2.3 The analysis of financial stability and liquidity of the company

Table 3.

Liquidity indicators of JSC "KazTransGas-Almaty" at the beginning and the end of 2010

Liquidity indicators	Value of an indicator			Indicator change		Indicator description
	normative value	at the beginning of 2010	at the end of 2010.
Overall liquidity ratio	1,2 - 2,5	1,14	1,13		-1%		Relation of the current assets to the current liabilities
Acid-test ratio	0,7 - 1,0	0,95	0,67		-28,2%		The ratio of marketable liquid assets (cash and short-term accounts receivable) to current liabilities

In terms of liquidity, 2009-2010 the enterprise JSC "KazTransGas-Almaty" there has been a negative trend.

- Judging by an indicator of Factor of the general liquidity, Short-term liabilities become covered by the current assets on the beginning and for the end of 2010 for 114 %, 113 %, respectively. Thus, for the end of 2010 1,13 tenge of the current assets are the share of 1 tenge of obligations. It speaks about normal general liquidity, at decrease in this factor for 1 % in 2010 in comparison with 2009.

- Quick liquidity ratio for 2009 was in the range of valid values​​, but at the end of 2010 to a decline of -28.2% indicates a sharp deterioration in the liquidity of the enterprise.

Judging by the horizontally vertical analysis of the Balance Sheet of the enterprise, decrease in factor of fast liquidity for 28,2 % for the end of 2010 is caused by decrease in the sums of Money for-16 % for the sum of-90122 thousand tenge, Short-term Receivables on - 42 % for the sum of-1 856 654 thousand tenge and growth of Short-term trading and other accounts payable by +19 % for the sum of 389908 thousand tenge.

Thus, in 2010 the indicator of Factor of urgent liquidity isn't liquid since the current obligations become covered by the most liquid and legkorealizuyemy assets (receivables and money) only for 67 %. In other words, 0,67 tenges of Receivables are the share of 1 tenge of the current obligations and Money. It speaks about low payment possibilities of the enterprise.

Table 4.

Indicators of solvency of jsc Kaztransgaz-Almaty on the beginning and for the end of 2010.

Solvency indicators	The value of the indicator			Value of an indicator	Indicator change at the beginning of 2010
	normative value	at the beginning of 2010	at the end of 2010.
The coefficient of autonomy	0,5 и более	0,41	0,48	7,0%	The ratio of equity to total capital (to total assets)
The coefficient of financial stability (coverage ratio of investment)	0,75 и более	0,59	0,63	4,9%	The ratio of equity capital and long-term debt to total capital (to total assets)

- At the beginning of 2010. The coefficient of autonomy was 0.41, indicating that the financial risk and makes it impossible to raise funds, as it is a sign of financial instability.

At the end of 2010. The coefficient of autonomy grew 7% to $ 0.48, reaching the standard value of 0.5. The company is not separated from the dependence on debt financing, which means no financial stability, as only 48% of the total value of the company belongs to the owners. Thus, the obligations of the enterprise will not be covered by their own means.

Proceeding from the above Horizontal - Vertical Analysis Balance Sheet, the reasons for increasing values ​​of the Authority are to increase the amount of equity capital by 23% (i.e. share capital and retained earnings) and a decrease in short and long term commitment to -7%, -8%, respectively, the end of 2010.

Thus, the growth rate indicates a decline in the autonomy of financial dependence of enterprise, reducing the risk of financial difficulties in future periods. The upward trend in terms of creditors increases the warranty company of its obligations as compared with the value at the beginning of 2010.

- Сoverage ratio significantly increased investment in 4.9%, but still much to be desired. Since the share of equity capital and long-term liabilities (the most stable sources) amounted to only 63% of the total capital of JSC "KazTransGas-Almaty".

In general, based on analyzes of the company's solvency can be concluded that the enterprise of JSC "KazTransGas-Almaty" is in an unstable condition. Thus, to this enterprise as a business partner and the borrower is in the business world would be treated with caution.