Annual Report 2010. - Agjencia Kosovare e Privatizimit

ANNUAL REPORT 2010 21
LIST OF Enterprises UNDER DIRECT ADMINISTRATION
No.
of
SOE
Name of the enterprise
and the mandate of Direct
Administration
Challenges of the Social Enterprise Management & issues of Corporate Governance Future prospects
1
SOE “EMIN DURAKU”
Date of Entry: 09/04/2008
Based on financial data of 31
December 2010:
Income: 28,439.39 €
Income from government grant:
8,674.05 €
Expenses: 19,301.08 €
Cash: 6,843.22 €
- SOE “Emin Duraku” is a Joint Stock Company of
the employees (so called Workers Assembly).
-Difficult in collecting rent
- most of the workers refuse to cooperate with
PAK
- Presence of dangerous chemical materials in
one department.
- Continues threats from the so called Workers
Assembly toward the management appointed
by PAK
- Situation in SOE Emin Duraku is kept under control by
the security company “Security Code” contracted by PAK.
- Right of access to the Management-Administration
Building remains only through the enterprise’s
management of 5 persons and Union management of 3
persons.
- Rent collection has improved and this pays regularly
the management and periodically workers under social
welfare.
- In coordination with the PAK Regional Office in Peja
three enterprise’s assets were prepared for privatization
and all of them sold. A preliminary injunction of SCSC
was later received initiated by so-called Shareholder’s
Assembly with allegations that the enterprise is a Joint
Stock Company
- Waiting for verdict of SCSC to notify
provisional buyers.
If SCSC announces this enterprise as
a Joint Stock Company then the sale
shall not commence.
- Until SCSC verdict PAK is working
with leaseholders to collect lease
and secure payments to enterprise
workers.
- Upon placing the enterprise under Direct Administration
a new managing Board has been appointed.
2
SOE“JUGOTERM”
Date of Entry: 28/05/2010
Based on financial data on 31
December 2010:
Income:2,582,206.40€
Income from government grant:
0 €
Expenses: 2,818,099.20 €
Cash: 89,663.58 €
- Former management’s reluctance to cooperate;
- Difficulty in collecting enterprise debts;
- Inheritance of enterprise debts especially
towards TAK;
- Difficulty in securing the market;
- Difficulty in securing raw materials;
- Frequent power shortages.
- The bank overdraft has been terminated;.
- The enterprise has 202 workers and monthly salaries are
paid regularly.
- SOE had problems in securing raw material because
there was no contract in the beginning of the year.
- During the year most of the enterprise’s debts and
regular liabilities were paid. The only debt remaining is the
one for TAK in the amount of 200.000 euro.
- DA has greatly reduced expenses and cash payments are
stopped.
- For the first time in this enterprise the audit was done
and revealed many irregularities of this enterprise in the
past.
- Waiting for verdict of SCSC to notify
provisional buyers.
- If SCSC cancels the sale then the
enterprise shall be re-entered very
soon.
- Until SCSC verdict SOE will continue
to work in production and sale
of radiators in order to maintain
profit levels and secure salaries for
enterprise workers.