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2INTERNATIONAL SCIENTIFIC JOURNAL VOLUME 1 ISSUE 6 UIF-2022: 8.2 | ISSN: 2181-3337
PROSPECTS FOR THE DEVELOPMENT OF "STEKLOPLASTIK" LLC ACTIVITY IN THE CONDITIONS OF THE MARKET ECONOMY Musayeva Shoira Azimovna
Professor of Samarkand Institute of Economic and Service https://doi.org/10.5281/zenodo.7192497
Abstract. Since 1998, the activities of "Stekloplastik" LLC have been based on the production of furniture adapted to pre-school and medical institutions, special furniture and sports equipment for the republic's educational institutions. This article discusses prospects for the development of "Stekloplastik" LLC activity in the conditions of the market economy.
Keywords: market economy, products, management, activity.
ПЕРСПЕКТИВЫ РАЗВИТИЯ ДЕЯТЕЛЬНОСТИ ООО «СТЕКЛОПЛАСТИК» В УСЛОВИЯХ РЫНОЧНОЙ ЭКОНОМИКИ
Аннотация. С 1998 года деятельность ООО «Стеклопластик» основывается на производстве мебели, адаптированной для дошкольных и медицинских учреждений, специальной мебели и спортивного инвентаря для образовательных учреждений республики. В данной статье рассматриваются перспективы развития деятельности ООО «Стеклопластик» в условиях рыночной экономики.
Ключевые слова: рыночная экономика, продукция, управление, деятельность.
INTRODUCTION
Uzbekistan's high economic growth rate is achieved due to fundamental structural changes and diversification of the economy, creation of new industries, modernization of production, implementation of the technical and technological rearmament program, formation of modern market infrastructure, active investment policy.
Samarkand experimental factory for the production of sports boats was established in 1982, and the main activity was the production of sports boats from fiberglass materials.
During the transition to the market economy, based on the characteristics of the manufactured products, the issue of modernizing the production and finding a segment where the manufactured products are in demand in the domestic markets of Uzbekistan was raised before the management staff of the plant.
MATERIALS AND METHODS
Systematic approach, abstract-logical thinking, grouping, comparison, factor analysis, selective observation methods were used in the research process
RESULTS
Since 1998, the activities of "Stekloplastik" LLC have been based on the production of furniture adapted to pre-school and medical institutions, special furniture and sports equipment for the republic's educational institutions, thereby contributing to the implementation of the national personnel training program of the Republic of Uzbekistan.
Over the past four years, Stekloplastik LLC has actively participated in the implementation of 4 projects of "Development of the Education Sector", 6 projects of "Health-2" and "Health-3".
The enterprise participates in various exhibitions (Furniture Expo, Uz-Build and World Wood), cooperative exchanges and fairs held annually in the republic. Stekloplastik" are the main partners of the enterprise, academic lyceums and vocational colleges (Termez, Nukus),
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engineering companies "Unit customer service" (Navoi, Nukus, Samarkand, Namangan), Southern mining companies, "Sam Sar", "Shakh Polan-M », «France-Asia», «Deutsche Kabel», «Bachel», «Mebel Dilvaziz» joint enterprises and many other organizations located in the republic and outside the republic.
The enterprise has gained a good reputation for the quality, assortment and size of its products.
Most of the raw materials used in the production process (about 80%) are local raw materials, that is, raw materials produced in the republic or purchased on the domestic market.
In order to increase the volume of production of competitive goods, the company purchased equipment for postforming, softforming, press and milling machines from Turkey.
ISO 9001:2000 Quality Management System has been introduced in the enterprise to improve the quality of manufactured products.
The main goal of "Stekloplastik" LLC until 2025 is to increase the volume of production, increase the quality of products, fill the domestic market with its goods and export them to the foreign market of Uzbekistan, as well as create new jobs, improve working conditions, and increase the wages of employees.
In recent years, "Stekloplastik" LLC has been occupying prestigious market shares in the domestic markets of Uzbekistan with its goods. In particular, the production of furniture and equipment adapted to educational institutions is growing rapidly.
Table 1
Products manufactured at Stekloplastik LLC, thousand soums
(by product groups)
N Product 2019 2020 2021
o nomenclature Numbe r Amount Numbe r Amount Numbe r Amount
1 Sports equipment and supplies 5995 7187886 13467 19436998 20822 35010935
2 Furniture for educational institutions 48645 48256211 54496 67681123 76478 77678969
3 Home and office furniture 278 1043407 540 1112670 537 1390433
4 Medical furniture 3323 2439451 6179 4450199 6260 4923132
Furniture for
5 preschool educational institutions 790 634303 250 203540 1203 1116719
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6 Furniture for meeting hall 12240 1756377 220344 1111746 191232 1278570
7 Metal products 15380 153246 136526 1145147 124724 1281243
8 Glass plastic products 25320 208074 144450 1661431 158847 3762745
Total 111971 61678956 576252 96802855 580103 12644274 9
The products produced in the organization are mainly intended for sale in the domestic markets of Uzbekistan. The main types of manufactured products are furniture, sports equipment and fiberglass equipment for educational institutions, pre-school education and medical institutions.
Today, the enterprise produces more than 340 types of educational, special furniture and sports equipment, including:
- More than 130 types of educational furniture;
- 60 types of furniture adapted to preschool educational institutions;
- 80 types of medical furniture and equipment;
- More than 70 types of sports equipment; "Stekloplastik" LLC also produces the following products:
• products made of sheet metal (Metal cabinets, safes, boxes for fire extinguishers, electrical panels, racks and showcases for shopping centers)
• Doors covered with PVC, malamine, veneer films
• stekloplast products (bumpers, hulls and torpedoes for water attractions, catamarans, pleasure boats, ISUZI buses)
In addition, the production of LDSP plates has been started at the enterprise. Stekloplastik LLC products are protected by 14 patents of the Republic of Uzbekistan. All products subject to certification have certificates and hygienic passports of the Standardization Center, metrology bodies and the Republic of Uzbekistan.
The enterprise "EAN UZBEKISTAN" is a member of the Center for automatic identification of products and services, its bar code number is 478001212.
The enterprise constantly conducts external work in the field of improving product quality and efficiency indicators.
State enterprises and organizations are the main buyers of Stekloplastik LLC. In addition, the kitchen and household furniture produced at the enterprise have separate customers. Also, city and district governments are among the main customers of the enterprise in providing water reservoirs with sightseeing and sports boats, catamarans, water attractions made of glass plastic materials.
Table 2 below shows the revenue from product sales by product groups produced in
2021.
2 - table.
Income from product sales in 2021 for product groups manufactured at Stekloplastik LLC
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No Product name Amount (million soums)
1 Furniture for preschool educational institutions 10960
2 Furniture for educational institutions 84000
3 Special medical furniture 6380
4 Sports equipment 38360
5 Consumer goods 8300
Total: 14 8000
We can see that the main performance indicators of "Stekloplastik" LLC have changed significantly compared to previous years (table 2).
Before analyzing the financial situation of "Stekloplastik" LLC, it is permissible to describe the financial situation.
Financial status is a set of indicators that determine the level of competitiveness of organizations and enterprises, the systematic connection of all elements of their financial relationships that determine their potential for cooperation, their location and movement.
Financial status of "Stekloplastik" LLC: liquidity, financial stability and indicators reflecting the ownership situation characterizing the structure of debtor and creditor debts. We can see the assessment of ownership status of "Stekloplastik" LLC in table 3 below.
Table3. The main indicators of the activity of "Stekloplastik" LLC, thousand soums
IjnUcatore 2018 year 2019 vear 2020 vear 2021 year
l Basic tools Sil 339.0 1 474 531.0 2 116 463.0 2 917 040.0
2 Authorized capital 55,889.0 55,889.0 55,889.0 54.816 0
3 Assets 4,814.270.0 6,839.833.0 10 168 756.0 11 490 4S2.0
4 Retoiedeaim^ 717 837.0 1 870 661.0 1 907 715.0 1 893 787.0
5 gicgine from product sales 68507640 107039600 132678050 170812020
6 Net profit 7178370 11849170 19077150 18937870
7 laxESiS&SSts 977 9520 1132130 12654040 13005950
Table 4
Assessment of the ownership status of Stekloplastik LLC in 2021
(thousand soums)
No Indicators per year by the end of the year deviations
amount relative share amount relative share amount relative share
1 Equity capital 6020353 88.6 8193849 74.9 2173496 -13.7
2 Raised capital 775644 11.4 2750182 25.1 1974538 13.7
3 Current assets 5266122 77.5 8908334 81.4 3642212 3.9
4 Current liabilities 1177844 17.3 2750182 25.1 1572338 7.8
5 Revolving liabilities - -
6 Current assets 1529875 22.5 2035697 18.6 505822 -3.9
7 Basic tools 1474531 21.7 1777991 16.2 303460 -5.5
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8 Own working capital 4490478 66.1 6158152 56.3 1667674 -9.8
9 Working capital 4490478 66.1 6158152 56.3 1667674 -9.8
10 Liquid assets 2946076 43.4 4708096 43.0 1762020 -0.3
11 Production stocks and costs 2320046 34.1 4200238 38.4 1880192 4.2
12 Funds 687964 10.1 2020144 18.5 1332180 8.3
13 Accounts receivable 2258112 33.2 2687952 24.6 429840 -8.7
14 Accounts payable 1177844 17.3 2750182 25.1 1572338 7.8
15 Household tools amount 6795997 100 10944031 100 4148034
We can see from the table that 81.4% of the total amount of economic assets are current assets, and 74.9% are equity funds.
Equity capital will increase by 2173496 thousand soums in 2021 and will amount to 8193849 thousand soums at the end of the year.
Current assets (81.4%) are 3.2 times higher than current liabilities (25.1%), allowing for a faster turnover of funds. In current assets, working capital has the largest relative share (56.3%).
At the end of the reporting year, own working capital amounted to 6,158,152 thousand soums or 56.3% of all economic assets. Due to the absence of overdue receivables, working capital is equal to working capital (56.3%), which reflects a positive situation, indicating the absence of immobilized (immobile) assets.
Quick liquid assets make up 43.0% of economic assets, and current liabilities make up 25.1%, which means that in the near future quick liquid assets will provide an opportunity to cover current periodic liabilities.
We can see that production resources and expenses increased by 1880192 thousand soums by the end of the year.
Based on the analysis of the state of ownership of "Stekloplastik" LLC, all tools are being used effectively and we can positively assess the state of ownership.
Indicators of the state of ownership serve as a basis for evaluating and analyzing the main financial indicators of the enterprise, liquidity and financial stability. (Table 5)
Table 5
Liquidity of the balance sheet of Stekloplastik LLC for 2021 (solvency) assessment
2021 year exclusion (+, -)
No Indicators per year by the end of the year
1 Coverage ratio 6.8 3.2 -3.6
2 Quick liquidation coefficient 3.8 1.71 -2.09
3 Absolute liquidity ratio 0.89 0.73 -0.16
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4 Movement of working capital 0.52 0.68 0.16
5 Movement of total capital 0.77 0.81 0.04
Liquidity is characterized by the fact that the company covers its current liabilities at the expense of current assets. To determine the liquidity of the balance sheet, the system of "Stekloplastik" LLC, which displays balance sheets and other financial reports, is used.
DISCUSSION
From the table, we can see that the coverage ratio, that is, the ratio of current assets to the sum of current liabilities during the reporting period, has decreased by 1.7 (170%). This coefficient represents how many soums of financial resources correspond to current liabilities of 1 soum of current assets, and gives the overall value of the enterprise.
The ratio of quick liquidation is characterized by the movement of cash flows in current liabilities, the ratio and the share of other assets. This coefficient is in our case0.85 hawe can see that it has increased. The absolute liquidity ratio characterizes the share of cash in current liabilities. This coefficient has decreased by 0.7 and represents the funds to cover obligations in the current situation.
Movement of working capitalan enterprise located in the form of a share of its own capital hinders its free movement, and this coefficient0.83 hashows that it has increased.
Movement of total capitalimmobilizatsii refers to the fast-moving part of the means that can turn into cash more quickly than fixed assets. During this period, this ratio increased to 1.41, which indicates the liquidity and solvency of the enterprise.
A financially stable enterprise is defined as an enterprise that does not allow unjustly created receivables and payables with the help of its assets and settles its obligations on time.
A number of indicators for studying the financial stability of "Stekloplastik" LLC are presented in the table below (Table 6).
6 - table
of "Stekloplastik" LLC for 2021 analysis of financial stability
No Indicators 2021 deviation (+,)
year per head by the end of the year
1 Dependency coefficient 0.89 0.75 -0.14
2 Financial stability coefficient 7.76 2.98 -4.78
3 Movement of equity capital 0.7 0.8 0.01
4 Financial dependency ratio 1.1 1.3 0.21
5 Capital employed concentration ratio 0.11 0.25 0.14
6 The ratio of leveraged and equity capital 0.1 0.3 0.21
CONCLUSIONS
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From the given table, we can see that the dependence coefficient has increased to 1.13, which indicates a decrease in the probability of financial difficulties and an increase in financial stability.
Financial stability coefficientjust like that1.98 haincreasing, partly means that there are sufficient reserves to maintain independence and financial stability from external financial sources.
Financial dependency ratioA decrease of 0.9% indicates a decrease in financial dependence and a decrease in the risk of financial difficulties.
Movement of equity capitalIt is 0.7%, which indicates the positive activity of the enterprise.
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