Joint stock companies in Russia will be divided into public and non-public entities

The Federal law №99-FL, making amendments to the Civil Code of the Russian Federation, comes into force as per the September 1, 2014. According to the proposed amendments, closed and open joint stock companies along with superadded liability companies will cease to exist within the Russian Federation. All joint stock companies (JSC) will be divided into public and non-public companies instead of preexisting legal forms.

Public companies are proposed to be qualified as JSC, securities of which were ever placed by public offering or traded publicly on the terms specified by the securities laws.

Alexander Konovalov, the Head of the Ministry of Justice of the Russian Federation, stated that more than 85 % of the legal entities are registered at the moment as limited liability companies. At the same time, such legal forms as general partnership and superadded liability companies appeared to be the most unclaimed.

According to representatives of the Ministry, closed joint stock companies fail to justify their existence, as far as their status is actually duplicated by limited liability companies. Thus, it is submitted to constitute the division on public (open) and non-public (closed) joint stock companies instead of existing forms of open and closed joint stock companies. In addition, Mr. Konovalov placed emphasis on the fact that there is no need to re-register earlier established legal entities and to re-record real estate titles.

Division of JSC on public and non-public entities won’t influence the number of companies obligated to disclose the full set of existing facts. In this respect, several thousands of JSC that were released from disclosing information by the form of existing facts prior to introduction of amendments are now to disclose condensed amount of information (annual statements, annual accounting reports, lists of affiliated persons), due to the fact that in the past these companies carried out public placement of securities.

According to specialists, the proposed bill is focused on arrangement of the conditions for establishing of corporate management models. Besides, the submitted amendments are to contribute simplification and regulation of control over JSC.

Accounts receivable turnover of enterprises, supporting the activity of maritime transport

Information agency Credinform prepared a ranking of enterprises, supporting the activity of maritime transport of Russia, on accounts receivable turnover.

The 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 2012). These enterprises were ranked by increase in accounts receivable turnover in days.

Accounts receivable turnover (days) is the relation of average accounts receivable for the period to sales revenue. This is the indicator of the speed of the repayment by an organization of its debts to suppliers and contractors. This ratio shows, how many times a year an enterprise has discharged the average amount of its accounts receivable. Consequently, the less is the ratio value, the soonest a company pays up current debts, what exercises a salutary influence over its solvency taken as a whole.

There is no specified value prescribed for the mentioned ratio, because it varies strongly depending on the branch, where each concrete enterprise conducts business.

Companies’ activity should be assessed relying on the industry-average indicator. 

Table. Revenue, accounts receivable turnover and solvency index of the largest enterprises, supporting the activity of maritime transport (TOP-10)
NameRegion of the registrationRevenue, in mln RUB, for 2012Gain (reduction) by the year 2011, %Accounts receivable turnover, in daysSolvency index GLOBAS-i®
1 Sudokhodnaya Kompaniya pavino LLC
INN: 2537031053
Primorye territory 6 036,4 44,4 18 220 high
2 Flot Novorossiyskogo morskogo torgovogo porta OJSC
INN: 2315005197
Krasnodar territory 6 413,3 -17,4 19 177 the highest
INN: 2315004404
Krasnodar territory 10 657,7 8,1 21 211 high
Leningrad region 6 618,1 3,2 35 205 high
INN: 7702352454
Moscow 15 341,3 14,3 41 246 high
INN: 2508064833
Primorye territory 4 479,7 35,3 44 228 high
INN: 2538001527
Primorye territory 5 286,0 4,5 59 222 high
INN: 5260902190
Nizhny Novgorod region 4 797,9 180,4 85 214 high
INN: 5190400250
Murmansk region 4 710,4 -10,2 90 322 satisfactory
INN: 6501166304
Sakhalin region 7 596,3 -18,9 400 231 high


maritime transport

Picture. Accounts receivable turnover and revenue of the largest enterprises, supporting the activity of maritime transport (TOP-10)

The revenue of the largest enterprises, supporting the activity of maritime transport (TOP-10), made 71,9 bln RUB, following the results of the latest published financial statement. The dynamics of the cumulative turnover in annual expression showed moderate growth - 8,4%. Industry leaders accumulate up to 48% of the revenue of all companies of this economy sector.

Except the company MIDGLEN LODZHISTIKS SAKHALIN LLC, where the slowest turnover of accounts receivable is fixed (400 days), other enterprises from TOP-10 discharge debts on average for 46 days.

Following three organizations of the TOP-list showed the turnover period less than one calendar month: SUDOKHODNAYA KOMPANIYA PAVINO LLC (18 days), Flot Novorossiyskogo morskogo torgovogo porta OJSC (19 days), NOVOROSSIYSKY MORSKOI TORGOVY PORT OJSC (21 days).

SUDOKHODNAYA KOMPANIYA PAVINO LLC – carries out bunkering and supply of oil products in Far East region.

Flot Novorossiyskogo morskogo torgovogo porta OJSC - is the largest tow company among similar enterprises, serving vessels at ports. This is the only one self-sufficient commercial organization, providing a full range of harbor services to ship-owners at Novorossiysk Port.

NOVOROSSIYSKY MORSKOI TORGOVY PORT OJSC - is the third port operator of Europe and unchallenged leader on the volume of cargo tonnage in Russian stevedoring market. To the Group belong the biggest two ports of Russia — Novorossiysk port on the Black Sea, Port of Primorsk on the Baltic Sea, as well as port of Baltiysk in Kaliningrad region.

Now therefore, from a creditor's point of view, business connection with organizations mentioned above is least risky, money is refund in minimum terms.

Moreover, all TOP-10 enterprises (except Murmanskoe morskoe parokhodstvo, where the net loss is fixed) got high values of the solvency index GLOBAS -i®, what points to sound enough financial standing of the branch, to investment attractiveness.


See also: Ratio of liabilities and assets of enterprises offering passenger water transportation services