Expert RA upgraded Obuv Rossii to A level
The Expert RA rating agency has raised the credit rating of Obuv Rossii (OOO) to A (high level of reliability). The forecast is “stable”.
Obuv Rossii is characterized by high liquidity ratios (the absolute liquidity ratio in the consolidated statements was 0,59). The profitability of the Group is at an acceptable level (based on 2010 results, ROA = 7,1%, ROE = 13,2%). “In 2011, Obuv Rossii group of companies placed a bond loan in the amount of 700 million rubles. The funds raised will contribute to a more active expansion of the group’s business, ”says Pavel Mitrofanov, head of the Corporate and Investment Rating Department of Expert RA. In 2011, the company opened 60 stores.
Obuv Rossii GC is also characterized by high business activity (by the end of 2010, the asset turnover period was 322 days, capital - 177 days) and an acceptable level of debt load (the ratio of revenue at the end of 2010 and the company's debt as of September 30.09.2011, 0,75 was 30.09.2011, 1,4, and the ratio of capital to debt as of September XNUMX, XNUMX - XNUMX).
Among the factors limiting the level of the rating, the agency's analysts attributed the procyclical nature of demand for footwear, which, combined with high competition in the market, increases the company's business risks. In addition, Obuv Rossii Group of Companies is characterized by a low diversification of accounts receivable.
Obuv Rossii Group of Companies is a federal network of shoe stores, founded in 2003, with its head office in Novosibirsk. It has 180 stores, including franchised stores, in 57 cities of Russia. The group's net revenue in 2010 exceeded 1,58 billion rubles, net profit - 97 million rubles. As of September 30.09.2011, 2,1, assets amounted to 843 billion rubles, own funds - XNUMX million rubles.
The Expert RA rating agency has raised the credit rating of Obuv Rossii (OOO) to A (high level of reliability). Forecast…
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