Danske Banka extends the credit facility of SIA Forans amounting to 485 thousand Euros
On December 23, 2010 Danske Banka signed the contract with SIA Forans on extending the term of the credit facility amounting to 485 thousand Euros for a period of one year. The loan facility is intended for securing the current assets – purchase of raw materials for production needs.
Head of Danske Banka Raivis Kakānis states that he is satisfied with the successful cooperation with SIA Forans, which is among the Latvian companies, who have demonstrated the ability to develop also under difficult market conditions. "We think that accurate planning of financial resources, as well as well-considered entry into new markets are the most important cornerstones, upon which the successful development of this company is based. We are glad that by providing financing we can contribute to growth and strengthening of this company on export markets," R. Kakānis adds.
SIA Forans Board Chairman Sergejs Jegorenkovs comments: "As the production volume of the company increases, selection of a stable and reliable financial partner is very important. We are glad that the successful cooperation with Danske Bank and guarantees provided by the Latvian Guarantee Agency will allow us to continue the commenced work. The high quality of our products is appreciated by both the Latvian and foreign cooperation partners. In year 2011 we plan to add also the Polish, Slovakian, Finnish and Swedish markets to the list of current export markets of the medical products produced by us. In year 2010 the export volume of our company increased by 35%, thus, we have provided our contribution to development of the Latvian economy. We plan to increase the production volume by 30% in year 2011."
About Danske Banka
Danske Banka is the Danske Bank Group’s unit in Latvia. Danske Bank Group is the largest bank in Denmark and one of the Northern Europe’s leading financial institutions. The Group is widely represented in 14 countries; it serves more than 5 million retail customers and a significant number of institutional organizations. Approximately 22 100 bank’s employees are taking care about the daily needs and comfort of its customers.
The aim of the Danske Banka is to become the best local partner of its customers in financial issues. High quality service and individual approach towards each customer needs characterizes the Bank’s activities.
Danske Bank Group’s current ratings:
Long-term: AA3 (Moody’s); A (S&P); A+ (Fitch);
Short-term: P-1(Moody’s); A-1 (S&P); F1 (Fitch).
About SIA Forans
SIA Forans exports a wide range of medical products under the brand name Medrull to numerous countries, e.g. Lithuania, Estonia, Russia, Bulgaria, Byelorussia, Ukraine, Azerbaijan, Armenia, Georgia and Romania. The product range includes high quality plasters, plaster rolls, wound-care dressings, care products, cotton wool and surgical dressings for hospitals needs. SIA Forans employs 35 people.