I. RATING AWARD
| Project title: | Project of Acquiring Real Estate for Utility Vehicles Sales and Servicing
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| Cumulated project value: | Denominated from EUR to SKK - 192 mil. SKK
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| Project owner: | Motor Car - Immo, s.r.o.
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| | Mikulášska 3
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| | 811 08 Bratislava
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| | IČO 35 751 002
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| Year of commencement: | 1999
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Rating evaluation:
The Slovak Rating Agency assigned to the project "Project of Acquiring Real Estate for Utility Vehicles Sales and Servicing" the following rating:
| Long-term foreign exchange rating of the project: | BBB (stable outlook)
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the project "Project of Acquiring Real Estate for Utility Vehicles Sales and Servicing" was assigned the long-term foreign exchange rating at the level BBB (stable outlook). The project carries only a certain investment risk, and its success and effectiveness could be damaged only by essential changes occurring in the economic or other external environment.
Substantiation:
- The subject matter of the project is the erection of a sales outlet and servicing workshop for utility vehicles, lease of the object to the company Motor Car Bratislava, spol. s.r.o. with its subsequent sale to the lessee. The Slovak Rating Agency evaluated the project as an effective undertaking. The project is characterized by a sufficient rate of profit, low non-materialization risk of earnings and sufficient reserves that, in case of increased expenses, would eliminate incidentally enhanced cash-flow demands. The sensitivity analysis supports sufficiently high cash flow reserves also in case of partial outages of earnings.
- In the field of non-financial aspects the Agency positively evaluated the good project management. Certain reserves were identified in the field of accountancy in link with the project, and with the monitoring of its effectiveness. Third-party communications were evaluated as good.
- The Slovak Rating Agency analyzed potential external influences that might affect the project. Through its method of financing, the project depends also on the rate of success of other projects carried by the company Motor Car - Immo, s.r.o..
Please don't hesitate to address your questions to autner@slovakrating.sk, or call +421 2 5464 5151.
Slovak Rating Agency
Bratislava, 29 June 2004