The coefficient is used to assess the solvency of the enterprise. Great Oil and Gas Encyclopedia

Page 1.

The valuation of the solvency of the enterprise is one of the main characteristics of its creditworthiness.

The valuation of the company's solvency is made using solvency coefficients that are relative values. The solvency coefficients shown below reflect the opportunity to pay off short-term debt due to certain elements of working capital.

An assessment of the solvency of the enterprise to a certain extent complement the intensity of the intensity of capital use, which are measured or turning it, i.e. The number of turnover during the reporting period, or its load, i.e. Release and selling products per unit of capital.

To assess the solvency of the enterprise, three relative liquidity indicators are used, differing as a set of liquid funds (assets), considered as sources of coverage of short-term liabilities.

To assess the solvency of enterprises, characteristics are used reflecting the satisfactory structure of their balance sheets. First of all, they include liquidity.

To assess the solvency of the enterprise, three relative indicators are used, differing as a set of liquid assets considered as coverage of short-term liabilities.

In Russia, the coefficients of current and urgent liquidity are usually used to assess the solvency of enterprises.

At the same time, to assess the solvency of the enterprise through calculations of liquidity coefficients (Fig. 24.3), the corresponding methodology is also used.

Sources of information and algorithms for calculating indicators To assess the solvency of the enterprise at the end of the reporting year are shown in Table. 6.10. When calculating the payment agents in part finished products From the actual remnants of products at the end of the year, the standard should be subtracted, since it is not a source of receipt of funds.

The question of how many groups should be divided by the balance in assessing the solvency of the enterprise and how to distribute articles in groups is solved by analysts depending on the purpose of the analysis and structure of the reporting balance.

Thus, no article that is included in the calculation of liquidity coefficients does not include the size of promising payments. Therefore, according to L.A. Bernstine, they are unsuitable for assessing the promising solvency of the enterprise, and can only be used in the event of the liquidation of the enterprise or as first stage Analysis of solvency. The main advantage is simplicity and clarity, it can turn into such a disadvantage as the superficial conclusions, if the analysis of solvency will only be reduced to the definition of their values. In a normal situation, the assessment of the solvency of the enterprise, according to O.V.Efimova, should be carried out on the basis of the study of the sources of inflows and cash outflow in the short and long term and the ability of the enterprise to ensure the exception of the first over the second.

Analysis of financial coefficients [Ratio Analysis; R-Analysis] - one of the most common financial analysis systems, whose methods are calculating the ratio of individual financial indicatorscharacterizing various aspects financial activities Enterprises. IN financial Management The following groups of analytical financial coefficients were most common: coefficients for assessing the financial stability of the enterprise; coefficients of assessing the solvency of the enterprise; coefficients of assessment of assets (capital); Profitability assessment coefficients and others.

This assessment requires a preliminary grouping of enterprise assets in terms of liquidity, and its financial liabilities - urgency of repayment. The following main indicators are used to assess the solvency of the enterprise: the absolute solvency coefficient (acid test); The coefficient of intermediate solvency; Current solvency coefficient.

Introduction

The company's ability to make payments in a timely manner, finance its activities, indicates its good financial condition. The position of the enterprise depends on the results of its activities. If all the planned plans are performed, it has a positive effect on the solvency of the enterprise and the liquidity of its balance. Conversely, when the plans are not fulfilled, the indicators decrease, the state of the enterprise and its solvency deteriorate. As a result, the enterprise may lose the confidence of banks, partners and customers.

An indispensable condition for the full qualitative analysis of the financial and economic activity of the enterprise is the ability to read financial statements, and, in particular, its main form - balance sheet. It is important to understand the economic content of each balance sheet article, how to evaluate it, the role in the activities of the enterprise, the nature of changes to the amounts on a particular article and the importance of these changes to evaluate the enterprise economy. The ability to read the accounting balance makes it possible only on the basis of studying balance articles to obtain a significant amount of information about the enterprise.

The purpose of the analysis consists not only to assess the liquidity of the balance or solvency, but also to constantly carry out work aimed at their improvement. Analysis of the liquidity of the balance, solvency shows, for which areas it is necessary to conduct this work, makes it possible to identify the most important aspects and the weakest position in the analysis. In accordance with this, the results of the analysis give answers to questions, what are the most important ways to improve the state of the enterprise. But the main thing is to identify and eliminate the shortcomings in financial activities, to find reserves for improving its solvency.

The goal of the course work is to assess the liquidity and solvency of the enterprise with the help of indicators that are characterized.

To achieve the goal it is necessary to solve the following tasks:

Consider theoretical aspects of the liquidity of the enterprise as a key factor in its activities. To do this, it is necessary to reveal the methodological approaches to the estimation of liquidity. balance of the company, indicate the relative indicators of the liquidity and solvency of the enterprise and give them a characteristic, analyze approaches to the analysis of the cash flow of the enterprise;

Analyze the liquidity of the enterprise in the context of the analysis of its financial and economic activities;

The theoretical basis of the study is the legislation of the Russian Federation and its structures, the work of domestic economists (Sheremet, Gilyarovskaya, Saifulin, Solovyov, etc.), publications in periodicals.

The methodological basis for writing the course work is to use in the process of conducted studies of the set of various techniques and methods: analysis and synthesis, grouping and comparisons.

The subject of research in the course work was the liquidity of the trading enterprise. The object of the study is a specific trade enterprise - LLC Dana-Sat.

Course work consists of introduction, three chapters, conclusion, bibliographic list and applications. The total work of 45 pages. Coursework is illustrated with 10 tables, 4 applications. The bibliographic list includes 37 sources.

The practical significance of the work is that the results of the analysis can be used by manual when making management decisions.

1. Value, tasks and sources of solvency analysis of a commercial organization

One of the most important indicators of the state of the enterprise is liquidity. The task of analyzing the liquidity of the balance arises due to the need to evaluate the creditworthiness of the organization, i.e. Her ability timely and fully calculated on its obligations.

The liquidity of the balance is defined as the degree of coverage of the obligations of its assets, the term of the transformation of which in the money corresponds to the date of repayment of obligations. "Liquidity - the ability of the company:

1) to respond quickly to unexpected financial problems and opportunities,

2) increase assets with sales growth,

3) Return short-term debts by usual transformation of assets in cash. "

There are several degrees of liquidity to determine the possibilities of management of the enterprise, and therefore the sustainability of the entire project. Thus, insufficient liquidity, as a rule, means that the enterprise is not able to take advantage of discounts and emerging beneficial commercial capabilities. At this level, the lack of liquidity means that there is no freedom of choice, and it limits the freedom of action of the leadership. A more significant drawback of liquidity leads to the fact that the enterprise is not able to pay for its current debts and obligations. As a result, the intensive sale of long-term investments and assets, and in the worst case - insolvency and bankruptcy.

For the owners of the enterprise, insufficient liquidity may mean a decrease in profitability, loss of control and partial or complete loss of capital investment. For creditors, insufficient liquidity in the debtor may mean a delay in the payment of interest and the principal amount of debt or partial or complete loss of visible funds. The current state of liquidity of the company may also affect its relationship with clients and suppliers of goods and services. Such a change may be expressed in the inability of this enterprise to fulfill the terms of contracts and lead to loss of connections with suppliers. That's why liquidity attaches such great importance.

If an enterprise cannot pay off its current obligations as the date of payment occurs, its further existence is questioned, and this moves all other performance indicators to the background. In other words, the shortcomings of the financial management of the project will lead to the occurrence of the risk of suspension and even its destruction, i.e. To the loss of investor funds.

To survive in the conditions of a market economy and prevent the bankruptcy of the enterprise, it is necessary to know well how to manage finances, which should be the structure of capital on the composition and sources of education, which proportion should occupy one's own funds, and what are the borrowed.

The concepts of liquidity and solvency are close, but not identical to each other. Solvency depends on liquidity level. However, on the other hand, liquidity coefficients can characterize the financial position as satisfactory, but essentially this assessment may be erroneous if there are significant proportions in current assets on non-liquids and overdue receivables. At the same time, liquidity characterizes not only the current state of calculations, but also their perspective.

When evaluating solvency, pay attention to the balance on the balance sheet "Cash", since this asset has absolute value, in contrast to any other property that has the value only relative. These resources are most mobile, they can be included in financial and economic activities at any time, while other types of assets can often be included with a certain temporary lag. Thus, the greater the balance of cash, the more likely it can be argued that the organization has sufficient funds for current payments. At the same time, the presence of minor cash balances does not always mean insolvency - money can come in the near future, in addition, some types of assets are easily turned into cash.

To form an assessment of the level of solvency, it is also necessary to explore the state of settlement calculations on short-term liabilities (the maturity of payables and the presence of overdue debts) and analyze the cash flow.

An analysis of the solvency of the company is engaged in not only the leaders and the relevant enterprise services, but also its founders, investors in the purpose of studying the efficiency of resource use. Banks for assessing lending conditions, determining the degree of risk, suppliers for timely receipt of payments, tax inspections To fulfill the plan for receipt of funds to the budget, etc. In accordance with these analysis, it is divided into internal and external.

Internal analysis is carried out by the enterprise services and its results are used for planning, forecasting and control. His goal is to establish a systematic receipt of funds and place its own and borrowed funds in such a way as to ensure the normal functioning of the enterprise, receiving the maximum profit and exclusion of bankruptcy.

External analysis is carried out by investors, suppliers of material and financial resourcescontrolling authorities based on published reporting. Its goal is to establish the opportunity to profitably invest in order to ensure maximum profits and eliminate the risk of loss.

The main sources of information for analyzing the solvency and creditworthiness of the enterprise are the balance sheet (form No. 1) (for the analysis of liquidity, calculating the probability of bankruptcy) (applications A, B), profit and loss statement (Form No. 2) (Appendix B) (for The objectives of calculating the probability of bankruptcy), a report on cash flow (form No. 4) (for analyzing the cash flow) and other reporting forms, data of primary and analytical accounting, which decipher and detail individual balance sheet articles.

2. Brief description of the economic and financial activities of the organization under study

This term paper was performed on the materials of the enterprise operating on the consumer market of Krasnoyarsk and, in its organizational and legal form, is a limited liability company "Dana-Sat", which is registered at the address: Krasnoyarsk, Pros. Krasnoyarsk worker, 131, Of. 8. The company is a legal entity, guided in its activities by the legislation of the Russian Federation and is considered to be as follows from the moment of its state registration in the administration of the Leninsky district of Krasnoyarsk as a limited liability company on March 10, 1999. Dana-SB LLC operates on 164 sq.m leased areas in the amount of 164 sq.m., including 55 sq.m.

The company may be responsible to be the plaintiff and the defendant in the courts of various jurisdiction, has stamps, stamps, blanks with their name, own balance and account.

The main purpose of LLC Dana-Sat is to extract the maximum profits by meeting the material and social needs of its participants and the population, and the filling of the market by goods and services.

Achieving goals occurs through the implementation of the following activities, which should be attributed to the main functions of the enterprise:

Trade and procurement and mediation, retail trade (clothing);

Implementation and organization of consumption of purchasing goods, etc.

The company is an independent subject. In its activities, it is guided by the Charter and the Constituent Agreement, as well as the relevant legislative acts in the field of entrepreneurship.

Society "Dana-Sat" operates on the basis of the Charter, Civil Code and Federal Law "On limited liability societies." According to the company's charter, the highest governing body of LLC is the general meeting of the participants, which includes the director and his deputy, the authorized capital is eight thousand rubles. Accounting at the enterprise is conducted in accordance with the legislation.

The company has no specifically developed methodology for conducting an analysis. In this regard, this paper will propose an express analysis technique that can be used in the enterprise in the future, which will allow the management of the Company on time to make management decisions to improve the efficiency of the enterprise. Mode of operation: from 10 to 19, without lunch and weekends.

We will analyze the dynamics of the results of financial and economic activities (Tables 1.2).

Table 1 - Analysis of the dynamics of the results of the economic activity of Dana - Sat LLC for 2007-2008.

INDICATORS	Units. measured.	In fact for 2007	In fact for 2008	Absolute deviation (+ ;-)	Growth rate, %
1. Turnover
2. The average cost commodity reserves (selling cost)
3. The speed of circulation of goods (p.1: p.2)
4. The average number of employees, total
5. Including, trade and operational staff
6. The proportion of trade and operational in the average number of employees (p.5: p.4 x 100)
7. Average producer One employee (p.1: p.4)
8. The average production of one employee of trade and operational personnel (p.1: p.5)
9. Shopping Square
10. The average annual load on 1 sq. M. Trade area (p.1: p.9)
11. The average value of fixed assets
12. FDOOUTYDACH (p.1: p.11)
13. Expenses for labor, including
14. Occable 1 employee of the enterprise (p.13: p. 4)
15. Comprehensive performance indicator management (p.3 + p.7 + p.10 + pp.12): 4

Table 2 - calculation of the influence of factors related to the efficiency of resource use in the context of their species, on the dynamics of revenue from the sale of goods (by the method of absolute differences)

Indicators	Impact on the dynamics of revenue from the sale of goods
	Method of calculation		The magnitude of influence
Evaluation of the influence of factors related to the efficiency of commercial stock
1. The average cost of inventories, thousand rubles.	ΔVR (TK) \u003d Δtz * C0
2. The speed of circulation of goods, about	ΔVR (C) \u003d ΔC * TK1
	ΔVR (TK) + ΔVR (C)
Evaluation of the influence of factors related to the structure work force and efficiency of working stock
1. Average number of employees, people	ΔВР (h) \u003d Δh * DTOP0 * PT0 / 100
2. Specific weight top,%	ΔVR (DTOP) \u003d C1 * ΔDTop * PT0 / 100
3. Labor productivity top, thousand rubles.	ΔVR (PTTOP) \u003d h1 * DTop1 * ΔTtop / 100
4. Changing revenue from the sale of goods, thousand rubles	ΔVR (H) + ΔVR (DDTOP) + ΔVR (PTTP)
1. The average cost of fixed assets, thousand rubles.	ΔVR (OS) \u003d ΔOS * FO0
2. FDOOUTYDACH, rub.	ΔVR (FO) \u003d ΔFO * OS1
3. Change of revenue from the sale of goods	ΔVR (OS) + ΔVR (FD)
Evaluation of the influence of factors related to the efficiency of the use of trading area
1. Shopping Square, m. KV	ΔVR (S) \u003d ΔS * H0
ΔVR (H) \u003d ΔH * S1
3. Change of revenue from the sale of goods	ΔVR (S) + ΔVR (H)

Thus, the scale of economic activity of Dana-Sat LLC has increased in the reporting year, which is confirmed by the increase in turnover of 3814 thousand. rub. or 27.5%. Moreover, this result was accompanied by an increase in economic efficiency, as evidenced by the increase in the integrated economic efficiency ratio by 0.3%. As a result, the shared participation of extensive factors in increasing revenue from the sale turned out to be overwhelming, which characterizes the mostly extensive nature of the trading activity of Dana-Sat LLC.

A group of resources in which in the reporting year is noted an increase in the efficiency of use are labor resources. In the dynamics of the state of which there was an increase in the average number of working on 1 person while improving the structure of the labor force, which is expressed in the increase in the specific weight of the number of trade and operational personnel, in addition, these changes were accompanied by an increase in labor productivity, i.e. The average annual production of one operating increased by 9.3%. However, there was a decrease in the development of one employee of trade and operational personnel by 4.3%. At the same time, as a positive trend, there is a minor advanced increase in labor productivity compared with the rate of wage growth for each employee.

Thus, the calculations have made it possible to establish that for the reporting year, the management of the organization failed to maximize the available opportunities to increase the efficiency of trading activities due to reducing the economic return of fixed assets.

Table 3 - Analysis of the dynamics of financial performance on Dana-Sat LLC for 2007-200g.

Indicators	Susnovn. Massed.	In fact, for 2007	In fact for 2008	Deviation (+ ;-)	Growth rate, %
Revenue (net) from the sale of goods, thousand rubles.
Gross profit, thousand rubles.
The average gross profit level,% (p.2: p.1 x 100)
Sale expenses, thousand rubles.
5. Average level of sale expenses,% (p.4: p.1x100)
Profit (loss) from sale, thousand rubles. (p.2 - p.4)
Profitability sales,% (p. 6: p.1x100)
Other revenues, thousand rubles.
Other expenses, thousand rubles.
Profit (loss) before tax, thousand rubles. (p.6 + p.8-p.9)
Deferred tax assets, thousand rubles.
Deferred tax liabilities, thousand rubles.
Current income tax, thousand rubles.
Net profit (loss), thousand rubles. (p.10 + p. 11-pp.12-p.13)
Profitability of activities,% (p.14: p.1) x100

Figure 1- Dynamics of profitability of LLC "Dana - Sat" for 2007-2008.

Table 3 data indicate unsatisfactory results of financial activities achieved in the studied organization in the analyzed period. In the dynamics there was a decrease in financial results, both from ordinary activities, and in general, which manifests itself in the increase in profitability of sales on sales of sales by 0.64%, while the profitability of net profit has decreased by 0.43%. The latter is due to the leading growth rates of revenue compared to the growth of net profit.

In addition, the quality of profit can not be estimated positively, because The income tax is more than 24%.

Table 4 - Analysis of the structure of financial results according to Dana-Sat LLC for 2007-2009.

Composite elements of profit before taxation	In fact for 2007		In fact for 2008		Absolute deviation of by
	Amount, thousand rubles.	Specific weight,%	Amount, thousand rubles.	Specific weight,%	sum, thousand rubles.	Specific weight,%
1. Profit from sales
2. Balance of other results
3. Profit before taxation
3.1. Current income tax
4. Net profit

In order to identify internal reserves of improving financial results, we will conduct a factor analysis of net profit in Table 5.

Table 5 - Calculation of the influence of factors to change the net profit of Dana-Sat LLC for 2006-2007.

Name of factors	Susnovn. Design.	Calculation of the influence of factors		The magnitude of influence, thousand rubles.
		Method of calculation	Payment
Sales revenue growth		ΔVR × RP0: 100
Reduced average gross profit		ΔPlp × BP1: 100
Growth of the average level of expenses for the sale of goods		- (ΔURP × BP1: 100)
Total influence on sales profit		ΔPP (BP) + ΔPP (OHP) + ΔPP (URP)
Reduced other revenues		PRD1 - PRD0.
Growth of other expenses		- (PRP1 - PRR0)
Total influence on profit before tax		ΔPDN (PP) + ΔPDN (PRD) + ΔPDN (PRG)
Change deferred tax assets		She1 - she0
Change defused tax obligations	Δon	- (it1 -Ono0)
Growth of the current income tax		- (TNP1 - TNP0)
Total impact on pure profit		ΔCHP (PDN) + ΔCHP (it) + ΔCP (it) + ΔCHP (TNP)

The results of factor analysis point to the fact that the main contribution to the formation of sales growth was made by the level of gross profits 1.08%, as a result of which the result of trading activities increased by 191 thousand rubles. In addition, an increase in sales revenue by 3814 led to an increase in sales profit by 42 thousand rubles. At the same time, the growth of profits from sales due to the aggregate influence of these two factors was reduced by 304 thousand rubles. As a result of the growth of the level of costs for sale. A minor positive impact on the dynamics of financial results had a decrease in income tax 20 thousand rubles.

At the next stage, we will analyze financial stateThe object of which is financial resources.

In order to determine how optimally the ratio of its own and borrowed capital and estimate their composition, it is necessary to analyze the availability of financial resources.

Table 6 - Analysis of the dynamics of the business activity of Dana-Sat LLC for 2007-2008.

Indicators	Actually	Actually	Deviation, (+ ;-)	Growth rate, %
Revenue (net) from the sale of goods (products), thousand rubles.
Net profit, thousand rubles.
The average value of assets, thousand rubles.
Including The average value of current assets, thousand rubles.
Asset circulation rate, evolution. (p.1: p.3)
Time of circulation of current assets, DN. (p.4 x 360: p.1)
Profitability of assets,% (p.2: p.3) x100

Table 6 data indicate a decrease in the business activity of the trade enterprise Dana-Sat LLC.

In the reporting year there is an increase average cost Assets of the enterprise I. middle size Current assets, respectively, 25 thousand rubles. and 12 thousand rubles. or by 4.8% and 2.8% in relative terms.

At the same time, the rate of treatment of funds increased by 5.9 revolutions or by 21.7%. However, the profitability of assets decreased by 10.37% under the influence of the current ratio between the net profit growth rates and the average value of assets.

A positive point is to reduce the time of circulation of working capital of the enterprise in the reporting year by 2.56 days.

The presence of financial resources in optimal sizes and the effectiveness of their use is largely predetermined by the success of the company's activities in the market and its financial well-being.

Table 6 - Analysis of the financial condition of Dana-Sat LLC for 2008

Indicators	At the beginning of the reporting year		At the end of the reporting period		Change for the reporting period by		Growth rate, %
	Amount, thousand rubles.	Specific weight,%	Amount, thousand rubles.	Specific weight,%	Sum, thousand rubles.	Specific weight,%
1.Financial resources, total
1.1. equity
1.2. long term duties
1.3. Short-term liabilities
1.3.1. accounts payable
2. Placing financial resources
2.1. fixed assets
2.1.1. Intangible assets and fixed assets
2.2. Current assets
2.2.1. Material production reserves
2.2.2. receivables
2.2.3. The most liquid assets
3. Autonomy coefficient (p.1.1: p.1)
4. Investment coefficient in production potential
(p.2.1.1 + p.2.2.1): p.1
5. Property ratio of own working capital
(p. 1.1 + p.1.2 - 2.1): p.2.2
6. Current liquidity ratio (p.2.2: p.1.3)

The results of this analysis revealed an increase in the total value of financial resources at the end of 2008 by 15.1%, which is 75 thousand rubles. The current situation is due to a greater extension increase in borrowed capital by 38 thousand rubles, as well as growth own capital by 37 thousand rubles.

It is worth noting that the share of equity in the total financial resources decreased from 75% at the beginning of the year to 71.63% at the end of the year, that is, by 3.37%. Consequently, the share of borrowed capital increased from 25% to 28.37% by the end of the reporting period. This is due to a faster growth rate of borrowed funds compared to its own.

At the beginning of the reporting period, the cost of mobile property amounted to 479 thousand rubles. During the reporting period, it increased by 64 thousand rubles. or by 13.4%. The proportion of working capital in the value of the company's assets decreased by 1.48 percentage points and amounted to 95.1% at the end of the year. The increase in current assets is due to an increase in material and industrial reserves, VAT on acquired values, receivables, which are expected to be expected within 1 year.

The greatest increment of working capital is provided with an increase in the reserves of material resources, the amount of which increased by 156 thousand rubles, or 39.1%, which deserves a negative assessment, since the rate of stock growth is greater than the growth rate of revenue from the sale of goods, this situation indicates a slowdown in turnover stocks.

The negative moments are the growth of receivables, payments for which are expected within 12 months by 1680%, which leads to additional withdrawal from the turnover of the enterprise of funds, reduces the level of solvency of Dana-Sat LLC and causes the need to attract additional amounts of expensive sources of financing.

Nevertheless, the management of Dana-SB LLC managed to maintain a satisfactory level of liquidity in the reporting year, which is characterized by the actual value of the current liquidity ratio above compared to the optimal level (1.5 - 2.0), and, in addition, trade enterprise Does not allow the formation of long-term obligations. This circumstance gives reason to conclude a relatively sustainable financial position of the organization.

3. Balance liquidity analysis

solvency liquidity cash commercial

The financial position of the enterprise can be assessed from the point of view of long-term and short-term perspectives. In the first case, the criterion for assessing the financial situation is the ratio of own and borrowed funds, their adequacy for stock formation (this issue was reviewed earlier). In the short term - the liquidity and solvency of the enterprise.

Evaluation of the organization's solvency and liquidity allows you to characterize the ability to make calculations on short-term liabilities in a timely basis and is carried out on the basis of liquidity characteristics. At the same time, such concepts should be distinguished as the liquidity of the assets and the liquidity of the organization.

Under the liquidity of any asset understand the ability to transform into cash, and the degree of liquidity is determined by the time period during which this transformation can be implemented. The shorter the period is the higher the liquidity of this type of assets.

Speaking of the liquidity of the enterprise, they mean the presence of working capital in the amount, theoretically sufficient to repay short-term obligations, at least with a violation of the maturity of the repayment provided for by contracts.

Analysis of the liquidity of the organization is carried out on the basis of:

Balance liquidity analysis;

Calculation and evaluation of relative liquidity ratios.

An analysis of the balance of the balance is to compare funds on the asset grouped by the degree of their liquidity and arranged in the reducing liquidity, with liabilities on the liability, grouped by their repayment and located in order of increasing time. In economic literature there is no single approach to grouping assets and liabilities. In particular, L.T. Gilyarovskaya offers the following approach. All the assets of the company depending on the degree of liquidity, i.e. From the speed of transformation into cash, it is possible to conditionally divide into the following groups:

A1 The most liquid assets are amounts for all currency articles that can be used to fulfill current calculations immediately. This group includes: cash at the box office and on a settlement account, as well as short-term financial investments (p.260 + p.250);

A2 Funralizable assets - assets, to circulate in cash, a certain time is required. This group can include short-term receivables (excluding overdue) and other assets (p.230 + p.240 + p.270);

A3 Medlenealizable assets - stocks and costs, for eliminating future periods (p.210 + p.220);

A4 Labor Active Assets are assets that are intended for use in economic activities for a relatively long time. This group includes non-current assets, (p.190).

P1 The most urgent obligations are payables (p.620);

P2 short-term liabilities - short-term loans and borrowed funds, debt participants in income payments; Other short-term liabilities (p. 610 + p. 630 + p. 640);

P3 Long-term liabilities - long-term loans and borrowed funds (p.590);

P4 constant liabilities - section "Capital and reserves", as well as p.640 (p.490 + p.640).

The liquidity of the balance is defined as the degree of coverage of the enterprise's obligations to its assets, the term of the transformation of which in the money corresponds to the date of repayment of obligations, which it turns out when comparing the results of the above asset and liabilities. The balance is considered absolutely liquid if the ratio is:

The fulfillment of the first three inequalities with the need to entail the fulfillment and fourth inequality, therefore, therefore, the comparison of the first three groups on the asset and liability is almost significant. The fourth inequality is "balancing" character and at the same time has a deep economic sense: its implementation indicates the compliance with the minimum condition of financial stability - the existence of the enterprise of its own working capital. In the case when one or more system inequalities have a sign opposite to fixed in optimal option, the liquidity of the balance is more or less different from absolute. At the same time, the lack of funds according to one group of assets is compensated by their excess on another group, although compensation occurs only at a cost value, since in a real payment situation, less liquid assets cannot be replaced more liquid.

Analysis of the liquidity of the Balance of Dana-Sat LLC is presented in Table 7.

Table 7 - Analysis of the liquidity of Balance LLC Dana -SB for 2008

	At the beginning of the period	At the end of the period		At the beginning of the period	At the end of the period	Paying surplus (+), disadvantage (-)
						At the beginning of the period	At the end of the period
1. Liquid assets			1. Durable urgent obligations
2. Extra assets implemented			2. Short-term liabilities
3. Mentally implemented assets			3. Dungary liabilities
4. Supported assets			4. Passive liabilities

The table 7 shows that the balance of the analyzed is absolutely liquid as the beginning and at the end of the reporting year.

Thus, all the conditions of inequality makes it possible to preview the absolute liquidity of the balance.

4. Analysis of the diagnosis of relative liquidity indicators

To specify the evaluation obtained, analysis of the values \u200b\u200band dynamics of relative liquidity ratios (coefficients) are necessary. The purpose of this calculation is to determine the ratio of existing current assets (by their species) and short-term obligations for their possible subsequent repayment. The calculation is based on the fact that types of working capital have varying degrees of liquidity, therefore, several indicators use several indicators for a more reasonable assessment of the solvency and liquidity of the organization. The growth of all relative liquidity indicators in the dynamics is considered as a positive characteristic of solvency. The most common are the following relative liquidity indicators:

1. The absolute liquidity ratio (to al) is calculated as the attitude of the most liquid assets - cash and short-term financial investments - to short-term liabilities:

To al \u003d
,

Where KFV is short-term financial investments (p.250);

DS - cash (p.260);

Co - short-term obligations (p.690 - p.640 - p.650).

The coefficient characterizes the solvency of the organization at the date of the balance of the balance, showing which part of short-term obligations could be repaid on this date at the expense of cash and short-term financial investments, i.e. almost immediately. The optimal value is the value of the indicator at the level of 0.1 ... 0.2, i.e. The remainder of the most liquid assets should ensure the possibility of repayment of about 10 ... 20% of current obligations. However, a number of analysts, taking into account the inhomogeneous structure of the maturity of the debt, this standard considers overestimated.

2. The coefficient of critical (rapid) liquidity (KL) is calculated as the ratio of funds, short-term financial investments and receivables for short-term liabilities:

Where KDZ is short-term receivables (p.240).

The coefficient shows which part of the short-term liabilities can be repaid at the expense of cash and expected receipts from the debtors. The indicator characterizes the forecast payment capabilities of the organization, subject to timely settlement with debtors. Theoretically acquitted estimates of this coefficient for industrial enterprises and organizations wholesale trade Lailed in the range of 0.7 ... 1.0. For retail organizations, in principle, there are no significant debt of buyers (except sales on credit and small wholesale supplies), it is quite the value of this coefficient at the level of the absolute liquidity ratio, that is, 0.1 ... 0.2.

3. The coefficient of current liquidity (to TL) (coating coefficient) is calculated as the ratio of all current (current) assets to short-term liabilities:

Where about Ba - Current assets (p.290 - p.230 balance);

Z - stocks (p.210);

VAT - VAT on acquired values \u200b\u200b(p.220);

Sample - other revolving assets (p.270).

This coefficient gives a general assessment of the liquidity of the organization, describing its payment capabilities, subject to the repayment of short-term receivables and the implementation of existing reserves and other current assets for a period equal to the average duration of one turnover of all working capital. Economic interpretation of the coefficient: how many rubles of financial resources embedded in current assets fall on one ruble of current liabilities. In other words, how many times the current assets exceed short-term obligations. It is considered to be permissible when the coefficient of current liquidity varies within 1.0 ... 2.0. The lower limit indicates that the value of current assets should be sufficient to repay all obligations of short-term nature. The value of the coefficient at the level below 1.0 means the illiquity of the organization and is a consequence of the lack of long-term sources (own capital and long-term obligations) for the formation of non-current assets. More than two-time excess of current assets over current obligations is considered undesirable, as it indicates an irrational investment of own funds, their ineffective use. The optimal value is the value of the current liquidity coefficient at the level of 1.5 ... 2.0, and the specific level depends on the industry affiliation, the duration of the production cycle and a number of other factors. Organizations belonging to sectors characterized by high assets turnover (for example, trade, services) may have a lower value of the indicator, rather than the industry with slow turnover (construction, organization engaged in production activities with a long production cycle)

The calculation of the liquidity coefficients of Dana -SB LLC for 2008 is shown below.

The dynamics of liquidity coefficients is presented in Figure 2.

Table 8 - Analysis of the dynamics of the liquidity indicators of LLC Dana -SB for 2008

	At the beginning of 2008	At the end of 2008	Deviation	Growth rate, %
1. Cash and short-term financial investments (p.260 + 250)
2. Accounts receivable (p.240)
3. total cash and receivables [p. 1 + p.2 + p.3]
4. Stocks, VAT on acquired values \u200b\u200band other current assets (p.210 + 220 + 270)
5. Total revolving assets [p.3 + p.4]
6. Short-term obligations (p.690-640)
Balance Articles and Liquidity Factors	At the beginning of 2008	At the end of 2008	Deviation	Growth rate, %
7. The absolute liquidity ratio (Cal) (p. 1 / p.6)
8. Critical liquidity ratio (CCL) (p.3 / p.6)
9. Current liquidity ratio (CTL) (p.5 / p.6)

Figure 2 - Dynamics of liquidity indicators under Dana-Sat LLC for 2007-2008.

Table 8 and Figure 2 data indicate sufficient liquidity of the organization. All indicators are higher than recommended optimal values. Thus, the absolute liquidity ratio, which characterizes the solvency of the organization at the date of the balance sheet, has a value of 2.57 at the beginning of the period and 1.38 at the end. The urgent liquidity ratio matters a very close to the previous coefficient in connection with the small amount of receivables (sales are carried out mainly in cash). And in the dynamics there is a decrease in the values \u200b\u200bof the specified indicators, which means the deterioration of the payment opportunities in the nearest time of the balance of the balance. This situation is due to a decrease in funds (by 29.9%) compared with the obligations of short-term nature (increased by 30.6%).

Thus, the absolute liquidity ratio is above the regulatory value, which means that the cash available is available, provide an average one-day need for payment facilities (the balance of money is greater than the average size of one-day payments for short-term liabilities).

The current liquidity ratio, which characterizes the payment capabilities for a period equal to the average duration of the turnover of current assets, has sufficiently high values: current assets exceed short-term liabilities at 3.87 and 3.81 times at the beginning and end of the period, respectively, with the optimal level more than 1.5. Negative changes in the dynamics (reducing the coefficient of 0.07%) are associated with an advanced increase in liabilities (by 30.6%) compared with an increase in current assets (by 28.7%).

Thus, the organization's payment capabilities approached optimal.

Because The level of the current liquidity coefficient is reduced, the loss of loss of solvency for a period equal to three months should be calculated:

KUP \u003d KTL 1 + 3 / T * (CTL 1 -TL 0) / KTL norms \u003d 3.87 + 3/12 * (3,87-3,81) / 1,5 \u003d 2.59

Because The value of the found coefficient is greater than 1, the company has a real opportunity to maintain its solvency within three months.

5. Analysis of cash flow

Analysis of the cash flow is carried out in order to identify the power of the cash flow and the ability of the organization to generate a sufficient amount of cash to ensure expenses. During the analysis cash streams In order to clarify the valuation of solvency, the following tasks are resolved:

assessment of the composition and structure of receipt and consumption of funds;

assessment of cash flow and firm's dependence on external sources of financing.

The analysis of cash flows in the study of the level of solvency is carried out by a direct method, the essence of which is to study the volume and structure of the cash flow in the context of the sources of receipts and the directions of cash spending.

The main source of information for analyzing cash flows direct method is a report on cash flow (in Russian practice a typical form accounting reporting № 4).

Analysis of cash flow to the direct method is issued in Table 9.

Table 9 - Analysis of cash flow (based on direct method) according to Dana-Sat LLC for 2007-2008.

Indicators	Last period		Reporting period		Deviation
		Specific gravity,		Specific gravity,	in sum	by specific weight,
Cash flow
current activities
1. Received, total
including:
1.1. Funds received from buyers, customers
1.2. Other income
including:
2.1. For the payment of purchase goods, services, raw materials and other revolutions
2.2. On labor payment
2.3. On the payment of dividends, interest
2.4. For taxes on taxes and fees
2.5. other expenses
3. Clean cash flow (outflow) from current activities
4. Total came
5. Total directed
6. Clean cash flow
7. Account balance at the beginning of the year
8. Cash balance at the end of the year (S.6 + S.7)

Thus, it can be noted, the deterioration of the payment opportunities of the organization, as in the past and in the reporting year there is a decrease in the amount of funds.

At the same time, in the analyzed periods, the amount of targets is exceeded, compared with the amount of received.

6. Estimation of the level of solvency of the enterprise to the future

Under inconsistency (bankruptcy) is understood as an considered arbitration court or a debtor's inability announced by the debtor in full meet the requirements of creditors on monetary obligations and / or to fulfill the obligations to pay mandatory payments. The result of insolvency is often "bankruptcy" and the associated procedure for the elimination and sale of the property of an insolvent organization in order to meet the requirements of creditors in order to meet the requirements of creditors. The possibility of bankruptcy should be diagnosed in the earliest stages with the aim of timely adoption of measures to neutralize the factors resulting in financial failure. Economic bankruptcy diagnostics can be carried out using the following tools:

Systems of criteria that are legally binding;

Economic and mathematical modeling;

Parametric analysis.

In foreign practice, the bankruptcy prediction models of E. Altman, R. Fox, Tafler, containing a different set of analytical indicators that have certain significance are used. It should be noted that all models have a number of features that make their use in domestic practice are not objective in domestic practice: weight coefficients in equations are calculated on the basis of empirical information on the activities of foreign firms, the periodic revaluation of fixed assets is not taken into account in these models, in the model Altman is problematic presented to establish the market value of equity. The refinement of the set of indicators was undertaken by the Russian scientist L. Philosophical. However, the question of determining the importance of indicators included in the equations remained not solved. L. Philosophers used empirical information on the activities of foreign companies, which makes this model that is unsuitable for assessing the activities of domestic organizations. In general, it should be noted that the use of economic and mathematical methods to assess the likelihood of bankruptcy in the conditions of Russian reality is currently limited, since there is no necessary reliable financial information on bankrupt organizations, accumulated a long period time.

The use of parametric analysis is based on the construction of an integral assessment model based on a system of indicators, allowing to detect and quantify the likelihood of approaching bankruptcy. At the Department of Economic Analysis and Statistics, the KGTEI developed a methodology for calculating a comprehensive insolvency indicator based on coefficients having a certain significance established by methods of expert assessments (pair priorities).

The calculation of the integrated indicator (CP) of insolvency is carried out by the middle arithmetic method:

KP \u003d (0.33K1 + 0.11K2 + 0.13k3 + 0,16k4 + 0.27k5) / 5,

where k 1 is the value of the current liquidity coefficient averaged period;

To 2 - the value averaged for the analyzed period, the value of the coefficient of own working capital;

To 3 - sales profitability coefficient for pure money influx;

To 4 - the profitability coefficient of equity in a pure money influx;

By 5 - coefficient of turnover of current assets.

At the same time, for the formation of a more objective assessment, indicators of profitability of sales and equity to calculate not on profits, but by the magnitude of pure money inflow from current activities.

The criterion boundaries of the comprehensive indicator values \u200b\u200bare as follows:

KP≥0.3 - the bankruptcy of the organization does not threaten;

0,1<Кп<0,3 – организация приближается к зоне банкротства;

KP<0,1 – находится в зоне банкротства.

The calculation of the above integrated indicator is carried out in Table 10.

Table 10- Calculation of a comprehensive indicator of the probability of bankruptcy on LLC Dana -SB for 2008

Indicators	The magnitude of the indicator	The significance of the indicator	Integrated insolvency diagnostic rate
1. The average value of working capital, thousand rubles.
2. The average value of own working capital, thousand rubles.
3. The average value of equity, thousand rubles.
4. Sales revenue, thousand rubles.
(p. 010 Form 2)
5. Profit from sales, thousand rubles. (Page 050 Form 2)
6. Net profit, thousand rubles. (P. 190 f 2)
7. The average value of short-term liabilities, thousand rubles.
8. The average value of the current liquidity coefficient (K1) (P 1: p.7) units.
9. The average value of the coefficient of own working capital (K2) (p2: p1),
10.Ceficiency sales profitability (K3) (p5: p4),
11. Profitability ratio of equity (K4) (pR6: p3),
12.Ceficiency of turnover of current assets (K5) (p4: p1),
13. Comprehensive Bankruptcy Diagnostics Indicator, UR3 PR8 + PR9 + P111 + p12) / 5

The result of the assessment of the probability of bankruptcy indicates that the organization of Dana-Sat LLC is outside the bankruptcy zone. This is evidenced by the high value of the complex indicator - 2.07 (against the criteria value of 0.3).

Thus, the results of the analysis indicate that in the reporting year the company was liquid, which confirms the compliance of liquidity coefficients to regulatory values.

At the same time, in addition to the foregoing, it can be noted that in the reporting period the company does not threaten bankruptcy.

Conclusion

Thus, the scale of economic activity of Dana-Sat LLC has increased in the reporting year, which is confirmed by the growth of turnover by 3814 thousand rubles. or 27.5%. Moreover, this result was accompanied by an increase in economic efficiency, as evidenced by the increase in the integrated economic efficiency ratio by 0.3%. As a result, the shared participation of extensive factors in increasing revenue from the sale turned out to be overwhelming, which characterizes the mostly extensive nature of the trading activity of Dana-Sat LLC.

Of all the resources involved in the reporting year, elements of the material and technical base were less efficient. In particular, there was a decrease in FDO-reported by 36.88%, as a result of 1 rubles in 2007, invested in fixed assets accounted for 552.54 rubles. Revenue. In this case, this circumstance should not be evaluated, because Despite a significant decrease in the value of the fund-student remained high. With the constant size of the trading area, there was an increase in the received turnover for the year from one l square meter. Square for 100 rubles. fixed assets. This is confirmed by the load increase by 1 m square. by 27.5%, which deserves a positive assessment.

A group of resources in which in the reporting year is noted an increase in the efficiency of use are labor resources. In the dynamics of the state of which there was an increase in the average number of operating per person while improving the structure of labor, which is expressed in the increase in the specific weight of the number of trade and operational personnel, in addition, these changes accompanied with an increase in labor productivity, i.e. The average annual production of one operating increased by 9.3%. However, there was a decrease in the development of one employee of trade and operational personnel by 4.3%. At the same time, as a positive trend, there is a minor advanced increase in labor productivity compared with the rate of wage growth for each employee.

In the reporting year, there is an increase in the efficiency of the use of inventories, as evidenced by the increase in the rate of treatment by 1.2%, which is evaluated positively.

According to the results of the analysis, the company is solvent and liquid.

However, there has been a decline in profits, which indicates the low efficiency of financial activities.

A variety of factors participate in the multi-faceted process of ensuring economic growth and improve the efficiency of the organization.

To reduce sales costs, it is necessary:

reduce the share of more expense goods in the total volume of products sold;

search suppliers with more favorable conditions for the provision of products.

Responsible to appoint the supply department, the control over the implementation to impose on the Director of the Department;

more carefully monitor the expenditure of funds (target and economically sound use) of the enterprise.

According to the costs associated with the management of the enterprise (the cost of maintaining the administrative and management office, payment of information and computing services, stationery and travel expenses, payment for postal, telephone, telegraph, facsimile services, costs for professional development of employees, representative expenses within the approved norms etc.) to determine their feasibility, carrying out the cost of savings, efficiency of costs and funds.

To improve the efficiency of the use of working capital, the company needs:

1. Reduce material and industrial stocks of the enterprise in accordance with the level of turnover, i.e. Optimize the structure and normalization of stocks. Responsibility for this event is entrusted to the supply department. In a warehouse it is necessary to identify the seeded goods, make a permissible markdown in order to more quickly implementing illiquid products. Responsibility for this event shall be entrusted to the head of the economic part in conjunction with the accounting unit (in terms of markdown);

2. To reduce receivables, careful control over the state of settlements with buyers is needed to avoid overdue. Responsible persons on the management of receivables are appointed an accountant.

It is possible a violation of payment and settlement discipline, leading to the emergence of overdue debts, as well as shortage, embarrassment, theft, damage value. To do this, it is necessary to regularly conduct a warehouse revision in order to identify shortages and theft. Audit must be carried out in conjunction with the head of the equipment;

3. The Chief Accountant needs to be entrusted to the rationing of cash balances at the checkout.

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Financial condition of the enterprise - This is a combination of indicators reflecting the availability, placement and use of financial resources.
The assessment of the financial condition of the enterprise allows to identify the financial capabilities of the enterprise, which are determined primarily by the presence of its own capital. It is necessary to evaluate which amount of own capital has an enterprise and in which assets their own capital is invested. The definition of structural indicators of sources of assets of assets makes it possible to estimate the degree of dependence of the enterprise from borrowed sources.
To assess the sustainability of the financial condition of the enterprise used whole system Indicators characterizing changes:
a) the capital structures of the enterprise for its placement and sources of education;
b) efficiency and intensity of its use;
c) solvency and creditworthiness of the enterprise;
d) the stock of its financial stability.
An analysis of the financial condition of the enterprise is based mainly on relative indicators, since absolute balance indicators in inflation conditions are almost impossible to lead to a comparable view. Relative indicators of the analyzed enterprise can be compared: with generally accepted "standards" to assess the degree of risk and forecasting the possibility of bankruptcy; with similar data of other enterprises, which allows you to identify strong and weak sides enterprises and its capabilities; with similar data for previous years to explore the improvement trends or deterioration of the financial condition of the enterprise.
Not only leaders and relevant enterprise services are engaged in the financial condition, but its founders, investors in order to study the efficiency of resource use, banks to assess the conditions for lending and determine the degree of risk, suppliers for timely receipt of payments, tax inspections to fulfill the plan for funds in the budget etc.
In the process of assessing financial condition, it is necessary to evaluate liquidity, solvency and financial stability of the enterprise.
The liquidity of the balance is defined as the degree of coverage of the enterprise's obligations to its assets, the term of the transformation of which in the money corresponds to the date of repayment of obligations.
Under liquidity None asset understand the ability to transform into cash during the provisted production and technological process, and the degree of liquidity is determined by the time period during which this transformation can be implemented. The shorter the period is the higher the liquidity of this type of assets.
Solvency Indicates the availability of cash and their equivalents sufficient for settlements on accounts payable requiring immediate repayment.
A1 \u003d the most liquid assets - Amounts on all currency articles that can be used to perform current calculations immediately. This group also includes short-term financial investments.
A2 \u003d rapidly implemented assets - Assets, to circulate in cash required a certain time. This group can include receivables (payments for which are expected within 12 months after the reporting date), other current assets.
A3 \u003d slowly implemented assets - The least liquid assets are stocks, receivables (Payments on which are expected more than 12 months after the reporting date), value-added tax on acquired values, while the article "The expenses of future periods" is not included in this group.
P1 \u003d the most urgent obligations - Payables, calculations for dividends, other short-term liabilities, as well as loans that are not redeemed on time (according to the data of the accounting balance).
P2 \u003d short-term liabilities - short-term borrowed loans of banks and other loans to be repayed within 12 months after the reporting date. When determining the first and second liability groups to obtain reliable results, it is necessary to know the time of execution of all short-term liabilities. In practice, this is possible only for internal analytics. With external analysis, due to limited information, this problem is significantly complicated and is solved, as a rule, based on the previous analytics analytics.
P3 \u003d long-term liabilities - long-term borrowed loans and other long-term liabilities - articles section IV balance sheet "Long-term liabilities".
230, 240 - Long-term debt. 250 - Short-term financial investments.
260 - cash. 190 - non-current assets (total). 290 - Current assets (total).
490 - Capital and reserves (total).
The main signs of solvency are:
a) the presence of sufficient funds at the current account;
b) no overdue payables.
The liquidity of solvency can be assessed using a number of absolute and relative indicators.
Relative indicators are used to assess the solvency of the enterprise.
Coefficients characterizing solvency:

Business coefficients (turnover) - Show how efficiently the company uses its assets:
1. Kt turnpit reserves - shows the speed of reserves. Calculated as attitudes variable costs to the average cost of stocks (measured in the number of times).
2. Kt turnover of receivables - the number of days required to recover the debt. It is calculated how the average value of receivables for the year divided by the amount of revenues for the year and * is 365 days.
3. Kt turnover accounts payable - How many days is needed to pay for its debts. Calculated how the average value of accounts payable for the year divided by total Procurement and * 365 days.
4. Kt turnover of fixed assets - It is calculated in the number of times (k-t of fundo-studies). Characterizes the efficiency of using the enterprise available fixed assets. The low value of the indicator speaks of too large investments or inadequate sales. It is calculated as the amount of revenue for the year divided by the average value of non-current assets (basic funds).
5. Kt turnover assets - shows the efficiency of using all assets available at its disposal. It is calculated how the amount of revenue for the year divided into the amount of all assets. Shows how many times the production cycles and lodge passes.
Financial stability - This is a certain state of the settlement of the enterprise, guaranteeing its constant solvency.
The task of analyzing financial stability is the assessment of the values \u200b\u200band structure of assets and liabilities. It is necessary to answer the questions: how important the organization is independent of a financial point of view, the level of this independence is growing or declining and whether the state of assets and liabilities are responsible for the tasks of its financial and economic activity.
Coefficients characterizing financial stability:

700 - Balance (Passive). 590 - long-term obligations (total).
690 -Crath-term obligations (total).
Profitability coefficients - show how profitable the activities of the enterprise:
1. Qt profitability Gross profit - shows the fraction of gross profits (%) in the volume of sales: calculated how gross profit divided into sales.
2. Kt profitability of net profit (similarly).
3. Kt profitability of assets - net income divided by the amount of all assets of the enterprise. Shows which profit gives each unit of assets.
4. Profitability of equity - shows the effectiveness of capital, which invested shareholders. Calculated how pure profits divided into total share capital. Shows how many income units earned each embedded unit of capital.

Solvency The enterprises are one of the indicators of its financial position and characterizes its possibility (ability) in cash resources to repay its obligations in a timely manner. At the same time distinguish current and promising solvency. Current solvency it is characterized by the presence of funds in sufficient money and their equivalents for settlements on payables requiring immediate repayment. The current solvency indicators are the presence of a sufficient amount of funds and the lack of an economic entity of overdue debt obligations. Perspective solvency it is ensured by the coherence of obligations and payment means for the forecast period, which depends on the composition, volumes and degree of liquidity of current assets, as well as on the volume, composition and speed of maturation of current obligations to repay.

In the practice of financial analysis distinguish between the internal and external analysis of the solvency of the enterprise. In system internal analysis solvency forecast is based on the study of cash flows, and external analysis The solvency of the enterprise is focused on studying indicators liquidity.

IN financial Analysis There are also the liquidity of assets, the liquidity of the balance and liquidity of the enterprise. Liquidity asset It is characterized by its ability to transform into money. The degree of liquidity of a asset is determined by the time interval that is necessary for its possible transformation into a monetary form. The less time is required for the collection of any kind of asset, the higher its liquidity. Balance liquidity it is characterized by the possibility of an economic entity to draw assets into cash and pay off its payment obligations and is expressed by the degree of coverage of its debt obligations with its assets, the transformation period of which in cash meets the date of repayment of payment obligations. Thus, the liquidity of the balance reflects the measure of coherence and liquidity of assets with the size and maturity of obligations. This is the difference in this. this concept From the liquidity of assets determined by regardless of the balance liability. Liquidity of the enterprise It is characterized by the presence of payment facilities exclusively from internal sources, due to the implementation of assets. On the other hand, the organization can always attract borrowed funds if it has a sufficiently strong financial situation, a worthy image in the eyes of market participants and high level Investment attractiveness. From here, in assessing the liquidity of the enterprise, its financial flexibility should be taken into account, which characterizes its ability to use borrowed funds, increase the share capital, to promptly sell assets and respond to changes in market conditions.

Thus, based on the foregoing, it can be argued that the level of solvency of the economic entity is determined by the liquidity of its balance. The liquidity of the balance is characterized by both the current state of calculations and their prospective state. At the same time, the company may be quite solvent as a state at any reporting date, but to have unfavorable forecasts in the future, and vice versa.

The liquidity and solvency of the enterprise can be estimated with a number of absolute and relative indicators. So, one of the main absolute indicators Such an assessment is the value of own current assets ( working capital ):

, (9.1)

where - revolving (current) assets of the enterprise, rub.;

Short-term enterprise liabilities, rub.

The economic meaning of the indicator is reduced to the fact that after the settlement of the enterprise on short-term obligations, it still remains some amount of current assets, which characterizes its financial stability and freedom of maneuver.

To compare the degree of liquidity of the balance of organizations different size, power it is necessary to use relative indicators - liquidity coefficients .

Analysis of the liquidity of the balance using liquidity coefficients is to compare funds on the asset grouped by the degree of their liquidity and arranged in the order of increasing liquidity, with liability on a liability grouped in terms of their repayment and located in the descending order of these deadlines.

Depending on the liquidity degree The assets of the enterprise are divided into the following main groups:

· The most liquid assets () are cash and short-term financial investments with absolute liquidity;

· Quickly realized assets () - receivables with a maturity of up to 12 months, VAT on acquired values, goods shipped, the liquidity of which depends on the timeliness of shipment, registration of bank documents, payment document flow rates in commercial banks, calculation forms, demand for products and solvency forms buyers, competitiveness of products, etc.;

· Slowly realized assets () - production reserves and costs (except for future periods), for the transformation of which in cash requires a significantly longer period;

· Intelligent assets () - intangible assets, fixed assets, unfinished construction, long-term financial investments, receivables, payments for which are expected more than 12 months;

· Illiquid assets () - hopeless receivables, inseparable material values, expenditures of future periods.

The balance sheets of the business entity are grouped by the degree of urgency of their payment (repayment):

· The most urgent obligations () are payables, as well as loans, whose return time has come, they must be repaid during the current month;

· Short-term liabilities () - short-term loans and short-term borrowed funds;

· Long-term liabilities () - long-term loans and long-term borrowed funds;

· Permanent liabilities () - authorized capital, Extra capital, reserve capital, accumulation funds, funds social sphere, targeted financing and receipts, retained earnings that are constantly at the disposal of a business entity;

· Incomes of future periods (), which are supposed to be obtained in perspective.

To assess the liquidity of the balance of the enterprise, a comparison of the results of these groups ,,,,,,,,,,,,,,,,,,,,,,,,,,,,, are The balance is considered absolutely liquid if the following ratios are performed:

Obviously, the fulfillment of the first three relations with the need to entail the fulfillment of the fourth and fifth inequality, therefore, from a practical point of view, it is essential to compare the final values \u200b\u200bof the first three groups on the asset (,,) and in a liability (,,). The fourth inequality, expressed by the formula (9.5), also has a deep economic meaning. Its implementation indicates observance required condition financial sustainability of the organization, the presence of own working capital ( absolute indicator liquidity of the enterprise).

Using the notation adopted can be represented by formula (9.1) in the following form:

In cases where one or more inequalities (9.2) - (9.6) have the opposite sign, it is believed that the liquidity of the balance is more or less different from absolute liquidity. At the same time, the lack of funds according to one group of assets can be compensated by their excess on another group of assets only at cost. In a real payroll, less liquid assets cannot replace more liquid assets.

Balance liquidity can be assessed using liquidity coefficientswhich sufficiently characterize the degree of sustainability of the financial condition and creditworthiness (solvency) of the enterprise. For estimates of the liquidity of the balance You can use the following indicators (coefficients) of liquidity:

· The ratio of absolute liquidity;

· Critical liquidity ratio;

· Current liquidity ratio;

· Common solvency coefficient.

Indicator (coefficient) of absolute liquidity For some reporting period, calculated by the formula

where - the ratio of absolute liquidity, rub. / rub.;

- the sum of the most liquid assets, rubles;

- the amount of the most urgent obligations, rubles;

- the sum of short-term liabilities, rub.

The amount of the most liquid assets, the most urgent obligations and short-term obligations is easy to establish according to the balance sheet. Actually, the absolute liquidity ratio shows how many rubles the most liquid assets () accounted for 1 ruble of the most urgent obligations (+). Thus, the coefficient shows what part of the short-term debt organization can pay off in the near future.

According to practical data, an absolute liquidity indicator has the following normal restriction:

In other words, a solvent enterprise should have a degree of coverage of current obligations with highly liquid assets at least 20-50%.

Critical liquidity ratio (or intermediate coating coefficient) Calculated by the formula

where - the coefficient of critical liquidity, rubles / rub.;

- the amount of fast assets, rub.

The amount of rapidly implemented assets on the basis of the reporting period can be established according to the balance sheet. The actual ratio of critical liquidity shows how many rubles the most liquid and rapid assets (+) accounted for 1 ruble of the most urgent obligations and short-term liabilities (+). This indicator reflects the payment capabilities of the business entity, subject to timely settlement with debtors.

The critical liquidity indicator has the following normal limitation:

Current liquidity ratio (or coating coefficient) For some reporting period, the enterprise is calculated by the formula

(9.12)

where - the coefficient of current liquidity, rubles. / rub.;

- The sum of slowly implemented assets, rub.

The amount of slowly implemented assets in some reporting period can be established according to the balance sheet data. However, as a rule, the use of long-term financial investments in diploma works Students are found quite rare. Most often the amount of slowly implemented assets is determined by size. production costs and stocks. In such cases, a numerator of formula (9.12) is the amount of current (revolving) assets. Considering the foregoing, formula (9.12) can be represented as

Actually the current liquidity ratio shows how many rubles of current assets and long-term financial investments account for 1 ruble of the most urgent obligations and short-term liabilities (+). The coefficient shows the payment capabilities of the business entity, subject to timely settlements with debtors and rhythmic sales of finished products, taking into account the possible sale of production reserves in the event of need. The current liquidity indicator has the following normal limitation:

This means that if any organization, even in a favorable situation, will have to short term To repay all your short-term debt, these payments will affect only half of the current assets. Consequently, the uninterruptedness of production may well be ensured.

Thus, liquidity coefficients are indicative indicators of the financial situation and solvency of enterprises. In this case, each coefficient reflects a certain side of the financial condition of the organization. Thus, the absolute liquidity ratio characterizes solvency in some reporting period at the date of the balance sheet. The critical liquidity ratio characterizes the expected solvency for a period equal to the average duration of the receivables period of receivables. The current liquidity coefficient characterizes the expected solvency for a period equal to the average duration of the operational cycle.

Various indicators (coefficients) of liquidity give not only a versatile characteristic of the sustainability of the financial condition of the enterprise, but also meet the interests of external users of analytical information.

For example, for suppliers of raw materials and materials, the absolute liquidity ratio is of the greatest interest, which defines the future period of circulation of payables and the timeliness of deliveries. Commercial Bank, lending this organization, pays more attention to the coefficient of critical liquidity, characterizing the sustainability of replenishment of cash reserves. Buyers and holders of shares and bonds of this organization prefer to evaluate its financial stability on the coefficient of current liquidity, which most fully characterizes the reliability and yield of these securities.

Within financial Evaluation enterprise positions are often used indicator (coefficient) of general solvency The size of which for some reporting period can be determined by the formula reduces maneuverability of the economic entity in terms of attracting any additional resources.

Indicator of maneuverability of own working capital Enterprises characterize that part of its own working capital, which is in the form of funds (i.e., funds that have absolute liquidity):

. (9.18)

For a normally functioning enterprise, this indicator usually varies from 0 to 1, although other options are also theoretically. All other things being equal, the growth of the indicator is considered as a positive trend in the dynamics. At the same time, the acceptable value of this indicator in practice is established by the economic entity itself, and, as a rule, is determined by the level of daily needs of the enterprise in free cash.

Indicator of the share of own working capital in the coating of production reserves Enterprises characterize that part of the cost of stocks and costs, which is covered by its own working capital:

, (9.19)

where - the amount of fast-balanceable assets minus receivables

all debt, rub.

The indicator is of great importance in the analysis of financial condition. trade Organizations. At the same time, the traditionally recommended lower boundary of the specified indicator is 0.5 rubles. / Rub. The economic interpretation of this limiter is also quite obvious: commercial banks can provide preferential lending on current operations only those firms in which at least half of the cost of stocks and investments in unfinished production is covered own means (excluding receivables).

Specified preferential lending can be implemented by opening a special loan account with which the accounts of suppliers are paid and at the same time enrollment from the sale of goods. In the case when the enterprise at a special account has no funds, the payment of suppliers' accounts is made at the expense of a commercial bank, which credits a trading company on the overdraft system. At the same time, the limit of the indicator in the amount of 0.5 rubles per year / rub. It is approximate, and its specific value today, as a rule, is still determined by the terms of the loan agreement on the basis of the analysis of the situation.

Methods for determining the solvency of the organization (enterprise). Liquidity of the organization (enterprise), its indicators, factors and methods of determination.

One of the most important indicators characterizing the financial stability of the enterprise is its liquidity and solvency, i.e. The possibility of cash resources to repay their payment obligations in a timely manner. The solvency is an external manifestation of the financial condition of the enterprise, its sustainability.

Estimate the ability of the company in a timely manner and fully fulfill its short-term liabilities at the expense of current assets is possible by analyzing the liquidity and solvency of the enterprise.

An assessment of solvency by external investors is carried out on the basis of the liquidity characteristics of current assets, which is determined by the time necessary to turn them into cash. The smaller the time is required for the collection of this asset, the higher its liquidity.

The liquidity of the balance is the possibility of a business entity to draw assets into cash and pay off their payment obligations, or rather, this is the degree of coverage of the enterprise's debt obligations by its assets, the transformation period of which in cash is consistent with the date of repayment of payment obligations.

The liquidity of assets is the value, the reverse liquidity of the balance on the time of transformation of assets into cash. The less time required to this species Assets found a monetary form, the higher its liquidity.

The liquidity of the enterprise is a more general concept than the liquidity of the balance. The liquidity of the balance involves the research of payment funds only at the expense of internal sources (assets). But the company can attract borrowed funds from the part if it has an appropriate image in the business world and a fairly high level of investment attractiveness.

The assets of the enterprise, depending on the speed of turning them into money, are divided into four groups.

The most liquid assets - A1. This group includes cash and short-term financial investments.

Quickly implemented assets - A2. This group includes receivables and other assets.

Slowly implemented assets - A3. This group includes Articles Section II of the Asset "Reserves" except the line "Expenses of future periods", and from the I section of the balance sheet "Long-term Financial Investments".

It is difficult to implement assets - A4. This group includes articles section I of the balance of the balance, with the exception of the line included in the "Slowly implemented assets" group.

The obligations of the enterprise (liabilities of the balance sheet) are also grouped into four groups and are located according to the degree of urgency of their payment.

The most urgent obligations - p1. Credit debt is included in the group.

Short-term liabilities - p2. The group includes short-term loans and loans, and other short-term liabilities.

Long-term liabilities - p3. The group includes long-term loans and loans.

Permanent liabilities - p4. The group includes strings of the balance of the balance sheet plus lines "Debt participants (founders) on income payment", "Revenues of future periods", "reserves of upcoming expenses" from V section. In order to preserve the balance of asset and liabilities, the total group is reduced by the value of the line "Expenses of the future periods" of the II section of the balance of the balance sheet.

To determine the liquidity of the balance, it is necessary to compare the calculations of groups of assets and groups of obligations. The balance is considered to be liquid subject to the following relations:

The fulfillment of the first three inequalities with the need to entail the implementation and fourth inequality, therefore, therefore, the comparison of the first three groups on the asset and liability is almost significant. The fourth inequality is "balancing" in nature, and at the same time it has a deep economic meaning: its implementation indicates the compliance with the minimum condition of financial stability - the company has its own working capital.

In the case when it or several other inequalities have a sign opposite to fixed in the optimal variant, the liquidity of the balance is more or less different from absolute. At the same time, the lack of funds according to one group of assets is compensated by an excess on another group, although compensation occurs only at a cost value, since in a real payment situation, less liquid assets cannot replace more liquid.

The total balancer liquidity ratio shows the ratio of the amount of all liquid funds of the enterprise to the sum of all payment obligations (both short-term and long-term), provided that various groups of liquid funds and payment obligations are included in the specified amounts with weight coefficients that take into account their significance from the point of view of time Receipt of funds and repayment of obligations.

An assessment of the liquidity of the enterprise is carried out using a system of financial coefficients that allow you to compare the cost of current assets that have a different degree of liquidity with the amount of current obligations. These include:

1. The coefficient of current liquidity shows whether the enterprise has enough funds that can be used to repay their short-term liabilities during the year. This is the main indicator of the solvency of the enterprise. The current liquidity coefficient is determined by the formula: CTL \u003d (A1 + A2 + A3) / (P1 + P2).

In world practice, the value of this coefficient should be in the range of 1-2. Naturally, there are circumstances in which the value of this indicator may be more, however, if the current liquidity ratio is more than 2-3, this, as a rule, speaks of the irrational use of the means of the enterprise. The value of the current liquidity ratio below the unit speaks of the insolvency of the enterprise.

2. The rapid liquidity ratio, or the critical assessment ratio, shows how much the liquid funds of the enterprise cover its short-term debt. The rapid liquidity ratio is determined by the formula CBB \u003d (A1 + A2) / (P1 + P2).

The liquid assets of the enterprise include all current assets of the enterprise, with the exception of inventory. This indicator determines which proportion of payables can be repaid due to the most liquid assets, i.e. shows which part of the enterprise's short-term obligations can be immediately repaid at the expense of funds in various accounts, in short-term securities, as well as earnings on calculations. The recommended value of this indicator is from 0.7-0.8 to 1.5.

3. The ratio of absolute liquidity shows which part of the accounts of the company can redeem immediately. The absolute liquidity ratio is calculated by the formula Cal \u003d A1 / (P1 + P2). The value of this indicator should not be descended below 0.2.

4. For a comprehensive assessment of the liquidity of the balance, generally it is recommended to use the overall liquidity of the balance of the enterprise, which shows the ratio of the sum of all liquid funds of the enterprise to the sum of all payment obligations (short-term, long-term, medium-term), provided that various groups of liquidity and payment obligations are included in These amounts with certain weight coefficients that take into account their importance from the point of view of the timing of the receipt of funds and repayment of obligations.

The overall balance of balance is determined by the formula

Count \u003d (A1 + 0,5A2 + 0,3А3) / (P1 + 0,5P2 + 0.3P3).

The value of this coefficient should be greater than or equal to 1.