The rating of Sifco International JV LLC reflects acceptable financial results and favourable level of capital adequacy. The rating also takes into account high susceptibility of leasing portfolio of the company to risks.

The rating uzB++ means adequate level of trust to its activities and solvency. The leasing company with uzB++ level characterizes high ability to execute its financial ability in time and fully compared to the leasing companies, which have lower rating. But, changes in commercial, financial and economic conditions can impact ability of the leasing company to repay its financial liabilities in time compared to the companies with A rating.

In the reporting period, the leasing portfolio of Sifco International grew 3.3 times and as of 1 July 2011 reached 4.1 billion soums. The achieved results of Sifco International show that its management actively works on expanding its leasing portfolio. According to the company’s report, Sifco International financed 18 leasing projects for total sum of 2.953 billion soums. At the same time, the main part of leasing operations fell to share of special equipment (85%) and equipment (15%).

Assets of Sifco International grew by 30.5% year-on-year in the first half of 2011 and made up 7.9 billion soums as of 1 July 2011. At the same time, own capital of the company increased by 92.58% year-on-year in January-July 2011.

Total trade turnover of Sifco International made up 1.9 billion soums. At the same time, the income of the company from financial leasing grew 14 times and made up 157.3 million soums in the first half of 2011.

Having great experience Sifco International has chances to strengthen its position in the leasing service market.

In the first half of 2011, 84 leasing company registered in Uzbekistan. Leasing portfolio operations reached 1.202 billion soums in the first half of 2011.

Share of leasing portfolio in GDP of Uzbekistan made up 3.7% in January-July 2011, while share of leasing in GDP of Uzbekistan – 0.8%, share of leasing in investment into fixed capital – 3.2%.

About 29.7% of total leasing volume fell to share of technologic equipment, 28.5% - agriculture equipment, 16.9% - automobile, and 14.8% - real estate.