Information agency Credinform prepared a ranking of the major Russian manufacturers of railway rolling stock. 

Top-10 companies with the highest volume of revenue were selected for this ranking according to the data from the Statistical Register for the latest available period (for the year 2014). The enterprises were ranked by decrease in return on sales ratio. Moreover, data on revenue dynamics in accordance with the previous financial year and the solvency index GLOBAS-i are presented (see table 1).

Return on sales (%) is the share of operating profit in the company's sales volume. Return on sales ratio characterizes the most important indicators of the company - the efficiency of industrial and commercial activity. The ratio shows residual funds from the sale of products after covering its costs, loans interest’s expense and taxes. 

Return on sales is an indicator of the pricing policy of the organization and its ability to control costs. Differences in competitive strategies and product lines cause considerable diversity of return on sales values in the companies. Therefore, it should be noted that at equal values of revenues, operating expenses and pre-tax profit in two different organizations the return on sales can vary greatly under the influence of the volume of interest payments on the net profit. 

Average return on sales of the largest manufacturers of railway rolling stock (TOP-10) amounted to 6,88% in 2014. The highest value of the indicator: 20,87% (JOINT STOCK COMPANY METROVAGONMASH) and the lowest negative value: -15,99 (Tikhvin Railway Car Building Plant JSC). 

TRANSMASHHOLDING CJSC, the leader in the industry in term of the annual revenue, shows the return on sales of 5,01%, that is higher than the industry average value of 4,95%. 

TRANSMASHHOLDING CJSC is a leading enterprise in the Russian transport machine-building.  Enterprises of the holding manufacture mainline and industrial locomotives, mainline and shunting locomotives, locomotive and marine diesel engines, freight and passenger cars, electric cars and the subway, rail buses, wagon castings and other products. JOINT STOCK COMPANY METROVAGONMASH  and JOINT-STOCK COMPANY Tver Railwaycar-Building Works are also included in the holding. 

According to the results 2014, the total annual revenue of the Top-10 companies amounted to almost 316 bln RUB. Revenue growth was 2%, that is quite a good result against the background of the GDP growth rate by 0,6% compared to 2013, and reduction in manufacture by 9,1% at the industry average (Rosstat data).

According to the experts, the total production capacity of car-building enterprises in Russia is about 100 - 120 th cars per year. In 2012 there was a peak of cars output, when about 70 th units were manufactured. In 2014, the production amounted to 54 th units. In future, further decline in production to 30 - 40 th cars per year is possible.

7 companies of the Top-10 list were given high and the highest solvency index Globas-i. 

Tikhvin Railway Car Building Plant JSC, JSC "Altaivagon", Joint Stock Company Demikhovo machine-building plant have got satisfactory index. Solvency level of these companies does not guarantee full and timely repayment of debt.

In order to reform the system of the collection of fiscal payments, optimize the system of financial control and supervisory agencies within the structural transformations of the Government of the RF the Federal Service for Fiscal and Budgetary Supervision (Rosfinnadzor) was abolished by the Decree №41 of the President of the RF from 02.02.2016 «On some issues of state control and supervision in the financial and budgetary sphere». 

Following functions of control and supervision were laid upon the Service:

1) in the financial and budgetary sphere the Federal Service for Fiscal and Budgetary Supervision was empowered to monitor the compliance with the budget legislation of the RF, reporting on implementation of government programs, compliance with the valuation rules in the field of procurement, substantiation of an initial price of a contract, imposition of penalties by a customer, compliance with delivered goods, supply report and use of it or provided services as intended etc.; 

2) compliance with the currency legislation of the RF, accordance of foreign exchange operations with conditions of licenses and permits;

3) quality of work of audit firms;

4) analysis of the execution of the budget powers of the bodies of state financial control;

5) analysis of the conduction of internal financial control and internal financial audit by chief administrators of the federal funds;

6) compliance with the requirements of financial control in the area of procurement, goods, works and services

According to the law, all control and supervisory powers of the Federal Service for Fiscal and Budgetary Supervision should go to the Federal Treasury. The main functions of the Treasury are:

• organization of the system of relationships with banks;
• operational planning and optimization of cash flows;
• controlling;
• financial risk management.

The Federal Service for Fiscal and Budgetary Supervision and the Treasury complete similar tasks, for example, concerning the supervision of the financial discipline, execution of the budget, budget postings. Therefore, the amalgamation of the Federal Service for Fiscal and Budgetary Supervision and the Treasury, which are included structurally in the Ministry of Finance, by joining of the first organization to the second one, with the transfer of control and supervisory powers of the Federal Service for Fiscal and Budgetary Supervision to the system of the Treasury, seems to be logical and meets the requirements of today's time. The functions of currency control in this case are decided to allocate between the Federal Tax Service and the Customs Service of the RF. 

The control of expenditure of budgetary funds in today’s difficult conditions is remaining a very important task. As much as this control must be effective, the Treasury should fully adopt the functions of the abolishable Rossfinnadzor until the end of the current year. According to the decree of the Government of the RF, the Federal Service for Financial and Budget Supervision would be eliminated before September 1, 2016.  

Thus, all departments responsible for budget revenues will be collected in the structure of the Ministry of Finance: the Federal Tax Service of the RF, the Federal Service for Fiscal and Budgetary Supervision and the Federal Treasury, Federal Customs Service of the RF and the Federal Service for Alcohol Market Regulation (Rosalkogolregulirovanie).