F.A.Q.

Can I update my company's contact information?

Of course, please contact us at [email protected] and we will update your company's email address, website address and phone number. Please note that the platform provides your company's registration address.

How often do you update company's data?

Daily, if the data is updated in the primary data source, i.e., in the various institutions whose data we publish.

I do not want my company's data to be on the Okredo platform. What do I have to do?

The data of legal entity submitted to the Register of Legal Entities are public pursuant to Article 2.71(1) of the Civil Code: "Article 2.71. The data of the Register of Legal Persons, the documents kept in the Register and any other information submitted to the Register shall be public." Pursuant to this Article of the Civil Code, all information systems, credit bureaus and other companies shall collect, compile, and publish data on the legal persons of the Republic of Lithuania.

Where do you get your company information from?

We collect and update data on companies from official and approved data sources, e.g. the Register of Legal Entities, the Judicial Administration, the State Social Insurance Fund Board, the Department of Statistics and other sources.

The activities of my company as listed on the Okredo platform are not true. How can I correct this situation?

We collect data on companies' activities from the Department of Statistics. If the activities listed in the Statistics Department do not correspond to the company's main activity, please initiate a change by filling in the request form (available here - http://www2.stat.gov.lt:8777/imones/sektor.html). Please send the completed application form to [email protected].

I am checking the company but there are no financial ratios. You do not have this information?

Most likely the company has not provided its annual accounts or is not required to provide it to the Register of Legal Entities. For this reason, no financial ratios are calculated. For example, sole traders are not obliged to do so, whereas public limited companies or private limited companies are obliged to convene a shareholders' meeting when financial year ends, within four months at the latest, to approve the company's financial statements. The company must provide the approved documents to the Register of Legal Entities within one month. Please note that the financial year of companies is not necessarily the same as the calendar year.

I am the director of a company, but I do not want my personal data (name) to be made public. What do I have to do to have this data removed?

The data of a legal person, as provided to the Register of Legal Persons, are public pursuant to Article 2.71(1) of the Civil Code: "Article 2.71. The data of the Register of Legal Persons, the documents recorded in the Register and any other information submitted to the Register shall be public."
The data of the manager of the company in this case are not protected under the Law on Legal Protection of Personal Data of the Republic of Lithuania (hereinafter referred to as the "LPPD"). This law does not abrogate the protection of personal data and provides for certain exceptions, e.g., the processing of personal data for the purposes of freedom of expression and freedom of information in accordance with Article 4 of the DPAA: “
“Article 4. Processing of personal data and freedom of expression and information. Where personal data are processed for journalistic or academic, artistic, or literary expression purposes, Articles 8, 12-23, 25, 30, 33-39, 41-50, 88-91 of Regulation (EU) 2016/679 shall not apply.“ The General Data Protection Regulation takes a broad view of journalism (https://www.privacy-regulation.eu/lt/r153.htm).
We would also like to reiterate that we process data lawfully and only to the extent provided for in the legislation of the Republic of Lithuania.

The GOscore rating looks very interesting, e.g., it looks like a "very high credibility" when you check a company and it has not provided up-to-date financial statements, although it is obliged to. Can the rating be used to say that a company is reliable if it is not complying with the law?

The GOscore rating looks at all publicly available data and makes the best possible prediction based on this data. The purpose of the rating is to predict an event, not to penalize a company for a possible delay in filing its financial statements with the register. We would also like to draw your attention to the fact that not all companies are obliged to submit their financial statements to the register and that some companies that are obliged to submit financial statements do not necessarily have a financial year that coincides with the calendar year.

How do you calculate the credit limit?

The credit limit calculation is based on the company's financial statements filed with the Register of Legal Entities. The main financial indicators used to calculate the credit limit are:

• Tangible assets.
• Working capital.
• Sales.
• Efficiency ratios.
• Profitability ratios.
• Liquidity ratios.

How do you calculate the value of a company? I think my company is worth a lot more.

Value of a company is calculated using the Excess Return Model, which assesses company's ability to generate value-generating profits in both - short and long term. The Excess Return Model calculations use key profitability and growth indicators that are also used in the analysis of the company's financial situation. Value of a company helps:

• To understand whether the investment in the business has paid off or not.
• To compare the value of your own, competitors' or business partners' businesses.
• Strengthen your negotiating position in case or purchasing or selling the company.

This is a preliminary valuation, which may change as a result of an expert evaluation of the company's assets (both tangible and intangible), as well as the company's customer portfolio and other relevant data that are not available to us.

I want to disclose a debtor, but I cannot identify myself. Why?

Only identified company managers can publish debtors on the Okredo platform. Identification requires a valid mobile signature or Smart-ID registered with one of the commercial banks operating in Lithuania.

I would like to receive information about your new services and other news. Where can I register?

Email us at [email protected] and we will add you to our newsletter mailing list.