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21.07.2005
uaA- credit rating assigned to upcoming bond issue of the Kviza-Trade, Ltd.
Today independent rating agency Credit-Rating announced the award of a long term “uaA-” rating to the issuance of registered interest bearing bonds of Kviza-Trade, Ltd. in the amount of 20 million UAH for a three year period of circulation. The company is the trade operator of the supermarket network Velyka Kyshenia (“Big Pocket” in Ukrainian).
Positive factors that were taken into account in the rating:
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Kviza-Trade, Ltd.’s dynamic growth during the last five years; the volume of assets as of Jan. 1, 2005 increased up to 296 million UAH (by 53.6 times), sales net volume increased up to 462.7 million UAH (by 21.8 times);
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Profitable activities of the issuer during the whole period of its existence, the issuer’s net volume profit made up 10.7 million UAH in 2004 and it was 10.3 million UAH in the first quarter of 2005;
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As of April 1, 2005 Kviza-Trade, Ltd. was one of the largest trade operators in the Kyiv market, it has been in a stage of growth and it has big potential for development;
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The issuer is the owner on a number of trade brands (especially Velyka Kyshenia), it successfully diversifies its trading activities;
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The issuer‘s positive credit history and its experience in liabilities service instruments.
Negative factors that were taken into account in the rating:
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Kviza-Trade, Ltd. development originates from the outer borrowings, which is caused by the deficiency of own current assets;
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The issuer’s steady low liquidity indexes;
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Inconsiderable volume of the issuer’s Charter Fund (0,06% of the company’s own capital as of April 1, 2005), which is not being increased as the company grows;
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The issuer works in a highly competitive environment and the competition level is increasing constantly.
Information about ratings in Ukrainian national scale is available at the internet site of the company Credit-Rating at www.credit-rating.com.ua.
For more detailed information, please contact
Victoria Kolomiets,
Kyiv (044) 490-25-50, 490-25-54, finance@credit-rating.com.ua
