Molodechno Rayagroservis
OJSC Molodechno Rayagroservis
UNP: 600077381 · 8 Lebedevskaya St., Molodechno, Minsk Region, 222310
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 16 115 | 13 858 |
| Investments in long-term assets | 107 | 48 |
| Long-term receivables | 1 423 | 1 473 |
| Total Section I (long-term assets) | 17 645 | 15 379 |
| Inventories | 5 535 | 4 957 |
| — materials | 1 028 | 982 |
| — animals being raised and fattened | 2 911 | 2 336 |
| — work in progress | 797 | 382 |
| — finished goods and merchandise | 799 | 1 257 |
| Deferred expenses | 80 | 93 |
| VAT on acquired goods, works, services | 700 | 476 |
| Short-term receivables | 4 278 | 3 002 |
| Cash and cash equivalents | 11 | 10 |
| Total Section II (short-term assets) | 10 604 | 8 538 |
| BALANCE (assets) | 28 249 | 23 917 |
| Charter capital | 2 200 | 2 200 |
| Reserve capital | 4 | 4 |
| Additional capital | 7 457 | 6 824 |
| Retained earnings (uncovered loss) | -3 146 | -4 474 |
| Total Section III (equity) | 6 515 | 4 554 |
| Long-term loans and borrowings | 1 720 | 1 626 |
| Long-term lease liabilities | 3 854 | 2 395 |
| Other long-term liabilities | 1 944 | 3 685 |
| Total Section IV (long-term liabilities) | 7 518 | 7 706 |
| Short-term loans and borrowings | 574 | 85 |
| Short-term payables | 13 642 | 11 561 |
| — to suppliers, contractors, providers | 12 173 | 10 326 |
| — on taxes and duties | 186 | 310 |
| — on payroll | 267 | 250 |
| — on lease payments | 935 | 608 |
| Total Section V (short-term liabilities) | 14 216 | 11 657 |
| BALANCE (equity and liabilities) | 28 249 | 23 917 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Real equity is negative: share capital of 2,200 minus the accumulated uncovered loss of 3,146 = −946k BYN. The Section III total of 6,515 is positive only because of revaluation surplus of 7,457.F1.410 · F1.460 · F1.490 · F1.450
- There is no own working capital: the provision ratio is −1.050 — long-term assets of 17,645k BYN far exceed equity of 6,515, and the gap is closed with liabilities.F1.490 · F1.190 · F1.290
- Current liquidity is 0.746: short-term assets of 10,604k BYN do not cover short-term liabilities of 14,216.F1.290 · F1.690
- Core operations have flattened to nil: profit on sales is 17k BYN against 362 a year earlier, with sales profitability to revenue moving 3.58% → 0.15%. Cost of sales rose 13.4% against revenue growth of 8.9%, and gross profit fell from 1,550 to 1,298.F2.060 · F2.010 · F2.020 · F2.030
- Net profit of 1,215k BYN does not rest on production: investing-activity income is 2,537, of which 1,132 comes from disposal of long-term assets against 236 a year earlier; profit from current activities meanwhile fell from 1,160 to 435.F2.210 · F2.100 · F2.101 · F2.090
- There is virtually no cash: 11k BYN at year end against short-term liabilities of 14,216. Operating cash flow fell 59% (1,765 → 720) and its margin to revenue moved 17.44% → 6.53%.F1.270 · F1.690 · F4.040 · F2.010
- Payables to suppliers grew by 18% (10,326 → 12,173k BYN) and receivables by 43% (3,002 → 4,278), against revenue growth of 8.9%.F1.631 · F1.250 · F2.010
- Debt and leasing are growing: loans and borrowings 1,711 → 2,294k BYN (+34%), lease liabilities 2,395 → 3,854 (+61%) and lease payments within payables 608 → 935. Capital expenditure was 1,948 against operating cash flow of 720.F1.510 · F1.610 · F1.520 · F1.636 · F4.061
- Operating cash flow remains positive: 720k BYN — 6.5% of revenue; revenue grew 8.9% (10,122 → 11,020).F4.040 · F2.010
- The accumulated uncovered loss shrank from 4,474 to 3,146k BYN; equity grew from 4,554 to 6,515.F1.460 · F1.490
Recommendation
Molodechno Rayagroservis is a district agricultural enterprise (farm-machinery repair, milk production, grain growing, 3,397 ha of farmland) with signs of deep financial instability.
Recommendation: Restructuring — financial recovery with rescheduling of overdue debt, restoration of operating profitability and a review of the asset structure, keeping the enterprise as a going concern. Direct privatization is hampered by negative real equity and the debt burden; liquidation is premature given the positive operating cash flow and the enterprise's social and productive role in the district.
Why restructuring. Real equity is negative (−946): the positive total equity figure rests only on fixed-asset revaluation. The current ratio of 0.746 is half the norm, more than half of payables are overdue (10,788 of 19,440), and the overdue-obligations ratio is 0.51. Operating profit has all but disappeared (sales profitability 0.15%), and the bottom-line net profit comes from a one-off asset sale rather than core activity. At the same time the enterprise keeps positive operating cash flow and growing revenue, which sets it apart from a hopeless case.
Confidence: HIGH. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass. The score is capped: with negative real equity and a current ratio below 1 the model assigns no value above 0.85 regardless of other indicators.