RATING REPORT
Slovak Rating Agency, a.s. hereby assigns the company C.I. CONSULTING GROUP, s.r.o. the following rating:
| Long-term domestic koruna rating | BB (stable outlook)
|
| Long-term foreign currency rating | BB- (stable outlook)
|
| Short-term rating | S3
|
The assigned long-term rating of BB (stable outlook) in the category of domestic koruna transactions is under the rating assigned to the State (A - stable outlook). In the category of transactions in foreign currencies the company C.I. CONSULTING GROUP, s.r.o. was assigned the rating of BB-. The short-term rating is S3+.
Justification:
- From the perspective of provided services in the area of corporate identity the company is a pioneer on the market in Slovakia. It has quality methodology and professionally adept workers at its disposal. The company therefore manages to take on and readily compete for more demanding projects in terms of finances and capacities, which is also demonstrated by the structure of its customers. Its portfolio comprises large corporate entities and companies operating in the public sector.
- Even though the company posted a drop in sales recently, in terms of trade liabilities the company reports no problems with settlements. A relatively high balance of available resources covers short-term trade liabilities to almost 100%. Certain reserves are perceived by the agency in the attained level of profitability, which oscillates around the border of covering costs. The projected volume of sales to the end of 2004 creates the supposition for a higher level of profitability.
- The company finances its requirements also from a loan provided by a foreign non-banking entity. The loan is to be repaid as a lump sum in 2005. The level of projected sales in 2005 with quality financial management creates the requisites for settlement of the loan on time and in full in line with the loan agreement.
- In terms of the territories in which the company provides its services, this is of a multi-national nature. It has managed to penetrate both domestic and foreign markets, especially in the Czech Republic. It is successfully developing its operations in Austria, Mexico, Germany, Bulgaria and Serbia, thereby diversifying its portfolio both in terms of country risk and customers.
Please don't hesitate to address your questions to autner@slovakrating.sk, or call +421 2 5464 5151.
Slovak Rating Agency
Bratislava, 30 November 2004