L co vay n gD !Ai suit RD nen hang nam se tao them mOt khoan dugc goi la la chin thud cua no vay Gia tri cua la chin thus chinh bang Tc*D.
tai sin du tu to ra drat 0,08 dting lqi nhuA'n sau thud Nam 2011, kha rang quan ly ch
2.3 Ting trang ca call von tai cong ty CP
2.3.1 Nv NH
BAng 2.6 Cu cAu nq NH 2010-2012
(Dan vi: nghin d6ng)
Chi tau .
2012 2011 2010
So Lien T5, tr9ng (%)
„
So tien TS, trcong (%) So tien TS, trcong (%)
Vay va ng NH 70.000.000 25,65% 85.000.000 28,20% 90.000.000 31,25%
Phai tra nguoi ban 69.049.912 25,30% 105.220.860 34,91% 93.101.141 32,33%
Ngtrai mua tra tin truac 689.703 0,25% 2.311.169 0,77% 380.000 0,13%
Thud va cac khoin phai
n6p NhA nuac 14.319.978 5,25% 13.791.334 4,58% 9.866.496 3,43%
Phai tra ngtrai lao dOng 33.725.965 12,36% 8.992.445 2,98% 15.264.712 5,30%
Chi phi phai tra 8.606.641 3,15% 5.806.538 1,93% 3.498.990 1,21%
Cac khoan phai tra, phai
flop NH khac 73.532.118 26,94% 77.628.496 25,76% 74.007.462 25,70%
Quy khen thuang & phac
lqi 3.008.296 1,10% 2.629.034 0,87% 1.874.910 0,65%
Nci NH 272.932.613 100% 301.379.876 100%287.993.711 100%
(Nguon: Phong tai chinh Ice to6n va tinh loan ctia tac gia)
Nhin chung, cac khoin mvc chitm ti tang cao trong ngu6n ng NH ca 3 nam chu ytu la: Vay va ng NH, phai tra ngtroi ban, va cac khoin phai tra phai nOp NH khac. Sr chenh lech ty tang cua cac khoan mvc chinh qua kh6ng Ian nhtmg sir thay d6i ty tong ctia tong khoin mvc qua cac nam loi kha r6 ret.
Vay va nq NH ctia cong ty: LA khoin king truck tin tit Cvc tai chinh B6 Qu6c
ph6ng de phvc vv hoot &Ong san xuAt kinh doanh. Khoan mvc nay lien tvc giam, nam 2010 la 31,25% thi sang nam 2011 chi con 28,2% va dtn nam 2012 chi con 25,65%. Sy skit giam nay lA do cong ty da thanh town duqc mOt phAn khoan vay NH to dun vi cap ten nhung gia tri von cling ty dang chitm dvng van con rat Ian. Vai tinh hinh kinh to trong nhffng nam vita r6i, day cling ducc coi la uu dai d6i vai cong ty. Du co sir thay d6i theo chitu huang giam nhtmg no van chitm trong kh6ng nhe trong ding tS , trong ng NH tang nam.
Phai tra nproi ban: NAm 2010- 2011 khoan mimic nay chitm ty tang cao nhAt
trong tong ngu6n na. NH, 32,33% va 34,91%. Luang tin mat ctia ding ty skit giam monh (dr 119.701.811 nghin diing nam 2010 xu6ng con 53.857.173 nghin dtng nam 2011) kern theo do khoan von bi chitm dung Ian nen dp lirc tra ng cua cong ty tang len. Day la nguyen nhan don dtn khA nang thanh toan ctia cong ty bi giam, phai tra
phai thu khach hang nen kha nang thanh town cho ngutri ban dm ding ty dugc cai thien. Dieu do the hien qua su sut giam cua khoan muc nay trong nam. (tir 105.220.860 nghin deng nam 2011 xueng 69.049.912 nghin deng), tuang (mg vori tS , le giam trong tS, tong xueng con 25,3%.
Phai tra nguoi lao deng: Day la khoan luting du phong cho nam sau. The hien su dieu tiet cua Cong ty dei yeti khoan luong du phong se chi cho nguoi lao deng trong nam sau va khoan lqi nhuin tram thus nam nay. Khoan muc nay chiem met ph'A'n nho trong tong tS, tong 'lilting lai co su thay del lom trong timg nam. Cu the, nam 2010, phai tra nguoi lao deng chiem 5,3% nhung den nam 2011 chi con 2,98% vi det nget tang manh, len den 12,36% trong nam 2012, tuang (mg tang 9,38%, kin ham rat nhieu so vai 2 nam truac do. So vai nam 2011, nam 2010 va 2012, lugng tien mit trong ding ty tang len cao, do do ding ty cung trich luong tien mg vao quy lucmg tra cho nhan vien cung tang cao han.
Ng NH luon chiem met ty tong rat Ian trong tong rig phai tra cua ding ty (nam
2010-2012 la 89,97% va 89,93%, nam 20121a 84,2%). Vai tinh linh hog trong huy Ong yen va chi phi thAp han ng DH nen ng NH lain dugc ding ty uu tien lua chon. Tuy nhien, viec sir dung ng NH nhieu se din den ap luc thanh town cho cong ty. Hinh anh, uy tin vi kha nang canh tranh ding ninr huy deng yen trong Wong lai co the se gip nhieu khO khan neu cong ty khong dim bao dugc kha nang Ira ng.
2.3.1.2 Chi phi von NH
Khoan ng vay NH dm cong ty dugc huy deng tir Cuc TAi chinh Be Quec phong, khong tinh lai suAt vay giup cling ty giam thieu met khoan chi phi khong nho trong viec sir dung ng de thgc hien hog deng sin xuAt kinh doanh. Cac khoan muc phai tra phai n'ep khac, ngoai trir phai tra ngtr?ri ban, deu khong mat chi phi sir dung.
Ben canh nhUng del tic 16n nhu tong cong ty may 28, cong ty ccr khi 17 — BQP, cong ty TNHH MTV det may 7, cong ty cling co nhung nhA cung cAp IA cic ca nhan va cac cong ty nho co quy mo yen "khiem ten" han. Vi nguyen nhan do, de khuyen khich cong ty tra tien sam tranh chiem dung yen lau, cic nha cung cAp nhO le dua ra mirc chi& khAu thanh town sam. Qua d6, neu thanh town truck met th6i gian dugc hai ben them thuin, cong ty se dtrgc hu6ng mirc chiet khAu. Ngtrgc lai, de keo dii th6i gian chiem dung yen, t le chiet khAu thanh town se bi b6 qua. Chi phi phit sinh neu DN be qua chiet khAu dugc the hien a bang dual day:
Bang 2.7 Chi phi von NH
(Dom vi: %)
Chi tieu 2012 2011 2010
DiEu kien ban 1/10 net 30 2/10 net 31 1/10 net 32 ThCri gian tra nq
binh quan (ngay) 61 62 72
Chi phi vim 7,35% 15,01% 6,01%
(Ngu n:tac gia tinh town) Mac chit khAu thong thtrong dugc cac d6i tac nhe dua ra la 1/10 net 30. Tuy nhien, nam 2011, cong ty ducc nang intic chi& khAu len thanh 2/10 net 30, thay vi ducc huemg 1% nEu tra truac 10 ngay, cong ty se duqc huang 2% chit khau n6u
thanh town semi Trong nam 2011, nhiEu du an va hQp ding dtrqc thuc hien, dim dal hang cac nguyen vat lieu dau vao cho ding ty tang cao hon. Nhung ben canh do, phai thu khach hang oh cong ty tong nam lai rat len, tin mat du trir giam khiEn kha nang thanh toan cua cong ty gap khet khan. DE tranh viec bi chiEm dung vein, cac nha cung cap nang mirc chiEt khau de khuyEn khich cong ty. Veci nhu cau von NH tang cao, cong ty be qua mire chit khau hap an, di lai tiled gian chiEm dung vein duqc keo dai hon. Tin dung thucmg mai tuy kha tien lqi nhung chi phi sir dung lai kha cao. Ta co the thay, chi phi von NH ctia cong ty nam 2010 la 6,01% nhung dEn nam 2011 tang len dEn 15,01%, gap 2,5 tan so veri nam truer. Cac nha quart 11 , can theo dOi chi tiet cac khoan nq a kip chuAn bi ngu6n tin dap (mg nhu cau thanh town, tranh tra cham, anh hueng dEn uy tin dm cong ty.
2.3.2 Ng DH
Bang 2.8 Ty trong nq DH 2010-2012
(Dan vi: nghin d6ng)
Chi den 2012 2011 2010 , A SO tien T5, tiling (%) 4 A So tien TS, trgng (%) 4 x So tien TS, trgng (%) Phai tra DH khac 520.832 1,02% 500.000 1,48% 300.000 0,92%
Vay nq DH 30.000.000 58,57% 30.000.000 88,89% 30.000.000 92,37% Du phong try
cap mat vi* lam - - 2.779.786 8,24% 1.817.981 5,60% Doanh thu chua
thin hi0 20.696.995 40,41% 470.182 1,39% 360.000 1,11%
NO DH 51.217.827 100% 33.749.968 100% 32.477.981 100% (Ngu n:tdc gia tinh town) (Ngu n:tdc gia tinh town) Ng DH &lye hinh thanh chti ydu tir ngu6n vay va ng DH, cdc muc con lai chitm mOt phAn rat nho. Tuy nhien, doanh thu chua thvc hien nam 2012 d6t ngOt tang manh, chidm mOt ty trgng lan trong tong tS, trgng.
Vay va nq DH: Hinh thanh tir ngutin von vay ngan hang cua cong ty dd phvc vu hoat dOng kinh doanh. Khoin nq qua cdc nam khong thay d6i (30.000.000 nghin d6ng) nhtmg tS, trgng cua cdc nam hien Ong giam khd rd. Nam 2011, khoan mvc nay chidm 92,37% tong tS, trgng nhtmg nam 2011 chi con 88,89%, nam 2012 skit gidm manh xu6ng con 58,57%, twang img giam 30,32%. Sir skit giam ten bat ngu6n tir sir tang len dOt ngOt cua khoan doanh thu chua thirc hien trong nam 2012.
Doanh thu china t h krc hi?n: Day la cac khoan ding ty da thu dtrgc tien tir khdch hang nhtmg djch vki phat sinh cho nhidu nam tidp theo. Nam 2010-2011, khoan mvc nay chidm mgt tS7trgng rat nho trong thanh phAn nq DH (1,11% va 1,39%). Tuy nhien nam 2012, doanh thu chua thkrc hien ctia ding ty tang len ddn 20.696.995 nghin d6ng, chidm 40,41% tong tj, trgng ng DH. CO the thay day IA mgt hien phdp than trgng cua
ding ty trong kinh doanh, gfirp cong ty tang luvng tien mat dkr trU, tao ca hOi dAu tir cdc dkr an khdc cua cong ty cling nhtr bdo dam khd nang thanh town.