1. finance
2. bank

Company Introduction
May 2015
Company information
General Information!
Vision and Mission!
Established:
Gojo’s vision is to make the world in which everyone has opportunity to
overcome his or her destiny despite the background and attain a better life.
As a first step to create the world, Gojo sets its initial mission to provide
financial access for everyone to bring about a measurable improvement in
the quality of clients’ life. To achieve its mission, Gojo (1) injects growth capital, (2) provides handson management support for its partner companies and (3) develops new
financial services combined with information and communication
technology. 14 July 2014
Capital: $3.5 million
(as of February 2015)
Directors:
Taejun Shin
(Representative Director)
Nobuyuki Idei
(Chairman of the Board)
Main shareholder:
Taejun Shin
Sanjay Gandhi
Tsuyoshi Nagashima
Angel investors
Contact information: +81(0)3–6455–7656
[email protected]
What we have done so far!
September 2014
Raised seed capital from its angel investors.
Closed an investment agreement with Maxima Mikroheranvatho Plc. a
microfinance institution (“MFI”) based in Cambodia, and has provided
management supports to bring about the growth for the MFI. February 2015
Established Sejaya Micro Credit in Sri Lanka to provide financial access for
underprivileged people in the country.
2
Half of the world’s population is the “unbanked”. Most of
them are living in rapidly growing developing countries.
Account penetration around the world
Adults with an account (%), 2014
0-19
20-39
40-64
65-89
90-100
No data available
Source: Global Findex database 2014 3
Microfinance institutions (MFIs), providing financial services for the poor
people, have grown at exponential speed while achieving adequate profit. Growth of Microcredit Loan
Ordinary Profit Margin (World average)
(100 at year 2000)
5,000 18%
16%
14%
12%
10%
Microcredit
（world total）
CAGR:37.9%
Unmet needs for financial services
＆
Economic growth of
developing countries
8%
16%16% 15%15%
15%15%
15%
14%14%
13% 13%
12%
11%
11%
6%
4%
2%
0%
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13
Write-off Ratio (World average)
3.5%
3.0%
2.5%
GDP of countries using microfinance CAGR:10.7%
2.9%
2.7%
2.5%
2.3% 2.3%
2.4%
2.2%
1.5%
1.8%
1.8%
1.6% 1.6%
1.5% 1.3%
1.0%
1.3%
2.0%
0.5%
100 0.0%
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13
Source: MIX Market, IMF "World Economic Outlook"
4
To be a private World Bank, Gojo aims to (1) have excellent MFIs all over the world,
(2) provide new financial services and (3) develop finance related services. The goal is
to be the center of financial information for the people in developing countries (1) Acquires majority shares of
or establishes MFIs around the
world and gives its professional
management supports
(2) In the developing countries.
all over the world, local MFIs provide
quality financial services and bring
financial access for everyone
Business Thesis 1: To have best
MFIs around the world and
provide financial inclusion and
services for everyone
(2) Develops mobile
application for various
services
(3) Develops new “finance
+” businesses (2) Gojo’s MFIs provide various
services using tablet PCs, such as
automated loan assessment, simple
book keeping, saving, insurance,
money transfer, etc. (3) Gojo’s MFIs provide e-commerce,
medical care, and other services by
leveraging its customer base and
information
Business Thesis 2: To provide
best financial services using
mobile devices
Business Thesis 3: Develop
“finance +” services such as ecommerce and medical support
5
Gojo is composed of members whose total experience in the relevant sector
of expertise exceeds 100 years!
Nobuyuki Idei Chairman of the Board
Nobuyuki Idei is currently founder and CEO of
Quantum Leaps Corporation, an executive advisory
company he established in 2006. Quantum Leaps
aims to enhance Japan’s competitiveness by
supporting corporate transformation and creating an
open platform to nurture technology-driven venture
companies. Mr. Idei is also founder and chairman of Asia Innovators’ Initiative, a private
non-profit organization he established in 2011 to serve as a catalyst for social
innovation in Asia by bringing together a diverse range of individuals to
promote knowledge sharing.
Mr. Idei was a member of top management of Sony Corporation from 1995
for more than a decade, first as president and COO and then chairman and
CEO. From 2007 to 2012, he served as chairman of Sony’s advisory board.
During his tenure, Mr. Idei moved the company into the digital age by
creating a vision where audio, visual, computer and telecommunication
technologies would be seamlessly merged and connected with software
content and services, much like the Internet world we know today. He is
also credited for revolutionizing corporate governance at Sony, which later
influenced many other Japanese companies, and introducing new
management methods, such as the holding company structure.
Mr. Idei is a director of Baidu, FreeBit Co., Ltd., Lenovo Group and Monex
Group, Inc., member of Tsinghua University SEM Advisory Board and
chairman of the National Conference on Fostering Beautiful Forests in Japan.
Previously, he served as a director of Accenture until 2015, counselor to the
Bank of Japan from 1999 to 2007, chairman of Japan’s IT Strategy Council
from 2000 to 2005, and vice chairman of Nippon Keidanren from 2003 to
2007. He has also been a member of Deutsche Bank’s Asia Pacific Advisory
Board as well as a director for such companies as Nestle, General Motors,
Yoshimoto Kogyo, Electrolux and others.
Mr. Idei received a B.S. degree in economics and politics from Waseda
University in Tokyo. Fluent in English and French, he studied at the l'Institut
des Hautes Études Internationales in Geneva, Switzerland. Mr. Idei was born
in Tokyo in 1937. He and his wife Teruyo have one daughter.
Taejun Shin Founder & Representative Director
Having graduated from Korea University and
Waseda Graduate School of Finance, Taejun
started his career at Morgan Stanley, where he
created financial models and risk management
tools, both of which later became the global
template for its real estate investment business. After 4 years at Morgan Stanley, Taejun joined Unison Capital, the largest
private equity firm based in Japan as an investment professional. He
managed several investment projects, one of which, an exit project for
Akindo Sushiro, a Sushi restaurant operator, was awarded as “Exit of the
Year in Asia” by Private Equity International. During the entire professional
life, he built trust with all key stakeholders and has kept great relationship
with those who worked closely with him.
While working for finance industry, Taejun founded Living in Peace (“LIP”) in
2007, and created the first microfinance investment fund in Japan’s
investment history in 2009 and made 7 investments for MFIs. The NPO also
created crowd funding donation platform for orphanages in Japan to
improve living conditions of the children and has supported construction of
2 orphanages. Taejun is the leader of "G1 Children Initiative", an initiative to
help children in Japan, led by business executives, senior professionals,
politicians and civil society leaders. Taejun cofounded Gojo in 2014 and has led the company management,
investor relations and investment. He currently serves as the turnaround
manager of Maxima, Gojo’s first microfinance partner based in Cambodia. Taejun has authored 7 books about finance, child welfare and innovation,
one of which was published in Taiwan, South Korea, and China. His book
about financial analysis became one of the best selling business books in
Japan. Taejun’s commentaries and interview articles appear most of the
business magazines and newspapers in Japan. Taejun is the finisher of
long-distance triathlon competition and 1648 km ultra-marathon, which
gave him the ability to manage all stressful and painful situations. Taejun
holds the highest grade of Go, an Asian board game. Until 2014 March, he
belonged to Global Shapers of the World Economic Forum. He is fluent in
Japanese, Korean and English and at introductory level in Khmer. 6
Gojo is composed of members whose total experience in the relevant sector
of expertise exceeds 100 years (continued)!
Sanjay Gandhi Founder & Head of Investment
Sanjay qualified as a Chartered Accountant (CA)
even before completing his graduation from the
Delhi University. He has a total of 24 years of
work experience. His first job as an Audit
Manager was with an Audit & Taxation Firm (the
Indian Associates of KPMG). After that, Sanjay managed the corporate lending division of a finance
company, disbursing in excess of USD100 million to Indian corporate
houses. The Micro finance journey began in 2003, where Sanjay has worked in 25
countries and conducted about 125 ratings of Micro Finance Institutions
(MFIs). He has also maintained good relations with many MFIs across Asia,
Africa and Eastern Europe. Some assignments were for organizations like
the World Bank, ADB, UNDP and institutions like Cordaid, Mercy Corps and
HIVOS. During 2003-2006, Sanjay was the representative of the Implementing
partner of a UNOPS micro finance programme in the remote interiors of
Irrawady Delta of Myanmar, where in very tough working conditions, he
provided technical assistance to staff at all levels. He has also conducted
training workshops on Risk Management for MFI staff from Cambodia,
Afghanistan, Bangladesh, Pakistan, Nepal, Sri Lanka and India. Sanjay was
the CEO of an MFI in Cambodia in 2013.
Sanjay joined hands with Taejun Shin in early 2014 to form Gojo. He
performs the due diligence of all potential partner MFIs of Gojo, and is also
responsible for Investor relationships. At Maxima, Sanjay provides technical
assistance on operations, risk management and financial management. He
has extremely strong analytical skills with very sharp eye for details and
ability to provide quick solutions to difficult problems. Sanjay is proficient in English and Hindi language, and can also speak and
understand Punjabi. Sanjay lives in India with his wife and their two
daughters. He is very fond of music, movies and reading, with The Beatles
as his all-time favourite music band, a love shared by many of Gojo team
members.
Tsuyoshi Nagashima
Founder
Tsuyoshi Nagashima is a Japanese Certified
Public Accountant and Certified Tax Accountant.
Having graduated from Waseda University of
School of Political Science and Economics,
Tsuyoshi started his career at Deloitte Tohmatsu,
worked for financial industry auditing team. At Deloitte, he was engaged in auditing of commercial banking company,
investment banking company, and many of industrial companies. Aside
from the auditing, he was engaged in bond rating, conducted more than
300 rating reports.
After Deloitte, he joined an independent accounting office and a consulting
firm. At the firm, he was engaged in financial and tax due diligence,
valuation of companies, tax consulting, financial advisory for M&A, and
business planning.
After the above career, Tsuyoshi started his own accounting firm. At the
firm, he provided similar services that he had experience in. In addition to
that, Tsuyoshi along with his team did admin management of several
companies.
Aside from the accounting field, Tsuyoshi founded Casley Consulting, an IT
consulting company in early 2013, whose sales now crossed more than
$10M and has 100 employee. Tsuyoshi decided to sell the share and
resigned as a director of the firm.
Tsuyoshi also founded his own web app development company, Connect
Asia, in 2014, providing e-commerce service and news application for
smartphones in the Indian market. He sold the service in 2015.
At Gojo, Tsuyoshi leads software development as well as taking care of all
the back office tasks, such as IT, human resources, legal, finance &
accounting, and so on. Tsuyoshi has good grasp of English and is
proficient in Japanese.
7
Gojo is composed of members whose total experience in the relevant sector
of expertise exceeds 100 years (continued)!
Renuka Rathnahewage
Head of Sri Lanka Cofounder and CEO of Sejaya Micro Credit
Renuka Rathnahewage is a Certified
Management Accountant and Certified
Professional Manager from Sri Lanka and
holding Master in Business Administration
from University of Wales in UK.
Renuka started her career as an accountant in 1998 at PRDA (NGO/
MFI) and promoted up to General Manager. She led activities such as
HR & administration, project management ,Community development,
women empowerment, social mobilization, housing, Sanitation &
livelihood, mainly working with rural women societies. In 2004 she has
taken the initiative to establish the microfinance unit at PRDA and
served as a director. During the period of 10 years she maintained
good relationship with EU, CIPSI Italy, Italian government, Plan
International, Action-aid.
In 2008 Renuka joined Sewa Finance, an MFI in Sri Lanka, as the Chief
Executive Officer and took over the leadership for the company which
was facing a severe crisis and was able to turn around the company to
a profit making entity by restructuring all the systems and building a
cohesive team.
She served as a director of Sewa Finance since 2011 to March 2015.
She represented Sewa in the LMFPA (Lanka Micro Finance
Practitioners’ Association) as a director for 3 years and lobbied for the
improvement of the microfinance sector in Sri Lanka. She won a
scholarship for Boulder Microfinance Summer Course in July 2009. The
US government handpicked her to participate in the 2011 “International
Visitor Leadership Program” in the United States in recognition of her
services for the microfinance sector.
In Gojo, she is handling all the activities in Sri Lanka project and serves
as the CEO/Director of Sejaya Micro Credit Limited in Sri Lanka. She
has completed all the ground work such as Market survey, preparing
policies and procedures and preparatory work for the incorporation of
the company. She is competent in English and Sinalese languages. Praachi Gandhi
Head of Social Performance Management
Praachi Tewari Gandhi is a Sociologist, Lecturer and
Trainer from the Delhi School of Economics, Delhi
University, India. She was a lecturer at Delhi University
for close to eight years but soon realized her love for
doing sociological fieldwork. Praachi has been a research specialist with several NGOs and has worked on
various international projects with John’s Hopkins University, USA, the
MacArthur Foundation. For several years she worked closely with people below the poverty line to
analyze the impact of various health interventions in the field. Praachi has also
worked closely with systems of local governance in India, such as the women
“panchayat” groups in India. Her research interests are women’s health,
poverty, gender inequality, social research methods, microfinance, geriatrics
and pedagogy. She has published work in her fields of interest. Praachi has a unique ability to connect seamlessly with people from all walks
of life and all age-groups. She has a strong sense of empathy and finds easy
acceptance in the field. Praachi is qualified in Holistic Medicine. She trained
formally after her research with the poor in the slums of Delhi, showed that
the poor spend much of their meager income on health care. Praachi was
able to help cure and give the poor the tools to take care of their acute health
problems themselves. For Praachi it is important to see how microfinance
impacts the poor. At Gojo, Praachi heads social performance management using her field
experience to make sure that the partner MFIs of Gojo fulfill their social
responsibility of truly improving the lives of their clients as also their
employees. Praachi is also a motivational trainer. For Gojo’s MFI partners
Praachi has developed unique techniques to give regular motivational talks
and to develop English skills. Praachi also holds soft-skills, leadership and
social performance trainings for the partner MFIs of Gojo. For Praachi laughter and music is the source of immense energy in this
universe. Praachi strongly believes that a small group of well intentioned and
committed people can indeed change the world.
8
Gojo is composed of members whose total experience in the relevant sector
of expertise exceeds 100 years (continued)!
Jun Yoshida
Investment Professional Cofounder of Sejaya Micro Credit
Jun Yoshida is a U.S. Certified Public Accountant.
Having graduated from Waseda University of School
of Political Science and Economics, Jun started his
career at Shinsei Bank in Japan where he gained
salient strengths such as financial modeling,
documentation and legal knowledge about credit. He was involved in disbursing non-recourse real estate financing for
approximately 30 deals (USD 3 billion in total) and also managed various types
of assets for securitization approximately 50 deals and USD 10 to 100 million
per deal. He also conducted more than 20 distressed loan investments in midto-small sized corporations.
After Shinsei Bank, he joined Towers Watson, a global consultancy firm as a
senior investment analyst. He provided analytical and customized asset
allocation advice for approximately 15 pension funds whose AUM totals USD 5
billion.
He later joined Alliance Forum Foundation which provides consultancy services
focusing on developing countries as Deputy Programme Manager. One of his
major contributions include supporting the launch of Sumitomo Chemical’s the
world first private retail sales of medicated mosquito net for malaria prevention,
Olyset®Plus, in rural area of Bangladesh. It will scale-up its sales to acquire
10% of market share within five years through local partner’s 800 microfinance
branches. On top of that he had a chance to assist launching a social and
industrial infrastructure development fund in Bangladesh together with a San
Francisco-based venture capital, DEFTA Partners.
Aside from working as a permanent employee, he served for Living in Peace.
As a volunteer project manager, he led an investment project for Sewa Finance
(MFI in Sri Lanka), and also contributed to monitoring for TYM (Vietnam) and
Samic Plc (Cambodia).
At Gojo, Jun leads business development, due diligence and operational
improvement initiatives for partner microfinance institutions. He is currently
engaged in establishing a new microfinance institution in Sri Lanka. He is
proficient in English and Japanese.
Ryoichi Arai
Independent Investment Committee Member
Ryoichi Arai is the representative director of
Arai Capital Management, his own asset
management firm, as well as a visiting
professor at Senshu University and a lecturer at
Aoyama Gakuin University. He also is a director
of the Japan ICU Foundation. Before starting his own business, Ryoichi served as the Chief
Investment Officer and Director of JP Morgan Asset Management Japan
for more than 15 years, where he managed more than $20 billion
investment portfolio. At Gojo, Mr. Arai serves as an outside investment committee member of
the company and participates in its investment decisions.
9
As of today, Gojo has two microfinance partners: one in Cambodia and
one in Sri Lanka, as well as software development partner in Japan.
Connect Asia
Gojo & Company, Inc.
(Japan)
(Japan)
Established
July 2014
Business
Investment for MFIs and provide
management support
Management
Nobuyuki Idei (Chairman)
Taejun Shin (Representative Director)
Main Shareholder
Founders (Taejun Shin, Tsuyoshi
Nagashima and Sanjay Gandhi)
Provide
applications for
microfinance
institutions Established
October 2014
Business
Develop applications for microfinance
institutions
Management
Tsuyoshi Nagashima (CEO)
Main Shareholder
Founders (Tsuyoshi Nagashima,
Kunihiko Tanaka and Tatsuo Kaniwa)
Inject equity and provide management support and mobile applications for microfinance Maxima Microfinance
(Cambodia)
Sejaya Micro Credit
(Sri Lanka)
Established
February 2015
Business
Provide microfinance for the
unprivileged people in Colombo
suburbs
An Bunhak (Chairman)
Management
Renuka Rathnahewage, CEO
Gojo & Company, Inc. (50.4%)
Founding shareholders
Main Shareholder
Gojo & Company, Inc. (90.0%)
Established
June 2000
Business
Provide microcredit services for the
rural areas in Phnom Penh suburbs
Management
Main Shareholder
* The company name “Gojo” comes from “Gojo-Co (五常講)” a financial cooperative established by Sontoku Ninomiya (二宮尊徳), who saved hundreds of villages in Japan in the 19th century. 10
Management Support: After the involvement, Gojo deals with a number of tasks by
balancing speed of the turnaround and trust level and capability of the MFIs.
1 month
3 months
1 year & after
6 months
Initial small win
•  Operational contribution
•  Meaningful remark
•  Investor introduction
Speed
Initial situation analysis
•  All employees interview
•  Intensive discussions with management
•  Problem analysis and turnaround planning
Trust level & Capability
“Happy” problem solving
•  Removing operational bottleneck
•  Having training workshop
•  Formalize regular meeting
•  IT support, etc. “Meaningful” problem solving
•  Business planning •  Establishing problem solving process
•  Strategy revisit •  Through operational improvement
•  New products development
•  Fundraising support; etc.
“Tough” problem solving
•  Management / Director replacement
•  HR policy change
•  Strenuous problem solving; etc.
11
Management Support(2): Over the last 6 months, Gojo has made more
than 70 initiatives to improve the organizational capability of Maxima
Key Issues
Main Actions taken since Sep14
Achievements so far
•  Expanded SME (to develop industry) and group
loan (to directly access underprivileged clients)
•  Develop new product “swap loan” to abolish
private money lenders
•  Created social performance based incentive
scheme and social performance reporting
•  100 new SME loans; 200 new group
loans; 50 swap loans
•  Social performance based incentive
scheme starting in April •  Beginning social performance
reporting
•  Created the atmosphere to freely talk about the
problems within organization
•  Create bi-weekly meeting to detect and solve
problems and track the progress
•  Began to have bi-weekly meeting to
talk about all issues within
organizations.Established process to
monitor all the problem solving
initiatives
Low productivity
(Productivity is almost half of
the competitors)
•  Created a new daily schedule for the field staff to
maximize time for clients
•  Improved employee motivation through various
communication channels
•  Loan balance / Credit officer in
existing branch improved from
$86,671 in September to $145,475 in
March (62.2% increase)
Slow growth
(The loan balance has been
$3million since 2012 until
August 2014)
•  Updated loan policy to provide equal or better
service than the competitors (lower interest,
convenient loan application process, etc.)
•  Recreated its business plan and investor reports
•  Open new branches through extensive research
•  Loan portfolio increased from $3.3
million in September to $5.4 million in
February (62% increase)
•  Fundraising being successful
•  Opened a new branch in Jan2015
Weak vision&mission (Very weak translation of
company vision and mission
into practice)
Weak governance
(No culture of meeting/
brainstorming for problem
solving within organization)
High employee turnover
•  Increased overall salary so that the level equals to
(Almost 30% in year 2013 due
the other MFIs (20 - 30% increase since 2015)
to low employee loyalty and
•  Recreated financial and social performance based
low salary)
incentive to reward good credit officers
•  Staff turnover rate dropped dramatically;
turnover rate became 30% of the
historical average
12
Management Support(3): Though Gojo has solved 70 out of the 300 total problems
within Maxima, its overall performance improved significantly over the last 2 quarters.
Maxima Microfinance Financials
Gojo’s involvement in USD 000s
Operation / Productivvity
Number of Branch / Service Office
Loan Balance
Balance of delinquency portfolio*
Bad loan ratio
Number of Clients
Loan per Credit Officer**
Quarterly Revenue per Credit Officer
Financials
Revenue
Portfolio Yield
Net Profit
Profit Margin
Personnel
Number of Credit Officers
Number of employees
Number of employees who resigned
Quarterly Turnover Rate
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
7
3,212
9.5
0.29%
2,929
111
7.2
208
25.9%
42
20.3%
29
72
6
8.3%
7
3,029
14.5
0.48%
2,840
95
6.3
201
26.6%
29
14.4%
32
74
8
10.8%
7
3,026
13.0
0.43%
3,012
95
6.1
195
25.8%
30
15.3%
32
77
4
5.2%
7
3,149
15.7
0.50%
3,195
87
5.6
203
25.8%
18
8.8%
36
81
4
4.9%
7
3,062
15.9
0.52%
3,110
87
5.7
201
26.3%
21
10.3%
35
85
6
7.1%
7
3,034
15.5
0.51%
3,133
87
5.6
195
25.7%
17
8.5%
35
83
7
8.4%
7
3,318
14.5
0.44%
3,225
90
5.5
202
24.3%
15
7.2%
37
86
5
5.8%
7
4,335
14.9
0.34%
3,573
117
6.8
252
23.2%
57
22.6%
44
91
3
3.3%
8 5,383 15.6 0.29% 4,046 145 8.3 306 22.8% 65 21.1% 46 95 1 1.1% Change from 3Q14
62.2% increase
33.7% decrease
25.5% increase
62.2% increase
51.9% increase
51.9% increase
1.5% decrease
13.9% increase
30% of the past
*Loan payment delayed more than 30 days
** In existing branches
13
Gojo developed loan assessment application for the tablet PCs.
The application will be used from June 2015.
Day X (Loan application)!
Loan assessment interview!
-  Personal information!
-  Business description
(revenue projection) -  Purpose of the loans Borrower! -  Etc.!
Data stored to DB!
Database!
Credit Officer!
Day X + 1 ~ 2 days (Loan assessment)!
Algorithm-based Assessment* !
First Approval!
Database of credit
bureau!
Credit Bureau
Report!
Credit
Committee!
Database!
Reject*!
*Algorithm-based assessment
will be developed later !
Final Approval!
14