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Rating history of a economic efficiency and investment appeal of industrial enterprises in the Russian Federation

Practically all the ratings prepared in Russia are made on the sales volume basis. Thus, large enterprises and holding companies are always at top of the rating. At the same time, the size of the enterprise is not always accompanied by effective activity. For this reason we had set and fulfilled the task to develop a methodology how to calculate an average which would allow to prepare a rating not only on volume basis, but also including other indices – cost, profits, depreciation of fixed assets, accounts receivable and payable, liquidity and solvency of the enterprises.

Bimmacon Index (Index of investment appeal)

IB was developed by our company experts and we received a copyright certificate. Our ratings are made under this particular index.

List of  parameters used in rating calculation

At present the research department of our company is carrying out calculation of parameters regarding regions and branches, analyzing the following parameters of financial and economic activity efficiency:

1. Average proceeds of companies in branch, thousand roubles
2. Depreciation level of fixed assets, %
3. Total investments into working capital,  thousand rbl.
4. Total direct costs, thousand rbl.
5. Profitability due to net profit- to- proceeds ratio, %
6. Profitability before taxes, %
7. Profitability of sales, %
8. Productivity (proceeds/1 person), thousand roubles
9. Productivity per 1 worker (proceeds/1 person), thousand roubles
10. Absolute (short-term) liquidity
11. Intermediate liquidity
12. Current liquidity (cover ratio)
13. Net assets of a company
14. Turnover of net assets, times
15. Profitability of net assets, %
16. Return on assets, %
17. Turnover of assets, days
18. Working capital
19. Turnover of working capital, days
20. Stock turnover, days
21. Turnover of accounts payable, times
22. Turnover of accounts payable, days
23. Excess of accounts receivable over accounts payable, times
24. Turnover of accounts payable of buyers and suppliers, days
25. Share of commercial charges in cost structure, %
26. Share of administrative expenses in cost structure, %
27. Share of operating costs in cost structure, %
28. Total interest on loans, thousand roubles
29. Share of interest on loans in cost structure, %
30. Leverage
31. Financing ratio
32. Equity maneuverability
33. Financial dependence
34. Structure of loan capital, %
35. Duration of an operational cycle, days
36. Duration of a financial cycle, days
37. Wages and salaries, rbl. (including workers, casual workers, management personnel)
38. Structure of employees (share of workers, casual workers, management personnel)
39. EBIT
40. EBITDA
41. Social expenditures, thousand roubles
42. Share of  non-cash payments, %
43. Average branch Balance sheet (Form №1)
44. Average branch Income statement (Form №2), thousand roubles.

Regional scope

The analysis of parameters covers practically all regions in the Russian Federation.

Methodology

The methodology of  ratio calculation conforms to the existing standards and is sent to users with the review.

Periodicity of review publications

Ratios are calculated and published annually according to half-year and year results.  Calculations are made after companies present their accounts in conformity with  the Russian accounting standards. Considering the large number of the enterprises in each branch, the transfer of the accounts of thousands of enterprises into IAS is not obviously possible.

Rating is given by taking into account Bimmacon index (IB) or Index of investment appeal. The main purpose of Index of investment appeal is to develop estimation system of investment appeal for enterprises, which would allow to compare  performance efficiency and investment appeal of enterprises of different capacity, number of personnel, and also enterprises operating in different business fields.

Index of investment appeal is calculated as an average arithmetic sum of quotients after division of each actual average of an enterprise by normative value of the given average. 45 averages are taken into account.

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