Information agency Credinform represents a ranking of the Russian companies filed for bankruptcy. Companies with the largest volume of annual revenue (TOP-10 and TOP-1000) were selected for the ranking, according to the data from the Statistical Register and the Federal Tax Service for the latest available periods (2017 - 2019). They were ranked by the absolute liquidity ratio (Table 1). The selection and analysis of companies were based on the data of the Information and Analytical system Globas.

Absolute liquidity ratio (х) is absolute liquid assets to current liabilities.

The ratio determines the share of short-term liabilities which can be fulfiled by a company in the near-term rather than waiting until the collection of accounts receivable and sale of other assets.

The reccomended value of the ratio varies from 0,1 to 0,15. The higher the ratio, the better is the company’s solvency. However, extremely high values may be indicative of irrational capital structure and idle cash assets and funds in accounts, which depreciate over time and under the inflation, and lose their initial liquidity.

For the most complete and objective view of the financial condition of the enterprise, it is necessary to pay attention to the complex of indicators and financial ratios of the company.

Table 1. Net profit, revenue, absolute liquidity ratio, solvency index Globas of the Russian companies that filed for bankruptcy (TOP-10)

Name, INN, region, activity type, bankruptcy stage	Revenue, million RUB		Net profit (loss), million RUB		Absolute liquidity ratio (x), from 0,1 to 0,15		Solvency index Globas
	2018	2019	2018	2019	2018	2019
1	2	3	4	5	6	7	8
LLC TOMET INN 6382018657 Samara region, production of other chemical organic basic substances bankruptcy proceedings are initiated, 09.03.2021	14 689,4	12 663,1	5 192,3	2 303,0	1,44	0,65	600 Insufficient
JSC KRASNODARGAZSTROY INN 2308024336 Krasnodar territory, construction of utilities for water supply and sewerage, gas supply, supervision procedure, 08.11.2020	34 055,4	23 194,2	-474,7	-2 286,5	0,02	0,04	550 Insufficient
LLC TD INTERTORG INN 7842005813 Leningrad region, retail sale of unfrozen products, including beverages and tobacco products, in non-specialized stores bankruptcy proceedings are initiated, 24.02.2020	73 929,6	57 235,6	721,5	-11 198,1	0,08	0,02	600 Insufficient
LLC KRAFT GRUPP INN 5001073882 Moscow, wholesale of metals in primary forms supervision procedure, 05.11.2020	11 285,8	13 674,7	181,8	185,1	0,01	0,01	550 Insufficient
LLC TOREKS INN 2723089170 Khabarovsk territory, processing of waste and scrap of ferrous metals, supervision procedure, 31.08.2020	17 687,9	19 861,9	210,4	126,9	0,02	0,01	266 Medium
LLC MERIDA INN 7704831847 Moscow, wholesale of solid, liquid and gaseous fuels and related products, supervision procedure, 20.02.2021	27 410,3	20 633,6	1 231,9	64,3	0,01	0,01	400 Weak
JSC ANTIPINSKY REFINERY INN 7204084481 Tyumen region, , production of petroleum products bankruptcy proceedings are initiated, 04.01.2020	187 308,1	49 424,1	-35 763,0	-117 988,0	0,01	0,00	600 Insufficient
LLC KIRIVSKAYA PZK INN 4706034802 Saint Petersburg, wholesale of metals in primary forms, открыто bankruptcy proceedings are initiated, 06.09.2020	2 607,9	12 348,8	5,7	21,8	0,00	0,00	600 Insufficient
LLC REGION-INVEST НЕФТЕПЕРЕРАБАТЫВАЮЩИЙ ЗАВОД INN 7733753865 Moscow, investment in securities, bankruptcy proceedings are initiated, 21.03.2020	50 008,3	37 253,2	-149,8	-4 488,4	0,39	0,00	600 Insufficient
LLC KVERS INN 3435074405 Volgograd region, non-specialized wholesale, bankruptcy proceedings are initiated, 06.09.2019	145,2	30 647,3	0,3	0,2	0,06	0,00	600 Insufficient
Average value for TOP-10	41 912,8	27 693,7	-2 884,4	-13 326,0	0,20	0,08
Average value for TOP-1000	1 688,6	927,2	-168,8	-347,5	0,04	0,03

growth of indicator to the previous period, decrease of indicator to the previous period

None of the TOP-10 company has the values of the absolute liquidity ratio within the recommended one. The average value of TOP-10 exceed the TOP-1000 values. In comparison with the previous period, the 2019 figures of four companies did not fall.

Picture 1. Absolute liquidity ratio and revenue of companies that filed for bankruptcy (TOP-10)

During six years, the average values of the absolute liquidity ratio of TOP-1000 had a downward trend (Picture 2).

Picture 2. Change in the average values of the absolute liquidity ratio of the TOP-1000 companies that filed for bankruptcy in 2014 - 2019

At the end of this February, the Government of the Russian Federation adopted a new program to support entrepreneurs within the ongoing pandemic of coronavirus. Funds for this purpose are allocated from the reserve fund.

The introduced easy-term loan program applies to both small businesses and large enterprises among the least recovered after the pandemic industries, such as culture, tourism, sports, entertainment, hotel and catering business.

Loans are issued for 12 months at a rate of 3%. At the same time, it is not required to pay the loan principal and interests in the first half of the year; in the second half of the year, the payments are divided into monthly equal shares.

The loan amount is up to 500 million RUB, it depends on the number of employees employed and the condition that at least 90% of the workplaces are retained during the validity of the loan agreement.

Loans are issued from March 9 to July 1, 2021. The guarantor is the State represented by the State Development Corporation VEB.RF

The funds allocated by the Government of the Russian Federation will be used to pay the banks the difference between the market and preferential interest rates, as well as for the borrowers' debt repayment in the first half of the loan agreements.

According to the Government estimates, around 75 thousand companies can potentially use such assistance, with about 1.5 million people employed.