The system of evaluating the analysis and diagnostics of the financial solvency of enterprises should include indicators that fully reveal all aspects of financial and economic activity, while they should not duplicate each other. In addition, the information base of the analysis should meet the requirements of accessibility, not be unnecessarily complex and cumbersome, but at the same time provide accurate and objective research data.

The assessment of the financial condition of the debtor enterprise is carried out according to the standard set for the following coefficients:

• · coefficient absolute liquidity(/THEN);
• · Current liquidity ratio (AL / TO);
• · Indicator of the security of the debtor's liabilities with his assets (AL + AV) / ZK;
• · The degree of solvency for current liabilities (TO / N) (average monthly);
• · Coefficient of autonomy (financial independence) (SS / A);
• · Ratio of provision with own circulating assets (SS-AB) / JSC;
• Share of overdue accounts payable in liabilities (/ P);
• Ratio indicator accounts receivable to total assets (DZ / A);
• · Return on assets (R / ACh100);
• · Norm net profit (/),

where are the most liquid assets; TO - current liabilities; AL - liquid assets; AB - fixed assets; ЗК - borrowed capital; N is the average monthly revenue; SS - own funds; A is the total amount of assets; - overdue accounts payable; P is the total amount of liabilities; DZ - accounts receivable; R - profit; - net profit; - revenues from sales.

Absolute liquidity ratio (solvency)

Is the most stringent criterion for the liquidity of an enterprise; shows what part of short-term debt obligations can be repaid immediately, if necessary.

In domestic practice, the actual average values ​​of the considered liquidity ratios, as a rule, are significantly lower than the values ​​mentioned in Western literary sources. Since the development of industry standards for these coefficients is a matter of the future, in practice it is advisable to analyze the dynamics of these indicators, complementing it benchmarking available data on enterprises with a similar orientation in their economic activities.

For 2010:

For 2011:

Conclusion - The absolute liquidity ratio decreased by 0.6 over the year, which means that the part of short-term debt obligations, which can be repaid immediately if necessary, decreased in 2011. The value of the coefficient in 2011 is equal to the standard value, but the decline indicates a deterioration in the financial position of CJSC Aviastar-SP.

Current liquidity ratio. Gives an overall assessment of the liquidity of assets, showing how many rubles of the current assets of the enterprise fall on one ruble of current liabilities.

The logic of calculating this indicator is that the company pays off short-term liabilities mainly at the expense of current assets; therefore, if the current assets exceed the current liabilities, the enterprise can be considered as successful (at least in theory).

The size of the excess is set by the current liquidity ratio. The value of the indicator can vary by industry and type of activity, and its reasonable growth over time is usually viewed as a favorable trend.

In Western accounting and analytical practice, the critical lower value of the indicator is given - 2; however, this is only an indicative value, indicating the order of the indicator, but not its exact standard value.

For 2010:

2011: 1.98 = 2

Thus, the value of the coefficient for 2010 is included in the standard, and for 2011 is equal to 2, and this is the critical lower value.

The indicator of the security of the debtor's obligations with his assets. The ratio of the security of the debtor's obligations with all its assets is characterized by the value of the organization's assets per unit of debt.

Obviously, the value of this indicator should be close to 1.0 or higher, this indicates to what extent the company's own assets cover debt obligations.

The formula for calculating the ratio of coverage of liabilities with all assets:

For 2010:

For 2011:

Thus, this indicator for both years has a normative value.

The degree of solvency for current liabilities. The ratio is calculated as the ratio of current liabilities to average monthly revenue. Shows how many months an enterprise needs to cover its current liabilities through operating activities while maintaining the existing level of income and using the proceeds only to pay off these liabilities. Normative value more 3. Formula:

For 2010:

For 2011:

Thus, in 2011, the term for covering current liabilities increased in comparison with 2010.

Autonomy (financial independence) ratio shows how independent the organization is from creditors. The lower the value of the coefficient, the more the organization is dependent on borrowed sources of financing, the less stable it has financial position... Normal value: 0.4-0.6. The data source is the company's balance sheet (form No. 1).

For 2010:

For 2011:

The values ​​for both years are not normative, so it can be concluded that the company does not have a sufficiently stable financial position. And also that in 2011 Aviastar-SP CJSC became more dependent on borrowed sources of financing.

Coefficient of provision with own sources of financing characterizes the presence of their own working capital, necessary for financial sustainability organizations. The recommended value is 0.1.

The formula for calculating the coefficient of provision with own sources of financing:

2010: 0.12

For 2011:

Thus, the value of this coefficient in 2010 exceeded the norm, but in 2011 it became much lower than the norm, which indicates that the enterprise was not provided with its own circulating assets.

Share of overdue accounts payable in liabilities characterizes the presence of overdue accounts payable and its share in the total liabilities of the organization. It is defined as a percentage as the ratio of overdue accounts payable to total liabilities. The normal value of this ratio should not be more than 20%. Calculated as follows:

2010: = 0.13 = 13%.

2011: = 17%.

Thus, the share of accounts payable in total liabilities for both years does not exceed the norm, but in 2011 it increased compared to 2010.

The indicator of the ratio of receivables to total assets - determined by the formula:

This indicator reflects the share of expected payments - those funds that can be counted on in the short and long term in the total assets of the enterprise. A high proportion of receivables reflects ineffective work with debtors, thereby depriving the company of its most liquid assets. In world practice, it is generally accepted that the normal value of the coefficient is less than 0.4, the value of the indicator 0.4 or more is undesirable, and the value of 0.7 or more is considered alarming.

For 2010:

For 2011:

That is, the values ​​of this indicator for 2010 and 2011 are normal, in addition, in 2011 it even fell.

Return on assets... The formula for the return on assets shows the profitability and efficiency of the enterprise. To calculate the return on assets, the value of the company's assets is cleared from borrowed funds. Often, companies in the same industry are compared using return on assets. Return on assets (formula):

Standard: profitability net assets in terms of net profit, it should ensure the return on shareholders' funds invested in the enterprise. The higher the value of the coefficient, the higher the efficiency of the enterprise and the higher its effectiveness in generating profits with the help of assets.

For 2010:

For 2011:

Thus, the value of the efficiency of Aviastar-SP CJSC in 2011 increased by 3%.

Net profit margin of the company from sales is equal to the percentage of revenue, which is its net profit. The rate of net profit characterizes the level of profitability of the economic activity of the organization. The net profit margin is measured as a percentage and is defined as the ratio of net profit to revenue (net). The normal value for this parameter is about 0.2. Formula:

For 2010:

For 2011:

Thus, Aviastar-SP CJSC is experiencing colossal financial difficulties and meets all the signs of insolvency.

Table 1

"Assessment of the financial condition of the debtor company according to a standard set of the following coefficients"

According to balance sheet(Form 1, 2) I will group assets according to the rate of turnover and liabilities according to the urgency of their repayment. The initial data for grouping the view is in Table 2, and the grouping itself is made in Table 3.

table 2

"Initial data for the grouping of assets by the rate of turnover and liabilities by the urgency of their repayment, thousand rubles."

Among the most popular turnover ratios in financial analysis use:

• Turnover current assets(the ratio of annual revenue to the average annual value of current assets)
• Inventory turnover (the ratio of annual revenue to the average annual cost of inventory)
• Accounts receivable turnover (the ratio of annual revenue to the average annual value of accounts receivable)
• Accounts payable turnover (the ratio of annual revenue to the average annual value of short-term accounts payable)
• Asset turnover (the ratio of annual revenue to the average annual value of all assets of the enterprise)
• Turnover equity capital(the ratio of annual revenue to the average annual value of the organization's equity capital)

The duration of the turnover is calculated as the ratio of the number of calendar days to the turnover ratio.

With the help of the grouping I will make calculations of the coverage and solvency ratios. The initial data are presented in Table 3, the calculation of the coefficients is described in Table 4.

Table 3

"Initial information for calculating coverage ratios and assessing solvency, thousand rubles."

For the formed groups of assets and liabilities, intermediate coverage ratios and two summarizing indicators are calculated, presented in Table 4, and the calculation of solvency ratios for current and long-term liabilities (based on sales proceeds) are presented in Table 5.

The system of solvency indicators under consideration provides for the calculation of a group of coefficients that assess the degree of coverage of previously adjusted liabilities with net cash flow(net profit in the amount with accrued depreciation), as well as from sales proceeds. They will allow you to establish what part of outstanding debts can be satisfied by the results of their own financial and economic activities. To calculate the coefficients of the degree of solvency for current obligations, the average monthly, average quarterly proceeds from sales are taken.

Table 4

"Debt coverage ratios and generalized indicators of solvency"

Thus, the possibility of repayment of urgent obligations at the expense of Money and assets in 2011 decreased significantly, the degree of repayment of term liabilities within 1 to 3 months in 2011 increased compared to 2010, but the ability to repay long-term liabilities in 2011 is lower than in 2010. In addition, the ability to pay off current obligations in 2011 is higher, and the overall solvency is much lower than in 2010.

Table 5

"Ratios of the degree of solvency for current and long-term liabilities (according to sales proceeds)"

Thus, we can say that the current solvency, the volume of short-term borrowed funds are higher in 2011, and the period of possible repayment urgent debt due to current activities higher in 2010.

4.3 Share of overdue accounts payable in liabilities

The share of overdue accounts payable in liabilities characterizes the presence of overdue accounts payable and its share in the total liabilities of the organization. It is defined as a percentage as the ratio of overdue accounts payable to total liabilities. The normal value of this ratio should not be more than 20%.

The share of overdue accounts payable = Ф№1 line 620 / line 700.

Dynamics of changes in the share of overdue accounts payable in liabilities (%):

The share of overdue accounts payable in liabilities for the analyzed period slightly decreased from 90.55% to 85.99%, which can be regarded as a positive trend in assessing the financial stability of the enterprise. However, the general dynamics of changes in this indicator indicates a high share of overdue accounts payable in the Debtor's liabilities, which, as a result, led to his insolvency and insolvency.

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Share of overdue accounts payable in liabilities- characterizes the presence of overdue accounts payable and its share in the total liabilities of the organization and is determined as a percentage as the ratio of overdue accounts payable to total liabilities.

The share of overdue accounts payable in the liabilities of the analyzed enterprise is absent (Diagram 5).

Ratio of receivables to total assets- is defined as the ratio of the amount of long-term receivables, short-term receivables and potential current assets to be returned to the total assets of the organization.

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According to the values ​​of the indicator "Ratio of accounts receivable to total assets", the analyzed enterprise revealed an insignificant amount of accounts receivable, the share of which in total assets is:

1.3 Coefficients characterizing the business activity of the debtor

Return on assets - a complex indicator that allows assessing the results of the main activity of the enterprise, characterizes the degree of efficiency of using the property of the organization, the professional qualifications of the enterprise's management. It expresses the return that falls on 1 ruble of the company's assets. It is defined as a percentage as the ratio of net profit to the total assets of the enterprise.

The value of the return on assets ratio should be above average interest rate on borrowed funds, which characterizes the high return on assets.

This coefficient should be one of the main working tools of a manager in enterprise management, being the most important indicator the effectiveness of its activities.

For the Railway Hospital, the return on assets was:

In the 2nd and 3rd quarters of 2008, the analyzed ratio decreased from 2.19% to 0.71% and 0.17%, respectively, due to a decrease in profit for the quarter.

In some periods (Q1, Q2, Q3 2007, Q1 07, Q4 0.7), as a result of negative net profit, the assets are not profitable, i.e. assets are incapable of making a profit.

Considering that the assets have not been profitable for several quarters, and are extremely low profitable in 2008 (up to 1%), we can conclude that the level of the company's management is at a low level. Unprofitable assets can lead to difficulties in obtaining credit resources, and even if the company succeeds in obtaining loans, they will only exacerbate the problems and increase the debtor's liabilities.

Net profit margin - characterizes the level of profitability of the economic activity of the organization. Shows how much profit is accounted for per unit products sold... It is measured as a percentage and is defined as the ratio of net profit to revenue (net).

An increase in the net profit rate means an increase in the efficiency of the economic activity of the enterprise.

The dynamics of change in the indicator "Net profit margin" for Zheleznodorozhnaya is shown in Diagram 6.

Coefficient of provision with own circulating assets

Allows you to determine the share of own funds in the company's turnover.

At the beginning of the period - -2.5.

At the end of the period -1.933.

The cost of buildings and equipment is more than own funds (Formed at the expense of borrowed sources) In turnover, there are no own circulating assets.

Share of overdue accounts payable in liabilities

Decreased by 40%.

This is a positive factor.

The debt was repaid through the sale of financial investments.

Ratio of receivables to total assets

At the beginning of the period - 0.103 (10.3%).

At the end of the period - 0.126 (12.6%).

Shows that 12.6% of the company's assets are accounts receivable.

The dynamics are negative.

Return on assets

At the beginning of the period - 0.009 (0.9%).

At the end of the period - 0.008 (0.8%).

Profit from the property of the enterprise: 0.9% and 0.8%.

Unprofitable activity of the enterprise.

Negative dynamics, decrease in profitability by 11.6%.

Net profit margin

At the beginning of the period - 0.061 (6.1%).

At the end of the period - 0.032 (3.2%).

Profit: 3.2%.

Cost (costs) - 97%.

The company works for employees' salaries.

Low efficiency of the enterprise.

Conclusion

When determining the solvency of the organization, 3 trace is calculated. Coefficient:

• 1) Current liquidity ratio.
• 2) Coefficient of provision with own circulating assets.
• 3) The coefficient of restoration (loss) of solvency The structure of the balance sheet of the enterprise is recognized as unsatisfactory, and the enterprise is considered insolvent if at least one of the following conditions is met:
• 1) The current liquidity ratio at the end of the reporting period matters

<2 (64%) 0,64<2

There should be 2 times more liquid assets than current liabilities.

2) The ratio of provision with own circulating assets at the end of the reporting period has a value of less than 0.1.

At the end of the year - 1.9.

There is no own funds in the turnover of the company at all, tk. all equipment and premises are not formed from their own sources of funds.

According to the calculations, both coefficients are below the established value.

The enterprise can be declared insolvent, tk. both conditions are met. The balance is considered unsatisfactory.

In the event that at least one of the indicated coefficients is below the established value, the coefficient of restoring solvency for the coming period (6 months) is calculated

Kv = (Ktl.k. + (6 / T) (Ktl.k-Ktl.n)) / 2

Solvency recovery rate<1 говорит о том, что предприятие в ближайшее время(6мес) не имеет реальной возможности восстановить свою платежеспособность. Предприятие может быть признано неплатежеспособным и в ближайшее время вряд ли сможет восстановить свою платежеспособность. Предприятие может быть признано не платежеспособно, и в ближайшее время предприятие не сможет восстановить свою платежеспособность.