For financial analysis, the authors of this methodology propose to use six ratios. The peculiarity of the methodology lies in the classification of organizations according to the level of risk. According to the results of the analysis, any analyzed organization belongs to a certain class, depending on the number of points scored, based on the actual values of the indicators financial stability.
When evaluating financial condition an assessment is proposed according to the following coefficients (Table 4.9).
Table 4.9
Assessment of the financial condition of the organization according to the method of L. V. Dontsova and N. A. Nikiforova
|
Index |
Economic meaning of the indicator |
Calculation formula |
|
Quick liquidity ratio (K 2) |
Shows how much of the short-term debt the organization can cover in the short term, subject to full repayment accounts receivable |
(Kj + Accounts receivable up to a year)/ Short-term liabilities |
|
Current liquidity ratio (K 3) |
Characterizes the degree of total coverage (current assets) of the amount of term liabilities |
Current assets / Current liabilities |
|
Coefficient financial independence(K 4) |
Shows share equity in asset formation |
Equity and reserves/ Amount of assets |
|
The coefficient of security with own working capital (K 5) |
Shows the sufficiency of own working capital to cover assets |
and reserves - Non-current assets) / Assets |
|
Reserves coverage ratio (K b) |
Shows the sufficiency of own working capital to cover stocks |
and reserves - Non-current assets) / stocks |
Based on the coefficient values obtained, each of them is assigned a sum of points, which ultimately forms the borrower's rating (Table 4.10).
Table 4.10
|
Class boundaries according to the value criterion, score |
||||||
Borrowers are classified into six groups:
Class I - organizations with a good margin of financial stability, allowing you to be sure of a return borrowed money;
Class II - organizations that demonstrate some degree of debt risk, but are not yet considered risky;
Class III - troubled organizations (the risk of losing funds is low, but the full receipt of interest seems doubtful);
Class IV - organizations with a high risk of bankruptcy even after taking measures for financial recovery. Lenders risk losing their funds and interest;
V class - organizations of the highest risk;
Class VI - organizations close to bankruptcy.
Despite a number of advantages of all the considered methods, it is necessary to point out a number of disadvantages:
Not all characteristics of the borrower and his financial economic activity formalizable, reliable, i.e. can be expressed fairly objectively in quantitative terms;
subjectivity is inevitable in the choice of weight coefficients that determine the share of each indicator in the overall result;
Modern legal framework does not establish the obligation of commercial banks to adhere to a particular methodology, method of assessing the financial condition and creditworthiness of the borrower. However, in order to increase the sustainability of domestic banking system in general, the Bank of Russia obliges banks to form reserves for possible losses on loans in accordance with the Regulation on the procedure for the formation credit organizations reserves for possible losses on loans, on loan and equivalent debt dated March 26, 2004 No. 254-P (as amended on September 1, 2015) (hereinafter - Regulation No. 254-P). The level of the created reserve is proportional to the risk of default assumed by the bank loan debt. Due to the fact that not every bank, due to the lack of balance sheet liquidity, can afford the formation of high reserves for loan losses, the estimate credit risk takes on special significance. According to Regulation No. 254-II, all banks operating in the territory of the Russian Federation are invited to evaluate borrowers according to two main criteria: financial condition and debt service quality.
In turn, the financial situation of all borrowers is divided into three categories: good, average and bad.
It should be emphasized that the Bank of Russia does not limit credit institutions in the methods of assessing the financial condition of a borrower, but establishes certain restrictive criteria.
Financial position borrower can be valued as good if a comprehensive analysis of the production and financial and economic activities of the borrower and other information about him, including information on external conditions, indicate the stability of production, a positive value of net assets, profitability and solvency. At the same time, there are no negative phenomena (trends) that could affect the financial stability of the borrower in the future. Negative phenomena (trends) may include a significant decrease in the growth rate of production volumes, profitability indicators, not related to seasonal factors, significant growth accounts payable and (or) accounts receivable, other phenomena.
The financial situation is assessed no better than average if a comprehensive analysis of the borrower’s production and financial and economic activities and (or) other information about it indicates that there are no direct threats to the current financial situation if there are negative phenomena (trends) in the borrower’s activities that in the foreseeable future (a year or less) may lead to the emergence of financial difficulties if the borrower does not take measures to improve the situation.
The financial position is estimated as bad if the borrower is declared insolvent (bankrupt) in accordance with the law, or if it is permanently insolvent, and also if the analysis of the production and (or) financial and economic activities of the borrower and (or) other information about it indicate threatening negative phenomena (trends) , the likely result of which may be insolvency (bankruptcy) or sustainable insolvency of the borrower. Threatening negative phenomena (trends) in the activities of the borrower may include: loss-making activity, a negative value or a significant reduction in net assets, a significant drop in production volumes, a significant increase in accounts payable and (or) receivables, and other phenomena.
At the same time, the financial position of the borrower - a legal entity cannot be assessed as good if at least one of the following circumstances is revealed:
- - the presence of a current card file of unpaid settlement documents to the bank accounts of the borrower, significant in terms of amounts and (or) terms, the presence of debts to banks, significant in terms of amounts and (or) terms federal budget, budgets of subjects of the Russian Federation, local budgets and off-budget funds, taking into account the reasons for their occurrence; the presence of overdue debts to employees on wages;
- - the borrower has hidden losses (for example, illiquid stocks finished products and (or) claims that are hopeless for collection) in size, equal to or greater than 25% of its net assets (own funds(capital));
- - a case (cases) of non-fulfillment or two or more cases of fulfillment by the borrower of obligations under other agreements (with the exception of agreements on the basis of which loans were granted) with a credit institution - creditor in violation of the terms, stipulated by the treaties, with a total duration of 5 to 30 calendar days or a single case of performance with a delay of more than 30 calendar days over the last 180 calendar days or termination by the borrower of obligations under other agreements with the credit institution - creditor by providing compensation in the form of property in return for the performance of the obligation, which was not sold by the credit institution within 180 calendar days or more, and also on the condition that the total amount of these obligations exceeds 100,000 rubles;
- - not provided for by the borrower's development plan (business plan) agreed with the credit institution, unprofitable activities of the borrower, which led to a significant (25% or more) decrease in its net assets for credit institutions - equity (capital) compared to their maximum achieved level within the last 12 months, and for legal entities- borrowers, from the date of registration of which less than one year has passed, - in comparison with their maximum level achieved for the period of activity of such a legal entity. For borrowers whose activity is characterized by cyclicality (seasonal fluctuations), the value of net assets is compared with their level that prevailed in the period that corresponds to the maximum extent to the analyzed one in terms of financial and economic indicators;
- - availability of information on the submission by the borrower to the tax authorities of the balance sheet with zero values in the sections "Current assets" and "Current liabilities" subject to significant turnover Money on his bank accounts opened with a credit institution for the last 180 calendar days.
Particular attention is paid in Regulation No. 254-P to the fact that at all stages of assessing the financial position of a borrower, a credit institution must take into account the possibility of incomplete and (or) irrelevant and (or) unreliable information about the borrower (about his financial position, the state of his production and financial - economic activity, the purpose for which the loan was granted to the borrower and used by him, about the planned sources of fulfillment by the borrower of obligations under the loan) and about security for the loan.
It is also necessary to determine the types of collateral that can affect the level of credit risk and, accordingly, may lead to a decrease in the formed reserve for the loan.
As information base accepted for analysis, the Bank of Russia recommends that credit institutions rely on the following list.
- 1. Official reporting data (official documents).
- 1.1. For a borrower - a legal entity (excluding credit institutions): annual financial statements in full, published for the last three years.
- 1.2. For a borrower - a legal entity that is a small business entity and uses a simplified system of taxation, accounting and reporting:
information on income and expenses, confirmed by the data of the Book of accounting for income and expenses of organizations and individual entrepreneurs applying the simplified taxation system, a copy of which can be submitted to a credit institution;
- - certificate of payment of a single tax on imputed income.
- 1.3. For a borrower - a credit institution:
- - annual financial statements in full, drawn up in accordance with normative act the Bank of Russia on the annual report of a credit institution;
published reports for the last three completed financial years(for the last reporting year and this year- annual and quarterly), as well as reporting forms " Turnover sheet on the accounts of the credit institution” and “Report on the financial results of the credit institution” as of the last reporting date.
- 2. Information that is reasonable to take into account if it is available.
- 2.1. Reporting prepared in accordance with international standards financial reporting.
- 2.2. Management reporting and other management information.
- 2.3. Budget or business plan for the current financial year.
- 2.4. Issuer quarterly report valuable papers on significant facts (events and actions) affecting the financial and economic activities of the issuer, drawn up in accordance with Art. thirty federal law“On the Securities Market” if the borrower is an issuer of securities.
- 2.5. Cash flow data.
- 2.6. Data on overdue receivables and accounts payable, outstanding loans and borrowings, about overdue own bills of the borrower.
- 2.7. Certificate of availability in accounts receivable, as well as in long-term and short-term financial investments debts and investments in shares (shares) of legal entities that are in the process of liquidation or in respect of which bankruptcy proceedings have been initiated as of the last reporting date.
- 2.8. Certificates of open settlement (current) accounts in credit institutions issued or confirmed by the tax authority, or extracts from bank accounts on cash balances on accounts with other credit institutions issued and confirmed by credit institutions.
- 2.9. Certificates that the borrower does not have a file of unpaid settlement documents for all open settlement (current) accounts issued by credit institutions servicing these accounts, as well as certificates from tax authorities on the absence of debt to the budget of all levels and extra-budgetary funds.
- 2.10. Information about significant events affecting the production and financial and economic activities of the borrower that occurred over the period from the last reporting date to the date of analysis of the financial position of the borrower (about the facts that caused a one-time significant increase or decrease in the value of assets; about the facts that caused a one-time significant increase in net losses; on the facts of one-time transactions, the size of which or the value of property for which constitutes a significant share in the borrower's assets as of the date of the transaction) (the degree of materiality of events is determined in the internal documents of the credit institution).
- 2.11. Other available information, including:
- - the presence of a positive (negative) credit history;
- - country risk;
- - the general state of the industry to which the borrower belongs;
- - competitive position of the borrower in the industry;
- - business reputation of the borrower and the management of the borrowing organization (sole executive body, members of the collegial executive body, members of the board of directors);
- - quality of management of the borrowing organization;
- - short-term and long-term plans and development prospects of the borrower;
degree of dependence on affiliated persons and independence in decision-making;
borrower's affiliation financial groups and holdings;
Substantial dependence on one or more suppliers and/or customers;
measures taken by the borrower to improve its financial situation;
- - involvement of the borrower in legal proceedings;
- - information on various aspects of the borrower's activities (business area, industry specifics, specialization in types of products or services, and other aspects);
- - the degree of dependence on government subsidies;
- - the significance of the borrower on a regional scale;
- - the dependence of the borrower's activity on rising prices when buying goods and services and on falling prices when selling goods and services;
- - consistency of positions of shareholders (participants) of the legal entity - the borrower, who have the right to own 5% or more voting shares (stakes) of the organization, on the main issues of the borrower's activities, including financial and production;
the likelihood of opening in the near future or the actual commencement of bankruptcy and (or) liquidation of the borrower;
- - information on the fulfillment by the borrower of obligations under other agreements and to other creditors, including debts to residents and non-residents on received loans (loans, deposits), as well as obligations on guarantees and (or) guarantees provided in favor of residents and non-residents, on payments to the budgets all levels.
- 3. Comparative data (in dynamics) for enterprises operating in comparable conditions (the same activity profile, the same size), containing information:
- - about financial stability (consistency);
- - liquidity (solvency), including cash flow;
- - profitability (profitability);
- - business activity and prospects for the development of the relevant market segment.
Analyzing the information base proposed by the Bank of Russia, it should be noted that it is focused on combining the two principles of assessment considered earlier - comprehensive and classification. Much attention is paid to the possibility qualitative analysis loans.
On practice Russian banks used to assess the creditworthiness of the borrower almost all available information in all areas of financial and economic activity, as evidenced by the forms of questionnaires or loan applications used by different banks.
The essence of this technique lies in the classification of organizations by the level of financial risk, that is, any analyzed organization can be assigned to a certain class depending on the “scored” number of points, based on the actual values of its financial ratios.
1st class- These are organizations with absolute financial stability and absolutely solvent, whose financial condition allows you to be sure of the timely fulfillment of obligations in accordance with the agreements. These are organizations that have a rational structure of property and its sources, and, as a rule, its sources are quite profitable.
2nd class- These are organizations with a normal financial condition. Their financial indicators as a whole are very close to optimal, but some lag is allowed for certain ratios. These organizations, as a rule, have a non-optimal ratio of own and borrowed sources of financing, shifted in favor of borrowed capital. At the same time, there is an outpacing increase in accounts payable compared to the increase in receivables. Usually these are profitable organizations.
3rd grade- These are organizations whose financial condition can be assessed as average. When analyzing the balance sheet, the “weakness” of individual financial indicators. They either have solvency at the minimum acceptable level, and financial stability is normal, or vice versa - an unstable financial condition due to the predominance of borrowed sources of financing, but there is some current solvency. When dealing with such organizations, there is hardly a threat of loss of funds, but the fulfillment of obligations by the deadline seems doubtful.
4th grade These are organizations with unstable financial condition. When dealing with them, there is a certain financial risk. They have an unsatisfactory capital structure, and solvency is at the lower limit of acceptable values. As a rule, such organizations have no profit at all or very little, sufficient only for mandatory payments to the budget.
5th grade These are organizations in financial crisis. They are insolvent and absolutely unstable from a financial point of view. These enterprises are unprofitable.
The definition of the enterprise class according to the level of financial condition is presented in the form of table 2.
Table 2 - Definition of the enterprise class by the level of financial condition
| Financial condition indicators | I year | II year | III year | |||
| Meaning | Points | Meaning | Points | Meaning | Points | |
| Absolute liquidity ratio | ||||||
| Coefficient of "critical" assessment | ||||||
| Current liquidity ratio | ||||||
| Share of working capital in assets | ||||||
| Security ratio own funds | ||||||
| Capitalization ratio | ||||||
| Financial Independence Ratio | ||||||
| Financial stability ratio | ||||||
| TOTAL | ||||||
| Class |
Clause 1.3
Express analysis on the scale of financial and economic stability (based on the identification of deviations from the equilibrium point)
Classification of property of the enterprise. The property of the enterprise from the side of functional participation in the process of reproduction is divided without a trace into financial and non-financial financial assets. On the part of property relations, it is divided into own and borrowed capital.
Such a characteristic of property in sectors of the economy is provided for in the System of National Accounts (SNA). Since sectors are formed by a set of enterprises, it is logical to apply the principle of dividing economic assets into financial and non-financial assets, and capital into equity and debt, for each individual enterprise. Moreover, this provides an opportunity to carry out a deep financial and economic analysis of property, income and economic resources enterprises in general.
financial assets are those economic assets that appear simultaneously on the balance sheet of this and some other enterprise, or financial organization: for this enterprise - in the asset, and for the other - in the liability.
Non-financial assets reflected only in the balance sheet of the enterprise.
Financial assets include cash, receivables (funds in settlements), short-term and long-term financial investments: granted loans, deposits, securities, shares and other investments in the capital of other enterprises.
Non-financial assets include property, plant and equipment, intangible assets, inventories, work in progress and construction in progress.
Non-financial assets are real property. Financial assets are the right to property, a set of claims, a duplicate of real property that is in operation with other owners.
Each security or record of receivables corresponds to the real values that are included in the debt capital of other enterprises. To get the full amount of all real property in the country, sector of the economy, industry, it is necessary and sufficient to sum up non-financial assets. For each business entity, on the contrary, the amount of both financial and non-financial assets is important.
A natural question arises, what real property is behind the banknotes that are in the cash desk of the enterprise, or behind sums of money held in a bank account?
Banks act as debtors in relation to the owners of funds (cash and non-cash) and are responsible to them as to their creditors with their own assets.
And banknotes, and non-cash funds are provided, firstly, by the reserves of the state banking system, which are gold and foreign exchange reserves, i.e., real values, and, secondly, by the investments of commercial banks in non-financial assets by providing loans to their customers.
Both financial and non-financial assets of an enterprise can be both own and borrowed. Both are at the disposal of the enterprise. None of the items of assets bears any mark, identification mark - whether it refers to own property or to borrowed property. This can only be determined by ranking, outside of accounting. Own property is accounted for at the enterprise, regardless of the form of embodiment, as the amount authorized capital, additional capital, reserve capital, retained earnings, targeted financing. Borrowed capital is accounted for as an amount bank loans received borrowed funds from other organizations, commodity credit received advances from customers, debts to the budget, founders and staff (respectively, for the payment of taxes, dividends and wages).
double method accounting entry guarantees at the end of each reporting period the balance (equality) of the amount of non-financial and financial assets, on the one hand, the amount of own and borrowed capital, on the other. But at the same time, there is no answer to the most burning question: the funds in the settlement account - whose? Own or borrowed? If it's not your own money, then it should be spent in the following way:
pay wages.
If this is your own money, then you have a choice:
· finance the conference (festival, seminar);
update obsolete equipment;
· furnish the office with the latest renovation;
Give bonuses to employees.
Making a decision - choosing from the listed options for spending money - does not, of course, depend on analysis. If the analyst discards a number of options and ranks the remaining ones, the manager may still choose one of the discarded options. But on at least, the manager will know that he now owes himself, because in spending funds ahead of their inflow.
In the following presentation, we will proceed from the fact that financial and economic analysis is carried out with the aim of the practical use of its results in financial management.
The procedure for imposing the capital of an enterprise on economic assets. The procedure to be followed when conducting a rapid analysis of financial stability on a given date is the imposition of the capital structure on the structure of economic assets. At the same time, the rule is observed: equity is imposed on non-financial assets, commensurate with them. Therefore, borrowed capital absorbs the remaining assets. At the first approach to the implementation of this procedure, there are three options:
· own capital is more than non-financial assets (accordingly, borrowed capital is less than financial assets), fig. one;
· own capital is equal to non-financial assets (accordingly, borrowed capital is equal to financial assets), fig. 2;
· own capital is less than non-financial assets (accordingly, borrowed capital is more than financial assets), fig. 3.
Figure 1 - Net lending
Figure 2 - The state of financial and economic balance
Figure 3 - Net borrowing
From a comparison of the three possible options in the static analysis of the property of the enterprise, the following conclusions follow:
1. Non-financial assets bind equity.
2. Borrowed capital absorbs financial assets.
3. An enterprise has its own financial assets only if its own capital exceeds non-financial assets.
4. If own capital is less than non-financial assets, then borrowed capital absorbs not only financial assets, but also a part of non-financial ones.
5. If equity is equal to non-financial assets, the enterprise is in a state of financial and economic equilibrium (Fig. 2).
6. The presence of own financial assets indicates the state of net lending (Fig. 1).
7. The presence of borrowed non-financial assets indicates the state of net borrowing (Fig. 3).
Thus, the financial and economic analysis begins not with financial assets, but with non-financial ones, since equity capital should finance the least liquid assets. This is understandable: it is impossible to cover obligations with illiquid Assets, since they cannot pay off debts, in any case, pay off without damage to the technological process and without economic losses. If you still have to urgently sell non-financial assets (stocks, equipment), then you have to sell them below the cost (economic value), that is, at a loss. The financial position is stable only when the threat of sale does not hang over the real (non-financial) property of the enterprise. And this is possible only if the equity capital is sufficient to finance (secure) all non-financial assets.
Own financial assets are a control lever. Net lending and net borrowing are new concepts for the financial analysis of enterprises taken from the macroeconomic analysis of economic sectors in the SNA. Net lending does not mean that the entire excess of equity over non-financial assets is receivable. (In this case, this enterprise would indeed be a direct creditor for its debtors). Own financial assets can be in the form of non-cash and cash funds, financial investments, foreign exchange savings. But all this is evidence that this enterprise indirectly, through third legal entities, primarily through banks, lends to those economic entities whose analysis shows the state of net borrowing. Net borrowing means the lack of security of non-financial assets with own capital, their use to cover the obligations assumed by the enterprise.
Own financial resources are a control lever, a means of financial maneuver. They can be provided to partners on credit, invested in your own business or invested under favorable interest to the bank, to make extraordinary (unscheduled) expenses, to advance to suppliers, and finally, to lend to oneself in case of violations of the terms of payment for orders by debtors.
An enterprise is potentially ready to invest in production only if it has its own financial assets, since investing in machinery, equipment, buildings, and land turns financial assets into non-financial ones. In order not to lose the financial and economic balance, investments in production should not exceed their own financial resources. By investing with borrowed funds, the company takes on increased risk and loses its balance. Such options are possible and sometimes necessary. But at the same time, one should be aware of what is happening with financial and economic stability.
The outlined approach to financial and economic analysis outlines its contours and provides a theoretical basis. For the practical implementation of financial and economic analysis, additional specification of this method is necessary, in particular, its application in statics and dynamics. Rules for extracting source information from the balance sheet are needed.
In both cases, it is important to adhere to the line that the difference between equity and any part of the assets (financial or current) can be both positive and negative. In both cases, the difference is only an indicator. Neither working capital nor own financial assets can be a negative value, because they are a real component of a positive value - capital invested in a business, in circulation. The marginal value of both working capital and own financial assets is zero.
Summarize. The negative difference between equity and non-current assets is an indicator of working capital, an indication that it is absent. The value of the indicator indicates what amount of own capital is not enough to achieve equilibrium, but in this case there is no working capital.
The negative value of the difference between equity and non-financial assets is an indicator of financial and economic stability. It indicates the absence of own financial assets and the amount that is not enough for own capital to have a financial and economic balance.
With positive values of indicators, no special explanations are required, since the value and sign of the indicator coincide either with working capital or with own financial assets. Note that they are the same, but not the same.
The concepts of net lending and net borrowing fit into common system financial and economic balance in the economy. In the SNA, financial investments credited accounting to rank outside current assets, are included in the mechanism for achieving financial and economic balance, which is dictated by the real conditions of the capital market and theoretical provisions. Indeed, if an enterprise has securities, such as shares in Gazprom or Lukoil, does it have real estate? Does it tie up its own capital? On the contrary, it is a very mobile, easily marketable part of the assets, which can provide "quick liquidity" better than any reserves.
Deepening the static analysis of financial and economic stability. Let's continue the analysis financial and economic static stability. We divide financial assets into mobile and non-mobile, and non-financial assets into illiquid and liquid. Will compare equity in turn with non-mobile assets, non-financial and illiquid (Fig. 4). In this case, five states of financial and economic stability will arise: super stability, stability, balance, financial tension and a risk zone (on the verge of a state of crisis).
Each of the quantities involved in the analysis can change in certain limits. Let us introduce the notation for these quantities and their derivatives:
EA - economic assets;
K - capital;
SC - equity;
ZK - borrowed capital;
MFA - mobile assets (financial);
NMFA - non-mobile financial assets;
NMA - non-mobile assets (financial and non-financial);
FA - financial assets;
NA - non-financial assets;
LA - liquid assets (financial and non-financial);
LHA - liquid non-financial assets;
NLHA - illiquid (non-financial) assets;
I - indicator of financial and economic stability:
And" - indicator absolute solvency:
And" = SK-NMA;
And "" - security indicator:
AND"" = SK-NLNA.
Figure 4 - Graphical scale of financial and economic stability
On fig. 4 indicates the critical points of transition from one zone to another, between these points equity capital has limits from above and below. As can be seen from the diagram, the entire capital can be own, as well as it can be entirely borrowed, but it cannot have a negative value. At the point of transition from the risk zone to the crisis zone, the borrowed capital is equal to all assets, and below it, it becomes more assets. This is the economic sign of the crisis. The balance is broken. Capital is not equal to assets. Part of the borrowed capital has been lost, "spent" - following its own.
Here is a table (Table 3), which reflects the "behavior" of all indicators characterizing financial and economic stability by zones and which can be used as a scale for establishing the rank of an enterprise in statics. The enlarged scale can have three ranks:
1. Sustainability;
2. Balance;
3. Instability.
The differentiated static scale contains five ranks:
1. Super stability;
2. Sufficient stability;
3. Balance;
5. State of risk.
Table 3 - Static scale-table of financial and economic stability (FES)
| enlarged scale | Differentiated scale |
| Stability zone: ON < SC < EA I > 0 | Super hardiness zone: NMA< СК < EA; And > 0; And "\u003e 0; And"\u003e 0 |
| Line of absolute solvency: SK = NMA; ZK = MFA; And > 0; And" \u003d 0; And "\u003e 0 Zone of sufficient stability: ON < SC < NMA I > 0; AND" < 0; And" > 0; | |
| Equilibrium line: I = 0 Instability zone: 0 < SC< НА И < 0 | Equilibrium line: SC = ON; ZK = FA; And = 0; AND"< 0; И" >0 NLNA tension zone < SC< НА; И < 0; И" < 0; И" > 0; |
| Liquidity line: SK = NLNA; ZK = LA; And< 0; И" < 0; И" = 0; Зона риска: 0 < SC< НЛНА И < 0; И" < 0; И" < 0. |
Dynamic scale of financial and economic sustainability. The dynamics of financial and economic stability is measured by the growth of the indicators mentioned above (Table 3). The combination of positive, negative and zero values of the PMT incremental indicators causes the transition from one state to another. These transitions can be ranked. Three PMT states in statics correspond to a scale with 13 dynamics characteristics (Table 4).
Table 4 - Enlarged dynamic scale of PMT
| Transition characteristic | PMT indicator value | Rank | ||
| At the beginning of the reporting period (And 0) | At the end of the reporting period (And 1) | Incremental indicator (ΔI) | ||
| Strengthening resilience | > 0 | >0 | > 0 | |
| Sustainability | > 0 | > 0 | = 0 | |
| Resilience Weakening | > 0 | >0 | < 0 | |
| Transition from balance to sustainability | = 0 | > 0 | >0 | |
| Transition from instability to sustainability | < 0 | > 0 | > 0 | |
| Transition from sustainability to balance | > 0 | = 0 | < 0 | |
| Maintaining balance | = 0 | = 0 | = 0 | |
| Transition from instability to equilibrium | < 0 | = 0 | > 0 | |
| Transition from stability to instability | > 0 | < 0 | < 0 | |
| Loss of balance | = 0 | < 0 | < 0 | |
| Weakening instability | < 0 | < 0 | > 0 | |
| Preservation of instability | < 0 | < 0 | = 0 | |
| Growing instability | < 0 | < 0 | < 0 |
The incremental indicators of the PMT indicator (I), in 13 types of transition, are combined with certain incremental values of each of the six indicators: SC, ZK, K, NA, FA, EA. All seven incremental indicators can be > 0, = 0,< 0. При заданных условиях возникает 75 приростных ситуаций, которые образуют целостный массив и организованы в 13 блоков. Все ситуации различаются между собой. Среди них нет двух одинаковых. Вместе с тем, доказано, что иных ситуаций сбалансированных приростов, кроме этих 75, более нет (Приложение А).
With the help of an array of standard situations, in the express analysis mode, by setting the values of some indicators, you can find the direction of changes in others. First, they find the desired block, one of 13, by the elimination method. Then - the desired situation, which in one block can be 7, 5 or 3. This method imposes restrictions on unreasonable decision-making, eliminates obviously incompatible intentions.
It is impossible, for example, to combine the intensive use of commodity credit with the intention to form one's own financial assets, etc. In practice, the incompatibility of indicators is not as obvious as in the above example, especially since the seven indicators mentioned above often move in different directions. In addition to the array of standard situations in the incremental analysis of PMT, it is possible to use similarly constructed arrays of situations in the incremental analysis of absolute solvency and security.
Clause 1.4
In the scientific literature, find another approach to the analysis of the financial condition of the enterprise (including taking into account the specifics of the industry of the object of study term paper). Describe the found approach and analyze the financial condition of the enterprise using this approach.
SECOND CHAPTER
Clause 2.1
At this point, it is necessary to carry out a detailed comparative analysis methods of financial analysis discussed in the first chapter. The advantages and disadvantages of each method should be identified.
Clause 2.2
In this paragraph of the course work, taking into account the results of various methods, it is necessary to draw a conclusion about the financial condition of the research object and propose measures to improve it. The content of these proposals must be clearly stated and justified.
Similar information.
Let us consider the models of bankruptcy of an enterprise, and in more detail methods for assessing the solvency of an enterprise.
What is a scoring model for enterprise valuation?
The scoring approach to assessing the solvency of an enterprise consists in analyzing statistics on enterprises on their fulfillment of obligations to creditors, information about which is contained in the bureau credit histories. Therefore, scoring models are sometimes referred to in the literature as credit scoring models ( credit-score) or credit scoring models. Thus, we can say that credit scoring models are statistical models for assessing the solvency of an enterprise.
History of the scoring approach to evaluation
Previously, scoring models were developed solely for assessing creditworthiness individuals for lending by banks. This approach was first proposed by D. Duran in 1941 to classify bank customers into two classes: creditworthy and non-creditworthy. To determine the class, indicators were calculated to make a conclusion about its risk of bankruptcy. Scores for scoring models are calculated using the logistic regression tool. On its basis, by the way, logit-models for assessing the risk of bankruptcy of individuals and enterprises are also built.
The task of the scoring approach for assessing the solvency of an enterprise
The task of the scoring model for assessing the solvency of an enterprise is to classify it according to the degree of financial risk. The scoring approach is similar to the rating approach for assessing an enterprise, since it also has a rating (class) for an enterprise, in addition to this, there is a scoring and assigning a rating to financial indicators.
The difference lies in the fact that as a result a rating is assigned and the company belongs to the solvency class, i.e. In addition to evaluation, classification is also carried out. Also, as a result of scoring, a rating is obtained for the enterprise and a rating for financial ratios describing the enterprise.
Scoring models for assessing the solvency of an enterprise
Consider domestic scoring models for assessing the solvency of an enterprise. Let us analyze two domestic scoring models by Dontsova-Nikiforova and Savitskaya. These models are designed to assess the risk of bankruptcy of domestic enterprises. So, let's begin.
Scoring model of Dontsova-Nikiforova (1999)
Dontsova L.V.
Economists Dontsova L.V. and Nikiforova N.A. offer a scoring model for assessing the solvency of an enterprise, which allows the company to be assigned to one of the six classes of solvency, based on the assessment of six financial ratios.
| Index | 1 class(score) | Grade 2(score) | 3rd grade(score) | 4th grade(score) | 5th grade(score) | 6th grade(score) |
| Absolute liquidity ratio | 0.25 and more (20) | 0.216 | 0.15(12) | 0.1(8) | 0.05(4) | Less than 0.05(0) |
| Quick liquidity ratio | 1 or more(18) | 0.9(15) | 0.8 (12) |
0.7(9) | 0.6(6) | Less than 0.5(0) |
| 2 or more(16.5) | 1.7(120 | 1.4(7.5) | 1.1(3) | 1(1.5) | Under 1(0) | |
| 0.6 and more(17) | 0.54(12) | 0.43(7.4) | 0.41(1.8) | 0.4(1) | Less than 0.4(0) | |
| Working capital ratio | 0.5 and more(15) | 0.4(12) | 0.3(9) | 0.2(6) | 0.1(3) | Less than 0.1(0) |
| Reserves coverage ratio | 1 or more(15) | 0.9(12) | 0.8(9) | 0.7(6) | 0.6(3) | Less than 0.6(0) |
| The minimum value of the border in points | 100 | 64 | 50 | 28 | 18 | – |
| Grade 1>100 points | The company has a good margin of financial strength | |||||
| Grade 2>64 points | The company has an insignificant probability of paying off debts, in general, there is a risk | |||||
| Grade 3>50 points | Troubled Enterprise | |||||
| Grade 4>28 points | The company has a high risk of bankruptcy | |||||
| Grade 5>18 points | The company has a very high risk of bankruptcy, recovery measures are unlikely to help | |||||
| 6th grade<18 баллов | The company is financially insolvent | |||||
Note:
In the valuation model, the main emphasis is on liquidity ratios (, quick liquidity ratio, absolute liquidity ratio), as well as on turnover ratios (equity ratio, inventory ratio).
| Odds | Formula | Calculation |
|
Absolute liquidity ratio |
(Cash + Short-term financial investments) / Short-term liabilities | p.1250 / (str.1510+str.1520) |
|
Quick liquidity ratio |
(Current Assets - Inventories) / Current Liabilities | (p.1250+p.1240) / (p.1510+ p.1520) |
|
Current liquidity ratio |
||
|
Financial Independence Ratio |
Equity / Assets | p.1300 / p.1600 |
|
Working capital ratio |
(Equity - Non-current assets) / Current assets | (p.1300-p.1100) / p.1200 |
|
Reserves coverage ratio |
Inventory turnover ratio= Sales revenue / Average inventory | p.2110 / (p.1210 np.+p.1210 kp.)*0.5 |
n.p. and k.p. - the value of the balance line at the beginning of the period and the end of the period, respectively.
Savitskaya scoring model (2007)
Savitskaya G.V.
Professor G.V. Savitskaya offers her own scoring credit model for assessing the financial condition of an enterprise. The difference lies in the fact that in the model the enterprise is classified according to five classes and three financial ratios are used for this.
| Index | 1 class | Grade 2 | 3rd grade | 4th grade | 5th grade |
| Return on total capital, % | 30 and above (50 points) | 29.9-20(49.9-35 points) | 19.9-10(34.9-20 points) | 9.9-1(19.9-5 points) | Less than 1(0 points) |
| Current liquidity ratio | 2 or more (30 points) | 1.99-1.7(29.9-20 points) | 1.69-1.4(19.9-10 points) | 1.39-1.1(9.9-1) | 1 and below (0 points) |
| 0.7 or more (20 points) | 0.69-0.45(19.9-10 points) | 0.44-0.3(9.9-5 points) | 0.29-0.2(4.9-1 points) | Less than 0.2(0 points) | |
| Class boundaries | 100 points | 99-65 | 64-35 | 34-6 | 0 points |
| Grade 1>100 points | An enterprise with good financial strength | ||||
| Grade 265-99 points | The company has a small risk of non-repayment of debts | ||||
| Grade 335-64 points | Troubled Enterprise | ||||
| Grade 46-34 points | The company has a high risk of bankruptcy. Lenders risk losing their invested funds | ||||
| Grade 50 points | The enterprise is insolvent | ||||
Note:
Two of the three financial ratios determine the solvency of the enterprise, where the current liquidity ratio determines the short-term liquidity, and the financial independence ratio determines the long-term liquidity of the enterprise.
Financial independence ratio = autonomy ratio.
Calculation of financial ratios in the scoring model
| Odds | Formula | Calculation |
|
Return on total capital |
Profit before tax / Liabilities | p.2300 / p.1700 |
|
Current liquidity ratio |
Current assets / Current liabilities | p.1200 / (p.1510+p.1520) |
|
Financial Independence Ratio |
Equity / Assets | p.1300 / p.1600 |
Summary
Let us sum up the analysis of credit scoring models for assessing the solvency of an enterprise. One of the indisputable advantages is that these models were developed for domestic enterprises. One of the difficulties in estimating using such models lies in the large complexity of the calculations and often incomprehensibility in the use of scoring of financial ratios. Their use is well combined with other methods of assessing the financial condition.
Thank you for your attention! Good luck!
Analysis of financial statements. Dontsova L.V., Nikiforova N.A.
2nd ed. - M.: 2004. - 336 p.
The textbook substantiates the theoretical, methodological and practical provisions of the modern concept of analyzing the financial statements of business entities. Based on the latest regulatory documents, the authors detail the methodology for compiling and analyzing Form No. 1 "Balance Sheet", Form No. 2 "Profit and Loss Statement", Form No. 3 "Statement of Changes in Equity", Form No. 4 "Statement of Cash Flows ", Form No. 5 "Appendix to balance sheet”, form No. 6 “Report on the intended use of funds received” by quarters and in general for the reporting period. The presented material is illustrated through a digital example.
The publication is addressed to teachers and students of economic universities, employees accounting services, financial directors, as well as students in the system of training and certification of professional accountants and auditors.
Format: djvu
The size: 10Mb
Download: drive.google
TABLE OF CONTENTS
FOREWORD 3
1. FINANCIAL (ACCOUNTING) REPORTING - INFORMATION BASE FOR FINANCIAL ANALYSIS 5
1.1. Purpose, basic concepts, objectives of the analysis of financial statements 5
1.2. The concept, composition and procedure for filling out financial (accounting) reporting forms 10
1.2.1. About volume financial statements 11
7.2.1. Requirements for the reliability of reporting 13
7.2.3. Users of financial statements 15
12.4. Reporting period and reporting date 17
1.2.5. The procedure for compiling reporting forms 18
1.2.6. The role of the explanatory note in disclosure 23
12.7. Procedure for signing financial statements 25
1.2.8. Addresses and deadlines for submitting financial statements 25
12.9. The procedure for amending the reporting of the organization 26
1.2.10. Publicity of financial statements 27
1.2.11. Audit of financial statements 29
1.3. Contents of financial reporting forms 30
1.3.1. The content of the balance sheet 30
1.32. Contents of the income statement 39
1.3.3. Contents of the statement of changes in equity 49
1.3.4. Contents of the cash flow statement 51
1.3.5. Contents of the appendix to the balance sheet 53
1.4. Sequence of analysis of financial statements 56
1.5. Impact of inflation on financial statements 59
1.5.1. Comparability of reporting data 59
1.5.2. inflation and financial reports 60
Chapter 1 Quiz 71
2. METHODOLOGICAL FRAMEWORK FOR FINANCIAL ANALYSIS 72
Chapter 2 Checklist 86
3. ANALYSIS OF FORM No. 1 "BALANCE SHEETS" 87
3.1. Overall score the structure of the property of the organization and its sources according to the balance sheet 87
3.2. Results of a general assessment of the structure of assets and their sources according to the balance sheet 94
3.3. Balance sheet liquidity analysis 97
3.4. Calculation and evaluation of financial solvency ratios 102
3.5. Criteria for assessing the insolvency (bankruptcy) of organizations 107
3.6. Determining the nature of the organization's financial stability, calculating and evaluating financial ratios of market stability based on reporting data 125
3.6.1. Analysis of financial stability indicators 125
3.6.2. Analysis of the sufficiency of sources of financing for the formation of reserves 128
3.7. Classification of the financial condition of the organization according to the consolidated criteria for assessing the balance sheet 131
3.8. Analysis of indicators of intra-annual dynamics 137
3.9. General assessment of the organization's business activity. Calculation and analysis of the financial cycle 148
Chapter 3 Test Questions 160
4. ANALYSIS OF FORM No. 2 PROFIT AND LOSS STATEMENT 162
4.1. Level and dynamics analysis financial results according to reporting 162
4.2. Analysis of costs incurred by the organization 167
4.2.1. The main types and features of the classification of expenses of the organization 167
4.2.2. Cost analysis by element 170
4.3. Analysis of the influence of factors on profit 171
4.4. Analysis of profit dynamics 175
4.5. Factor analysis of the organization's profitability 178
4.6. Summary system of indicators of profitability of the organization 182
4.7. Impact assessment financial leverage 189
4.7.1. The essence of financial leverage 189
4.7.2. Relationship between economic profitability and return on equity 191
4.7.3. Calculation of the coefficient of financial leverage 194
Chapter 4 checklist 197
5. ANALYSIS OF FORM No. 3 “REPORT ON CHANGES IN EQUITY” 199
5.1. Sources of asset financing 199
5.2. Assessment of the composition and movement of equity capital 204
5.2.7. Analysis of the composition and movement of equity capital 204
52.2. Calculation and valuation of net assets 206
Chapter 5 Test Questions 209
6. ANALYSIS OF FORM 4 CASH FLOW STATEMENT 211
6.1. Cash flow analysis according to financial statements 211
Chapter 6 Test Questions 220
7. ANALYSIS OF FORM No. 5 "APPENDIX TO THE BALANCE SHEET" 222
7.1. Composition and assessment of the movement of borrowed funds 222
7.2. Analysis of receivables and payables 224
7.2.1. Accounts receivable analysis 224
7.2.2. Analysis of accounts payable 230
7.3. Analysis of depreciable property 232
7.3.1. Analysis intangible assets 232
7.32. Analysis of fixed assets 238
7.4. Analysis of the movement of funds long term investment and financial investments 247
7.4.1. Essence and differences between the concepts of investments and financial investments 247
7.4.2. Tasks of investment analysis 251
7.4.3. The main indicators of the analysis of the profitability of securities 252
7.5. Explanatory note to annual accounting report... 254
Chapter 7 Test Questions 257
8. PREPARING A FORECAST BALANCE 259
Chapter 8 Test Questions 263
9. FEATURES OF PREPARATION AND ANALYSIS OF CONSOLIDATED REPORTING 264
9.1. Essence and basic concepts consolidated reporting 264
9.2. Procedures and principles for the preparation and presentation of consolidated financial statements 276
9.3. Methods of primary consolidation 281
9.4. Subsequent consolidation 286
9.5. Analysis of consolidated financial statements 288
Chapter 9 Test Questions 293
10. SPECIFICITY OF THE ORGANIZATION'S SEGMENTAL REPORTING 294
10.1. The essence and purpose of segment reporting 294
10.2. Disclosures by reportable segments 297
10.3. Steps for creating an organization's segment reporting 302
Chapter 10 304 security questions
APPS 306
1. Balance sheet 306
2. Profit and loss statement 310
3. Statement of changes in equity 312
4. Cash flow statement 315
5. Appendix to the balance sheet 317
6. Report on intended use funds received 324
7. Dynamics of balance sheet indicators by quarters of the reporting year 326
8. Dynamics of indicators of the profit and loss statement of the organization in the reporting year 328
LITERATURE 330
With different behavior of indicators, the quantitative measurement of the financial condition based on the rating is important.
Rating score financial condition can be used to classify businesses according to financial risks. However, this method of analyzing the financial condition does not take into account industry specifics. In the literature on financial analysis, various methods of rating assessment of the financial condition are used. For example:
The most common is the comparison with the reference organization, which has the best value in all indicators, i.e. the standard of comparison is not the subjective assumptions of experts in the form of a norm, criterion, but those that have developed in real life. market economy the highest results.
Comparative rating assessment of the financial condition of A.D. Sheremet
This approach indicates HELL. Sheremet, corresponds to the practice where each commodity producer strives to look better than a competitor.
1. The initial data are presented in the form of a matrix (aij), i.e. a table where the numbers of indicators are written in rows (i=1, 2, 3, ... n), and in columns - organization numbers (j=1, 2, 3, …m).
2. For each indicator, there is maximum value and is entered in the column of the conditional reference organization (m + 1).
3. The initial indicators of the matrix are standardized in relation to the corresponding indicator of the reference organization according to the formula: xij = (aij) / (max aij), where xij are standardized indicators j-th organizations.
5. Organizations are ordered (ranked) in descending order of rating. The organization with the minimum R value has the highest rating. To apply this algorithm in practice, there are no restrictions on the number of compared indicators and organizations.
Based on the foregoing, A.D. Sheremet indicates the requirements that the system of financial ratios must satisfy in terms of the effectiveness of the rating assessment of the financial condition:
- Financial ratios should be as informative as possible and give a complete picture of the stability of the financial condition.
- In an economic sense, financial ratios should have the same direction (positive correlation, i.e., an increase in the ratio means an improvement in the financial condition).
- For all indicators, numerical standards for the minimum satisfactory level or range of changes must be indicated.
- Financial ratios should be calculated only on the basis of public accounting data.
- Financial ratios should make it possible to carry out a rating assessment of an organization both in space (ie, in comparison with other organizations) and in time (for a number of periods).
A model for assessing the structure of the balance sheet and solvency of an enterprise N.P. Kondakova
N.P. Kondrakov the assessment of the balance sheet structure and solvency is carried out on the basis of standardized values of two indicators:
- current liquidity ratio (Ktl);
- current assets security ratio own sources(Xos).
The procedure for calculating these coefficients is considered in detail in the analysis of liquidity, solvency and financial stability. The standardized values of the coefficients are determined by dividing by the established norm:
Kt.l.s \u003d (Ktl on balance) / 2, Ksoss \u003d (Ksos on balance) / 0.1
It was found by calculation that Rk.g.> Rn.g. it means that the financial situation has worsened during the year, the solvency has decreased.
The described algorithm for obtaining a rating estimate of the financial condition can be used for comparison at the date of the balance sheet (according to data at the end of the period) or in dynamics. In the first case, the initial indicators are calculated according to the balance sheet and financial statements at the end of the period.
In the second case, indicators are calculated as growth rates: data at the end of the period are divided by the values of the corresponding indicator at the beginning of the period, or the average value of the indicator of the reporting period is divided by the average value of the corresponding indicator previous period(or other base of comparison). Thus, we obtain not only an assessment of the current state of the organization on a certain date, but also an assessment of its efforts and abilities to change this state in the dynamics for the future. Such an assessment is a reliable measure of the growth of competitiveness in a given industry. It also determines a more efficient level of use of all its production and financial resources.
Rating model R.S. Saifulin and G.G. Kadykov bankruptcy risk assessment
The five-factor rating model of R.S. is also widely known. Saifulin and G.G. Kadykov (1996) to assess the risk of bankruptcy in medium term. Let us consider the bankruptcy risk forecasting method according to this model.
R.S. Saifulin and G. G. Kadykov suggested using the rating number R, determined by the formula:
R = L / (1/LNi * Ki) , i=1
where L is the number of indicators; Ni - criterion (norm) for the i-th coefficient; Ki - i-th coefficient; I / LN - weight index of the i-th coefficient.
If the values of the K1… KL coefficients fully correspond to their normative minimum levels, the rating of the organization will be equal to 1, chosen as the rating of a conditional satisfactory organization. The financial condition with a rating of less than 1 is characterized as unsatisfactory.
In the case of a spatial rating assessment, we get n ratings (n is the number of organizations), which are sorted in ascending order. When conducting a dynamic rating assessment, we get m - ratings (m - the number of compared periods), which represent a time series and are further processed according to the rules of mathematical statistics.
1. The coefficient of security of current assets with own sources () (criterion of this coefficient>= 1).
2. Current liquidity ratio (KTL), characterizes the degree of total coverage (current assets) of the amount of term liabilities (criterion >= 2).
3. The intensity of the turnover of advanced capital (CI) characterizes the volume of proceeds from the sale of products attributable to 1 ruble of capital, is determined by the formula: CI = proceeds from sales / total amount of capital, criterion >= 2.5
4. The management ratio (KM) (efficiency of enterprise management) is characterized by the ratio of profit from sales of products and sales proceeds, determined by the formula: KM = profit from sales / proceeds from sales, criterion >= (n-1) / r, where r - discount rate of the Central Bank of Russia
5. Return on equity (CR), characterizes profit before tax per 1 ruble of equity is determined by the formula: CR = profit before tax / equity, criterion >= 0.2
If the values of financial ratios fully comply with the minimum regulatory levels (criterion), the rating number will be equal to 1. The financial condition of enterprises with a rating number of less than 1 is characterized as unsatisfactory.
According to the formula R= L / (1/LNi * Ki) the rating number, determined on the basis of the 5 coefficients above, is as follows:
R = 2KSOS + 0.1KTL + 0.08KI + 0.45KM + KR
Rating assessment of the financial stability of N.P. Kondakova
1. Coefficient of autonomy: Ka = equity / total cost of sources.
2. The coefficient of maneuverability of own capital (mobility): Kmob. = own working capital/ equity.
3. The coefficient of security of current assets with own sources: Ksos = own working capital / current assets.
4. Stability factor economic growth: Kuer = (net profit - dividends paid to shareholders) / Equity.
5. Ratio net proceeds: CPV = (net profit + depreciation) / sales revenue.
6. The ratio of production assets to the value of property: Kp / k = production assets / total value of property To obtain a rating R, the formula is used:
Given the diversity financial processes, the multiplicity of indicators of financial stability, the difference in the level of their critical assessments, the emerging degree of deviation from them of the actual values of the coefficients and the resulting difficulties in the overall assessment of the financial stability of organizations, many domestic and foreign analysts recommend making an integral scoring of financial stability.
Rating assessment of financial stability L.V. Dontsova and N.A. Nikiforova
The essence of this methodology is to classify organizations according to the degree of risk based on the actual level of values of financial stability ratios and the rating of each indicator, expressed in points. (Scoring of financial stability).
| Index | Conditions for changing the score | Class boundaries according to criteria | |||||
|---|---|---|---|---|---|---|---|
| 1st class | 2nd grade | 3rd grade | 4th grade | 4th grade | not classified | ||
| Absolute liquidity ratio | For every 0.1 point compared to 0.5, 4 points are deducted | 0.5 and above = 20 points. | 0.4 and above = 16 points. | 0.3 and above = 12 points. | 0.2 and above = 8 points. | 0.2 and above = 4 points. | Less than 0.1 = 0 point. |
| Quick liquidity ratio | For every 0.1 point compared to 1.5, 3 points are deducted | 1.5 and above = 18 points. | 1.4 and above = 15 points. | 1.3 and above = 12 points. | 1.2 - 1.1 = 9 - 6 points. | 1.0 = 3 points. | Less than 1.0 = 0 point. |
| Current liquidity ratio | For every 0.1 point compared to 2.0, 1.5 points are deducted | 2.0 and above = 16.5 points. | 1.9 - 1.7 = 15 - 12 points. | 1.6 - 1.4 = 10.5 - 7.5 points. | 1.3 - 1.1 = 6 - 3 points. | 1.0 = 1.5 points. | Less than 1.0 = 0 point. |
| Financial Independence Ratio | For every 0.01 points compared to 0.6, 0.8 points are deducted | 0.6 and above = 17 points. | 0.59 - 0.54 = 16.2 - 12.2 points. | 0.53 - 0.48 = 11.4 - 7.4 points. | 0.47 - 0.41 = 6.6 - 1.8 points. | 0.4 = 1 point. | Less than 0.4 = 0 point. |
| Working capital ratio | For every 0.1 point compared to 0.5, 3 points are deducted | 0.5 and above = 15 points. | 0.4 and above = 12 points. | 0.3 and above = 9 points. | 0.2 and above = 6 points. | 0.1 and above = 3 points. | Less than 0.1 = 0 point. |
| Equity ratio | For every 0.1 point compared to 1.0, 2.5 points are deducted | 1.0 and above = 13.5 points. | 0.9 and above = 11 points. | 0.8 and above = 8.5 points. | 0.7 - 0.6 = 6.0 - 3.5 points. | 0.5 and above = 1 point. | Less than 0.5 = 0 point. |
| The minimum value of the border, points | 100 - 94 | 93 - 65 | 64 - 52 | 51 - 21 | 20 - 0 | 0 | |
Using the criteria from the table above, you can determine the class of financial stability of the analyzed enterprise:
Bibliography:Class 1 - an organization whose loans and obligations are supported by information that allows you to be sure of the return of loans and the fulfillment of other obligations in accordance with agreements with a good margin for possible error.
Grade 2 - organizations that demonstrate a certain level of risk in terms of debt and liabilities and reveal a certain weakness in financial performance and creditworthiness. These organizations are not yet considered risky.
Grade 3 - these are problem organizations. It is unlikely that there is a threat of loss of funds, but the full receipt of interest, the fulfillment of obligations seems doubtful.
4th grade is an organization special attention, as there is a risk in the relationship with them. Organizations that may lose funds and interest even after taking measures to improve the business.
Class 5 - organizations of the highest risk, practically insolvent.
- Dontsova L.V. Analysis of financial statements: Textbook / L.V. Dontsova, N.A. Nikiforov. - 5th ed., revised. and additional - M.: Business and Service, 2009.
- Kondrakov N.P. Accounting (financial, managerial) accounting. Textbook. 3rd edition - M.: Prospekt, 2013
- Kuvshinov D.A., Polovtsev P.I. Rating assessment of the financial condition of the enterprise // Economic analysis: theory and practice - 2007. - №6.
- Sheremet A.D. Comprehensive analysis of economic activity: Textbook for universities. - Ed. correct and additional - M.: INFRA-M, 2009.
