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Transcript of Credit Analysis Report
CREDIT ANALYSIS REPORT © Coface Latvia Credit Management Services SIA
email: [email protected]
18.08.2009 10:40 (GMT+2)
Order Details: Customer: SIA "XXX"
Order number: 12345
Delivery speed: Normal
Language: English
Given company name: SAMPLE SIA
COMPANY REPORTED
SIA "SAMPLE"
International Name: SAMPLE, Ltd
Principal Address:
Rīga
LV-0123 Rīgas raj.
Latvia
Tel: +371-12345678
Fax: +371-12345678
Email: [email protected]
Registered office:
Rīga
LV-0123 Rīgas raj.
Latvia
Former company addresses
Former Registered office:
xxx gatve 96
LV-0123 Rīga
Latvia
ICON number: XXXXXXXX
National ID: XXXXXXXXXXX
VAT number: XXXXXXXXXXX
Date of Last Research: 14.08.2009
CREDIT INFORMATION SUMMARY
Insolvency Information: According to available information sources the company is not in a insolvency/preliminary/debt regulation
proceeding.
Maximum Credit: EUR 2.500.000,00
Coface Central Europe Group defined a Maximum Credit of EUR 2.500.000 as the general upper limit for a
suppliers’ credit. The Maximum Credit computed for the company in question would exceed this upper limit.
Credit Rating: 6 - Acceptable risk
Insolvency /
Medium High
preliminary / debt Very High Risk
Low Risk
Risk
regulation proceedings
0 1 2 3 4 5 6 7 8 9 10
▲
Page 1 of 11
Payment Practices: Payments are made according to terms
Debt Collection: There is no record of any debt collection action by Coface Latvia Credit Management Services SIA against this
company exceeding a single case volume of EUR 500.
Negative information NO
available:
COMPANY DETAILS
Established: 2004
Registration: No. XXXXXXXXX
xx.xx.2004
Commercial Register, Latvia
Legal Form: Limited Liability Company
Capital:
Nominal capital: LVL 4.871.738,00 since 12.06.2007
Changed from: LVL 4.571.738,00 since 21.12.2006
LVL 3.868.934,00 since 14.11.2005
LVL 1.619.962,00 since 18.02.2005
Shareholders:
Equity
Full Name
Function Address
capital
XXX Shareholder 38,95%
XXX Shareholder XXX 33,05%
Registration: XXX XXX
XXX XXX
XXX
XXX Shareholder 22,10%
Registration: Latvia
XXX Shareholder 5,90%
Management:
Full Name Function
Address
Uzvards Vards Chairman of the executive board (signature A.BieziĦa xx
Nationality: LV right) Rīga
Latvia
Uzvards Vards Member of the executive board (signature Čiekurkalna x. š ėērslīnija x
Nationality: LV right) x
Rīga
Latvia
Uzvards Vards Member of the executive board (signature Rumbulas xx
Nationality: LV right) Rīga
Latvia
Uzvards Vards Member of the executive board (signature ZeltiĦu x
Nationality: LV right) Rīga
Latvia
Uzvards Vards Chairman of the supervisory board Mavanes xx
Helgi Gardabaer
Nationality: IS Iceland
Uzvards Vards Deputy chairman of the supervisory board Penkules x
Nationality: LV Rīga
Latvia
Uzvards Vards Member of the supervisory board Laugalind x
Nationality: IS Kopavogur
Iceland
Uzvards Vards Member of the supervisory board Elizabetes x
Nationality: LV Rīga
Latvia
Page 2 of 11
Uzvards Vards Member of the supervisory board Tērvetes x Nationality: LV Jelgava
Latvia
Person functions in
other companies:
Function Company Other known functions of Uzvards Vards Chairman of the supervisory board SIA "XXX" (LV)
National ID: XXXXXXXXXXX Member of the supervisory board "XXX", AS (LV)
National ID: XXXXXXXXXXX
Member of the supervisory board Sabiedrība ar ierobež otu atbildību "XXX" (LV) National ID: XXXXXXXXXXX
Other known functions of Uzvards Vards
Member of the supervisory board Sabiedrība ar ierobež otu atbildību "XXX"" (LV) National ID: XXXXXXXXXXX
Chairman of the supervisory board SIA ''XXX'' (LV)
National ID: XXXXXXXXXXX Deputy chairman of the supervisory SIA "XXX" (LV) board National ID: XXXXXXXXXXX Member of the supervisory board Sabiedrība ar ierobež otu atbildību "XXX" (LV)
National ID: XXXXXXXXXXX Member of the supervisory board SIA "XXX" (LV)
National ID: XXXXXXXXXXX Member of the supervisory board SIA "XXX" (LV)
National ID: XXXXXXXXXXX
Other known functions of Uzvards Vards
Member of the supervisory board "XXX", AS (LV) National ID: XXXXXXXXXXX
Member of the executive board Sabiedrība ar ierobež otu atbildību "XXX "XXX"" (LV) National ID: XXXXXXXXXXX
Member of the supervisory board SIA "XXX" (LV) National ID: XXXXXXXXXXX
Member of the supervisory board SIA " XXX " (LV) National ID: XXXXXXXXXXX
Member of the executive board " XXX ", SIA (LV) National ID: XXXXXXXXXXX
Chairman of the supervisory board SIA " XXX " (LV) National ID: XXXXXXXXXXX
Other known functions of Uzvards Vards
Chairman of the supervisory board "XXX", AS (LV) National ID: XXXXXXXXXXX
Chairman of the executive board "XXX", SIA (LV) National ID: XXXXXXXXXXX
Chairman of the supervisory board Sabiedrība ar ierobež otu atbildību " XXX " (LV) National ID: XXXXXXXXXXX
Chairman of the supervisory board SIA " XXX " (LV) National ID: XXXXXXXXXXX
Chairman of the executive board " XXX ", SIA (LV) National ID: XXXXXXXXXXX
Other known functions of Uzvards Vards
Member of the executive board " XXX ", SIA (LV) National ID: XXXXXXXXXXX
Legal Representation: see free text
KEY DATA ON OPERATIONS
Page 3 of 11
Subject of Operation: NACE main activity: 4719 Other retail sale in non-specialised stores
4673 Wholesale of wood, construction materials and sanitary equipment 4710 Retail sale in non-specialised stores 4770 Retail sale of other goods in specialised stores
Retail trade in specialized products and accessories (equipment) for garden and house. NACE codes given are based on the most recent NACE Revision 2.
The company is active in the Coface sector 'Non specialised trade'.
Note: the Coface Sector Rating for this industry in the emerging markets of CEE is 'B+' (Last rating: 'B+')
Inflation rate: 1%
Key Data:
Amounts shown in Latvian Lat (LVL)
01.01.2009-01.06.2009 2008 2007 2006
Net turnover 34.792.998 89.071.015 ▲ 62.307.267 ▲ 25.181.899
NON-CURRENT ASSETS TOTAL 8.283.312 8.261.875 ▲ 5.486.119 ▲ 3.179.898
CAPITAL AND RESERVES TOTAL 5.715.898 5.676.477 ▲ 5.195.358 ▲ 3.855.240
Profit after taxation 39.421 481.119 ▼ 941.433 ▲ 0
Loss after taxation 0 0 0 73.013
Operating result - profit 392.515 1.473.660 ► 1.513.810 ▲ 0
Operating result - loss 0 0 0 88.247
▲ strong positive trend ( >=+20%) ► stable trend ( <+/-5%) ▼ strong negative trend ( >=-20%)
▲ positive trend ( <+20% & >=+5%) ▼ negative trend ( <-20% & >=-5%)
Page 4 of 11
Workforce:
2009 2008 2007 2006
Total workforce 1.100 1.083 814 0
Motor Vehicles:
2009
Number of cars leased: 52
Total number of vehicles 52
Imports:
Belarus
China
Germany
Page 5 of 11
Denmark
Estonia
Spain
Lithuania
Poland
United States of America
Major Customers: Retail trade.
Major Suppliers: Degoyer Knauf (Latvia) Prockwool ERGIS EUROFILMS SA
Real Estate: Shop Address: xxx gatve xx LV-0123 Rīga Latvia
Type of ownership: rented
Shop Address: xxx xx Rīga Latvia
Shop Address: xxx šoseja x Rīgas r.,xxx p., xxx Latvia
Shop Address: xxx 123 Daugavpils Latvia
Shop Address: xxx xxx Rīga Latvia
Shop Address: xxx xx LV-0123 Liepāja Latvia
Shop Address: xxx š oseja x LV-0123 XXX Latvia
Shop Address: Xxx 1 LV-0123 Jēkabpils Latvia
Page 6 of 11
Office Address: XXX LV-0123 XXX Latvia
Type of ownership: rented
Shop Address: xxx Rēzekne Latvia
Name: XXX
FINANCIAL INFORMATION
Financials:
Amounts shown in Latvian 01.01.2009-01.06.2009 2008 2007 2006 Lat (LVL)
BALANCE SHEET
ASSETS
Cost of research and 24.401,00
development
Concessions, patents, 308.608,00 361.019,00 367.148,00 264.943,00
-1,67% +38,58% licences, brands, etc.
Payments on account for 18.999,00 18.999,00 0,00 6.394,00
intangible assets
Total intangible assets 327.608,00 380.018,00 367.148,00 271.337,00
+3,51% +35,31%
Long-term investments in 109.968,00 86.488,00 48.702,00 50.195,00
+77,59% -2,97% leased tangible assets
Plant and machinery 9.428,00 15.559,00 34.214,00 49.215,00
-54,52% -30,48%
Other fixtures and fittings, 7.435.922,00 7.186.830,00 4.162.687,00 2.202.634,00
+72,65% +88,99% tools and equipment
Payments on account and 217.740,00 331.557,00 571.303,00 307.503,00
-41,96% +85,79% tangible assets in
progress
Prepayment for tangible 5.298,00 50.647,00 124.718,00 28.972,00
-59,39% +330,48% assets
Total tangible assets 7.778.357,00 7.671.081,00 4.941.624,00 2.638.519,00
+55,23% +87,29%
Other securities and 177.347,00 177.347,00
0% capital participation
Other loans 177.347,00 177.347,00 177.347,00
0%
Total financial assets 177.347,00 210.776,00 177.347,00 270.042,00
+18,85% -34,33%
NON-CURRENT ASSETS 8.283.312,00 8.261.875,00 5.486.119,00 3.179.898,00
+50,60% +72,52% TOTAL
Raw materials and 90.752,00 171.298,00 62.158,00 123.553,00
+175,58% -49,69% consumables
Work in progress 65.218,00 57.315,00 33.379,00
+71,71%
Finished goods and 24.894.202,00 25.017.428,00 17.784.688,00 9.422.939,00
+40,67% +88,74% goods for resale
Orders outstanding 57.315,00 33.379,00 13.580,00
+71,71% +145,80%
Payments on account 116.008,00 241.776,00 545.646,00 543.897,00
-55,69% +0,32%
Total stock 25.166.181,00 25.487.817,00 18.425.871,00 10.103.969,00
+38,33% +82,36%
Page 7 of 11
Trade receivables 692.104,00 979.101,00 1.076.152,00 270.352,00
-9,02% +298,06%
Other receivables 160.991,00 242.436,00 254.284,00 43.593,00
-4,66% +483,31%
Subscribed capital called 33.429,00 0,00 108.724,00 702.804,00
-84,53% but not paid
Short-terms loans to the 108.724,00
members of the company
and the management
Prepayments and accrued 71.467,00 63.691,00 60.040,00 52.365,00
+6,08% +14,66% income
Total receivables 957.990,00 1.285.228,00 1.499.200,00 1.069.114,00
-14,27% +40,23%
Cash at bank and on hand 286.911,00 656.215,00 1.021.747,00 349.177,00
-35,78% +192,62% (total)
CURRENT ASSETS TOTAL 26.411.082,00 27.429.260,00 20.946.818,00 11.522.260,00
+30,95% +81,79%
BALANCE 34.694.394,00 35.691.135,00 26.432.937,00 14.702.158,00
+35,03% +79,79%
EQUITY AND LIABILITIES
Share capital 4.871.738,00 4.871.738,00 4.871.738,00 4.571.738,00
0% +6,56%
Profit or loss carried 804.739,00 323.620,00 -617.813,00 -643.485,00
+152,38% +3,99% forward from previous
years
Profit or loss for the 39.421,00 481.119,00 941.433,00 -73.013,00
-48,90% +1.389,40% current year
CAPITAL AND RESERVES 5.715.898,00 5.676.477,00 5.195.358,00 3.855.240,00
+9,26% +34,76% TOTAL
Amounts owed to credit 4.061.876,00 4.061.876,00
institutions
Other creditors 4.061.876,00 2.847.044,00 1.975.651,00
+42,67% +44,11%
Deferred tax liabilities 0,00 93.630,00
Total long-term liabilities 4.061.876,00 4.061.876,00 2.940.674,00 1.975.651,00
+38,13% +48,85%
Amounts owed to credit 10.789.666,00 12.500.000,00 9.267.774,00 4.047.945,00
+34,88% +128,95% institutions
Other loans 879.835,00 1.758.098,00 1.232.602,00 501.947,00
+42,63% +145,56%
Advance payments 168.897,00 200.463,00 109.372,00 88.942,00
+83,29% +22,97% received
Trade debts 11.876.863,00 9.599.069,00 6.407.866,00 3.548.628,00
+49,80% +80,57%
Taxes and social security 741.902,00 1.095.338,00 589.059,00 138.374,00
+85,95% +325,70% payments
Other creditors 229.027,00 276.860,00 268.207,00 106.439,00
+3,23% +151,98%
Accrued charges 230.430,00 522.954,00 422.025,00 438.992,00
+23,92% -3,86%
Total short-term liabilities 24.916.620,00 25.952.782,00 18.296.905,00 8.871.267,00
+41,84% +106,25%
CREDITORS TOTAL 28.978.496,00 30.014.658,00 21.237.579,00 10.846.918,00
+41,33% +95,79%
BALANCE 34.694.394,00 35.691.135,00 26.432.937,00 14.702.158,00
+35,03% +79,79%
PROFIT AND LOSS
Net turnover 34.792.998,00 89.071.015,00 62.307.267,00 25.181.899,00
+42,95% +147,43%
Cost of sales 25.434.256,00 68.831.249,00 48.425.077,00 19.880.128,00
+42,14% +143,59%
GROSS PROFIT OR LOSS 9.358.742,00 20.239.766,00 13.882.190,00 5.301.771,00
+45,80% +161,84%
Distribution costs 8.530.741,00 17.898.363,00 11.591.122,00 4.938.055,00
+54,41% +134,73%
Administrative expenses 496.274,00 1.014.720,00 983.760,00 469.914,00
+3,15% +109,35%
Other operating income 60.788,00 194.273,00 282.777,00 28.692,00
-31,30% +885,56%
Page 8 of 11
Other operating expenses 47.296,00 76.275,00 10.741,00
-37,99% +610,13%
Other interest receivable 20.377,00 20.427,00 257.907,00 60.436,00
-92,08% +326,74% and similar income
Interest payable and 373.472,00 1.140.027,00 635.444,00 163.826,00
+79,41% +287,88% similar charges
PROFIT/LOSS ON 39.421,00 354.060,00 1.136.273,00 -191.637,00
-68,84% +692,93% ORDINARY ACTIVITIES
(BEFORE TAXATION)
PROFIT OR LOSS BEFORE 39.421,00 354.060,00 1.136.273,00 -191.637,00
-68,84% +692,93% TAXATION
Income-tax for fiscal 127.059,00 194.840,00
-34,79% period
Deferred income-tax 127.059,00 -157.877,00 118.624,00
+180,48% -233,09%
PROFIT OR LOSS FOR 39.421,00 481.119,00 941.433,00 -73.013,00
-48,90% +1.389,40% FISCAL PERIOD
Approximate Exchange2008: 0,702804 LVL = 1 EUR
Rates: 2007: 0,702804 LVL = 1 EUR
2006: 0,7028 LVL = 1 EUR
2005: 0,7028 LVL = 1 EUR
2004: 0,6711 LVL = 1 EUR
2008: 0,4797623 LVL = 1 USD
2007: 0,51365205 LVL = 1 USD
2006: 0,5725 LVL = 1 USD
2005: 0,5651 LVL = 1 USD
2004: 0,54 LVL = 1 USD
Bankers: "Swedbank" AS - Account no. HABALV22-LV85HABA0551009367426
LV-1048 Rīga, Balasta dambis 1a
"Swedbank" AS - Account no. LV49HABA0551008904123
SEB banka, AS - Account no. LV38UNLA0050005867018
Ratios:
01.01.2009-01.06.2009 2008 2007 2006
Return on sales, % 0,11 0,54 1,51 -0,29Profit after tax / Turnover * 100
Return on investment, % 0,69 8,48 18,12 -1,89Profit after tax / Capital and reserves total * 100
Current assets turnover, % 131,74 324,73 297,45 218,55Turnover / Current assets * 100
Net working capital 1.494.462 1.476.478 2.649.913 2.650.993Current assets - Short-term liabilities
Leverage 0,16 0,16 0,20 0,26Equity / Total assets
Current ratio 1,06 1,06 1,14 1,30Current assets / Short-term liabilities
Quick ratio 0,05 0,07 0,14 0,16(Current assets - Total stock) / Short-term liabilities
Debt-to-equity ratio 5,07 5,29 4,09 2,81(Short-term liabilities + Long-term liabilities) / Capital and
reserves total
Page 9 of 11
ADDITIONAL INFORMATION
Contact With Company: The information was received from all the sources available.
The company's financial director Mrs Vera Marinkēviča confirmed general information on the firm.
Commercial Pledges: yes
Additional information is not available.
BUSINESS ENVIRONMENT
Country Indicators:
Coface Country Rating:
01.06.2009 01.03.2009 01.12.2008
B B A4
Inflation rate:
01.04.2009
1%
CODES AND DEFINITIONS
Maximum Credit is to be understood as the highest possible engagement for a supplier delivering goods or rendering services on open terms with an average respite of 60 days. (It is assumed that, on the average, the company in question has 5 suppliers, who deliver goods or render services at the same time.)
Credit Rating
10 Excellent risk
9 Very low risk
8 Low risk
7 Moderate risk
6 Acceptable risk
5 Medium high risk
4 Significant risk
3 High risk
2 Very high risk of insolvency
1 Extremely high risk of insolvency
0 Insolvency/preliminary/debt regulation proceedings Payment Practices Payments are made very correctly. - Payments are made regularly. - Payments are made according to terms - Payments are made irregularly. - Payments are made slowly. - Payments are made very slowly. - Payments are extremely slow, constantly legal actions occur. - Payments stopped. Coface Sector Rating
A+, A, A- In a good sector economic environment with robust corporate financial health, payment behaviour has been satisfactory. Corporate default probability is low on average.
B+, B, B- The essentially good economic environment in the sector could experience short-term deterioration with negative consequences on corporate financial health. Payment behaviour has been generally satisfactory and default probability acceptable.
C+, C, C- In a very uncertain economic environment with vulnerable corporate financial health, payment behaviour is relatively poor. Default probability is high enough to cause concern.
D With a very poor economic environment prevailing in the sector, weakened corporate financial health gives rise to generally bad
payment behaviour. Default probability is high. Coface Country Rating
A1 The political and economic situation is very good as is business environment quality. This has a positive influence on corporate payment behaviour. Average corporate default probability is very low.
A2 Thelow. political and economic situation is good. The business environment though has a number of shortcomings. Average corporate default probability is
A3 Changes in a generally good but somewhat volatile political and economic environment can affect corporate payment behaviour. The business environment has some shortcomings. Average corporate default probability is at a quite acceptable level.
A4 The political and economic outlook is somewhat shaky. A relatively volatile business environment can affect corporate payment behaviour, although average corporate default probability remains acceptable.
B Economic and financial uncertainties and an occasionally difficult business environment can affect corporate payment behaviour. Average
corporate default probability is appreciable. C A very uncertain political and economic outlook and a business environment with many shortcomings can have a significant impact on
corporate payment behaviour. Average corporate default probability is high.
Page 10 of 11
D A high-risk political and economic situation and an often highly difficult business environment can have a very significant impact on corporate
payment behaviour. Average corporate default probability is very high.
All official information about Latvian companies is taken from the register of enterprises of the Latvian Republic and from the LURSOFT database in the Internet. The information and/or data provided are subject to the general terms and conditions or individual contract terms and may be used only for the purpose they have been requested for. Thank you for using our services. In case of any additional questions please contact our Credit Information Department:
Coface Latvia Credit Management Services SIA Berzaunes iela 11a Riga LV-1039 Tel.: +371 6732 34 50 Fax : +371 6782 03 80 E-mail: [email protected]
*** End of document ***
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