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Home > News > First Company In Ogre Municipality To Receive CREFOCERT Certificate

First Company In Ogre Municipality To Receive CREFOCERT Certificate

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CrefoCert certificate is a new quality benchmark that is assigned to the most financially solvent companies in Latvia. CrefoCert certifies the ability of a company to borrow and meet its financial obligations that is a crucial factor in cooperational development and concluding new contracts. "It is particularly important to establish and promote a reputation of a stable enterprise for those companies whose business profile entails large number of clients and business partners. This certificate will be helpful in the international market, too, where it is even more difficult to attain recognition and competitiveness," explains Mr Vladislavs Mejertāls, the business development manager of "Creditreform Latvija" Ltd.


Certificates of financial solvency are a common practice internationally, which has become available in Latvia since the July of 2013. Within few months CrefoCert was assigned to more than 40 companies representing different business sectors. In Lithuania, similar certificates of financial solvency are received on average by 1000 company every year which positively acknowledge its usefulness in the development of their businesses.

“Miandum” Ltd. is the first company in Ogre municipality to receive CrefoCert Gold class certificate which will be electronically presented to the current and potential suppliers, clients and partners, published at the company’s website, included in the presentations and promotional materials. Interestingly, “Miandum” Ltd. received the certificate exactly on its birthday – the day of company’s foundation.

“Although both Latvian and global economy is at its recovery stage after the financial and economic crisis, many companies still thoroughly analyse the financial state of their current and potential business partners. I believe that CrefoCert is a kind of quality benchmark of company’s financial management which certifies the stability, sustainability and credibility. Whereas this year our company actively develops its international transport sector, this certificate will serve as a marketing tool to attract new clients. Meanwhile it is positive appraisal to the competency, ability and responsibility of the company’s employees,” told Mr Didzis Mizis, member of the board of “Miandum” Ltd.

Enterprises may apply for two kinds of certificates – Standard or Gold class which are assigned for one year. If during the year the indicators of financial solvency significantly decline the certificate is revoked. In assessment of solvency more than 30 different factors are taken into consideration, including financial data, analysis of company’s credit record, as well as a special CrefoScore index. The criteria for granting the certificate are developed following a unique methodology in cooperation with Creditreform Risk Management in Germany. It is essential that the assessment of businesses is conducted by an independent and professional company “CREFO Rating” Ltd. which is a part of “Creditreform Latvia” group. Whereas the experts of CrefoCert are made available all the necessary information about the company in order to assess its solvency, the application is simple and accessible online at www.crefocert.lv where more information about the certificate, as well as other certified companies are listed.