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17.08.2006
uaB credit rating assigned to upcoming bond issue of ZI Ltd
Today independent rating agency Credit-Rating announced the granting of a long-term
uaB credit rating to the scheduled interest-bearing bond issue by ZI Ltd
(Lviv) in the amount of UAH 5 million with a circulation period of 3 years. The company’s
main activity is wholesale and retail trade of medicine, insulin, dentist and medical
equipment and reagents.
Factors supporting the credit rating’s level:
- The Issuer is a leading operator in pharmaceuticals and medical equipment distribution market of Lviv region, and controls its own network of 45 pharmacies;
- stable growth of the Issuer’s financial and economic performance in 2002-2005, in particular the company assets grew 67% to UAH 14.1 million (as of 31.03.2006), net sales volumes increased 1.8 times – to UAH 40.3 million (in 2005), product profitability came up from 18.8% to 26.4% since 2003;
- high growth rates of Ukrainian pharmaceutical market in the recent years, in particular, the growth rate in 2005 was 15% year-over-year.
Factors restricting the credit rating’s level:
- small volume of authorized fund (UAH 3); as of 31.03.2006 the uncovered loss of UAH 996.8 thousand;
- the issue volume is 2.4 times larger than the owned capital as of 31.03.2006;
- high level of state regulation in Ukrainian pharmaceutical market which could cardinally change conditions of operation in the market in a short time.
For more detailed information, please contact us.
Kyiv (+38044 490 25 50, fax +38044 490 25 54)
