MIRA
INFORM REPORT
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Report Date : |
10.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
BANCO NACIONAL ULTRAMARINO SA |
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Registered Office : |
22 Avenida Almeida Ribeiro |
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Country : |
Macau |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17.12.1999 |
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Com. Reg. No.: |
SO13548 |
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Legal Form : |
Public Company |
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Line of Business : |
Provision of Banking Services. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 3,000,000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
BANCO
NACIONAL ULTRAMARINO SA
22 AVENIDA ALMEIDA RIBEIRO, MACAU
TEL: 853-28355111 FAX: 853-28355653
EXECUTIVE SUMMARY
INCORPORATION DATE :
DECEMBER 17, 1999
REGISTRATION NO. :
SO13548
LEGAL FORM :
PUBLIC COMPANY
CHIEF EXECUTIVE :
MR. HERCULANO JORGE DE SOUSA (PRESIDENT)
STAFF STRENGTH :
350
CAPITAL :
US$ 49,937,578
BUSINESS LINE :
SERVICE
TURNOVER :
MOP 1,204,780,574.48 (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
ABOVE AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 3,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
MOP 8.00100 = US$1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
MOP –Macau Pataca
Note: SC’s address should be the heading one instead of given address.
*Company History*
==============
1902
- Commenced its operation in Macau.
1991
- Opened the branch in London
1993
- Opened the branch in Zhuhai, the Special Economic Region of China.
1995
- Launched a credit card denominated in MOP, the MOP VISA card.
- Confirmed the bank as a notes issuer at least until 2010.
1996
- Launched the BNU Direct, the 24-hours phone banking service.
- Replaced the Core Retail Banking
System.
1997
- Established a call center service.
1998
- Installed and operated a credit card center.
- Provided Combined Account
Statements and Dual Function Cards to customers.
1999
- Set up a network of merchant acquiring business.
- Launched the Corporate VISA Card.
- Initiated and further developed the
Customer Care Program.
- Replaced a new front-end retail banking system.
- Opened the branch in Dili, East Timor.
2000 - Issued the Maestro Card, a debit card that can be used
in over 80 countries.
- BNU ATM network accepted
major international credit and debit cards, including VISA, MasterCard, Cirrus, Electron and
Plus.
- Introduced the magnetic
stripe savings passbook and the installation of automatic passbook update
machines at all branches.
April 2000 - Signed an agreement with the Administration
of Macau Special Administrative Region
of the People's Republic of China whereby the Bank remains an Agent of the
Treasury.
2001
- Launched the BNU Online, an Internet banking service.
- Launched the Credit Pass, a personal loan package product.
- Launched the BNU NetCard, a
credit card for shopping in the Internet.
1 July, 2001 - Became a wholly-owned subsidiary of CAIXA GERAL
DE DEPOSITOS SA.
- Remained a notes issuer and Agent of the Treasury.
2002 - Launched the BNU World Cup MasterCard
and affinity BNU VISA Clube Militar de Macau, both credit cards.
- Co-operated with IPM to allow payment of IPM school
fees by credit card.
- Installed one ATM at
"MACAU UNIVERSITY OF SCIENCE & TECHNOLOGY" (MUST).
- Launched the payment of Government taxes through BNU Online.
31 October, 2002 - Offered double bonus points program to credit
cardholders on purchases with BNU Credit Cards to celebrate its 100 years in
Macau.
2003 - Launched the BNU Car Loan to
provide finance to buyers of new and used cars.
- Launched the BNU Mobile
Banking, a banking service that allows customers to access their accounts in
BNU from their mobile phone, with WAP service activated.
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Launched the Platinum Visa Card in MOP in Macau, a credit card which offers
unique privileges and customer service.
June-August 2005 - Launched a credit card promotion campaign allowing
cardholders to redeem Mobil fuel coupons.
16 February, 2006
- Established the Shanhai Representative Office, authorized by the China
Banking Regulatory Commission, Beijing China.
10 May, 2006 -
Commenced its operations in Shanghai.
*Office & Facilities*
===============
Size : 10,000 -
20,000 sq. feet (Approx.)
Other Contact Details
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Tel. no :
28335533 (Customer Service)
Fax nos : 28355130
/ 28713119
Email addresses : - bnucard@bnu.com.mo (ATM/Credit Card)
-
online@bnu.com.mo (BNU online)
-
ceo@bnu.com.mo (CEO)
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
*Auditors*
=========
LOWE BINGHAM & MATTHEWS - PRICEWATERHOUSECOOPERS
*Awards*
========
(1)
Obtained the following awards in 2002 by VISA INT'L :
- Highest Card Sales Volume
- Highest Average Card Spend - Gold Card
- Best Issuer Fraud Control
(2)
Award : Highest Growth Rate in 2002 - Number of
Cards in Macau
Awarded by : MASTERCARD INT'L
Year : 20023
(3)
Award : The best overall Bank
Awarded by : VISA
Year : 2001
(4)
Award : The first Maestro Implementation in Macau
Awarded by : MASTERCARD
Year : 2001
(5)
Award : The Most Visa Affinity / Co-branded Program
Award
Awarded by : VISA
Year :
1997
www.bnu.com.mo
The design is professional and the content is well organized. At present it is
in Chinese, Portuguese and English versions.
E-mail: markt@bnu.com.mo
For the past two years there is no record of litigation.
*Major Shareholders*
=================
Total number of shareholders: 1
Total number of shares: N/A
Shareholders Country
Number Amount %
-------------------------- ---------- ----------- ---------- -------
CAIXA GERAL DE DEPOSITOS SA Portugal n/a n/a 100.00
Management: Mr. Maria Clara
Fong, Accountant
Mr. Herculano Jorge De Sousa, President
Mr. Sai-cheong Chui, Supervisor
Name Nationality Job
Description Dept. / Division
Mr. Maria Clara Fong
Macanese Accountant
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Mr. Herculano Jorge De Sousa Macanese President -
Mr. Sai-cheong Chui Macanese Supervisor
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Mr. Artur Jorge Teixeira Santos Macanese Vice
President -
*Main Products & Services*
======================
Engaged in the provision of banking services.
Issuer of the following cards:
- VISA Platinum, Gold and Classic Credit Cards
- MasterCard Gold and Classic Credit Cards
- Debit card
- Maestro Card
Products: Banking
Banks
Commercial
banking
Consumer loans
Corporate
banking
*Associations*
===========
Member of JETCO.
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : BANCO NACIONAL ULTRAMARINO SA - MERCADO VERMELHO
Branch Address : Av Almirante Lacerda 90-92 Mercado Vermelho,
Branch Tel : [+853] 28371166
Branch Fax : [+853] 28211619
Branch : BANCO NACIONAL ULTRAMARINO SA - SIDONIO PAIS
Branch Address : Av Sidonio Pais 20-20A Sidonio Pais,
Branch Tel : [+853] 28584436
Branch Fax : [+853] 28524589
Branch : BANCO NACIONAL ULTRAMARINO SA - FAI CHI KEI
Branch Address : Rua Comandante Joao Belo R/C Edf Teng Pou Kok Fai Chi
Kei,
Branch Tel : [+853] 28260165
Branch Fax : [+853] 28260637
Branch : BANCO NACIONAL ULTRAMARINO SA - TAIPA
Branch Address : Rua de Evora Flower City R/C Quarteirao 40 Taipa,
Branch Tel : [+853] 28833633
Branch Fax : [+853] 28833622
Branch : BANCO NACIONAL ULTRAMARINO SA - IAO HON
Branch Address : Rua 1 do Bairro Iao Hon Edf Iao Kai Iao Hon,
Branch Tel : [+853] 28571921
Branch Fax : [+853] 28400395
Branch : BANCO NACIONAL ULTRAMARINO SA - SAO LOURENCO
Branch Address : Rua Joao Lecaros 5-5B Sao Lourenco,
Branch Tel : [+853] 28572259
Branch Fax : [+853] 28933200
Branch : BANCO NACIONAL ULTRAMARINO SA - HORTA E COSTA
Branch Address : Av Horta e Costa 54-56 Horta e Costa,
Branch Tel : [+853] 28517962
Branch Fax : [+853] 28527853
Branch : BANCO NACIONAL ULTRAMARINO SA - PRETA
Branch Address : Estrada Marginal do Hipodromo 147 - C Preta, Macau
Branch Tel : [+853] 28470032
Branch Fax : [+853] 28470160
Branch : BANCO NACIONAL ULTRAMARINO SA - CHONG FU
Branch Address : Alameda Heong San 58 Edf Chong Fu R/C Chong Fu,
Branch Tel : [+853] 28703478
Branch Fax : [+853] 28705180
*Subsidiaries, Joint-ventures & Affiliates*
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Maintains branches in the following countries:
- London, United Kindom
- Zhuhai, China
- Dili, East Timor
- Mumbai, India (Representative office)
- Shanghai, China (Representative office)
PAYMENT RATING : 2 OBTAINED SCORES :
80
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
The rating indicates the
payment pattern of SC based upon our Payment Database, comments from suppliers
of SC, information from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for FAIRLY LARGE amounts
depending on individual judgement experience.
Balance Sheet
Currency: MOP
31 December, 2005 31
December, 2006
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ASSETS
Cash
514,577,022.02
660,467,303.00
Deposits with AMCM 205,786,826.26 245,416,419.65
Debt Certificates Issued
By The Macau Government
1,568,395,112.67
1,871,664,620.67
Accounts Receivable 54,755,276.90 105,624,239.64
Deposits with other credit institutions
in Macau
23,857,518.69
37,414,820.65
Deposits with other credit institutions
abroad
55,758,126.59
34,472,977.04
Other Current Assets
2,315,572.44
2,316,398.17
Credit Granted
4,537,337,005.31
6,189,682,178.48
Placements with credit institutions
in Macau
118,000,000.00
2,159,529,500.00
Deposits at call and time deposits with
credit institutions
abroad 9,623,281,183.16 12,036,793,031.18
Shares, bonds and quotas 157,455,017.55 192,053,795.82
Debtors
238,312.67 238,353.95
Financial Investments 34,592,250.00 34,592,250.00
Property
199,179,315.08
240,484,956.08
Equipment
66,155,028.61
70,643,681.55
Deferred Cost
11,841,281.88
13,868,837.86
Other Fixed Assets
1,504,928.79
1,577,531.65
Internal and adjustment accounts 167,508,472.01 186,292,217.06
------------------------- -------------------------
Total
17,342,538,250.63
24,083,133,112.45
Liabilities
Bank Notes In Circulation 1,480,318,720.00 1,853,049,940.00
Current Deposits
3,101,285,569.20
6,739,426,773.41
Time Deposits
8,237,115,016.93 9,316,031,921.15
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11,338,400,586.13 16,055,458,694.56
Government Deposits 2,553,140,948.41 3,190,707,533.82
Amounts due to credit institutions
in Macau
40,331,140.73 208,875,371.34
Amounts due to credit institutions abroad 611,829,569.96 1,098,105,597.36
Payable Bank Cheques 98,659.05 104,682.20
Creditors 59,035,821.72 41,878,284.36
Other Liabilities
29,690,031.19
44,933,056.19
------------------------- -------------------------
3,294,126,171.06
4,584,604,525.27
Internal and adjustment accounts
118,755,140.12 194,129,788.82
Provisions for risks
112,672,073.00
97,292,547.93
Capital
400,000,000.00
400,000,000.00
Other Reserves
85,426,926.06
287,776,423.55
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-------------------------
485,426,926.06
687,776,423.55
Net Profit Brought Forward 150,217,986.68 150,217,986.68
Net Profit For The Year 202,349,497.49 306,644,819.21
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Total
17,182,267,100.54
23,929,174,726.02
Memorandum Accounts
Values received for safe keeping 124,377,707.86 105,972,784.19
Bills for collection
80,081,778.01
53,038,101.58
Securities received
10,813,524,059.52
12,385,524,870.55
Garantees on accounts of customers 2,541,931,983.17 2,945,204,993.15
Letters of credit outstanding 410,178,666.71 368,502,696.37
Forward foreign exchange purchases 733,647,911.00 0.00
Forward foreign exchange sales 733,436,498.29 0.00
Other memorandum accounts 9,901,250,530.31 10,170,153,265.11
Of which: public treasury-current account 5,551,268.17 32,499,656.37
Income Statement
Currency: MOP
31 December, 2005 31
December, 2006
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DEBIT
Interest Expense
306,771,660.62
640,857,042.85
Staff Cost
90,963,016.83
108,596,213.94
Of Which:
Remuneration of board of directors and
supervisor committee
5,114,619.97 6,944,781.47
Salaries and Wages
74,334,656.28
86,266,680.25
Benefits
10,936,729.34
14,119,116.01
Other Personnel Expensese 577,011.24 1,265,636.21
Third Party Supply Expenses 5,642,256.81 6,588,063.04
Third Party Service Expenses 33,754,966.34 37,663,776.21
Other Bank Costs
39,129,679.12
48,858,175.77
Taxes 1,105,815.30 1,630,457.00
Non-Banking Expenses 1,394,464.08 1,471,023.82
Depreciations 8,651,991.53 14,246,928.98
Provisions
67,394,089.06
56,081,550.14
Operation Income
167,508,917.73 288,787,342.73
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Total
722,316,857.42 1,204,780,574.48
Accumulated losses from previous years 133,919,057.52 67,853,474.33
Extraordinary losses
2,343,746.69
7,144,426.21
Income Tax 25,775,761.00 40,786,046.00
Profit For The Year
202,349,497.49
306,644,819.21
------------------------- -------------------------
Total
364,388,062.70
422,428,765.75
CREDIT
Interest Income 555,71,706.43 981,774,098.13
Bank Operations Income 97,779,933.51 129,677,248.24
Other bank operating income 37,261,519.76
54,278,460.83
Incomes From Securities and
Financial Investments
5,791,782.85
1,274,480.78
Other Bank Income 25,741,586.92 37,679,840.50
Non-Banking Income
25,327.95
96,446.00
-------------------------
-------------------------
Total
722,316,857.42
1,204,780,574.48
Operating Income
167,508,917.73 288,787,342.73
Accumulated income from previous years 52,097,066.90 54,250,042.04
Extraordinary Income 11,593,303.77 12,305,829.82
Provisions Used 133,188,774.30 67,085,551.16
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Total 364,388,062.70 422,428,765.75
*Financial Ratio*
==============
31 December,
2006 31 December, 2005
------------------------- -------------------------
Growth %
Year-on-Year Growth 66.79 N/A
Profitability
Profit Margin (%) 25.45 28.01
Return on Assets (%) 1.27 1.17
Asset Management
Total Assets Turnover (Times)
0.05
0.04
Financial Summary (Currency: U.S. $'s)
=============================
Year Sales Assets Net Income
2005 $90,176,886.07 $2,165,110,892.71
$25,262,109.55
2006 $150,034,940.78 $2,999,144,845.88 $38,187,399.65
SC is considered an old-established business in medium size. A credit
line at the above amount appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Service 6021 National
Commercial Banks
Service 6029 Commercial
Banks, NEC
Service 6099 Depository
Bank Functions, NEC
Service 6162 Mortgage
Banker/Loan Officers
Service 6700 Holding
& Investment Offices
Service 7379 Computer
Related Svcs, NEC
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Service 9900 Business
services, health, financial/insur. legal/real estate, hotels, and misc repairs
Service 9923 Computer
related services, nec
Service 9936 Commercial
banks/financing
Service 9975 Loan
services
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Service Consumer
loans
Service Credit
card
Service Personal
loans
Service Investment
Service Corporate
banking
Service On-line
banking
Service Internet
banking
Service Mobile
banking
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)