Comment:
The table and chart above we see: Solvency of liabilities of enterprises in the year is guaranteed and this capability has been increasingly improved, as indicated in the coefficients are increased over the years. Only in 2012 the index is lower than 3 years remaining, PetroVietnam Fertilizer But overall and Chemicals Corporation (DPM) in the last 4 years with the financial situation is quite satisfactory, the risk of bankruptcy is low because of the ability to convert Short-term assets into cash and cash equivalents to repay short-term debt high. Ta-depth analysis of factors specific to clearly see this. 1. Current Ratio: Over the years, the Current Ratio 2011 was 6.79 Specific times are at a stable level, to drop to 5:19 times to 2012 showed that time the company has short-term assets available smaller short-term needs by that the company is unlikely to pay off short-term debts on time. In contrast to the year 2013 Current ratio was 7.1 times in 2014 was increased to 7:35 times. This coefficient shows that businesses have high potential in the willingness to pay short-term debts due. The increase in current ratio due to the increase in short-term assets and the reduction of short-term debt .. By 2013, and especially in 2014 this figure rose too fast: 7:35 times. This factor too high is not necessarily a sign reflecting the payment capacity of the business as well. By itself this indicates increased efficiency of business capital is not high. Therefore, to have appreciated more than we consider only the remaining two. 2. Quick ratio: quick ratio, considering, in particular 2012 Current ratio remaining below 3 years if that proves the company can not afford to pay the entire debt fast short term cash and cash equivalents. But this figure is negligible. In 2011, 2013 and 2014 respectively coefficient increases as 5:52; 6.03 and 6.0. However, this factor may not be high, a good sign. Same as current ratio, liquidity ratio are greater each year at an acceptable level. Then we can assess that the solvency of the business positive and improved over the years. 3. Cash Ratio is noteworthy that this ratio decreased from 2011 to 2013 from 4:52 to 3.85 times decrease means businesses can not afford to pay all short term debt with free cash flow in that time period, this affects small k to the financial situation of the company. But in 2014 this ratio soared to 5:35 times. That is until 2014 now capable thoanh 5:35 computing times current liabilities in cash. Thus, considering the past 3 ratio on solvency demonstrate the short-term liabilities of enterprises in 2014 were guaranteed, very low risk of bankruptcy and financial situation so as to be rated satisfactory. Causes for solvency are considered positive due to the fluctuation of the factors in the short-term assets and liabilities: first, short-term assets: from balance sheet accounting for 4 years, One can see the short-term assets during the year increased over 2011 primarily due to the fluctuation of: Cash and cash equivalents increased from 2012 to 2014. This enables enterprises to increase solvency good short-term debt, however, when this amount increases overkill (represented by cash ratio = 5:35) would limit the business opportunities of the enterprise. Therefore, enterprises should not reserve amount is too large, should have appropriate policies, consider reasonable amount of money to avoid wasting capital, stagnant Inventory: We can see that the inventory of the business including raw materials, finished products ... In 2011-2012, the value of inventories decreased to 979 1.021,525,464,645 mainly a fall in the frame and finished goods. This proved capable enterprises to boost consumption of products helps to accelerate the rotation of working capital. However in 2013-2014 inventories increased again and in 2014, the Enterprise proactively reserve enough raw materials to meet the production and consumption needs of the market, or maybe by now predictable material prices in the future will increase should increase reserves. This decreases the efficiency of business capital. Should now have specific sales strategy, effective marketing, to continuously improve product quality to increase competitiveness, dig market demand, better inventory management, avoid reserves excessive ponding, wasted capital. Short-term liabilities: now has focused on promoting the work of debt recovery, especially customer receivables, this enterprise is helping to raise money and avoid capital occupied too large. II, in current liabilities: Private 2012 remaining increase is reduced. This reduction is a positive sign shows stability, safety in financing activities of the enterprise, while helping businesses reduce short term liquidity pressure. However, although short-term debt decreased but still accounts for a large share of total capital Actively build relationships with the parties to constitute capital tưng ability outside, help businesses reduce the cost of capital and increased margin expectations, Having detailed repayment plan to suit each business and production plans in order to ensure credibility with creditors and reduce financial risks.
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