This Thangka depicts Chenrezig Mandala.
Buddha Chenrezig (Avalokiteshvara in sanskrit), the Compassion Buddha, is the embodiment of the universal compassion of all enlightened beings. By relying upon him, we naturally increase our own compassion. His first two hands hold a jewel, symbolizing his own enlightenment; his second left hand holds a white lotus flower, symbolizing his complete purity of body, speech, and mind; and his second right hand holds a crystal mala, symbolizing that he can free all living beings from samsara.
Thangka is traditionally framed in borders of silk brocade.
More pictures here: http://tibet-incense.com/blog/two-thangkas-vajrasattva-yab-yum-and-buddha-mandala/
Size of Painted Surface 15" X 20" (36 X 51 cm.)Size with Brocade 26" X 44" (65 X 112 cm.)
Painted in Buddhist Monastery in Kalimpong, North India