MIRA
INFORM REPORT
|
Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
BANCO HIPOTECARIO DE EL SALVADOR S. A. |
|
|
|
|
Registered Office : |
Senda Florida Sur, Col. Escalón, San Salvador |
|
|
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Country : |
El Salvador |
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|
|
|
Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
18.12.1934 |
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Legal Form : |
Joint-Stock Company |
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|
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Line of Business : |
Financial intermediation
services. Housing loans, consumer, treasury,
SMEs credit, credit for tax payments, discounted documents, credit for
carriers, fixed asset investments, safety deposit boxes, cashier's checks,
certificates. Credit cards, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Usually Correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
El Salvador |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Identification
|
CORRECT COMPANY NAME |
: |
BANCO HIPOTECARIO DE EL
SALVADOR S. A. |
|
TRADE NAME |
: |
"BH" |
|
TAXPAYER REGISTRATION |
: |
NIT 0614-290135-001-1 |
|
MAIN ADDRESS |
: |
Senda Florida Sur, Col. Escalón, |
|
POSTAL CODE |
: |
N/A |
|
CITY |
: |
San Salvador |
|
DEPARTMENT/STATE |
: |
San Salvador |
|
COUNTRY |
: |
EL SALVADOR |
|
TELEPHONE |
: |
22507000 |
|
FAX |
: |
N/A |
|
WEB SITE |
: |
www.bancohipotecario.com.sv |
SUMMARY
FOUNDATION : 1934
LAST CAPITAL : US$22,290,000.= Dollars
SALES : 0.00
PAYMENTS : Usually to terms/good
CHIEF EXECUTIVE : RIVERA CASTRO, MANUEL
DISPOSITION : Report prepared through third-party sources.
RATING (*) : Risk is Moderate. Within Average. Satisfactory.
Legal
backgrounds
|
LEGAL ESTATUS |
: |
Joint-Stock Company |
|
DATE OF INCORPORATION |
: |
18DEC1934 |
|
START OF OPERATIONS |
: |
N/A |
|
REGISTERED IN |
: |
N/A |
|
NOTARY OFFICE |
: |
N/A |
|
DURATION |
: |
N/A |
|
REGISTRATION |
: |
N/A |
|
INITIAL CAPITAL |
: |
N/A |
|
CURRENT PAID-IN CAPITAL |
: |
US$22,290,000.= Dollars |
|
LAST CAPITAL INCREASE |
: |
N/A |
|
SHAREHOLDERS' EQUITY |
: |
N/A |
|
TYPE OF SHARES |
: |
Common and registered. |
|
LISTED AT STOCK EXCHANGE |
: |
No |
|
SHARE VALUE |
: |
US$6.= Dollar |
|
CURRENT EXCHANGE RATE |
: |
C/.8.75 per 1.00 USADollar |
|
MEMBERSHIP |
: |
N/A |
COMMENTS .-
0.52% of the share capital is held by private
investment.
At a meeting of the Directive Board No. 25/2011,
dated June 22, 2011, agreed to the incorporation to the Bank Board of Director
owner, Mr. Manuel Rivera Castro, appointed by the Central Bank of Reserve of El
Salvador, in the Board meeting No. CD-022/2011 held on 20/06/2011.
Directors
/ executives / shareholders
|
FULL NAMES / COMPANY NAME |
TITLE |
OWNERSHIP % |
|
RIVERA CASTRO, MANUEL |
President |
|
|
DE DIAZ, SILVIA |
Business Division |
|
|
PEREZ MERINO, OSCAR ARMANDO |
Director/Secretarry |
|
|
RAMON CASTELLANOS, JOSE
DANIEL |
Director |
|
|
ALABI MENDOZA, AMIR SALVADOR |
Director |
|
|
MAGAÑA ROMERO, CARLOS
ERNESTO |
Deputy Director |
|
|
LEMUS MAGAÑA, LUIS FELIPE |
Deputy Director |
|
|
ROGEL CRUZ, ILEANA ARGENTINA |
Deputy Director |
|
|
HERNANDEZ GUTIERREZ, JOSE
HUGO |
Deputy Director |
|
|
CARDONA ALVARENGA,
HERMELINDO |
Deputy Director |
|
|
SICILIAN, NATANAEL ANTONIO |
General Accountant |
|
|
FONDO DE SANEAMIENTO Y
FORTALECIMIENTO FINANCIERO |
Parent Co. |
96.67% |
|
ASOCIACION CAFETALERA DE EL
SALVADOR |
Shareholder / Member |
2.50% |
|
ASOCIACION GANADERA DE EL
SALVADOR |
Shareholder / Member |
0.30% |
Who
is who?
RIVERA CASTRO, MANUEL
NATIONALITY : Salvadoran
BACKGROUND INFORMATION .-
Was Manager of Business Division of the Banco
Hipotecario de El Salvador S.A
Graduated in Business Administration from the
University of El Salvador, International Master in Banking and Financial
Markets from University of Cantabria, Santander, Spain and by University of
Anahuac, Mexico City
He has extensive experience in the financial
system, acting for over 25 years in management positions, such as: Director
Vice President, Executive Vice President, Executive Director, General Manager,
Planning and Finance Manager and Central Bank Adviser , Commercial Banking,
Savings and Loan, Pension Administrators. He has also been active in academic
teaching, consulting and management positions and enforcement in other economic
sectors.
FONDO DE SANEAMIENTO Y FORTALECIMIENTO
FINANCIERO
BACKGROUND INFORMATIONname in English is The Financial Strengthening and Restructuring Fund
(FOSAFFI).
ASOCIACION CAFETALERA DE EL
SALVADOR
BACKGROUND INFORMATION
ASOCIACION GANADERA DE EL
SALVADOR
BACKGROUND INFORMATION
Business
history
On 29/11/1935 was founded (BH) Banco Hipotecario de
El Salvador S.A. The extraordinary decree
number 5 stated that the shareholders of Banco Hipotecario should be
from the Coffee Association of El Salvador with a 40% stake, the Cattlemen's Association of El Salvador with
20% and individual shareholders with 40%, the latter should be at least 12
people, the starting capital of the Bank was 900,000 Colones.
The entity remained under the control of private
shareholders until 1992, when the State became its largest shareholder through
contributions by The Financial Strengthening and Restructuring Fund (FOSAFFI).
BH is geared to specialized care for small and medium enterprises (SMEs). At
September 30, 2011, BH has total assets and contingencies of $ 542,396.6 thousands of dollars.
After the nationalization of the banks in the early
eighties, the Banco Hipotecario's shareholding has been made as follows:
The Financial Strengthening and
Restructuring Fund (FOSAFFI) with a 95% share and private shareholders with a 5%. The same
decree regulates the system so that the FOSAFFI sell its shareholding in the
Banco Hipotecario, to the private sector.
El Banco Hipotecario de El Salvador, is established
under the Law issued by Decree No. 5 of December 18, 1934, published in the
Official Gazette No. 6 of January 8, 1935. Amendments: (7) D.L. No. 771 of
April 24, 1991, published in OG No. 97, Vol 331, of May 29, 1991. (PARTIAL
REPEAL).
The BH is a Salvadoran financial institution, owned
mostly by FOSAFFI The Financial
Strengthening and Restructuring Fund , autonomous institution with
administrative interference of the Central Bank. BH is geared towards the SMEs segment and has a
market share equivalent to 4.1% of the assets of the System. By its nature, the
continuity of the strategic plans and financial profile of BH could be
influenced by public policy objectives of government.
In Extraordinary General Meeting of Shareholders held
on September 24, two thousand ten, it was unanimously agreed to increase Share
Capital of Banco Hipotecario in the sum of ONE MILLION EIGHT HUNDRED THOUSAND
DOLLARS of the United States of America, by new cash contributions to be made
by shareholders, which would be divided and represented by three hundred
thousand common shares and registered in a single series, with a par value of
SIX DOLLARS OF THE UNITED STATES OF AMERICA each, and which together with the
current share capital, the bank reached in this concept the sum of TWENTY
MILLION TWO HUNDRED NINETY THOUSAND DOLLARS of United States of America,
divided and represented by a total of THREE MILLION SEVEN HUNDRED FIFTEEN
THOUSAND common shares and registered in a single series with par value of SIX
DOLLARS OF THE UNITED STATES OF AMERICA each.
BH holds a U.S. $ 114.3 thousand dollars
participation in the firm Garantías y
Servicios SGR S.A de
C.V. representing 0.2% of Bank's equity.
Related
companies to subject company or to majority shreholder
|
COMPANY NAME |
COUNTRY |
RELATION |
|
ASOCIACION CAFETALERA DE EL
SALVADOR |
EL SALVADOR |
Shareholder / Member |
|
ASOCIACION GANADERA DE EL
SALVADOR |
EL SALVADOR |
Shareholder / Member |
|
FONDO DE SANEAMIENTO Y
FORTALECIMIENTO FINANCIERO |
EL SALVADOR |
Parent Co. |
|
GARANTIAS Y SERVICIOS SGR
S.A. DE C.V. |
EL SALVADOR |
Related |
Business
MAIN ACTIVITY .-
Financial intermediation services. Housing loans,
consumer, treasury, SMEs credit, credit for
tax payments, discounted documents, credit for carriers, fixed asset
investments, safety deposit boxes, cashier's checks, certificates. Credit
cards, etc..
Trademark: BH, Banco Hipotecario de el salvador
|
% CASH SALES/METHOD |
: |
N/A |
|
% CREDIT SALES/TERMS |
: |
N/A |
|
% FOREIGN SALES (COUNTRIES) |
: |
N/A |
|
% DOMESTIC PURCHASES |
: |
N/A |
|
% FOREIGN PURCHASES |
: |
N/A |
|
SELLING TERRITORY |
: |
100% National market |
|
EMPLOYEES |
: |
400 approximately |
LOCATION .-
|
Premises |
: |
N/A |
|
Monthly Amount |
: |
N/A |
|
Time Occupied |
: |
N/A |
|
Area |
: |
N/A |
|
Floors |
: |
N/A |
Remarks and other Premises .-
At caption address we find the Headquarters.
Agency Network:
- SENDA FLORIDA
- CENTRO
- AUTOPISTA SUR
- SANTA ANA
- USULUTÁN
- AEROPUERTO
- SAN VICENTE
- ZACATECOLUCA
- CHALCHUAPA
- SONSONATE
- AHUACHAPAN
- SAN MIGUEL
- CIUDAD BARRIOS
- LOTERIA NACIONAL SANTA ANA
- NUEVA CONCEPCIÓN
- EL COYOLITO
- UNICENTRO SOYAPANGO
COMMENTS .-
The Bank is established under the laws of the
Republic of El Salvador, whose purpose is to engage routinely in commercial
banking, calling the public to raise funds through deposits, savings and time
deposits, the issuance and placement of securities or any other passive
operation of credit, the bank being obliged to cover principal, interest and
other accessories of such funds, for placement in lending operations to the
public. The Bank is regulated by the Banking Law, Decree 771 approved April 25,
1991, and Decree 537 adopted on December 8, 2004 and other laws of general
application, including with respect to the agreements and instructions issued
by the Central Bank of El Salvador and the Superintendency of Financial System.
On February 17, 2011, Banco Hipotecario de El
Salvador S.A. signed a cooperation agreement with the Ministry of Finance to
form part of the financial system institutions that will pay the gas subsidy.
The bank's loan portfolio is composed as follows:
18.6% Agricultural
18.4% Trade
17.6%
Services
14.6% Housing
11.5%Transportation
9.9% Manufacturing
4.9%
Financial Institutions
2.9%
Construction
0.3%
Consumption
1.3% Other
Financial
information
|
Interviewee(s) |
: |
Third-party sources |
|
Position(s) |
: |
N/A |
|
Cooperation |
: |
Report prepared through
third-party sources. |
|
Information Provided |
: |
We must indicate that all
data contained in this report was obtained through indirect sources, because it
was not possible to obtain information directly from the company as it is
against its policy. Report contains
interim balance sheet figures as of 30/06/2011 (6 months), expressed in U.S.
dollars, audited by CORPEÑO Y ASOCIADOS Auditores-Consultores. |
INTERIM BALANCE SHEET AS OF 30/06/2011
ASSETS
US$
Intermediation
Cash and banks
60,483,800.00
Reports and other trading 9,229,800.00
Financial investments
96,664,200.00
Loan portfolio (net)
336,963,700.00
---------------
503,341,500.00
---------------
OTHER ASSETS
Foreclosed assets, net of provision for loss 3,222,500.00
Equity investments
114,300.00
Miscellaneous, net of provision of US$206.9 2,213,400.00
---------------
5,550,200.00
---------------
FIXED ASSETS
Real estate, furniture and other, net of depreciation
of
US$8,776.60 12,937,000.00
---------------
TOTAL ASSETS
521,828,700.00
===============
LIABILITIES AND STOCKHOLDERS'S EQUITY
INTERMEDIATION
Customer deposits
402,215,800.00
Bank loans from Banco Multisectorial de Inversiones 32,595,900.00
Loans from other banks
21,798,000.00
Own issue certificates
750,800.00
Various
5,209,900.00
---------------
462,570,400.00
---------------
OTHER LIABILITIES
Accounts payable 4,321,100.00
Provisions
1,867,300.00
Various
6,206,700.00
---------------
12,395,100.00
---------------
TOTAL LIABILITIES
474,965,500.00
STOCKHOLDER'S EQUITY
Paid-in capital
22,290,000.00
Capital reserve, retained earnings and unpaid equity 24,573,200.00
---------------
TOTAL STOCKHOLDERS'S EQUITY
46,863,200.00
---------------
TOTAL LIABILITIES AND STOCKHOLDERS'S
EQUITY 521,828,700.00
===============
OPERATING REVENUE
17,652,000.00
INCOME FOR THE PERIOD
1,869,300.00
FINANCIAL SITUATION : LIGHTLY FAIR
The liquidity ratio reflects a satisfactory level
of 42.7%, higher than 17.0% required by
the Superintendency of Financial System (SSF). Compliance with the liquidity
reserve, in 2011, has been above the 100.0% minimum required by the regulator.
The asset/equity ratio , contingent future rights
is 13.1% and the debt/equity ratio, future commitments and contingencies is
9.6%, both higher than established by the Banking Law.
Banco Hipotecario de El Salvador, S.A. (BH) was
founded in 1935, with the incorporation
of important agricultural and livestock trade associations. The entity remained
under the control of private shareholders until 1992, when the State became its
largest shareholder through contributions of
The Financial Strengthening and Restructuring Fund (FOSAFFI). BH is
oriented to skilled attention to small and medium enterprises (SMEs). At June
30, 2011, BH has total assets and contingencies of US$ 535,236.3 thousand
dollars.
It is known to have applied for loans to other
banks, no adverse information noted.
INSURANCE .-
It was not possible to obtain information regarding
insurance policies.
Payments record
NOTE: Other Suppliers did not
provide information or could not be consulted.
|
Supplier |
Country |
Tel. |
|
|
Servicios Empresariales Corporativos
SA de CV |
EL SALVADOR |
503) 22609064 |
|
|
Murillo & Asociados |
EL SALVADOR |
(503) 25071200 |
|
|
Alta Gerencia.com |
EL SALVADOR |
(502) 41125309 |
|
Banking
information
BANKERS .-
|
Bank |
Contact |
Telephone |
Account # |
DC (S/.) |
FC (US$) |
|
MULTISECTORIAL DE INV.(EL
SALV |
N/A |
N/A |
N/A |
N/A |
N/A |
|
BCIE (HONDURAS) |
N/A |
N/A |
N/A |
N/A |
N/A |
|
BICSA (MIAMI-USA) |
N/A |
N/A |
N/A |
N/A |
N/A |
|
POPULAR DOMINICANO |
N/A |
N/A |
N/A |
N/A |
N/A |
|
WACHOVIA BANK, N. (USA) |
N/A |
N/A |
N/A |
N/A |
N/A |
|
KFW BANKENGRUPPE (ALEMANIA) |
N/A |
N/A |
N/A |
N/A |
N/A |
|
DRESDNER BANK AG (ALEMANIA) |
N/A |
N/A |
N/A |
N/A |
N/A |
The subject is a customer of those banks, which when
consulted told us that in compliance with current legal regulations, can not
provide data on their customer movements out of respect to banking secrecy.
However, by other sources of consultation is known
that the Bank has obtained funds guaranteed by the loan portfolio as follows:
a. Loans received from Banco Multisectorial de
Inversiones for U.S. $ 49,192.2 thousand. At June 30, the loan balance
plus interest is US$ 32,595.9 thousand and the total guarantee is US$65,621.9
thousand, which is comprised by credit category "A1", "A2"
and "B" in the amount of US$ 30,144.1 thousands plus the balance of
the active loan portfolio of US$ 35,477.8 housands
b. Loans from the Banco Centroamericano de
Integración Económica (BCIE) for US$ 6,161.6 thousand. By June 30 the loan
balance plus interest is US$ 4,252.1 thousand and guarantee is US$ 5,795.6
thousand which is comprised by credit category "A1" and B.
c. Loans received from KFW for U.S. $ 20,000.0
thousand at June 30 the loan balance plus interest is US$ 17,145.5 thousand and
the guarantee is US$17,372.7 thousand which is comprised by credit category
"A1" "A2" and "B".
d. Issuance of investment certificates CIBH1,
placed through the Stock Exchange for US$ 750.0 thousand and accrued interest of
$ 0.8 thousand guaranteed with mortgage credit category "A1" and
"A2", for a total of US$1,076.0 thousand, this issuance is due on
September 19, 2013.
General
information
REPUTATION .-
NOTHING
AGAINST COMPANY
Credit
opinión
Requested Credit : HIGHEST CREDIT
Suggested Credit : OPEN
NOTE: The Opinion given is confidential referential
and with out liability
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
|
|
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.28 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.