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Shareholders Advans S.A. SICAR is an investment company (Société d’investissement en capital à risque) registered in Luxembourg. Its objective is to invest equity in microfinance institutions or microfinance banks in developing or emerging countries. Botta, which is a staff company, is registered as a private limited company and under Cambodian law; its registered office is in Phnom Penh, Cambodia. The company was created to invest in Amret only, and approved as a new shareholder by current shareholders due to attracting a longterm commitment from staff. Even if it is a small percentage, it is a long-term investment. FMO ( Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.) is the entrepreneurial development bank of The Netherlands, created by a deed of incorporation in 1970. Its registered office is in The Hague, Netherlands. Its objective is to contribute to the development of business in developing countries in the interest of long term and sustainable economic and social progress in conformity with the intention of the governments of such countries. GRET (Groupe de Recherche et d’Echanges Technologiques) is a non-profit private organization based in France. Its objective is to contribute to sustainable and fair development, and to the alleviation of poverty and structural inequalities. GRET supports social and economic development projects in about 30 developing countries. LFP (La Fayette Participations) is a private limited company Incorporated under French law that was created by the consultancy firm ‘HORUS Development Finance’; its registered office is in Paris, France. Its objective is to provide financial services to the poor living in developing countries and wishes to become active in Cambodia. Oikocredit Ecumenical Development Co-operative Society, U.A. incorporated under the laws of the Kingdom of Netherlands is a co-operative society founded in 1975; its registered office is in Amersfoot, Netherlands. Its objective is to mobilize financial credit and resources in order to further development of the poor areas in the world, and to promote economic growth together with social justice and self-reliance. Proparco (Société de Promotion et de Participation pour la Coopération Economique) is incorporated under French law; its registered office is in Paris, France. Its objective is to promote the development of private sectors and, in a general manner, of a competitive productive sector in developing countries, and to execute all activities of a financial company. The distribution of shares is as follows: Shareholder Number of Shares Face Value KHR 1,360,000/share (KHR’000) Share Capital (%) Advans (previously known as LFI) 2,661 3,618,960 31.80 Botta 181 246,160 2.16 FMO 1,056 1,436,160 12.62 GRET 1,623 2,207,280 19.39 LFP 340 462,400 4.06 Oikocredit 1,056 1,436,160 12.62 Proparco 1,450 1,972,000 17.32 Total 8,367 11,379,120 100% 3 Annual Report 2010 Microfinance Institution “Amret”
Board of Directors Chairman: Dr. Claude FALGON, French, born in 1947. Appointed to the Board in August 2001 and became Chairman on 22 February 2005. He obtained a PhD in economics at Michigan State University, USA, a post-doctorate in Management Science, ICG Paris, France and an MSc in Agriculture Economics, INA Paris, France. He served Horus-enterprises SA, and Horus-Development Finance, consulting service in finance sector. He represents Advans S.A. SICAR. Mr. Steven DUCHATELLE, French, born in 1973. Appointed to the board on 31 March 2008. He graduated from HEC School of Management in Paris. Following this, he obtained, in 1997, a Master Degree in General Management, in the field of Finance. From 1998 to 1999, he worked for BNP China as an Assistant to the China Group Chief Operations Officer. Then during 2000 and 2001, he used to be a consultant of financial service practice for Mercer Management Consulting, Paris. After that, he lived his work life as a consultant at Horus Development Finance for four years, by 2001. He has become a Head of Investment Unit in the same company since 2006. Mr. Adriaan VAN DER POL, Netherlander, born in 1948. Appointed to the Board on 31 March 2008. He obtained three degrees: NOIB-Nijenrode, Breukelen, Netherlands in 1972, a Bachelor of Business Administration (International Business) and a Master Degree of Business Administration (Finance) from the University of Oregon, Eugene, Oregon (USA). He has worked for ABN AMRO Bank, International Dept from 1975 and has been Country Manager for ABN AMRO Bank in Pakistan, Denmark and lastly in Kenya till 2002. Since 2002, he is active as an international banking consultant and holds several company directorships in the financial sector. Microfinance Institution “Amret” Annual Report 2010 4
Page 2 and 3: Key Figures 2010 2009 2008 Number o
Page 4 and 5: Vision and Mission Vision To be an
Page 8 and 9: Ms. Marjorie A. MARASIGAN, Filipino
Page 10 and 11: Milestones Amret, as a leading micr
Page 12 and 13: Furthermore, Amret had reformed our
Page 14 and 15: 11 Annual Report 2010 Microfinance
Page 16 and 17: Public Sector Government Revenue (%
Page 18 and 19: Loan Portfolio ICBO in Riel 5.57 6.
Page 20 and 21: Risk Management 1- Organization to
Page 22 and 23: 4- Compliance Risk Amret has recent
Page 24 and 25: Organizational Chart, Staff, and St
Page 28 and 29: v As part of social responsibility
Page 32 and 33: REPORT OF THE BOARD OF DIRECTORS Th
Page 34 and 35: No director of the Company has rece
Page 38 and 39: INCOME STATEMENT for the year ended
Page 40 and 41: STATEMENT OF CASH FLOWS for the yea
Page 42 and 43: 2.1.1 Presentation of financial sta
Page 44 and 45: to classify their loan portfolio in
Page 46 and 47: Deferred tax assets are recognized
Page 48 and 49: 5. BALANCES WITH OTHER BANKS KHR’
Page 50 and 51: (b) Grading of the loan portfolio a
Page 52 and 53: 8. OTHER ASSETS KHR’000 2010 2009
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13. BORROWINGS 2010 2009 Note KHR
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14. OTHER LIABILITIES KHR’000 201
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Number of shares Par value KHR’00
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22. FEES AND COMMISSION EXPENSE KHR
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(ii) Reconciliation of the total in
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27. COMMITMENTS The Company leases
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29.1 Credit risk The Company takes
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In the absence of derivatives marke
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30. INTEREST RATE RISK (continued)
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31. LIQUIDITY RISK (continued) Up t
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FOR USE BY THE NATIONAL BANK OF CAM
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SUPPLEMENTARY FINANCIAL INFORMATION
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RESERVE REQUIREMENT In accordance w
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Allowance per NBC Allowance per Com
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Allowance per NBC Allowance per Com
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83 Annual Report 2010 Microfinance
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2-7 Kroch Chhmar Branch Kroch Chhma
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Microfinance Institution “Amret
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