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

In a market economy, the financial statements of enterprises are the main means of communication and the most important element of information support for 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 statements. As attractive as the published financial results are, showing the current and prospective financial condition of the organization, the probability of obtaining additional sources of financing in one form or another is also high.

For the implementation of the current and investment activities of any organization requires a certain amount of financial resources. First of all, she uses her own funds. At the same time, many elements of own funds are inactive during the entire period of the organization's functioning. Therefore, the main source of financing of its activities is 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.

Attracting credits and loans is a rather complicated procedure in organizational terms. In addition, the level of interest rates for servicing them in the Russian Federation is still 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.

Obtaining borrowed funds makes it necessary to assess the borrower's creditworthiness, which makes it possible to justify the decision to issue a loan, to determine the level of risk of financial losses for the lender in case of default.

Each commercial bank develops its own method of creditworthiness of the borrower, based on the adopted strategy of its development, the choice of priorities in lending to enterprises in specific industries and scale of activity, and other factors. When substantiating certain methodological approaches, banks seek to cover such a range of criteria for assessing the borrower's creditworthiness, which would make it possible to more accurately determine and minimize the risk of non-repayment of loans.

In most cases, Russian banks in practice apply methods for assessing creditworthiness based on a set of financial ratios that characterize 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 in values caused by the industry specifics of economic entities, and the acceptable standard levels of financial indicators given in the economic literature are calculated without taking this into account. Due to the lack of a unified regulatory framework in the sectoral context, an objective assessment of the financial condition of the borrower is impossible, since there are no comparative industry average, minimum acceptable and best indicators for this 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 was developed to determine by banks the solvency of enterprises provided with borrowed funds, assess the allowable size of loans and their repayment periods.

To begin with, the documents of the Borrower are considered. The main purpose of the analysis of documents for obtaining a loan is to determine the ability and willingness of the borrower to repay the required loan on 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) on registration (notarized copies);
- - notarized signature and seal sample card (first copy);
- - a document on the appointment of a person entitled to act on behalf of the organization when negotiating and signing contracts, or a corresponding power of attorney (notarized copy);
- - certificate of passport data, residence permit 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 breakdowns 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. Certificate of received loans with copies of loan agreements as of the date of receipt of the loan request.
5. A 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 a person negotiating and signing a loan agreement with a bank to act on behalf of the organization. These rights shall be determined by the relevant provision of the Borrower's articles of association and the document of appointment in accordance with the procedure set forth in the articles of association. Financial statements provide an opportunity to analyze the financial condition of the Borrower on a specific date.

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

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

The presence of overdue debts on loans from other banks is a negative factor and indicates obvious miscalculations and disruptions in the Borrower's activities, which may be temporarily compensated with a loan. If the debt is not in arrears, it is necessary, if possible, to make sure that the maturity of this loan is earlier than the maturity of other loans. In addition, it is necessary to check that the collateral offered as security 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. This section also reflects the funds received by the Borrower from partners under loan agreements: these agreements should be considered in the same way as loan agreements between the Borrower and 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. To accurately determine the debt, a certificate of all outstanding bank loans at the time of the request is required with a copy of the loan agreements attached.

An important positive factor is the existing experience of lending to this Borrower by the bank, on the basis of which one can judge the prospects for repayment of the currently requested loan. In the event that the requested loan is the next in a number of previous, timely repaid loans, then when applying by this Borrower, he may not submit his legal documents to the bank, 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 of investment projects (as a creditor, a member of a banking consortium, a guarantor, etc.) for the following reasons:

1. The financial position of the Borrower in most cases is not a determining factor in the evaluation of investment projects. As you know, along with the nominal recipient of credit resources, the main participants in investment projects that determine the success of the implementation of the latter include: the sponsor (organizer) of the project, contractors, equipment suppliers, the operating organization (operator), suppliers of raw materials and materials, buyers of products and a number of other participants. Moreover, according to a number of schemes, the official Borrower is a special, newly created structure, which obviously has a “zero balance” and the absence of any account turnover.
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 flow under various, including obviously "pessimistic", project implementation scenarios (proposed The method does not provide for this).
3. For a foreign lender (investor), such factors as: the legal and organizational and legal status of the Borrower, the availability of acceptable guarantees (from recognized Russian banks, the government, etc.), the availability of the necessary conclusions of international auditors, favorable results of the analysis of the movement of flows cash and financial soundness of the project, and not the bank credit rating of the potential Borrower, as suggested by this Methodology.
4. In order 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. A number of important indicators fall out of the proposed Methodology, such as: the “credit history” of the Borrower, the reputation and qualifications of the Borrower’s managers, the “arbitration” history of the Borrower, the availability 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 creditworthiness of a borrower 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 the 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 the indicators (coefficients), the principle of caution is applied, that is, the recalculation of the assets of the balance sheet downwards based on expert assessment.

To assess the financial condition of the borrower, three groups of performance indicators are used: liquidity ratios ( TO 1 , TO 2 , TO 3); ratio of own and borrowed funds ( TO 4); turnover rate and profitability ( TO 5).

According to the Rules of the Sberbank of Russia, the main estimated indicators are coefficients ( TO 1 , TO 2 , TO 3 , TO 4 , TO 5), and the remaining indicators (turnover and profitability) are necessary for the 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. Further, 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 score ( S) taking into account the coefficients of significance of each indicator, which have 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 set due to the large dependence of these values on the specifics of the business entity, its industry affiliation and other specific conditions. A comparative analysis of these indicators is carried out and their dynamics is assessed.

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

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

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

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

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

The financial condition of the organization can be assessed from the point of view of the short and long term.

In the first case, the evaluation criterion is the liquidity and solvency of the enterprise, that is, the ability to timely and in full make payments on short-term obligations. Examples of such transactions are settlements with employees for wages, with suppliers for received inventory items and services rendered, with a bank for loans, etc.

The assessment of the stability of the enterprise's activities in the long term is associated with the overall 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, according to the experience of economically developed countries, a methodology based on the calculation and use of a system of coefficients in the spatio-temporal analysis is becoming more widespread. The indicators can be calculated directly from the financial statements. However, it is more convenient to transform the balance sheet by aggregating items and regrouping them: in assets - by the degree of decrease in the liquidity of assets, in liabilities - by the degree of increase in the maturity of liabilities. This approach is more convenient both in terms of computation and in terms of understanding the logic of the calculation.

We will carry out a vertical-horizontal analysis of Avtopassage LLC in 2011, based on the data in Table. 2.2.

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

	Absolute change, thousand rubles	Specific gravity, in%	Change
for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year
I. NON-CURRENT ASSETS
fixed assets
Total for Section I
II. CURRENT ASSETS

Accounts receivable (for which payments are expected within 12 months after the reporting date)
Short-term financial investments
Cash
Total for Section II


III. CAPITAL AND RESERVES
Authorized capital
Retained earnings (uncovered loss)
Total for Section III
IV. LONG TERM DUTIES
Deferred tax liabilities
Total for section IV
V. SHORT-TERM LIABILITIES
Loans and credits
Accounts payable
Section V total

After conducting 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 1698 thousand rubles, which indicates the effective use of its own funds.

For a complete assessment of the creditworthiness of the enterprise, we will assess the state of the enterprise according to the Altman method.

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

Altman's (1968) model, which is a method for calculating the creditworthiness index, has received the greatest fame in the study of bankruptcy assessment and diagnostics. In building this model, Altman surveyed 66 industrial enterprises, half of which went bankrupt between 1946 and 1965, and half were successful, and examined 22 analytical coefficients. From these indicators, he selected the five most significant for the forecast and built a multifactorial regression equation.

In general terms, the 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 Avtopassage LLC according to the Altman model

The critical value of index 2 was 2.675. This value is compared with the calculated value of the creditworthiness index for a particular organization. This allows you to draw a line between organizations and make a judgment about the possible in the foreseeable future (2-3 years) bankruptcy of some (2< 2,675) и достаточно устойчивом финансовом положении других (2 >2.675). Since deviations from the given criterion value are possible, Altman singled out an interval (1.81-2.99), called the "zone of uncertainty", falling outside of which with a very high probability allows making judgments regarding the organization being evaluated: if 2< 1,81, то организация с очевидностью может быть отнесена к потенциальным банкротам, если 2 >2.675, the judgment is just 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 in the presence of an agreed opinion of all interested parties - the organization itself and its founders, creditors of the organization, arbitration manager.

Having assessed the creditworthiness according to the original Altman model, we can say that the company has improved its condition for 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 Altman's creditworthiness index, and it rose to 1.81. This means that the company has reduced the probability of bankruptcy from very high to high.

But the Altman model does not allow to accurately determine the state of Avtopassage LLC, since it is not fully adapted for Russian enterprises, but is more suitable for American enterprises. For an accurate assessment of Avtopassage LLC, we will use the analysis of solvency ratios.

In order to determine the solvency of the 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 company's ability 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 Avtopassage LLC according to the methodology of the Government of the 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 recovery factor is 0.453. It can be concluded that the company is illiquid and its financial condition is very difficult (almost impossible) to restore.

The discrepancy between the data calculated by different methods allows us to conclude that when calculating 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 common 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 of 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, as a rule, its reliability is confirmed by the tax authorities.

1. INTRODUCTION

The tasks of radically improving the functioning of the credit mechanism highlight the need to use economic methods of credit management. This will prevent unjustified from the point of view of monetary circulation and the national economy, credit investments, their structural shifts, and ensure timely and full repayment of loans.

What is creditworthiness and solvency, what is the essence of the analysis of this economic category?

2. CONCEPT AND INDICATORS OF CREDITIVITY

In Soviet economic literature, the concept of "creditworthiness" was practically absent. This situation was explained by the limitation of the use of commodity-money relations for a long time, and also by the fact that credit relations, which mainly developed in the form of direct bank credit, were characterized not by economic, but by administrative methods of management, characterized by a high degree of centralization of the right to make final decisions. . This eliminated the need to assess the creditworthiness of borrowers when resolving issues of issuing loans. In addition, structural shifts in the financial position of enterprises, caused by excessive rates of industrialization, led to the fact that most enterprises in the late 1920s were insolvent. For a long time, the credit mechanism was guided by the credit intensity of enterprises, which reflected the general level of development of the country's credit mechanism as a whole. The changes taking place in the modern economy have drawn attention to the need to ascertain the creditworthiness of enterprises.

The creditworthiness of bank customers should be understood as such a financial and economic condition of the enterprise, which gives confidence in the effective use of borrowed funds, the ability and willingness of the borrower to repay the loan in accordance with the terms of the contract. The study by banks of a variety of factors that may lead to non-repayment of loans or, on the contrary, ensure their timely return, is the content of the banking analysis of creditworthiness.

When analyzing creditworthiness (credit analysis), banks must address the following questions:

Is the borrower able to fulfill its obligations on time and is he ready to fulfill them?

The first question is answered by an analysis of the financial and economic aspects of the activities of enterprises. The second question is of a legal nature, and it is also related to the personal qualities of business leaders. The composition and content of the indicators follow from the very concept of creditworthiness. They should reflect the financial and economic condition of enterprises in terms of the efficiency of placement and use of borrowed funds and all funds in general, as well as assess the ability and willingness of the borrower to make payments and repay loans within a predetermined period. The ability to repay a loan in a timely manner is assessed by analyzing the company's balance sheet for liquidity, the efficiency of using credit and working capital, the level of profitability, and readiness is determined by examining the borrower's capacity, prospects for its development, business qualities of business leaders.

Due to the fact that enterprises differ significantly in the nature of their production and financial activities, it is not possible to create unified universal and comprehensive guidelines for studying creditworthiness and calculating the corresponding indicators. This is confirmed by the practice of our country. In modern international practice, there are also no firm rules on this matter, since it is almost impossible to take into account all the numerous specific features of customers. The main goal of creditworthiness analysis is to determine the ability and willingness of the borrower to repay the requested loan in accordance with the terms of the loan agreement. The bank must in each case determine the degree of risk it is willing to take on and the amount of credit that can be extended in the circumstances. When considering a loan application, bank employees take into account many factors. Over the years, bank employees responsible for issuing loans proceeded from the following points:

The capacity of the Borrower, the reputation of the Borrower, the ability of the Borrower to earn income, the ownership of assets by the Borrower,economic conditions.

3. INFORMATION SUPPORT

3.1. External sources of information

To obtain this kind of data, the bank, of course, will need information that characterizes the financial condition of the company. This necessitates the study of financial statements, the possibility of unforeseen circumstances and the situation with insurance. The sources of information about the creditworthiness of the Borrower can be:

Negotiations with Applicants, on-site inspection, analysis of financial reports, external sources.

For example, in world practice, the most well-known source of data on creditworthiness is Dun & Bradstreet, which collects information on approximately 3 million firms in the US and Canada and provides it on a subscription basis. Summaries and credit ratings of each firm are published in national and regional directories. More detailed information about individual firms is reported in the form of financial statements: the most common of these is "Information about the business enterprise". The first of the 6 sections of the report contains general information: name and address of the company, industry and enterprise code, nature of production, form of ownership, total credit rating (rating), speed of payment of bills by the company, sales volume, equity capital, number of employees, general condition and company development trends. The total credit rating consists of two parts - two letters (or numbers and letters) and a number. The first two digits represent an assessment of the financial stability of the firm, and the last one is an assessment of its creditworthiness. The second section of the report contains information received from the firm's suppliers regarding accuracy in paying bills and the maximum credit received during the year. The third section includes the latest balance sheet and information about the firm's sales and profitability (if any). The fourth section shows the usual deposit balance and loan payments. The fifth section contains data on the managers and owners of the company. In the last section, the type of activity of the company, its clientele and production facilities are described in detail.

Sometimes banks check their information with the data of other banks that had a relationship with the loan applicant. They may also check data with various suppliers and buyers of the firm. Suppliers can provide information about her payment of invoices, discounts provided, the maximum and minimum amount of commercial credit, unfounded claims and deductions from the company of interest to the bank. Contacts with the company's buyers provide information about the quality of its products, the reliability of service and the number of complaints about its products. Such a reconciliation of information with counterparties of the firm and other banks also makes it possible to reveal the reputation and capabilities of both the firm that applied for a loan and its executives.

Another source of information is the National Credit Management Association's Mutual Credit Information Exchange, an organization that provides its members with information about loans received by the firm from vendors throughout the country. Members of the organization receive an answer to the question: how accurately does the company pay? However, the information contains only facts, while it lacks analysis, explanations and any recommendations.

Other sources of information about firms, especially large ones, are commercial magazines, newspapers, directories, government reports, etc. Some banks even turn to competitors of this firm. Such information should be used with extreme caution, but it can be very useful.

3.2. Sources of information needed to calculate creditworthiness ratios

The first source of information for assessing the creditworthiness of a business organization should be its balance sheet with an explanatory note to it. Analysis of the balance sheet allows you to determine what funds the company has and what is the largest loan these funds provide.

However, for a reasonable and comprehensive conclusion about the creditworthiness of the bank's customers, balance sheet information is not enough. This follows from the composition of the indicators. Analysis of the balance sheet gives only a general judgment about creditworthiness, while in order to draw conclusions about the degree of creditworthiness, it is necessary to calculate qualitative indicators that assess the prospects for the development of enterprises and their viability. Therefore, as a source of information necessary for calculating creditworthiness indicators, one should use: operational accounting data, technical and industrial financial plan, information accumulated in banks, information from statistical authorities, data from customer questionnaires, information from suppliers, results of processing survey data for special programs, information from specialized bureaus for assessing the creditworthiness of economic organizations.

4. ASSESSMENT OF CREDIT POSITION OF ENTERPRISES USED BY RUSSIAN BANKS

This methodology for assessing the feasibility of providing a bank loan, adopted by almost all commercial banks in Russia engaged in lending to enterprises and organizations, was developed to determine by banks the solvency of enterprises provided with borrowed funds, assess the acceptable size of loans and their repayment periods.

4.1. Borrower data analysis

The borrower submits the following documents to the bank:

Juristic documents:

registration documents: charter of the organization; memorandum of association; decision (certificate) on registration (notarized copies);

signature and seal sample card, notarized (first copy);

a document on the appointment of a person entitled to act on behalf of the organization when negotiating and signing contracts, or a corresponding power of attorney (notarized copy);

certificate of passport data, residence permit and place of residence of the head and chief accountant of the borrowing organization.

Accounting statements in full, certified by the tax inspectorate, as of the last two reporting dates, with a breakdown 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)

Copies of statements from settlement and foreign currency accounts for monthly dates and for the largest receipts for the last three months.

Certificate of received loans with copies of loan agreements as of the date of receipt of the loan request.

A 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.

The most important information base of the analysis is the balance sheet. When working with a balance sheet asset, it is necessary to pay attention to the following: in the case of registration of a pledge of fixed assets (buildings, equipment, etc.), inventories, finished products, goods, other inventories and costs, the pledger’s ownership of these values must be confirmed by including their value in the composition of the relevant balance sheet items. The balance of funds on the current account must correspond to the data of the bank statement as of the reporting date. When analyzing receivables, it is necessary to pay attention to the terms of their repayment, since the receipt of debts may become for the Borrower one of the sources of repayment of the requested loan.

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. To confirm these words, a review of this methodology is presented, written by the head of the Project Finance Department of JSCB "Inkombank" Mr. A.L. Smirnov:

"The developed Methodology reflects the established approaches to lending and the specifics of the work of the Department of Credit and Credit Services of the bank's branches. It seems that the methodology after its refinement (suggestions and comments of the Department of Project Finance and Foreign Investment Guarantees can be submitted in a working order) should be used in practical work credit divisions of the bank in the following main areas:

to be taken into account when making decisions on loan applications along with the study of the actual transaction and the possibility of repaying the loan;

for the current assessment of the quality and structure of the bank's existing loan portfolio, including to address issues of the advisability of taking credit impact measures in relation to the Borrower and creating the necessary reserves for doubtful debts (a number of parameters should be adjusted taking into account the specifics of investment financing)".

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

The financial position of the Borrower in most cases is not a determining factor in the evaluation of investment projects. As you know, along with the nominal recipient of credit resources, the main participants in investment projects that determine the success of the implementation of the latter include: the sponsor (organizer) of the project, contractors, equipment suppliers, the operating organization (operator), suppliers of raw materials and materials, buyers of products and a number of other participants. Moreover, according to a number of schemes, the official Borrower is a special, newly created structure, which obviously has a "zero balance" and the absence of any account turnover.

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 flow under various, including obviously "pessimistic", project implementation scenarios (the proposed Methodology for this does not provide).

For a foreign lender (investor), such factors as: the legal and organizational and legal status of the Borrower, the availability of acceptable guarantees (from recognized Russian banks, the government, etc.), the availability of the necessary conclusions of international auditors, favorable results of the analysis of cash flows and financial stability of the project, and not the bank credit rating of the potential Borrower, as suggested by this Methodology. In order 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.

4.4. A number of important indicators fall out of the proposed Methodology, such as: the "credit history" of the Borrower, the reputation and qualifications of the Borrower's managers, the "arbitration" history of the Borrower, the availability and results of audits, etc.

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

5. CREDIT RATES USED BY FOREIGN COMMERCIAL BANKS

Banks in developed capitalist countries use a complex system of a large number of indicators to assess the creditworthiness of customers. This system is differentiated depending on the nature of the Borrower (company, individual, type of activity), and can also be based on both balance and turnover indicators of clients' accounts.
5.1. Credit Ratios Used by American Banks

Thus, a number of American economists describe a creditworthiness assessment system based on balance sheet indicators. American banks use four groups of key indicators:

Company liquidity indicators, capital turnover indicators, fundraising indicators, profitability indicators.

The first group includes the liquidity ratio (Kl) and the coverage ratio (Kpokr).

liquidity ratio cl- the ratio of the most liquid funds and long-term debt obligations. Liquid assets consist of cash and short-term receivables. Debt liabilities consist of debt on short-term loans, promissory notes, outstanding claims and other short-term liabilities. Cl predicts the ability of the Borrower to repay the debt to the bank promptly and on time based on an assessment of the structure of working capital. The higher the CL, the higher the creditworthiness.

Coverage ratio Kpokr- the ratio of working capital and short-term debt. Kpokr shows the credit limit and the sufficiency of all types of customer funds to pay off the debt. If Kpocr is less than 1, then the lending boundaries are violated, and the Borrower can no longer be granted a loan: it is insolvent.

Capital turnover indicators related to the second group reflect the quality of current assets and can be used to assess the growth of Kpokr. For example, with an increase in the value of this ratio due to an increase in inventories and a simultaneous slowdown in their turnover, one cannot conclude that the Borrower's creditworthiness has increased.

Attraction ratios ( Cprivl) forms the third group of estimated indicators. They are calculated as the ratio of all debt obligations to the total amount of assets or to fixed capital; shows the dependence of the firm on borrowed funds. The higher the attraction ratio, the worse the creditworthiness of the Borrower.

The indicators of the fourth group, which characterize the profitability of the company, are closely related to the third group of indicators. These include: the share of profit in income, the rate of return on assets, the rate of return per share. If the firm's dependence on borrowed funds increases, then the decrease in creditworthiness, assessed on the basis of Krivl, can be offset by an increase in profitability.
5.2 Credit rating by French commercial banks

Assessment of the creditworthiness of clients by French commercial banks includes 3 blocks:

assessment of the enterprise and analysis of its balance sheet, as well as other reporting;

assessment of the creditworthiness of clients based on the methods adopted by individual commercial banks;

use of data from the Bank of France card index for assessing creditworthiness.

When evaluating a company, the bank is interested in the following questions:

the nature of the enterprise and the duration of its operation;

production factors:

labor resources of managers, managers and personnel - education, competence and age of the head, the presence of his successors, the frequency of movement of managers to workplaces, the structure of personnel, downtime indicators, the ratio of wages and value added, which should be within 70%;

production resources - the ratio of depreciation and depreciable funds, the level of investment;

financial resources;

economic environment - at what stage of the life cycle is the product being manufactured, is the company a monopoly manufacturer, what are the conditions for competition, the stage of development of the market for the main products of the enterprise, the commercial policy of the company, the degree of development of marketing techniques and methods.

In the course of the analysis, three components are distinguished in the asset balance:

immobilized assets, current assets (stocks, debtors, others) and cash (cash, money in a bank account, securities).

The balance sheet liability is divided into the following components:

fixed resources, accounts payable, cash (accounting for bills of exchange, etc.).

Based on the results of activities, the following indicators are determined (see Table 1):

Table #1

Index	Formula	Method of determination
Sales revenue (B)
Gross commercial income (BD)	VD \u003d V - Stmts and gi	Sales proceeds minus the cost of purchased inventory items and finished products
Value Added (VA)	DS = VD - Re	IA minus operating costs (administrative, subcontractors)
Gross operating income (FEA)	VZD \u003d DS - Rzp - Nzp - Rotp	DC minus payroll expenses, minus payroll taxes, minus vacation pay
Gross operating result (VER)	VER \u003d VZD - Kr% + Dvlzh - Otchrisk	FEA minus payment of interest on a loan plus income from investing in other enterprises and minus deductions to the risk fund
Profits that can be used for self-financing (SF)	SF \u003d WER - Prab - Npr	WER minus the profit distributed among the employees of the enterprise and minus income taxes
Net profit (P)	P \u003d SF + Dsluch - Rsluch - Anedv	SF plus or minus incidental income (expenses) minus real estate depreciation

The balance sheet and other forms of reporting are used, firstly, to assess the ratio of balance indicators and, secondly, to calculate creditworthiness ratios based on turnover indicators. The subject of the analysis are such proportions as the ratio of long-term debt and equity, the ratio of stable own resources and the amount of assets, the dynamics of costs and losses compared to the growth rate of production, etc. The reporting data of the company are compared with the data of the consolidated balance sheet, which is compiled on the basis of the balance sheet of homogeneous enterprises. One of the main areas of analysis of balance sheet data is the definition of banking risk.

Indicators of the state of cash are evaluated taking into account the level of development of the enterprise, its profitability and the need for working capital. The latter is studied on the basis of indicators of the rate of turnover of the balances of raw materials and finished products in the warehouse, as well as the timing of settlements with suppliers.

As one of the options for a private methodology for assessing the creditworthiness of a client by a commercial bank, the Credit Line method can be cited. This technique is an assessment system built on 5 coefficients:

K1 = FEA / DS;
K2 = Financial costs / DC;
K3 = Capital investment for the year / PV;
K4 = Long-term liabilities / LC;
K5 = Net cash balance / Turnover.

Each of the indicators is evaluated within four points and the total score is determined. The sum of points determines the level of creditworthiness of the client.

The data of the card file of the Bank of France is also taken into account. This file has four sections. In the first section, enterprises are divided into 10 groups depending on the size of the balance sheet asset, and each group is assigned letters from A to K. The second section is a credit quotation section, expressing the trust that can be assumed in relation to enterprises. This quotation is based on a study of the financial situation and profitability, as well as an assessment of managers, capital holders and enterprises with which the client has close commercial ties. The credit quotation divides enterprises into 7 groups, which are assigned codes from 0 to 6.

The third section classifies enterprises according to their ability to pay. The Bank of France records all cases of non-payment and, depending on this, divides the clients of commercial banks into three groups, which are assigned codes 7, 8 or 9. Code 7 means punctuality in payments, the absence of real difficulties in cash during the year. Code 8 is given for temporary difficulties associated with the availability of funds that do not seriously jeopardize the solvency of the enterprise. Code 9 means that the solvency of the enterprise is highly compromised.

The fourth section of the card index divides all clients into two groups: enterprises whose bills and securities can be rediscounted, and enterprises whose bills and securities cannot be rediscounted at the Banque de France.

6. METHODOLOGY FOR DETERMINING THE CREDIBILITY CLASS OF THE BORROWER

The determination of the Borrower's creditworthiness class is based on the criterion level of indicators and their rating.

Coefficients and indicators at the level of average values are the basis for assigning the Borrower to the 2nd class, above the average - to 1 and below the average - to 3. The following scale model for state and joint-stock enterprises can be cited as an example (Table 2).

Table 2 Liquidity ratio Kl Coverage coefficient Kpokr Index of provision with own funds Pss = 1 - Kprivl

Industry name	1 class	Grade 2	3rd grade	1 class	Grade 2	3rd grade	1 class	Grade 2	3rd grade
P/n industries 1	Over 0.6	0.6- 0.4	Less than 0.4	Over 1.5	1.5- 1.3	1.3- 1.0	Over 50%	50- 30%	Less than 30%
P/n industries 2	Over 0.4	0.4- 0.25	Less than 0.25	Over 2.0	2.0- 1.5	1.5- 1.0	Over 35%	35- 25%	Less than 25%
S/n industries 3	Over 0.45	0.45- 0.3	Less than 0.3	Over 1.8	1.8- 1.3	1.3- 1.0	Over 60%	60- 45%	Less than 45%

The rating (importance) of an indicator in the system is determined by an economist individually for each Borrower, depending on the policy of a given commercial bank, the characteristics of the client, the liquidity of its balance sheet, and its position in the loan market. For example, a high share of short-term resources, the presence of arrears on loans and non-payments to suppliers increase the role of the liquidity ratio, which assesses the ability of an enterprise to quickly release cash. Drawing the bank's resources into lending to permanent reserves, underestimating the amount of equity - all this increases the rating of the equity ratio. Violation of the economic boundaries of the loan, "indebtedness" of customers puts forward the level of the coverage ratio in assessing creditworthiness.

The overall assessment of creditworthiness is given in points. The scores are the sum of the products of the rating of each indicator by the creditworthiness class:

B = Pei x Kli, where B is the sum of points, Pei is the rating of the i-th indicator, Kli is the class of the i-th indicator.

According to the sum of points, the company is assigned a creditworthiness class (I, II, III) . I class is assigned with 100-150 points, II class - with 151-250 points and III class - with 251-300 points. An enterprise is most creditworthy if it has been assigned class I.

An example of determining the amount of points is given in table 3.

Table #3

Option			1		2		3		4		5			6
P O To A h A T e l And	R e th T And n G P O To A h A T e l e th, %	TO l A With With	B A l l s	TO l A With With	B A l l s	TO l A With With	B A l l s	TO l A With With	B A l l s	TO l A With With	B A l l s	R e th T And n G P O To A h A T e l e th, %	TO l A With With	B A l l s
cl	40	1	40	2	80	3	120	3	120	1	40	20	3	60
Kp	30	1	30	2	60	3	90	3	90	2	60	10	2	30
Pss	30	1	30	2	60	3	90	2	60	3	90	70	2	140
Total			100		200		300		270		190			230
Class			I		II		III		III		II			II

With coefficients and indicators, all values of which correspond to class I, the number of points is 100, class II - 200 and class III - 300 (options I, II, III). Therefore, it is proposed that with an intermediate value of points close to 100 (i.e. 100-150 points), class I is assigned, close to 200 (i.e. 151-250 points) - class II and close to 300 (i.e. e. 251-300) - III class.

In the 4th option, the actual value of Kl and Kpokr allows you to assign 3rd class, and Pss - 2nd class. As a result, the Borrower has 270 points, which corresponds to class III.

Changing the rating of indicators while maintaining the classiness of each of them may lead to a change in the overall creditworthiness class. For example, in the 4th and 6th options, Kl, Kpokr and Pss have the same class, but the rating is different. As a result, under the 4th option, the Borrower has the III class, and under the 6th - II.

The most creditworthy in the example is the enterprise corresponding to the first option (the sum of points is 100 - I class of creditworthiness).

When assessing the creditworthiness of a commercial bank client, it is recommended to use not only basic, but also additional indicators. These may include indicators characterizing the turnover of inventories or funds in settlements, the share of liquid assets in the total amount of working capital or the ratio of liquid assets of class I and debt, the level of non-payments for the past period, the efficiency of production potential, the profitability and profitability of partners (for example, creditworthiness customer), the average duration of construction, the uniform distribution of income.

The same level of indicators and the sum of points are achieved by the influence of various factors. Thus, an increase in the total amount of liquid funds at the expense of normalized assets does not always create a strong guarantee of loan repayment. The growth of the balance of annual production, which does not have a wide consumer or is associated with transport difficulties, does not guarantee timely repayment of the loan. The growth of Kl and Kp can be explained by the reduction of debt obligations. The conclusion about the creditworthiness of the client will depend on the reason for this reduction. If, for example, debt on short-term loans decreased due to a disruption in the supply of raw materials, then the increase in the coefficient cannot be assessed as strengthening the financial position of the client. An analysis of the factors that have changed the level of the relevant coefficients and indicators should be a mandatory element in assessing the creditworthiness of a commercial bank client. The main areas of this analysis are:

Analysis of the impact of liquid funds in general and their elements based on liquidity and coverage ratios;

Assessment of changes in the coverage ratio under the influence of normalized assets;

Study of changes in the structure of debt obligations and its impact on liquidity and coverage ratios;

· Analysis of the factors that determined the growth or decline in the index of provision with own funds;

Evaluation of the index of provision with own funds from the position of the sufficiency of the client's own funds;

Analysis of the factors of change in the level of coefficients and indicators of creditworthiness allows you to more accurately determine the class of creditworthiness, as well as develop conditions for this class.

improving the liquidity ratio only due to the growth of receivables or balances of finished products;

an increase in the coverage ratio due to an increase in the balance of finished products that are not secured by sales contracts, or hard-to-sell residues of raw materials and work in progress;

deterioration in the structure of liquid funds;

the actual availability of own working capital in the amount of less than the constant minimum requirement for them;

an increase in the indicator of self-sufficiency of small production structures at the expense of funds associated with the risky activities of the enterprise;

improving the indicator of the provision of production activities with contracts by concluding contracts with insolvent buyers and suppliers;

reduction of debt obligations to the bank in connection with non-deliveries of credited raw materials.

7. SOLVENCY RATES USED BY RUSSIAN BANKS

Banks must receive an answer to the question about the solvency of the enterprise, i.e. willingness to repay loans on time. How will the company repay debts, including a loan, if it receives this loan from a bank?

Funds for paying off debts are, first of all, money in the accounts of the enterprise.A potential means of paying off debts is receivables, which, in the normal circulation of funds, should turn into cash.As a means for repayment of debts, stocks of inventory items available to the enterprise can also serve. When they are sold, the company will receive cash.In other words, theoretically, debt repayment is provided by all working capital of the enterprise. In the same way, one could theoretically assume that if an enterprise's working capital exceeds the amount of debt, then it is ready to pay off debts, that is, it is solvent. However, if the enterprise really directs all working capital to pay off debts, then at the same moment its production activities will cease, since it will only have fixed assets from the means of production, and there is no money to purchase material working capital - they completely went to pay off the debt.

Solvency is the readiness of an enterprise to repay debts in the event of a simultaneous demand for payments from all creditors of the enterprise. It is clear that we are talking only about short-term borrowed funds - for long-term loans, the repayment period is known in advance and does not apply to this period.

Solvency is the availability of funds at the enterprise sufficient to pay debts for all short-term obligations and at the same time uninterrupted implementation of the production process and product sales. The indicator characterizing the level of solvency is the ratio of liquid working capital to the amount of short-term debt. Liquid current assets include data from sections 2 and 3 of the asset balance of the enterprise, net of deferred expenses and other assets, since funds under these two items cannot be turned into money to pay off debts.

It was noted above that the numerator of this indicator should significantly exceed the denominator. Accordingly, the level of the solvency indicator should be significantly higher than one. This qualitative assessment of the level of the solvency indicator in each enterprise must be measured quantitatively.In financial theory, there are approximate standards for this indicator, which is called the total coverage ratio.In 1990-91. it was believed that it should not be lower than 2-2.5. At present, in conditions of instability in the economy, its minimum value is estimated above 3-4.

However, it is precisely the instability that makes any normalization of this indicator impossible at all. It should be estimated for each specific enterprise according to its balance sheet data. For such an assessment, it is necessary to determine how much working capital should remain at the disposal of the enterprise after the repayment of current debt obligations for such needs as the uninterrupted conduct of the production process, the repayment of long-term obligations, etc. In addition, it should be noted that when determining the overall coverage ratio, it is necessary to take into account the source of repayment of short-term obligations for all receivables. But among the debtors there are also insolvent buyers and customers who, for various reasons, will not pay for the products of this enterprise. All these circumstances determine how much higher the total coverage ratio should be above one.

If we formalize what has been said, then the total coverage ratio will be equal to:

K \u003d (Kr + Mn + Db) / Kr \u003d 1 + (Mn + Db) / Kr, (1)

where K is the total coverage ratio; Mn - material resources necessary for the uninterrupted conduct of the production process; Db - uncollectible receivables; Кр - the value of short-term debt of all types.

8. INDICATORS REQUIRED FOR PARTNERS OF THE ENTERPRISE ON CONTRACTUAL RELATIONS

Partners in contractual relations, just like banks, are interested in the solvency of the enterprise. But contractual relations are wider than relations with banks. For partners, it is important not only the ability of the enterprise to return borrowed funds, but also its financial stability, that is, the financial independence of the enterprise, the ability to maneuver with its own funds, and sufficient financial security for an uninterrupted business process.

When contractual relations arise between enterprises, they have a mutual interest in the financial stability of each other as a criterion for the reliability of a partner. Indicators of financial stability characterize the state and structure of the assets of enterprises and their provision with sources of coverage (liabilities). They can be divided into two groups:indicators that determine the state of working capital, and indicators that determine the state of fixed assets.

The status of working capital is reflected in the following indicators:the security of material reserves with own working capital, the coefficient of maneuverability of own funds.

The condition of fixed assets is measured:permanent asset index, long-term borrowing ratio, depreciation accumulation ratio, real property value ratio.In addition, another indicator reflects the degree of financial independence of the enterprise as a whole:ratio of borrowed and own funds.Despite the large number of meters, all of them can be systematized.

The security of inventories with own working capital is the quotient of dividing own working capital by the amount of inventories, that is, an indicator of the extent to which inventories are covered by own working capital. The level of the indicator is estimated, first of all, depending on the state of inventories. If their value is much higher than the reasonable need, then own working capital can cover only a part of inventories, that is, the indicator will be less than one. On the contrary, if the enterprise does not have enough material reserves for the uninterrupted implementation of production activities, the indicator may be higher than one, but this will not be a sign of a good financial condition of the enterprise.

The coefficient of maneuverability of own funds shows how mobile the own sources of funds of the enterprise are, and is calculated by dividing the own working capital by all sources of the enterprise's own funds. It depends on the nature of the enterprise's activity: in capital-intensive industries, its normal level should be lower than in material-intensive ones.

The numerator of both indicators is own working capital, therefore, in general, the improvement in the state of working capital depends on the outstripping growth of the amount of own working capital compared to the growth of inventories and sources of own funds.

An assessment of the financial stability of an enterprise would be one-sided if its only criterion was the mobility of its own funds. No less important is the financial assessment of the production potential of the enterprise, that is, the state of its fixed assets.

Permanent asset index - the ratio of the ratio of fixed assets and non-current assets to equity or the share of fixed assets and non-current assets in the sources of equity. If the company does not use long-term loans and borrowings, then adding the coefficient of maneuverability of own funds and the permanent asset index will always give one. Own sources cover either fixed or current assets of the enterprise, therefore the sum of fixed assets, non-current assets and own current assets in the absence of long-term borrowed funds in the composition of sources is equal to the value of own funds. Under these conditions, an increase in the maneuverability coefficient is possible only by reducing the fixed asset index, and vice versa.

This situation exists in practice if the enterprise does not use long-term credits and loans for capital investments. As soon as long-term borrowed funds appear in the composition of the sources of funds, the situation changes: it is possible to achieve an increase in both coefficients.

In this case, the sum of the coefficient of maneuverability of own funds and the fixed asset index is equal to:

Km + Kp = 1+ (Dk / Cc),

where Dk - the amount of a long-term loan; Cc - own sources of funds of the enterprise.

The ratio (Дк / Сс) within which the coefficient of maneuverability grows without a decrease in the permanent asset index is also a measure of financial stability in terms of assessing fixed assets. It is called the long-term leverage ratio. Its significance lies not only in the fact that it increases the coefficient of maneuverability of own funds. In addition, he assesses how intensively the company uses borrowed funds to upgrade and expand production.

The intensity of the formation of another source of funds for capital investments is determined by another indicator of financial stability - the depreciation accumulation coefficient. This ratio is calculated as the ratio of the accrued amount of depreciation to the original book value of fixed assets. It measures the extent to which the replacement and renewal of fixed assets is funded by depreciation.

A very important indicator of financial stability is the ratio of the real value of the property. It determines what proportion of the value of property is the means of production. This coefficient is most interesting for enterprises manufacturing products. The coefficient is calculated by dividing the total value of fixed assets, inventories, work in progress and low-value and wearing items by the value of the company's assets. In essence, this coefficient determines the level of the production potential of the enterprise, the availability of the production process with the means of production.

The ratio of borrowed and own funds, as the name implies, is the result of dividing the amount of borrowed funds by the amount of own funds. The coefficient reflects the degree of dependence of the enterprise on borrowed funds. It shows what funds the company has more - borrowed or own. The more the coefficient exceeds one, the greater the dependence of the enterprise on borrowed funds. The permissible level of dependence is determined by the operating conditions of each enterprise and, first of all, by the speed of turnover of working capital. Its calculation as of any date is insufficient to assess the financial condition of the enterprise. In addition to calculating the coefficient, it is necessary to determine the turnover rate of inventories and receivables for the analyzed period. If receivables turn over faster than material working capital, this means a rather high intensity of cash receipts to the company's accounts, that is, as a result, an increase in the company's own funds. Therefore, at a high rate of turnover of circulating assets and an even higher rate of turnover of receivables, the ratio of borrowed and own funds can significantly exceed one.

In addition, when assessing the level of this coefficient that is normal for an enterprise, it is necessary to compare it with the coefficient of provision of reserves with own working capital discussed above. If the latter is high, that is, inventories are covered mainly by own sources, then borrowed funds cover mainly receivables. The condition for reducing borrowed funds in this case is the return of receivables to the enterprise.

At the same time, the security ratio, as a rule, is low at enterprises where, even with the same ratio of borrowed and own funds in the property structure, a large share is occupied by material assets - not the most mobile part of the property.

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INTRODUCTION
CHAPTER 1 . The concept of enterprise creditworthiness


CHAPTER 2 .Assessment of the creditworthiness of the enterprise, development of proposals for its strengthening
2.1 Credit rating
2.2
CONCLUSION
LIST OF USED LITERATURE
Annex 1

Introduction

Credit relations have an ancient history, as ancient as exchange in human society. Even before the development of commodity-money relations, credit flourished in kind - approximately what is commercial credit in the current conditions. Much later, with the appearance of money as an equivalent in exchange relations, credit unfolded in the form of usury. Thus, 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 foundation - a mismatch of needs with existing opportunities, which first gives rise to debt, then the need to repay it. The influence of civilization on this area of economic relations was reflected in the emergence of credit and savings institutions - banks and others.

At present, a bank loan in developed countries is 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 the rational use of borrowed funds) leads to an increase in the profitability of 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. On their basis, in the practice of Western banks, reliable schemes for granting and repaying a loan have been developed.

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 were adopted, however, the positive experience of lending by domestic banks to enterprises has been very meager and there are problems in this area at the moment 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 pay off their obligations in connection with the repayment of a loan in a timely manner and in full. This category is evaluated using criteria, compliance or non-compliance with which increases or decreases the likelihood of a loan repayment by an enterprise. This problem has two aspects: the first is the determination of the creditworthiness of the borrower from the standpoint of the lending bank. From this point of view, everything is quite well - since 1992, when the first Law on Insolvency (Bankruptcy) came into force, a number of different legal acts have been issued that define the specified criteria for the creditworthiness of enterprises. The second aspect of the problem is to determine the compliance with the requirements of creditworthiness by the enterprise itself and to take measures to improve it. This side of the problem is extremely important in modern conditions.

The relevance of this topic is due to the fact that at certain stages of the production process, almost all enterprises lack funds for the implementation of certain business operations, that is, there is a need to attract funds from outside. In such a situation, it would seem that the most logical way out is to obtain a bank loan, but in practice such a task is often overwhelming for enterprises. The reason for this is not only exorbitantly 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 surge in the bank loan market, because Russian enterprises for the most part do not meet the criteria for creditworthiness, one of them is the indicator of profitability of production, which should exceed the interest rate.

The purpose of this course work is to consider the requirements for the creditworthiness of the borrower from the standpoint of the enterprise.

The tasks to be considered in order to achieve this goal are as follows:

· study the criteria for the creditworthiness of the enterprise contained in the regulatory legal acts on this issue;

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

· 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 regulatory legal acts.

An enterprise enters into relations 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 the services of the bank.

2. The need for borrowed funds, which encourages the company to conclude a loan agreement with the bank.

The legislative framework 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 of its assessment are considered in more detail in the regulatory legal acts of various entities - participants in the credit services market. Thus, the Methodological Recommendations of the Central Bank of Russia “On the procedure for providing (placement) by credit institutions of funds and their return” dated August 31, 1998 in paragraph 1 indicate that “before a bank makes a decision on the advisability of providing funds to a client, a creditor bank should carefully study all documents submitted by the borrower (copies of constituent documents, accounting, statistical and financial statements /balance sheet and its appendices, transcripts of individual performance indicators/; business plan, marketing, production and management plans, cash flow forecast of the borrower with its counterparties for the period of repayment of the provided cash funds /schedule of receipts and payments of the client-borrower/; feasibility study that characterizes the payback period and the level of profitability of the credited transaction), as well as to verify the reliability of credited transactions, study the credit history of the client-borrower, analyze the issue of the presence or absence of debt on obligations of the client-borrower, including overdue ones, to check the authority of the officials of the client-borrower signing the contract for the provision of funds, to check the availability and quality of security (collateral, bank guarantee, surety, insurance policy, etc.), evaluate the information received.

The creditor bank requests from clients the specified documents drawn up based on the results of the client's work for the past year and as of the last reporting date, the creditor bank has the right to request reports prepared for an earlier period of time, as well as for other reporting dates. Paragraph 4 of this document reads: “It is recommended to make a decision on the provision of funds 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; calculation of the sufficiency of the provided security for the placed funds, taking into account the interest due and the possible costs of the creditor bank in obtaining the execution; assessment of risks associated with lending to a particular client (especially when providing blank loans), including analysis of credit risk, currency risk (when providing funds in foreign currency), industry risk (analyzes the state of the industry to which the borrower belongs) and other risks .

Regulation "On the organization of internal control in banks" dated 28.08.1997 gives the following recommendations on the organization of internal control over the risks of banking activities:

“Lending activity requires certain judgments regarding the creditworthiness of the borrower. These judgments are not always accurate and correct, and a borrower's creditworthiness can deteriorate over time for a variety of reasons. The main risk that the bank faces in its activities is credit risk, which consists in 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 Instruction 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 of 26.10. 1993.

I. In the first paragraphs, the Instruction defines the basis for credit relations 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:

- the subject matter of the contract;

- the object of lending;

– the term and amount of the loan;

- the procedure for issuing and repaying a loan;

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

II. The next step of the Instruction establishes the procedure for granting loans:

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

An application for a loan with an indication of its target direction, amount, terms of use and form of security is signed by the head and chief accountant and sealed by the Borrower. The application shall indicate the legal and postal address of the Borrower, its bank details and telephone numbers. .

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

2.2.2. For a loan provided to other Borrowers.

Constituent and registration documents, notarized:

– a copy of the memorandum of association;

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

- a document on state registration;

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

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

– a feasibility study of the loan (feasibility study), reflecting the economic efficiency and cost recovery during the period for which the loan is requested. The feasibility study must necessarily be analyzed by the Bank's loan officer and signed with the note "Calculation verified";

2.3. A loan application together with a full package of required documents is considered by the Bank's credit and legal department, as a rule, within 2 days from the date of their receipt. In the course of 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-return of the loan provided.

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

3.1. Credits provided by the Bank are secured by pledge of property, securities, 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 the repayment of the loan must be not less than the amount of the principal debt and the interest due for its use, and the expiration of the guarantee period - six months later than the loan repayment period established by the agreement.

In conclusion, the Instructions in Appendix No. 1 provide Guidelines for the analysis of the financial position of an enterprise, which propose to calculate three groups of relative indicators for assessing creditworthiness based on the data of the accounting report:

1. Indicators of financial stability.

2. Indicators of liquidity of the enterprise.

3. Profitability indicators

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

1.2 Credit assessment procedure.

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 evaluated on several grounds:

1. assessment of the external environment for the functioning of the enterprise (OPF, legal regulation, competitive environment);

2. the quality of the management system at the enterprise;

3. relationship between the client and banks (credit history);

4. assessment of the loan application.

We confine ourselves to an analysis of the external business risk environment.

financial risk is estimated according to the 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 property of the enterprise and the sources of its formation;

2.1 Liquidity ratios.

2.2 Indicators of the availability of reserves and costs of 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 the analysis, we will use the Guidelines for the reform of enterprises (approved by order of the Ministry of Economics of the Russian Federation of October 1, 1997 No. 118), the Guidelines for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure of March 5, 1994, the recommendations of the Program for checking the insolvency of enterprises and organizations dated 15 April 1997 and the Instruction of the Savings Bank of Russia on lending to legal entities by institutions of the Savings Bank of the Russian Federation dated 26.10.93.

2.1.1 Research of the market environment.

The enterprise, the reporting of which we will try to analyze, is a member of the All-Russian Voluntary Fire Society in the Konstantinovsky District. Engaged in the production and provision of services for the prevention of fire danger. Summary tables with accounting 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 the current legislation in order to solve problems in the field of fire safety (Article 14). VDPO, being a public association, represents and protects the legitimate interests of other public associations of the fire department, which have authorized it to do so.

VDPO members 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 given in the law, Rostov VDPO enterprises carry out the following:

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

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

* training the population in fire safety measures;

* fire protection and pipe work;

* Installation, maintenance and repair of fire protection systems and means;

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

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

The law provides a number of 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 conditions of activity, it would seem, are extremely favorable, however, for a number of reasons - both macroeconomic and intra-economic position of enterprises is not brilliant. The balance sheet data and form No. 2 are summarized for convenience in tables 1.1 and 1.2 of the Appendix. The generalized structure of balance sheets in percentage terms is presented in table 1 on the page. .

2.1.2 General balance sheet analysis.

The second stage of the analysis of creditworthiness - a general analysis of the balance - we begin with an analysis of the dynamics of articles for 1998.

The annual dynamics of 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. (approximately one percent), and thus, the balance sheet total also decreased by 6.2, which reflects the serious problems of the enterprise. Of course, there is no talk of any capital investments. In current assets, the share of inventories increased significantly - by 10%, that is, sales worsened, but there is also a positive moment - accounts receivable were 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 decreased by 4%, and the share of accounts payable also increased by 4%, respectively, which can become a dangerous trend, but on such a scale does not affect financial stability, no matter how significant. As part of accounts payable, there is serious concern about the increase in the share of the suspicious undeciphered item “other creditors”, it increased from 5.2% to 60%.

The second step in the analysis of financial statements is the analysis of the structure of the balance sheet of the enterprise. As we have already said, the financial stability of the enterprise at the analyzed moment depends on the optimal ratio of assets and liabilities. An experienced specialist often needs only one look at the balance sheet 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 is non-current assets, which most likely indicates an irrational economic policy of the 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 funds even exceeds the required - 23%, theoretically 10% is necessary. It is alarming, however, that a large part of the receivables from the enterprise at the beginning of the year -35% is the notorious item "other debtors", under which it is not known what is hidden.

Passive. The sources of property formation consist of only two parts for an enterprise: equity capital and accounts payable, which is both good and bad. It is good in the sense that the company is allegedly financed exclusively from its own funds and does not depend on formal creditors, does not have obligations to pay interest, and is steadily solvent. In fact, this is bad, since there are not enough own funds. Accounts payable show the same strange situation as accounts receivable: the Konstantinovsky enterprise has 60%, the item "other creditors" is. A significant part of accounts payable is wage arrears - 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 get out of this situation by selling products and services on credit, which results in an increase in receivables, and therefore, the settling of funds in inefficient current assets. This forces the company to delay the payment of its own obligations - accounts payable. In a word, a very typical picture for domestic enterprises at the present time. But for final conclusions, it is necessary to analyze relative indicators and then try to recommend something to improve its creditworthiness.

2.1.3 Relative analysis

I. Liquidity ratios .

Liquidity is determined by the company's ability to meet its obligations. The state of liquidity depends on the structure of property and capital, that is, on the ratio of assets and liabilities, if it is favorable, then the company is characterized as liquid. First of all, it is determined coefficient coatings, which shows whether the company has free working capital.

I.I. Coverage ratio:

NEGOTIABLE ASSETS

SHORT-TERM LIABILITIES (1.1)

at the beginning of the year:

on the horse of the year:

Thus, according to some sources, the enterprise has enough funds to pay its current obligations, but not according to others. In this case, the Methodological Provisions recommend calculating the recovery or loss of solvency ratios.

They can prevent deterioration or improvement of the solvency situation.

The coefficients are calculated by the formulas:

To the loss of sq. =

If the solvency recovery ratio is greater than or equal to 1, then the company will restore solvency. In our case, it is only necessary to calculate the solvency recovery ratio:

1,05

Therefore, if you 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 current 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 come in the 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 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 horse of the year:

Judging by the coefficients, the situation at the enterprise is almost normal. However, one should not forget that our company does not have very useful securities in its assets, therefore, of the listed assets, enterprises have only cash and receivables, and the latter makes up the majority, however, as we will find out a little later, it is in cash. handled very inefficiently. So, you can only rely on the money you already have. For this, it is necessary to calculate urgent or absolute liquidity ratio enterprise, which allows to assess the liquidity of the enterprise in the short term. With it, 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)

The normative value of this coefficient is 0.2–0.25.

at the beginning of the year:

on the horse of the year:

Even if we take for a guideline not the normative value of the coefficient, but accepted in practice - 10%, that's all - the situation leaves much to be desired. On the other hand, this situation may reflect the policy of "necessary risk" pursued by the enterprise in order to most effectively use the funds available to the enterprise.

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

To characterize the financial condition of the enterprise, it is important to assess supply and cost coverage sources of their formation. In this case, the sources of formation are considered 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 loan facility.

The amount of working capital formed at the expense of the most stable part of the funds - own funds and attracted loans is calculated according to the formula:

SC + DP + KK - EXTERNAL. ACT - RESERVES (2.1)

SC- equity,

DP- long-term liabilities,

QC- short-term loans.

The left side of the formula is the part of working capital formed from the most reliable part of the funds, it must be compared with the part of working capital, which is inventories, IBE, and finished products, it is combined in the table in the line RESERVES. If the reserves are greater than the funds 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 does not have both 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 horse 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 turns out to be accounts payable as a surrogate source of working capital. If we talk about the dynamics during the year, then the situation was unstable, but it became extremely unstable.

III. Solvency indicators.

From the variety of solvency ratios offered by different sources, it is necessary to choose for calculation those that really provide useful information. Therefore, we calculate the following three coefficients.

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

EQUITY

TOTAL BALANCE (3.1)

at the beginning of the year:

on the horse of the year:

We see that this figure even exceeds the normative value.

III.II. The coefficient of provision with own funds is proposed to calculate Methodological provisions. It provides information on what part of current assets is financed by own funds.

OWN CAPITAL - EXTERNAL. ASSETS

CURRENT ASSETS (3.2)

The normative value of this coefficient is >=0.1

at the beginning of the year:

on the horse of the year:

The second solvency indicator of the enterprise has a value 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 BOTTOM - 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 horseback years 45 846-44510 = 1 336

IV. Indicators of market activity (turnover).

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

IV.I. turnover reserves is calculated using the following formula:

COST OF PRODUCTS

RESERVES (4.1)

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

on the horse of the year: once a year, one turn per day.

I must say that the situation with inventory turnover is generally not bad in the current situation, this indicates that the company generally manages to avoid the situation of overstocking and successfully sell its products. However, it is too early to draw encouraging conclusions, before the accounts receivable turnover indicators are not calculated, by which one can judge the timing of receipt of proceeds from the sale of products.

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

REVENUES FROM SALES

RECEIVABLES (4.2)

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

on the horse of the year: once a year, days one turn.

From these indicators it can be seen that the terms of turnover of receivables significantly exceed the terms of inventory turnover. This means that the company sells products and services on credit with subsequent payment in order to increase the volume of sales, while payment occurs later for 20-40 days, which is fraught for the company with the formation of a financial hole just for 20-40 days. At the end of the year, there was a favorable situation - receivables turn around only five days slower, that is, the risk of a shortage of working capital is reduced.

IV.III. Turnover indicators accounts payable it is necessary to calculate for comparison with indicators of receivables turnover in order to find out if the company is 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 turn;

on the horse of the year: once a year, days one turn.

So, we see that the maturities of accounts payable far exceed the maturities of both receivables and inventories, which means that the company is in no hurry to pay its accounts payable and does this only 3-4 times a year.

v. Indicator of profitability (profitability).

It reflects the efficiency of production or sales, depending on what to correlate profit with - cost or revenue. In the literal sense, this way you can calculate the part of the income attributable to each invested ruble

PROFIT

COST (5.1)

Konstantinovsky district:

at the beginning of the year:

on the horse of the year:

If we take into account that at present the rate of return for manufacturing enterprises 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 here? Of course, profit tax benefits and value added tax benefits are of great importance, and the fact that the company 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 the solvency of the Savings Bank of the Russian Federation in its Instruction of October 26, 1993 "On lending to legal entities ...". Financial stability is assessed by the ratio of own and borrowed funds of the enterprise.

VI.I The ratio of own and borrowed funds:

LONG-TERM LIABILITIES+SHORT-TERM LIABILITIES

OWN MONEY - LOSSES

At the beginning of the year:

On horseback of the year:

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

VI.III Equity ratio:

EQUITY + LONG-TERM LIABILITIES - EXTERNAL ASSETS

WORKING ASSETS

At the beginning of the year:

On horseback of the year:

Such a low value of this indicator also indicates that sources of funds other than equity are formed only at the expense of accounts payable, which reflects the clearly speculative nature of the financing of the enterprise. All this suggests that the company has a poorly developed implementation system, and, as a result, constant non-payments on both sides. There are some steps you can take to improve the implementation situation:

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

2. For some clients to make a prepayment for services necessary, but such a step may narrow the circle of clients;

3. To alleviate the situation with your own accounts payable, you can try to conclude an agreement with the corresponding bank on the redemption of bills of exchange that the company will issue for its creditors, but for this you need to do serious work on the following point;

4. Control and planning of receivables and financial flows.

In general, based on the results of the analysis, it can be concluded that the enterprise of the Konstantinovsky district is creditworthy and may try to submit a loan application to its bank for a loan agreement. However, this does not mean at all that a favorable situation has developed at the enterprise. On the contrary, the position on individual positions requires a deeper 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 the data of the annual financial statements, which reflect a fait accompli, whether it is growth or vice versa, a fall. Among financiers, such an analysis is aptly called "posthumous". In order to always be aware of the affairs of your finances, it is necessary to carry out financial planning in the enterprise.

2.2 Financial planning in the enterprise

Financial planning is the planning of all its income and directions for spending money to ensure the development of the enterprise. Financial planning is carried out by drawing up financial plans of different content and different periods of validity, depending on the tasks set.

The purpose of drawing up a financial plan is to determine the possible volumes of financial resources, capital and reserves based on forecasting cash receipts and forthcoming payments.

In the West, there is a methodology that our domestic experts also propose to follow, it consists in determining the centers of income (profit) and the centers of expenses of an economic entity. Income Center business entity is its division, which brings him the maximum profit. Cost Center - this is a subdivision of an economic entity, which is unprofitable or non-commercial at all, but plays an important role in the overall production and trade process.

Financial planning in 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 .

Perspective financial plan determines the most important indicators, proportions and rates of expanded reproduction. five year plan – this is the main form of implementation of the goals and objectives of enterprise development, investment strategies and expected savings. The long-term financial plan is usually a trade secret of the enterprise.

Current financial planning includes the annual balance of income and expenses, estimates of the formation and expenditure of funds of funds: payroll fund; 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 concretizing 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 activities of the enterprise are revealed. 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 shown in Table 1 below.

In practice, it often happens that there is a delay in payments for shipped products or there is an offset of counter payments. In such a situation, the actual revenue side of the budget is reduced and, accordingly, in order to eliminate the budget deficit, there is a need for a prompt revision (adjustment) of the budget.

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

Table 1. The consolidated budget of the enterprise

Operational financial planning consists in compiling and using a payment calendar – a detailed financial document reflecting the operational cash flow of the enterprise. Since the entire turnover passes through the settlement, current, currency and loan accounts, it represents the movement of funds for their receipt and use. The payment calendar provides operational financing, fulfillment of settlement and payment obligations, records ongoing changes in the solvency of the enterprise, allows you to track the state of your own funds, and also, if necessary, attract a bank or commercial loan.

The compilation and use of the payment calendar are the implementation of the distribution and control functions of the finances of the enterprise.

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

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

table 2 Operational planning of financial flows.

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

Table 3 Accounts receivable

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

The situation that has developed at the enterprise, whose activities 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 sections: operational planning, current planning and strategic planning.

conclusion

All of the above suggests that the creditworthiness of an enterprise is a complex concept that is of interest not only to the creditor bank, but also to the enterprise itself, since it is based on the general principles of financial stability, liquidity, solvency and profitability. No matter how successfully the enterprise works, 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 credited for capital investments. Unfortunately, at present, a very rare enterprise is able to work on this principle. In other cases, lending is made to replenish the working capital of the enterprise, the lack of which is a constant phenomenon in our enterprises. In view of this circumstance, it is very important to constantly maintain a high level of creditworthiness, since in the loan capital market, there is a tendency for banks to attract potential borrowers to cooperation through various information sources. At the same time, the newly created structure, designed to unite unreliable borrowers into a single database - the Russian Bureau of Credit Risk, is called upon to make their choice easier. The operator of this project is the Russian representative office of Dun & Breedstreet

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

Financial management of an enterprise is a process of building 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 considered planning in sufficient 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 aimed at obtaining the maximum effect at a minimum cost through the redistribution of financial resources. The main content of operational management is reduced to maneuvering financial resources in order to eliminate bottlenecks, solve newly emerging problems, etc.

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

list of USED literature

1. Regulatory legal acts:

1.1 Civil Code of the Russian Federation.

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

1.3 Guidelines for assessing the financial condition of enterprises and establishing an unsatisfactory balance structure dated March 5, 1994 // Consultant Plus. -1999.-Vol.10.

1.4 The program for checking the insolvency of enterprises and organizations dated April 15, 1997 // "Consultant Plus". -1999.-Issue 10.

1.5 Guidelines for the reform of enterprises (approved by order of the Ministry of Economy of the Russian Federation of 1.10.97 No. 118)

1.7 Regulations on the organization of internal control in banks (Order of the Central Bank of the Russian Federation of 28.08.97).

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 No. 395-1 dated December 2, 1990 On Banks and Banking Activity

2.Literature:

2.1 Abramova E., Gurko I. Russian enterprises after the August shock // "Economic Issues". -1999. - No. 10.

2.2 Volkov O.I. Enterprise Economics.-M.: INFRA-M.-1997.

2.3 Gilyarovskaya L.G. On the assessment of the creditworthiness of economic entities / / "Finance". -1999. - No. 4.

2.4 Kovalev V.V. Financial Management.-M.: FBK-PRESS.-1998.

2.5 Kogan M.L. The enterprise is a bank client.-M.: Settlement and credit service.-1994.

2.6 Maleev V. Credit Risk Bureau //Economy and Life.-1999.-№41.

2.6 Molyakov D.S. Finance of enterprises and sectors of the national economy.-M.: Finance and statistics.-1999.

2.7 Ostapenko V.V., Meshkov V.M. Lending by banks to enterprises: needs, opportunities, interests.// "Finance".-1999.-№8

2.8 Podyablonskaya L.M. The financial condition of the processing enterprises of the agro-industrial complex in the conditions of the market.// "Finance".-1999.-№4.

2.9 Rukina S, NN, Finance of commercial enterprises and organizations.-M.: Expert Bureau-M.-1997.

2.11 Slepov V.A., Shchegllova N.V. Financial and price adaptation of Russian enterprises to the market environment // "Finance". -1999

2.12 Sofronova V.V. Financial management at enterprises in the conditions of non-payments // "Finance". - 1999. - No. 7.

2.13 Utkin E.A. Directory of the financier of the enterprise.- M .: Ekmos.-1998

2.14 Finance of enterprises and sectors of the national economy // edited by Sychev N.G., -M .: Finance. -1980.

2.15 Sheremet A.D., Saifulin R.S. Methods of financial analysis.-M.: INFRA-M.-1996.

Gilyarovskaya L.T. On the assessment of the creditworthiness of economic entities // "Finance". -1999, No. 4

Methodological provisions for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure. - Legal Appendix "Consultant Plus"

Sheremet A.D., Saifulin R.S. Methods of financial analysis.–M.: INFRA–M, 1996.–172 p.

The concept of creditworthiness of a commercial bank borrower plays a central role in credit relations and is characteristic of a market economy.

Information about creditworthiness is important for both the lender and the borrower. For the former, it means reducing the risk of losses due to the likelihood of financial difficulties for the enterprise; for the latter, it means knowing one's solvency and long-term financial stability in order to make tactical and strategic decisions to ensure the further development of the enterprise.

The creditworthiness of an enterprise is formed as a result of its economic activity and shows how correct the management of financial resources is, how rational is the combination of own and borrowed sources, how efficiently equity is used and what is the return on production activities.

Creditworthiness reflects the relationship of an enterprise with partners, creditors, budget, shareholders, etc. Ultimately, it largely determines the competitiveness of an enterprise, its potential in business cooperation.

The creditworthiness of an enterprise is interpreted by domestic specialists either as the ability of a borrower to receive a loan and repay it with interest in full within the prescribed period, or as the ability to repay the loan in a timely and complete manner with interest due. In particular, M.I. Bakanov, A.D. Sheremet note: “Creditworthiness is such a state of the financial position of an enterprise that allows you to get a loan and repay it in a timely manner. When assessing creditworthiness, the credit history and reputation of the borrower, the presence and composition of his property, the state of the economic and market conditions, the stability of the financial condition and other indicators of the enterprise's activities are taken into account” (39, p. 152).

Other authors believe that “creditworthiness is the ability to pay off creditors (banks, etc.) on short-term and long-term loans received within the established timeframe and in full” (30, p. 231). E.S. Stoyanova and others note that “high solvency is a worthy ability to repay loans with interest and other financial costs” (34, p. 254). Determination of the creditworthiness of the borrower is necessary to assess the credit risk, which is the risk of non-payment by the borrower of principal and interest due to the creditor (34, p.256).

“The provision of loans by banks, according to V.I. Kolesnikova, L.P. Krolivetskaya, determines the study of creditworthiness, that is, the study of factors that may lead to their non-repayment. The goals and objectives of the analysis of creditworthiness are to determine the ability of the borrower to repay the debt on the loan in a timely manner and in full; the degree of risk that the bank is willing to take on, the amount of credit that can be provided in these circumstances and, finally, the conditions for its provision” (32, p.46). Further, these authors clarify: “Creditworthiness is the presence of prerequisites for the borrower, the ability to obtain a loan and repay it on time” (32, p. 47).

O.I. Lavrushin notes that “the creditworthiness of a client of a commercial bank is the ability of the borrower to fully and on time pay off his debt obligations (principal and interest). The creditworthiness of the borrower, in contrast to its solvency, does not fix non-payments for the past period or on any date, but predicts the ability to repay the debt in the near future. The assessment of the creditworthiness of large and medium-sized enterprises is based “on the actual data of the balance sheet, income statement, loan application, information about the history of the client and his managers. The system of financial ratios, cash flow analysis, business risk and management are used as methods for assessing creditworthiness” (20, p. 235).

There is no doubt the definition of the creditworthiness of an enterprise as the ability to fully and on time pay off its obligations with creditors. However, in our opinion, it is advisable to interpret solvency in a broader sense, that is, to define it at the same time as the ability of an enterprise to obtain a loan.

Most domestic authors rightly believe that the creditworthiness of borrowers is assessed according to a system of certain indicators. For example, M.I. Bakanov, A.D. Sheremet notes: “Such indicators include: liquidity, solvency, financial stability and business activity. Depending on the value of the indicators under consideration, the borrower can be assigned to one of the following classes: a creditworthy enterprise (having a high level of liquidity); an enterprise with a sufficient degree of reliability; an insolvent enterprise (having an illiquid balance sheet). When conducting a creditworthiness analysis, a feasibility study for obtaining a loan is analyzed, as well as an analysis of the financial flows of the borrower. IN AND. Kolesnikov, L.P. Krolivetskaya believe that “the methods used by banks to assess the creditworthiness of borrowers are different, but they all contain a certain system of financial ratios, including such as: 1) absolute liquidity ratio; 2) intermediate coverage ratio; 3) general coverage ratio; 4) independence ratio and other indicators (business activity, profitability, financial stability).

The issues of the optimal set of indicators reflecting the trend of the financial condition of the enterprise are solved by each commercial bank independently. Creditworthiness assessment can be reduced to a single indicator - the borrower's rating, which is determined in points. The sum of points is calculated by multiplying the class rating of any creditworthiness indicator and its share in the totality of indicators.

O. I. Lavrushin: “A client's creditworthiness class is determined on the basis of basic and additional indicators. The main indicators chosen by the bank must be unchanged for a relatively long time; these indicators and their normative levels are fixed in the document on the credit policy of the bank (liquidity ratios, characteristics of the client's cash flow). A set of additional indicators may be revised depending on the current situation (business risk assessment, management, duration of overdue debt to the bank). And further: “The creditworthiness class in terms of the level of key indicators can be determined on a point scale. To calculate the scores, the indicator class is used, which is determined by comparing the actual value with the standard, as well as the significance (rating) of the indicator. The overall assessment of creditworthiness is given in points, which are the sum of the products of the rating of each indicator by the creditworthiness class” (20, p. 237).

We agree with the point of view of those specialists (A.D. Sheremet, O.I. Lavrushin), who include both quantitative (financial ratios) and qualitative indicators (credit history, management, market position, etc.) d.).

Creditworthiness is usually associated with the liquidity and solvency of the enterprise. “Liquidity refers to the ability of a company to quickly repay its debt. It is determined by the ratio of debt and liquid assets. Solvency is assessed on the basis of the characteristics of the liquidity of current assets, that is, the time required to convert them into cash. Solvency is a more specific concept than liquidity, and means the ability of an enterprise to pay off obligations that have already matured. Liquidity reflects not only the current state of assets, but also the prospect of their change.” Liquidity is determined by the value of liquidity ratios, financial stability - by the coefficients of independence and security of own working capital, business activity - by the turnover of funds and stocks.

E.S. Stoyanova and others note that the financial stability of an enterprise involves a combination of four favorable characteristics of the financial and economic situation of an enterprise:

1. High solvency, i.e., the ability to regularly pay off their obligations.

2. High liquidity of the balance sheet, that is, a sufficient degree of coverage of the borrowed liabilities of the enterprise with assets that correspond in terms of turnover into money to the maturity dates of obligations.

3. High creditworthiness.

4. High profitability, i.e., significant profitability, providing the necessary development of the enterprise, a good level of dividends and maintaining the share price (34, p. 257).

Other authors do not set clear boundaries between liquidity and solvency. “Solvency is the ability of an enterprise to fulfill its payment obligations in a timely manner and in full, arising from trade, credit and other business transactions related to the circulation of funds. Distinguish between current (as of a certain date) and prospective solvency, expressing the ratio of liquid funds to the amount of liabilities. Or: "Solvency - the readiness of the enterprise to repay debts in the event of a simultaneous presentation of a demand for payments from all creditors of the enterprise." "Solvency is the coverage of payment and other liquid assets of the obligations of the enterprise." We subscribe to the point of view of the authors, who define the liquidity of an enterprise as a sufficient degree of coverage of obligations by assets corresponding in terms of turnover in money to the maturity of obligations, and solvency - as the ability of an enterprise to pay off obligations that have already matured. In addition, in our opinion, it would be wrong to identify the concept of creditworthiness with the liquidity or solvency of an enterprise, since creditworthiness is a complex characteristic of a borrowing enterprise based on a system of various factors.

Most foreign experts define the creditworthiness of an enterprise as the ability to service a loan, that is, to fully and on time pay off its debt obligations (principal and interest) to the bank.

In the practice of Western countries, there are many systems for assessing creditworthiness. A number of systems are based on financial indicators such as liquidity ratios; turnover indicators; profitability indicators; indicators of long-term solvency and reputation of the company. For example, the American scientist E. Reed proposed the following system of indicators, which is used in the United States. It contains four groups of coefficients that determine the creditworthiness of an enterprise:

liquidity;

turnover;

Raising funds;

profitability.

This system allows you to determine the liquidity and turnover of assets, as well as assess the overall financial condition of the company and its stability. In addition, it makes it possible to determine the boundaries of the decrease in the volume of profit, in which the repayment of a number of fixed payments is still ensured. Its disadvantage, in our opinion, is the lack of indicators of long-term solvency.

More interesting is the system of indicators for assessing creditworthiness, proposed by a group of other American scientists (J. Shim, J. Siegel, B. Needles, G. Anderson and D. Caldwell). It includes the following coefficients:

liquidity;

profitability;

Long-term solvency;

Odds based on market criteria.

This system more fully reflects the creditworthiness of the enterprise, since it contains indicators of long-term solvency, which determine the reliability of timely making future payments and indicators of the degree of protection of creditors from non-payment of interest (interest coverage ratio). Of particular interest are ratios based on market criteria: share price-to-earnings ratio, dividends and market risk. With their help, the ratio of the current exchange rate of shares to income per share, the current profit of their owners, the volatility of the company's share price relative to the share prices of other enterprises are measured. The disadvantage of this system is the complexity of calculating some coefficients that require the use of special statistical methods.

Additional information about the financial position of the enterprise is provided by "non-financial methods" of assessing creditworthiness. They are designed to use marketing techniques, questionnaires and other approaches to assess the desire and ability of the enterprise to repay the loan and interest on it within the terms established by the contract. This is a kind of assessment of the personal parameters of the borrower, which may affect the repayment of the loan.

In our opinion, the systems for assessing the creditworthiness of borrowers considered above and applied in practice have the following drawback: they interpret this concept only as a quantitative characteristic of the subject of a credit transaction. In addition, the use of such systems is based on the analysis of data on the activities of the enterprise in the past period, which means that it cannot fully characterize its creditworthiness in the future.

However, solvency cannot be reduced to a set of static financial ratios. In this case, the principle of complexity in assessing the relationship between the subjects of a credit transaction is violated. The most correct is the interpretation of creditworthiness as a combination of financial and non-financial parameters of the subject of a credit transaction.

World banking practice identifies a number of assessment systems that allow you to implement the principle of an integrated approach to assessing creditworthiness. In foreign economic literature, they are called: "criteria for the creditworthiness of the client", "fundamental principles of lending", "rules for lending to borrowers" (25, p. 182). It should be emphasized that we are talking about a complex of interrelated qualitative and quantitative indicators that together determine the creditworthiness of an enterprise.

The complex of criteria components of creditworthiness may include: the nature of the borrower, the ability to borrow funds, financial capabilities, loan security, the conditions under which the transaction is made, control over the borrower's activities (25, p. 184).

Thus, “creditworthiness” should be understood as the availability of the borrower’s prerequisites for obtaining a loan and his ability to timely and in full pay off his debt obligations (principal and interest). Based on the foregoing, the methodology for assessing the borrower's creditworthiness should include not only one-sided financial analysis, but also a number of other blocks that allow a comprehensive analysis of enterprises.

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SIBERIAN BRANCH

INTERNATIONAL INSTITUTE OF ECONOMICS AND LAW

COURSE WORK

on the topic: Creditworthiness of the organization

Student Antoshkina Maria Sergeevna

Department of Finance and Accounting

Faculty of Economics and Management

Leader: Art. teacher Kasatkina E.M.

Novokuznetsk 2013

Introduction

Chapter 1. Theoretical foundations of creditworthiness analysis

1.1 The concept and essence of creditworthiness

1.2 Credit rating

Chapter 2. Analysis of the creditworthiness of Khlebokombinat LLC

2.1 Characteristics of Khlebokombinat LLC, management structure

2.2 Analysis of the creditworthiness of the organization

2.3 Financial sustainability analysis

Conclusion

List of sources used

Introduction

The topic of the course work is interesting and relevant. Since in modern economic conditions, lending allows not only to profit from attracting additional funds, but also to develop and expand production and economic activities. This development of commercial enterprises in the system of financial and economic relations contributes to the stabilization of the economy, as well as ensuring the social stability of society. Entering into financial and economic relations with various market entities (insurers, counterparties, the state, etc.) and fulfilling their contractual and other obligations, commercial organizations thereby influence the efficiency of the entire chain of economic relationships in society. There are a number of complex problems in the Russian economy: inflation, unemployment, budget deficit, etc., which need to be addressed. For economic development, enterprises often require additional funds, which it can take out as a loan. In this case, creditworthiness analysis is of particular importance. It is necessary to constantly monitor the state of affairs of the company, identify shortcomings in its production and financial activities in time and eliminate them in a timely manner. Any organization must analyze the financial condition in order to determine the ability to timely make settlements with counterparties, make all mandatory payments, while ensuring a normal rate of return for itself, which allows it to successfully operate in the market. Financial analysis is widely used by credit organizations to determine the creditworthiness of an enterprise serviced by a particular bank if it has applied for a short-term loan.

The object of analysis is the production of financial activities of the organization. creditworthiness financial stability

The subject of the analysis is the creditworthiness of Khlebokombinat LLC.

Methods of financial analysis:

1. Horizontal (temporary), relative and absolute changes in various balance sheet items are determined, that is, a comparison of each reporting position with the previous period. As a result, relative and absolute deviations (growth rate) are obtained.

2. Vertical (structural), calculation of the share of individual articles in the balance sheet.

Thus, the horizontal method of financial analysis prevails in the organization of Khlebokombinat LLC.

Of the research methods, the tasks are defined:

1. Theoretical aspects of assessing the creditworthiness of an organization;

2. Give a description of the enterprise under study and analyze its financial condition.

3. Conduct an assessment of the creditworthiness of the enterprise under study, and develop proposals for its improvement.

A great contribution to the development of the theory and practice of analyzing the creditworthiness and solvency of enterprises was made by such modern authors as Salnikov K., Evstifeev A., Belyakov A.V., Nord K.V., Sorokin M.Yu., Karamazova T., Andreeva G. V., Lomakina E.V., Kabushkin S.N. and others. In their works, these authors consider various aspects of scoring systems and various methods for assessing the creditworthiness of borrowers-organizations. Note that at present each bank has the right to develop its own methodology for analyzing the creditworthiness of borrowers. As a rule, these methods reflect the policy of the bank, which it adheres to in relation to its customers. The most well-known method for assessing the creditworthiness of a borrower is the method of Sberbank of the Russian Federation. Based on this technique or its elements, many Russian banks evaluate the creditworthiness.

ChAVA1. TeoRetycheukieosnOYouAnALizAkreditosPosobnosti

1.1 POtakeeAndWithoschnost kreditosPosobnosti

In conditions of economic instability in the country, constantly changing external and internal conditions, enterprises must have a flexible structure of financial resources and, if necessary, be able to attract borrowed funds, i.e. be creditworthy.

"Creditworthiness" is such a financial condition that allows you to get a loan and repay it in a timely manner. When assessing creditworthiness, the reputation of the borrower, the size and composition of his property, the state of the economic and market conditions, and the stability of the financial condition are taken into account. It is characterized by how carefully (that is, on time and in full) the company calculates for previously received loans, whether it has the ability, if necessary, to mobilize funds from various sources. But the main thing that determines creditworthiness is the current financial position of the enterprise, as well as possible prospects for its change. If the company's profitability falls, it becomes less creditworthy, a change in the financial position of the enterprise for the worse due to a drop in profitability can lead to more serious consequences due to lack of funds - a decrease in solvency and liquidity. The occurrence of a cash crisis in this case leads to the fact that the enterprise turns into a “technically insolvent”, and this can already be considered as the first step on the path to bankruptcy and serve as a pretext for creditors to take appropriate legal action. N. P. Lyubushin. - 3rd edition, revised. and additional .- M .: UNITI-DANA, 2010.- 575s.

Creditworthiness is a complex, complex indicator. Lending to enterprises has existed for more than one century, therefore, based on many years of experience, global and domestic banking practice has made it possible to identify a number of the most significant criteria for the client's creditworthiness. This included such indicators as: the nature of the client, the ability to borrow funds, the ability to earn funds in the course of current activities to repay the debt (financial capacity), the capital of the borrower, the security of the received loan, the conditions in which the loan transaction is made, control (legislative basis of the borrower's activity). , compliance with the nature of the loan to bank standards) and some others. Bakanov M.I. "Economic Analysis: Situations, Tests, Examples, Tasks, Choice of Optimal Solutions, Financial Forecasting": Textbook. - M.: Finance and statistics, 2009, 424 p.

The character of the client is understood as his reputation as a legal entity and the reputation of managers, the degree of responsibility of the client for debt repayment, the clarity of his understanding of the purpose of the loan, the compliance with this purpose of the bank's credit policy. The reputation of a client, as a legal entity, consists of the duration of its operation in this area, the compliance of its economic indicators with industry averages, its credit history, and the reputation in the business world of its partners (suppliers, buyers, creditors). The ability to borrow funds means that the client has the right to apply for a loan, sign a loan agreement or negotiate, i.e. the presence of certain powers of a representative of an enterprise or firm, reaching the age of majority or other signs of the borrower's legal capacity - an individual. The signing of an agreement by an unauthorized or incompetent person means a high probability of losing a loan for a bank. One of the main criteria for a client's creditworthiness is his ability to earn funds to repay the debt in the course of current activities. The client's capital is an equally important criterion for the client's creditworthiness. At the same time, the following two aspects of its evaluation are important: its sufficiency, which is analyzed on the basis of the requirements of the Central Bank for the minimum level of the authorized fund (share capital); the degree of equity investment in the financed operation, which indicates the distribution of risk between the bank and the borrower. The greater the equity investment, the greater the borrower's interest in carefully monitoring credit risk factors and the greater the likelihood that the loan will be repaid in full and on time.

Loan collateral is understood as the value of the borrower's assets and a specific secondary source of debt repayment (pledge, guarantee, guarantee, insurance) provided for in the loan agreement. If the ratio of the value of assets and debt obligations is important for repaying a bank loan in the event that the borrower is declared bankrupt, then the quality of a particular secondary source guarantees that he will fulfill his obligations on time in case of financial difficulties. The quality of the collateral, the reliability of the guarantor, the guarantor and the insured are especially important in case of insufficient cash flow from the bank client (problems with the liquidity of its balance sheet or capital adequacy).

The conditions under which a credit operation is carried out include the current or forecast economic situation in the country, region and industry, political factors. These conditions determine the degree of the bank's external risk and are taken into account when deciding on the bank's standards for assessing cash flow, balance sheet liquidity, and capital adequacy. The last criterion is control over the legislative framework for the borrower's activities and the compliance of the nature of the loan with the bank's standards. Artemenko, V.G. Economic analysis [Text]: textbook / V.G. Artemenko, N.V. Anisimov. - M.: KNORUS, 2011. - 288 p.

1.2 ABOUTcenkAkreditosPosobnostiOrgAbottomAtions

Various methods are used to assess the creditworthiness of an enterprise. The main indicators for assessing the creditworthiness of an enterprise are: 1. Ratio of sales volume to net current assets:

K1= Nr / Aht, (1)

where Acht - net current assets;

Nr - sales volume.

Net current assets are current assets minus short-term debts of the enterprise. The ratio of the volume of sales to net current assets shows the efficiency of the use of current assets. The high level of this indicator favorably characterizes the creditworthiness of the enterprise. However, in the case when it is very high or increases very quickly, it can be assumed that the activity is 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. The slowdown in the turnover of receivables may be caused by the unwillingness of debtors to pay for the increasing volumes of deliveries; there may also be overdue accounts receivable. The decline in sales is the result of insufficient tangible current assets to continue uninterrupted operations on the same scale. 2. The ratio of sales volume to equity:

K2=Np / SK, (2)

where SC is equity.

This indicator characterizes the turnover of own sources of funds. However, it is necessary to realistically assess the amount of equity capital. In the asset balance sheet, in particular, intangible assets and stocks correspond to their own source of coverage. When assessing the value of equity capital, it is recommended to reduce it by the amount of intangible assets that would cost 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. Equity capital, adjusted to 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 proceeds, 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 real value are factors contributing to an increase in sales. 3. The ratio of short-term debt to equity:

K3=Dk / SK, (3)

where KZ - 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. 4. The ratio of accounts receivable to sales proceeds:

K4 \u003d DZ / Nr, (4)

where DZ - accounts receivable.

This indicator gives an idea of the size of the average period of time spent on receiving money due from buyers. For example, a ratio of 1:4 means a three-month receivables maturity. A lot or a little depends on the field of activity, the state of settlements with creditors, the duration of the production cycle. The acceleration of the turnover of receivables, that is, the decrease in the K4 indicator, can be considered as a sign of an increase in the creditworthiness of the enterprise, since the debts of buyers turn into money faster. 5. The ratio of liquid assets to short-term debt of the enterprise:

K5=Al / Dk,(5)

Where Al - liquid assets.

As you know, liquid assets mean current assets minus inventories and other positions that cannot be immediately converted into money. If accounts receivable prevail in the composition of current assets, it is important for assessing the creditworthiness of the enterprise whether there is a reserve in case of bad receivables. Ideally, the best way to improve creditworthiness would be to increase sales while reducing net current assets, equity and receivables. Bakanov M.I. "Economic Analysis: Situations, Tests, Examples, Tasks, Choice of Optimal Solutions, Financial Forecasting": Textbook. - M.: Finance and statistics, 2009, 424 p.

ChAVA 2. AnAliz kreditosPosobnosTAndOOO» ChlebOToOmbinAT"

2.1 XARAkteriWithteakAOOO"ChlebOToOmbinAT",WithstructuresAexAowenia

For almost 30 years, Khlebokombinat LLC has been operating on the Russian market, producing a wide, constantly updated range of high-quality bakery and confectionery products. Production is located in the Kemerovo region, Novokuznetsk, st. Yaroslavskaya 11b.

Over the years of work, Khlebokombinat LLC has proved that it can rightfully be called one of the most reliable and promising manufacturers in the market of bakery and confectionery products. The company's products are known and loved far beyond the city of Novokuznetsk, they meet the most demanding requirements of the buyer and are recognized as one of the highest quality and tastiest products. In production, only high-quality natural, environmentally friendly raw materials are used, mainly of domestic production. All raw materials used are strictly tested for compliance with the requirements of GOST.

In the laboratory of the plant using the most modern equipment. The legal and actual address of the enterprise is Novokuznetsk, st. Yaroslavskaya 11b. Experienced and highly qualified workers, constantly improving their professional level, daily work on the production of more than 70 types of bakery and more than 30 types of confectionery. Thanks to their work, Khlebokombinat LLC is the winner of the competition for environmentally friendly products, was awarded the medal "For high taste and design of the presented products", as well as a diploma "For outstanding achievements in the development of domestic industry and strengthening the competitiveness of Russian products on the world market".

About 5% of Khlebokombinat LLC sells its products through its own distribution network, the rest is delivered to retail outlets. The products of the bakery are widely represented in chain stores and large supermarkets. Mobility is important in today's rapidly developing market, so Khlebokombinat LLC constantly develops new types of products, expands the range and increases production volumes, carries out technical and technological re-equipment and modernization of production and develops its sales channels.

The mission of the company is to provide people with the best bakery and confectionery products in a wide, constantly updated range, so that each customer can enjoy both their favorite and new tastes. The company constantly strives for excellence and is open to mutually beneficial partnerships.

The company has the following types of main production: a line for the production of rye-wheat bread, ovens for baking bakery products, equipment for the production of loaves and additional assortment with a tunnel cyclometric oven, machines for packaging bread products, dough mixing machines, refrigeration units, bread cutting machines, equipment for laboratories, devices for measuring and supplying water, etc.

The accounting department is responsible for maintaining timely and reliable records, generating complete and reliable information about the activities, property status of the Company, necessary to monitor compliance with current legislation, the rational use of material, labor and financial resources in accordance with approved norms, standards and estimates, preventing negative a phenomenon in the activities of the Society, the implementation of the strictest regime of economy. The accounting apparatus of the accounting department interacts in active cooperation with all structural divisions in the Company, with services and departments of the administrative apparatus and individual executors. According to the current legislation, the responsibility for the organization of accounting, compliance with the law in the performance of business operations at Khlebokombinat LLC is assigned to the head.

The chief accountant ensures the compliance of ongoing business operations with the legislation of the Russian Federation, control over the movement of property and the fulfillment of obligations. The requirements of the chief accountant for documenting business transactions and providing the necessary documents and information to the accounting department are mandatory for all employees of the enterprise. The chief accountant establishes official duties for employees subordinate to him. Appointment, dismissal and relocation of financially responsible persons is carried out in agreement with the chief accountant. Contracts and agreements concluded by the enterprise for the receipt or release of inventory and for the performance of work and services, as well as orders and instructions on the establishment of official salaries, wage increments and bonuses by employees are preliminarily reviewed and endorsed by the chief accountant. The organization has developed job descriptions for the distribution of duties of accounting employees, which are also approved by the general director. Each employee of his accounting sector has his own duties and functions, in accordance with the provisions on accounting and financial reporting of the Russian Federation.

The manufacturing sector is engaged in settlements with accountable persons, calculation of taxes, identification of financial results, as well as reporting.

The material sector is responsible for keeping records and monitoring the availability and movement of material resources, accounting for settlements with buyers and customers, as well as accounting for settlements with suppliers and contractors and other debtors and creditors.

The settlement sector is engaged in a complex of works on accounting for payroll settlements, settlements with the Social Insurance Fund, the Pension Fund and other similar bodies.

The financial sector receives and issues money, ensures the safety of funds, draws up cash reports, performs accounting operations, obtains bank statements, processes documents, collects information on banks on the receipt and expenditure of funds from the current account, and conducts reconciliation acts on business contracts.

2.2 AnAliz kreditosPosobnostiOrgAbottomAtions

The most well-known method for determining the degree of creditworthiness of an organization is the method of many Russian banks, which obviously bears signs of assessing short-term creditworthiness and is based on the calculation of five coefficients:

K1 - absolute liquidity ratio, calculated as the ratio of cash and short-term financial investments to short-term liabilities minus deferred income and reserves for future expenses;

K2 - critical liquidity ratio shows what part of the organization's short-term liabilities can be immediately repaid at the expense of cash, funds in short-term securities, as well as settlement proceeds;

K3 - current liquidity ratio, calculated as the ratio of current assets minus deferred expenses to short-term liabilities minus deferred income and reserves for future expenses;

K4 is the ratio of own and borrowed funds, calculated as the ratio of own funds to borrowed funds;

K5 - profitability of products (sales), calculated as the ratio of profit from sales to revenue (net) from the sale of goods.

The coefficients are presented in table 1.

Table 1. CreteeriiOetcedelekATeGOrii kOeffectientOV

TOATEGABOUTRII
TOOeffectient	PervAI	TueORAI	Tretya




	0.15 and above

For other indicators of turnover and profitability, optimal or critical values are not set due to the large dependence of these values on the specifics of the enterprise, industry affiliation and other specific conditions. Evaluation of the calculation results of these indicators is based mainly on the comparison of their values in dynamics. The creditworthiness class of the borrower in accordance with the method under consideration is determined by the final score.

First-class borrowers, whose lending is not in doubt, have a score, the value of which does not exceed 1.05 (this value is formed if all coefficients belong to the first category, with the exception of the second, which may be the second category). Second-class borrowers whose lending requires additional verification have a score ranging from 1.05 to 2.42. Third-class borrowers, whose lending is associated with increased risk, have a score that exceeds 2.42. If at least one of the coefficients is below a given norm, then the next stages of the analysis reveal the possibility of increasing creditworthiness with the initially specified amount and term of the loan.

With enterprises of each class of creditworthiness, banks build their credit relations in different ways. Thus, banks can open a line of credit to first-class borrowers in terms of creditworthiness, issue blank (unsecured) loans on a one-time basis with the establishment in all cases of a lower interest rate than for other borrowers. If all creditworthiness ratios correspond to a given norm, then the organization is recognized as creditworthy, but the extreme creditworthiness at the beginning of the borrowing period is estimated as a reference, after which the analysis ends. If these factors have a negative impact, the rating can be reduced by one class. Lending to loan-borrowers of the 2nd class is carried out by banks in the usual manner, i.e. in the presence of appropriate forms of security obligations (guarantees, pledge, guarantees, insurance policy). The interest rate accordingly depends on the type of security. Providing loans to 3rd class customers is associated with a serious risk for the bank. In most cases, they try not to issue loans to such clients. If the bank decides to issue a loan, then the interest rate for the loan is set at a high level. In the event that the loan was issued to the client earlier, before the deterioration of his financial situation, the bank must analyze the causes and consequences of the current situation in order to protect the enterprise from bankruptcy, but if this cannot be prevented, stop further lending.

So, all of the above allows us to conclude that, despite these weaknesses and the lack of a unified approach to assessing the same indicators, financial ratios remain an important tool for analyzing the borrower's creditworthiness for a number of reasons. The analysis of financial statements is quite simple in technical terms compared to the analysis of other characteristics of the borrower, and the information on the basis of which it is produced is standardized in the form of generally accepted reporting forms and, as a rule, its reliability is confirmed by the tax authorities. It is these reasons that determine the widespread use of financial analysis in the practice of banks to diagnose the creditworthiness of the borrower. Thus, the creditworthiness of the borrower is based on a number of criteria, each of which, from a certain point of view, characterizes the enterprise in the eyes of the bank and helps to understand how great the possibility of not repaying the loan is. Moreover, the set of these criteria is not mandatory. Each bank independently forms it in accordance with its credit policy.

A complete financial analysis for assessing the creditworthiness of an enterprise consists, as a rule, of three parts: an analysis of its financial results, financial condition and business activity. At the same time, it should be borne in mind that the content and emphasis of the financial analysis of the enterprise's activities depend on the purpose of its implementation. It is not necessary for the bank to conduct a financial analysis of the enterprise with a high degree of detail, since when lending, the main goal of the bank is to assess the creditworthiness of the borrower and the prospects for the stability of his financial position for the period of using the loan. But in the case when the analysis is carried out by the enterprise itself to identify its “weak points”, opportunities to improve performance, eliminate errors in the production process and determine the further direction of development, these components are detailed to very small aspects of the functioning of the enterprise, which is shown in Table 2.

Table 2. POToAhATeehbAlAnWithAOOO"ChlebOToOmbinAT"

POToAhATewhether	IzmeneneithereYouWith. rub.	Oud. Veu % YouWith. rub.	Oud. Veu % YouWith. rub.	Oud. INeu % YouWith. rub.
Fixed assets
current assets
Total assets
PASSIV Own funds
retained earnings
Involved funds
long term duties
including loans and credits
Short-term liabilities
including loans and credits
Accounts payable
Total liabilities

The balance sheet structure remains stable and optimal for a manufacturing enterprise. The growth of the balance sheet by 17622 rubles. or 9.6% rated positively. In the active part of the balance sheet, this happened under the item, short-term financial investments (term deposits in a bank), receivables (buyers and customers). In the passive part of the balance due to the growth of retained earnings of the reporting period. In 2011 the value of the property amounted to 201,123 thousand rubles, of which 50,857 thousand rubles. or 25.3% falls on non-current assets and 150,266 thousand rubles. or 74.7% are current assets.

Fixed assets:

1. Fixed assets - 46826 thousand rubles. (compared with the beginning of the year decreased by 3950 thousand due to accrued depreciation).

2. Construction in progress - 2706 thousand rubles. (compared to the beginning of the year, an increase of 1806 thousand rubles due to the repair work of the production building).

3. deferred tax assets - 1325 thousand rubles. - the difference between accounting and tax accounting for income tax (increase by 1325 thousand rubles).

Current assets:

2011 amounted to - 105297 thousand rubles. against 102971 thousand rubles. in 2010, incl. buyers and customers - 100933 thousand rubles. The growth of receivables is due to the increase in the volume of production.

The turnover of accounts receivable in 2010 was 28.4 days. (up to 1 month), in 1 sq. 2011 - 40 days (up to 2 months), in the 1st half of 2011 - 39 days (up to 2 months), for 9 months. - 40 days (up to 2 months), for 2011 - 37.5 days (up to 2 months.

Accounts receivable is current.

Short-term financial investments - 4000 thousand rubles. (growth by 4000 thousand rubles.) Cash - 17336 thousand. rub. (increase by 4010 thousand rubles)

The sources of property formation are the company's own funds in the amount of 112,086 thousand rubles. or 55.7% and attracted funds - 89037 thousand rubles. or 44.3%.

Own funds include:

1. authorized capital - 2000 thousand rubles.

2. additional capital - 7.807 thousand rubles.

3. reserve capital - 100 thousand rubles.

4. retained earnings - 102,179 thousand rubles.

Involved funds:

Long-term obligations of the company:

1. deferred tax liabilities - 277 thousand rubles. (difference between accounting and tax accounting for income tax)

2. other long-term liabilities - 6625 thousand rubles. (decrease in comparison with the beginning of the year by 2983 thousand rubles).

Current liabilities are presented in the form of accounts payable in the amount of 73,387 thousand rubles. and reserves for future expenses in the amount of 7,462 thousand rubles, totaling 80,849 thousand rubles; loans - 0 thousand rubles, compared with the beginning of the year, a decrease of 16,500 thousand rubles.

In the reporting period, accounts payable decreased by 3,000 thousand rubles. and in 2011 amounted to 73387 thousand rubles. against 76387 thousand rubles. in 2010

Of the total amount of accounts payable, suppliers and contractors amounted to 52,168 thousand rubles.

Accounts payable is of a current nature. Accounts payable turnover in 2010 - 28.9 days. (up to 1 month), for 2011 -27 days (up to 1 month), debt to the organization's personnel - 8962 thousand rubles. (redeemed in January 2010)

1. debt to state non-budgetary funds - 1371 thousand rubles. (medical insurance, social insurance, pension fund repaid in January 2010); debt on taxes and fees - 7851 thousand rubles. (income tax, property tax, insurance contributions for the payment of the insurance part of the labor pension, repaid in January 2010).

2. other creditors - 3035 thousand rubles. - for the return of products.

Reserves for future expenses - 7462 thousand rubles. (reserves for vacation pay).

However, financial statements are not the only source of information for creditworthiness analysis. However, since, among other things, accounting data has a high degree of reliability, the balance sheet is considered the fundamental source for such analysis. The general analysis of the borrower's creditworthiness is the first of the two main stages of the analysis of the creditworthiness of the borrower's enterprise and its result is the compilation of a description of the financial condition of the borrower enterprise, indicating the specific features of the enterprise and assessing its financial position. Next, we need to investigate changes in the indicators of revenue, cost and profit (or loss) of the enterprise, reflected in the Profit and Loss Statement.

To do this, we will analyze the economic and financial activities for 2010-2012, which are shown in Table 4.

Table4. DeanAmicARosTAosnOexternal nOToAhATeleth

POToAhATewhether				Temp rosTA, %
1. The volume of output, incl. a) in kind (tonnes) b) in value terms (thousand rubles)
2. Revenue from the sale of products (thousand rubles)
3. Cost price (thousand rubles)
4. Profit from the main activity (thousand rubles)
5.Profit from sales (thousand rubles)
6.Net profit (thousand rubles)

Since 2009, the plant has been carrying out technical re-equipment of production shops, namely: modern and high-performance equipment has been purchased and put into operation.

At present, a line for the production of rye-wheat bread has been put into operation, installation and commissioning of ovens have been completed, new equipment has been purchased under contracts and installed - for the production of long loaves and an additional assortment of bread. In addition, measures were taken to improve the territory of the plant - new entrance gates were installed, the asphalt road surface was replaced. The technical re-equipment of the plant made it possible to increase output, significantly expand the range of products in this regard, a positive development trend is observed in the plant's activities.

2.3 ABOUTcenkAfinAncoVOy yWithTOyivosti

A kind of mirror of the surplus of income over expenses that is steadily formed at the enterprise is financial stability. It reflects such a ratio of financial resources in which the enterprise, freely maneuvering cash, is able, through their effective use, to ensure an uninterrupted process of production and sales of products, as well as the costs of its expansion and renewal.

Determining the boundaries of the financial stability of an enterprise is one of the most important economic problems in the transition to a market economy, because direct financial stability can lead to the insolvency of an enterprise and its lack of funds to expand production, and excessive financial stability will hinder development, burdening the costs of the enterprise with excessive stocks and reserves. . Consequently, financial stability should be characterized by such a state of financial resources that meets the requirements of the market and meets the needs of the development of the enterprise. For a more detailed analysis of the financial condition of the organization and assessment of its financial stability, we calculate the coefficients that reflect it for 2010 and 2011 in table 5.

Table5. TOOeffectienty finAncoVOGOSOSTOyaniyaOrgAbottomAtions

Name of indicator
Financial Independence Ratio
Financial dependency ratio
Funding ratio
Financial stability ratio
Investment ratio
Quick liquidity ratio
Financial leverage ratio
Ratio of mobile and immobilized means

1. The coefficient of financial independence (autonomy) - characterizes what part of the assets is formed at the expense of the organization's own funds:

The calculated data of the table allow us to conclude that in 2011 the organization is strengthening its independence. This happened due to the profits received. The share of own funds in the total amount of all funds of the organization advanced by it for the implementation of statutory activities exceeded the minimum threshold value (0.5)

2. Financial dependency ratio: This is the inverse of the financial independence ratio. It shows how much assets are accounted for by the ruble of own funds. If its value is equal to 1, then this means that all the assets of the organization are formed only at the expense of equity. The decrease in the share of borrowed funds in the formation of the organization's assets in 2011 compared to the previous year is a sign of a decrease in financial instability and a decrease in the degree of financial risks.

3. The coefficient of financing (solvency) characterizes the extent to which the organization's obligations are covered by its own capital. It is calculated as follows: According to the data of 2010 and 2011, we can say that Khlebokombinat LLC has significantly increased this ratio and by the beginning of 2010 the organization's own capital fully covers its obligations, which has a positive effect on solvency and financial stability.

4. Financial stability ratio - shows what part of the assets is formed from equity capital: The ratio increased slightly from 0.423 in 2010 to 0.594 in 2011. Consequently, for 1 ruble of own funds invested in assets, the organization attracted approximately 60 kopecks of borrowed funds in 2011, which indicates an increase in borrowed funds.

5. Investment ratio: It is considered ideal if the amount of equity fully covers the entire fixed capital and part of working capital. This is exactly the trend we observe in 2011 (the coefficient increased to 2.057).

6. Quick (fast) liquidity ratio - characterizes what part of short-term liabilities can be repaid at the expense of absolutely liquid and quickly realizable assets of the organization, which include cash, short-term financial investments, short-term receivables, goods shipped, taxes on acquired valuables:

An increase in this ratio indicates a positive trend and the reliability of the borrower, since in connection with this increase, the organization's ability to raise funds to cover short-term debt increases, which is important for determining creditworthiness. That is, we can conclude that the organization will be able to repay its obligations mainly due to short-term receivables.

7. To analyze the creditworthiness of an organization, financial leverage ratios are also used. The financial leverage ratio (the ratio of borrowed funds to equity capital) characterizes the degree of financial risk: When determining its normative value, it is necessary to proceed from the actual structure of assets, the rate of their turnover and generally accepted approaches to their financing. The decrease in this indicator in 2011 to 0.682 indicates an increase in equity, and therefore a decrease in financial risk.

8. Ratio of mobile and immobilized means: This ratio in 2010 was 3.192, and in 2011 - 2.955, i.е. decreased by 0.237. The numerical value of the coefficient in 2010 and 2011 higher than the financial stability ratio - this situation indicates the financial stability of the organization. This is favorable for the company, as the high ratio reflects an increase in Khlebokombinat LLC's ability to turn assets into liquidity. In addition to coefficient analysis, in the process of making a managerial decision to issue a loan, a number of classification models are used that separate bankrupt firms from stable borrowers and predict the possible bankruptcy of the borrowing firm.

Wconclusion

The purpose of the work was to assess the creditworthiness of the enterprise LLC Khlebokombinat, based on theoretical approaches to the analysis of financial stability. To achieve this goal, we solved a number of tasks set in the introduction. Let us proceed directly to the consideration of the results of each task of the study.

The first task of the study was to consider the theoretical aspects of assessing the creditworthiness of an enterprise. Under the creditworthiness of the enterprise refers to the ability and willingness of the borrower to repay the loan in accordance with the terms of the loan agreement. The main purpose of assessing the creditworthiness of an enterprise is to assess the prospects for the sustainability of its financial position for the period of using the loan.

The second task of the study was to provide a general organizational and economic description of Khlebokombinat LLC and analyze its financial condition. We found out that the object of study LLC Khlebokombinat produces a wide range of bakery and confectionery products. This enterprise sells its products not only in Novokuznetsk, but also in the nearest cities. For the production of high-quality products, the enterprise needs more technological equipment, and therefore, additional attraction of funds (bank loan) is required.

A study of the solvency and financial stability of this enterprise showed that in the structure of the assets of the analyzed enterprise, non-current assets account for 25.3% of total assets, and working capital accounts for 74.7%. Current assets mainly consist of receivables, and inventories occupy a very small part of it. In the structure of liabilities, 55.7% is occupied by equity, and 44.3% by borrowed capital (including 40.2% - short-term liabilities and 4.1% - long-term). The following can be noted as "pluses" of the property status of Khlebokombinat LLC:

1. There was an increase in total assets by 9.6%, which indicates the expansion of the scale of the enterprise and the increase in its business activity.

2. There was an actual increase in fixed assets by 16.2% due to the introduction of new fixed assets.

3. A significant increase in retained earnings by 65.7% significantly increased the share of equity and financial stability of the enterprise.

4. Equity capital occupies 55.7% of the balance sheet total, which indicates a stable dependence of the enterprise on borrowed sources of financing.

As a “minus”, we note: The presence of 52.4% of the share of short-term receivables in the balance sheet structure in case of its untimely return may lead to the transfer of this debt to the section of long-term liabilities, which will negatively affect the repayment of accounts payable. In the course of assessing the creditworthiness of Khlebokombinat LLC, we found out that the creditworthiness of an organization consists of a number of indicators of the financial condition, from indicators of a qualitative analysis of the borrower.

Qualitative analysis revealed the following positive aspects of the enterprise as a borrower: extensive experience in the bakery and confectionery market; positive and long-term (since 2004) credit history; expansion of production facilities to provide collateral for a bank loan. The presence of these positive aspects increases the creditworthiness of OOO Khlebokombinat. In connection with the foregoing, we can recommend the Bank to continue further cooperation with Khlebokombinat LLC on terms that suit both parties.

Thus, based on the study, the following recommendations can be made:

1. To maintain the financial position of the enterprise, it is necessary to develop and adhere to a policy of reducing and effectively managing receivables and payables, maintaining the profitability of its core activities at a high level. To do this, you can propose to reduce accounts receivable by stimulating customer payments by applying discounts from the selling price. Timely form a reserve for doubtful debts and implement a set of measures aimed at strengthening settlement and payment discipline: minimizing the time intervals between the completion of work, shipment of products, presentation of payment documents. And in the event of overdue receivables, you can establish sanctions for late payment - fines and penalties. Then the proceeds can be used to reduce accounts payable.

2. In order to maintain the level of creditworthiness of Khlebokombinat LLC, in addition to the above measures, it can also be recommended to adhere to the development of a comprehensive financial management strategy, which must necessarily include areas for increasing the profitability of production and managing receivables, systematic monitoring of the state of stocks using modern methods inventory management;

3. invest part of unused funds in short-term financial investments and receive additional profit.

4. To stabilize the solvency of the enterprise, it is recommended to draw up a monthly payment calendar. As a result, synchronization of incoming and outgoing cash flows will occur.

5. improvement of financial performance, in particular, a prudent policy on the choice of sources of financing.

Also, in order to increase its own creditworthiness, the company must take care of its favorable image in the business community and form a positive credit history. Thus, in the course of the course work, all the tasks formulated in the introduction were solved and measures were proposed to maintain a stable financial condition of the enterprise.

WITHlist of sources used

1. The Civil Code of the Russian Federation, part one of November 30, 1994 (as amended on July 27, 2010) - ATP "Consultant Plus"

2. Federal Law of December 26, 1995 (as amended on December 28, 2010) "On Joint Stock Companies" - ATP "Consultant Plus"

3. N. P. Lyubushin. - 3rd edition, revised. and additional .- M .: UNITI-DANA, 2010.- 575s.

4. Order of the Ministry of Finance of the Russian Federation dated December 9, 1998 (as amended on December 30, 2011) “On Approval of the Regulation on Accounting “Accounting Policy of the Organization” PBU 1/98”

5. Order of the Ministry of Finance of the Russian Federation dated 07/06/1999 (as amended on 11/08/2010) "On approval of the Regulation on accounting "Accounting statements of the organization" (PBU 4/99)"

6. N. P. Lyubushin. - 2nd edition, revised. and additional .- M .: UNITI-DANA, 2010.-623s.

7. M.: Vuzovsky textbook: INFRA, 2013.-287p.

8. Order of the FSFR of the Russian Federation dated January 23, 2001 “On approval of the “Guidelines for the analysis of the financial condition of organizations”

9. "Regulations on the procedure for the formation by credit institutions of reserves for possible losses on loans, on loan and equivalent debt" (approved by the Central Bank of the Russian Federation on March 26, 2004)

10. "The procedure for granting loans to legal entities by the Moscow Industrial Bank by its branches" dated April 17, 2007 (as amended and supplemented on June 23, 2009)

11. Bakanov M.I. "Economic Analysis: Situations, Tests, Examples, Tasks, Choice of Optimal Solutions, Financial Forecasting": Textbook. - M.: Finance and statistics, 2009, 424 p.

12. Belyakov A.V. Banking risks: problems of accounting, management and regulation (3rd ed.). Management methodological development. - M.: "BDTS-press", 2009. - 254 p.

13. Vasil'eva L.S., Petrovskaya M.V. "Financial analysis" - M: KNORUS, 2007. 816 p.

14. Electronic and Internet resources www.Albest. en

Hosted on Allbest.ru

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Organization creditworthiness. Theoretical aspects of the analysis of the creditworthiness of an enterprise The creditworthiness of an enterprise is defined as

INTRODUCTION

2.1 Credit rating

2.2

CONCLUSION

LIST OF USED LITERATURE

Annex 1

Financial planning is the planning of all its income and directions for spending money to ensure the development of the enterprise. Financial planning is carried out by drawing up financial plans of different content and different periods of validity, depending on the tasks set.

Table 1. The consolidated budget of the enterprise

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