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Technique of carrying out financial analysis of the principal when providing the state guarantee of the Russian Federation on the credit (bonded loan) attracted for the purpose of implementation of the investment project


1. This technique is developed for the purpose of implementation of provisions of federal laws on the federal budget for the corresponding financial year and planning period regarding carrying out financial analysis of the principal when providing the state guarantee of the Russian Federation on the credits or bonded loans attracted on implementation of investment projects.
2. Financial analysis of the principal is carried out on the basis of given accounting (financial) records and data which are separately specified in the decision on selection of the principal and (or) the investment project for providing the state guarantee of the Russian Federation.
3. The period for which financial analysis of the principal (is carried out further - the analyzed period), includes:
a) last accounting period of the current year (last accounting period);
b) previous fiscal year (2nd accounting period);
c) the year preceding the previous fiscal year (the 1st accounting period).
4. If drawing up intermediate accounting (financial) records of the principal is in accordance with the legislation of the Russian Federation not provided, the analyzed period are the last 3 financial years (which are in this case respectively 1, the 2nd and the last the accounting periods).
In case of absence for the objective reasons in accounting (financial) records of the principal of data for the 1st and (or) 2nd accounting period (for example, owing to creation of the principal in the current or previous financial year) financial analysis of the principal is performed on the basis of data of the 2nd and (or) last accounting periods respectively which are in this case the analyzed periods.
5. When carrying out financial analysis of the principal the following indicators are considered:
a) net assets value of the principal (K1);
b) coverage ratio of fixed assets own means (K2);
c) coefficient of current liquidity (K3);
d) profitability of sales (K4);
e) regulation of the net profit (K5);
e) the relation of borrowings (taking into account the credit (bonded loan), raised for the purpose of implementation of the investment project under the state guarantee of the Russian Federation (further - the credit (the bonded loan) to own means (K6);
g) the relation of the term (period) of payback of all borrowings raised for the purpose of implementation of the investment project to the loan term (bonded loan) (K7).
6. For the purpose of financial analysis of the principal the net assets value of the principal (K1) as of the end of each accounting period is determined by data of section 3 of the report on change of the capital (the appendix N 2 to the order of the Ministry of Finance of the Russian Federation of July 2, 2010 by N 66n) or if the specified report as a part of accounting (financial) records it is not provided, according to the balance sheet on the formula:

K1 = total assets (the code of the line of the balance sheet 1600) - long-term obligations (the code of the line of the balance sheet 1400) - short-term obligations (the code of the line of the balance sheet 1500) + deferred revenues (the code of the line of the balance sheet 1530).

7. The financial condition of the principal is recognized unsatisfactory (thus further calculation of indicators of K2, K3, K4, K5, K6 and K7 is not performed) in the following cases:
a) as of the end of the 1st and 2nd accounting periods the net assets value of the principal made size less its authorized capital and the principal did not increase net assets value to the size of authorized capital by the end of the last accounting period or did not reduce authorized capital up to the size of net assets;
b) as of the end of the last accounting period the net assets value of the principal is less than minimum size of authorized capital determined by the law.
8. At satisfactory result of the analysis of size of net assets of the principal who is carried out according to point 6 of this technique, calculation of indicators of K2, K3, K4, K5, K6 and K7 is carried out according to the appendix N 1.
Indicators of K2, K3, K4 and K5 are calculated for each accounting period.
Indicators of K4 and K5 are also calculated for all analyzed period in general. Thus indicators of K4 and K5 are not calculated if at the time of carrying out financial analysis from the date of entering into the Unified state register of legal entities of record about creation of the principal passed less than 1 year.
The indicator of K6 is calculated for the end of the last accounting period taking into account the credit amount (bonded loan).
At calculation of the indicator of K7 the values of the term (period) of payback of all borrowings raised for the purpose of implementation of the investment project, and the loan term (bonded loan) determined by the body performing the selection of investment projects and (or) principals for providing the state guarantees of the Russian Federation and which are separately specified in its decision are used.
Within this technique the size of own means of the principal used in calculation of indicators of K2 and K6 is calculated on the formula:

own means of the principal = equity (code of the line of the balance sheet 1300) + deferred revenues (code of the line of the balance sheet 1530).

9. The assessment of calculated values of indicators consists in their correlation with the following admissible values (thus calculated values of coefficients of K2, K3, K4, K5, K6 and K7 are rounded to the third sign after the comma):

Indicator
Admissible value
K2
it is more or equally 1
K3
it is more or equally 1
K4
it is more than 0
K5
it is more than 0
K6
it is less or equally 5
K7
it is less or equally 1.

10. The conclusion about satisfactory value of indicators of K2, K3, K4 and K5 in the analyzed period becomes if their calculated values in the accounting periods had admissible value throughout the most part of the analyzed period (for indicators of K2 and K3 thus the averages for the accounting period of value defined according to the appendix N 1 are used).
The conclusion about satisfactory value of indicators of K4 and K5 in the analyzed period becomes also if their values calculated for all analyzed period have admissible value.
The conclusion about satisfactory value of indicators of K6 and K7 becomes at their compliance to admissible values.
11. The financial condition of the principal is recognized satisfactory in case of satisfactory result of the analysis of size of net assets of the principal who is carried out according to point 6 of this technique provided that concerning each of indicators of K2, K3, K4 and K5 according to points 8 - 10 these techniques the conclusion is drawn on its satisfactory value in the analyzed period, and values of each of indicators of K6 and K7 are satisfactory.
In other cases the financial condition of the principal is recognized unsatisfactory.
12. Results of financial analysis of the principal are made out according to the appendix N 2.

The appendix N 1 to the technique of carrying out financial analysis of the principal when providing the state guarantee of the Russian Federation on the credit (bonded loan) attracted for the purpose of implementation of the investment project

CALCULATION OF FINANCIAL PERFORMANCE

Designation of the indicator
Name of the indicator
Economic sense of the indicator
Formula of calculation of the indicator
K2
coverage ratio of fixed assets own means
characterizes need of sale by the organization of the fixed assets for implementation of complete calculation by creditors
relation of own means to fixed assets
(calculation for data of the balance sheet):
K3
coefficient of current liquidity
shows sufficiency of current assets of the organization for repayment of the current obligations
relation of current assets to the current obligations
(calculation for data of the balance sheet):
K4
profitability of sales
profit share from sales in sales volume. Characterizes efficiency rate of the core business of the organization
relation of sales profit to revenue (calculation for data of the report on financial performance):
a) for each accounting period:
;
b) for all analyzed period
,
where 1 - the 1st accounting period, 2 - the 2nd accounting period, 3 - the last accounting period
K5
regulation of the net profit
share of the net profit in sales volume. Characterizes the overall cost efficiency of organization activity
relation of the net profit to revenue (calculation for data of the report on financial performance):
a) for each accounting period:
;
b) for all analyzed period:
,
where 1 - the 1st accounting period, 2 - the 2nd accounting period, 3 - the last accounting period
K6
the relation of borrowings (taking into account the credit or the bonded loan) to own means
defines solvency of the principal and his financial stability
relation of the amount of sizes of borrowings and credit
(bonded loan) to own means (calculation for data of the balance sheet):
K7
the relation of the term (period) of payback of all borrowings raised for the purpose of implementation of the investment project to the loan term of the bonded loan
shows capability of the principal to provide loan repayment (bonded loan) in the terms established by the loan agreement (conditions of release of the bonded loan) at the expense of the pure cash flow from implementation of the investment project
the relation of the term (period) of payback of all borrowings raised for the purpose of implementation of the investment project (advanced in years) to the loan term (bonded loan) (advanced in years).
The term (period) of payback of all borrowings is understood as time period since the beginning of implementation of the investment project to the timepoint when the saved-up amount of the pure cash flow generated by the investment project becomes equal or will exceed the amount of all borrowings made by the principal in the investment project, thus to this timepoint the investment stage of the project shall be complete, that is all means (loan and own) shall be enclosed in the investment project in full

Notes.
1. If at calculation of the indicator value of the denominator in the formula is equal to zero, its value conditionally is accepted to equal 1 ruble.
2. The used reductions designate the following:
"N of the item" - for the beginning of the accounting period;
"to. the item" - by the end of the reporting period.
3. The term (period) of payback of all borrowings is calculated the principal and (or) the beneficiary according to section 7 of the questionnaire of the principal provided by the appendix N 3 to Rules of providing the state guarantees of the Russian Federation on the credits or bonded loans attracted by the legal entities which are selected in the order established by the Government of the Russian Federation on implementation of investment projects the approved order of the Government of the Russian Federation of December 14, 2010 N 1017 "About the order of providing the state guarantees of the Russian Federation on the credits or bonded loans attracted by the legal entities which are selected in the order established by the Government of the Russian Federation on implementation of investment projects "and it is specified in the decision of the relevant organ performing selection of investment projects and (or) principals for providing the state guarantee of the Russian Federation.

The appendix N 2 to the technique of carrying out financial analysis of the principal when providing the state guarantee of the Russian Federation on the credit (bonded loan) attracted for the purpose of implementation of the investment project

                                ЗАКЛЮЧЕНИЕ
          по результатам анализа финансового состояния принципала
          при предоставлении государственной гарантии Российской
               Федерации по кредиту (облигационному займу),
                     привлекаемому в целях реализации
                          инвестиционного проекта
Анализ финансового состояния ______________________________________________
                                  (наименование принципала, ИНН, ОГРН,
                                дата внесения в ЕГРЮЛ записи о создании)
______________________ проведен за период _________________________________
    Результаты оценки финансового состояния принципала

Indicator
Value
Admissible value
Conclusion
____.
(1st accounting period)
____.
(2nd accounting period)
____.
(last accounting period)
Net assets value (K1) <1>



not less than a size of authorized capital on the last reporting date or less than a size of authorized capital during the period which is not exceeding 2 last financial years, but anyway not less determined by the law of the minimum size of authorized capital for the end of the last accounting period

for information only:
size of authorized capital <1>
the minimum size of authorized capital determined by the law <1>
X
X


Coverage ratio of fixed assets own means (K2) <2>



it is more or equally 1

Coefficient of current liquidity (K3) <2>



it is more or equally 1

Profitability of sales (K4) in the accounting period



it is more than 0

Profitability of sales (K4) in the analyzed period



it is more than 0

Regulation of the net profit (K5) in the accounting period



it is more than 0

Regulation of the net profit (K5) in the analyzed period



it is more than 0

Relation of borrowings to own means (K6) <3>
X
X

it is less or equally 5

The relation of the term (period) of payback of all borrowings raised for the purpose of implementation of the investment project to the loan term (bonded loan) (K7)



it is less or equally 1


    --------------------------------
    <1> На конец отчетного периода.
    <2> Указаны средние за отчетный период значения.
    <3>  На  конец отчетного периода с учетом суммы кредита (облигационного
займа),  привлекаемого  в  целях  реализации  инвестиционного  проекта  под
государственную гарантию Российской Федерации.
Заключение:
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
Дата                __________________________________
                       (подпись, должность, Ф.И.О.)
                                    МП


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