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 is a specific end of 2011 was 6.79 times the sustainable level, to the end of 2012 dropped to 5:19 time shows during which the company has short-term assets available smaller demand Short-term needs so the company is unlikely to pay off short-term debts on time. In contrast to 2013 Current ratio increased 7.1 times to 2014 times is 7:35. 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, need further evaluation additional targets. 2. Quick ratio: quick, considering the ratio, particularly towards the end of 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 convenient. 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. So I can appreciate that the solvency of the business as well and has improved over the years in the future. 3. Cash Ratio is noteworthy that this ratio decreased from 2011 to 2013 from 4:52 times to 3.85 times decrease means within 3 years now can not afford to pay all short-term debt Net increase in cash flow at that time, this small not to affect 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 acceptable in 2011 but decline in late 2012, but until 2014 had ensured a 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 (as 5,464,356,634,668), namely 2012 to 6,737,620,486,312 6,537,835,014,112 increase in 2013, reaching 2014 was 6,544,156,632,162. The main reason is due to the variation of: Cash and cash equivalents increased from 2012 to 2014. Enterprises increased solvency good short-term debt, however, when this amount increases overkill (represented by cash ratio = 5:35) will limit business opportunities of the business. 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 business inventories including industrial raw materials, finished products ... In 2011-2012, the value of inventories decreased to 979,362,417,883 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 reduces 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: have tended to increase from 2012 to 2014 from 156,511,933,406 to double by 2014 (369,477,358,374) now less focused on promoting the work of debt recovery, especially customer receivables, which reduced the amount of money businesses and businesses that are occupied increasingly greater capital. Thus avoiding the occupied capital, wasting and decrease business efficiency policy should build a reasonable debt recovery, classification, monitoring and control up to collect debts more reasonable. II, In the short-term debt: 2012 private higher (1,258,830,382,270) rest is tapered to 889,320,363,150 in 2014. This decrease is a positive sign shows stability, safety in financing activities of the enterprise, while help businesses reduce short term liquidity pressure. However, although short-term debt reduced but still large proportion of total capital, so enterprises need to actively build relationships with the parties to increase the working capital is outside, help businesses reduce cost of capital and increased profitability 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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