Theme 12. Access and analysis of economical bankruptcy of enterprises



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exersices bukruptcy 20

Theme 12. Access and analysis of economical bankruptcy of enterprises
1. Tasks, purpose and objective necessity of assess and analyze of economical bankruptcy of entity.

2. The Bankruptcy institute and its developing prospects. Legislative norms of streamline of economical bankruptcy.

3. Information sources of bankruptcy analysis.

4. System of indicators is used to determine bankruptcy and their analysis.

5. Financial state analysis to determine threats of economical bankruptcy and various models for determine of economical bankruptcy.

6. Convention of bankruptcy: surveillance, external management, sanitation, specifics of liquidation.

Task 12.1. Complete the table 12.1 with your own opinion.

Table 12.1

Terms

Explanations (briefly)

Bankruptcy




Insolvent




Bankruptcy institute




Legislative norms of Bankruptcy




Convention of bankruptcy




Bankruptcy analysis




Information sources of bankruptcy analysis




Task 12.2. Calculate the 4th column and make your assess the state of each performance of each tabels.

Table 12.2

Indicators system connected with economical and financial potential are used to assess economical bankruptcy



Title of performance

Calculation way

Content

Crib

1

2

3

4

Indicators related to sources of own assets

Concentration of own assets (Coa)

Coa=Oa / TB



Expresses concentration state of the own assets (Oa) in total sum of the balance sheet (TB)

480 / 780

Financial dependence(Fd)

Fd= TB / Oa

Total sum of the balance sheet (TB) to own assets (Oa).

780 / 480

Own assets mobility (Moa)

Moa = WC / Oa

Working capital (WC) to sources of own assets (Oa)

(390 - 600) / 480

General mobility coefficient(Gmc)

(Gmc) = WC/TB

Share of working capital (WC) in total sum of the balance sheet (TB)

(390 - 600) / 780

Activity ratio of Net assets (Кф)

Кф=NA/TA

Share of net assets (NA) in total assets (TA)

(400 - 480) / 480

Table 12.3

Title of performance

Calculation way

Content

Crib

1

2

3

4

Indicators related to debt capital

Concentration of debt capital (Cdc)

Cdc=Dc / TB



Expresses concentration state of the debt capital (Cdc) in total sum of the balance sheet (TB)

570+580+730+740 / 780



Concentration (Cltd) long term debt capital in own assets

Cltdcoa=

Ltdc / Oa



Express provision state (Cltdoa) own assets with long term debt capital

570+580 / 480



Concentration long term debt capital in total debt capital (Cltdctdc)

Cltdctdc=

Ltdc / Tdc



Share of long term debt capital in total debt capital

570+580 / 570+580+730+740



Dependence own assets to debt capital (Doadc)

Doadc=

Tdc / Oa


Express debt capital per one som own assets

570+580+730+740 / 480

Table 12.4.

Title of performance

Calculation way

Content

Crib

1

2

3

4

Indicators related to long term assets

Fixed assets to total assets (Cfata)

Cfata =Fa / TB

Express share of fixed assets in total assets (Total Balance)

012 / 400



Accumulation ratio of fixed assets (Intangible or common)

(Кавжу)


Кавжу=

FAtd / FA




It expressed how many part of fixed assets were accumulated

011 / 010



Intenseness ratio of fixed assets accumulation (Кавижу)

Кавижу=

FAcd / FA




It expressed how many part of fixed assets were accumulated

(011 end – 011 beginning)

/ 010


Table 12.5.

Title of performance

Calculation

way

Content

Crib

1

2

3

4

Indicators related to current assets

Provision ratio (Камт) of current assets (CA) with own circulating assets (OCA)

Камт =


(OCA) / (CA)

How many OCA to per som of CA



(480+570+580)

/ 390


Dependence ratio of current assets to attracted loans

(Кчжк)


Кчжк= Ltl +Shtl / CA

How many attracted loans to per som of CA

Ltl – long term loan;

Shtl – short term loan

570+580+730+740

/ 390


Dependence ratio (Кбк)of current assets to short term bank credits (Shtbc) loans

Кбк=

(Shtbc) / CA




How many short term bank credits to per som of CA

730 / 390



Provision ratio (Кxмт) of current assets (CA) with quick liquidity assets (Cash)

Кхмт=

Cash / CA



How many Cash means to per som of CA


320 / 390

Share (Камх) of current assets (CA) in total properties of entity (TP)

Камх =

CA / TP


Share (Камх) of current assets (CA) in total properties of entity (TP)

390 / 400



Task 12.3. Calculate the table 12.7 (below) and assess the results of each ratio by using standards of boundary and signs of bankruptcy in table 12.6.

Table 12.6

Key performances for assessing economic bankruptcy of entities and their norms levels



Performances

Determination order

Standards or boundary

Signs

of bankruptcy

1

2

3

4

Pay ability


Current assets / Liabilities in mature


2-3

C<2

Independence

Equity to total property

C >50%

C <50%

Source of Inventory


(Working capital – Inventory) / Working capital

Positive

Negative

Equity to liabilities


Equity to liabilities

Excess

Shortage

Profitability (Assets, Capital, liabilities)

Net income / assets, Capital, Liabilities


C>0

C < 0

Usage production capacity


Volume of product in factual production capacity / volume of product in projected production capacity

C=1 >0,5

C=1< 0,5

Cumulate of amortization of FA and IA

Amortized cost of FA and IA /

Primary value of FA and IA



C>0.5

C<0.5

Overdue liabilities


Overdue liabilities /

Total liabilities



C<0.5

C>0.5



Table 12.7

Performances

Determination order

At the beginning of the year

At the ending of the year


Differences

(+;-)

1

2

3

4




Pay ability


Current assets (390) / Liabilities in mature (601)










Independence

Equity (480) to total property (400)











Source of Inventory

(Working capital (390-600) – Inventory(140)) / Working capital (390-600)










Equity to liabilities

Equity (480) to liabilities (770)










Profitability (Assets, Capital, liabilities)


Net income (270) / Assets (400) or Capital (480) or Liabilities (770)











Usage production capacity

Volume of product in factual production capacity / volume of product in projected production capacity










Cumulate of amortization of FA and IA

Amortized value of FA and IA (011+021) /

Primary value of FA and IA (010 +020)













Overdue liabilities

Overdue liabilities (492+550+602+650) / Total liabilities (770)











Task 12.4. Calculate the table 12.9 (below) and assess the results of each ratio by using standards in table 12.8. Determine the state of entity.

Table 12.8



Monitoring of financial economic state of entities and criteria of analysis

Performances

Formulas

Unstable state of economy


Key performance

Pay ability


Current assets / Current liabilities

C<1.25

Provision of own circulating assets


(Equity +Long term credit and loans – Long term assets) / Current assets

Less than 0.2

Profitability of assets (Ra) and costs (Rc)


Ra= (Profit before tax / Average value of assets)*100

Rc= (Profit before tax / Cost)*100



If below than 0

Additional performances

Financial independence



Equity / Total liabilities – Long term liabilities


Less than 1.25


Usage production capacity




Volume of product in factual production capacity / Volume of product in projected production capacity - (Leasing - Conservation)

Less than 0.5



Depreciation of FA


Depreciation / Primary value of FA

More than 0.5

Information: Recommended the performances system to assess economical state of entities according to the resolution “On criteria of monitoring and analysis of financial economical state of entities” that issued by the Committee on affaires of Economical insolvency entities under the ministry of Economy of the Republic of Uzbekistan.

Table 12.9



Performances

Determination order

At the beginning of the year

At the ending of the year


Differences

(+;-)

Key performance

Pay ability


Current assets (390) / Liabilities in mature (601)










Independence

Equity (480) to total property (400)











Source of Inventory

(Working capital (390-600) – Inventory(140)) / Working capital (390-600)










Additional performances

Profitability (Assets, Capital, liabilities)

Net income (270) / Assets (400) or Capital (480) or Liabilities (770)











Usage production capacity

Volume of product in factual production capacity / volume of product in projected production capacity










Cumulate of amortization of FA and IA

Amortized value of FA and IA (011+021) /

Primary value of FA and IA (010 +020)













Task 12.4. Predict the failure of entity by using The Two Factors model of the Altman (For manufacturing firms)
The Two Factors model of the Altman: Z = -0.3877 -1.0736*X1 + 0.0579*X2
Table 12.10

Indicators and orders of calculation

Sign of factors

Factors

Calculation order

X1

Current Pay ability

Current assets (390) / Current liabilities (600)

Х2

Capitalization

Book value of Total loans (570+580+730+740) /

Value of Equity(480)

Z<0 – probability of insolvency less than 50%;



Z>0 – probability of insolvency more than 50%;

Z=0 – probability of insolvency equal to 50%.



Task 12.5. Predict the failure of entity by using The Five Factors model of the Altman ((For manufacturing companies which listed in exchanges)
The Five Factors model of the Altman: Z = 1.2 X1 + 1.4 X2 + 3.3 X3 + 0.6 X4 + 1 X5
Table 12.11

Indicators and orders of calculation


Sign of factors

Factors

Calculation order

X1

Share of own circulating assets in total assets

(Working Capital (390-600))

/ Total Assets (400) 



Х2

Profitability of assets

Retained Earnings (450)

/ Total Assets (400) 



Х3

Operational profitability

EBIT(100) / Total Assets(400)  

Х4

Market premium on equity

Market value of Equity (480) / Book value of Total Liabilities (770)

Х5

Assets efficiency

Sales (010) / Total Assets(400) 

Z > 2.9 - financial stability zone (green zone);

1.8< Z < 2.9=0 – ambiguity zone (gray zone);

Z<1.8 – bankrupt zone (red zone).

Task 12.5. Predict the failure of entity by using The Four Factors model of the Altman ((For a broader range of firms)
The Four Factors model of the Altman: Z = 6.56 X1 + 3.26 X2 + 6.72 X3 + 1.05 X4
Table 12.12

Indicators and orders of calculation


Sign of factors

Factors

Calculation order

X1

Share of own circulating assets in total assets

(Working Capital (390-600))

/ Total Assets (400) 



Х2

Profitability of assets

Retained Earnings (450)

/ Total Assets (400) 



Х3

Operational profitability

EBIT(100) / Total Assets(400)  

Х4

Market premium on equity

Book value of Equity (480) / Book value of debt (570+580+730+740)

Under this model the Z – score cutoffs are:

Z > 2.6 healthy;

1.1< Z < 2.6=0 gray area;

Z<1.1 bankrupt zone.



Task 12.6. Predict the failure of entity by using The Biver model

Table 12.13

Biver model

Title

Formula


Criteria

Biver ratio

(Net income + Amortization)

/ Debt capital




C > 0,35 – normal;

0,17 < C. < 0,3 – unstable;

0,15 < C. < 0,16 – crisis.


Pay ability

Current assets / Current liabilities




C  > 2 - normal;

1 < C < 2 - unstable;

C < 1 – crisis.


Profitability of assets

(Net income /

Total balance)*100%


6-8% and more - normal;

2-5% - unstable;

From (-22%) till 1 – crisis


Financial leverage

(Debt capital

/ Total balance)*100%


C < 35% - normal;

40% < C < 60% - unstable;

C > 80% - crisis.


Provision of own assets with working capital

(Equity – long term assets)

/ Total balance


C > 0,4 - normal;

0,3 < C < 0,1- unstable;



C < 0.1 – crisis.

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