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: charter capital 2,200 minus accumulated loss 3,146 = −946; the positive total equity figure (6,515) rests solely on revaluation (additional capital 7,457) — structural insolvency masked by asset revaluation
- Current ratio 0.746 against a 1.5 norm — short-term assets (10,604) fall well short of short-term liabilities (14,216); overdue-obligations ratio 0.51
- Overdue payables of 10,788 against total payables of 19,440 — more than half of obligations are overdue; overdue receivables 3,256
- Operating profit on sales collapsed from 362 to 17 — sales profitability fell from 3.58% to 0.15%, the operating core effectively at break-even
- Debt load up 34% (loans and borrowings 1,711 → 2,294)
- Net profit of 1,215 was formed mostly from the sale of long-term assets (disposal gain of 1,132) rather than operations — a one-off, non-recurring source
- Operating cash flow margin fell from 17.44% to 6.53% (1,765 → 720)
- Extremely low cash balance — 11k at year-end
- Operating cash flow stays positive: 720, a 6.53% margin
- Revenue rose 8.87% (10,122 → 11,020)
- Accumulated uncovered loss shrank from 4,474 to 3,146
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. 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. Together these signs point to the need for 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.