Information agency Credinform has prepared a ranking of Russian household appliances wholesalers. The largest enterprises (TOP-10 and TOP-100) in terms of annual revenue were selected according to the data from the Statistical Register and the Federal Tax Service for the available periods (2017-2019). Then the companies were ranged by return on assets ratio (Table 1). The company selection and analysis were based on the data from the Information and Analytical system Globas.

Return on assets (%) is calculated as the relation of the sum of net profit and interest payable to the total assets value of a company and shows how many monetary units of net profit are earned by every unit of total assets.

The ratio characterizes the effectiveness of using by the company of its resources. The higher is the ratio value, the more effective is business, that is the higher the return per every monetary unit invested in assets.

However, it is necessary to take into account that the book value of assets may not correspond to their current market value. For example, under the influence of inflation, the book value of fixed assets will increasingly be underestimated in time, that will lead to an overestimation of the return on assets. Thus, it is necessary to take into account not only the structure, but also the age of the assets.

It should be also taken into account the dynamics of this indicator. Its consistent decline indicates a drop in asset utilization.

The calculation of practical values of financial indicators, which might be considered as normal for a certain industry, has been developed and implemented in the Information and Analytical system Globas by the experts of Information Agency Credinform, taking into account the actual situation of the economy as a whole and the industries. In 2019 the average industry practical value of return on assets ratio for the household appliances wholesalers was from 0 to 11,11 %%.

For the most full and fair opinion about the company’s financial position the whole set of financial indicators and ratios should be taken into account.

Table 1. Net profit, revenue, return on assets, solvency index Globas of home appliance wholesalers (ТОP-10)

Name, INN, region	Revenue, million RUB		Net profit (loss), million RUB		Return on assets,%		Solvency index Globas
	2018	2019	2018	2019	2018	2019
1	2	3	4	5	6	7	8
LLC ELECTROLUX RUS INN 7804159731 Moscow	13 115	14 999	1 452	1 591	25,19	22,72	218 Strong
LLC PHILIPS INN 7704216778 Moscow	27 182	34 767	1 267	861	13,76	9,42	258 Medium
LLC WHIRLPOOL RUS INN 7717654289 Moscow	27 354	28 690	1 269	517	8,17	4,03	246 Strong
LLC TRADE HOUSE ABSOLUT INN 7726600963 Moscow	16 998	22 139	-183	298	-1,88	3,30	260 Medium
LLC KHASKEL INN 7719269331 Moscow region	132 485	169 047	2 394	1 556	6,70	2,81	195 High
LLC TFN INN 7727696432 Moscow	14 942	17 244	285	186	4,24	2,33	233 Strong
JSC SONY ELECTRONICS INN 7703001265 Moscow	37 394	30 475	286	182	2,34	1,67	228 Strong
LLC ELEKTROSISTEM INN 7704844420 Tver region	46 165	45 552	615	161	4,53	1,25	304 Adequate
LLC DISRTIBUTION CENTRE INN 5047067909 Moscow region	18 747	14 457	58	53	0,92	1,10	251 Medium
LLC RBT Company INN 7452030451 Chelyabinsk region	16 546	17 150	70	32	1,03	0,45	214 Strong
Average value for TOP-10 companies	35 093	39 452	751	544	6,50	4,91
Average value for TOP-1000 companies	1 038	1 034	25	20	8,83	8,18
Average industry value	120	157	-1	5	-2,39	5,92

growth of indicator in comparison with prior period, decline of indicator in comparison with prior period

The return on assets value of all TOP-10 companies is in the range of average industry practical value.

The average value of return on assets for TOP-10 companies is lower than TOP-1000 and average industry value: in 2019, three companies improved the results. At the same time, only one company showed the decrease in revenue and two companies demonstrated the increase in net profit.

In general, during the last 10 years, the average industry indicators of return on assets ratio were within the practical value. (Picture 1). The companies showed sufficient efficiency in use of their resources, with exception of 2018.

Picture 1. Change in average industry values of return on assets of household appliances wholesalers in 2010 – 2019

The Federal Law No. 27-FZ dated 24/02/2021 amended the Article 21 of the Federal Law "On Foreign Investments in the Russian Federation". This article regulates establishment, opening and termination of branches and representative offices of foreign legal entities in Russia as well as the procedure for their accreditation and maintenance of the relevant State Register.

The Law provides procedures for suspending accreditations, making changes to the Register of accredited branches and representative offices of foreign legal entities' data, as well as termination of accreditation. The latter is possible in cases of failure to submit necessary documents, or submission of documents that do not meet the approved forms, formats and requirements for registration.

The length of the procedure is reduced to 15 working days from the date of submission of relevant documents as well as an application for accreditation. Accreditation of branches (representative offices) operating in the field of civil aviation will take up to 25 working days.

At least one of the following reasons can serve as a term for refusal to accreditate:

• failure to eliminate in time violations that served as a basis for the decision on suspension;
• submission of documents violating deadline set period of 12 months after a decision on establishment;
• submitted constituent or other documents include false data;
• conflicting purposes of establishing (opening) branches (representative offices) or gross violations of the Constitution of the Russian Federation, international treaties and legislation of the Russian Federation;
• threatening the sovereignty, political independence, territorial integrity and national interests of the Russian Federation;
• administrative offenses, administrative penalties in the form of disqualification in relation to the head of the branch (representative office);
• arrears of taxes, fees, insurance premiums, penalties, fines and interests exceeding the sum of 3 thousand rubles on the first day of the month in which the application for accreditation was submitted;
• lack of authority of a federal executive body to make a decision on accreditation.

Refusal to accreditate may be appealed in court or during a pre-trial procedure established by Chapter 2.1 of the Federal Law No. 210-FZ dated 27/07/2010 "On the Organization of the provision of State and Municipal services".

Implementation of accreditation procedure is a subject to a state fee in accordance with the tax legislation.

The Federal Law will enter into force in August 2021, 180 days after the date of its official release.

64 new accredited branches and representative offices of foreign legal entities have been registered in the State Register since the beginning of 2021.

Information about all more than 200 thousand operating and discontinued branches and representative offices of legal entities in Russia including foreign ones is available to the users of the Information and Analytical system Globas.