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02.07.2014

EXIAR and NFC complete export factoring deal for SME

EXIAR has insured the risks borne by the National Factoring Company (NFC) for financing seven shipments made by the Master Assembly Set Centre to four customers in Kazakhstan. The shipments of construction materials, worth approximately RUB 6 million, were insured as part of a special support programme for export-oriented SMEs.

To date, most export shipments to the CIS (where the majority of buyers of Russian non-commodity goods are concentrated) in which factoring services were used have been financed by Russian factors on terms of recourse to the supplier. The main reason for this has been the relatively undeveloped nature of factoring in these countries, which limits the factors' opportunities for using the two-factor export model, in which default risks are covered by the import factor in the buyer's country. EXIAR’s SME export support programme enables Russian companies not only to obtain early payment for shipments with deferred payment, but also to fully protect themselves against the risk of long delays in payment, or of bankruptcy of the foreign buyer.

The Master Assembly Set Centre (Novosibirsk), which has been using the NFC’s export financing services since 2010, is the first company whose accounts receivable have been not only financed by the NFC, but also insured by EXIAR. Today, an NFC client need not worry about a long delay in payment or possible bankruptcy of its partners in Kazakhstan offering them a deferment. In addition, EXIAR’s fixed limits for The Master Assembly Set Centre's partners in Kazakhstan have enabled the NFC to offer the client a substantial degree of financing.

"The government has recently focused even more on supporting and increasing non-commodity exports. The EXIAR programme is a real instrument for significantly boosting the ability of Russian companies to increase their supplies to the CIS. Payment deferment is a key competitive advantage in international trade. However, the risk of not receiving sales revenue often outweighs the potential benefit from sales, and is a deterrent to signing contracts. We hope that, with help from EXIAR, our partner, we will be able to increase exports not only by financing SMEs, but also by covering their export credit risks", said Corneliu Robu, Deputy Chairman of the Management Board at the National Factoring Company.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011 as an open joint-stock company. EXIAR’s mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks.Vnesheconombank is the sole shareholder of EXIAR. The agency's charter capital is RUB 30 billion.

Info on the NFC

• Fifteen years' experience in factoring
• Twenty-two representative offices in all key Russian regions
• The most complete range of products in Russia (financing of accounts receivable, purchase of accounts receivable, indemnity in the event of non-payment by the buyer, financing of purchases, financing of order fulfilment, factoring for export transactions)
• Risk management system checked for compliance with international standards by PricewaterhouseCoopers
• Credit controllers in every NFC office, monitoring timely payment by buyers on a daily basis
• IT support for factoring operations (electronic document processing and provision of information to the client about all the processes and procedures: setting limits for buyers, work with accounts receivable to ensure timely payments, etc.)
• Member of two major international factoring associations: the International Factors Group (IFG) and Factors Chain International (FCI)
• NFC credit ratings from Standard & Poor’s (В, stable outlook), Moody’s Investors Service (B3/Not Prime, stable outlook).

Info on the Master Assembly Set Centre
The Master Assembly Set Centre was established to optimise wholesale deals, primarily of furniture strips, decorative wall panels from MDF (wood fibre and wood chip board), indoor construction mouldings, as well as door panels (with frames) and door mouldings, trade in furniture components, crown mouldings, floor skirting, curtain holders, etc. The centre has three main product lines: doors, construction, and furniture, with a range of over 300 items for 60 types of decor.

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