The rating of Sifco International reflects acceptable financial results, as well as favourable level of capital adequacy. The rating also takes into account high risks of the leasing portfolio of the company.

The rating of the leasing company at the level of uzB++ means adequate level of trust to its activity and solvency. The leasing company with uzB++ level has high ability to execute its financial liabilities in time and fully compared to the leasing companies with lower rating.

But changes in commercial, financial and economic situation can impact ability of the leasing companies to execute financial liabilities in time and fully compared to leasing companies with the uzA level.

In the reporting period, Sifco International demonstrated strong financial results. The leasing portfolio of the company rose 4.7 times and reached 5.5 billion soums at the end of 2011. The assets of Sifco International rose by 90.03% year-on-year to 9.96 billion soums. About 55.81% of the assets of the company fell to share of income-bearing assets, which rose twice compared to 2010.

In the reporting period, current assets of the company increased by 53.43% and made up 4 billion soums in 2011. Short-term investments increased by 44 times year-on-year and reached 1.2 billion soums.

In the result, the liquidity figure showed positive trend. The coefficient of current liquidity increased from 2.13% in 2010 to 3.01% in 2011, the coefficient of term liquidity from 0.89% in 2010 to 2.93% in 2011, the coefficient of absolute liquidity from 0.36% in 2010 to 0.45% in 2011.

Long-term bill receivable of Sifco International jumped 3.3 times in 2011. The profitability of realized goods increased from 29.13% in 2010 to 41.73% in 2011. Sifco International actively continues increase its leasing activity. Income of the company from financial leasing grew 30 times year-on-year to 333.3 million soums. Income from general economic activity made up 54.44%. At the same time, the coefficient of profitability of the assets and own capital of the company made up 0.13% (0.48% in 2010) and 0.35% (1.48% in 2010) respectively in 2011. According to the financial report of the company, income of Sifco International from financial activity rose three times to 658 million soums in 2011.

Income from financial activity mainly comprises of income from long-term leasing – 333.3 million soums and income from difference of currency rates – 324.7 million soums. Expenses from financial activity fell by 14.38% to 473 million soums. Main expenses were related to interests (76.21% of total expenses from financial activity).

Total income of Sifco International in 2011 decreased by 72.73% and total expenses by 75.42% and made up 3.6 billion soums and 2.5 billion soums respectively. In the result, the ratio of expenses to income in 2011 made up 71.71% (80.6% in 2010).

Ahbor-Reyting believes that Sifco International will develop further in the leasing services market.