Information agency Credinform offers to get acquainted with the ranking of building companies of Moscow and Moscow region. The companies with the highest volume of revenue involved in this activity were selected in the mentioned region by the experts according to the data from the Statistical Register for the latest available period (for the year 2013). Then, the first 10 enterprises selected by turnover were ranked by decrease in net assets index.
Net assets index is one of key indicators of activity of any commercial organization. This index is calculated as a difference between total assets and total liabilities.
Net assets of a company should be at least positive. Negative net assets – it is a sign of the failure of an enterprise, pointing to that it is completely dependent on creditors and hasn’t own funds.
Net assets should be not only positive, but also should exceed the amount of the authorized capital of an enterprise. It means that in its course of business a company not only hasn’t gone through funds primarily invested by the owner, but also has ensured their gain. Net assets being less than the authorized capital is permissible only for newly founded enterprises in the first year worked. In the following years if net assets will become less than the authorized capital, the civil code and the legislation on joint-stock companies demand to reduce the authorized capital down to the value of net assets. If an organization has the authorized capital being so then at minimum level (10 000 RUB), it is opened a question about its further existence.
|№||Name, INN||Net assets, 2013, ths RUB||Authorized capital, 2013, ths RUB||Turnover, 2013, mln RUB||Solvency index GLOBAS-i®|
|18 971 686||120 000||18 726||236 (high)|
|2||Domostroitelny kombinat №1 OJSC
|9 384 087||248||39 929||200 (high)|
|8 526 691||4400||18 763||200 (high)|
|4||Glavnoe upravlenie obustroystva voysk OJSC
|5 833 223||3 013 611||62 897||251 (high)|
|3 166 657||125 269||21 027||267 (high)|
|2 649 899||9 393||33 223||323 (satisfactory)|
|7||Stroitelnoe upravlenie№155 CJSC
|1 456 129||1203||57 599||211 (high)|
|8||Investitsionno-finansovaya stroitelnaya kompaniya ARKS LLC
|1 440 635||4000||33 071||224 (high)|
|9||Reneissans konstrakshn CJSC
|1 122 301||50 000||32 211||192 (the highest)|
|74 003||10||30 975||204 (high)|
First of all it should be noted that the amount of net assets of all TOP-10 companies conforms to the level, established under legislation of the RF, i.e. exceed the amount of their authorized capital.
Picture. Net assets of building companies of Moscow and Moscow region, TOP-10
The first place of the ranking belongs to the company Mospromstroy CJSC, which showed the highest value of net assets among building companies of Moscow and Moscow region. The enterprise is one of long-livers of Russian construction market. Going beyond Moscow, it implements actively regional projects of industrial and housing construction. Considering the combination of financial and non-financial indicators the company got a high solvency index GLOBAS-i®, what points to its ability to pay off its debt in time, with minimal risk of default.
The largest on turnover building company of the metropolitan area - Glavnoe upravlenie obustroystva voysk OJSC - took the 4th place in the ranking, with the net assets index at the rate of 5833 mln RUB, what significantly outweighs the amount of the company’s authorized capital and answers to the recommended standards. The company also got a high solvency index GLOBAS-i®, that testifies to its financial stability.
In spite of that the amount of net assets of all TOP-10 companies meets the requirements of the legislation of the RF on the combination of financial and non-financial indicators the company Velesstroy LLC got a satisfactory solvency index GLOBAS-i®. Therefore, the solvency margin of this organization doesn’t guarantee that debts will be paid off in time and fully.
Now therefore, the enterprises should control the amount of net assets to avoid the liquidation by tax authorities.
Troublesome geopolitical environment in Ukraine generated the deterioration in relations between Russia and Western countries, primarily with USA and EU. This took the form of the mutual sanction policy application. Financial and commodity restrictions have already had a negative impact on dynamic of Russia’s foreign trade turnover.
Russia’s foreign trade volume over January – August 2014 amounted to USD 520,6 billion, that is 4,4% lower in comparison with the corresponding period of the previous year (USD 544,5 billion). Moreover, the decrease of the goods turnover with the EU countries was more significant – 5,7%.
Out of the whole turnover in monetary terms, import accounts for USD 189,1 billion (36,3%), export - USD 331,4 billion (63,7%). Thus, the trade surplus amounted to USD 142,3 billion, having increased on 3,7% to the level of January – August 2013. The increase of surplus was in the first place influenced by the decrease of import volume on 7,1% within 8 months of this year, whereas export decreased on 2,8%.
In spite of the western countries’ sanctions and the food embargo, imposed on August 7th against EU, USA and some other countries (under seizure are grocery products, including fruits that have only 2% in the total import volume), the European Union is still the main foreign trade partner of the Russian Federation: 28 countries of the economic bloc generate in the whole 49.3% of our trade (USD 256,2 billion over January – August 2014); Russia is a third in order of importance EU partner after the USA and China.
|№||Country||Foreign trade turnover over January-August 2013, million USD||Foreign trade turnover over January-August 2014, million USD||Change, %||Share of the country in the total turnover|
|1||China||57 138,1||57 161,0||0,0||11,0|
|2||The Netherlands||50 602,8||51 620,1||2,0||9,9|
|3||Germany||47 694,5||44 610,2||-6,5||8,6|
|4||Italy||35 151,6||33 920,6||-3,5||6,5|
|5||Ukraine||24 637,1||21 767,2||-11,6||4,2|
|6||Japan||21 173,2||20 555,9||-2,9||3,9|
|7||The United States of America||17 397,2||20 320,0||16,8||3,9|
|8||Turkey||20 837,9||20 087,5||-3,6||3,9|
|9||Belarus||23 202,1||18 854,0||-18,7||3,6|
|10||Republic of Korea||15 861,6||18 332 ,8||15,6||3,5|
In respect to isolated countries (table 1), China holds the first place in mutual trade with the RF, following the results of 8 months. Total money turnover reached USD 57,2 billion. In spite of sanctions and prospects of decreasing the collaboration, the USA accumulated the trade turnover with our country on almost 16,8%, to USD 20,3 billion over analyzed period. It is the largest increment among TOP-10 partner countries. The good dynamic is also observed in trade increase with the South Korea – on 15,6%.
The largest decline of trade volume was fixed with the Republic of Belarus (-18,7%) and Ukraine (-11,6%). It is worth noting that the crisis situation in Ukraine is far from the completion. And ratification association contract with the EU will lead to the fact that Russia will have to introduce duties on the Ukrainian products. The cessation of gas deliveries, mutual extra sanctions, destroyed infrastructure of Donets Basin, general decline in industrial production will in the short term cause even greater trade decline with our neighbor. Ukraine is in danger of total corroding of all the ties and losing of the main for the country Russian market.
The trade decline with Belarus is explained largely by the fact that supplies of the Ukrainian products were carried out through this country as well.
Our export commodity structure (fig. 1) still basically consists of the mineral resources - 71,1% of the whole goods turnover in January-August 2014 (USD 235,6 billion). Out of TOP-10 commodity items (table 2) the export of cereals has increased more than others – on 80,1% in monetary terms. It happened owing to the good grain yield. The export of the main resource – oil and gas has decreased on 2,7%.
Figure 1. Export commodity structure in January-August 2014, % in the total volume in monetary terms
Figure 2. Import commodity structure in January-August 2014, % in the total volume in monetary terms
The import commodity structure (fig.2) is much more diversified: 18,2% of the money turnover accounts for machinery and equipment (USD 34,4 billion), 11,9% - vehicles for land transport (including cars), 10,8% - electrical machinery and equipment.
|№||Name of export item||Trade volume, USD million||Change, %||Name of import item||Trade volume, USD million||Change, %|
|1||Mineral fuel, oil||235 558,9||-2,7||Equipment and mechanical unit||34 449,7||-7,1|
|2||Ferrous metals||13 473,3||2,2||Vehicles for land transport||22 512,5||-15,5|
|3||Pearl, precious or semiprecous stones||8 104,9||-10,1||Electrical machinery and equipment||20 478,9||-5,3|
|4||Fertilizers||5 855,3||-8,4||Pharmaceutical products||8 223,2||-10,1|
|5||Equipment and mechanical unit||5 576,5||7,8||Plastic materials||7 331,5||-3,3|
|6||Wood||5 189,3||10,6||Military equipment||6 523,9||56,6|
|7||Military equipment||4 580,1||-28,0||Instruments and optical devices||4 771,5||-15,2|
|8||Inorganic chemistry products||4 438,7||-13,7||Items made of ferrous metals||4 482,0||-17,7|
|9||Aluminium||4 410,1||-9,3||Fruits and nuts||3 729,6||-9,4|
|10||Cereals||4 017,8||80,1||Ferrous metals||3 623,6||-11,2|
Sanctions, imposed against our country, adversely affected the trade with our main partner – EU that has already spoken about possible repeal of some restrictive measures. Counter measures on the part of Russia gave rise to the fact that Europe loses the large market which can be in the short term filled by the suppliers from Asia and Latin America. Due to this, deficit or catastrophic declines of various commodities output supply are not expected. The market will quickly redevelop and stabilize.
Logistic complication of the North American shale gas delivery to the European continent and extremely fragile situation in the North Africa and Middle East bring to naught EU plans to abandon Russian energy carriers – the main income item of our export.