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Kota Fibers Essay

1783 words - 8 pages


Kota Fibers es una compañía de textil sintético ubicado en India. El principal producto de Kota Fibers es hilo de fibra utilizado para crear Siras, vestidos típicos de las mujeres hindús. La empresa con casi 40 años en el mercado, a pesar de ser consistentemente rentable y con ventas crecientes en los últimos años, contaba con un problema grave de liquidez, ya que al momento de que el inspector de impuestos acudió a la compañía a reclamar los impuestos especiales (pagados cada trimestre en efectivo), la compañia no contaba con efectivo suficiente para liquidar dicho pago.

A pesar de estar dentro de una industria estable y el consumidor final tenía unas tentencias y ...view middle of the document...

* Nuevas solicitudes de extensión de crédito para clientes estratégicos.(45 días de pago)
* La compañía no contaba con mucho inventario, normalmente trabajaba a capacidad media, solo en temporadas altas aumentaban la producción.


Realizando un análisis de la compañía mediante razones financieras, podemos diagnosticar lo siguiente:
* Razones de líquidez
2000 |   |   |   | 2001 |
Razón de liquidez | 3.244747733 | veces |   |   | 1.506700 |
Liquidez inmediata | 2.379443451 |   |   |   | 1.0055 |
Razon de efectivo | 0.52805739 |   |   |   | 0.1689 |

La razon de liquidez actual de la compañía si cumple para pagar sus deudas, ya que es mayor a 1. Sin embargo, éste número a pesar de ser positivo puede indicar el uso ineficiente del efectivo y de activos a corto plazo. Así mismo, se ve que en pronóstico para el siguiente año esta razón disminuirá notablemente solamente capaz de cubrir sus deudas 1.5 veces.

La prueba del ácido demuestra que sin tomar los inventarios, los cuales suelen ser pocos dentro de la empresa, la compañía sigue siendo capaz de liquidar sus deudas.
La razón de efectivo, solamente tomando el efectivo disponible en el momento da un valor muy bajo. En el 2000 ésta razón es capaz de cubrir solamente la mitad de sus deudas (.5280), mientras que se pronostica que para el 2001 esta razón disminuya a .168 veces. Aquí podemos ver que la compañía cuenta con muy poco efectivo disponible ya que la mayor parte de sus ventas son a crédito, lo que hace que no tenga dinero en el plazo inmediato para cubrir sus deudas.

* Razones de solvencia

Times interest earned |   | 3.938595511 |
Cash coverage |   |   | 4.671304865 |
Total debt ratio | 0.108580024 |

La razón de deuda total es .108 veces,, lo que quiere decir que Kota utiliza 10.8% de su deuda. Las veces que Kota gano intereses fue de 3.93 veces al año, lo que se entiende que Kota no debería tener problema en pagar sus intereses.
Se observa que a pesar de sus razones positivas, el problema viene desde la administración del efectivo y las ventas a crédito, por lo que a continuación se realiza el análisis de razones de administración de activos:

Rotacion CxP |   |   | 54.93773604 |
Rotacion CXP en dias |   | 6.643884993 |
Rotación CxC |   |   | 24.12790956 |
Rotación CxC en dias |   | 15.12770922 |
Rotacion de inventarios |   | 43.12084442 |
Rotacion de inventarios en dias | 8.464583773 |

Kota Fibers cuenta con un problema en su política de venta a crédito, esto debido a que paga aproximadamente cada 6 días, mientras que recibe efectivo cada 15, lo que le ocasiona problemas de efectivo. La rotación de inventarios de Kota es de cada 8 días, siendo a pesar de sus políticas de producción temporal, es un número alto.

Razones de rentabilidad

Margen de contribucion |   | 3.96% |
Retorno sobre activos |   | 19.19% |
Retorno sobre capital |   | 21.52% |

En el 2000, la compañía contaba...

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