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Economy 29/06/2011 Ahbor-Reyting affirms rating of Dori-Darmon
Ahbor-Reyting affirms rating of Dori-Darmon
Tashkent, Uzbekistan (UzDaily.com) -- Ahbor-Reyting, a national rating agency of Uzbekistan, affirmed credit rating of securities issuer Dori-Darmon joint stock company at uzA+ in line with national scale in the result of 2010. The rating uzA+ reflects high ability of the company to fulfill its debt liabilities in time and full volume.

In 2010, Dori-Darmon improved its main indicators in 2010. Own capital of the company reached 34.703 billion soums against 24.649 billion soums in 2009. The coefficient of capital adequacy, determined as ratio of own capital to total liabilities, made up 114.9%, which is reliable guarantee for execution of liabilities in line with requirements of international Basel agreement.

In the considered period, the company supported high financial results. Net revenue of the company made up 117.5 billion soums, while prime cost was 111.2 billion soums, which 21.3% more year-on-year. Gross profit from sales of goods made up 6.3 bullion soums, which is 55.9% more compared to 2009. Total revenue from the company’s activities made up 140.5 billion soums, which grew by 20.3% year-on-year. Net income grew by 10.03% year-on-year to 13.2 billion soums.

Due to growth of business scale of the company, the assets rose by 12.6% year-on-year in 2010. The assets grew due to increase of own capital, including 100% growth of charter capital from 8.03 billion soums to 16.06 billion soums. At the same time, the company sharply cut use of loans.

Ahbor-Reyting underlined that such significant growth of charter and own capital resulted in decrease of the company’s profitability, but the profitability indicators rate in high level. Other indicators as coefficient of current solvency (72.4%), coefficient of liabilities coverage (139.2%), capital adequacy for coverage of liabilities (114.9%) were in high level.

The company did not have overdue bills payable or bill receivables at the end of 2010. Debts on current liabilities at the size of 30.2 billion soums are covered with assets – 13.67 billion soums of money resources, 17.2 billion soums of goods for realization. The company has no long-term liabilities.

The coefficient of turnover of goods reserves of Dori-Darmon increased from 2.83 a year to 6.03 in 2010. The indicator of turnover of bills payable or bill receivables made up 6.2 and 4.65 a year respectively

Based on positive results in 2010, Ahbor-Reyting believes that financial-economic indicators of Dori-Darmon will improve further in near future. At the same time, Dori-Darmon will be able t execute its debt liabilities in full volume as it has strong government support and leading position in pharmaceutical market.

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