RusRating assigns credit rating to ProgmaTrade
The rating is based on close business ties to a consulting group with significant experience in the market for closed mutual investment funds and successful operations (with no losses) over the course of several years.
Constraining factors include assets and liabilities highly concentrated by counterparty, low profits, and over-valuation of the property collateral behind the Kreditny Portfel [trs. Loan Portfolio] mortgage participation certificates, which make up the bulk of assets.
About the Company
ProgmaTrade is a limited-liability private-sector Russian company that operates as a consultant and financial intermediary. It forms part of a consulting group with significant experience in asset management, including operations with closed mutual investment funds. ProgmaTrade works with financial institutions to acquire mortgage participation certificates, shares in closed mutual funds and other claims.
Assets consist mainly of mortgage participation certificates, supplemented by interest-bearing loans; all are classified as working assets and the structure of assets shows considerable fluctuations. All obligations are short-term and most take the form of accounts payable. The Company’s debt burden is judged low. Operating revenues are nil; income is generated from the purchase and sale of securities. Profitability is low. Liquidity is sufficient. Risk sensitivity is high.