This article is focused on the analysis of the financial ratios

developed is of inductive - deductive type by means of

instruments such as direct observation, of longitudinal type

where the results analyze reflect variation between the

years 2018 - 2019; it is important to review its financial

statements in order to verify the real and current situation

of the company, applying the financial indexes: Liquidity,

Portfolio Turnover and Leverage. It is possible to

distinguish a significant percentage in the collection of

accounts receivable in 2018, however, 2019 reflects a year

with greater demand and variation of products. New

El presente artículo se encuentra enfocado en el análisis de las razones financieras

durante los años 2018 y 2019 de la comercializadora de electrodomésticos considerada

las más grande del país Marcimex S.A. Con el propósito de establecer la variación que

existe en la recuperación de cartera entre un año a otro, con el fin de conocer si la

situación actual de la empresa es la adecuada. La metodología de investigación

refleja un año con mayor demanda y variación de productos. Se plantea nuevas

estrategias que proporcionen resultados alentadores dentro del área de crédito y

cobranza de esta institución con el propósito de mejorar la cartera de clientes sin afectar

la relación comercial.

Apalancamiento

Financial management has long been considered of great importance for the proper

"Financial analysis is mainly based on the calculation of indicators that reflect the liquidity,

solvency, operating efficiency, indebtedness, performance and profitability of an entity.

A company with liquidity is considered solvent but not always a solvent company obtains

liquidity" (Roig & Soriano, 2015, p. 400)

The above leads us to consider the execution of a financial analysis within the present

study project, taking as main tools the financial ratios, in order to perform a comparative

analysis in the collection of portfolio within the commercial sector during the years 2018

- 2019.

Currently, every company that seeks to remain in the market chooses credit sales as a

strategy, so it is essential to have a proper control of the receivable portfolio and the

Most Ecuadorian commercial companies, in an attempt to increase sales, opt to offer

more credit facilities to their clients, although this strategy represents higher sales and

also presents a high risk by omitting important aspects that guarantee timely payment of

the debt.

It is a real challenge for appliance marketers to keep up when granting credit to people

with a high level of indebtedness because it is very likely that they will not be able to

financing of its operations thus generating a reduction in business risk" (p. 200), the

current situation makes it possible that a crisis within the credit area may arise, therefore

during the development of this research the financial information, liquidity, portfolio

turnover and leverage will be analyzed to perform the proper collection strategies,

are an instrument to help the administration of the companies to solve problems and

examine if there have been improvements from one year to another, adopting the best

decisions that will benefit the entity. In its publication Vélez et al., (2019) states that

financial statements show a structured idea of the financial situation of a company within

a given time period, where their purpose is to provide information on the position of

the entity, the results of its activities and the sources useful in the decision-making

process. (p. 21)

Currently, "standards established through Financial Reporting Standards (FRS) are used

for the presentation of information in relation to balance sheets in order to provide

details of the current situation of a company for decision making" (Molina-Morales &

Giacomozzi et al., (2013) It is a financial document where the Assets, Liabilities and

Equity are presented in an orderly and systematic manner at a given time. According to

Giacomozzi et al., (2013) "the balance sheet is static it represents a summary of

According to Elizalde (2019) the cash flow statement reports the movements and

changes in cash and cash equivalents during a period, this information is favorable

because it provides the necessary basis for assessing the company's ability to generate

cash and its liquidity needs, for optimal economic decision making.

As he points out Vélez et al., (2019) financial knowledge can be defined as the domain

that an entrepreneur must have in order to understand the information related to

observe the trend of the values, i.e. how they increase or decrease. This analysis is

performed integrally since each of the figures of the indicators do not represent a faithful

result of the object of study, achieving the objective of contributing to improve decision

making.

economic stability of each company; also the efficient management of the tools helps to

establish an accurate scenario where the current situation of micro, small and medium

enterprises is analyzed, these financial strategies are used in order to increase the

capacity of profits and income and obtain financial stability in the organization.

According to del Casasola (2015) these ratios reflect the capacity of a company to pay

its liabilities in the short term; analyzing the degree of availability of the asset items and

the degree of exigibility of the liability items by carrying out a relationship with each

other.

The liquidity ratio is calculated based on the following formulas:

Source: Authors' elaboration

As he points out Rodríguez et al., (2015) these indicators also called turnover , try to

measure the efficiency with which a company manages its assets according to the agility

in the recovery of these values".

Source: Authors' elaboration

Table 3. Leverage

generated makes it positioned in a situation where at a given time is optimal, but it

should be taken into account that this would be feasible in its entirety depending on the

agility with which its inventories and portfolio are converted into cash.

From the perspective of Melgarejo et al., (2014) the financial indicators demand a

process for the evaluation and issuance of a supported criterion, the realization of a

comparison of historical values, to distinguish the evolution of the indicator, ideally two

or more periods, it coincides with what was proposed above, since the results of the

financial indicators were interpreted based on the use of the entity's resources; thus the

comparison of the evolution, development and changes of the indicators during the

chosen periods is also performed.

Although the company has not shown complications in its collection of accounts

receivable, the study of the financial ratios indicates that there is a slight delay in the

payments made by its customers, it could be deduced that the defaults are due to the

current economic situation, this study becomes an effective tool for making the

credit policies offered by this entity.

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