Creditworthiness- this is the opportunity available to the enterprise to repay loans on a timely basis. The main indicators for assessing the creditworthiness of an enterprise are:

1. Ratio of sales volume to net current assets:

Net current assets are the current assets minus the company's short-term debts. The coefficient K1 shows the efficiency of using current assets.

2. Ratio of sales volume to equity capital:

This indicator characterizes the turnover of own sources of funds.

3. Short-term debt to equity ratio:

This ratio shows the share of short-term debt in the company's equity capital. If short-term debt is several times less than equity, then you can pay off all creditors in full.

4. Ratio of accounts receivable to sales revenue:

This indicator gives an idea of ​​the average period of time spent on collecting money due from customers. Acceleration of receivables turnover, i.e. a decrease in the K4 indicator can be considered as a sign of an increase in the creditworthiness of the enterprise.

5. Ratio of liquid assets to short-term debt:

The calculation of creditworthiness indicators is presented in Table 6. As can be seen from Table 6, the coefficient K 1 is quite high (3.21 at the beginning of the period and 4.03 at the end of the period), which favorably characterizes the creditworthiness of the enterprise.

Coefficient K 2 shows the turnover of own sources of funds. Its value at the end of the period decreased slightly compared to the beginning of the period, but in general it positively characterizes the creditworthiness of the enterprise.

The value of the coefficient K 3 is so small that it allows us to conclude that the company has small short-term debt compared to the amount of equity capital and can pay all creditors in full.

Indicator K 4 indicates that at the beginning of the reporting period, the repayment period for receivables was on average 4 months (ratio 1:0.22), at the end of the reporting period it decreased to 3 months (ratio 1:0.3). This indicates an increase in the creditworthiness of the enterprise.

Coefficient K 5 also positively characterizes the creditworthiness of the enterprise.

Table 6

Credit Ratios

Introduction 3

1. Theoretical aspects of creditworthiness assessment 5

1.1. The concept of creditworthiness, goals and objectives of creditworthiness assessment 5

1.2. Information base for assessing the creditworthiness of an enterprise 8

1.3. Reflection of methods for assessing the client’s creditworthiness in the credit

bank policy. 13

2. Basic approaches to assessing the creditworthiness of an enterprise 17

2.1. Methods for assessing the borrower's creditworthiness 17

2.2. Organizational and economic problems of assessing creditworthiness

enterprises 26

2.3. Credit history bureau as a tool for increasing the efficiency of assessing the creditworthiness of borrowers 27

Conclusion 30

List of sources 31

Applications 33

Introduction.

Assessing the creditworthiness of potential borrowers is one of the most difficult and responsible tasks in the activities of a commercial bank. Effective organization of the credit assessment process allows, firstly, to reduce the level of bank credit risks, and secondly, to create the necessary conditions for high-quality service to bank clients who have a demand for credit products. The relevance of this task can hardly be overestimated, since the increasing demand for credit products from enterprises in various industries National economy and increased competition in the banking services market caused by the expansion of foreign credit institutions into the Russian credit market requires banks to improve credit assessment mechanisms in order to improve the quality of customer service and at the same time minimize credit risks.

The object of the study is the Omsk branch of OJSC JSCB MDM Bank. Subject: assessing the creditworthiness of borrowers legal entities that are not credit institutions. The issue of assessing the creditworthiness of borrowers when implementing long-term investment projects is beyond the scope of the subject.

The purpose of the work is to study and describe the activities of commercial banks in assessing the creditworthiness of potential borrowers.

1. Reveal the theoretical basis for assessing the creditworthiness of potential borrowers.

2. Describe the most common methods of assessing creditworthiness.

3. Identify problems in assessing the creditworthiness of borrowers and identify ways to solve them.

When solving the above problems, I used systems approach To consider the subject of research, methods of functional and comparative analysis were used.

The level of development of this topic in the literature can be assessed as high. In the works of V.V. Kovaleva, O.V. Efimova, A.D. Sheremet and G.V. Savitskaya reflects the theoretical foundations of the subject of research. Articles published in the magazines “Banking”, “Banking Technologies” and “Financial Director” discuss practical issues. On the Internet on websites www. banker. ru www.bankclub.ru And www. cfin. ru contains current information about new trends and approaches in assessing creditworthiness.

The work consists of an introduction, 2 chapters, a conclusion, a list of references and applications.

Chapter 1. Theoretical aspects

credit ratings

1.1. The concept of creditworthiness, goals and objectives of creditworthiness assessment

Lending is the most common tool for paid placement of banking resources. The dichotomy of a bank's active operations, including lending, lies in finding the optimal balance of risk and profitability. In this regard, one of the most important areas of work of a commercial bank is assessing the creditworthiness of potential borrowers.

First of all, the term “creditworthiness” itself needs clarification. It is common to equate creditworthiness with solvency. The latter consists in the organization’s ability to repay its debt obligations in full and on time. However, in our opinion, the concept of creditworthiness is more complex and requires more careful formulation. On the one hand, solvency is a broader concept in relation to creditworthiness. On the other hand, they have different economic and legal natures. Let's look at the differences outlined above. When considering the legal side of the issue, it is necessary to highlight the organization’s ability to complete a credit transaction. To confirm the legal capacity of the borrower, the following documents must be submitted to the bank:

a notarized copy of the charter, registered in the manner prescribed by law;

a notarized package of constituent documents, if the legislation provides for its preparation;

notarized signature sample card officials who have the right to dispose of the account, and the seal imprint;

a notarized copy of the registration certificate;

permission to implement entrepreneurial activity indicating the period of operation (for entrepreneurs operating without forming a legal entity);

permission (license) to practice certain types activities;

copies of documents confirming the authority of officials to conclude relevant agreements with a credit institution.

The analysis of these documents is not a mere formality, since if there are clauses in the borrower’s charter limiting the rights of the governing bodies to enter into credit relations, in accordance with Art. 174 of the Civil Code of the Russian Federation (1) and resolution of the plenum of the Supreme Arbitration Court No. 9 of May 14, 1998 (3), the loan agreement may be declared invalid.

From an economic point of view, the differences lie in the sources of repayment. If, when determining solvency, it is necessary to take into account the normal nature of the functioning of a business entity, then to assess creditworthiness, it is necessary to take into account the situation in which the borrower will not be able to repay its debt in full and on time. In this regard, the subject of the assessment should be expanded and include: firstly, the assessment of the pledged property, if the loan was secured by collateral; secondly, an assessment of the financial condition of guarantors or guarantors, in the presence of guarantees or guarantees from third parties; thirdly, the general property status of the organization in the light of its possible bankruptcy.

In our opinion, the concept of creditworthiness is most comprehensively disclosed in the following definition: “... creditworthiness is the bank’s assessment of the borrower from the point of view of the possibility and feasibility of providing him with a loan and determines the likelihood of timely repayment of the principal amount of the debt and payment of interest on it in the future” (21). In what follows we will adhere to this definition.

Let's consider the main goals and objectives of assessing the creditworthiness of a business entity.

The key objectives of credit analysis are:

1. Determining the ability and willingness of the borrower to repay the requested loan in accordance with the terms of the loan agreement.

2. Assessment of the risk associated with lending to this organization.

3. Determining the size of the loan that can be provided and the conditions for its provision.

The main objectives of credit assessment are:

1. Formation general characteristics potential borrower. At this stage, the legal capacity of the borrower and persons acting on his behalf to enter into a credit relationship with the bank must be confirmed, and information about the credit history of the organization, the owners and managers of the enterprise must be obtained.

2. Conducting an economic analysis of the organization.

This task is the most time-consuming and responsible, since it requires creating a forecast of the future financial condition borrower. Solving this problem goes through several stages:

1. Assessing the sufficiency, reliability and completeness of information sources. This aspect of the bank’s work is covered in more detail in paragraph 2 of this chapter.

2. Analysis of the property status of the organization.

3. Analysis of liquidity and solvency.

4. Analysis of financial stability.

5. Analysis of business activity.

6. Cost-benefit analysis.

7. Analysis of qualitative indicators.

In practice, it is possible to adjust this plan, either in the direction of decreasing or increasing the number of stages or their sequence.

3. Assessment of the quality of loan collateral.

The issue of loan security is extremely complex. When assessing collateral, it is also necessary to consider the legal and economic components. The most significant are the issues of confirmation by the mortgagor of the rights to the pledged property and the rights to enter into mortgage legal relations, as well as the issue of liquidity and safety of property. In case of proper legal registration of the pledge, it is necessary to clarify:

Has the market value of the collateral been determined at the time of risk assessment;

Is the legal documentation drawn up in such a way that the time required to exercise the collateral does not exceed 150 days from the day on which the implementation of the collateral rights becomes necessary;

Sufficiency of the market value of the collateral to compensate the bank for the principal amount of the loan, interest in accordance with the agreement and costs associated with the implementation of collateral rights.

To determine the adequacy of loan collateral, the market value of the collateral is compared with the amount of collateral required to provide the loan and calculated using the formula:

Formula No. 1 (2)

Ok = To + ---------- + From, where

OK - the amount of collateral required to issue a loan;

K - loan amount;

P - interest rate determined when issuing a loan;

D - loan term (in days);

From - the amount of costs associated with the implementation of collateral rights (based on practice and type of security).

To assess the creditworthiness of an organization, various methods and sets of indicators are used to characterize the financial position of the organization.

The main indicators by which you can assess the creditworthiness of an organization are:

Let us consider the methodology for calculating indicators in more detail.

Ratio of sales volume to net current assets

The formula for calculating the indicator is:

K1 = Nr / Acht

where Acht - net current assets; Nр - sales volume.

Net current assets are the current assets minus the company's short-term debts. The ratio of sales volume to net current assets shows the efficiency of using current assets. A high level of this indicator favorably characterizes the creditworthiness of the enterprise. However, in the case where it is very high or increases very quickly, it can be assumed that activities are carried out in volumes that do not correspond to the value of current assets. This situation increases the likelihood of a slowdown in debt turnover or may cause a drop in sales and, as a result, difficulties in the company’s settlements with its creditors.

A slowdown in accounts receivable turnover may be caused by debtors being unprepared to pay for increasing volumes of supplies; Overdue receivables may also arise.

The drop in sales is the result of insufficient material current assets to continue uninterrupted operations on the same scale.

Ratio of sales volume to equity capital

This indicator is defined as the ratio of sales to equity capital (SK):

K2 = Nр / SK

Indicator K2 characterizes the turnover of own sources of funds. However, it is necessary to realistically assess the amount of equity capital. In the balance sheet assets, the own source of coverage corresponds, in particular, to intangible assets and inventories. When assessing the value of equity capital, it is recommended to reduce it by the amount of intangible assets that would be worth practically nothing, for example, in the event of a forced liquidation or reorganization of an enterprise. In addition, inventories must be reduced in accordance with the difference in prices at which they are listed on the balance sheet and at which they could be sold or written off.

Own capital, adjusted taking into account the real state of the named elements of non-current and current assets, reflects more accurately the value of the enterprise’s property in the part provided by its own sources of coverage. Sales revenue related to this value shows the turnover of own sources more accurately, since neither tangible assets nor the excess of the book value of inventories over their actual value are factors contributing to an increase in sales volume.

Short-term debt to equity ratio

The formula for calculating the coefficient is:

K3 = Dk / SK

where Dk is short-term debt.

This ratio shows the share of short-term debt in the company's equity capital. If short-term debt is several times less than equity, then you can pay off all creditors in full. In practice, there are priority creditors whose debts must be paid before other creditors make claims. Therefore, it is practically more correct to compare priority short-term debt with the amount of capital and reserves.

Ratio of accounts receivable to sales revenue

Indicator characterizing the return period Money from buyers:

K4 = DZ / Nр

where DZ is accounts receivable.

This indicator gives an idea of ​​the average length of time it takes to collect money owed from customers.

For example, a ratio of 1/4 means a three-month receivables maturity. Whether this is a lot or a little depends on the field of activity, the state of settlements with creditors, the duration of the production cycle, etc. Acceleration of the turnover of accounts receivable, that is, a decrease in the K4 indicator can be considered as a sign of an increase in the creditworthiness of the enterprise, since customer debts are quickly converted into money.

Ratio of liquid assets to short-term debt of an enterprise

The indicator is calculated using the formula:

K5 = Al / Dk

where Al is liquid assets.

As you know, liquid assets mean current assets minus inventories and other items that cannot be immediately converted into money. If the composition of current assets is dominated by receivables, in order to assess the creditworthiness of the enterprise, it is important whether there is a reserve for bad receivables.

Ideally in the best possible way An increase in creditworthiness would result from an increase in sales volumes with a simultaneous decrease in net current assets, equity and accounts receivable.

Financial stability is understood as such a state (economic and financial) of an enterprise in which solvency is constant over time, and the ratio of equity and debt capital ensures this solvency.

In practice, an increase in sales volume causes an increase in current assets both in terms of inventories and in terms of accounts receivable; The enterprise's debts also increase, especially in the form of accounts payable, if the composition of creditors and the contractual terms of settlements with them do not change. This means that a real increase in creditworthiness according to the three named indicators will be achieved if sales volume increases to a greater extent than inventories and receivables, and accounts payable grows faster than accounts receivable.

One of the most important characteristics financial condition - stability of activity in the light of a long-term perspective. It is related to the structure of the enterprise’s balance sheet, the degree of its dependence on creditors and investors, and the conditions under which external sources of funds are attracted and serviced.

The procedure for assessing the borrower's creditworthiness begins with studying the financial statements, which allows us to obtain general information about the financial and economic situation of the borrower.

In conditions market economy accounting statements of enterprises are the main means of communication and the most important element information support financial analysis. It is no coincidence that the concept of compiling and publishing reports is one of the most important in the system of national standards in most economically developed countries. Any organization, to one degree or another, constantly needs additional sources of funding. You can find them on the capital market, attracting potential investors and creditors by informing them about your financial and economic activities. The main source of such information is financial reporting. How attractive are the published financial results, showing the current and future financial condition of the organization, the likelihood of obtaining additional sources of financing in one form or another is so high.

To implement the current and investment activities Any organization requires a certain amount of financial resources. First of all, she uses her own funds. However, many elements own funds are inactive throughout the entire period of operation of the organization. Therefore, the main source of financing its activities becomes retained earnings. Often it is not enough to replenish current assets, make capital investments and other purposes. Under these conditions, the organization is forced to resort to borrowing funds.

Attracting credits and loans is a rather complex procedure in organizational terms. In addition, the level of interest rates for servicing them in the Russian Federation still remains quite high compared to world practice. But despite these circumstances, the use of borrowed funds to finance the activities of organizations has a number of advantages compared to their own sources.

Receiving borrowed funds necessitates an assessment of the borrower's creditworthiness, which allows one to justify the decision to issue a loan and determine the level of risk of financial losses for the lender in the event of non-repayment.

Each commercial bank develops its own methodology for the borrower’s creditworthiness, based on its adopted development strategy, the choice of priorities in lending to enterprises in specific industries and the scale of activity, and other factors. When justifying certain methodological approaches banks strive to cover such a range of criteria for assessing the borrower’s creditworthiness, which would allow them to more accurately determine and minimize the risk of loan non-repayment.

In most cases, Russian banks in practice use methods for assessing creditworthiness based on the aggregate financial ratios characterizing the financial condition of the borrower.

The main problem in this case is the development of standard values ​​for comparison, since there is a spread of values ​​caused by the industry specifics of business entities, and those given in economic literature acceptable regulatory levels financial indicators calculated without taking this into account. Due to the lack of a unified regulatory framework from an industry perspective, an objective assessment of the borrower’s financial condition is impossible, since there are no comparative industry averages, minimum acceptable and best indicators for a given industry.

IN modern conditions commercial banks develop and use their own methods for assessing the creditworthiness of borrowers, taking into account the interests of the bank.

Let's consider the Methodology for assessing the feasibility of providing a bank loan, adopted by CJSC CreditEuropaBank, which is engaged in lending to enterprises and organizations. This technique is used in many commercial banks and is designed for banks to determine the solvency of enterprises endowed with borrowed funds, assess the permissible size of loans and their repayment periods.

First, the Borrower's documents are reviewed. The main purpose of analyzing documents for obtaining a loan is to determine the ability and willingness of the borrower to repay the required loan in fixed time and in full.

The borrower submits the following documents to the bank:

• 1. Legal documents:
  • - registration documents: charter of the organization; memorandum of association; decision (certificate) of registration (notarized copies);
  • - card of samples of signatures and seals, certified by a notary (first copy);
  • - a document on the appointment of a person who has the right to act on behalf of the organization when negotiating and signing contracts, or a corresponding power of attorney (notarized copy);
  • - certificate of passport details, registration and place of residence of the head and chief accountant of the borrowing organization.
• 2. Accounting statements in full, certified by the tax inspectorate, as of the last two reporting dates, with explanations of the following balance sheet items (as of the last reporting date): fixed assets, inventories, finished products, goods, other inventories and costs, debtors and creditors (for the largest amounts);
• 3. Copies of statements from current and foreign currency accounts for monthly dates and for the largest receipts for the last three months.
• 4. A certificate of received loans with copies of loan agreements attached as of the date of receipt of the loan request.
• 5. Letter of application for a loan (on the organization’s letterhead with an outgoing number) with brief information about the organization and its activities, main partners and development prospects.

Registration documents confirm the solvency of the borrower as a legal entity. The fundamental point is to determine the rights of the person negotiating and signing a loan agreement with the bank to act on behalf of the organization. These rights are established by the relevant provisions of the Borrower's articles of association and the document of appointment in accordance with the procedure set out in the articles of association. Accounting statements make it possible to analyze the financial condition of the Borrower as of a specific date.

The most important information base analysis is the balance sheet. When working with a balance sheet asset, you must pay attention to the following: in case of registration of a pledge of fixed assets (buildings, equipment, etc.), inventories, finished products, goods, other inventories and expenses, the pledgor’s ownership of these values ​​must be confirmed by including their value in composition of the relevant balance sheet items.

The balance of funds in the current account must correspond to the data in the bank statement as of the reporting date. When analyzing receivables, it is necessary to pay attention to the timing of their repayment, since the receipt of debts may become one of the sources for the Borrower to repay the requested loan.

When considering the liability side of the balance sheet, the closest attention should be paid to studying the sections in which loans and other borrowed funds are reflected: it is necessary to request credit agreements for those loans, the debt for which is reflected in the balance sheet and not repaid at the date of the loan request, and make sure that it is not expired.

The presence of overdue debt on loans from other banks is a negative factor and indicates obvious miscalculations and disruptions in the Borrower’s activities, which may be planned to be temporarily compensated with the help of a loan. If the debt is not overdue, it is necessary, if possible, to make sure that the loan is due for repayment ahead of schedule repayment of other loans. In addition, it is necessary to ensure that the collateral offered as collateral for the requested loan is not pledged to another bank.

When assessing the state of accounts payable, it is necessary to make sure that the Borrower is able to pay on time with those whose funds it uses in one form or another: in the form of goods or services, advances, etc. IN this section funds received by the Borrower from partners under loan agreements are also reflected: these agreements should be considered similarly to the Borrower’s loan agreements with banks.

In the event that the date of receipt of the loan request does not coincide with the date of preparation of the financial statements, the actual debt of the Borrower on bank loans, as a rule, differs from that reflected in the last balance sheet. For precise definition debt, a certificate of all bank loans outstanding at the time of the request is required, accompanied by a copy of the loan agreements.

An important positive factor is the bank’s existing experience in lending to a given Borrower, on the basis of which one can judge the prospects for repaying the loan currently requested. In the event that the requested loan is the next in a number of previous, timely repaid loans, then when submitting an application by this Borrower, he may not submit his juristic documents, but be sure to notify the bank of all changes made to them.

At the same time this technique is not always acceptable for a bank as a basis for a decision to provide credit resources to an enterprise for a number of reasons.

At the same time, the Methodology cannot be used to make decisions on the feasibility of lending and the conditions for the bank’s participation in the implementation investment projects(as a creditor, member of a banking consortium, guarantor, etc.) for the following reasons:

• 1. The financial position of the Borrower in most cases is not a determining factor when evaluating investment projects. As is known, along with the nominal recipient of credit resources, the main participants in investment projects that determine the success of the latter include: the project sponsor (organizer), contractors, equipment suppliers, operating organization (operator), suppliers of raw materials, product buyers and a whole range of other participants. Moreover, in a number of schemes, the official Borrower is a special, newly created structure, which obviously has a “zero balance” and the absence of any turnover on the accounts.
• 2. In accordance with international practice, the start of financing investment projects is necessarily preceded by the preparation of a qualified feasibility study of the project, its technical and financial expertise using international methodology, with a mandatory analysis of cash flows under various, including obviously “pessimistic”, project implementation scenarios (proposed The methodology does not provide for this).
• 3. For a foreign lender (investor), the following factors are of decisive importance: the legal and organizational status of the Borrower, the availability of acceptable guarantees (from recognized Russian banks, the government, etc.), the availability of the necessary opinions of international auditors, favorable results of flow analysis cash flow and financial stability of the project, and not the bank credit rating of the potential Borrower, as this Methodology suggests.
• 4. To recognize a bank in international banking circles and improve its rating, it is necessary to put into practice generally recognized international standards(primarily UNIDO - COMFAR), and not certified Methods, even well thought out ones.
• 5. The proposed Methodology excludes a number of important indicators, such as: the “credit history” of the Borrower, the reputation and qualifications of the Borrower’s managers, the “arbitration” history of the Borrower, the presence and results of audits, etc.

But at the same time, this technique exists and is quite widely used by Russian commercial banks.

Sberbank of Russia has developed and applies a methodology for determining the borrower’s creditworthiness based on a quantitative assessment, financial condition and qualitative risk analysis. The financial condition of the borrower is assessed taking into account trends in changes in financial condition and factors influencing such changes. For this purpose, the dynamics of estimated indicators, the structure of balance sheet items, the quality of assets, and the main directions of the financial and economic policy of the borrower are analyzed. When calculating indicators (ratios), the principle of caution is applied, that is, recalculating balance sheet asset items downward based on expert assessment.

To assess the financial condition of the borrower, three groups of assessment indicators are used: liquidity ratios ( TO 1 , TO 2 , TO 3); debt-to-equity ratio ( TO 4); turnover and profitability indicator ( TO 5).

According to the Regulations of Sberbank of Russia, the main evaluation indicators are coefficients ( TO 1 , TO 2 , TO 3 , TO 4 , TO 5), and the remaining indicators (turnover and profitability) are necessary for general characteristics and are considered as additional to the first five coefficients.

Based on the results of the analysis of five coefficients, the borrower is assigned a category for each of these indicators based on a comparison of the obtained values ​​with the established (sufficient) ones. Next, the sum of points for these indicators is determined in accordance with their weights. The breakdown of indicators into categories depending on their actual values ​​is presented in table. 2.1.

The next step is to calculate the total points ( S) taking into account the significance coefficients of each indicator having the following values: TO 1 = 0,11; TO 2 = 0,05; TO 3 = 0,42; TO 4 = 0,21; TO 5 = 0.21. Meaning S along with other factors, is used to determine the borrower's rating.

For the remaining indicators of the third group (turnover and profitability), optimal or critical values ​​are not established due to the high dependence of these values ​​on the specifics of the business entity, its industry and other specific conditions. A comparative analysis of these indicators is carried out and their dynamics are assessed.

Qualitative analysis is based on the use of information that cannot be expressed in quantitative indicators. This analysis uses information provided by the borrower, the security department, and database information. At this stage, industry, shareholder, regulation of the activities of an economic entity, production and management risks are assessed.

The final step in assessing creditworthiness is determining the borrower's rating, or class. Three classes of borrowers are established: first-class, whose lending is beyond doubt; second-class - lending requires a balanced approach; third-class - lending is associated with increased risk.

The rating is determined based on the sum of points for five main indicators, an assessment of the remaining indicators of the third group and a qualitative risk analysis. Sum of points ( S) affects the borrower's rating as follows: S= 1 or 1.05 - the borrower can be classified as the first class of creditworthiness; 1.05< S < 2,42 соответствует второму классу; S? 2.42 corresponds to third class. Next, the preliminary rating determined in this way is adjusted taking into account other indicators of the third group and qualitative assessment borrower.

Calculation and analysis of the dynamics of the financial resources at the disposal of the enterprise, in total and in the context of main groups, allow us to draw only the most general conclusions about its property status.

The next analytical procedure is vertical analysis: another presentation of the reporting form, in particular the balance sheet, in the form of relative indicators. This representation allows you to see the specific weight of each balance sheet item in the overall total. An obligatory element of the analysis is the dynamic series of these quantities, through which it is possible to track and predict structural changes in the composition of assets and the sources of their coverage.

The financial condition of an organization can be assessed from a short- and long-term perspective.

In the first case, the assessment criterion is the liquidity and solvency of the enterprise, that is, the ability to make timely and full payments on short-term obligations. Examples of such operations are settlements with employees for wages, with suppliers for goods and materials received and services provided, with a bank for loans, etc.

Assessing the stability of the enterprise’s activities in long term is associated with the general financial structure of the organization, the degree of its dependence on external creditors and investors, the conditions under which external sources of funds are attracted and serviced.

In our country, based on the experience of economically developed countries, a technique based on the calculation and use of a system of coefficients in spatio-temporal analysis is becoming increasingly widespread. Indicators can be calculated directly from financial statements. However, it is more convenient to transform the balance sheet by aggregating items and regrouping them: in assets - according to the degree of decreasing liquidity of assets, in liabilities - according to the degree of increasing maturity of liabilities. This approach is more convenient both in computational terms and from the standpoint of understanding the calculation logic.

Let's conduct a vertical-horizontal analysis of Avtopassazh LLC in 2011, based on the data in Table. 2.2.

Table 2.2. Vertical-horizontal analysis of Avtopassazh LLC in 2011

Having carried out a vertical-horizontal analysis, we can conclude that the company has begun to use resources efficiently, but this is still not enough to pay off its debts. During the reporting period, the company increased its accounts payable by 103,451 thousand rubles. But the most important thing is that the company’s profit increased by 1,698 thousand rubles, which indicates the effective use of its own funds.

To fully assess the creditworthiness of an enterprise, we will assess the condition of the enterprise using the Altman method.

The Altman model is based on the use of multi-discriminant analysis to predict the probability of bankruptcy of an enterprise.

The most famous in the study of assessment and diagnosis of bankruptcy is the Altman model (1968), which is a method for calculating the creditworthiness index. In constructing this model, Altman examined 66 industrial enterprises, half of which went bankrupt between 1946 and 1965, and half of which operated successfully, and examined 22 analytical coefficients. From these indicators, he selected the five most significant for the forecast and built a multifactor regression equation.

IN general view Altman creditworthiness index (Z) has the form

Z = 3.3 X K1 + 1.0 X K2 + 0.6 X K3 + 1.4 X K4 + 1.2 X K5, (2.1)

Let's calculate the indicators presented in Table 2.3.

Table 2.3. Assessment of the creditworthiness of Avtopassazh LLC using the Altman model

The critical value of index 2 was 2.675. The calculated value of the creditworthiness index for a specific organization is compared with this value. This allows us to draw a line between organizations and make a judgment about the possible bankruptcy of some (2-3 years) in the foreseeable future (2-3 years).< 2,675) и достаточно устойчивом financial situation others (2 > 2.675). Since deviations from the given criterion value are possible, Altman identified an interval (1.81-2.99), called the “zone of uncertainty”, falling outside of which with a very high probability allows one to make judgments regarding the organization being assessed: if 2< 1,81, то организация с очевидностью может быть отнесена к потенциальным банкротам, если 2 >2.675, then the judgment is exactly the opposite.

But regardless of the actual values ​​of the criterion indicator, it should be remembered that an organization is declared bankrupt by an arbitration court if there is a consensus opinion of all interested parties - the organization itself and its founders, the organization’s creditors, and the insolvency administrator.

Having assessed the creditworthiness according to the original Altman model, we can say that the company has improved its condition during the reporting financial year. At the beginning of the reporting year, the probability of bankruptcy of the enterprise was assessed as very high with Z= 1.402. At the end of the year, the company tripled its revenue (391,640 thousand rubles), which increased the Altman creditworthiness index, and it grew to 1.81. This means that the company has reduced the probability of bankruptcy from very high to high.

But Altman’s model does not allow us to accurately determine the state of Avtopassazh LLC, since it is not fully adapted for Russian enterprises, but is more suitable for American enterprises. To accurately evaluate Avtopassazh LLC, we will use an analysis of solvency ratios.

In order to determine the solvency of an enterprise, it is necessary to calculate the current liquidity ratios and the ratio of equity and debt capital (Table 2. 4).

The use of liquidity ratios allows you to analyze the ability of an enterprise to meet its current obligations. As a result of the calculation, the degree of provision of the enterprise with working capital for settlements with creditors for current operations is established.

Table 2.4. Assessment of the creditworthiness of Avtopassazh LLC according to the Government’s methodology Russian Federation

According to these indicators, it is clear that not a single coefficient corresponds to the norm, the balance is unsatisfactory. Based on this, we calculated the coefficient of possible recovery.

The resulting potential recovery factor is 0.453. We can conclude that the company is illiquid and its financial condition is very difficult (almost impossible) to restore.

The discrepancy between the data calculated using different methods allows us to conclude that when calculating an assessment of the creditworthiness of an enterprise, it is necessary to take into account the industry in which the enterprise operates. In this case, we attribute this fact to the shortcomings of the methodology developed by Sberbank of the Russian Federation.

The most widespread and methodologically developed method is the method of comprehensive assessment of the financial and economic activities of an enterprise. Its main disadvantage is its low predictive ability.

Foreign methods for assessing creditworthiness, which have high predictive characteristics, are not adapted for use in Russia, so their use is difficult.

The assessment of creditworthiness is complicated by the need to take into account and analyze the qualitative characteristics of the borrower, the assessment methodology for which is not formalized.

Financial ratios remain an important tool for analyzing the borrower’s creditworthiness, since the analysis of financial statements is quite simple in technical terms, and the information on the basis of which it is produced is standardized, and, as a rule, its reliability is confirmed by the tax authorities.

Introduction

Credit relations have ancient history, as ancient as exchange in human society. Even before the development of commodity-money relations, credit flourished in kind - approximately what is a commercial loan in current conditions. Much later, with the advent of money as an equivalent in exchange relations, credit developed in the form of usury. So, with the development of commodity-money relations, credit acted as the engine of exchange, then trade and, finally, the production of goods and services. Credit relations developed invariably successfully, because they had a solid basis - a discrepancy between needs and available opportunities, first generating debt, then the need to repay it. The influence of civilization on this area economic relations reflected in the emergence of savings and credit institutions - banks and others.

Currently, bank loans in developed countries has extremely important in the development of the real sector of the economy, because the attraction of loans by enterprises for the development of production (with rational use of raised funds) leads to an increase in the profitability of their own funds. Therefore, the relations that develop between banks and enterprises regarding lending are strictly regulated by a system of legislative norms and provisions of departmental acts. Based on them, Western banks have developed reliable schemes for granting and repaying loans.

In our country, non-state credit relations have existed for a little more than nine years - on December 2, 1990, the Federal Laws On the Central Bank of the Russian Federation and On Banks and Banking Activities were adopted, however, the positive experience of lending to enterprises by domestic banks has been very meager and there are currently problems in this area , perhaps not much less than nine years ago. One of them is the problem of determining the creditworthiness of a potential borrower.

The creditworthiness of an enterprise is the ability of economic entities to timely and fully pay off their obligations in connection with loan repayment. This category is assessed using criteria, compliance or non-compliance with which increases or decreases the likelihood of the company repaying the loan. This problem has two aspects: the first is determining the borrower's creditworthiness from the position of the creditor bank. From this point of view, everything is quite successful - since 1992, when the first Law on Insolvency (Bankruptcy) came into force, a number of different regulations have been issued that define the specified criteria for the creditworthiness of enterprises. The second aspect of the problem is to determine whether the enterprise itself meets the creditworthiness requirements and takes measures to improve it. This side of the problem seems extremely important in modern conditions.

The relevance of this topic is determined by the fact that at certain stages production process Almost all enterprises lack funds to carry out certain business operations, that is, there is a need to attract funds from outside. In such a situation, the most seemingly logical solution is to obtain a bank loan, but in practice such a task often turns out to be impossible for enterprises. The reason here is not only the prohibitively high bank interest rates, because there was a period - May-July 1998, when rates dropped to the level of 26-28%. However, there was no rapid surge in the bank loan market, because Russian enterprises for the most part do not meet the creditworthiness criteria, one of which is the production profitability indicator, which must exceed the interest rate.

The purpose of this course work consists of considering the requirements for the borrower’s creditworthiness from the enterprise’s perspective.

The tasks that need to be considered to achieve this goal are:

· study the criteria for the creditworthiness of an enterprise contained in regulations on this issue;

· assess the creditworthiness of a particular enterprise in accordance with them;

· develop proposals to strengthen creditworthiness.

The work consists of an introduction, two chapters, a conclusion and an appendix.

The concept of enterprise creditworthiness.

1.1 Determining the creditworthiness of an enterprise according to regulations.

An enterprise enters into a relationship with a commercial bank on two grounds:

1. Legislative grounds determine the rules for conducting non-cash circulation of funds, which is carried out exclusively through bank services.

2. The need for raised funds, which prompts the enterprise to enter into a loan agreement with the bank.

The legislative basis for lending operations is set out in Articles 819-821 of the Civil Code of the Russian Federation, as well as in the Federal Law on Banks and Banking Activities. The concept of creditworthiness and methods for assessing it are discussed in more detail in the regulations of various entities - participants in the credit services market. Thus, the Methodological Recommendations of the Central Bank of Russia “On the procedure for the provision (placement) of funds by credit institutions and their return” dated 08/31/1998 in paragraph 1 indicate that “before the bank makes a decision on the advisability of providing funds to the client, the creditor bank should carefully study everything documents submitted by the borrower (copies of constituent documents, accounting, statistical and financial statements / balance sheet and appendices thereto, transcripts of individual performance indicators /; business plan, marketing, production and management plans, forecast of cash flows of the borrower with its counterparties for the period of repayment of the provided funds funds /schedule of receipts and payments of the client - borrower /; feasibility study, characterizing the payback period and the level of profitability of the transaction being financed), as well as checking the reliability of the transactions being financed, studying the credit history of the client - borrower, analyzing the issue of the presence or absence of debt on obligations of the client-borrower, including overdue ones, check the powers of the officials of the client-borrower signing the agreement for the provision of funds, check the availability and quality of collateral (collateral, bank guarantee, surety, insurance policy, etc.), evaluate the information received.

The creditor bank requests from clients the specified documents compiled based on the results of the client’s work over the past year and as of the last reporting date; the creditor bank has the right to request reports compiled for an earlier period of time, as well as for other reporting dates. Paragraph 4 of this document states: “The decision to provide funds is recommended to be made based on an analysis of the financial condition of the borrower; the level of its credit and solvency; the quality and liquidity of the collateral offered by the borrower; calculating the sufficiency of the provided collateral for the funds placed, taking into account the interest due and possible costs of the creditor bank for obtaining execution; assessing the risks associated with lending to a specific client (especially when providing blank loans), including analysis of credit risk, currency risk (when providing funds in foreign currency), industry risk (the state of the industry to which the borrower belongs is analyzed) and other risks .

Regulations “On the organization internal control in banks" dated 08/28/1997 gives the following recommendations for organizing internal control over banking risks:

“Lending activities require certain judgments regarding the creditworthiness of the borrower. These judgments are not always accurate or correct, and a borrower's creditworthiness may deteriorate over time for a variety of reasons. The main risk that the bank faces in its activities is credit risk, which consists of the inability or unwillingness of a partner to act in accordance with the terms of the agreement.”

However, the document that most fully sets out the requirements for the creditworthiness of its borrowers is Instructions Savings Bank of the Russian Federation “On lending to legal entities by institutions of the Savings Bank of the Russian Federation”, approved by the Decree of the Savings Bank dated October 26. 1993.

I. In the first paragraphs, the Instruction defines the basis of the credit relationship between the enterprise and the bank:

1.8. All issues related to lending are resolved by the Borrower and the Bank on the basis of loan agreements, which define:

– subject of the agreement;

– object of lending;

– term and size of the loan;

– procedure for issuing and repaying a loan;

– interest rate, conditions and frequency of its changes and other conditions.

II. The next step is the Instruction establishes the Procedure for granting loans:

2.1. To obtain a loan, the Borrower submits to the Bank loan application.

An application for a loan indicating its target direction, amount, terms of use and form of security is signed by the manager and chief accountant and sealed by the Borrower. The application indicates the legal and postal address of the Borrower, his bank details and telephone numbers. The loan application is registered with the Bank in a special journal .

2.2. In addition to the loan application, the following documents are submitted:

2.2.2. For loans provided to other Borrowers.

Constituent and registration documents, notarized:

– copy constituent agreement;

– a copy of the Charter (Regulations), approved by the founder (founders) and registered in the manner established by the legislation of the Russian Federation;

– document about state registration;

2.2.3. annual report, balance sheet with appendices as of the last reporting date, certified by the tax inspectorate, indicating the off-balance sheet account for guarantee obligations or accounting documents replacing it;

– an unconditionally positive audit opinion on the reliability of the report;

– feasibility study of the loan (feasibility study), reflecting economic efficiency and cost recovery during the period for which the loan is sought. The feasibility study must be analyzed by the Bank’s credit officer and signed with the note “Calculation verified”;

2.3. The loan application, along with the full package of necessary documents, is considered by the Bank's credit and legal service, as a rule, within 2 days from the date of their receipt. During the consideration of a loan application, the Bank carries out a comprehensive analysis of the creditworthiness of a potential Borrower, assesses its financial stability in order to determine the degree of risk of non-repayment of the loan provided.

III. This section of the Instructions discusses the tools for ensuring the repayment of loans provided.

3.1. Loans provided by the Bank are secured by collateral of property, valuable papers, property rights, as well as sureties and guarantees of guarantor banks.

These forms of loan repayment security can be used either separately or in combination. In this case, the amount of security for repayment of the loan must be no less than the amount of the principal debt and interest due for its use, and the end of the guarantee period must be six months later than the loan repayment period established in the agreement.

In conclusion, the Instructions in Appendix No. 1 provide guidelines for analyzing the financial position of an enterprise, which propose calculating three groups of relative indicators based on the data of the accounting report to assess the creditworthiness:

1. Indicators of financial stability.

2. Enterprise liquidity indicators.

3. Profitability indicators

However, having studied the domestic literature on financial analysis, we consider it advisable not to limit ourselves to this list and include a number of absolute and relative indicators in the system for assessing the borrower’s creditworthiness.

1.2 Procedure for assessing creditworthiness.

According to some experts in the field of banking, it is customary to assess credit risk at two levels:

1. At the level of business risk.

2. At the level of financial risk.

Business risk, in turn, is assessed on several grounds:

1. assessment of the external environment of the enterprise’s functioning (EPF, legal regulation, competitive environment);

2. quality of the enterprise management system;

3. client’s relationship with banks (credit history);

4. evaluation of the loan application.

We will limit ourselves to the analysis of the external business risk environment.

Financial risk is assessed based on financial statements, the reliability of which, as already mentioned, must be confirmed by an unconditionally positive audit report. in the following way:

1. analysis of financial statements in absolute terms:

a) trace the simple dynamics of balance sheet items;

b) assess the structure of the enterprise’s property and the sources of its formation;

2.1 Liquidity indicators.

2.2 Indicators of the provision of inventories and costs with own funds.

2.3 Solvency indicators.

2.4 Indicators of market activity (turnover).

2.5 Profitability indicators.

2.6 Indicators of financial stability.

The state of the enterprise’s creditworthiness and measures to strengthen it

2.1 Analysis of financial indicators

For analysis we will use Methodological recommendations on the reform of enterprises (approved by order of the Ministry of Economy of the Russian Federation dated October 1, 1997 No. 118), Methodological provisions for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure dated March 5, 1994, recommendations of the Program for checking the insolvency of enterprises and organizations dated April 15, 1997 and the Savings Instruction Bank of Russia on lending to legal entities by institutions of the Savings Bank of the Russian Federation dated October 26, 1993.

2.1.1 Research of the market environment.

The company whose reporting we will try to analyze is a member of the All-Russian Voluntary Firefighting Society in the Konstantinovsky district. Engaged in the production of products and provision of services for the prevention of fire danger. Summary tables with financial reporting data are presented in Appendix 1.

The All-Russian Voluntary Fire Society operates on the basis of the Federal Law on fire safety and the Charter. In accordance with this law, fire protection associations are created in accordance with current legislation in order to solve problems in the field of fire safety (Article 14). VDPO, being a public association, represents and protects legitimate interests others public associations fire department, who authorized him to do this.

Members of the VDPO are individuals and legal entities interested in jointly solving problems in the field of fire protection.

From the list of works and services in the field of fire safety provided in the law, the following are performed by Rostov VDPO enterprises:

* production, testing, purchase and supply of fire-technical products;

* testing substances, materials, products, equipment and structures for fire safety;

* training the population in fire safety measures;

* fireproofing and pipe-furnace works;

* installation, Maintenance and repair of fire protection systems and means;

* repair and maintenance of fire equipment, primary fire extinguishing agents, restoration of the quality of fire extinguishing agents.

The competitive environment is extremely favorable, because the company is practically a monopolist in this market.

The law provides a number tax benefits in the field of fire safety, which gives significant advantages to VDPO enterprises: in terms of income tax, VAT, land tax, etc.

The operating conditions seem to be extremely favorable, however, for a number of reasons - both macroeconomic and intra-economic, the situation of the enterprises is not brilliant. The balance sheet and Form No. 2 data are summarized for convenience in Tables 1.1 and 1.2 of the Appendix. Generalized structure of balance sheets in percentage presented in Table 1 on page. .

2.1.2 General balance sheet analysis.

The second stage of creditworthiness analysis - a general analysis of the balance sheet - begins with an analysis of the dynamics of items for 1998.

The annual dynamics of the indicators is as follows. In the Konstantinovsky district, the share of fixed assets remained the same minus depreciation of 5.8 million rubles, working capital decreased by 0.4 million rubles. (about one percent), and thus the total balance sheet also became less by 6.2, which reflects serious problems for the enterprise. Of course, there is no talk of any capital investments. In current assets, the share of inventories has increased significantly - by 10%, that is, sales have worsened, but there is also a positive aspect - accounts receivable have been repaid by 30%, which led to a very significant increase in the share of cash - 6 times. In the sources of property, the share of equity capital decreased by 4%, and the share of accounts payable also increased by 4%, which can become a dangerous trend, but on such a scale does not affect, no matter how significantly, financial stability. As part of accounts payable, the increase in the share of the suspicious undeciphered item “other creditors” raises serious concerns; it increased from 5.2% to 60%.

The second step in analyzing financial statements is to analyze the structure of the enterprise's balance sheet. As we have already said, the financial stability of the enterprise at the analyzed moment depends on the optimal ratio of asset and liability items. For an experienced specialist, one glance at the balance sheet is often enough to determine what difficulties the company is experiencing.

Assets. The Konstantinovsky enterprise has an unfavorable ratio of non-current and current assets in assets - more than three quarters of the property are non-current assets, which most likely indicates irrational economic policy management, as a result of which there is a shortage of working capital and a decent amount of “dead money” hangs on the balance sheet. The most painful place for Russian enterprises is current assets, and this is no exception. Accounts receivable is 48% - almost half of current assets, the theoretically acceptable value is 30-40%, the amount of cash even exceeds the required - 23%, the theoretically required 10%. What is alarming, however, is the fact that a considerable part of the company’s receivables at the beginning of the year - 35% - is made up of the notorious “other debtors” item, under which no one knows what is hidden.

Passive. The sources of property formation for an enterprise consist of only two parts: equity capital and accounts payable, which is both good and bad. It’s good in the sense that the enterprise is supposedly financed exclusively from its own funds and does not depend on formal creditors, has no obligations to pay interest, and is consistently solvent. In fact, this is bad, since there are not enough own funds. Accounts payable show the same strange position as accounts receivable: at the Konstantinovsky enterprise, 60% is made up of the item “other creditors”. A significant part of accounts payable is arrears of wages - 18%,

Thus, the results of the analysis of the balance sheet structure of the VDPO enterprise are completely disappointing. The enterprise is experiencing difficulties with the sale of its products, it has to overcome this situation by selling products and services on credit, which results in an increase in accounts receivable, and, consequently, the settling of funds in ineffective current assets. This forces the company to delay the payment of its own obligations - accounts payable. In short, a very typical picture for domestic enterprises at present. But to make final conclusions, it is necessary to analyze the relative indicators and then try to recommend something to improve his creditworthiness.

2.1.3 Analysis of relative indicators

I. Liquidity indicators .

Liquidity is determined by the ability of an enterprise to meet its obligations. The state of liquidity depends on the structure of property and capital, that is, on the ratio of asset and liability items; if it is favorable, then the enterprise is characterized as liquid. First of all, it is determined coefficient coatings, which shows whether the enterprise has free working capital.

I.I. Coverage ratio:

NEGOTIABLE ASSETS

SHORT-TERM LIABILITIES (1.1)

at the beginning of the year:

on the line of the year:

Thus, according to some sources, the company has enough funds to pay its current obligations, but according to others, it does not. In this case, the Methodological Provisions recommend calculating the coefficients of restoration or loss of solvency.

They can prevent the deterioration or improvement of the solvency situation.

The coefficients are calculated using the formulas:

To the loss of pl. =

If the solvency restoration coefficient is greater than or equal to 1, then the enterprise will restore solvency. In our case, it is only necessary to calculate the solvency restoration coefficient:

1,05

Consequently, if we follow the logic of the Methodological Provisions, the Konstantinovsky enterprise has the opportunity to restore solvency. However, from our point of view, the realities of the modern economic situation require a less strict approach to these issues, so that enterprises have a certain freedom of action in a crisis situation, and a crisis situation is a phenomenon that does not occur in Russian economy. A ratio of 1/1 of current assets to short-term liabilities will be quite sufficient.

I.II. The next step is to calculate current ratio. It is calculated in order to find out how much short-term liabilities are secured by the most liquid assets - accounts receivable, securities and cash.

CURRENT ASSETS - INVENTORIES

SHORT-TERM LIABILITIES (1 .2)

at the beginning of the year:

on the line of the year:

Judging by the coefficients, the situation at the enterprise is almost normal. However, we should not forget that our company’s assets do not have very useful securities; therefore, of the listed assets, enterprises only have cash and receivables, and the latter makes up the largest part, however, as we will find out a little later, it is in cash not handled very quickly. This means that you can only rely on existing funds. To do this you need to calculate quick or absolute liquidity ratio enterprise, allowing to assess the liquidity of the enterprise in short term. With its help, you can find out what part of short-term obligations can be paid at the moment.

I.III. Quick liquidity ratio:

CASH

SHORT-TERM LIABILITIES (1.3)

on the line of the year:

Even if we take as a guide not the normative value of the coefficient, but the one accepted in practice - 10%, the situation still leaves much to be desired. On the other hand, such a situation may reflect the “necessary risk” policy pursued by the enterprise in order to effective use funds available to the enterprise.

II. Indicators of the provision of reserves and costs with sources of their formation.

To characterize the financial condition of an enterprise, it is important to assess security of reserves and costs sources of their formation. In this case, the sources of formation are considered to be own funds and attracted loans, excluding accounts payable, which is especially important in the current conditions, when enterprises, due to the high cost of loans, are forced to use accounts payable as a surrogate credit facility.

The amount of working capital generated from the most stable part of funds - own funds and attracted loans is calculated using the formula:

SK + DP + CC – EXTRA. ACT - RESERVES (2.1)

SK- equity,

DP– long-term liabilities,

QC– short-term loans.

The left side of the formula represents the part of working capital formed at the expense of the most reliable part of the funds; it must be compared with the part of working capital, which consists of inventories, interbank supplies, and finished products; it is combined in the table in the line INVENTORIES. If the reserves are greater than the means for their formation, this indicates an unstable financial position of the enterprise; if they are equal, then this is the norm; if less, then this is an absolutely stable position.

The Konstantinovsky enterprise has no long-term liabilities and short-term loans, so the situation is as follows:

at the beginning years: 158,442 – 150,882 = 7,560< 8 231 – неустойч; (» N)

on the line years: 146,364 – 145,028 = 1,336< 13 130 – крайне неустойч.

Thus, it is clear that the company does not have enough own funds, and the situation when the company does not use loans results in the fact that accounts payable are a surrogate source of working capital. If we talk about the dynamics during the year, the situation was unstable, but it became extremely unstable.

III. Solvency indicators.

From the variety of solvency ratios offered different sources, it is necessary to select for calculation those that actually give useful information. Therefore, let's calculate the following three coefficients.

III.I. The autonomy coefficient is calculated in order to find out what part of the enterprise’s property is financed from its own funds.

EQUITY

BALANCE TOTAL (3.1)

on the line of the year:

We see that this figure even exceeds the standard value.

III.II. The Methodological Provisions suggest calculating the equity ratio. It provides information about what part of current assets is financed from own funds.

OWN CAPITAL - EXTRA. ASSETS

CURRENT ASSETS (3.2)

at the beginning of the year:

on the line of the year:

The second indicator of the company's solvency is slightly higher than the norm, which is not bad. However, this state of affairs is natural, since the company, as we found out, does not use loans.

III.III . Active solvency indicator

CURRENT ASSETS ≥ BALANCE SHEET TOTAL - EQUITY (3.3)

An enterprise is considered solvent if the amount of current assets is greater than or equal to its external debt:

At the beginning years 46,254-38,714 = 7,540

On the line. year 45,846-44510 = 1,336

IV. Indicators of market activity (turnover).

They are calculated in order to get a clear picture of the speed of business turnover, that is, to find out over what period of time the funds associated with accounts receivable and inventories are returned, and compare how much this corresponds to the period for the return of accounts payable. In our opinion, the coefficients of this group are of greatest practical importance for preventing critical situations with financial resources at enterprises.

IV.I. Turnover reserves calculated using the following formula:

PRODUCT COST

RESERVES (4.1)

at the beginning of the year: once a year, days one revolution;

on the line of the year: once a year, one revolution per day.

It must be said that the situation with inventory turnover is generally not bad in the current situation, this indicates that the company, in general, manages to avoid an overstocking situation and successfully sell its products. However, it is too early to draw encouraging conclusions until the accounts receivable turnover indicators have been calculated, which can be used to judge the timing of receipt of revenue from sales of products.

IV.II. Turnover accounts receivable calculated by the formula:

REVENUES FROM SALES

ACCOUNTS RECEIVABLE (4.2)

at the beginning of the year: once a year, one revolution per day;

on the line of the year: once a year, days one revolution.

From these indicators it is clear that the turnover time of accounts receivable significantly exceeds the turnover time of inventories. This means that the enterprise sells products and services on credit with subsequent payment in order to increase the volume of sales, but payment occurs 20-40 days later, which is fraught for the enterprise with the formation of a financial hole for just 20-40 days. At the end of the year, a favorable situation developed - accounts receivable turn over only five days slower, that is, the risk of a shortage of working capital is reduced.

IV.III. Turnover indicators accounts payable must be calculated for comparison with accounts receivable turnover indicators in order to find out whether the company finds itself in a situation where it has to pay its own debts before receiving payments from debtors. Calculated as follows:

. COST PRICE

ACCOUNTS PAYABLE (4.3)

at the beginning of the year: once a year, days one revolution;

on the line of the year: once a year, days one revolution.

So, we see that the repayment periods for accounts payable are much longer than the repayment periods for both receivables and inventories, this means that the company is in no hurry to pay its accounts payable and does it only 3-4 times a year.

V. Profitability (profitability) indicator.

It reflects the efficiency of production or sales, depending on whether profit is compared with cost or revenue. Literally, this is how you can calculate the portion of income attributable to each ruble invested

PROFIT

COST (5.1)

Konstantinovsky district:

at the beginning of the year:

on the line of the year:

If we consider that for manufacturing enterprises the current rate of profitability is from 7 to a maximum of 15%, then our enterprise against the general background looks like just an island of well-being. What's the matter? Of course, profit tax benefits, as well as value added tax benefits, are of great importance; the fact that the enterprise is a monopolist in a very specific area also has a significant impact.

VI. Indicators of financial stability.

This group of indicators is also proposed to be calculated to determine solvency by the Savings Bank of the Russian Federation in its Instruction dated October 26, 1993 “On lending to legal entities...”. Financial stability is assessed by the ratio of the enterprise's own and borrowed funds.

VI.I Debt to equity ratio:

LONG-TERM LIABILITIES + SHORT-TERM LIABILITIES

OWN FUNDS - LOSSES

On the line. of the year:

The coefficient values ​​are good, but for complete reliability it is necessary to know the qualitative composition of fixed assets and the structure of inventories.

VI.III Provision ratio of own borrowed funds:

OWN CAPITAL + LONG-TERM LIABILITIES - EXTRA-ASSETS

WORKING CAPITAL

On the line. of the year:

Such a low value of this indicator also indicates that sources of funds, in addition to equity capital, are formed only from accounts payable, which clearly reflects the speculative nature of the enterprise’s financing. All this suggests that the enterprise has a poorly developed sales system, and, as a result, constant non-payments on both sides. To improve the implementation situation, some steps can be taken:

1. Intensify barter operations, although it has already been said that on a macroeconomic scale such operations do not have a positive effect;

2. For some clients, prepayment for services is required, but such a step may narrow the circle of clients;

3. To ease the situation with your own accounts payable, you can try to conclude an agreement with the corresponding bank on the repayment of bills of exchange that the enterprise will issue for its creditors, but for this it is necessary to do serious work on the following point;

4. Control and planning of accounts receivable and financial flows.

In general, based on the results of the analysis, we can conclude that the enterprise in the Konstantinovsky district is creditworthy and can try to submit a loan application to its bank to draw up a loan agreement. However, this does not mean that a favorable environment has developed at the enterprise. On the contrary, the position on individual items requires a more in-depth analysis based on primary accounting documents.

We offered an example of an analysis of the creditworthiness of an enterprise only as of the reporting period, since we used data from annual financial statements, which reflect an already accomplished fact, be it growth or, on the contrary, decline. Among financiers, such an analysis is aptly called “posthumous”. In order to always be aware of your finances, it is necessary to carry out financial planning in the enterprise.

2.2 Financial planning at the enterprise

Financial planning is planning of all its income and areas of spending money to ensure the development of the enterprise. Financial planning is carried out by drawing up financial plans of different contents and different durations depending on the tasks set.

Purpose of compilation financial plan- determination of possible volumes of financial resources, capital and reserves based on forecasting cash receipts and upcoming payments.

In the West, there is a methodology that our domestic experts also propose to follow; it consists in determining the income (profit) centers and expense centers of an economic entity. Revenue Center of an economic entity is its division that brings it maximum profit. Cost center - This is a division of an economic entity that is unprofitable or non-commercial at all, but plays an important role in the overall production and trading process.

Financial planning at enterprises is carried out for 5 years, a year or a quarter. In accordance with this, there are long-term (strategic, including 5-year), current and operational plans .

Long-term financial plan determines the most important indicators, proportions and rates of expanded reproduction. Five Year Plan – This main form implementation of goals and objectives of enterprise development, investment strategies and expected savings. A long-term financial plan is usually a trade secret of an enterprise.

Current financial planning includes the annual balance of income and expenses, education estimates and expenditure of funds: wage fund; a fund of funds allocated for the development and improvement of production (accumulation fund); fund of funds allocated for social needs; reserve and other funds. Current financial plans are developed on the basis of long-term plans by specifying and detailing them. A specific link is made between each type of investment or fund and the source of their financing. When comparing quarterly payment calendars, trends and problems in the enterprise's activities are identified. The results of the analysis are used to develop the next current financial plan. It is proposed to develop a similar plan for the enterprise. Methodological provisions for the reform of enterprises, approved by the Ministry of Economy of the Russian Federation in 1997. It is given below in table No. 1.

In practice, a situation often occurs when payments for shipped products are delayed or counter payments are offset. In such a situation, the actual revenue side of the budget is reduced and, accordingly, in order to eliminate the budget deficit, the need arises for a prompt revision (adjustment) of the budget.

A check (chessboard) table is drawn up for the financial plan of the enterprise, in which, according to the “corner” principle, expenses are summarized in horizontal rows, and income in vertical rows.

Table 1. Consolidated budget of the enterprise

Operational financial planning consists of drawing up and using a payment calendar – a detailed financial document reflecting the operational cash flow of the enterprise. Since the entire turnover passes through settlement, current, currency and loan accounts, it represents the movement of funds as they are received and used. The payment calendar ensures prompt financing, fulfillment of settlement and payment obligations, records ongoing changes in the solvency of the enterprise, allows you to monitor the state of your own funds, as well as attract, if necessary, a bank or commercial loan.

The preparation and use of a payment calendar is the implementation of the distribution and control functions of the enterprise’s finances.

When comparing quarterly payment calendars, trends and problems in the enterprise's activities are identified. The results of the analysis are used to develop the next current financial plan, an example of which is given below.

For cash, the most convenient way to do this is to summarize the data in a table, which should be done in Microsoft Excel so that you can automatically calculate the ending balance at any time.

table 2 Operational planning of financial flows.

In a similar way, you need to control the movement of receivables, this way you can prevent overdue receivables, since it is easy to track the amount of debt of each debtor, and, consequently, the moment when it begins to “hang”.

Table 3 Accounts receivable

At the end of the chapter we will draw the main conclusions.

The situation that has developed at the enterprise, the activities of which we tried to evaluate using analytical indicators, is quite typical for Russian enterprises. This means that the proposals developed in this chapter can also be applied to other enterprises. The most important thing here is the organization of financial planning at each enterprise in three time periods: operational planning, current planning and strategic planning.

conclusion

All of the above allows us to assert that the creditworthiness of an enterprise is a complex concept that is of interest not only for the creditor bank, but also for the enterprise itself, since it is based on general principles financial stability, liquidity, solvency and profitability. No matter how successfully an enterprise operates, from time to time it needs to attract borrowed funds: with expanded reproduction, such a need arises most often for the acquisition of fixed assets, in which case the funds are financed for capital investments. Unfortunately, nowadays very few enterprises are able to work according to this principle. In other cases, lending is carried out to replenish the working capital of the enterprise, the lack of which is a constant phenomenon at our enterprises. In view of this circumstance, it is very important to constantly maintain creditworthiness indicators at a high level, since in the loan capital market there is a tendency for banks to attract potential borrowers to cooperation using various information sources. At the same time, the newly created structure, designed to unite unreliable borrowers into a single database - the Russian Credit Risk Bureau - is intended to make their choice easier. The operator of this project is the Russian representative office of Dun and Bradstreet.

The complexity of the current situation is that in many enterprises, accounting employees do not know the methods of financial analysis, and the specialists who do know them, including management, as a rule, do not know how to read analytical and synthetic documents. accounting. This state of affairs leads to the fact that the situation with financial resources goes beyond the control of those responsible for their condition. Therefore, every enterprise needs to have a professional financial management service.

Enterprise financial management is the process of building the economic relations of an enterprise in such a way as to ensure a continuous circulation of assets, which in turn ensures the continuity of the reproduction process. There are several elements in financial management: planning, operational management, control. We have discussed planning in some detail in the work; the remaining two elements need to be covered in general terms.

Operational management is a set of measures developed on the basis of an operational analysis of the current financial situation and pursuing the goal of obtaining maximum effect at minimum costs through the redistribution of financial resources. The main content of operational management comes down to maneuvering financial resources in order to eliminate bottlenecks, solve newly emerging problems, etc.

Control as an element of management is carried out both in the planning process and at the stage of operational management. It allows you to compare actual results from the use of financial resources with planned ones, identify reserves for the growth of financial resources, and outline ways for more efficient management.

list of used literature

1. Regulations:

1.1 Civil Code Russian Federation.

1.2 Federal Law of the Russian Federation On Joint Stock Companies.

1.3 Methodological provisions for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure dated March 5, 1994 // “Consultant Plus”. - 1999. - issue 10.

1.4 Program for checking the insolvency of enterprises and organizations dated April 15, 1997 // “Consultant Plus”.-1999.-issue 10.

1.5 Methodological provisions for the reform of enterprises (approved by order of the Ministry of Economy of the Russian Federation dated October 1, 1997 No. 118)

1.7 Regulations on the organization of internal control in banks (Order of the Central Bank of the Russian Federation dated August 28, 1997).

1.8 Instructions of the Savings Bank of the Russian Federation On lending to legal entities by institutions of the Savings Bank of the Russian Federation dated October 26, 1993 No. 26-R.

1.9 Federal Law On Banks and Banking Activities dated December 2, 1990 No. 395-1

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