The Expert RA rating agency has awarded KIT Fortis Investments the top reliability and service quality rating A++ (level “exceptionally high/highest level of reliability and service quality”). “The highest appreciation of the reliability and service quality of KIT Fortis Investments is based on the highest level of investment process organization, top quality risk-management system, faster-than-market AUM growth, and integrated software and diversified risk-management tools utilization” – mentions Head of Investment Ratings Expert RA Pavel Mitrofanov. “To install one of the best risk-management systems on the Russian market and to efficiently manage investment process the company adopted experience of its European partner – Fortis Investments.“ Asset management company KIT Fortis Investments operates on the market since 2002. The company specializes on mutual funds management and segregated accounts management.

The Expert RA rating agency has awarded to the Obuv Rossii Group of footwear companies the B+ rating of creditworthiness. The positive factors that impact Obuv Rossii’s credit status are the company’s substantial credit capability enabling it to borrow funds for business development, the expanded diversification of sources for external financing of its activity through a growing number of bank partners and its own bill program. The great advantage that Obuv Rossii has is that this group of footwear companies has formed three footwear brands that can capture very wide segments of the market owing their price diversification. The monobrand nature of the holding’s retail marketing network makes it possible to come up with a unique assortment combination of shops with different brands for each target region of their presence. Another advantage of the company is its own production facilities that can quickly respond to fluctuations in consumer preferences”, says Xenia Morozova, Expert RA, the credit ratings sector of the corporate ratings department. The agency considers the following factors as being negative and preventing the Obuv Rossii group of footwear companies from being awarded a higher rating: risks of developing franchise networks, extra costs of mergers and takeovers resulting from entering new territorial markets. Other deterrents were currency exchange risks during purchases of raw material and finished footwear abroad, a considerable increase in accounts receivable owing to the development of the wholesale direction.

The Expert RА rating agency has confirmed the reliability and service quality A ++ rating of the Management-Centre management company (Moscow) (level “exceptionally high/highest level of reliability and service quality”). The highest assessment of reliability and service quality of The Management-Centre is based on its streamlined investment process, a qualitative system of risk assessment, the growth of managed assets and high parameters of profitableness. “In implementing its project investments the company has used the outsourcing of accompanying services (assessment, client search for acquisition and sale of businesses, etc.) which enables the management company to reduce costs for the upkeep of a large staff of narrow specialists”, says Marina Kholmakova, RA Expert, department of financial institutions. In the rating assessment the experts note, among others, the following deterrents: the company’s low degree of business diversification, and the absence of the Code of professional ethics coordinated with the Federal Financial Markets Service (FFMS). The company’s specialization in managing direct investments in the form of private mutual funds hinders the development of other lines of its business in confidential assets management but, at the same time, it enables the management company to take the lead in the confidential management market in terms of total amount of funds.

The EXPERT Innovational office informs about the start of yet another, 8th Contest of Russian Innovations. The Annual Contest of Russian innovation has been organized and conducted by Expert Mediaholding since 2001. Entries may include innovational projects in various fields of science, engineering and technology which may be at different stages of development, introduction and operation of innovational products and technologies. Project may be authored by organizations (without limitations as to their size and type of legal entity), creative groups and natural persons. “One can say with great confidence that the Contest of Russian innovations has become a major event both in the Russian and foreign scientific and business communities. It is important that this project should continue to hold the same stature and note, as it does today, by keeping its unique position as Russia’s centre for innovational policy improvement” Andrei Fursenko, Minister of Education and Science said in his speech.

The Expert RA rating agency has awarded the top reliability and service quality A++ rating to the Group of URALSIB management companies (Exceptionally high/highest level of reliability and service quality). The Group of URALSIB management companies is represented by three management companies: URALSIB – Capital Management, UK URALSIB management company and URALSIB Asset Management. The top assessment of the Group of the URALSIB management companies’ reliability and service quality is confirmed by its effectively built process of risk control as well as its multistage system of investment process. The Agency’s analysts highly assessed the complex of integrated certified Diasoft 5NT-based software solutions the Group uses. The experts point out as factors that limit the rating assessments the Group’s rather poor management of some major mutual funds in the period under review, and reduced assets under UK URALSIB’s management.

The Expert RA rating agency has confirmed its reliability A+ rating of the ROSSIA insurance society (a very high level of reliability). The factors, that allowed to evaluate the company’s reliability at this level include, among others, its high business reputation and the insurer’s well developed brand. The Agency’s analysts note the insurance company’s positive experience in the settlement of big losses. ОSАО ROSSIA’s insurance portfolio is highly diversified and stable. “The company’s financial situation is characterized by low parameters of unprofitableness from insurance activity and operational costs” says Alexey Tersky, RA expert, Department of financial institutions ratings. The Expert RA agency also gives a positive assessment of the insurer’s high liquidity, its well-balanced and stable investment portfolio.

The Expert RA rating agency has awarded the Ural-AIL insurance company (the Perm region) the reliability rating A (High level of reliability). One of the factors, that allowed to evaluate the company’s reliability at this level is the high growth rates of the main parameters in the company’s performance. The Ural-AIL insurance company occupies the leading position in the Perm region. Its insurance portfolio is sufficientyly diversified and stable. The insurer’s financial position is characterized by high asset liquidity and available reserve of financial means. Diversification and the reliability level of the insurer’s investment portfolio are evaluated as sufficient. The development level of its client base is also at an acceptable level. Ural-AIL’s reliability level is somewhat limited due to its insufficient denominate parameters, narrow specialization of its operations exclusively in this highly unprofitable region, and, as consequence, high parameters of unprofitableness from OSAGO insurance activity.

“Banks of Russia – XXI century” YI banking forum took place in Sochi, September 4-7. The forum was held by Association of regional Russian banks (Association Russia) assisted by WB and EBRD. The forum mostly discussed Concept of the Russian financial market development till 2020, prepared by Expert RA and Association of regional Russian banks under the auspices of the RF Public Chamber. “Concept of the Russian financial market development till 2020 is mostly aimed at supporting economic growth and social stability in the country and at establishing a sovereign financial system”, - said Dmitry Grishankov.

The Expert RA rating agency has affirmed the B+ rating (sufficient creditworthiness) of Commercial Volga Social Bank (Samara). The Bank boasts good credit portfolio, new business development, acceptable diversification of attracting and placing funds, acceptable concentration (10 largest creditors and borrowers), and reliable reputation at the regional market. “Credit programs with Delta-Credit (mortgage) and Inter-municipal fund for supporting small entrepreneurship in Samara area were definite pluses. Working with partners allows the Bank to diversify its business and expand its presence at the financial market”, - says Oksana Kaplina, Expert RA, department of ratings of financial institutions.

Expert RA has launched the X annual competition Best Annual Reports. Any company that prepared an annual, ecological or social report in 2007 may participate in the competition. The competition is tasked to attract public and domestic business’ attention to the problem of annual reporting in companies and promote best practices of disclosing information. Annual reports assessment and analysis together with short-list compiling is done in strict conformity with especially prepared methodology. The methodology considers the established world practice of the document and main aspects of new trends and demands to disclosing information in annual reports by investors, shareholders and state bodies.