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10.11.2005
"uaB-" credit rating assigned to JSC Pavlogradcoal
Today the independent rating agency announced a long term «uaB» rating assignment to the issue of registered interest bearing bonds of «Inkomteh»Ltd for 5 million UAH with five year circulation period. Metal-rolling wholesale and retail trade is the major activity sphere of the company. In the process of analysis «Credit-Rating» agency has used a complete financial statement of the issuer, as well as internal information, given by the company.
Factors supporting the rating level:
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The growth of net sale value in 2000 – 2003 from 15,7 million UAH up to 48,2 million UAH;
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Net sale value of 2004 exceeds preplanned issue value almost 10 times;
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The experience of operating in metallurgical market and stable relations with prominent exporters and producers.
Factors restricting the rating level:
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Unstable dynamics of balance indices: during 2001 – 2003 there was a balance value reduction from 14,2 million UAH to 2,4 million UAH, own capital reduction from 4,1 million UAH to (-) 0,2 million UAH; the situation became better only in 2004 and in the first half of 2005, when these indices grew up to 14,5 million UAH and to 3,1 million UAH correspondingly;
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Unprofitable operation in 2001- 2003 (net loss during this period totalled almost 4,4 million UAH);
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The issuer’s initial registered capital come to 28, 1 thousand UAH (0,194% of balance value);
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The growth of competition in domestic metallurgical market.
Information on the assigned credit ratings according to the Ukrainian national scale is available at the internet site of «Credit-Rating» company www.credit-rating.com.ua, as well as in informational systems of REUTERS and BLOOMBERG
Should you need more detailed information, please contact
Dmitriy Zadesenets, Yelena Tertishnik
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
