondary research and primary research from Capital First Ltd

Feature Comparison: Capital First vs. Major NBFCs

LOAN FeatureLenders

Capital First Muthoot Finance Mannapuram Muthoot FincorpRate of

interest (%)14%-24%pa 12%-24% 12%-24% 13.45%-24%

Loan-to-value ratio (%)

60-75 Avg. of 72% 75-77% NA

Avg. Loan tenure (days)

112 ~120 ~120 NA

Disbursal time (TAT)

30min-90min 5min-15min 7min-15min 3min to 15 min

Min loan amount (Rs.)

7500 1,500 NA 500

Max loan amount (Rs.)

25,00,000 1,00,00,000 1,00,00,000 No Limit

Documentation

Identity proofs and Address proof

Identity proofs and Address proof

Identity proofs and Address proof

Identity proofs and Address proof

Point Of Difference

1. External storage, Appraiser & External

TVR 4. Biometric check

1. scheme with different value/gram and corresponding

interest rates

1. Interest to be paid for number of days

of loan

1. Exclusive counters for loans more than 25k 2. prompt payment

rebate of 2%Source: Based on secondary research and primary research from Capital First Ltd. NCR branches, Muthoot

Finance ex-employees, customers, NCR branches

From the table it is understood that the gold loan offering of Capital First is similar to other NBFC lead players with some point of differences. However, a four to five times high disbursement time can be a major concern for the company as this is one of the most important factor with the people opting for a gold loan with NBFCs. There are many sub-processes which are manually handled in the company which can be done away with by putting in a place a proper Information Technology system which can vastly improve the turnaround time and bring a competitive edge against its rivals who have a much lesser turnaround time.

Disbursement Process Analysis: Loan against Gold

Here we would analyse all the steps and sub steps in a gold loan disbursement process at Capital First Limited to find GAPs in the system which can be overcome by an IT solution. The major steps in a gold loan disbursement process are:

a. Loan Account Openingb. Loan Account Closurec. Loan Renewald. Interest/EMI paymente. Part-paymentf. Part-release

a. Loan Account Opening:

The Loan account opening is the first step in a gold loan application. In this a customer approaches a branch of a gold loan lender to apply for the loan with his belongings. It is necessary that the borrower should carry gold ornaments with him at the time of application and a valid identification proof for the application.Below table mentions steps in the order of process flow with analysis of the same in the table. Most of the processes were found similar to the market leader. However, an analysis has been done on the different gaps in the offering.

Steps

Customer contact

Customer provides ID and address proofBranch Credit officer (BCO) confirms the amount and scheme

Gold Appraisal

External Appraiser conducts weight and quality testInternal Appraiser conducts weight and quality test

ID generation

Customer details entered into computer softwareCustomer ID is generated and branch web cam used to take individual photographJewellery photograph is taken and uploadedBranch requests for TVRTVR of the customer at the branch

Ornament entry

Ornament details enteredRequest for approval: Loan & ROI

Documentation

Application FormGroup photographBiometric finger print scan

Manager approval

Gold Loan Disbursal receiptDPNLabel detailsGold Pledge card

Loan disbursal

Pledge form is handed over to BMBM disburses cash to customer

Packet sealing Ornaments and certificate placed in plastic box and sealedSource: Based on primary research from Capital First Ltd.

b. Loan account closing:

A Gold loan product has a typical tenor of 12 months with major borrowers availing it for a period of 4 months on an average. Once the tenor is finished it is the choice of the borrower to either renew the loan or pay the full outstanding to close the loan and retrieve the ornaments from the company.

If a lender wish to close the account than the below mentioned steps are followed by the lenders in closing. The table depicts all standard operating steps in a gold loan account closing and the substeps. Here a GAP analysis has been done

Steps

Loan closure requestCustomer calls for closure

Branch request for TVRPre-process Packet request from COPs; CMS delivers package

Customer walk-in Customer walk-in at the branch and presents the Pledge cardVerification Request for second TVR of the customer at the branch

Documentation

GL Closure requestBorrowers IDCash receipt

Foreclosure statementGold release cardGroup photograph

Biometric finger print

Closure processingCustomer pays loan outstanding

discharges the pledge form

Ornament handoverOrnaments retrieved from the strong room

Branch manager returns the ornamentsSource: Based on primary research from Capital First Ltd.

c. Loan Renewal process:

Loan renewal process at Capital First is way different from the industry standards and thus needed analysis on the benefits.The process at Capital First involves closing the account and reopening a fresh loan account in order to renew the loan in case of tenor expiration. However, no other lender in the gold loan industry deals with such a process.The concerns are a many fold increased turnaround time (TAT) for the process which can lead to customer dissatisfaction. Below table provides a detailed flow of the process:

Steps

Loan renewal request

Customer calls for renewalBranch request for TVR

Pre-process Packet request from COPs; CMS delivers packageCustomer walk-in Customer walk-in at the branch and presents the Pledge cardVerification Request for second TVR of the customer at the branchDocumentation GL Closure request

Borrowers IDCash receiptForeclosure statementGold release card

Group photographBiometric finger print

Closure processingCustomer pays outstanding interest and loan difference amountDischarges the pledge form

Ornament retrieved Ornaments retrieved from the strong room

Gold AppraisalExternal Appraiser conducts weight and quality testInternal Appraiser conducts weight and quality test

ID generation

Existing Customer ID usedJewellery photograph is taken and uploadedBranch requests for TVRTVR of the customer at the branch

Ornament entryOrnament details enteredRequest for approval: Loan & ROI

DocumentationApplication FormGroup photographBiometric finger print scan

Manager approval

Gold Loan Disbursal receiptDPNLabel detailsGold Pledge card

Loan disbursalPledge form is handed over to BMBM disburses cash to customer

Packet sealing Ornaments and certificate placed in plastic box and sealedSource: Based on primary research from Capital First Ltd.

3.5 Results and suggestions:

Based on the data analysis it has become clear that there is a requirement for a change in the processes to reduce the TAT in various processes. There is a need to opt for a series of measure at various stages of the Gold Loan disbursement process. A new IT system at this stage will streamline the disbursal process and improve TAT.

Requirements of the new IT solution: Provide a way for the customer to directly apply for a loan through web UI

application and online forms Automate loan appraisal and loan disbursal information details processing (hitherto

done manually) Calculate EMI payment to be made by the customer on the basis of the interest rates

offered Perform account opening and account closure through IT application and reduce

dependency on paperwork to improve TAT Provide an easy interface for the customer to initiate renewal of loans, request for a

waiver, et al without having to physically come to the bank branch and fill forms Generate MIS reports which can be perused by the company’s data analysts to further

improve processes

Use case diagram for the proposed Gold Loan Processing System:

To help implement this system, a domain class diagram has been developed to take care of the backend data model to be used.

Sequence of Flow of the proposed IT system:

Apply for Loan:

Loan Appraisal:

Loan Disbursement:

EMI Payment:

Loan Renewal:

Account Closure:

The above recommended solution would not only make the offering more competitive but also would result in cost saving both in terms of material and resources.

Future Recommendations:

Turnaround Time tracker:

There is no existing way to keep a check on the turnaround time of the disbursement process. To keep a check on the time spent in various sub steps of a particular disbursement process like account opening, account closing, loan renewal and interest payment; there is a requirement of such a tracker.

During research it was found that this can be implemented by leveraging on the newly proposed software system at the company.

The suggested way requires usage of time stamp in the software at start of each sub step in the process. This timestamp will help keep a track at the start of various sub steps in a process. The timestamps can be subtracted of the consequent steps to find the time spent in various steps.

Benefits:

It will help keep a check on step time consumption per branch It enables to understand the importance and time required in each step It helps in realising the problems such as system or people in the process It enables to handle branches as per specific need if they are not performing as per the

company norms It also helps better understanding of the offering and make it more competitive against the

competitors

List of References:

Government Publication

Report of the Working Group to Study the Issues Related to Gold Imports and Gold Loans by NBFCs, Reserve Bank of India, 2013, Draft for public comment

Research Report

Surveying Indian Gold Loan Market, Cognizant 20-20 insights, by Amit Churiwal and Ashish Shreni, January 2012India Securitization Summit 2009, White Paper

RBI, Draft Revisions to the Guidelines on Securitization Transactions, Sept. 2011

Perspective on the Gold Loan business, McKinsey&Company, Discussion document, January 2011

Company Annual Report

Capital First Limited annual financial report, 2011-12Capital First Limited investors presentation 2012-13

Website Articles

http://articles.economictimes.indiatimes.com/2011-06-03/personal-finance/29617389_1_gold-loan-gold-prices-loan-size

http://www.neytri.com/gold-loans-what-you-must-know/

http://thegoldwatcher.blogspot.com/2011/05/indian-gold-loan-market-expanding.html

http://articles.economictimes.indiatimes.com/2011-09-06/personal-finance/30119263_1_gold-loans-nbfcs-personal-loan

http://www.apnapaisa.com/loan/gold-loan-india/rates.html

http://online.wsj.com/article/SB10001424053111904265504576567780324461332.html

http://www.thehindu.com/business/Economy/article2376650.ecehttp://www.capitalmarket.com/cmedit/PrintStory.asp?SNO=469165&CoverageID=

http://www.asiantribune.com/news/2011/06/09/sri-lanka-commercial-bank-take-gold-loans-country-wide

http://www.thenational.ae/lifestyle/personal-finance/unlock-the-equity-behind-your-gold