In order to stimulate economic development and realize nationwide projects on priority directions, it was created the institution of state guarantees, which undergoes its transformation in the normative legal field at the present time. So that, it was found in the recent Resolution of the Government of the RF No.476, dated 21 May 2014, that the substitution of a bank, stated as a beneficiary in the state guarantee, by a new party is possible only in case of the compliance of such bank with the requirements to beneficiaries, set by appropriate normative legal acts, which govern relations on granting and performance of state guarantees.

The Russian Federation, as a guarantor, is interested in financial solvency and transparency of the scope of persons (banks, investors) being involved in the implementation of infrastructure projects of high priority, participants of which are determined by decisions of the Government, as well as by bodies authorized by the Government (by interagency or government committees, federal agencies of executive authority), which select principals (borrowers).

Moreover, it was foreseen that to pledge the claims on such state guarantees to the «Bank of Russia» will be possible only for banks, having the amount of internal capital more than 100 bln RUB.

Such measures are directed, finally, to the extension of refinancing opportunities of credit institutions by the side of the Bank of Russia and the creation of conditions for the increase in lending of the real sector of economy.

Information agency Credinform prepared a ranking of Russian travel agencies on the return on sales. The companies with highest volume of revenue were selected for this investigation according to data from the Statistical Register for the latest available period (for the year 2012). Then, the first 10 enterprises selected by turnover were ranked by decrease in the value of return on sales.

Return on sales ratio is calculated as the relation of operating income (before-tax income) to turnover and is an indicator of the pricing policy of a company, presenting its ability to monitor its costs. Negative values of the indicator testify that expenses of an enterprise exceed revenues from sales of products, what is an unfavorable trend. Recommended value of the indicator varies depending on the industry.

Tourism plays an increasingly prominent role in the global economics. According to estimations of the experts, the market volume of outbound tourism in Russia has increased more than 2,5-fold for last 10 years, and the average annual growth has made 10,5%. High growth rates are explained first of all by the growth in prosperity of citizens.

The turnover of the largest TOP-10 travel agencies of Russia made 23 013 mln RUB at year-end 2012, what is by 26,13% more, than at year-end 2011.

The first place of the ranking on return on sales belongs to AgentstvoDAVS CJSC with the indicator value 17,32%, that testifies to an efficient cost control by the side of the management. It should be noted that the company rounds out the TOP-10 on turnover. Besides that the enterprise got a high solvency index GLOBAS-i®, what characterizes it as financially stable.

In total more than half from TOP-10 companies of the ranking showed positive values of return on sales. Including the leader on turnover – Versa LLC with the ratio value 0,85%. In spite of the fact that company’s revenues exceed its expenses, the management should take a set of measures, focused on the increase of the effectiveness of cost control. However, on the combination of financial and non-financial characteristics, the enterprise got the highest solvency index GLOBAS-i®, what characterizes it as the most attractive for business cooperation.

The second company on turnover – FIRMA NEVA CJSC – took only the 8th line in the ranking, with the return on sales (-0,96%), what testifies that company’s expenses exceed revenues from sales of products. However, on the combination of financial and non-financial indicators, the enterprise got a high solvency index GLOBAS-i®.

Along with FIRMA NEVA CJSC two more companies of the branch have negative value of the return on sales: SVOI TUR I TREVEL LLC (-3,29%) and Vodohod’ LLC (-4,47%), what testifies to an inefficient cost management. Both companies got a satisfactory solvency index GLOBAS-i®. For the retention of market stability and the assurance of opportunities for further development these enterprises should pay more attention to the return on sales, as well as manage their liability structure more efficiently.