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RA Expert Rating confirms the rating of bonds issues of series A, B and C by the LLC ‘AUZ Factoring’ at the level uaBBB - following the results of 20


On March, 14th, 2011 the Rating Agency Expert Rating has confirmed the rating of bonds issues of series A, B and C by the company LLC ‘AUZ Factoring’ at the level uaBBB – according to the national scale. Confirming the credit rating, the Agency was guided by the results of work of the company in 2010.

1. Following the results of 2010 the factoring portfolio of LLC ‘AUZ Factoring’ has reached the point of
UAH 27,3 m. In the Q4 2010 the portfolio grew by UAH 3,2 m. In 2010 the company performed financing of transactions by UAH 13,9 m, having increased portfolio volume by 51%. Following the results of 2010, the effective rate on factoring portfolio made 37,5 %, that means growth by 2,37% even compared to 9 months of 2009. The Agency positively estimates the policy of interest rate management of the factoring company, which should lead to growth of interest incomes of the company in 2011.
2.The LLC ‘AUZ Factoring’, same as earlier, does not have troubled debts in its factoring portfolio. In
2010 the Company has used the right of recourse for UAH 512 th. That makes just 1,8 % from the total nominal value of the portfolio. By Agency estimations, namely the possibility of recourse the liabilities means in practice very low probability of troubled debts appearance in the factoring portfolio of the company.
3. Following the results of 2010, repayment term of factoring financing made 80 days only, for 2 months of 2011 this term has been reduced to 57 days, i.e. the duration of financing reduced approximately from one quarter to about 2 months. By the end of the year LLC ‘AUZ Factoring’ has been serving 18 clients with supplies to 60 debtors. The amount of financed supplies made 2500 for the total sum of UAH 65 m., that is, - the average sum of supply is equal to UAH 26,0 th.
4. The Agency considered as negative factors preventing from raising credit rating of LLC ‘AUZ Factoring’ the following ones: unprofitable work of the company and decrease in capital adequacy level from 21,4 to 19,65%. In 2010 the LLC ‘AUZ Factoring’ incurred in a loss of UAH 1,88 m. The company continued to bear operational expenses of service of suppliers: in 2010 they totaled UAH 1,97 m. Recognizing that in 2010 the volume of factoring portfolio has grown in 45 times, and the company states effective rate of 37,5 %, the Agency expects that in 2011 the problem of unprofitable work will be overcome.

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