The Hindu Business Line : ICRA's overseas affiliates bag mandate from local clients

CREDIT Rating Agency of Bangladesh (CRAB) and Bulgarian Credit Rating Agency (BCRA), both of which have recently became affiliates of ICRA, have started securing mandates from clients in their markets.

The Dhaka-based CRAB, which recently published its annual report for 2004, completed eight assignments in the first year of its operation, while the Bulgarian outfit finished three.

CRAB's assignments included the initial public offers of clients such as First Security Bank Ltd and International Television Channel Ltd. It also handled privately-placed debentures of textile outfits as well as companies operating in such sectors as hospitality.

The ICRA Managing Director, Mr P. K. Chaudhury, said a few more assignments, details of which cannot be disclosed at this stage, are under execution "During the first seven months of its operation, between June and December 2004, CRAB has earned a modest profit after tax," he said, adding that the operating income recorded by the agency, in local currency, stood at more than two million taka (around Rs 14 lakh).

In Bulgaria, BCRA concluded five assignments, including mandates that have originated in the financial services sector (pension funds and insurance companies). The agency is executing three other assignments. The latter, Mr Chaudhury stated, include those provided by a construction company and a municipality — for which analysts engaged by ICRA are being sent to the Bulgarian capital Sofia. in Bulgaria.

The earlier BCRA mandates have included assessment of the claims paying ability of Bulstrad General Insurance Co, and management and investment quality of pension funds managed by Doverie. Both outfits are part of TBIH, an associate of the Kardan group of Israel, which has developed some interests in the European country. Its activities include asset management, insurance and real estate. Both Bulstrad and Doverie are among the largest players in their respective areas, it is pointed out.

On another front, two other affiliates of ICRA — in Kuwait and Turkey — are going through key changes. In Kuwait, Credit Rating & Collection is carrying out three assignments. These comprise a securitisation deal, which has already called for a team of ICRA analysts to be sent to Kuwait.

In Turkey, the associate, FTCRA, is in the process of securing approval from the local regulatory agencies before it initiates its rating operation.

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