June, 2010
General Presentation
GLP US$ 77 million Assets US$ 110 million Up to 2% of all finance sector assets 38 registered MFIs, including 10 registered at MIX Market which conducts micro-lending Stimulates income to make clients sustainable rather than direct poverty alleviation
Average All MFIs 2008
Av. Non-Bank MFIs 2008
Crystal 2008
Crystal 2009
Debt to Equity
3.73
3.16
2.63
2.87
Avg. loan per client
2,250
1,792
1012
1441
ROA
2.23%
3.49%
8.41%
6.43%
ROE
3.66%
7.01%
35.86%
25.71%
Revenue/Assets
33.72%
36.79%
43.79%
36.91%
Portfolio Yield
41.84%
46.30%
48.40%
56%
Operating Exp/Assets
18.85%
19.85%
24.68%
21.24%
Operating Exp/Port
23.29%
23.96%
27.50%
28.50%
Cost per borrower
405
348
232
372
Clients per staff
58
64
59
62
PAR > 30 days
6.16%
7.48%
1.79%
2.59%
Write Off Ratio
0.41%
0.21%
0.36%
4.50%
326
113
70
85
Indicators
Personnel
"To offer the wide range of high quality financial services to micro and small entrepreneurs throughout Georgia" Accessibility Responsibility Transparency Cooperation Professionalism
1998
Established as micro-lending program of CHCA
2004
Instituted as Crystal Fund
2007
Transformation into the Joint Stock Company
2010
Equity US$ 1.4 million; US$ 5.2 million GLP, 5,200 clients, 14 offices, 95 staff
Archil Bakuradze
Nikoloz Loladze
Clare Titcomb
Alu Gamakharia
Lenders: Cordaid Deutsche Bank DWM EBRD IFAD/ADA Oikocredit Symbiotics Blue Orchard Oxfam/Novib Fund TBC Bank
Donor Agencies: USAID UNHCR SV IRC SCF CGAP Chemonics Triple Jump UNDP
IMERETI REGION
Kutaisi (3), Samtredia, Khoni,
SAMEGRELO REGION
Zugdidi, Poti, Senaki, Tsalenjikha, Chkhorotshku
GURIA REGION
Ozurgeti, Lanchkhuti,
ZEMO SVANETI
Mestia
EAST GEORGIA
Tbilisi
Loans to micro-entrepreneurs and farmers Existing businesses & start-ups, loans from US$ 100 to US$ 10,000 (max. up to US$ 30,000) Flexible collateral (no mortgage before $ 5,000) Interest rates: from 18% to 36% Loan duration: 4-36 months Headquartered in Kutaisi, focus on regions (95% outside Tbilisi; 40% - rural clients; 51% - female) Access to GEL financing for micro-business
INDICATORS
Loan Portfolio Total Assets Average Loan Size Portfolio at risk (>30) Operational Self-Sufficiency Financial Self-Sufficiency Profit Margin Portfolio yield ROA ROE Debt / Equity ratio Operational Cost/Assets # of Active Clients % of Female Clients # of total Personnel # of total branches/outlets
2009 audited
2008 audited
2007 audited
2006 audited
$ 4,269,662 $ 5,592,366 $ 1,441 2.59% 124% 112% 18% 56% 6.3% 24.2% 2.87 21% 4,534 51% 85 14
$ 4,135,751 $4,701,912 $ 1,230 1.79% 129% 110% 21% 48% 8.41% 35.86% 2.63 24% 4,104 49% 70 13
$ 4,704,022 $ 5,165,816 $ 812 0.40% 123% 116% 19% 41% 5.19% 22.54% 4.06 19% 6,365 48% 58 12
$ 1,731,124 $ 2,451,309 $ 591 4.84% 105% 97% 4% 47% 1.15% 3.06% 2.35 18% 5,031 48% 35 6
Loan Portfolio - $ 5,176,012 Total Assets - $ 5,656,107 Active clients – 5,194 PAR>30 – 0.93% Write-off ratio - 0.42% Restructured loans – 0.80% Loan Loss Reserve – 2.63% Risk Coverage Ratio – 282% Average loan size - $ 1,359 Average portfolio per LO - $ 143,778 Average loans per LO - 144
Team of seasoned managers with the vast experience in microfinance Rigorous internal control and risk management Effective management and governance structure Organizational culture based on integrity, transparency, innovation and determination Effective credit and risk management process allowing flexible, straightforward approach to clients combined with prudent screening Well-developed infrastructure of 14 offices with fully integrated cash management and IT systems
Expansion of loan portfolio through new marketing mix Prudent screening and robust (ethical) collection approaches Increase of GEL financing to meet demand of rural clients Improve social return measurement New financial services mandated by regulator 10,200 active clients; US$ 16 million GLP US$ 11.7 million of new debt and equity
RATIOS
Gross Loan Portfolio Total Assets Portfolio yield Operational Cost Ratio Portfolio at risk (>30) Adj. Return on Assets Adj. Return on Equity # of Active Clients Average Loan Size # of total/credit personnel Caseload per officer # of total branches/outlets New debt financing New equity financing Debt to Equity Ratio
2010
$ 7,629,019 $ 8,139,598 44.50% 22.80% 2.50% 7.40% 26.50% 6,200 $ 1,620 100/53 151 14 $ 5,160,540 $ 567,969 3.26
2011
$ 11,727,924 $ 12,275,376 43.10% 19.70% 2.40% 10.50% 35.50% 8,200 $ 1,880 118/59 167 15 $ 3,272,123 3.51
2012
$ 16,247,227 $ 16,982,606 41.50% 17.00% 2.00% 12.00% 39.00% 10,200 $ 2,140 131/70 192 16 $ 3,304,063 3.29
Mr. Malkhaz Dzadzua, CEO #72 Tamar Mepe St. Kutaisi, 4600 Georgia Tel: (+995 331) 5 34 33 Fax: (+995 331) 4 10 76 Mobile phone :+995 77 462 865 www.crystal.ge