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Economy 27/09/2011 Ahbor-Reyting assigns credit rating to O’zavtosanoat-Leasing
Ahbor-Reyting assigns credit rating to O’zavtosanoat-Leasing
Tashkent, Uzbekistan (UzDaily.com) -- Ahbor-Reyting, a rating agency of Uzbekistan, assigned preliminary credit rating to O’zavtosanoat-Leasing LLC at the level of uzA+ (High) in line with the national scale. The outlook is stable.

Assigned rating of O’zavtosanoat-Leasing at the level of uzA+ means very high level of trust to its activity and solvency, which reflects very low level of credit risk in its activity of leasing company. The company with uzA+ rating has high ability and potential for timely and full execution of its financial liabilities before creditors, depositors and investors. Currently, O’zavtosanoat-Leasing has the highest rating among leasing companies of Uzbekistan.

Assigned rating reflects stable market position and well recognized brand, acceptable financial results, as well as favourable level of capital adequacy. Main direction of activity of O’zavtosanoat-Leasing is rendering investment-financial services on handing over vehicles on leasing to enterprises.

Despite small period of its activity in the market, O’zavtosanoat-Leasing achieved significant financial results in 2010. Currently, O’zavtosanoat-Leasing is on the second place on the size of leasing portfolio.

In 2010, business scale of O’zavtosanoat-Leasing grew in stable temps. Net revenue of the company grew by 92.1%. At the same time, leasing portfolio of O’zavtosanoat-Leasing grew by 53.94%. The company continued to expand leasing portfolio and in the first half of 2011, it increased by 3.1% compared to the beginning of 2011.

Gross income of O’zavtosanoat-Leasing grew twice in 2010 and net income by 62.13%, which is connected with the growth of income from financial activities.

During its activity, O’zavtosanoat-Leasing demonstrated successful expenses management. In 2010, share of prime cost of realize products in net revenue of the company made up 67.6% (70.15% in 2009) and 58.1% in the first half of 2011.

Significant growth of gross income and gross revenue from goods realization helped to increase profitability of the realized goods from 29.85% in 2009 to 32.4% in 2010. At the same time, profitability of O’zavtosanoat-Leasing from general activity made up 5.1% (5.92% in 2009).

Liquid assets of O’zavtosanoat-Leasing in 2010 made up 0.42% of the company’s assets (0.41% in 2009). At the same time, the company’s balance has long-term investments as securities, which made up 44.51% of liquid assets of the company (65.7% in 2009).

Coefficient of current liquidity of O’zavtosanoat-Leasing in 2010 made up 226% (93% in 2009). Ahbor-Reyting believes that the company has high current liquidity.

O’zavtosanoat-Leasing has good capital base. In 2010, the charter capital made up 6 billion soums. Own capital increased by 31.29% year-on-year in 2010. Own capital adequacy of the company made up 10.26% (11.81% in 2009).

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