EVALUATION OF CREDITWORTHINESS THROUGH THE CREDIT SCORE MODEL BY SYNERGIC USE OF FINANCIAL AND QUALITATIVE INDICATORS

Općepoznato je da se u hrvatskom gospodarstvu vrlo malo pažnje pridaje analizi poslovanja i upravljanju poslovnim rizicima. Također, nekompetentnost i neadekvatna stručnost top menadžmenta, te površni i nedovoljno stručni nadzor poslovanja od strane vlasnika kontinuirano generiraju nelikvidnost, prezaduženost i gubitke u poslovanju. Nerješavanje (pravovremeno) navedenih problema je u konačnici uzrok velikog broja stečajeva, te likvidacija poslovnih subjekata, a što u konačnici stvara i ozbiljne probleme hrvatskom gospodarstvu kao cjelini. U ovom radu izvršit će se analiza poslovanja odnosno poslovnih rizika grupe Uljanik d.d. tijekom 2016. i 2017. godine, te utvrditi bonitet društva u tom trenutku odnosno prije objave stečaja društva u 2019. godini. Radom će se nastojati utvrditi jesu li se poteškoće u poslovanju mogle pravovremeno prepoznati, te je li temeljem procjene boniteta društva i spoznaja dobivenih tijekom analize, upravljačka struktura društva u spomenutom periodu mogla brže i odlučnije reagirati. U procjeni boniteta koristit će se optimalan izbor financijskih i kvalitativnih pokazatelja pomoću kojih je moguće donijeti pouzdaniju ocjenu boniteta uvažavajući unutarnje i vanjske čimbenike koji utječu na poslovanje društva. U modelu procjene u ovom radu konačna ocjena boniteta utvrđuje se sintezom i zajedničkim bodovanjem financijskih i kvalitativnih pokazatelja, te pruža sveobuhvatnu i vjerodostojniju informaciju o poslovnom subjektu i njegovim rizicima u poslovanju i na taj način omogućava donošenje pravodobnih i ispravnih poslovnih odluka.It is well known that in the Croatian economy very little attention is paid to business analysis and business risk management. Also, incompetence and inadequate expertise of top management, as well as superficial and insufficiently professional supervision of business by companies\u27 owners, continuously generate problems with liquidity, over-indebtedness, and losses within Croatian companies. Failure to (timely) address these problems is in essence the cause of a large number of bankruptcies and liquidations of business entities, which ultimately produces serious problems for the Croatian economy in general. In this paper, business analysis and the analysis of business risks of the Uljanik d.d. group. during the period from 2016. to 2017. will be evaluated in order to determine the creditworthiness of the company at that time, respectively before the announcement of the company\u27s bankruptcy in 2019. This paper will try to determine whether the difficulties in business could be promptly identified and whether the company\u27s management structure in the mentioned period could react faster and more decisively based on the assessment of the company\u27s creditworthiness and the knowledge gained during the analysis. The optimal choice of financial and qualitative indicators was used in the evaluation of creditworthiness by which it is possible to make a more reliable assessment of creditworthiness taking into account internal and external factors that affect the company\u27s operations. In the used credit score model, the final credit rating is determined by synthesis and common use of financial and qualitative indicators and provides comprehensive and credible information about the business entity and its business risks and in that way allows the correct business decisions to be taken on time