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The document ceased to be valid since  January 24, 2019 according to Item 1 of the Resolution of the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition of January 11, 2019 No. 02/16-10/40

It is registered

Ministry of Justice

Republic of Uzbekistan

On April 14, 2005 No. 1469

THE RESOLUTION OF COMMITTEE ON CASES ON ECONOMIC INSOLVENCY, THE COMPANIES UNDER THE MINISTRY OF ECONOMICS OF THE REPUBLIC OF UZBEKISTAN

of March 16, 2005 No. GS-05/027/1

About approval of the Regulations on procedure for determination of criteria for carrying out monitoring and the analysis of financial and economic condition of the companies

(as amended on 27-06-2017)

According to the Law of the Republic of Uzbekistan "About bankruptcy", the Committee on cases on economic insolvency of the companies decides:

1. Approve the enclosed Regulations on procedure for determination of criteria for carrying out monitoring and the analysis of financial and economic condition of the companies.

2. Declare invalid the "System of criteria for determination of signs of economic insolvency of the company" approved by Committee on cases on economic insolvency of the companies No. 12 of 27.07.99 (reg. No. 803 of 25.08.99, the Bulletin of regulations, 1999, No. 10).

3. This resolution becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Chairman

G. Saidov

 

Approved by the Resolution of Committee on cases on economic insolvency of the companies under the Ministry of Economics of the Republic of Uzbekistan of March 16, 2005 No. GS-05/0271/1

Regulations on procedure for determination of criteria for carrying out monitoring and the analysis of financial and economic condition of the companies

This Provision is developed according to the Law of the Republic of Uzbekistan "About bankruptcy" ("The collection of the legislation of the Republic of Uzbekistan", 2003, No. 11, of the Art. 81) and determines criteria by carrying out monitoring and the analysis of financial and economic condition of the companies with the state ownership ratio in property and large enterprises for identification of signs of economic risk and economic insolvency by diagnostics of financial condition, for the purpose of further development of offers on carrying out pre-judicial sanitation or application of insolvency proceedings concerning economically insolvent companies.

I. System of criteria

1. Depending on economic condition of the company are divided into the following groups:

a) solvent;

b) economic risk;

c) economically insolvent:

having opportunity to recover the solvency;

not having opportunity to recover the solvency.

2. On the companies in which authorized capitals there is share of the state, being in group of economic risk, the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition (further - Committee) or its territorial authorities order to develop and realize at the scheduled time complex of actions for normalization of the financial and economic activities.

The committee or its territorial authorities order on economically insolvent companies in which authorized capitals there is share of the state, depending on financial condition, to develop offers on carrying out pre-judicial sanitation or application of insolvency proceedings.

II. Main indicators (criteria)

3. The main indicators (criteria) for assessment of economic condition are:

a) solvency ratio or coverings - the Communist Party of Luxembourg;

b) coefficient of security with own current assets - Braids;

c) profit ratios of expenses and assets - the KR, Kra;

Additional indicators can be also applied to acceptance of the final decision:

coefficient of ratio of own and short-term borrowed funds - Kss;

production capacity utilization rate - Kim;

coefficient of depreciation of fixed assets - Kizn;

At the same time the main indicators for selection of the companies which are subject to the economic analysis are:

availability of overdue accounts payable according to monetary commitments and obligatory payments is more than three months from the date of approach of their payment;

insolvency of the company, i.e. inability of the company to cover short-term obligations with the current assets;

low profitability or unprofitability.

III. Characteristic of indicators for assessment of economic condition of the companies

4. The overdue accounts payable according to monetary commitments and obligatory payments from the date of approach of term of their payment is determined more than three months from the moment of approach of fulfillment of duties by payment of obligatory payments and requirements of creditors for monetary commitments according to the legislation or agreements (for example, the due dates for tax payment in the budget monthly or quarterly for the certain date following the accounting period).

Data on overdue accounts payable are obtained more than three months from line by 602 columns 4 Balance sheet forms No. 1 or from the line 4 columns 3 appendices to the Balance sheet "Disaggregation of Overdue Receivables and Payables" approved by the order of the Ministry of Finance of the Republic of Uzbekistan of December 27, 2002 No. 140 (reg. No. 1209 of January 24, 2003) (The bulletin of regulations of the ministries, state committees and departments of the Republic of Uzbekistan, 2003, No. 1-2).

5. The coverage ratio (solvencies) shows the payment opportunities of short-term obligations of the company estimated under condition not only timely settlings with debtors and favorable realization of finished goods, but also other elements of the current (turnover) assets. Reduction of coefficient speaks about decrease in payment opportunities of the company. The coefficient is calculated by formula:

Формула 1 к Пост. от 16.03.2005 года №ГС-050271

A2 - the current (turnover) assets (production supplies, finished goods, money, receivables, etc.), the Section II of balance sheet asset, line 390;

P2 - obligations, the Section II of liability of balance, line 770;

TO - long-term obligations (line 490 of the balance sheet).

If the solvency ratio by the end of the reporting period has value below of 1,25, the company for this indicator is considered insolvent.

6. The coefficient of security with own current assets characterizes availability of own current assets of the company necessary for its financial stability, ratio of interests of owners of the company and creditors.

The coefficient is determined by formula:

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