Information agency Credinform prepared a ranking of absolute liquidity ratio of Russian companies providing services for personnel selection and job placement. The companies with highest turnover in this branch were selected for this research according to data from the Statistical Register for the latest available period (for the year 2012). Then, the first 10 enterprises selected by turnover were ranked by decrease in value of absolute liquidity ratio.
Absolute liquidity ratio is calculated as the ratio of monetary funds amount and short-term financial investments, available by an enterprise, to short-term liabilities. In other words, the mentioned ratio shows, what part of short-term liabilities may be covered only by absolutely liquid assets.
The standard limit > 0.2 is used for the ratio in foreign practice of financial analysis, that actually means, that not less than 20% of short-term liabilities of a company are repayable every day. At the same time, taking into account the aspects which are typical for Russian practice, it is usual to use the standard values from 0,1 to 0,15 for the analysis of Russian companies. As too high ratio value means unreasonably high volume of free cash, which might be used for business development.
|№||Name, INN||Region||Turnover for 2012, mln RUB||Absolute liquidity ratio(х)||Solvency index GLOBAS-i®|
|1||Adekko LLCINN 7707309438||Moscow||1 657||0,21||290 (high)|
|2||Lider Tim LLCINN 7728701100||Moscow||1 275||0,09||262 (high)|
|3||Persona GrataLLCINN 7717681839||
|2 035||0,05||244 (high)|
|5||Ankor RekrutmentLLCINN 7702712241||Moscow||782||0,05||288 (high)|
|6||Ankor Kadrovye resursy LLCINN 7702727960||Moscow||2 602||0,02||280 (high)|
|7||Koulmen-Kadrovye resursy LLCINN 7701833356||Moscow||1 713||0,02||343 (satisfactory)|
|8||Ankor Kadrovye resheniya LLCINN 7725683815||Moscow||2 442||0,01||294 (high)|
|9||Menpauer CIS LLCINN 7714572528||Moscow||4 674||0||289 (high)|
|10||Konsaltingovoe agentstvo SMART LLCINN 7724768978||Moscow||1 259||0||297 (high)|
Absolute liquidity ratio of companies providing services for personnel selection and job placement, TOP-10
The absolute liquidity ratio of the company Adekko LLC, being at the top of the rating, is 0,21, that is higher than Russian, but in accordance with international standards. The company got a high solvency index GLOBAS-i®, that characterizes it as financially stable.
The enterprises Lider Tim LLC and Persona Grata LLC, with absolute liquidity ratios 0,09 and 0,08 respectively, are on the 2nd and on the 3rd places. By that the ratio values of these companies are near to Russian standards. Both enterprises got also a high solvency index GLOBAS-i®.
The rest seven TOP-10 companies presented extremely low values of the analyzed ratio, that can indicate about the deficit of absolute liquidity ratios in the industry in total. However, only the company Koulmen-Kadrovye resursy LLC got a satisfactory solvency index GLOBAS-i®, because it has losses in the accounting period.
In summary, it should be mentioned that in order to retain financial stability the companies need to strike a balance between sufficient amount of liquid assets and adequate volume of short-term loans, i.e. to manage efficiently their debt burden.
The official statistics has not yet published final results on the GDP (gross domestic product) dynamics of the RF in the preceding year, different sources inform about a reassessment downwards.
So the World Bank has decreased the September forecast for economic growth rate in Russia for 2013 from 1,8% to 1,3%. Pessimistic scenario of events' development is substantiated by that the investment activity is negative and the growth in the volume of domestic demand has fallen short of the expected value.
In the Government of the RF the situation is summed up in a similar way: at year-end 2013 the Minister of Economic Development Alexey Ulyukaev is expected the GDP growth within 1,4%-1,5%.
It must be stated, that high petroleum prices, which determined the progressive development of the country before the crisis years, have no any effect today, it is necessary to search for new points of acceleration, to expand investment possibilities of the country, otherwise the permanent stagnation will be unavoidable.
According to the MEDT of Russia, the key objectives facing the economic bloc in the near term – these are: demonopolization of industry and services sector, simplification of the government regulation of business, flexible job market, review of the practice of antimonopoly regulation, promotion of non-resource export.
By that according to words of Mr. Ulyukaev, phenomena observed at present are not related to a crisis or stagnation, but this is the transfer from one economic development model to another, which will be characterized by lower growth rates and the overcoming of existing disbalances. The World economy will present the growth rates more than by 3,5%, and the Russian economy at its best – by 2,5%.
We cannot but hope, that in for all evident yet situation of no possibility of further development based on the export of carbohydrates and filling up the Reserve Fund with precautionary savings, the Government will proceed with pending reforms, and the statements of the Minister will be translated step by step into specific actions.