Evaluation of dynamics and assets structure of the company.
Analytical report includes company’s annual accounting report with the elements of horizontal and vertical analysis of financial statements.
Horizontal analysis is based on comparison of financial statements for two previous periods (years) in net and percentage value.
The second and the third columns include data of main accounting articles for the beginning and the end of the year. The fourth column shows net change of each accounting article. The fifth column indicates percentage change of each article.
Vertical analysis allows to make a conclusion about the structure of financial statement and profit and loss account, as well as to analyze the dynamics of changes.
Vertical analysis methodology is based upon the following scheme: total amount of assets (from financial statement analysis) and total income (from analysis of profit and loss account) are taken for 100%, and each accounting article is represented as a percentage share of the accepted basic value.
Analytical Report
Zeros values in financial indicators column mean the company had not submitted balance sheet
for the respective financial year.
All totals are given in 000`. RUR., unless otherwise stated
Credit Risk Raiting
Financial Strength Indicator & Credit Risk
Composit appraisal:
5A
1
Guide to interpretation:
Proceed with transaction - offer extended terms if required.
Amount of Credit Proposed:
30269924.85
Methods to calculate rating are offered below.
Credit risk rating is calculated according to the data for the last financial year
Basic financial information
01.01.2002
01.01.2003
01.01.2004
01.01.2005
01.01.2006
01.01.2007
Sales:
47344414.00
60476097.00
88638692.00
133543910.00
147329415.00
161432730.00
Profit (loss):
7285210.00
5299584.00
27348090.00
44134293.00
39742303.00
49071024.00
Net Worth:
28471173.00
31645389.00
51866221.00
86148183.00
87670297.00
94488275.00
Registered nominal capital:
8858.52
Emploees:
33837
34270
Principals (top executives)
Position:
GENERALNYI DIREKTOR
Surname, Name:
SENICHEV GENNADII SERGEEVICH
Set location
Postal Code:
455002
Legal Address:
CHELYABINSKAYA OBL.,G MAGNITOGORSK,UL KIROVA, D 93
Postal Code:
455002
Current address:
CHELYABINSKAYA OBL.,G MAGNITOGORSK,UL KIROVA, D 93
Telephone:
24-44-24 24-30-04
Legal fax
24-73-09
Telephone current:
24-44-24 24-30-04
Fax current:
24-73-09
E-mail current:
WWW:
0
Public registration
Public registration after 07, Jul 2002
Legal form (OKOPF code):
Open end joint-stock companies
Type of Ownership (OKFS code):
Private property
Reg date:
2002-08-12
Reg No (OGRN):
1027402166835
Reg Authority:
INSPEKCIYA MNS ROSSII PO ORDJONIKID-KOMU R-NU G MAGNITOGORSKA
Rereg date:
2006-06-01
Rereg No (GRN):
2067445023050
Reg Authority:
INSPEKCIYA FNS PO ORDJONIKID-KOMU R-NU G MAGNITOGORSKA CHELYABINSKOI OBLASTI
Public registration before 01 Jul, 2002
Reg date:
1992-10-17
Reg No:
211-P
Reg Authority::
ADMINISTRACIYA G MAGNITOGORSKA
Rereg date:
1996-06-04
Rereg No:
132-P
Reg Authority::
ADMINISTRACIYA G MAGNITOGORSKA
Type of activity OKONH code
Registered lines of business:
ferrous metals manufacturing
Basic line:
ferrous metals manufacturing
Miscellaneous lines:
12130 ferrous metals manufacturing
Type of activity OKVED code
Registered lines of business:
27.11 Manufacture of basic iron and steel and of ferro-alloys
Basic line:
27.16.2 Manufacture of basic iron and steel and of ferro-alloys
Miscellaneous lines:
13.10.2 Mining of iron ores 23.1 Manufacture of coke oven products 27.14 Manufacture of basic iron and steel and of ferro-alloys 27.15 Manufacture of basic iron and steel and of ferro-alloys 27.16.1 Manufacture of basic iron and steel and of ferro-alloys 27.16.2 Manufacture of basic iron and steel and of ferro-alloys 27.17 Manufacture of basic iron and steel and of ferro-alloys 27.22 Manufacture of steel tubes 27.32 Cold rolling of narrow strip 27.33 Cold forming or folding 37.10.1 Recycling of metal waste and scrap 40.10.11 Production and distribution of electricity 40.10.14 Production and distribution of electricity 40.10.2 Production and distribution of electricity 40.10.3 Production and distribution of electricity 40.30.11 Steam and hot water supply 40.30.13 Steam and hot water supply 41.00.2 Collection, purification and distribution of water 45.21.1 General construction of buildings and civil engineering works 51.12.22 Agents involved in the sale of fuels, ores, metals and industrial chemicals
*Net Worth comprises retained earnings for previous years and accounting year plus uncovered losses for previous years and accounting year
**Fixed assets incorporate construction works-in-progress.
***Total Assets ( intangibles excluded).
****Net working capital = Current assets -current liabilities.
Company diagnostics
Predictor ratios
The value
Description
Altman Z-Score (bankruptcy probability)
5.70
The Lowest Degree of Bankrupcy Probability
Operating ratios analysis
01.01.2002
01.01.2003
01.01.2004
01.01.2005
01.01.2006
01.01.2007
Optimum
Changes in Sales (%)
2.08
27.74
46.57
50.66
10.32
9.57
-
Gross Profit Margin on Sales (%)
24.74
29.73
39.32
39.05
33.68
36.35
30.00
Operating profit (EBITDA) (%)
16.87
21.44
32.83
33.80
28.61
31.04
20.83
Net Profit Margin on Sales ( Pre-tax )(%)
15.39
8.76
30.85
33.05
26.98
30.40
12.5
Net Profit Margin on Sales ( After-tax) (%)
12.82
5.12
22.98
25.05
20.24
22.99
6.75
Basic Operating Profit Ratio (%)
17.99
26.85
38.87
35.19
35.60
40.66
25.00
Return on Assets ( After-tax) (%)
13.67
6.42
27.21
26.07
25.19
30.12
8.1
Return on Equity (%)
21.31
9.79
39.28
38.82
34.01
39.28
15.28
* Changes in Sales -Accounting to previouse year dyna-
mics.
* Gross Profit Margin on Sales, i.e. net revenue to sales.
* Operating profit (EBITDA)
* EBT - Net Profit Margin on Sales ( Pre-tax ).
* Net Profit Margin on Sales ( After-tax).
* Basic Operating Profit Ratio,i.e. ( EBITDA / Total Assets ).
* Return on Assets ( After-tax), i.e. (EAITDA / Total Assets).
* Return on Equity, i.e. (EAITDA / Net Worth).
Operating Costs Analysis
01.01.2002
01.01.2003
01.01.2004
01.01.2005
01.01.2006
01.01.2007
Optimum
Cost of Goods Sold (%)
75.26
70.27
60.68
60.95
66.32
63.65
70.00
Overhead Expense (%)
7.87
8.29
6.49
5.25
5.08
5.31
9.00
Times Interest Earned ratio (%)
3.34
7.66
4.20
3.00
3.43
2.38
36.00
* Cost of Goods Sold , i.e. Costs to Sales.
* Overhead Expense, i.e.marketing & administrative expense share in sales.
*Times Interest Earned ratio, i.e. Interest Expense to Operating Profit.
Asset Managemant Ratios
01.01.2002
01.01.2003
01.01.2004
01.01.2005
01.01.2006
01.01.2007
Optimum
Total Assets Turnover (об)
1.07
1.25
1.18
1.04
1.24
1.31
1.20
Non-current assets turnover (об)
1.70
2.08
2.70
3.09
2.48
211.46
2.00
Current assets turnover (об)
2.78
2.53
3.48
4.03
3.81
3.09
2.67
Net Worth Turnover (об)
1.66
1.91
1.71
1.55
1.68
1.71
2.26
Net Assets turnover (об)
1.55
1.53
1.33
1.30
1.36
1.42
1.50
Receivables Turnover (об)
10.83
16.15
11.26
7.34
9.73
9.65
6.00
Inventory Turnover (об)
6.45
8.94
10.87
11.55
13.18
12.83
7.50
Accounts payable Turnover (об)
4.15
7.13
9.26
10.57
10.85
11.99
12.00
Net Working Capital Turnover(об)
17.84
5.69
2.61
2.23
3.02
4.36
6.00
Period of Net Working Capital Turnover (days)
20.46
64.11
140.04
163.60
120.99
83.66
60.83
* Total Assets Turnover - Number of turns made by assets annually.
* Non-current assets turnover -Number of turns made by non-current assets annually.
* Current assets turnover - Number of turns made by current assets annually.
* Net Worth Turnover - Number of turns made by net worth annually.
* Net Assets turnover - Number of turns made by net assets annually.
* Receivables Turnover - Number of turns made by accounts receivable annually.
* Inventory turnover – Number of turns made by inventory annually.
* Accounts payable turnover – Number of turns of accounts payable.
* Net working capital turnover – Number of turns of net working capital annually.
* Net working capital turnover period – Period of 1 turnover of net working capital.
Financial cycle duration
01.01.2002
01.01.2003
01.01.2004
01.01.2005
01.01.2006
01.01.2007
Optimum
Collection of receivables period (days)
33.72
22.60
32.41
49.72
37.52
37.84
60.83
Inventory turnover period (days)
56.60
40.82
33.58
31.60
27.69
28.46
48.67
Payables period (days)
66.25
35.98
23.92
21.05
22.32
19.38
30.42
Financial cycle duration (days)
24.07
27.44
42.07
60.28
42.89
46.92
79.08
* Collection of receivables period - the days spent to clear the accounts receivable per one turn.
* Inventory turnover period - the days spent to renew inventory per one turn.
* Payables period - the days spent to clear the accounts payable per one turn.
* Financial cycle duration - the span between settlement of suppliers` and buyers` obligations.
Liquidity Ratios
01.01.2002
01.01.2003
01.01.2004
01.01.2005
01.01.2006
01.01.2007
Optimum
Current Ratio (X)
1.19
2.23
5.22
3.37
5.81
4.74
2.00
Quick Ratio (X)
0.51
1.17
3.95
2.81
4.41
3.24
1.00
Absolute Liquidity Ratio (X)
0.18
0.72
2.96
2.07
2.89
1.48
0.20
* Current Ratio - Current Assets to Current Liabilities.
* Quick Ratio -Cash+ Short Term Financial Assets+ Accounts Receivable to Current Liabilities.
* Absolute Liquidity Ratio - Casm + Short Term Financial Assets to Current Liabilities.
Profitability Ratios
01.01.2002
01.01.2003
01.01.2004
01.01.2005
01.01.2006
01.01.2007
Optimum
Current Assets Profitability (X)
0.48
0.67
0.69
0.53
0.71
1.07
0.63
Net Worth Profitability (X)
0.28
0.41
0.56
0.52
0.48
0.53
0.47
Net Assets Profitabililty (X)
0.26
0.33
0.44
0.44
0.39
0.44
0.31
Non-current Assets Profitability (X)
0.29
0.45
0.89
1.04
0.71
0.66
0.41
* Current Assets Profitability - Operating Profit to Current Assets.
* Net Worth Profitability - Operating Profit to Equity.
* Net Assets Profitabililty - Operating Profit to Net Assets.
* Non-current Assets Profitability - Operating Profit to Noncurrent Assets.
Financial Stability Ratios
01.01.2002
01.01.2003
01.01.2004
01.01.2005
01.01.2006
01.01.2007
Optimum
Financial Integrity Ratio (X)
0.64
0.66
0.69
0.67
0.74
0.77
0.53
Debt (financial strain) Ratio (X)
0.36
0.34
0.31
0.33
0.26
0.23
0.47
Total Liabilities Ratio (X)
0.56
0.53
0.44
0.49
0.35
0.30
0.89
Working Capital Mobility Ratio (X)
0.10
0.33
0.66
0.69
0.56
0.39
0.38
Permanent Capital Indicator (X)
0.97
0.92
0.63
0.50
0.68
0.81
1.13
Fixed Assets (net) to Net Worth (X)
0.59
0.75
0.49
0.38
0.44
0.55
0.85
Working capital Rate (X)
0.07
0.22
0.45
0.47
0.41
0.30
0.20
Current Debt to Total Debt (X)
0.87
0.53
0.35
0.60
0.33
0.34
0.20
* Financial Integrity Ratio - Net Worth ( Equity) to Total Assets.
* Debt (financial strain) Ratio - Current & Long Term Liabilities to Total Assets.
* Total Liabilities Ratio - Current & Long Term Liabilities to Net Worth.
* Working Capital Mobility Ratio - Working Capital(current assets - current liabilities) / Net Worth ( Equity).
* Permanent Capital Indicator - Net Worth to Non-current Assets.
* Fixed Assets (net) to Net Worth.
* Working capital Rate - Working Capital to Total Assets.
* Current Debt to Total Debt.
Balance sheet at 01.01.2007
Assets
Non-current assets
01.01.2006
01.01.2007
Net change
% change
Intangible assets
124214.00 0.10%
868170.00 0.70%
743956.00
598.93%
Fixed assets
38626730.00 32.63%
52247854.00 42.40%
13621124.00
35.26%
Construction in progress
11658761.00 9.85%
7908238.00 6.42%
-3750523.00
-32.17%
Income-bearing investments in tangibles assets
246099.00 0.21%
503376.00 0.41%
257277.00
104.54%
Long-term financial investments
8719091.00 7.37%
14777125.00 11.99%
6058034.00
69.48%
Defferd tax asset
11062.00 0.01%
38588.00 0.03%
27526.00
248.83%
Other non-corrent assets
0.00 0.00%
0.00 0.00%
0.00
0%
Total non-corrent assets:
59385957.00 50.17%
76343351.00 61.95%
16957394.00
28.55%
Current assets
01.01.2006
01.01.2007
Net change
% change
Inventury, including:
11176099.00 9.44%
12585605.00 10.21%
1409506.00
12.61%
Raw materials, concumables and other similar assets
6874141.00 5.81%
8133833.00 6.60%
1259692.00
18.33%
Liverstock
0.00 0.00%
0.00 0.00%
0.00
0%
Work in progress
2801002.00 2.37%
2832206.00 2.30%
31204.00
1.11%
Finished goods and goods for resale
680185.00 0.57%
426628.00 0.35%
-253557.00
-37.28%
Dispatched goods
0.00 0.00%
0.00 0.00%
0.00
0%
Expenses of future periods
820771.00 0.69%
1192938.00 0.97%
372167.00
45.34%
Other inventory and costs
0.00 0.00%
0.00 0.00%
0.00
0%
VAT on purchased assets
2992036.00 2.53%
2253157.00 1.83%
-738879.00
-24.69%
Accounts receivable (where settlement is expected in over 12 months after the reporting date).
338042.00 0.29%
719704.00 0.58%
381662.00
112.90%
including trade receivables
25259.00 0.02%
44074.00 0.04%
18815.00
74.49%
Accounts receivable (where settlement is expected within 12 months after the reporting date).
15145559.00 12.79%
16734214.00 13.58%
1588655.00
10.49%
including trade receivables
7477860.00 6.32%
8206073.00 6.66%
728213.00
9.74%
Short-term financial investments
26627603.00 22.49%
12449413.00 10.10%
-14178190.00
-53.25%
Cash
2712946.00 2.29%
2138642.00 1.74%
-574304.00
-21.17%
Other current assets
0.00 0.00%
0.00 0.00%
0.00
0%
Total current assets:
58992285.00 49.83%
46880735.00 38.05%
-12111550.00
-20.53%
Balance:
118378242.00 100%
123224086.00 100%
4845844.00
4.09%
Liabilities
Capital and Reserves
01.01.2006
01.01.2007
Net change
% change
Charter capital
10630222.00 8.98%
10630222.00 8.63%
0.00
0.00%
Treasury shares
0.00 0.00%
0.00 0.00%
0.00
0%
Additional capital
20808480.00 17.58%
20714626.00 16.81%
-93854.00
-0.45%
Reserve capital, including
531511.00 0.45%
531511.00 0.43%
0.00
0.00%
Reserves established in accordance with legistation
0.00 0.00%
0.00 0.00%
0.00
0%
Reserves established in accordance with charter documents
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