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Economy 04/08/2011 Ahbor-Reyting assigns corporate bond issuer rating to Uzavtosanoat at uzA+ level
Ahbor-Reyting assigns corporate bond issuer rating to Uzavtosanoat at uzA+ level
Tashkent, Uzbekistan (UzDaily.com) -- Ahbor-Reyting, a national rating agency of Uzbekistan, assigned primary credit rating to Uzavtosanoat (Uzbek Car Industry) joint stock company at the level of uzA+ in line with national scale. The outlook is stable. The rating is assigned in the result of the company’s activities in 2010.

The assigned rating reflects high ability of the company to fulfill its liabilities in time and fully and low level of credit risk in its activity. The companies with uzA+ rating possess very high potential for modern and full execution of liabilities compared to other compared companies of Uzbekistan.

Uzavtosanoat has been created in line with the resolution of the Cabinet of Ministers “On measures on improving structure of car industry management” from 23 August 2004. The charter capital of Uzavtosanoat was 235 billion soums at the beginning of 2011. The State Property Committee of Uzbekistan holds 100% stake in the enterprise.

Currently, Uzavtosanoat is largest joint stock company and it unites 20 enterprises, including 16 joint ventures of automobile industry of Uzbekistan and large automobile service companies.

In 2010, all income-bearing assets of Uzavtosanoat grew by 44.96% year-on-year to make up 63.27% of total assets. At the same time, the company improved efficiency of income-bearing assets. In 2010, ratio of net income to income-bearing assets of the company made up 1.19% (1.14% in 2009).

Uzavtosanoat receives main part of its income from investment activities. In 2010, the long-term investments grew 2.8 times year—on-year and their share in total assets made up 0.10% (0.05% in 2009).

At the same time, short-term investment grew almost 2.5 times and made up 11.86% of total assets (5.92% in 2009). Besides, the securities of the company reached 372.4 billion soums, or grew by 7.85% year-on-year. Their share in total assets of Uzavtosanoat made up 17.58% (20.38% in 2009). Other part of investment portfolio fell to share of affiliated companies, subsidiaries and enterprises with foreign investments.

In 2010, Uzavtosanoat is 100% founder in seven enterprises, including Uzavtosanoatmahsusyuktrans, Avtosanoat-terminal, Avtosaninvestsavdo, Avtoolam magazine, Avtosanimpeks, Uzavtosanoattrans and Avtooyna.

In 2010, investments of Uzavtosanoat to subsidiaries grew by 60.65% to 84 billion soums. Resources invested by Uzavtosanoat to enterprises with foreign investments rose by 73.81% to 543.1 billion soums. Their share in total income-bearing assets of Uzavtosanoat increased from 33.79% in 2009 to 40.51% in 2010. So, total investments of the company to subsidiaries, affiliated companies and joint ventures grew by 49.95% to 33.70% in total assets.

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