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RA «Expert-Rating» confirms the rating of the bonds of “Leasing IT-SPV”, LLC at the level uaВВВ-


29/12/2011

December 29, 2011 RA «Expert-Rating» confirms the credit rating of the bonds of the leasing company «Leasing IT-SPV» at the level uaВВВ-. When confirming the credit rating of the issuer at the given level, the analytical department of RA «Expert-Rating» was guided by the management efficiency of the leasing portfolio of “Leasing IT-SPV”, LLC and also by the key performance indicators of Private JSC “Leasing IT” according to the results of the 9 months of 2011.

Table 1

Key indicators of the leasing portfolio at the balance of «Leasing IT-SPV», LLC (UAH, %)

Indicators

 

September of

2011

 

August of

2011

 

July of

2011

June of

2011

May of

2011

April of

2011

March of 2011

February of 2011

January of 2011

December of 2010

November of 2010

October of 2010

September of 2010

Growth rate of indicators September 2010 – March 2011

1. Turnovers on the portfolio

-

-

-

-

-

-

-

-

-

-

-

-

-

 

The number of transactions for the period

443

345

302

261

268

263

314

278

207

364

211

162

135

228,15%

Volume of transactions for the period

2150287,2

1 739427,1

1473019,9

1186063

1318518,4

1243265,5

1509854,8

1195681,2

1052247,6

2028140,3

1034873,5

718349,3

742377,7

189,65%

Proportion of households in total volume of transactions (%)

98,3

99,5

98,9

99,2

96,5

95,8

97,5

100,0

100,0

97,1

100,0

100,0

97,6

0,72%

The average transaction amount for the period

4853,92

5041,82

4877,55

4544,3

4919,8

4727,3

4808,5

4301,0

5083,3

5571,8

4904,6

4434,2

5449,3

-10,93%

2. Characteristics of the portfolio

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total clients debt of the portfolio

6033465,1

 

5148861,4

 

 

4599174,3

 

4249556

4119772,6

3952255,8

3784539,1

3400063,5

3172570,2

3068016,4

1922194,9

1465495,3

1154347,3

422,67%

Proportion of households in total debt  (%)

98,4

98,3

97,7

97,3

96,9

97,4

98,2

98,8

98,4

98,1

99,5

98,7

97,7

-

The weighted average effective interest rate (%)

120,88

119,09

120,71

126,75

119,75

121,40

118,57

119,36

118,98

119,86

121,05

120,25

119,22

-

The proportion of non-performing loans overdue more than by 30 days in the portfolio (%)*

 

-

 

-

 

-

2,06

4

2,7

3,2

1,9

1,1

0,2

0,03

-

-

-

The proportion of non-performing loans overdue more than by 90 days in the portfolio (%)*

1,59%

 

2,93%

 

3,49%

 

-

-

-

-

-

-

-

-

-

-

-

Level of decommissioned bad debts, %

13,99%

12,00%

9,06%

1,95%

-

-

-

-

-

-

-

-

-

 

*         Since July of 2011 the company calculates the indicator NPL (non-performing loans) ?90 days; The debt over 180 days is to be discarded.

Source: Data of the company «Leasing IT-SPV», LLC, calculations by RA «Expert-Rating»

1. The number of transactions for the period has grown by 228% and in September of 2011 has reached 443 transactions, at the same time a monthly volume of transactions has increased up to UAH 2,15 mln. and in September of 2010 it constituted UAH 742,3 th. The average monthly amount of the transaction has been dynamic, since September of 2010 to September of 2011 it dropped by about 11%. However, the average amount of transactions has constituted UAH 4886 for the last 12 months that haven’t much exceeded the indicators in September of 2011.

2. Total clients debt of the portfolio continued to grow during the last 12 months. In September of 2011 it reached UAH 6,033 mln. This indicator has grown in 5,22 times for the last 12 months. The company confidently increased its volume of transactions while it managed to maintain the effective interest rate of the portfolio nearly at 120% per annum during all the 12 months. At such a level of effective rate, the issuer was out of the influence of the interest rate risks, which worsened in the Ukrainian market in autumn of 2011 with the growth of interest rates in the interbank loans market.

3. The level of non-performing loans overdue more than by 90 days (NPL) has constituted 1,59% at the end of September, the level of decommissioned bad debts (cumulative for the 9 months of 2011) – 13,99%. The level of decommissioned bad debts is provided at 20% in the baseline portfolio of indicators. At the same time the crisis scenario assumes that the portfolio can sustain the level of decommissioned bad debts more than at 32% and while maintaining the current yield – more than at 40%. The price of attractive resources in Q3 has continued to decline and has been in the range of 20-24% per annum. The formed portfolio continues to maintain a very high level of diversification – the proportion of the largest client doesn’t exceed 1% of the portfolio.

 

When making a decision about the investments in the issuer’s bonds, the investors must take into consideration the following factors:

- August 25, the Company «Leasing IT» paid the coupon yield to the investors for the 15th coupon period in full. Total paid amount of coupon yield constituted UAH 408 074,51.

- August 31 of 2011, a subsidiary of Private JSC «Leasing IT» – «Leasing IT-SPV», LLC made a decision about the public offering of registered, interest, secured bonds amounting to UAH 100 000 000,00 (the issue of bonds of Series B was registered by SSMSC on October 04, 2011). As of 29.12.2011 the bonds of Series B weren’t in circulation, and the credit rating was assigned by RA “Expert-Rating” only to the bonds of Series A.

 

Table 2

Key performance indicators of Private JSC «Leasing IT» (th. UAH, %)

Indicators

9 months of

 2011

9 months of 2010

Change for 2010-2011

Growth rate for 2010-2011

Balance indicators:

-

-

-

Assets

19416

18525

891

4,8%

Fixed assets at net book value

6383

6502

-119

-1,8%

Liabilities

9319

8516

803

9,4%

Shareholders’ capital

10096

10009

87

0,7%

Authorized fund

3543

4083

-540

-13,2%

Arrears in payment for the equipment

5139

4502

637

14,1%

 

-

-

Financial results:

-

-

 -

Net income from the equipment supply in leasing

7741

1427

 

 

Other operating revenues

821

2310

-1489

-64,5%

The cost of leased equipment (without VAT)

7741

1427

 

 

Operating expenses

1546

1038

508

48,9%

Result of operating activity

(725)

0

-725

-

Financial income*

0

634

 

 

Financial expenses

53

535

-482

-90,1%

Profit from operating and financial activity before taxation

76

840

-764

-90,9%

Net profit

76

840

-764

-90,9%

 

-

-

-

-

The coefficients:

-

-

-

-

Shareholders’ capital/ Assets ratio

52,00%

54,03%

-2,03 p.p.

-

ROE

0,75%

8,39%

-7,64 p.p.

-

ROA

0,39%

4,53%

-4,14 p.p.

-

     * Financial income – income and penalties of the “old” portfolio

Source: Data of the company Private JSC «Leasing IT», calculations by RA «Expert-Rating»

 

Analytical department of RA «Expert-Rating»

Confirmation of the credit rating of the bonds of the leasing company «Leasing IT-SPV» (english version) - 29.12.2011

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