Print
IBI-Rating has affirmed the credit rating of discount bonds of LLC «SUCHASNIY FACTORING» at uaBBB–
01.06.2020The rating agency IBI-Rating informs on affirming of the credit rating of discount bonds of LLC «SUCHASNIY FACTORING» at uaBBB- grade, the rating outlook is «evolving».
LIMITED LIABILITY COMPANY «SUCHASNIY FACTORING» was founded on July 26, 2007. The authorized capital was formed by the contributions of 4 participants: one legal entity, as well as the contributions of three individuals. The ultimate beneficial owner (the controller) of the issuer is Mr. Dzhoraiev Rovshen - citizen of the Republic of Turkmenistan.
Since 2011 LLC «SUCHASNIY FACTORING» is actively working in the market of financing consumer population needs. The main activity is: lending, including on the terms of a financial loan; provision of factoring, financial leasing services; providing guarantees and suretyship, etc. The company has implemented joint retail lending projects with several large retail chains of electronics and home appliances stores. According to the results by 2019, LLC «SUCHASNIY FACTORING» received a net profit of UAH 3.9 million, which is more than tripled the financial result for the 2018. In the first quarter of 2020, the issuer's activity also remained profitable, but the amount of financial result was significantly lower - UAH 314 thousand.
The decision on placement of nominal discount ordinary (unsecured) bonds of A series was made by the General Meeting of the Participants of LLC «SUCHASNIY FACTORING» (according to the protocol №77 by 23.09.2019). The purpose of raising funds is the provision of loans, factoring, as well as the purchase of government securities (domestic government loan bonds).
The affirmed credit rating grade of the bonds is due to the acceptable quality of the loan portfolio, sufficient performance indicators, profitable current activities, as well as the presence of significant cash flows from the main activities and the projected increase in cash flow, which should provide sufficient level of resources to fulfill the obligations. In turn, the Rating agency notes the increased sensitivity to credit risk in view of activities in the high-risk segment of consumer lending and maintaining high sensitivity of financial sector participants to operational risks, due to the volatility of the legislative field, difficult economic situation, and possibly limited economy and real sector businesses. The «evolving» rating outlook is due to uncertainty about the impact on the financial condition of the issuer of the expected significant slowdown in business activity due to the deteriorating epidemiological situation in the country in the Q1 by 2020 and imposed economic and administrative restrictions on economic entities and individuals.
In order to carry out the analytical research the materials provided by LLC «SUCHASNIY FACTORING» have been used, including: financial statements for 2017-2019 and 3 months 2020, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.
Finance department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua
LIMITED LIABILITY COMPANY «SUCHASNIY FACTORING» was founded on July 26, 2007. The authorized capital was formed by the contributions of 4 participants: one legal entity, as well as the contributions of three individuals. The ultimate beneficial owner (the controller) of the issuer is Mr. Dzhoraiev Rovshen - citizen of the Republic of Turkmenistan.
Since 2011 LLC «SUCHASNIY FACTORING» is actively working in the market of financing consumer population needs. The main activity is: lending, including on the terms of a financial loan; provision of factoring, financial leasing services; providing guarantees and suretyship, etc. The company has implemented joint retail lending projects with several large retail chains of electronics and home appliances stores. According to the results by 2019, LLC «SUCHASNIY FACTORING» received a net profit of UAH 3.9 million, which is more than tripled the financial result for the 2018. In the first quarter of 2020, the issuer's activity also remained profitable, but the amount of financial result was significantly lower - UAH 314 thousand.
The decision on placement of nominal discount ordinary (unsecured) bonds of A series was made by the General Meeting of the Participants of LLC «SUCHASNIY FACTORING» (according to the protocol №77 by 23.09.2019). The purpose of raising funds is the provision of loans, factoring, as well as the purchase of government securities (domestic government loan bonds).
The affirmed credit rating grade of the bonds is due to the acceptable quality of the loan portfolio, sufficient performance indicators, profitable current activities, as well as the presence of significant cash flows from the main activities and the projected increase in cash flow, which should provide sufficient level of resources to fulfill the obligations. In turn, the Rating agency notes the increased sensitivity to credit risk in view of activities in the high-risk segment of consumer lending and maintaining high sensitivity of financial sector participants to operational risks, due to the volatility of the legislative field, difficult economic situation, and possibly limited economy and real sector businesses. The «evolving» rating outlook is due to uncertainty about the impact on the financial condition of the issuer of the expected significant slowdown in business activity due to the deteriorating epidemiological situation in the country in the Q1 by 2020 and imposed economic and administrative restrictions on economic entities and individuals.
In order to carry out the analytical research the materials provided by LLC «SUCHASNIY FACTORING» have been used, including: financial statements for 2017-2019 and 3 months 2020, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.
Finance department
For more information please contact:
Press service of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua