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13.01.2006
“uaBB” credit rating assigned to upcoming bond issue of OJSC "Vitaminy" Ltd
Today, independent rating agency Credit-Rating has announced the granting of a long-term "uaBB" credit rating to the registered interest-bearing bond issue by OJSC Vitaminy in the amount of UAH 5 million with a circulation period of five years. OJSC Vitaminy produces medicine and is a leading company in enzymatic agent production, in particular pancreatine.
Factors supporting the credit rating’s level:
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OJSC Vitaminy has over 50 years of working experience in pharmaceutical production, is one of the twenty top medicine producers in Ukraine and a national leader in pancreatine production;
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Good showings from the structure of the issuer’s capital since 2003, e.g. liabilities/capital ration was 61.9 percent as of Oct. 01, 2005;
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The issue volume of OJSC Vitaminy (UAH 5 million) is twice less than the company’s paid share capital (UAH 10.99 million) and approximately equal to the volume of undistributed profits (UAH 5.02 million as of Oct. 01, 2005).
Factors restricting the credit rating’s level:
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In the last five years (with the exception of 2004), the issuer’s operations were unprofitable;
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The bond circulation term is longer than the validity term of licensing documents for the principal activity of OJSC Vitaminy, the license is to be reissued in 2007 and the production is to be conformed to GMP standards by 2009;
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- Significant depreciation of basic funds, which will require considerable capital investments in future renewal and modernization.
Should you need more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
