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Bovari va Hamkori MDO (BVH) was established as a Closed Joint Stock Company under the Tajik legislation in 2008. The only two shareholders are the local bank Agroinvestbank (53.1%) and the Tajik National Association of Microfinance Institutions (AMFOT, 46.9%). Since April 2009 it has been licensed as a Micro Deposit Organisation by the Central Bank of Tajikistan (NBT). The institution is the first and only local provider of wholesale lending to MFIs (apex). Target clients are MFIs in Tajikistan, with priority given to small and medium sized members of AMFOT. BVH is a young institution striving for building its reputation as a reliable and sound second tier institution and attract borrowings and equity investment from international microfinance investment funds.


Date Rating Committee  :            13th May 2011

Validity :       1 year if no relevant changes in operations or within the operational context occur.

Previous Rating :     First Rating

FINANCIAL ANALYSIS AND CAPITAL ADEQUACY BVH has registered high levels of loan portfolio growth since the beginning of operations in 2009. The portfolio is not affected by delinquency also because the large demand has allowed a good selection of clients so far. Nevertheless, main credit risk is represented by the concentration of loan portfolio in only 11 MFIs. Being at an early stage of development the institution shows still low profitability rates and has relied much on grants. The sustainability of the operations will mainly rely on the achievement of economies of scale and on the consolidation of the credit history that will allow BVH to get access to more favourable financial resources. Capital adequacy ratio is high and there is ample room for  further leverage.
GOVERNANCE, RISK MANAGEMENT AND QUALITATIVE RISK ANALYSIS Shareholders have properly supported the company in many ways, and the BOD demonstrates a good level of guidance capacity with expertise in finance and microfinance. Conflict of interest may be an issue, due to links between BOD members and the MFIs served by BVH. Management has been successful so far, although exposed to key person risk, which is aggravated by the unavailability of skilled workers for a second-tier institution. Financial and risk management need to be strengthened to cope with planned growth and increasing complexity. Although current concentration in few local funding sources, negotiations with new potential international investors are already in an advanced stage. The market for wholesale lending to MFIs leaves a good expansion potential for BVH. Concerns remain regarding the increasing levels of over-indebtedness, the absence of a credit bureau and the lack of hedging tools to cope with currency risk.

Evaluation rate

Legal form: Closed Joint Stock Company
Client typology: Second Tier/Apex
Year of inception: 2008
Year of inceptoin of operations: 2009
Regulator/Supervisor: National Bank of Tajikistan
Area of Intervention: Urban, semi-urban, rural
Credit methodology: Wholesale (second tier) 

Indicators December  2008 December 2009

December 2010

Active borrowers (#) 0 7 11
Active loans (#) 0 9 24
Total staff (#) 8 11 13
Loan officer (#) 0 2 2
Gross outstanding portfolio USD 0 703 500 1 144 175
Total assets 538 073 777 191 1 386 712


Financial Indicators December 2009 December 2010
PAR 30 0,0% 0,0%
PAR 90 0,0% 0,0%
Write-off ratio 0,0% 0,0%
Restructured loans 0,0% 0,0%
ROE -5,1% 1,1%
ROA -4,7% 0,8%
AROE -9,4% -4,3%
Oper. Self-sufficiency (OSS) 83,6% 109,1%
Fin. Self-sufficiency (FSS) 74,3% 91,1%
Staff productivity (borrow.) 1 1
LO productivity (borrow.) 4 6
Operating expense ratio 45,7% 17,3%
Operat. expense ratio (over assets) 19,0% 14,9%
Funding expense ratio 0,0% 5,7%
Provision expense ratio 4,9% -1,4%
Portfolio yield 19,3% 22,7%
Risk coverage ratio * - -
Cost of funds ratio 0,0% 17,1%
Debt/Equity ratio 0 0,7 **
Capital adequacy ratio 96,4% 57,3%

* Impossible to calculate, PAR30 = 0

** 0.5 when excluding back-to-back liabilities

MicroFinanza Rating Srl                                            ЗАО МДО «Бовари ва Хамкори»
Corso Sempione, 65                                                                 5 Tashkentskaya street,
20149 MilanItaly                                                               734003 DushanbeTajikistan
Теl. +39 02 3656.501939                                                       Tel. +992 37 2248473; +992 44 600 4247                                                                    

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  1. External context and MFI positioning
  2. Governance, Organization and Operational Risk 3.Assets Structure and Quality
  3. Financial Structure and Assets and Liabilities Management
  4. Financial and Operational Results
  5. Business Plan and Financial Needs Annex 1- Financial Statements
  • Annex 1- Financial Statements
  • Annex 2 -Financial Statements’ Adjustments
  • Annex 3 – Financial Ratios
  • Annex 4- Definitions
  • Annex 5 – Ma in Guidelines o n Reporting and Accounting
  • Annex 6- Financial Products
  • Annex 7 – Rating Scale

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