u - phu *-b yyu -b% u rhu - akd · 2020. 7. 2. · others 3.5% 1.2% 1.8% 0.8 34,400 81,400 aaa gold...

Part of the BISNODE group, Stockholm, Sweden

AGENCIJA ZA KOMERCIJALNU DJELATNOSTproizvodno, uslužno i trgovačko d.o.o.Published 7/11/2019

CREDITWORTHINESS RATINGREPORTPublisher: Bisnode d.o.o.

© CREDITWORTHINESS RATING REPORT. All rights reserved.Web: aaa.bisnode.hr, tel: +385 (0)1 30 30 500, fax: +385(0)1 30 30 501

Table of contents

01. What is creditworthiness rating?

02. Registration data

03. Balance sheet

04. Income statement

05. Indicators

06. Graphic analysis

07. Methodology

08. Statistics

09. About Bisnode

© CREDITWORTHINESS RATING REPORT. All rights reserved. Web: aaa.bisnode.hr, tel: +385 (0)1 30 30 500, fax: +385(0)1 30 30 501

What is creditworthiness rating?Creditworthiness rating is above-average rating value of entities - economic operators. It isbased on the entities' financial statements for the last business year and forecasts the safety ofoperations in the next twelve months.

Companies with creditworthiness rating operate above average and it is less likely that theirtransaction account will be frozen next year. To get creditworthiness rating a company mustmeet the following quality standards:

The company must be older than 3 yearsIt needs to have at least one employeeCompany's total revenue needs to exceed HRK 350,000The company needs to have at least HRK 100,000 capitalCompany's net profit margin needs to be at least 3 %

Certification has become an established practice in the international environment and amethod for entities to further consolidate their reputation and trust in domestic and foreignbusiness environment. The holders of a certificate thus gain additional trust of their businesspartners.

The Bisnode Group has a long-term tradition in granting certificates of rating excellence in thefollowing 12 European countries: Sweden, Norway, Finland, Denmark, Germany, Slovenia,Croatia, Serbia, Bosnia and Herzegovina, Poland, Czech Republic and Hungary. In the nextyears, certification will be carried out at the level of the entire group of 19 European countries inwhich Bisnode operates.


1

Registration dataCompany name: AGENCIJA ZA KOMERCIJALNU DJELATNOST proizvodno,

uslužno i trgovačko d.o.o.

Address: Savska cesta 31, 10000 ZAGREB

Activity: C 18.12 OTHER PRINTING

Legal status: LIMITED LIABILITY COMPANY

Co. reg. no.: 03751970

Tax no.: 58843087891

Registration body: Trgovački sud u Zagrebu

Date of entry: 6/19/1991

Size: Big

Region: Grad Zagreb


2

Balance sheet

Data in HRK 2016 2017 2018

ASSETS

Long-term assets 101,523,800 99,286,600 132,245,000

Short-term assets 305,368,200 355,865,100 341,169,100

Inventories 37,203,700 35,265,300 38,756,700

Short-term operating receivables 67,921,800 44,045,500 65,018,700

Cash deposits on account and cash in hand 1,489,000 11,935,700 95,871,100

LIABILITIES & EQUITY

Capital 375,044,600 415,745,000 440,246,700

Provisions 8,471,400 9,028,800 3,227,100

Financial liabilities 0 0 0

Operating liabilities 22,211,500 29,214,900 28,331,800

Liabilities 407,726,100 456,370,600 474,384,900

Number of employees 306 318 324


3

Income Statement

Data in HRK 2016 2017 2018

Net sales 201,000,300 219,509,600 234,075,000

Cost of goods, materials and services 80,540,600 82,848,500 87,219,400

Labour cost 52,336,700 55,569,200 63,019,000

Depreciation and revaluation 17,121,700 14,735,500 14,616,000

EBIT 46,311,400 70,440,800 72,766,600

EBITDA 63,433,100 85,176,300 87,382,600

Financial revenues 4,146,700 5,457,300 3,859,900

Financial expenses 4,501,600 430,100 569,100

Total revenues 215,007,500 236,780,900 254,638,900

Total costs 169,051,000 161,313,000 178,581,500

Net business result for the accounting period 35,783,000 62,170,200 62,414,900


4

Indicators

2016 2017 2018

Participation rate of capital 91.98 91.09 92.80

Current ratio 13.75 12.18 12.04

Debt servicing 0.36 0.55 0.50

Credit exposure from operations 0.32 0.19 0.26

Current assets turnover 0.67 0.71 0.53

Operating margin 21.54 29.75 28.58

Net return on assets 8.78 14.39 13.41

Return on equity 9.54 15.72 14.58

Net profit margin 16.64 26.26 24.51

Share of fixed assets in assets 24.90 21.75 27.87

Share of current assets in assets 74.89 77.97 71.91


5

Graphic analysis

Participation rate of liabilities

The participation rate of liabilities tells us the amount of assets financed by foreign capital. Thehigher the ratio, the better the company uses foreign sources for its financing (current and non-current liabilities). As a rule, foreign financing is cheaper than financing from own resources.

Calculation ratios


6

Liquidity ratio

The liquidity ratio tells us the the coverage of current liabilities by current assets. The higher thevalue of the ratio, the easier it is for the company to settle its current liabilities. Liquidity is thecompany’s ability to have at its disposal, within a short period of time, adequate liquid assets fortimely payment of due liabilities.

Calculation ratios


7

Assets turnover ratio

The ratio measures the share of total revenues in assets and tells us the amount of totalrevenues generated by the company with the available assets. The higher the value of the ratio,the better the performance of the company and the shorter its turnover. The shorter theturnover, the better the liquidity of the company and the smaller the probability that it wouldexperience liquidity problems. A shorter turnover means that assets require less time to beconverted from non-liquid to liquid state.

Calculation ratios


8

MethodologyThe methodology for assessing creditworthiness rating is based on a combination of qualitystandards and statistical model. The analysis includes entities with at least one employee, totalrevenue of at least HRK 70,000 and positive equity. The statistical model estimates theprobability of entity's blockade next year and represents a basis for solvency excellence rating.The final solvency excellence rating takes into consideration additional quality standardsdefined for a particular level of solvency excellence.

The statistics of entity blockades in relation to a specific financial ratio represent a basis forpreparing a statistical model:

Indebtedness

Sh

are

of

po

pu

lati

on

(in

%)

The share of debt in financing

BlockedShare of population

12% 23% 40% 60% 77% 88% 95% +95%0

5

10

15

20

25


9

Debt turnover quotient

Sh

are

of

po

pu

lati

on

(in

%)

Debt turnover quotient


N/A 1.13 1.88 2.91 4.55 7.77 15.42 39.61 +39.610

5

10

15

20

Credit exposure from operations

Sh

are

of

po

pu

lati

on

(in

%)

Credit exposure from operations


N/A 2% 6% 12% 21% 34% 52% 86% +86%0

5

10

15

20

25


10

StatisticsA comparison between entities with excellent solvency and the population distribution of theentity, which meet the following criteria as a minimum: at least one employee, revenue of atleast HRK 70,000, positive equity and no blockades in the past year.

A comparison of distribution based on the age of entities showed that older companies prevailin the case of AAA creditworthiness rating:

Distribution according to the number of employees showed that it is more diff icult forcompanies with two or less employees to achieve AAA creditworthiness excellence:

PopulationAAAGold

28 50 90 169 210 234 254 +2540

10

20

30

40

50

60

70

80

90

100

PopulationAAAGold

1 2 3 6 13 31 +310

10

20

30

40

50

60

70

80

90

100


11

With AAA creditworthiness rating entities with greater return on assets prevail:

PopulationAAAGold

-9% 0% 1% 3% 7% 18% 39% +39%0

10

20

30

40

50

60

70

80

90

100


12

The comparison of medians of the population of Gold Creditworthiness AAA winners with othercompanies shows that the Gold Creditworthiness AAA winners have a higher liquidity, achievea higher operating margin, and this is reflected in a higher profitability. They also achieve ahigher added value per employee and more often pay higher average monthly salaries.

Population Growth ofassets

Operatingmargin

Profitabilityof assets

Short-term liquiditycoefficient

Averagemonthly salary

Added value peremployee

Others 3.5% 1.2% 1.8% 0.8 34,400 81,400

AAA GoldCreditworthiness

7.1% 9.3% 13.0% 2.43 61,050 253,967

Operating margin

Others

AAA Gold Creditworthiness

Profitability of assets

Short-termliquidity coefficient

Average monthlysalary

Added value peremployee

Growth of assets

Comparison of AAA Gold Crediworthiness with other companies


13

About BisnodeBisnode is a leading European company that provides business information and conducts dataanalysis. It operates in 19 countries and is also a strategic partner of the largest global providerof business information, Dun & Bradstreet.

Bisnode Southern Market includes the subsidiaries in the countries of the former Yugoslavia:Slovenia, Croatia, Serbia, Bosnia and Herzegovina, and Macedonia.

Bisnode helps companies improve their operations and management of relationships withclients throughout the entire life cycle by utilising smart data. This is achieved by combining ourdata, the data of our clients, and the ubiquitous big data to create smart data.


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u - phu *-b yyu -b% u rhu - akd · 2020. 7. 2. · others 3.5% 1.2% 1.8% 0.8 34,400 81,400 aaa gold...

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