Maxima | 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	217,731	330,894	709,540	920,213	1,665,779
Offices	—	1	1	1	2
Personnel	12	22	23	24	36

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	88.70%	63.52%	29.85%	33.15%	20.01%
Debt to equity ratio	0.13	0.57	2.35	2.02	4.00
Deposits to loans	11.62%	6.89%	15.72%	12.34%	0.00%
Deposits to total assets	11.30%	6.26%	14.63%	10.81%	0.00%
Gross loan portfolio to total assets	97.22%	90.88%	93.10%	87.61%	82.43%

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		891	1,225	1,563	1,567	—
+ Relationship
External customers	—	—	1,225	1,563	1,567	—
+ Products (credit)
Retail loans	—	—	—	—	—	2,146
+ Residency
Resident	—	—	1,225	1,563	1,567	—
+ Gender
Female	—	717	1,018	1,345	1,281	—
+ Guarantee
Secured	—	—	1,225	1,563	1,567	—
+ Maturity
+ Less than one year	—	—	—	—	—	—
From six to twelve months	—	—	1,225	1,563	—	—
Percent of women borrowers		80.47%	83.10%	86.05%	81.75%	—
+ Number of outstanding loans		—	1,225	1,563	1,567	—
+ Gender
Female	—	—	1,018	1,345	1,281	—
+ Products (credit)
Retail loans	—	—	—	—	—	2,146
+ Delinquency
Less than one month	—	—	—	1,563	1,555	—
+ One month or more	—	—	—	—	—	—
From one to three months	—	—	—	0	9	—
+ More than three months	—	—	—	—	—	—
From three to six months	—	—	—	0	1	0
+ More than six months	—	—	—	—	—	—
From six to twelve months	—	—	—	0	2	0
One year or more	—	—	—	0	0	0
Renegotiated loans	—	—	—	0	0	0
+ Guarantee
Secured	—	—	1,225	1,563	1,567	—
+ Maturity
+ Less than one year	—	—	—	—	—	—
From six to twelve months	—	—	1,225	1,563	—	—
+ Relationship
External customers	—	—	1,225	1,563	1,567	—
+ Residency
Resident	—	—	1,225	1,563	1,567	—
+ Gross loan portfolio		211,688	300,728	660,577	806,167	1,373,074
+ Maturity
+ Less than one year	—	—	—	—	—	—
+ Less than six months	—	—	—	—	—	—
Less than one month	—	—	0	0	—	—
From one to three months	—	—	0	0	—	—
From six to twelve months	—	—	300,728	660,577	415,073	—
One year or more	—	—	0	0	391,094	—
+ Delinquency
Less than one month	—	—	388,394	658,392	804,083	1,369,684
+ One month or more	—	0	0	2,185	2,084	—
From one to three months	—	—	0	0	1,805	3,390
+ More than three months	—	—	—	—	—	—
From three to six months	—	—	596	2,185	234	0
+ More than six months	—	—	—	—	—	—
From six to twelve months	—	—	0	0	45	0
One year or more	—	—	0	0	0	0
Renegotiated loans	—	—	0	0	0	0
+ Products (credit)
+ Retail loans	—	—	—	—	—	1,373,074
Household financing	—	—	179,325	272,688	324,208	—
Microenterprise	—	—	—	387,889	481,959	1,373,074
+ Residency
Resident	—	—	300,728	660,577	806,167	—
+ Relationship
External customers	—	—	300,728	660,577	806,167	1,361,255
Management and staff	—	—	0	—	0	11,819
+ Guarantee
Secured	—	—	388,990	660,577	806,167	—
Unsecured	—	—	0	0	0	—
+ Economic sectors
Agriculture	—	—	76,404	183,220	154,654	—
Services	—	—	18,264	91,413	123,131	—
Trade and commerce	—	—	114,997	113,256	204,174	—
Economic sectors other	—	—	179,325	272,688	324,208	—
Average loan balance per borrower		238	245	423	514	—
Average loan balance borrower per borrower / GNI per capita		60.92%	53.37%	84.53%	93.54%	—
Average outstanding balance		—	245	423	514	—
Average outstanding balance / GNI per capita		—	53.37%	84.53%	93.54%	—
+ Number of depositors		9	13	29	28	0
+ Products (deposits)
+ Retail deposits	—	—	—	—	—	0
Voluntary deposits	—	—	13	29	28	0
Compulsory deposits	—	—	0	0	0	0
+ Number of deposit accounts		—	13	29	28	0
+ Products (deposits)
+ Retail deposits	—	—	—	—	—	0
Voluntary deposits	—	—	13	29	28	0
Compulsory deposits	—	—	0	0	0	0
+ Deposits		24,607	20,723	103,840	99,495	0
+ Relationship
External customers	—	—	—	86,330	36,550	—
Management and staff	—	—	—	17,510	62,945	—
+ Residency
Resident	—	—	—	100,930	99,495	—
Nonresident	—	—	—	2,910	0	—
+ Products (deposits)
Deposits from corporations	—	—	—	0	0	—
+ Retail deposits	—	—	—	0	0	0
+ Voluntary deposits	—	24,607	20,723	103,840	99,495	0
Demand deposits	—	—	—	0	0	—
Time deposits	—	—	—	103,840	99,495	—
Compulsory deposits	—	—	0	0	0	0
Average deposit balance per depositor		2,734	1,594	3,581	3,553	—
Average deposit balance per depositor / GNI per capita		701.00%	347.00%	716.00%	646.00%	—
Average deposit account balance		—	1,594	3,581	3,553	—
Average deposit account balance / GNI per capita		—	3	7	6	—

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	17.94%	—	4.42%	3.60%	3.27%
Return on equity	20.92%	—	10.89%	11.36%	13.25%
Operational self sufficiency	1,265.44%	137.56%	117.25%	118.34%	119.13%

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	37.04%	—	35.67%	28.61%	25.47%
Profit margin	48.44%	26.27%	16.07%	15.50%	16.06%
Yield on gross portfolio (nominal)	—	—	38.58%	30.78%	29.64%
Yield on gross portfolio (real)	—	—	30.56%	21.46%	20.41%

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	2.93%	—	30.42%	24.17%	21.38%
Financial expense/ assets	2.93%	—	7.46%	5.46%	3.44%
Provision for loan impairment/ assets	0.00%	—	0.52%	0.46%	0.14%
Operating expense/ assets	16.17%	—	22.44%	18.25%	17.79%
Personnel expense/ assets	—	—	9.65%	7.88%	8.42%
Administrative expense/ assets	—	—	12.79%	10.37%	9.37%

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	17.45%	—	24.29%	20.28%	21.11%
Personnel expense/ loan portfolio	—	—	10.45%	8.76%	9.99%
Average salary/ GNI per capita	—	—	4.46	4.97	6.60
Cost per borrower	39	—	84	95	—
Cost per loan	—	—	84	95	—

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	74	56	68	65	—
Loans per staff member	—	56	68	65	—
Borrowers per loan officer	—	82	98	92	—
Loans per loan officer	—	82	98	92	—
Depositors per staff member	1	1	1	1	0
Deposit accounts per staff member	—	1	1	1	0
Personnel allocation ratio	—	68.18%	69.57%	70.83%	61.11%

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	0.00%	0.20%	0.33%	0.26%	0.25%
Portfolio at risk > 90 days	—	0.20%	0.33%	0.03%	0.00%
Write-off ratio	0.00%	—	0.00%	0.82%	0.04%
Loan loss rate	0.00%	—	0.00%	0.82%	0.04%
Risk coverage	—	0.00%	123.20%	21.35%	23.27%
Non-earning liquid assets as a % of total assets	—	3.75%	5.27%	9.31%	13.45%

MIX Market

Maxima5

Institutional Characteristics

Financing Structure

Outreach

Overall Financial Performance

Revenues

Expenses

Efficiency

Productivity

Risk and Liquidity