IMPRO | MIX Market

Institutional Characteristics

	2004	2005	2006	2007	2008
As of date	2004-12-31	2005-12-31	2006-12-31	2007-12-31	2008-12-31
Currency	USD	USD	USD	USD	USD
Total assets	503,939	556,505	668,601	879,972	1,114,103
Offices	1	1	2	2	2
Personnel	15	15	16	15	17

Financing Structure

	2004	2005	2006	2007	2008
As of date	2004-12-31	2005-12-31	2006-12-31	2007-12-31	2008-12-31
Capital/asset ratio	63.22%	63.32%	59.73%	51.24%	47.39%
Debt to equity ratio	0.58	0.58	0.67	0.95	1.11
Deposits to loans	0.00%	0.00%	0.00%	0.00%	0.00%
Deposits to total assets	0.00%	0.00%	0.00%	0.00%	0.00%
Gross loan portfolio to total assets	96.46%	98.46%	97.32%	93.25%	91.25%

Outreach

		2004	2005	2006	2007	2008
As of date		2004-12-31	2005-12-31	2006-12-31	2007-12-31	2008-12-31
Currency		USD	USD	USD	USD	USD
+ Number of active borrowers		1,034	1,121	1,230	1,432	1,632
+ Products (credit)
Retail loans	—	—	—	—	—	1,632
+ Gender
Male	—	—	—	—	—	806
Female	—	509	519	647	655	826
+ Location
Urban	—	—	—	—	—	1,632
Percent of women borrowers		49.23%	46.30%	52.60%	45.74%	50.61%
+ Number of outstanding loans		1,034	1,121	1,230	1,432	1,632
+ Gender
Male	—	—	—	—	—	806
Female	—	—	—	—	—	826
+ Delinquency
Less than one month	—	983	1,103	1,224	1,427	1,537
+ One month or more	—	—	—	—	—	—
From one to three months	—	26	17	6	5	42
+ More than three months	—	—	—	—	—	—
From three to six months	—	25	1	0	0	0
+ More than six months	—	—	—	—	—	—
From six to twelve months	—	0	0	0	0	0
One year or more	—	0	0	0	0	0
Renegotiated loans	—	0	0	0	0	53
+ Location
Urban	—	—	—	—	—	1,632
+ Products (credit)
+ Retail loans	—	—	—	—	—	1,632
+ Household financing	—	—	—	—	—	697
Consumption	—	—	—	—	—	467
Mortgage housing	—	—	—	—	—	230
Microenterprise	—	—	—	—	—	935
+ Methodology
Individual	—	—	—	—	—	1,632
+ Gross loan portfolio		486,094	547,954	650,681	820,576	1,016,667
+ Gender
Male	—	—	—	—	—	501,852
Female	—	—	—	—	—	514,815
+ Delinquency
Less than one month	—	438,078	545,559	650,201	819,165	968,519
+ One month or more	—	48,016	2,396	480	1,411	—
From one to three months	—	3,471	2,276	480	1,411	6,268
+ More than three months	—	—	—	—	—	—
From three to six months	—	44,545	120	0	0	0
+ More than six months	—	—	—	—	—	—
From six to twelve months	—	0	0	0	0	0
One year or more	—	0	0	0	0	0
Renegotiated loans	—	0	0	0	0	41,880
+ Location
Urban	—	—	—	—	—	1,016,667
+ Products (credit)
+ Retail loans	—	—	—	—	—	1,016,667
+ Household financing	—	—	—	—	—	434,330
Consumption	—	—	—	—	—	290,456
Mortgage housing	—	—	—	—	—	143,875
Microenterprise	—	—	—	—	—	582,336
+ Methodology
Individual	—	—	—	—	—	1,016,667
Average loan balance per borrower		470	489	529	573	623
Average loan balance borrower per borrower / GNI per capita		48.97%	47.92%	47.66%	45.48%	49.44%
Average outstanding balance		470	489	529	573	623
Average outstanding balance / GNI per capita		48.97%	47.92%	47.66%	45.48%	49.44%
Number of depositors		—	—	—	0	0
Number of deposit accounts		—	—	—	0	0
+ Deposits		0	0	0	0	0
+ Products (deposits)
+ Retail deposits	—	0	0	0	0	—
+ Voluntary deposits	—	0	0	0	0	—
Demand deposits	—	0	0	0	0	—
Time deposits	—	0	0	0	0	—
Compulsory deposits	—	0	0	0	0	—
Average deposit balance per depositor		—	—	—	—	—
Average deposit balance per depositor / GNI per capita		—	—	—	—	—
Average deposit account balance		—	—	—	—	—
Average deposit account balance / GNI per capita		—	—	—	—	—

Overall Financial Performance

	2004	2005	2006	2007	2008
As of date	2004-12-31	2005-12-31	2006-12-31	2007-12-31	2008-12-31
	USD	USD	USD	USD	USD
Return on assets	—	4.44%	7.11%	6.03%	6.06%
Return on equity	—	7.01%	11.59%	10.99%	12.35%
Operational self sufficiency	123.61%	125.10%	140.15%	147.28%	155.18%

Revenues

	2004	2005	2006	2007	2008
As of date	2004-12-31	2005-12-31	2006-12-31	2007-12-31	2008-12-31
	USD	USD	USD	USD	USD
Financial revenue/ assets	—	22.12%	24.83%	18.80%	17.05%
Profit margin	19.10%	20.06%	28.65%	32.10%	35.56%
Yield on gross portfolio (nominal)	—	17.44%	23.14%	18.83%	17.21%
Yield on gross portfolio (real)	—	11.43%	18.07%	9.31%	7.82%

Expenses

	2004	2005	2006	2007	2008
As of date	2004-12-31	2005-12-31	2006-12-31	2007-12-31	2008-12-31
	USD	USD	USD	USD	USD
Total expense/ assets	—	17.68%	17.72%	12.76%	10.99%
Financial expense/ assets	—	0.61%	1.34%	7.45%	1.62%
Provision for loan impairment/ assets	—	2.06%	3.97%	0.36%	0.57%
Operating expense/ assets	—	15.01%	12.40%	4.96%	8.80%
Personnel expense/ assets	—	9.84%	8.83%	3.70%	4.49%
Administrative expense/ assets	—	5.17%	3.58%	1.26%	4.30%

Efficiency

	2004	2005	2006	2007	2008
As of date	2004-12-31	2005-12-31	2006-12-31	2007-12-31	2008-12-31
	USD	USD	USD	USD	USD
Operating expense/ loan portfolio	—	15.39%	12.68%	5.22%	9.55%
Personnel expense/ loan portfolio	—	10.09%	9.02%	3.89%	4.88%
Average salary/ GNI per capita	—	3.41	3.14	1.47	2.22
Cost per borrower	—	74	65	29	57
Cost per loan	—	74	65	29	57

Productivity

	2004	2005	2006	2007	2008
As of date	2004-12-31	2005-12-31	2006-12-31	2007-12-31	2008-12-31
Borrowers per staff member	69	75	77	95	96
Loans per staff member	69	75	77	95	96
Borrowers per loan officer	259	280	176	130	326
Loans per loan officer	259	280	176	130	326
Depositors per staff member	—	—	—	0	0
Deposit accounts per staff member	—	—	—	0	0
Personnel allocation ratio	26.67%	26.67%	43.75%	73.33%	29.41%

Risk and Liquidity

	2004	2005	2006	2007	2008
As of date	2004-12-31	2005-12-31	2006-12-31	2007-12-31	2008-12-31
	USD	USD	USD	USD	USD
Portfolio at risk > 30 days	9.88%	0.44%	0.07%	0.17%	4.74%
Portfolio at risk > 90 days	9.16%	0.02%	0.00%	0.00%	4.12%
Write-off ratio	—	0.15%	0.00%	0.00%	0.00%
Loan loss rate	—	0.15%	0.00%	0.00%	0.00%
Risk coverage	92.41%	2,275.71%	16,426.25%	5,784.98%	204.14%
Non-earning liquid assets as a % of total assets	9.48%	8.24%	8.71%	10.00%	11.90%

MIX Market

IMPRO5Asociación Incubadora de Microempresas Productivas

Institutional Characteristics

Financing Structure

Outreach

Overall Financial Performance

Revenues

Expenses

Efficiency

Productivity

Risk and Liquidity